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I know.... Probably should have asked before hand, but I like the deal I got, but just wanted opinions.
We plan on staying in the house at least 10 years. The development had recently dropped it's prices. Interest rates are great.
My worry is that the neighborhood is maybe half finished and the builder is Centex. They assured me that they've been in this neighborhood for 5 years and aren't going anywhere, but of course like an idiot, I took their word and didnt' get anything in writing (not like they'd give THAT to me in writing anyway)....
The deposit is going into escrow, so I'm not too worried about that. The amenities are already built.... So I guess my chief concern would be either prices tumbling further, OR Centex pulling out and leaving us in a cul-de-sac with 5 other houses and then a lot of barren land between us and the rest of the development....
Maybe just jitters. I feel we made a solid purchase but just am looking for re-assurance I guess....
Well that happened to us. Our builder is Choice Homes. They got about 70% done with the neighborhood and split when the market started turning. Another builder picked it up but the houses are slightly on the cheaper end of the scale compared to ours.
Location: Halfway between Number 4 Privet Drive and Forks, WA
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I wish I had some reassuring words....but, personally, if I were buying today, I'd be buying in well established subdivisions where the turnover rate is low and there is a low possibility of foreclosures, short sells, and builders going away leaving the subdivision unfinished and the houses have to be rented out.
I would not ever buy in an unfinished subdivision, in any market.
At the end of the month I will be closing on a Centex and they told me that they were not going anywhere either. However, my community is near completion so I do not have that worry.
I really think you will be ok here. I know Centex has taken a beating, but they are a transparent builder with great customer service. They are very large and have been taking measures such as unloading their inventory to make sure they stay in business. If they can't survive, I don't know who will.
The only thing that might be a worry is if the value slides some more. However, the interest rates are really good, so in the long run it might cost someone more if the rates climb, even if they bought it for less.
There are no guarantee's but I know Centex gave up the option to purchase something like 147,000 lots last year across the US. I think it is their plan to continue to finish what they started. It is good for you as a buyer that they are cutting back on building since it means they aren't stretched too thin. They have the funds to complete their current subdivisions.
We have two Centex subdivisions in Salem and both are trucking along as expected.
I know.... Probably should have asked before hand, but I like the deal I got, but just wanted opinions.
We plan on staying in the house at least 10 years. The development had recently dropped it's prices. Interest rates are great.
My worry is that the neighborhood is maybe half finished and the builder is Centex. They assured me that they've been in this neighborhood for 5 years and aren't going anywhere, but of course like an idiot, I took their word and didnt' get anything in writing (not like they'd give THAT to me in writing anyway)....
The deposit is going into escrow, so I'm not too worried about that. The amenities are already built.... So I guess my chief concern would be either prices tumbling further, OR Centex pulling out and leaving us in a cul-de-sac with 5 other houses and then a lot of barren land between us and the rest of the development....
Maybe just jitters. I feel we made a solid purchase but just am looking for re-assurance I guess....
No one can predict what anything will do. Right now is a good time to buy, if you like it, price is right for you, you make the decision. I know it's hard to know if you mde the right one.
If Centex doesn't finish for some reason, they usually sell out to another company that will, which may not be a bad thing.
We just purchased in a community also. After looking at over 100 houses both new & used we fell in love with this one. It should be closing in the next month.
Hi BeernPoker,
sometimes you just have to make peace with it. I totally understand how you feel and your anxieties about buying a home in this market. We bought our first house at the top of the market after looking at over 100, new and used (settled for used). After signing the contract I was a total wreck for weeks. I would drive out to the house at midnight just to make sure the area is not too loud, I studied every super fund site (the house was in NJ hi hi) in the area, analyzed cancer rates and water and air reports, I talked to the neighbors, I poured over the school scores for days, made spreadsheets and graphs etc. I guess the point I am trying to make is: just enjoy this time. It is exciting to move into a new house and the market is beyond your control. Stop looking for trouble and don't over analyze every headline. Rather think about how you going to decorate your new house (this was a whole new night mare for me)!
Also I think Centex is a pretty solid company and they have to protect their costumers, stock and reputation. As somebody said before, if they can't make it who can. Of course there are no guarantees when the big world recession comes....As you can see I am battling my own worries. I blame the press though!
Congratulations on buying your house, I really mean it! Enjoy!
Thanks everyone.... I think you've certainly helped calm me down a bit here.... I was trying to figure out how I can like the decision so much and still be panicked over it....
You're panicked because its a HUGE undertaking, and the economy is currently unstable.
As a person who signed the contract in Nov '07 and has excitedly watched the house be build, and who soon faces the dreaded "closing" - I COMPLETELY sympathize.
I am tremendously excited, but also nervous as all get out.
We plan to stay in the house long term, and have enough of a down payment that if *god forbid* we had to sell in the next 5 years, even if there is a further dip in prices, we should be okay.
However prices in our area have not moved that much (never appreciated that much, not dropping a whole lot)... so I just keep reminding myself.. "the budget works out, the budget works out"..
If I were going to live in my house for a long time (no plans to sell), I would love my property values to go down - that means lower taxes.
Also, I would love some open land between me and my neighbors - fewer neighbor problems. It's livinig in the country with city conveniences.
Good luck!
Quote:
Originally Posted by BeerNPoker
I know.... Probably should have asked before hand, but I like the deal I got, but just wanted opinions.
We plan on staying in the house at least 10 years. The development had recently dropped it's prices. Interest rates are great.
My worry is that the neighborhood is maybe half finished and the builder is Centex. They assured me that they've been in this neighborhood for 5 years and aren't going anywhere, but of course like an idiot, I took their word and didnt' get anything in writing (not like they'd give THAT to me in writing anyway)....
The deposit is going into escrow, so I'm not too worried about that. The amenities are already built.... So I guess my chief concern would be either prices tumbling further, OR Centex pulling out and leaving us in a cul-de-sac with 5 other houses and then a lot of barren land between us and the rest of the development....
Maybe just jitters. I feel we made a solid purchase but just am looking for re-assurance I guess....
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