I was a builder for 25 years before becoming a realtor and the answer to your question is that it depends.
Here is a link to homes sold in the 20147 and 20148 zip codes in the last year above $900K. There are 15 of them with an average days on the market of 83 days.
So what does this mean? That homes in that price range sell at a pace of 1.25 homes per month.
You need to mindful of how your proposed home compares to those comps in terms of similar attributes, upgrades, location, amenities, builder quality and reputation etc..
There are many factors that contribute to the sales price.
It is also important that you work with someone who can get you the best deal possible for that particular builder which also involves many factors.
Hope that helps! Give me a call if you would like some help on this.
Keller Williams Realty
Loudoun Gateway (Ashburn)
Yes 900k for ashburn area is overpriced. how much is lot size? builders are building big size homes on smaller lots and when you sell them in resale market its hard to sell. right now interest rates are low, when they jump then it will be very hard to afford 900k home and upper bracket homes are first to suffer.
you should have your broker check the resale homes and gave you CMA . this way you get better picture and will know whether 900k price is justified.
In terms of you losing money, that's impossible to say. Only to say that as you buy a home in the upper price brackets for Loudoun County, those are going to be the first range of homes to suffer in a housing downturn, and the last to rebound from that same housing downturn.
What you might consider is getting into a comparable home via short sale or bank foreclosure, which could (likely) get you into a comparable home that might be worth $900K for a price closer to $800K or even less. If you're more concerned with values and making a profit than with the concept of new construction, this would be a good strategy to consider. That would help 'insulate' you from a housing downturn as you purchased the property for less than market value.
If I can help in any way, or you would like to talk further about it, feel free to call me.
Keller Williams Realty
Let me know if you need anything further. I am happy to help!
This is Sony Kim, Associate Broker with Keller Williams. Personally, I would look into existing new homes for sale by builders like Toll Brother, etc. rather than build. I am into the process and it is more than I bargained for. Please email me at firstname.lastname@example.org to share thoughts and ideas. At the end of the day, it's what you get without the complications and headaches, misunderstandings and miscommunications.
703 244 3997
Keller WIlliams McLean Va
Below is the list of active single family resales/short sales on the market in the 20147/20148 between $800,000 - 950,000 to help compare your new construction purchase against.
Click the following URL to see the listings:
Feel free to contact me at email@example.com for further questions or detailed information on new construction community your are considering.
Builders are the same. Call me if you need help. 25 year veteran in industry with good references. Jill tacci