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. Just cause I tend to confine my search to the Gold River, Folsom, El Dorado Hills, Cameron Park areas doesn't mean others have to.
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We looked at a house today that should fall under this category. Here's the info:
MLS Number 70122346
9659 Sageberry Ct.
Wilton, 95693
Main house is 2700 sf, and the in-law quarters are around 1100 sf I believe. It's $574,900, so just over $150/SF, but it's for two houses, so I consider that even a better deal. Both houses definitely need work, the smaller house even more than the bigger. Considering they were at around $875,000 just a month or so ago, we were pretty excited about this opportunity. But, the floor plan just didn't work for us. If it did, I'm pretty sure we would have written an offer. There were 4 or 5 other cars with people viewing the property when we arrived. It will be pending by Monday, that much I'm sure.
I don't think these are great deals but I will post some info from my visits to New Home communities.
Lennar is giving 100K-120K discount on list prices in Kavala Ranch development (Rancho Cordova)
Centex in Westpark (West Rosville) was giving $100K off the list price.
I would love to see what others are seeing in discounts in New Home communities.
Gruppe Homes in Carsten Crossing (Rocklin) was giving $140K off the list price. But they only had 2 homes left.
I can give some info as well but I'm not looking in ElDo or Folsom.
Any offer less than $100K or more off builder asking price is too high. They are giving these homes away. For instance, Centex in Rocklin is giving $350K off some homes. Also, do not, I repeat, do not pay for appliances, finished back yards, crown molding, two tone paint, HOA fees for at least 2 years, taxes for at least one year, Mello Roos for at least 2 years, closing costs or finished garages. You can even ask for a pool at this point.
norcaljeff,
How are you getting this type of information? 350K off? Wow, that is much above most of the new home builders I've visited so far.
And you say that they will throw in appliances, finished back yards, crown molding, two tone paint, etc.?
Is this something they specified to you they would give you? I would be interested to know. With that kind of discounting and options I would may just be ready to buy now.
norcaljeff --
I would also be interested in the specifics of the discount you mention. The highest list price I could find on the Centex website for Rocklin was about $744k for a 4532 sq ft home. $350k off of that would put it under $400k, around $87/sq ft! I'm guessing that discount is based on a higher list than what I can find on the website, but if you have any more info on the details, please share. Thanks.
Mike, this is what I saw in the Bee the last fews weeks. And remember, this is asking price, you can always go lower. I'm sure the sales rep will yell and scream, like they do at John L. Sullivan, but hang tough. Prices are falling off the cliff at all new building projects in town.
Yes, if you ask for these and negotiate them you will get these too. I just got an email from William Lyon called the 12 days of Christmas and they are giving away 12 things if you buy, e.g. backyard, appliances, crown moulding, etc. Most builders will agree to this. Some even give free maid service and a plasma tv!
The home that was $350K off was about $850K in price and the sale price was just over $500K. Look in last week's Bee, other wise I can look it up if you like.
Well I have been looking in Roseville / Rocklin / Lincoln. I have been viewing homes that are 4+/2+ 2000+ ft2. They had been staying above $300k but they finally broke.
Just saw this one:
MLS: 70122915
Price: $288,000
5 bed 3 bath 2417 ft2 ($119 / ft2).
HOA and a small yard kill it for me, but I am glad to see homes that I would like below $300k. A few years ago there was nothing below $400k...
I just bought my first house. I go in next week to sign papers. I bought in roseville in a great neighborhood that I never saw myself affording. It was a bank owned property (only one on the block) and I offered 50k less than asking after they dropped the price 40k already. They countered 40k higher than my offer so I countered back at my original offer and they accepted. I may have been able to get it cheaper in a few months but I really liked the house and everything about it. Great neighbors, area and I can afford it too which is most important so I'm happy. Really thought it was out of my reach.
there are two houses on the block for sale with similar stats for 100k more at least.
p.s. you're welcome for the comps;)
Good job Bio, I hope you got it near the bottom. I'm still going to wait it out b/c I believe it's still going to get uglier, esp when people start losing jobs. I know several in the bay area that have got their notices in the past 2 weeks. Did you go thru a broker or RE? Or did you just give an offer right to the bank?
