Yesterday I went new home shopping with clients. The atmosphere at the new homes has changed 100% since this time last year. A year ago, agents in the offices were just happy to see a human. Now, thanks to the new home buyer credit of $10K and the potential $8K for first time buyers, all standing inventory in Elk Grove is sold and the agents are getting their high self-esteem attitudes back -- good for them, it's about time.
Some new home builder prices are still ridiculously high and they shall remain unnamed; however, many others are offering incredible deals with prices competitive to resale homes in the same neighborhood -- mainly foreclosed homes of those who bought in 2005 when lots were first sold.
Shoppers interested in the new home tax credit better hurry. It's expected to run out by mid-July. Nearly 75% of the money allocated for the credit has already been applied for in just 13 weeks of it being available. However, with very little standing inventory left and it taking approximately 5-6 months to build a home, buyers may have already missed the boat on the $10K tax credit.
Sunday, June 7, 2009
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