It’s a Buyer’s Market for New Builds…
With only one of Washington Park’s new construction single-family homes under contract, one that closed in October, and with 11 on the market, it is a Buyer’s Market for that type of home in this market. If you have had your eye on one, now would be the time to make an offer. The one that did sell this month sold at a 5% discount from its original asking price or a $225,000 discount. That is real savings. This sale was cash, like most in this price range, as many high-end borrowers are still hesitant to pay the high rates. When the market is mostly cash buyers, that shrinks the demand quite a lot. The good news is that rates dropped last week back into the low to mid 7% range. It remains to be seen if that drop will encourage the high-end buyers who can’t pay cash to take the plunge.
What about the rest of us regular folks who don’t have that kind of cash available? It is still a seller’s market but not as much. There are currently 18 properties available under 1 million and 12 closed last month. Those odds look better for buyers than they once did but it is still competitive. Of the 12 sales, 7 sold at or above asking. However, the average was only .29% over asking.
If we can help you get a deal on one of those new builds or compete and win in the middle and low end, give us a call. We are here to help and answer your questions. Happy Thanksgiving to all!
Your call to The Bridge Team at 303-331-4562 will be warmly received.
