Refi Mortgage Applications Up - Part 2
December 28, 2007
Homebuilders are cutting prices and offering tempting incentives in efforts to reduce their inventory of completed homes. This is good news for home buyers, but bad news for other home sellers in the same area. Those lowered prices of new homes depreciate the value of all existing homes in that area, and make it even more difficult to attract buyers to resale homes.
However, those lower prices offered by builders often fail to attract many buyers because potential home buyers still focus on the probably that those prices will fall further if they wait for a while, rather than perceiving the immediate price drop as bargains. This was revealed in a recent survey of real estate agents by Bank of America.
Posted in All Things San Diego, Helpful Hints, Lending, Local Business, Real Estate
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