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Monday, June 8, 2009
All Clear to Build Spec Homes Again?
Jun 8 2009 11:54AM | Permalink | Email this | Comments (6) |
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By Susan Bady
It looks as if spec homes may have been taken off the endangered species list. The Wall Street Journal reports that builders of new homes are finding it necessary to have spec inventory available to compete with sellers of existing homes and foreclosures, not to mention first-time buyers rushing to get their tax credits before the December 1 deadline.
It's a delicate situation requiring builders to have just enough specs, but not too many. Meritage Homes of Scottsdale, Ariz., was the builder quoted as saying "you've got to build some inventory or risk losing sales."
What's the situation in your market? Are you building new specs or still working off your existing inventory?
Reader Comments
at 6/11/2009 10:32:54 AM, Selling in MI. said:
Susan, We are an anomaly in Southeastern Michigan. The biggest thing that is "killing us" is the fact that our single-family communities are built classified as "site-condos". This is preventing ANY of our buyers to qualify for FHA financing, hence, limiting the buyer pool. Fortunately, we are selling homes at a moderate pace but would be able to sell to more 1st. time home buyers if FHA was in fact available.
at 6/11/2009 10:34:29 AM, Selling in MI. said:
However, we are selling homes and are completely out of specs -- the builder has submitted 12 permits as permits as well are taking us at a minimum of 4months!! We just can't win :(
at 6/15/2009 7:03:53 AM, Susan Bady said:
Thanks for your comments. I've never heard the term "site condos." What does it mean, and who came up with this classification?
at 12/26/2009 8:11:13 AM, vigrx said:
I keep listening to the news speak about getting free online grant applications so I have been looking around for the best site to get one.
at 2/8/2010 1:23:03 PM, Steave said:
Interesting story you got here. It would be great to read something more concerning this topic. Thank you for giving this data.
at 2/15/2010 12:48:29 PM, NothingToLose said:
It is certainly interesting for me to read that post. Thanx for it. I like such themes and everything connected to them. I definitely want to read a bit more on that blog soon.
Best regards
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