05-12-2024, 01:25 AM
There are people here on the island that would be buying those homes in HPP, but they have 3.x% mortgages on their existing homes and can't afford to pay twice that, so they are being forced not to upgrade (or move out of LZ2). The builders have been dropping prices on new construction, but some of them are also offering concessions at closing to allow buyers to buy points from the lenders to lower their interest rates.
And then there are those houses on the market that are in great shape and there is nothing wrong with them, except that brand new homes are now competing in the same price points. Homes with STVR licenses are the ones that sell quickly. One of the reasons why the brand new builder homes aren't sweeping the market is because most of the lots were bulldozed from pin to pin and the "yards" look like a weedy vacant cinder lot with a brand new house in the middle of it. There are gently used homes on the market with mature trees and lush landscaping that look like Hawaii instead of New Mexico. Some people like to see dead rocks as far as the eye can see, but they can get a home in HOVE for a fraction of HPP prices!
A lot of people don't remember when real estate was a true buyer's market. Far less remember when mortgage rates were 18% and there were fewer first-time buyer programs available.
And then there are those houses on the market that are in great shape and there is nothing wrong with them, except that brand new homes are now competing in the same price points. Homes with STVR licenses are the ones that sell quickly. One of the reasons why the brand new builder homes aren't sweeping the market is because most of the lots were bulldozed from pin to pin and the "yards" look like a weedy vacant cinder lot with a brand new house in the middle of it. There are gently used homes on the market with mature trees and lush landscaping that look like Hawaii instead of New Mexico. Some people like to see dead rocks as far as the eye can see, but they can get a home in HOVE for a fraction of HPP prices!
A lot of people don't remember when real estate was a true buyer's market. Far less remember when mortgage rates were 18% and there were fewer first-time buyer programs available.