Home Buying in Cedar Park>Question Details

brettjdn, Home Buyer in Leander, TX

Cedar Park Town Center

Asked by brettjdn, Leander, TX Fri Jun 22, 2012

My wife and I are considering moving to Cedar Park sometime in the near future. We like the Cedar Park Town Center concept with the rear alley, small lots and craftsman style homes. However, I noticed that there quite a few homes in foreclosure in the subdivision. Anything I should be careful with if we buy there?

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Eric Winkler’s answer
Anytime you are in a community where the builder is still producing homes you have builder pressure. The builder will always be able to sell homes at a higher price per sqft than a person trying to resale a home. This will result in a higher forclosure rate especially in homes that have an entry price point. Homeowners who are forced to sell shortly after purchasing cannot get the same price at which they purchased. Similar to purchasing a new car.

Buyers tend to migrate to the builder because they can make decorating selections to their taste. In order for a person to resale their home they have to discount it below the builders price to compensate for the above. However once the builder has finished in that subdivision the resale homes will increase to the final price the builder was asking for their homes. So you will see a significant price jump upon completion of the subdivision.

This does not mean there is a problem with the subdivision it is simply builder pressure.

Best wishes,
Eric Winkler
Broker / Owner
Real Estate Experts
1 vote Thank Flag Link Fri Jun 22, 2012

Cedar Park is a great place to call home. I have lived here for almost 9 years now. I always advise my clients that they will get a better deal if they can find an existing home over a builder home. Just recently I was showing homes in in nearby Avery Ranch. We were able to find 2-3 year homes of the exact floor plan for about $15,000 to $20,000 less than building new. This is what you will typically find and is the price you pay for being able to choose everything that you want.

Now there are ways you can get a new home and pay closer to the going rate of existing homes. The best way is to find a spec home or a home where the initial buyer backed out. While you may not be able to pick out everything you can save quite a bit of money that can make it worthwhile.

If you have any questions please don't hesitate to call or email me. I am also a licensed mortgage broker and can help you obtain the best financing terms.

Best of luck to you on your possible move to Cedar Park.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com | http://www.AustinListed.com
0 votes Thank Flag Link Sun Jun 24, 2012
Best advice is to get a very good agent to represent you and protect you from making a mistake. In the end, that's what you want an agent to do and getting the best one gives you the best chance.
0 votes Thank Flag Link Fri Jun 22, 2012
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