Friday, June 13, 2008

Recent Good Buys & Offers to Builders

Please post homes you think are a good buy or any offers you know of that were accepted, especially to builders. It will help give others negotiating leverage when they are ready to buy. Even just letting people know what type of builder incentives they can expect would be helpful since its hard to tell if they give everyone the same incentives.

Pieces of data to include: Zip Code, MLS or Development Name, List Price, Incentives, Offer (if any), house details (sq ft, garage size, lots size etc).Feel free to post info for homes anywhere in the Sacramento Metro area.

(I am no longer going to update this section each month since it doesn't get as many comments as it used to....rather ironic since prices have fallen so much!).


Anonymous said...

Fewer comments because I think the defination of a good buy has changed drastically.

In December, a good buy in my area was about what I paid for mine, now it would be at the higher end of a decent buy.

With prices seemily dropping so fast, any good buy today is tomorrows average buy.

Jacob said...

Yea I agree. I have even stopped checking ziprealty for new homes. I'll see how things look in a year.

norcaljeff said...

I thought I found a few good buys in the past month or so, but the bottom keeps falling. Kinda like the stock market. I'm not willing to try and catch a falling knife. This market will still be on a downward slope 12 months from now. We're going to see a few more banks and financials blow up this summer. Write offs will continue to go on and another huge mortgage interest rate reset will occur in July.

tecmo said...

We recently purchased a house.

Zip: 95630
Size: 3300 sq/ft
Asking: $640K
Offered: $605K
Final: $609K
Details: The house is in a nice neighbourhood, with a good size lot and a pool. We looked at many houses in the $575K - $650K range.

Buying Time said...

Congrats temco. I am very jealous. Good luck with the move.

Evin said...

I'm officially off the fence.

Got an awesome place right across from a park in a nicer part of elk grove. 1800 sqr feet, built in 89. Got it for 215k. About a 47% discount off peak. It's in absolutely pristine condition, plus has a brand new roof.

Did I get the best deal possible? Well there were multiple offers, and I offered 10k more than asking price. Somebody else came in after we entered contract and offered 230.

If you're in the 200 price range, it is a total blood bath. Plan on getting the rug pulled out from under you unless you offer well above asking price. Also be aware that if you don't view it and put an offer on it within 2 days of it hitting the market, it will be gone.

This was my 6th house that I'd put an offer on. Also my favorite... so it all worked out in the end.

watchingthebubble said...

evin, where'd you buy? Hubby wants out of Elk Grove, but we need to consider all our options.

Cmyst said...

I'm considering putting an offer on a place. I've been researching the heck out of it ever since it hit the market. It sold for 187K in '99, and was HEW'd up to 427K, and is now on the market for 279K. There have been only minor, cosmetic improvements to the place and even those are counter-balanced by maintenance and unfinished projects that will need to be done. I'm struggling with what to offer, but I think I'm gonna go around 230K. I figure with normal accrual of equity it would have been valued at around that. Plus, in '99 it sold for about 4 times the median household income for the area, and 230K would be about 4 times the median income now.

Buying Time said...

Congrats Evin. We are only at 3 serious I guess we have a couple more to go!

Cymst - Is this a Streng? You planning on settling in around here?

Cmyst said...

I don't believe there are any Strengs in El Dorado Co. -- there are some modern houses, but they're way out of my league. John Lennon:"Life is what happens while you're busy making other plans."
This is a 24 year old split-level; only 1600 sf but the space is divided into several areas that are ideal for our lifestyle. On over 2 acres. Very close to most of our social group.
I wrote a thing about it on my blog that goes into way more detail.

norcaljeff said...

I put an offer on a new fully upgraded no down, no closing cost 2500 sqft home in Lincoln back in 2006 for $365K. Asking was $375K after a $125K discount. The builder said no, that housing was coming on strong again after a slight pull back. Well exactly 2 years later I saw the same model down the street for $275K. Shows you how intelligent the builders were, and are today. I'm glad they didn't take the offer. They got greedy over $10K and pretty much crapped the bed on the rest of that neighborhood. It had a cliff dive after that and I think they pulled out completely and tried to unload the lots to one of the other builders but I believe there are still empty lots there now. Along with a ton of empty homes with weeds and brown grass.

norcaljeff said...

This link is quiet. I believe most here who bought, or were thinking of buying, saw the realization that the good buys are still down the road. With the stock market implosion and commodity/gas prices tanking, deflationary pressures will push real wages down further causing home prices to fall further. Not to mention the 533,000 jobs lost in November alone. Even the bears weren't bearish enough on this one. Keep wait folks, the deals are still to come!