Have foreclosures and short-sales affected the quality of NEW homes?

By
Real Estate Agent with Better Homes and Gardens Real Estate Metro Brokers

Have foreclosures and short-sales affected the quality of NEW homes?The current real estate market has caused a paradigm shift in the way buyers think about real estate.

The old notion that “more is better” has given way to “less is best.” Buyers simply do not want to put a lot of money into a house during a declining market.

Builders in Coweta County Georgia has responded to consumers by purchasing  existing lots at fire sale prices, and by downgrading the product finishing to make the price as attractive as possible.

What was once a stone or tile shower is now a one piece fiberglass unit. Where there was once crown molding, now there is none. Carpet has crept over most of the space that at one tome would have been a hardwood floor.

It makes you wonder if perhaps we had come to the point where we expected too much in the first place.

Perhaps simpler is better. At least it is more affordable, that’s for sure!

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Topic:
ActiveRain Community
Location:
Georgia Coweta County Newnan
Groups:
BananaTude
Diary of a Realtor
Realtors®
The Lounge at Active Rain
"Whacked"!!!
Tags:
new homes
quality of new homes

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Rainmaker
1,051,213
Ginny Gorman
Homes for Sale in North Kingstown RI and beyond
Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate

Richard, this is so true!  The builder here who would only do the $800k homes has a small development going in the under $400k range...finally realizing after 3 years this is the way to go..

February 16, 2012 08:15 AM
Rainmaker
1,929,984
Barbara Todaro
"New Franklin MA Homes"
RE/MAX Executive Realty

Richard....if our builders downgraded to that extent, the home wouldn't sell.... the same holds true with a rehab.... people here expect more... builders here need to make sure they offer everything that others are offering and then trump that.

February 16, 2012 08:16 AM
Rainmaker
1,345,560
Andrew Mooers
Northern Maine Real Estate-Aroostook County Broker
MOOERS REALTY

Everyone is trying to get a deal... on houses, airline tickets, food, college, anything that requires open up the wallet wide and say "Ahhh". On line information is sometimes enough to make them mob like dangerous so being the local REALTOR that educates, guides is more critical than ever. Has to be at least one adult in the room not over dosed with sugar from all the short sale, repo, foreclosure talk that can make expectations across the housing board out of whack!

February 16, 2012 08:16 AM
Rainmaker
572,643
Janis Borgueta
LIC R.E Salesperson - Homes for Sale Newburgh NY
Key Properties of the Hudson Valley ~ 845-527-7115

Richard~~ You are lucky that the buyers are ready to settle for less of a home with new construction. In my territory they still want a new home, and put everything in it and a lower price. THe builders are certainly giving a completed home that has granite, hardwood, stainless and other options that were once upgrades. Profit margin here is low for the builders that are still going forward and the buyers are getting a sweet deal these days. They do ask for everything. THe difference in what they buy is that the homes are smaller. I'm hoping that the McMansions are a thing of the past!

February 16, 2012 08:21 AM
Ambassador
1,319,572
Richard Iarossi
Crofton MD Real Estate, Annapolis MD Real Estate
Coldwell Banker Residential Brokerage

Richard,

Prices here haven't subsided much because the price of the land is still so high. The size of the houses are smaller to keep buyers within a reasonable budget though.

Rich

February 16, 2012 08:35 AM
Rainmaker
409,412
Michelle Francis
Realtor, Buckhead Atlanta Homes for Sale & Lease
Tim Francis Realty LLC
Richard, We are seeing some amazing pricing on new homes in Buckhead and they are flying out the door. True, there are a lot of bells and whistles that have moved off the necessity list. All the best, Michelle
February 16, 2012 08:39 AM
Rainmaker
966,366
Gary L. Waters, Broker Owner Waters Realty of Brevard, LLC
Personal Service, always.
Waters Realty of Brevard, LLC

I think you are on to something Richard. Simpler is better but we have to experience complex before we realize it!

February 16, 2012 09:30 AM
Ambassador
1,645,436
Richard Weisser
Richard Weisser Coweta Newnan Homes for Sale
Better Homes and Gardens Real Estate Metro Brokers

Ginny...

Here we are talking about homes under $200K ... some under $150K. So there's not a lot of ma gin to work with. Thanks my friend.

Barbara ...

But if they could get a brand new 2500 SF house for $150K they just might rethink that position! Thanks so much.

Andy...

"Out of whack!!!" That's for sure my good fellow. Thanks for jumping in to the fray!

 

February 16, 2012 09:31 AM
Rainmaker
1,330,548
Kristin Johnston, Waukesha Realtor 414-254-6647
Waukesha County Realtor, RE/MAX Buyer Agent
RE/MAX Realty Center

Yeah, I think everyone has certainly been babied...you watch HGTV (sigh) and see first time home buyers expecting granite, hwfs, etc..

February 16, 2012 09:32 AM
Rainmaker
591,494
Laura Giannotta
Your Realtor Down the Shore!
Keller Williams Realty - Atlantic Shore

Builders in my area are building smaller homes, but the buyer still demands and gets the amenities...Tile baths, granite courter tops etc.  Buyers will forgo square footage.

February 16, 2012 10:03 AM
Rainmaker
1,733,247
William Feela
Realtor, Whispering Pines Realty 651-674-5999 No.
WHISPERING PINES REALTY

Not many spec homes being built.   The last one I saw was just that, cheap materials.  Trying to keep the price down so that it will appraise out.

February 16, 2012 11:28 AM
Ambassador
828,384
John McCormack
AlbuquerqueHomes.com
Albuquerque Homes Realty * www.AlbuquerqueHomes.com

Our area is not seeing a huge amount of construction but builders are covering the bases from standard to all the bells and whistles. 

 

February 16, 2012 12:28 PM
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Richard Weisser

Richard Weisser Coweta Newnan Homes for Sale
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