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Me and my husband purchased a manufactured TH in SF Bay Area in July 2020. The townhouse is in a small community. After we purchase three months, the builder sell other similar THs with price lower 100K to 170K. This is really ridiculous and we feel bad about it. We have contacted the builder but they said the market changes and price changes. But we all know 2020-2021 house price goes high and the price drop is just too much.
If anyone know anything we can do, please help with some advises. Thanks in advance!
I am sorry to hear this.
I too have lost money on a real estate deal before.
In my early 20’s I thought you couldn’t lose in real estate.
I was wrong.
After some serious thoughts I realized it was may fault for not doing my research better.
I also realized that I need a person with my best interest looking out for me so I now always lawyer up.
That doesn’t really cost that much either.
All involved with taking our money (agent included) didn’t actually lie to us but they didn’t tell us everything.
They just wanted our money.
Did the people lie or more important can you prove it?
I was fortunate that this happened when I was young so I recovered and got a lesson in life.
I would though recommend that you have real estate attorney review this deal.
It’s just too much of a loss not to consider it.
One flaw in the transaction or on the contract and you might find a parachute.
Me and my husband purchased a manufactured TH in SF Bay Area in July 2020. The townhouse is in a small community. After we purchase three months, the builder sell other similar THs with price lower 100K to 170K. This is really ridiculous and we feel bad about it. We have contacted the builder but they said the market changes and price changes. But we all know 2020-2021 house price goes high and the price drop is just too much.
If anyone know anything we can do, please help with some advises. Thanks in advance!
Unfortunately, this is pretty common with new construction, even in hot areas. I moved out of a very hot area in Florida where they were building a new community adjacent to my neighborhood. The homes there were just going on the market when I left 4 years ago and were offered for $700K on average. Before the pandemic, the prices had gone down into the high $400s. Now it looks like the prices are in the mid $500s-low $600s again.
I think any time you buy in a new neighborhood, the risks are particularly high when you are the first to buy. Even if you get a good deal, if you have to sell while the community is still being built, you’re competing with new builds. Worst-case scenario is that the homes just don’t sell quickly and the prices have to be lowered or it can take years for building to start again. That’s not to say it will not happen. In that same area, they had started a big new community before the original crash in about 2003. It barely got off the ground before the crash. Once the economy came back, the community became wildly popular and has been one of the top selling planned communities in the country. That said, it probably took a good 10 years for those 2003 buyers to actually start gaining value in their homes.
Me and my husband purchased a manufactured TH in SF Bay Area in July 2020. The townhouse is in a small community. After we purchase three months, the builder sell other similar THs with price lower 100K to 170K. This is really ridiculous and we feel bad about it. We have contacted the builder but they said the market changes and price changes.
Look at the bolded. These pretty much sum up your issue.
You're upset that you overpaid for a home. That's understandable as no one feels right when they miss out on saving money.
But the builder/seller can sell for however much or little as they want. It's common where I come from for the first available homes in a development to go high (they come with extras and upgrades for free to move people in) and the homes sell low as time goes on. It's annoying but you run that risk in multi-home developments
I bought a new construction house in the Fall of 2020 in the SF Bay area. The builder is now selling the same floor plan in the same development community at around $120k to $140k higher. I hope the builder don't think this is ridiculous and feel back about it. I really don't want the builder to come back and make me pay an additional money because the original transactional price was deemed to low.
Me and my husband purchased a manufactured TH in SF Bay Area in July 2020. The townhouse is in a small community. After we purchase three months, the builder sell other similar THs with price lower 100K to 170K. This is really ridiculous and we feel bad about it. We have contacted the builder but they said the market changes and price changes. But we all know 2020-2021 house price goes high and the price drop is just too much.
If anyone know anything we can do, please help with some advises. Thanks in advance!
did you not watch any news source other than CNN. People are leaving California and big cities in droves...Its down 100-170k in 3 months.. it will be down 40% by next year.
but as the other poster said, if it would have gone up $100k, would you have given the builder the 100K?
What is a manufactured townhouse? And I'm surprised to hear of prices falling anywhere right now.
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