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Old 07-19-2007, 07:02 AM
 
310 posts, read 1,651,878 times
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Beazer Homes has reduced the asking prices in Austin Creek and The Reserve at Umstead by 30K and 40K. New Homes offered at Porto Fino in the second phase are 20K to 30K cheaper than the first phase. Homes at River Run has been reduced- I think they are trying to get rid of the inventory before they start the third phase. New Homes at Bedford Estate have been reduced by 25k and many of them have been in the market for more than 4 months. New homes in Madison Park have been reduced by 40K- few homes available. New homes in Ethans Glen have been reduced.

What is going on? I am supposed to sign the contract on Monday, and I am little nervous. I don't want to build, and my home depreciates before I even move in.
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Old 07-19-2007, 07:27 AM
 
Location: Cary, NC
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1. Good stuff sells. Always.

2, In new construction permits are pulled and listings are written. It is not uncommon to show long days on market, and often not relevant to the resale market, or buyers' perceptions of how long it should take to sell a home.

3. I'm a firm believer that often price reductions bring a home into line with the builders' typical acceptable margins, just as no one pays retail for a car anymore. People want to buy at discount, and they are accommodated.

4. All that said: I won't tell you that the local market is flawless. There is a fair amount of inventory. But see #1. And I also believe the local market is quite healthy, with some segments in great shape.

Buy a good home on a nice lot, in a great neighborhood, in an excellent location. And stay put for a few years.
No worries, Mate!
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Old 07-19-2007, 07:28 AM
 
9,680 posts, read 25,742,975 times
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I prefer to rent but agree with Mike.

If you plan to stay, don't worry about temporary corrections. If you may need to move in a short time, seriously consider the rental market.
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Old 07-19-2007, 08:17 AM
 
3,021 posts, read 10,518,867 times
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Quote:
Originally Posted by JohnE1000 View Post
Beazer Homes has reduced the asking prices in Austin Creek and The Reserve at Umstead by 30K and 40K. New Homes offered at Porto Fino in the second phase are 20K to 30K cheaper than the first phase. Homes at River Run has been reduced- I think they are trying to get rid of the inventory before they start the third phase. New Homes at Bedford Estate have been reduced by 25k and many of them have been in the market for more than 4 months. New homes in Madison Park have been reduced by 40K- few homes available. New homes in Ethans Glen have been reduced.

What is going on? I am supposed to sign the contract on Monday, and I am little nervous. I don't want to build, and my home depreciates before I even move in.

What are the listed prices for these homes? $300K? $500K? $700K?
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Old 07-19-2007, 08:23 AM
 
Location: Raleigh, NC
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The Real Estate market in this area doesn't sag!

However, there are certain price ranges that are hot at the moment and some that are running cold with too much inventory so builders will give better incentives like dropping the price. Sometimes builders over price and when the buyers don't buy...they realize they have overpriced and they drop prices.

A home will sell ONLY if its priced right! What today's price is may not be tomorrow's price. Does this make ANY sense?

Vicki
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Old 07-19-2007, 08:53 AM
 
310 posts, read 1,651,878 times
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Quote:
Originally Posted by VickiR View Post
The Real Estate market in this area doesn't sag!

Vicki
Vicki: This is a very bold statement!
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Old 07-19-2007, 08:56 AM
 
260 posts, read 1,134,899 times
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Quote:
Originally Posted by JohnE1000 View Post
Vicki: This is a very bold statement!
Agreed "bold statement"!
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Old 07-19-2007, 08:56 AM
 
310 posts, read 1,651,878 times
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Quote:
Originally Posted by MrsSteel View Post
What are the listed prices for these homes? $300K? $500K? $700K?
They are from the 300K (Austin Creek) to the 800K (Bedford Estate).
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Old 07-19-2007, 08:56 AM
 
Location: Youngsville, NC
560 posts, read 2,748,421 times
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I can tell you what I have seen in Spencer's Gate in Youngsville.

Before we bought in Feb. houses were selling at a pace of about one a week in the S/D, the pace picked up near 2-3 a week when we bought, then dropped down to 1 a week. Then all of a sudden they haven't made a sale in six weeks.

Just an example of one sub division in Franklin County for everyone to take from it what they want.
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Old 07-19-2007, 09:05 AM
 
Location: Raleigh, NC
12,457 posts, read 30,356,031 times
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Quote:
Originally Posted by jkmeca11 View Post
I can tell you what I have seen in Spencer's Gate in Youngsville.

Before we bought in Feb. houses were selling at a pace of about one a week in the S/D, the pace picked up near 2-3 a week when we bought, then dropped down to 1 a week. Then all of a sudden they haven't made a sale in six weeks.

Just an example of one sub division in Franklin County for everyone to take from it what they want.
I listed that house less than 30 days ago and it has SOLD. We'll close Aug. 10th. There was another one similar to this one that has closed but was only on the market for 5 days. I'm not sure your information is correct as thats two sales that I know of in those same six weeks.

Vicki
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