On April 27, I wrote about the first upward builder price adjustment I've seen in Fauquier County since about 2005. I receive these alerts in my e-mail.
It was a very modest uptick, but it was so unusual I thought I'd post it.
Ryan Homes (part of NVR) has raised their prices just slightly again, so now each model is . . . $8,000 more than it was in March. ($8,000 from the government is now up in smoke for the consumer, but the economy is getting its taxpayer stimulus, I suppose).
5/18 Listing: FQ7002808 for $322,990 Update Type:Price
3 Bedrms 2 Full Baths 1 Half Bath Prior Price: $319,990 0 LAKE WILLOW CT WARRENTON, FAUQUIER, VA
4/27 Listing: FQ7002808 for $319,990 Update Type:Price
3 Bedrms 2 Full Baths 1 Half Bath Prior Price: $314,990 0 LAKE WILLOW CT WARRENTON, FAUQUIER, VA
5/18 Listing: FQ7002759 for $362,990 Update Type:Price
4 Bedrms 2 Full Baths 1 Half Bath Prior Price: $359,990 0 LAKE WILLOW CT WARRENTON, FAUQUIER, VA
4/27 Listing: FQ7002759 for $359,990 Update Type:Price
4 Bedrms 2 Full Baths 1 Half Bath Prior Price: $354,990 0 LAKE WILLOW CT WARRENTON, FAUQUIER, VA
5/18 Listing: FQ7002774 for $347,990 Update Type:Price
3 Bedrms 2 Full Baths 1 Half Bath Prior Price: $344,990 0 LAKE WILLOW CT WARRENTON, FAUQUIER, VA
4/27 Listing: FQ7002774 for $344,990 Update Type:Price
3 Bedrms 2 Full Baths 1 Half Bath Prior Price: $339,990 0 LAKE WILLOW CT WARRENTON, FAUQUIER, VA
5/18 Listing: FQ7002806 for $332,990 Update Type:Price
4 Bedrms 2 Full Baths 1 Half Bath Prior Price: $329,990 0 LAKE WILLOW CT WARRENTON, FAUQUIER, VA
4/27 Listing: FQ7002806 for $329,990 Update Type:Price
4 Bedrms 2 Full Baths 1 Half Bath Prior Price: $324,990 0 LAKE WILLOW CT WARRENTON, FAUQUIER, VA
5/18 Listing: FQ7002751 for $372,990 Update Type:Price
4 Bedrms 2 Full Baths 1 Half Bath Prior Price: $369,990 0 LAKE WILLOW CT WARRENTON, FAUQUIER, VA
4/27 Listing: FQ7002751 for $369,990 Update Type:Price
4 Bedrms 2 Full Baths 1 Half Bath Prior Price: $364,990 0 LAKE WILLOW CT WARRENTON, FAUQUIER, VA
Monday, May 18, 2009
Another Builder Uptick
Posted by Harriet at 9:13 AM
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16 comments:
yes, we'll take that $8k from you now please. And you can pay for it twice over and then some over a 30 year amoritization.
Nice.
That's one way to "monetize" the buyer bribe.
It was the same thing for the hybrid credit. Since the dealers knew buyers were getting a credit on their tax returns, they raised the prices accordingly, at the time the hybrids had back-orders.
My 2 cents...I think the builders raising prices are a reflection of their need to have more room to negotiate prices. It is hard to get data to do an apples to apples comparison, but I doubt that if you went to a builder and said, "I'll give you the March price" they would balk for even a second. It seems the home buying consumer mindset is changing from one where buyers pay list to one where buyers insist on getting some money off.
In my area in Maryland only 6 houses have closed between $650,000 and $800,000 (according to MLS). Inventory in the same area in that price range is around 60-70. Yet, home builders are playing around with prices in that area too -- first lowering them, then raising them, etc., etc.
In short, I'm paying less attention to list prices in this market and pay more attention to inventory and closed prices less seller subsidy.
ZMonet,
I noticed Ryan was offering a finished basement in May, too.
Perhaps we are simply seeing more of the same.
Harriet, Yes, I've been seeing something similar where builders rearrange the deck chairs, adjusting prices and adding options.
My 6 houses between $650K- and $800K data was over a 6 month period FYI.
Cara: "yes, we'll take that $8k from you now please. And you can pay for it twice over and then some over a 30 year amoritization."
Yup. This $8000 buyers bribe and foreclosure moratorium are gifts to sellers. Better take advantage of the market manipulation and ignorant pool of buyers while you still can.
tbw,
There has not been a discussion on it no. I read it and decided not to touch it with a 10 foot pole.
In Silver Spring, one development just raised all of their prices $25K last week.
www.courtsofwoodside.com
Some of these houses were originally listed at $700K before being dropped to $600K and then down to $550K. I guess a bunch of people bit at $550K, so they thought they could raise the rest of the prices. It's a nice community actually - we've been looking to buy in that neighborhood for a while.
Kevin -
The 'market manipulation' will end when prices go up. More 'market manipulation' on the way from Congress, the President, and the Fed. Stuff you haven't even thought of.
Ben said he would drop money out of helicopters.
You are fighting the guys with the printing presses. You will lose.
I agree. I think in the NOVA outlying areas such as Prince William County that the bottom is in. Especially if one looks at the under 200k SFH. Inventory of those homes have dropped dramatically since Jan. I am not buying this whole "shadow" inventory, market manipulation nonsense. There is BRAC coming to Quantico and Ft. Belvoir. Many of the jobs that remain are in the Washington DC metro. Just wait until prices start going up again. Then people will call another bubble, it will burst and the cycle will repeat itself like it always does. In the meantime the people who look at a home as an investment are sitting on their hands waiting for the perfect time, crying that prices haven't gone low enough yet. Give me a break.
Rob -
Buckle up and prepare to be verbally assaulted for you optimism!
Rob that's backwards, those looking at housing as an investment already got snared into the bubble and aren't sitting here waiting patiently until its reasonable to buy a frickin house. (except those in PWC who, as you'll notice have already bought)
Good luck with that next bubble coming along anytime soon. Have fun storming the castle!
Could someone help me out with some sources for actual sold prices?
I'm looking for the quickest way to get this information (zillow and wapost seem to take forever.) I did see a SOLD listing via a link from this site on franklymls.com but can't figure out how to find others.
Thanks in advance.
I just put an offer on a sfh in Herndon, a short sale, and am waiting for the appraisal to come back to tell us what the final sale price will be so I want to take a look at the most recent comps and actual sale prices.
Also does anyone actually have experience with buying a short sale who can describe the experience a bit. I've got plenty of anecdotal, "oh... a short sale, they don't go through or take forever". Plus everyone is an expert, but no one seems to have actually gone through the process.
I'm fine with waiting, just curious about others local experiences.
Gen Y Dink,
I use the website www.sawbuckrealty.com. It allows you to not only see sold listings, but retains all of the pictures for a year after the sale. So, I use Redfin and FranklyMLS to see active listings and then chick Sawbuck pretty religiously to see what properties have sold in the area I'm looking.
Good luck.
Gen Y Dink,
Besides ZMonet's good advice, you can save listings on FranklyMLS to your "Favorites", and then you will be notified via e-mail about their sold price within a day or two of the sale.(Just click on the little heart to the left of the listing, or click on the listing and click "add to my favorites".
Also try the county assessment websites listed on the front of this blog (but they're kinda slow).
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