Market Conditions in 32578>Question Details

Rhino5555, Home Buyer in 32578

What is the typical price per sq/ft for new construction in Niceville?

Asked by Rhino5555, 32578 Wed May 9, 2012

Our realtor keeps tellling us that 95% of the listing value is what we should expect to pay. Given the overall market conditions, that doesn't add up considering it's a buyer's market and I have seen multiple homes sold for over 100k less on homes listed at 350,000k. It seems like their may be a spurt on the market over the last quarter but not enough to tell the value she expects, Any thoughts?

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A new home builder will typically not negotiate on the price they have set for their new construction. Changing that price affects all the homes he is building in that area. If you find a home in the early stages of construction you can negotiate slightly by getting some items included in the original price. Like wise, you might gain value with a fence, landscaping or "easy to do" changes in the construction. but typically never price.
0 votes Thank Flag Link Sat Jul 14, 2012
I think the first question to ask is if it is truly a Buyers Market in NIceville. The definition:

A market which has more sellers than buyers. Low prices result from this excess of supply over demand. also called soft market. opposite of seller's market.

The market this spring has been a very strong with very few homes available in many price ranges and multiple offers for many listings indicating that we are moving into a sellers market.

The Florida Association of Realtors reports that the inventory of homes in Okaloosa County is down 13% and pending sales are up 14.9% over last year. There is only 6.6 months of inventory at the moment versus last year the inventory was at 11.2 months. Another strong indicator that our market has shifted.

Back to your questions about new construction in Niceville. New homes have sold at 99% of list price. The average new home in NIceville is 146/ft. but expect to pay more in the range of 155- 199 in Swift Creek and many of the newer sub divisions with a custom home builder.

I think your Realtor is giving you good advice. Trust her judgement, she knows the Niceville market.

Best of luck to you!

Judy Griffin, Broker Associate
Keller Williams Realty - Niceville
0 votes Thank Flag Link Thu May 10, 2012
Ask your Realtor to provide the market analysis she/he is using. You should be provided a list of recent comparable home sales in the general area, so you can see with your own eyes what recent sales have been.
0 votes Thank Flag Link Wed May 9, 2012
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