Custom Built Homes
You do not really have to spend a fortune to find custom homes anymore! The housing crash has been a disaster for custom home builders, real estate agents, mortgage loan officers and anyone trying to sell a single-family home or condominium.
However, it’s been extremely good news for anyone hoping to buy a home. Prices are lower than ever, and sellers are more than willing to negotiate. This means that buyers can even find luxury style homes without spending a fortune.
Quick Tip:
“Buying homes that need renovation and have good bones are a great way to get that custom feel with out the custom price.”
The Market
This wasn’t the case just three years ago. Back then, the housing boom was still in full swing. Sellers used to control the market. If they were selling quality homes in good locations, they often received several offers. And many of these offers came in above their asking price especially in the case of custom homes.
Today, custom built homes may be sitting on the market for months. Sellers are being forced to lower their asking prices dramatically. They have to be flexible when it comes to closing dates, and they may need to make costly repairs and improvements before a potential buyer will agree to sign those closing papers.
Dealing With The Finances
This is good for anyone looking to buy custom built homes. Traditionally, custom homes have fetched top dollar. And why not? These homes are made to order by clients who are specifically hoping to build their dream houses. I don’t know if you would agree, but I wouldn’t want anything cheap in my dream home, so it all made sense!
The housing crisis, though, has had a severe negative impact on the industry of custom built homes and real estate in general. Many clients started working with custom home builders to fashion their ideal residences.
Half-finished Homes
But when the country’s recession hit, they lost their jobs or saw their incomes severely slashed. They could no longer afford those custom home plans they had started building.
This has left a market of half-finished custom built homes scattered across the country. Savvy home buyers can take advantage of this. Search for online home listings or check the classified section of your local newspaper. You’ll be sure to see ads there by custom home builders hoping to shed these unoccupied homes.
These builders will be ready to negotiate a deal. They’re desperate to get these personalized homes off their books. After all, with no one in them, these brand-new custom made homes are simply eating away at builders’ profits.
Use Your Leverage
Custom Made Home
You can use this grim financial situation to your benefit. Simply put, you should make what you believe is a fair offer for one of these empty custom homes. Just be careful not to make an insultingly low offer.
That can kill a possible deal before it even starts. Yes, you will be able to get a custom home for a good price in today’s market. But don’t expect to be able to steal one.
If you’re willing to negotiate in good faith with local custom home builders, you’ll be amazed at the deals you’ll land on beautiful custom built homes. Search your own local market.
You’ll certainly find the home of your dreams waiting, and for a remarkably fair price. Even if you don’t, you should consider asking for a quote to make those custom home plans you have in your drawer a reality. Because it’s no longer a seller’s market people – we, the buyers, are setting the prices nowadays!
I really hope to live in Malibu. It’s unfortunate that most home sales cost too much money