If both are priced relatively similar, which would you choose: new construction or existing home?

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New construction.. I have allergies to everything so new is always better for me.

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Depends on the condition of the existing home. Was a renter living there or an owner who took good care of the property?
If the existing home was in good condition (renovated, no structural issues, etc.) I would prefer the existing home. I've noticed most of the new constructions are just quickly built by companies using the cheapest materials they can find, and you'll end up replacing everything a few years down the road

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Additional Posts in Interest Rates

Mortgage rates jumped in the last couple of weeks to 6.28% because of inflation data, as well as the fed increasing rates by 75bps. If the fed sticks to their plans (Jul rate inc if 50bps/75bps; followed by 3 inc of 50 bps), will rates continue to range between 5.75-7%?

Whom would you opt for, Builders lender or traditional lender for new construction?

What will interest rates be come December?

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For anyone that has used Lennar’s in house lender, Lennar mortgage, how do their rates compare against competitors?

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Some.banks immediately turn this into an investment property and deny that.

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As the interest rates continue to rattle the market, how have they affected your personal situation?

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If you were playing in buying a home, are you still going through with it or no longer in the market?

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Purchase a new build recently? How long is the estimated construction timeline?

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After todays announcement of a fed rate hike of 75 bps, Mortgage rates over the next couple of months will likely remain within 0.25% to 0.50% of todays range. Unless the fed throws a curve ball in their remaining meetings, the remainder of rate hikes have already been baked into mortgage rates currently being offered.

Is 560K for a 3 bedroom low ranch in Ronkonkoma, long island a good deal right now?

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What interest rates have you been quoted lately?

Looks like interest rates have stabilized. What, if anything, could cause them to start increasing again?

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How many quotes have you gotten for interest rates and overall costs?

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Based on the current environment, if interest rates rise to what percentage, will you forgo buying a house for now?

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