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Remember just because you may be looking at new homes you can still have an agent which will cost you nothing monetarily but may be a big help in getting the best price.
Want to see home prices falling. Head to Northern VA. We bought this house for $206k in Feb. 2004, sold it for $345k in April 2006 and now the bank has foreclosed on it and asking $249k. Talk about crazy ups and downs! It went up $140k in 2 years and then went down $100k in less than 1.5 years. You could by a townhouse like this for about $115k here. Oh and we had this place in prestine condition when we sold it with new carpet, new paint, cleaned like you wouldn't believe and now it says it needs some "TLC"...I wonder what the people that bought it from us did to this place? It's sad actually...
- Property Finder (http://www.homedatabase.com/cgi-bin/aa.fcgi?+YzEzYTM2NzNjMzljODljZjg0MzZmZDZhNTQxOWI1Y TUSlI0iZbI78etCOGgOL6rzLvVjVte4iAfR53bKEL9Q6GD9dML TRTb6aMe3jWouMFHMOqdQfTXjFhCsqQ%3d%3d - broken link)
Last edited by Waterboy526; 09-08-2007 at 09:17 PM..
I know which site you mean. This is not quite the ideal example as the original builder (600K+) was custom, and sold the land to a tract builder. Hence the base price is now going be lower (400K+).
Yep, thats it West Chase. What I'm *speculating* about is why the custom builder in the $600's decided to abandon the original plan and sell to Weekly who will develop at a significantly lower price point. Of course there could be all sorts of reasons which I don't know, but it makes sense to me that the original builder didn't think it was an acceptable risk to build there at $600k+ in the current/future market. If this becomes a trend it is more of an indicator to me that some builders are dialing back a bit and not just assuming they can build and sell whenever and whatever they want.
I don't remember the original builder, was it 1st American? I know they are local but they are considered custom?
Like you I'm teetering on whether to list, sell, and buy now or wait out any changes with the market including mortgage rates. I also agree about the homes around here in Brier Creek. I like the community but $480k - $600k for these homes is way over inflated, especially the newer collections further down Brier Creek Parkway which don't even feel like they're a part of the county club.
I agree with the post on this thread that some houses will sell quick while others will not. However, if you look at what is happening to key areas driving the growth in the triangle you will quickly see those areas are falling fast. Over priced housing markets in NY, Florida, Nevada, and Ca brought people to the triangle with pockets full of cash. They were basically willing to buy any home anywhere that was bigger then what they came from. This is no longer the case so in my opinion it will put a lot of pressure on new homes and even more on exisitng homes. Mortgages are harder to qualify for which means less buyers. It will take some time for builders to slow down and sell their current inventory and in process homes. The other area with a lot of inventory is Townhouses and apartments. They are being built all over the triangle. These to will have to be filled so there maybe some good deals in the near future on ALL homes in the triangle.
Yes, it was first American. They put a 'state of the art' drainage system on the land you referred to. Great! Should be useful in this time of drought. Its not as if its on a flood plain or anything!
Apparently, its quite common practice for a builder to buy a piece of land, develop it a but, then sell it on. There's no way in hell that any house would have sold for 600K+ on that land. Acreage was mostly under 0.3, plus you either have the noise of Ebenezer church road to contend with, or you would be facing townhomes on two of the remaining three sides (mine one of them!). A nice industrial estate is across the road too!
I very much doubt too that Weekley will sell much there for the "high 400s" that they are proposing.
I do know that 1st American did lay off some folk so maybe this is an indication of things to come . Plus, just up the road at Oldstone Crossing, there's some lovely custom homes that have been finished for a year and remain unsold. My favorite builder bought some lots there months ago, flattened it, and now its collecting weeds.
First American actually does do a bit of developing, and recently restructured to have a different part of the company focus on just that. They've also hired their own sales team.
I agree with the post on this thread that some houses will sell quick while others will not. However, if you look at what is happening to key areas driving the growth in the triangle you will quickly see those areas are falling fast. Over priced housing markets in NY, Florida, Nevada, and Ca brought people to the triangle with pockets full of cash. They were basically willing to buy any home anywhere that was bigger then what they came from. This is no longer the case so in my opinion it will put a lot of pressure on new homes and even more on exisitng homes. Mortgages are harder to qualify for which means less buyers. It will take some time for builders to slow down and sell their current inventory and in process homes. The other area with a lot of inventory is Townhouses and apartments. They are being built all over the triangle. These to will have to be filled so there maybe some good deals in the near future on ALL homes in the triangle.
As one of those who coming down who has been fortunate to have sold their is wisdom in your thinking. The question is will folks who don't net as much tomorrow just lower the price point they buy at. We did. The impact will probably be great in the 600K price up market and not in the 150k-300k market. If folks want a mortgage coming down then 300k-600k will still be possible.
Yes, it was first American. They put a 'state of the art' drainage system on the land you referred to. Great! Should be useful in this time of drought. Its not as if its on a flood plain or anything!
Them touting this reminds me of Chris Rock once joking about how people brag and say, "My son has never been to jail". Or, "He takes care of his kids". I have a feeling "state of the art" mean they actually used some engineering and graded the land correctly (the way they're supposed to) so residents don't have standing water is their side or back yards.
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I very much doubt too that Weekley will sell much there for the "high 400s" that they are proposing.
He'll sell a few but not nearly as quickly as they're probably hoping. Starting in the mid 300's would have been a different story. Ashworth is a few feet away and there are a couple of homes that have been there for months and have been reduced ~ $20k off their original listing prices. There was another I had my eye on but was concerned about the noise on Ebeneezer; It was a very nice home but backed up to the road and I've took notice of the trucking company across the street. I think many people felt the same way. It was a beautiful home but like the current listings there, it sat on the market for months and finally sold for ~ $35k less than the original asking price and I don't think $409k is too far fetched for 3000sqft. but not on that particular lot!
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Best of luck in your home search
Thanks, good luck to you as well. Hopefully the builders will get their heads out of the clouds and make it easier for us both.
I have seen a lot of talk about this on the news and how some think it could pull prices down as far as national averages go. Each year they talk about the billions of dollars in loans secured in ARM's that will readjust to higher rates. I am curious when (What year) the majority of these ARM's will have finally readjusted. I also wonder whether or not their is a high % percentage of people with ARM's in this area or not. I have not idea myself. I went with a 30 yr fixed myself!
September is actually the end of the fiscal year for a lot of builders, so now is probably the best time to be buying a home.
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