Local Market Observations!
What do you see in your housing market this weekend? Builder incentives? "D.R. Horton's Las Vegas Division will hold a '100 Under 200 Sale' June 28 and 29. During the weekend event, the builder will offer 100 new homes priced below $200,000 with special incentives. Qualified buyers also may be eligible to participate in the FHA Nehemiah Down Payment Assistance program."
"All Square neighborhoods are gated and feature floor plans from 1,071 to 1,400 square feet with two-car garages. Pricing begins from the mid-$170,000s. D.R. Horton's Las Vegas division has an inventory of more than 100 homes ready for immediate move-in."
Halted projects? "Sales agents for a large metro Atlanta homebuilder, Robert Harris Homes, were told Thursday to head home. Robert Harris Homes says on its Web site that Builder Magazine recognized the company in 2004 as one of the fastest-growing home builders. Prior to starting his Georgia business, founder Robert Harris had built more than 1,000 homes on the west coast of Florida, the company says."
"'I got an e-mail to pack up my stuff and leave,' said Don Silverberg, a broker at the Arbor Walk subdivision in Acworth, one of about 18 local communities where Robert Harris Homes has built houses. 'I'm going to take a little vacation and decide what to do.'"
Or nervous buyers? "It took Tim and Nikki Hartin 30 days to buy their first home, a duplex in south Harrisonburg. For the Hartins, who have been married for two years and moved from Staunton, being first-time homebuyers put them in an advantageous position given today's housing market, said Keith May, owner of KlineMay Realty. 'The first-time buyer is basically king of the market right now,' May said."
"A large part of determining realistic prices and financing comes from a real estate agent's guidance, both May and Hartin said. The guidance was a 'hallmark' of the buying experience for the Hartins. 'We came in knowing hardly anything,' Hartin said."
"'I think the moment when we were putting the offer down we were the most nervous,' Hartin said. 'We knew that if they accepted it, that was it: We were buying a house.'"
Or protests? "The 40 or so protesters marching through East Liberty yesterday morning traveled only five blocks. But they're hoping that the effort will be a step toward stopping the foreclosures that are throwing people out of their homes."
"'When he got the loan three years ago, it was an adjustable rate mortgage and they knew that and they were told it might go up,' said ACORN spokeswoman Jennifer England. 'But they were also told it might go down. And they expected [any change] would be within a few percentage points.'"
"The mortgage loan -- taken out with First Franklin Bank, which was then owned by National City -- originally cost the Abbotts $340 a month. 'Within three years, it's over $1,200 a month, not including taxes and fees,' Ms. England said. 'And he makes about $2,000 a month.'"
Lower prices? "Single-family homes off the island of Montreal are becoming harder to sell, in part because of high gas prices, and some homeowners are throwing in free cars and SUVs to entice potential buyers."
"'Off-island houses, like in Hudson or in the swank neighbourhoods of St. Lazare, are not selling,' said Montreal real estate agent Laurie MacDonald."
"Off-island home owner Dan Loiselle said his 4,000-square-foot home in St. Lazare, complete with an in-ground pool, has been on the market since 2005. The price has fallen to $795,000 from $925,000."
"'I'm not giving away a car. If someone can afford an $800,000 house, I don't think a used car will make a big difference. But I have included a $2,500 gas card on top of the normal commission for the agent who sells my house,' Loiselle said."
"'There was a big hoopla when these houses were first built' and prices were 'ridiculous,' Middleton said. 'The new prices just reflect market value, not rising gas prices.'"
"'If we're having trouble selling, it's because less people are buying homes priced above half a million,' Middleton said. 'Many new development projects are building houses (priced) between $350,000 and $400,000.'"