Question Asked:
I know there are a lot of great deals in the market in short sales and foreclosures. Why should I have a home built when there is so much to choose from already built?
Response Given:
I bet you can predict what a builder would say about this question before reading any further. Well, you might be surprised. The market still has an abundant supply of short sales and bank owned properties. The best have been picked through already but if you keep your eyes opened and have the patience of a Saint, you too may be able to pick one up at a “great” price, right?
One thing for sure, all builders have adjusted their sale prices on a price per sq ft basis to meet, and most of the time beat, short sale pricing. We builders have had to trim costs to 2003 levels and realized that customers will only pay what they feel the home is worth in today’s market. A newly built home comes with a full warranty, is built to latest innovation and building codes and the homes today are far superior in energy efficiency than homes built 4-5 years ago. Builders have learned so much from building scientists as to providing the best technology possible. You have to decide if, when all things considered, that buying “new” is better than buying “used.”
Now if you really want a deal…go after bank owned property for you may be able to buy even less than a short sale. That is, if you can get the bank to work with you on your time schedule, which can take a lot of time. One thing I feel you all will agree is that interest rates can do nothing but rise and they will, soon enough. Don’t get caught spending a dollar to save a dime when this and “surprises” are discovered hidden in your “new” USED home. Good Hunting!