Is the luster of "brand new" beginning to fade? For several years, consumers were willing to pay a premium for "brand new" anything and everything, especially homes. Might this be shifting?

A recent survey of luxury consumers revealed roughly half of all luxury shoppers now check the secondhand market before buying anything new. Will this happen in housing markets too? I fully understand why many would prefer to move into a home that requires little to no work. Many are not design oriented and need to hire a designer, architect, engineer and contractor. Picking out fixtures and finishes, obtaining and paying for permitting and approvals and then living through months of construction while living somewhere else, takes its toll on even the most seasoned renovator.

The cost of a renovation can be lower when compared to what was fully renovated or brand new currently on the market. Not to mention, the ability to customize the finish and quality to your taste and style to create character and charm in addition to unique architecture. Many new-builds can feel somewhat generic, repetitive and are often rather boring.