Real Estate

A week or two ago, there was a report about a rise in new home sales, or something to that effect which benefits homebuilders. My question is, if there are so many foreclosures available, why would anyone want to have a new home built? It makes no economic sense. Real estate prices are about half what they were a couple years ago, but prices of construction haven’t fallen much at all. Existing homes, especially foreclosures, sell for pennies on the dollar with respect to what it would cost to build the same home today with new materials and buying land to build it on.

You also have to take into account the types of foreclosures that are available. For instance, my mom has been looking for a ranch (1-story) home in good condition, and all of the foreclosures in our area are either really old (wood paneling, green appliances, etc.) or in disrepair, or if they’re in move-in condition, the prices are so high they might as well be new. So she’s looking at new homes because the inventory of the type of home she’s looking for is so low. She can’t even find a house with a master on main that’s a decent price, even for foreclosures.

There are so many baby boomers out there that are looking for homes, and buying a two-story home or fixer-upper just isn’t feasible, and that seems to be all that there is in terms of good foreclosure deals.
So you kinda have to look at new homes.

Also, purchasing a foreclosure, while seeming to be a good deal, is a humongous hassle, and a lot of times people don’t feel like being bothered. You put an offer on a home, and find out you have to pay to have all of the utilities turned on so you can do the inspection. Then you find out you have to pay for a water meter to be installed just so you can do the inspection, since the previous one was stolen. Then, appliances aren’t included. Air conditioning unit – stolen. Copper pipes – ripped out. Mold – everywhere. Roof – needs to be replaced. Carpet too. This has been the story at almost every foreclosed home I have looked at recently. The ones that are move-in ready end up in bidding wars, and the geniuses bidding on them don’t realize they’re bidding up to almost near the price of homes that aren’t foreclosures.

So if you have the patience, yes, get a foreclosed home. If you can, get an existing home. If you want something brand new, where you can pick every appliance, tile and countertop and someone else will handle it for you and you don’t have to turn over any money until it’s completed and you’ve done an inspection, get a new home. It’s all about personal preference. Do what you feel is right for you.

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How much money do people who work for new home builders (ie Pulte, Beazer, Toll Brothers, DR Horton, David Weekley, etc) make on average a year? If they are commission how much is their percentage from the home price?

I doubt you would get into those kinds of companies without a real estate license and several years experience as a successful real estate agent.

We cannot afford our partially remodeled home mortgage any longer because of the arm. Now we have been trying to get out of the house we are in now for years because it’s too small. We want to buy a single family home, ours is a townhouse, and start fresh. Our mortgage is more than what the home is worth. We were told we can buy a new home, move into it, stop making payments on the townhome while setting up proceedings for a short sale on the townhome. We were told that is really the only way to get into a new mortgage, since our mortgage now is only getting higher. Since you can’t get a good mortgage or one at all with a short sale on your credit? Is that true? If so, are we still responsible for making payments until the home sells in short sale? If we move into the new home and the townhome doesn’t sell for 6 months, will we be responsible for payments until then? How can we qualify for 2 homes? Especially since the laws are so stringent now. We live in MN if that helps.
I do know what the definition of short sale is, thanks……That was rude. Also, we were just pre-approved for a new home mortgage. We are looking at very inexpensive homes, so our payments will be less than they are now because of the lower interest rate and no association fees. If you’re not a mortgage or real estate professional then don’t bother answering. I’m looking for actual answers, not just opinions.
I knew I shouldn’t have asked this on yahoo answers, any yahoo can answer..

Our situation is extremely different, and obviously I will be contacting mortgage professionals as well as real estate professionals in my area to discuss this further against the advice I’ve already received.

Ouch. Im sorry to hear about your troubles. Unfortunately, if you cant afford the mortgage on the first one, you probably would not qualify for another. You need to talk with a Loan officer and see if there is any way they can help you. They "may", and I that is using that term lightly, be able to roll the loss on this home into a new one providing it will appraise. You will need to do a coinciding settlement. I don’t see that you will be able to move until your home is sold. Also, short sale does not mean it will sell shortly!

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Hi guys!
In two days I have a job interview with a well known new home builder. The position is for a Sales Associate (working at the display homes, handing out pamphlets and giving general info, referring customers). I have worked in the customer service industry for 2.5 years but as a cashier in a supermarket, not real estate. Does anyone have any tips for the interview? We had a chat over the phone and it went well, but I’m a bit nervous because of my inexperience in the industry! Obviously they rely heavily on being able to get sales out of as many customers as possible, so how can I convince them I’ll suit the position and be able to produce good figures when I don’t have any previous experience in real estate sales? Any help at all from people in a similar sales type job would be really appreciated! Thanks

I would say,,,dress very nice.Try to look clean and fresh,like the girl next door.Don’t allow any tattoos,or piercings to show,except earrings.I would wear nice dressy comfortable shoes.Not high heels.small heels,ok. First impressions you know..reach out to shake his/her hand first. Be as upbeat as you can…act like a very perky,positive person…Like you could make friends with a stranger.
Your plus side is you have award winning customer service. Prove it.
Be sure and turn off,or don’t bring your cell phone in. I’ve interviewed several qualified applicants,but their phone rang while I was talking to them.A very big annoyance.And makes me think that person will be on it alot at work. Be yourself, and relax..good luck!

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With so many foreclosures and so much standing inventory. Will new homes sales ever pick back up again and if so how long will it take?
The reason I ask is because I’m a carpenter and before 2006, all I did was remodeling and alteration work on older homes. Then I wanted to get into new construction in 2006. I enrolled in the carpentry program at a Technical college just before the housing crisis hit. Now that I have learned all these new skills, I can’t find a job because there’s no demand for new homes anymore. Has anyone else been faced with a similar situation? and does anyone think I should get back into fixing up older homes again or just look for a different line of work?

I suggest going back to fixing up older homes. There is no telling when the housing market will turn around. We may see some movement toward the end of summer, but I would not take any bets on it. The problem is that this so called stimulus package does little to help the housing market or apparently much to encourage banks to lend more money to those wanting to purchase a home. In reality I expect the economy to be off for most or all of the year if not longer. I am sorry to be so pessimistic but this situation will likely take years to recover. That doesn’t mean that we won’t see improvements but we will all need to make adjustments.

I would remain flexible as to what you should do. If you think that you can earn a good living repairing homes then I say go for it. Jobs are getting more difficult to find. If you can find something where you can earn a good living then you would probably be better off doing it so that you can at least have an income. You should have some contacts in the repair business. There are usually those who need small projects done. You could try it and if it doesn’t work then you could do something else. You may find work with some of the lenders who have repossessed homes. I am sure some have been left in disrepair.

Do you work for a new homes builder selling homes? If so, please give your location and base salary/commission. Email me if you’d like for confidentiality. I’ll share my info with you as well.

Yes. 2% Washington DC

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