Tag Archives: new construction

San Diego – New Homes Getting Hard To Find

Posted on April 18, 2013 | 1 comment

construction

If you can’t find a sales agent to help you at new housing projects in the county, don’t be surprised.

Sales are up 17 percent over year-ago levels, and there’s not much inventory of unsold units available, according to the New Housing Monitor published by the Hanley Group in Oceanside.

Are new construction valued differently than older homes?  Contact the appraisers at www.scappraisals.com for your value questions.

As of March 31, 775 homes — 519 detached and 256 attached — had been sold since the beginning of year, compared with 661 for the same period last year. That’s the highest for this time of the year since April 2007’s 2,119 sales in the pre-bust cycle.

The number of weeks of inventory at the current sales pace dropped to only 5.6 weeks, the lowest for the same week of the year since the five-week level in 2004. Inventories rose to as high as 57.4 weeks for the same point in 2008 on the eve of the Great Recession.

This year, the opening inventory for the second quarter included 336 new houses, condos and townhouses for sale, down 68.1 percent from 1,054 homes at this same period last year.

Homes planned but not yet released or built totaled 12,646, but builders are not moving fast enough to replace the sold units with new ones.

Read more at: http://www.utsandiego.com/news/2013/apr/13/tp-new-homes-getting-hard-to-find-in-san-diego/

Disclaimer: for information and entertainment purposes only

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Buying a Newly Constructed Home – Hidden Costs Can Add Up

Posted on April 22, 2012 | Leave a comment
Many homebuyers think that purchasing a brand-new home is smarter than purchasing a “used” home. A new home’s maintenance costs should be minimal; its construction materials, systems and appliances should be up-to-code and energy efficient; the floor plan and amenities should meet the needs of modern buyers and the home should be move-in ready. A new construction also has an emotional appeal for buyers who like the idea of living in a home that’s completely clean and potentially perfect.

What many buyers don’t realize is that new homes often have numerous hidden costs. If you’re considering a new construction, here’s what you should look out for to make sure you’re spending your money wisely and you don’t experience any unpleasant surprises.
Contact the appraisers at www.scappraisals.com to help with value when negotiation a final price with the builder.  If you are using a mortgage to purchase the property make sure the value will be there when it is time to sign the mortgage papers.  A property not appraising could be a big road block.
Hidden Defects
Just like an older home, a brand-new home can have hidden defects (also called “latent defects”) that require expensive repairs. Heavy rains can reveal inadequate waterproofing or grading that leads to leaks or flooding in your home. A weak slab could crack. Siding could fall off. The wood floors could warp. Your toilet could overflow. Electrical wiring could be done incorrectly. Any problem that you might be afraid to find in an older home can also appear in a brand-new home.
To protect yourself, research the builder’s reputation and don’t skip a thorough inspection by an independent home inspector who is not affiliated with the builder. Ideally, you would have one inspection after the home has been constructed but before all the finishes have been put in, when some problems are easier to identify, and another inspection just before your loan closes and you take possession.Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/04/09/investopedia6688.DTL#ixzz1rq2no1SG

 
Disclaimer: for information and entertainment purposes only

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