Quote:
Originally Posted by vintageogauge
Preowned homes are more expensive because they have $25,000 or more to pay in closing costs. This gets added to the asking price. Not to mention the cost of upgrades they made to the home. Since many Villagers sell their homes within 1 to 3 years, I understand why their asking price is higher than new construction.
Those who sold their homes 70% or more over cost were fortunate. Those who bought the homes are now sitting on homes they cannot sell. Their asking price is way above the market. On MLS we see many who bought homes during the covid craze who now must take a loss. Some 40K and more. My daughter is moving slow in buying. She wants to do everything she can to avoid a possible expensive mistake. It seems for every"I made a wad of cash on my home' story, there is a sad reality for those who paid the wad. This is happening because the Developer continues to build at marginal price increases and has no problem discounting hundreds of homes to suit his needs. A buyer has to be careful!
|
I know a lot of people that sold homes south of 44 after as little as 1 year up to 5 and 6 years and all of them were sold at a price giving the owners a hefty positive return on their investments, some nearly double what they paid. Also I have never heard of anyone, at least south of 44, that sold their home at a loss. Your daughter moving slowly can be making a mistake.[/QUOTE]
There has been a huge change in the market in one year.