Any tips on buying new Construction in King of Prussia, PA?

Asked by Jenny, Philadelphia, PA Tue May 12, 2009

We are interested in the new THs going up, butwe think a non-negotiable asking price of 349,900 is a bit much compared to ALL of the much lower valued homes in the neighborhood. Will we regret buying 1 of the 16 most expensive houses in the neighborhood?

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Jennifer Day…, Agent, Phoenixville, PA
Wed May 13, 2009
BEST ANSWER
Good Morning Jenny,

It's difficult to say whether a price is too high or not without knowing all the details such as upgrades, exact location and the rest of the neighborhood information. If you already have representation I would definately ask that Realtor to break things down for you and help you with that question. If you don't have representation, feel free to contact me and we can discuss value. I live 5 minutes from King of Prussia, grew up in the area and know it well. Although no one has a crystal ball we are seeing a slight rebound in the housing market and should that continue 5-10 years will be enough time to make a profit when you are ready to sell.

Jennifer Daywalt, Realtor
Re/Max Results Realty
Top Agent - 2004, 2005, 2006, 2007, 2008
Author of "Ask The Realtor" - The Phoenix Newspaper
610-999-7693 Direct
610-489-7355 Main Office
Sellinghomesjenn@aol.com
0 votes
Jenny, Home Buyer, Philadelphia, PA
Wed May 13, 2009
Thank you to all the agents who have answered my question. All of your different input has really helped in our decision making process.
0 votes
Judy May, Es…, , Collegeville, PA
Wed May 13, 2009
Hi Jenny. First of all, CONRATULATIONS on your upcoming new home purchase!

I did a quick search and I would guess that you're looking at Schoolhouse Commons. Those homes are certainly beautiful and come with some terrific upgrades!

As you probably know, King of Prussia is a true "hub" in suburban Philadelphia, with great shopping, restaurants, etc. As such, homes in this area tend to maintain their value well. As a rule of thumb, you don't want to own "the" most expensive home in the neighborhood; however, not having seen the particular home you are considering, it's difficult to advise you as to whether this would be a smart investment.

With that said, I wonder about your specific needs and desires. For example, is King of Prussia your "ideal" location? Depending upon your needs, for example, for the same price range you may be able to get more house for the money down Rte. 422 W just 5-10 minutes. (I just did a quick search in the MLS and found over 100 homes -- some new construction, some resale.....some townhomes, some single family homes -- that fit your price range:)

One benefit of working with a Buyer's Agent (as you'll soon see) is that s/he will talk you through ALL of your options, like these, in order to help you make an educated decision as to which home will be just PERFECT for YOU!:)

If you haven't yet hired a Realtor, I'd love to chat with you and learn more about your thoughts, desires and needs. Feel free to call me direct at (610) 324-5240. I've worked in and around the greater King of Prussia area for decades (before entering the Real Estate profession) and know the area very well.

Once again, wishing you the VERY best in your home search.....blessings to you!:)

Warmly,
Judy

Judy May, Esquire, REALTOR
"A Refreshingly Different Real Estate Experience"
http://www.JudysFineHomes.com
Judy.May@Century21.com

CENTURY 21 Alliance
2828 Audubon Village Drive
Audubon PA 19403
O: 610.666.0202 x. 226
C: 610.324.5240 (preferred)
0 votes
Shehla Karim, Agent, Wayne, PA
Wed May 13, 2009
Jenny,
I agree with Jennifer, It all depends. If the 349k is a base price or any upgrades are added to that. Different parts of KOP have different values. It all depends on the location and neighborhood.

Remember, what your gut says. If you really like the house and see yourself living in that home, then Go for it.
People have made money in Real Estate, it all depends on the market. Just make sure it's a good Location.
Best of Luck!

Shehla Karim
Weichert Realtors
610-647-5600 x139
610-659-4869 Cell
0 votes
Jenny, Home Buyer, Philadelphia, PA
Wed May 13, 2009
Thanks for your tips! We definately plan to use a buyer's agent. As for the asking price, does anyone think 349.9 for 2150 sq ft is overpriced? Will it be worth our while down the road when we go to re-sale to pay this high asking price now? We plan to stay there for a minimum of 5-10yrs.
0 votes
Jennifer Day…, Agent, Phoenixville, PA
Tue May 12, 2009
Hello Jenny,

The new townhome will still have to appraise for value and that is a contingency that you can put into the Agreement and if they refuse I would not purchase the home. Also it is very important when purchasing new construction to have your OWN Realtor representing you, as others have mentioned. The site agent represents only the builder, not yourself! It costs you nothing to have representation. However with that being said, if you have already spoken to the site agent and went without representation they may fight this issue. Normally the Realtor representing you has to be there at your first visit. There are a few ways around this. New Construction is still having difficulty so if presented to the site agent as you are willing to purchase there however not without your own representation and them paying the commission you will not purchase. This may sway them.

I'd be happy to assist you in any way whether it be answering questions or representing you. You can always contact me at 610-999-7693. Good luck with everything.

Jennifer Daywalt, Realtor
Re/Max Results Realty
Top Agent - 2004, 2005, 2006, 2007, 2008
Author of "Ask The Realtor" - The Phoenix Newspaper
610-999-7693 Direct
610-489-7355 Main Office
Sellinghomesjenn@aol.com
0 votes
Shehla Karim, Agent, Wayne, PA
Tue May 12, 2009
Hi Jenny,
I won't advice you to buy some thing that you don't have to compare with. My advice for you is to ask the agent at New Construction to give you COMPs to justify the price. I would highly recomend that you should have a buyer's agent representing you. If you don't have one I am more than willing to help you.

Yes, you don't want to pay for more than actual value.

Shehla Karim
Weichert Realtors
610-647-5600 x 139
610-659-4869
0 votes
Andrew Himes, Agent, Collegeville, PA
Tue May 12, 2009
When buying new construction you still have tthe option of using an agent to represent YOU. The agent for the builder is exactly that, they are trying to get the best deal for the builder, not you. If you are concerned about having your interests looked after then you should have someone that is doing that.

I would love to help, feel free to send me an email or give me a call. I'd love to show you how i can help.

Andrew Himes, CRS, ABR, e-PRO
Andrew@AndrewHimes.com
267.231.8255
0 votes
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