Question Details

Power, Home Buyer in Silver Spring, MD

In the light of the present housing slump. Which is better, buy hud, existing homes or buy a land and build.

Asked by Power, Silver Spring, MD Thu Apr 10, 2008

I have compared the prices of hud and existing homes. do any one know home builder that can work with a private person?

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If you have a lot of inventory in your market, and the recent sales history represents a downward trend in pricing, chances are strong that it will be favorable to buy an existing home over building a new one.
1 vote Thank Flag Link Thu Apr 10, 2008
Deborah Madey, Real Estate Pro in Brick, NJ
In the current housing market you are probably better off buying a HUD, REO or an existing home over land and building. A lot of these bank owned homes and existing homes are being sold for far less than the cost to build. In our current market in Phoenix AZ your best deals are currently REO (bankowned homes), banks cannot afford to keep these homes on their books and are forced to sell way below market. Hope this info helps.
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1 vote Thank Flag Link Thu Apr 10, 2008
hey, do the math. I lean towards to building your own home. But you must do the math. If you find a home that you like for the right price, and you also find a lot and a builder, then simply compare the cost of the two. But you should check out Owner/Builder Programs for sure.
0 votes Thank Flag Link Thu Apr 10, 2008
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