Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
No flexibility on price?
DH and I are trying to sell our home to buy a bigger place in a new development. The builder is not willing to be flexible on price at all. They give all buyers a 20,000 upgrade credit but they won't budge on that or the price of the home. Is that normal? I guess I assumed even builders would have some room to negotiate but they aren't.
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Re: No flexibility on price?
It's pretty normal. Although im surprised to hesr they arent being more flexible with the upgrade credit. Aside from the credit they are offering, ask for extra stuff too. Waive the lot premium, pay the HOA dues for a year, closin costs, that sort of thing. Good luck.
We are building our own home (custom construction) with a premier builder in our area - designed our own plans with their architect - and have worked hand in hand with subcontractors/vendors in selecting our items. There was NO price negotiation. It costs what it costs.
I think you are lucky to be getting the 20K in upgrade credit to be honest.
Our builder has 3 houses that have been on the market for 3 years (they are almost $1mil homes and in Iowa that is pretty high based on medium salary). He has not reduced price and when people make offers he will only reduce in the negotiations by like 2-3%. Our broker, when we were researching homes and builders in our market, told us that even with his other homes in the 300-600K range he rarely negotiates.
His thinking is ... the homes cost what they cost ... he builds superior quality properties and the appraise as such ... he has a long strong reputation ... if he started knocking down the price it drives down the quality he can put in the home and it drives down the appraisal and resale values. He isn't a fly by the night builder - he wants his homes to have a reputation 100 years from now.
Anyway - point being - it isn't always a bad thing that your builder doesn't negotiate. He may be protecting you in the long run with your home's and neighborhood's value.
This. Once they start decreasing the price of one house, that affects the price of all subsequent homes they sell in the neighborhood.
I agree with this. If the builders lowered the price of their homes, the appraisal value of the sub goes down. In the long term it will be a good thing for us.
We are using the custom division of a production builder. We have received approximately $45,000 in different incentives (money off the base price, free upgrades, closing costs, etc) plus an extended closing date. We also bought the lot as a foreclosure for $24,000 less than the list price. All in all, we are spending the amount as the production homes (different builder) in the neighborhood but will have about 1000 sq ft more house and more upgrades than the production houses (however there are also several custom homes in the neighborhood that are priced much higher than us).