Home Buying in Williamsburg>Question Details

Brittney, Home Buyer in

I am looking for a home in Williamsburg, VA and there is a home for 639k on the market that is new (being

Asked by Brittney, Sun Aug 17, 2008

sold by the builder) and has not sold in over a year. What should I offer on this?

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9
You said it has not sold in over a year. Why is that? Maybe it is overpriced.
0 votes Thank Flag Link Thu Aug 28, 2008
Brittney,

Be in touch with a real estate professional from your area and request comps representing sales during the past 6 months for similar homes in this location. This should shed some light on the ball park you should be in.

Our guess is the home is priced over the recent comps in this area. Some builders are no different then the average sellers that refuse to lower their prices and think waiting it out is the best position to take. For some this may work.

We have sold 3 homes within the past year in a gated community for $400,000, $360,000, and $320,000. It's obvious what direction things are going. Builder X builds a home similar to every other home in the community which was completed 2 years ago. The builders are asking $575,000 in todays market. Does this make sense.

If you encounter this type of nonsense, don't waste your time, move on and explore other options.

Good luck,

The "Eckler Team"
0 votes Thank Flag Link Mon Aug 25, 2008
Higher interest rates mean higher monthly payments too! The Hampton Roads area has not been hit as hard as other areas. Our prices have stabilized and never went down that much to begin with. Take the house!
0 votes Thank Flag Link Mon Aug 25, 2008
Higher interest rates means even lower prices. Wait and see. You'll be glad you waited.
0 votes Thank Flag Link Thu Aug 21, 2008
John, our area has one of the lowest foreclosure rates in the country. I don't think your advice applies as much in our area as it does in other parts of the country. If the interest rates start back up (and they have already), you may well miss your best opportunity if you wait... at least here in the Williamsburg area.
0 votes Thank Flag Link Mon Aug 18, 2008
Wait a few years. When the Alt A mortgages start resetting, this area will have many houses for sale, foreclosed, short sale, etc. You should start seeing some of these coming to market in the next few months. Then year after year until 2012. The "funny" mortgages were given until 2007. Most are 3 and 5 year resets. This house you are looking at, may be one of these resetting, they're trying to sell before the payments increase drastically. Most are not able to re finance because the house has lost value. A bunch of them will be foreclosed. Be patient, and you will be rewarded. Good Luck
0 votes Thank Flag Link Mon Aug 18, 2008
Hi Brittney,
What you offer can change the dynamics of the neighborhood and possible hurt you and the subdivision if you offer too low. The big question should be what should you ASK for. You can, depending on the type of loan you are qualified for ask for help with the down payment , closing cost and if It is new construction you could ask for perks such as up graded appliances, sprinkler systems, security , etc. You would not want to bring the value down of the neighborhood if you intend to purchase there because that would bring down the property values in the future, instead bring up your value from the price it is now. This market is going to change and in the long run that would be putting more money in your pocket in the future if you decide to sell or refinance. If you are not already committed with an agent I would love to talk more with you. I also have a team of experts to help with your mortgage, any inspections and closing. Give me a call today . 757-236-2962
Web Reference: http://www.marylyons.com
0 votes Thank Flag Link Mon Aug 18, 2008
Hi Brittney,

Your 1st step would be to get with an agent experienced in the area, to run some comparables for you. His/Her expertise will also give you an idea of what to negotiate the price to. If you are looking for some financing options, I'd enjoy the opportunity to get some free quotes out to you! I'm confident I can offer you some of the best rates and closing costs around. We are a local company, and members of the BBB. Please feel free to contact me at 757-333-9033 or email alapitan@cavaliermortgage.com.

Kindest regards,

Alvin Lapitan
Mortgage Specialist
0 votes Thank Flag Link Mon Aug 18, 2008
Are you talking about the house on Fords Colony Dr on the golf course? Do you have an agent? I wouldn't want to step on your agent's toes!
If not, then I am happy to assist you with this home. The builder passed away and his son is now running the business. He has several homes on the market right now. The price on this particular home is down from $872,500. Let me know if you want to get in to see it, and we can discuss the price when we looking at the house. I'll give you a summary of the other homes that have some in the last few months and the similar homes that are currently on the market.
Susan (757-784-0363)
0 votes Thank Flag Link Sun Aug 17, 2008
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