Have foreclosures and short-sales affected the quality of NEW homes?The current real estate market has caused a paradigm shift in the way buyers think about real estate.

The old notion that “more is better” has given way to “less is best.” Buyers simply do not want to put a lot of money into a house during a declining market.

Builders in Coweta County Georgia has responded to consumers by purchasing  existing lots at fire sale prices, and by downgrading the product finishing to make the price as attractive as possible.

What was once a stone or tile shower is now a one piece fiberglass unit. Where there was once crown molding, now there is none. Carpet has crept over most of the space that at one tome would have been a hardwood floor.

It makes you wonder if perhaps we had come to the point where we expected too much in the first place.

Perhaps simpler is better. At least it is more affordable, that’s for sure!

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12 Comments on Have foreclosures and short-sales affected the quality of NEW homes?

FEB
16
2012
796,463 Points 80 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Richard, this is so true!  The builder here who would only do the $800k homes has a small development going in the under $400k range...finally realizing after 3 years this is the way to go..
8:15am • #1
1,520,424 Points 275 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Richard....if our builders downgraded to that extent, the home wouldn't sell.... the same holds true with a rehab.... people here expect more... builders here need to make sure they offer everything that others are offering and then trump that.
8:16am • #2
1,099,346 Points 51 Featured Posts Outside Blog Called Shot Master

Everyone is trying to get a deal... on houses, airline tickets, food, college, anything that requires open up the wallet wide and say "Ahhh". On line information is sometimes enough to make them mob like dangerous so being the local REALTOR that educates, guides is more critical than ever. Has to be at least one adult in the room not over dosed with sugar from all the short sale, repo, foreclosure talk that can make expectations across the housing board out of whack!
8:16am • #3
372,606 Points 24 Featured Posts Outside Blog Called Shot Master

Richard~~ You are lucky that the buyers are ready to settle for less of a home with new construction. In my territory they still want a new home, and put everything in it and a lower price. THe builders are certainly giving a completed home that has granite, hardwood, stainless and other options that were once upgrades. Profit margin here is low for the builders that are still going forward and the buyers are getting a sweet deal these days. They do ask for everything. THe difference in what they buy is that the homes are smaller. I'm hoping that the McMansions are a thing of the past!
8:21am • #4
1,098,927 Points 94 Featured Posts Outside Blog Hit Router Attended Rain Camp Called Shot Master

Richard,

Prices here haven't subsided much because the price of the land is still so high. The size of the houses are smaller to keep buyers within a reasonable budget though.

Rich
8:35am • #5
379,000 Points 5 Featured Posts Outside Blog Attended Rain Camp Called Shot Master
Richard, We are seeing some amazing pricing on new homes in Buckhead and they are flying out the door. True, there are a lot of bells and whistles that have moved off the necessity list. All the best, Michelle
8:39am • #6
803,035 Points 20 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I think you are on to something Richard. Simpler is better but we have to experience complex before we realize it!
9:30am • #7
1,499,968 Points 354 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Ginny...

Here we are talking about homes under $200K ... some under $150K. So there's not a lot of ma gin to work with. Thanks my friend.

Barbara ...

But if they could get a brand new 2500 SF house for $150K they just might rethink that position! Thanks so much.

Andy...

"Out of whack!!!" That's for sure my good fellow. Thanks for jumping in to the fray!

 
9:31am • #8
1,054,999 Points 2 Featured Posts Called Shot Master

Yeah, I think everyone has certainly been babied...you watch HGTV (sigh) and see first time home buyers expecting granite, hwfs, etc..
9:32am • #9
560,757 Points 18 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Builders in my area are building smaller homes, but the buyer still demands and gets the amenities...Tile baths, granite courter tops etc.  Buyers will forgo square footage.
10:03am • #10
1,403,424 Points 54 Featured Posts Outside Blog Called Shot Master

Not many spec homes being built.   The last one I saw was just that, cheap materials.  Trying to keep the price down so that it will appraise out.
11:28am • #11
585,838 Points 46 Featured Posts Outside Blog Called Shot Master

Our area is not seeing a huge amount of construction but builders are covering the bases from standard to all the bells and whistles. 

 
12:28pm • #12


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Richard Weisser

Richard Weisser Coweta Newnan Homes for Sale

Newnan, GA

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Better Homes and Gardens Real Estate Metro Brokers

Address: 209 Newnan Crossing Bypass, Newnan, GA, 30265

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Author Bio: Richard Weisser is a Georgia real estate broker, licensed auctioneer, a candidate for GA House District 71 and has been writing about Georgia Real Estate since 1999.

Coweta Fayette Real Estate offers opinions and helpful information to consumers and real estate professionals in the Coweta County Georgia area.

Coweta Fayette Real Estate allows you to search the entire Georgia MLS for free with NO registration required!

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