Aug 3, 2006 4:06 pm US/Central
Builders Making 'Young Houses' Harder To Sell
by Jay Gormley
DALLAS (CBS 11 News) ―
North Texas continues to be a hot bed for new home building, but ironically, the construction of new houses is leaving many home sellers out in the cold and stuck with a house that's nearly impossible to sell.
There was a housing boom in the late 1990s, and it seemed like everyone was moving to North Texas. Now, in 2006, the area has found itself overstocked with homes that are five to ten years old.
Michael Bates with Abio Realtors said that selling the so-called 'young houses' is no easy task, and that sellers must be willing to take a hit. "So, we have a lot of these people that are reselling these newer homes taking a huge price reduction, say ten years out," Bates explained, "because we have builders still in those neighborhoods competing, offering incentives, offering their choice of finish out and the same floor plan."
Realtors say that buyers who are looking for new homes want exactly that – a brand new home. So, purchasing one that is five to ten years old makes no sense to those who want to add their own personal touches.
Tammy Leverett is a single mom who just bought a brand new house in Rockwall. She did so for two reasons. One, she wanted a warranty on the house. Two, as Leverett said, "I don't like a lot of neutral, which is in a lot of houses which are already built. So, in order for me to get the colors that I wanted and the tile that I wanted, I had to pick myself."
However, realtors say that buying an older home comes with many advantages, especially when it's time to put the house on the market, because the market will always be full of buyers looking for something that is old, quaint and charming.
(CBS 11 News)
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