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Vicki, how do your buyers react to "like new" homes such as in my case where everything inside is new (carpet, vinyl, all light fixtures, paint, etc)? It shows like new, with the exception of maybe the kitchen appliances not being right out of the box?
I have an equal amount that will buy an exsisting home as long as the LOCATION is good and the CONDITION is good and the PRICE is good!
Buyers are picky in today's market. Many of the new homes (even in the $150s) have granite and SS appliances so that is what they are getting used to.
If they can't buy new or nothing is available, they'll go for existing as long as it looks "like new". The issue seems to be the new floorplans are very open and the older homes are more traditional. As you know, price fixes everything!
I have an equal amount that will buy an exsisting home as long as the LOCATION is good and the CONDITION is good and the PRICE is good!
Buyers are picky in today's market. Many of the new homes (even in the $150s) have granite and SS appliances so that is what they are getting used to.
If they can't buy new or nothing is available, they'll go for existing as long as it looks "like new". The issue seems to be the new floorplans are very open and the older homes are more traditional. As you know, price fixes everything!
Vicki
True! I guess the one thing I have going for me on this one is that it's one of the very few homes under $200K with a full walk-out basement (it's not finished yet)...hard to find a full basement in this price range from what I have seen.
Wish me luck! After this I have one more rental to sell and them I'm no longer a landlord!
True! I guess the one thing I have going for me on this one is that it's one of the very few homes under $200K with a full walk-out basement (it's not finished yet)...hard to find a full basement in this price range from what I have seen.
Wish me luck! After this I have one more rental to sell and them I'm no longer a landlord!
Based on what I have seen in talking to neighbors, unfortunately you will have some people who think the short sale list price down the street is the starting point and try to offer below that $/sf for yours.
True. But, I find that a lot of buyers who try to game sellers have to lose 1 that they really liked before they get serious.
And if it is really just about the game, rather than about real estate or housing, they often just default to renting long term.
I've noticed a lot of building activity in Bedford in North Raleigh. Several homes have been built in the past few month. To my surprise they each had a "Sold" sign in the yard before even being completed and most already have cars in the driveways and curtains on the windows. There is even a "Sold" sign in front of what use to be the welcome center model house at the entrance to the community.
There are new roads and a lot of new homes being built all around me too. I guess my question would be if people keep wanting to buy new, which must be what the developers are seeing, then who is going to buy the thousands and thousands of resales, shorts and foreclosures?
There are new roads and a lot of new homes being built all around me too. I guess my question would be if people keep wanting to buy new, which must be what the developers are seeing, then who is going to buy the thousands and thousands of resales, shorts and foreclosures?
THAT has been an issue in this area long before the housing market issues.
New homes are priced higher for the same dollar per square foot and some folks want larger lots so those people will buy existing.
Builders not being able to build as many spec homes because the banks won't loan them money means that some buyers have to buy existing if they need to be in a home before they'd have time to build.
It's been a buyers market for at least 3 years and it's going to continue that way for many more years in my estimation. They banks are going to let the foreclosures go as slowly as they can, because no one gets helped by a flood of bank owned properties selling at auction prices.
There is a vacant house in my hood that has been sitting almost 2 years, they took the sale sign down a year ago. Just sits there deteriorating, the tornado came thought and the bank put in non matching windows and non matching shingles, weeds have taken over the yard and it gets mowed like once a month if that. The rest of the landscaping has gone by the way side. I am pretty sure they have just given up on selling it anytime soon...
2nd house with a notice of foreclosure just went up the street from that, they have been for sale for maybe 1.5 years, taking it on and off the market a few times and have dropped the price about 20% over initial asking.
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