I'd like to start mentioning local new home incentives, as Northern VA works through its 40K plus inventory of new homes. Feel free to contribute any that you've found recently.
Brookfield Washington Homes (PDF file) says:
Write Your Own Check! New Home Savings Event.
Let Brookfield Homes write a check for up to $50,000 with your choice of mix-and-match incentives*
- Live free for up to 6 months!
- Closing cost assistance!
- YCI (Your Choice Included) options!
- Special 1.5% financing!
- Free Homeowners Assocation dues for 2 years!
- $99 moves you in!
The exclamation points are part of the ad. My, aren't they exciting!!
3 comments:
OMG - Hold me Back!!
It appears they HAVEN'T cut their base prices much...(if at all!!)
Please keep this New Builder info coming Harriet - I may find me a deal in one of these yet!
Spunky
I am in the process of buying a new house in metro Atlanta. My daughter and her boyfriend plan to sign a lease-purchase agreement. Hopefully in 3 or 4 years, I can sell it to them.
Prices for new houses where I am from do not go down. The builder throws in every incentive he or she can to unload a place, but reducing the sale price is considered tabu. The builder will pay the closing costs, points, fees, inspections...you name it. Maybe give away $15,000 (inflated price) of upgrades. (I checked one such deal out. If I went out and purchased all of his so-called upgrades on my own, I could get the upgrades for about $7,000 and that included installation.) A builder will go to any lengths to avoid a sales contract indicating a reduction in price. Bad kharma for those who bought at the high prices and other builders will ostracize the builder for caving.
Why do people here believe they HAVE to buy something even if it is a piece of junk? Why do they see nothing wrong with 50% of their net income going to housing costs? Wouldn't they be better off to rent and sit it out? If no one bought at these prices, wouldn't it be in the buying public's best interests? Some of these places are falling apart. Not worth a dime other than the cost of land.
I would not put my family in some of these houses. There are enough economical rentals here in safe, clean areas. Invest the equity of your previous home or the savings you have for a down payment. Be patient. The worst thing one can do is buy something that is NOT priced for the “Quality Of Life.” When you compare this area to many other metropolitan areas that have equal quality schools, the same level of poverty, roads and transportation, culture, jobs, well, this place is good but it is "the end of the rainbow." For the sellers who have to sell, take a look at what the house cost, add a reasonable profit and get the heck out of Dodge.
If you bought in the last 4 to 5 years...I do not know what to say. Someone on one of the financial networks a few weeks ago (I can't recall which one) said sellers have one of three things they can do:
1) sell and take the loss
2) stay for another 8 years or more
3) rent it indefinitely if you can afford the mortgage and maintenance of two houses
She didn't mention a 4th.
kcwood,
I wish we could move away, but some of us feel "stuck" here because we've built up friends and family relationships and it's difficult to get away. I admire those folks who have the ability to move around.
Lately I've noticed that the "stock" of what's on the market isn't appealing. In the last several years of home-searching I've never been so underwhelmed. I think sellers of decentish properties are certainly holding off and not selling, and what's left is either overpriced or uncared for.
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