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Your new home: farther out or closer in?

By Marcie Geffner - NewHomeSource

Some brand-new homes are built in city centers. Others are constructed farther out in new-home communities of hundreds or even thousands of homes.

These days, those farther out houses can be an especially good buy for home shoppers.

That’s because city-center houses generally have rebounded in value significantly faster than suburban houses in many cities since the low of the Great Recession, says Lance Ramella, a senior vice president at John Burns Real Estate Consulting, a real estate industry consultancy headquartered in Irvine, Calif.

The slower appreciation of farther-out houses suggests there’s an open window of opportunity for buyers to purchase new-construction homes at relatively more affordable prices in many farther-away towns.

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