Here is a link to the homes NorCal Jeff referred to:
http://sacramento.lyonhomes.com/employeepricing/
Congrats Bio1 - I'm so jealous. Nice job on the negotiations too! As you probably know, we aren't waiting for bottom if we find a place we really like. It's more important to find a home we like in a neighborhood we like...and it sounds like you have done both!
Biosurfer1,
Looks like you had similar plan as I except I haven't pulled the trigger yet. I've been eyeing few bankowned/shortsale homes in Roseville and Rocklin area.
Even with their multiple drop in prices already, I was planning to make a low ball offer ($50K off asking price). However, I still haven't pulled the trigger yet due to various reasons. However, like you, once I do make an offer. It will be firm. No budging on counter offers. The way I figure it the Banks are much more desperate than I am. I have time on my side.
By the way, for my curiosity sake, can you state, where in Roseville you bought? You don't have to give address, just the general area.
Thanks everyone for the comments!
The house is in west Roseville near Mahany Park. I did find out there are no HOA's, but there is Mello-Roos through 2015 of $411/year. Not terrible but still adds a monthly expense.
I made an offer through an agent. I will say, the bank's listing agent did a great job presenting the house. She kept it clean and the yard taken care of. After first looking at the house, I would say it was one of the cleaner houses I have seen so that little extra effort on her part really paid off. I can't see why more agents dont do this if it helps the house sell quicker.
Even though I know I had the upper hand in negotiations, I still felt a bit ackward making an offer of 50k less than asking. The only reason I countered when they came back 10k less than asking was that they replied so fast it meant one of two things to me: 1. They were very very anxious to sell or 2. The already had a cookie cutter counter offer setup and didnt even look at my offer. Either way I thought I'd throw my offer back out there accpeting a couple of their terms and see what happened and they took it without any other counter's. Caught myself and my agent off guard since I figured they would at least try one more counter.
Mike - after going through the process, I would suggest to you if its a bank owned property, then offer 60k less than asking price. I am happy with my buy but if they jumped that fast on my 50k under offer, would they have taken 60k less?? All they can do is say no.
I checked out a Short Sale over the weekend. The house was originally listed few months ago for nearly $600K.
The agent said only offer they received so far was in the low $300K and so they were looking for bids over the existing low bid. My guess was if you bid $350K on the house you could be the winning bidder (assuming bank would accept that offer).
But this experience brings to light that people are serious low balling bank owned/Short Sale homes. I am not sure when the low bidder bid on the house but since the house was originally listed at nearly $600K it could have been an offer of nearly $300K off the asking price. Amazing !! Now I am thinking 50K is not enough for low ball offers. 100K plus should be what I should consider when I offer.
I suppose it makes quite a difference what the list price for the house is... certainly we are in the "at least 15-20%" off list price area...
little set back in my escrow today... for any of you first time home buyers, make sure to get your MCC application in early!!
MLS Number 70122346
9659 Sageberry Ct.
Wilton, 95693
AB, did this one close?
Newport Cove (Discovery) in Southport is 'closing out' the phase in my neighborhood right now.
3000 sq. ft. sh!tboxes listed at $515k w/ $85k in incentives according to sales girl. She asked what I wanted to pay and I said that a house that big doesn't get interesting to me until its about $100/sq. ft., and she said, 'oh well, blah, blah, not that low.'
I'm sure a $400k offer ($133/sq.ft.) would have a solid chance of being accepted.
the best part is that my street is only half built (been like this since I moved in in aug '05), and they are throwing up 4 new models in the cul-de-sac on my street and will have their 'grand opening' in February. ROFL. I guess they already paid for the lots and the impact fees, et. al. and building costs are low enough now where the cost of selling new homes at lower prices is better than holding onto the lots ad infinitum. This is good news.... the builders will continue to lead this market down, and the chances of supply becoming constrained anytime soon are basically zero.
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