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Lowered the price on the house

June 6th, 2015 at 11:57 am

My husband builds houses and we have been building spec houses for the last few years.
We just lowered the price of the spec house that we put on the market several months ago. It was listed for $272,000; we have lowered it to $250,000.

I watch the tv show about all the homes for sale, and I wonder why this one is not selling. I saw a terrible looking house, needing lots of repairs, for sale in queens, n.y. for $980,000. I guess the word is location, location, location!

This house is located in the beautiful mountains of north georgia. It has 3 bedrooms, 3 1/2 baths, rec room with kitchenette, laundry room, etc.
We have only had one serious looker. They were a young couple and could not get a mortgage due to their high student loan debt.

I might also mention that the home is brand new, has a mountain view and is on a creek.

We have $245,000 in the house, so after realtor comission, we would be selling at a loss. I guess everyone is looking for a bargain, but it makes me wonder if we should continue building spec houses.

My husband prefers it cause he can draw the plans and build it the way he wants to. (It has to be perfect, or he is not happy)

We have already started a second spec house, but it will be cheaper. People seem to want something in the $200,000 range, so this will be a two bedroom, two bath cabin, with a killer view. (and lake access)

What are new houses going for in your neck of the woods?

6 Responses to “Lowered the price on the house”

  1. NJDebbie Says:

    High prices and killer property taxes here in New Jersey. I guess the closer you are to New York City the higher the price. We paid $332K for a a 1800 s.q. feet and $8200 of property taxes. I estimate that we would have to put a total of $30K to upgrade and keep up with it. Frown

  2. FrugalTexan75 Says:

    I don't know about new houses here, but I have seen ads on FB for houses anywhere from 88k to 400k+. I also read an article in the local paper a few weeks ago highlighting ten homes in the $700 - 900k range. That just seems bizarre to me (of course these were gigantic McMansions with lots of acreage.)

  3. rob62521 Says:

    Most of the homes here in my town have lost value, however in a small bedroom community near us, they have not. Who knows with the housing market anymore. Sure hope you sell the house and make a little so all his hard work isn't in vain. Maybe a couple will fall in love and get in a bidding war!

  4. Ima saver Says:

    The house is about 2400 sq. ft. living area and the taxes are about $2000. The lot is 1.4 acres and already fulled grassed. (We mow it every weekend) It is about the only new house on the market in this area.

  5. creditcardfree Says:

    Sounds like a great deal to me! How long are other homes staying on the market? Is it hard to access, have something nearby that turns people off? Does it have a basement that needs to be finished? Are the finishes and colors in the home the ones buyers want in their new home? Would you consider staging it with furniture to help buyers know how it might be lived in?

    Our house has sold twice and the first day on the market. A home just across the street is two years newer, just slightly bigger, but with granite and a very contemporary finishes listed before ours by owner, then by an agent. It is still for sale. It backs up to farm grain bins, so the view isn't one most would probably like. It's a corner lot. It was purchased about 14 months ago for $282,700. The listed it in February for 309,900. The price has now been dropped to $265K. So why isn't it selling? Not a clue. It actually finally seems priced right.

  6. Ima saver Says:

    Well, it is hard to judge because there are no other new homes on the market. It is in a desirable area, called Trackrock and is only about 5 miles from town. It has a nice view, (mountain and creek) and we built the other 3 houses around it. so they are fairly new. The basement is finished. I always try to stick to very neutral colors inside. (off white) It has two master bedrooms on the main, each with their own bath. (also a powder room) Fireplace with gas heat. The only drawback that I can see is the laundry room is near the garage, downstairs.

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