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Houston New Homes
Search Houston New Homes by price range that have been recently completed, never lived in, or under construction; or, search below for all Houton Area New Homes in the cities and neighborhoods surrounding Houston, Texas.
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Houston New Homes
Attention Houston New Home Buyers! Houston Home Builders are offering price discounts of 5% to 30%!
Sound to good to be true? Well, it’s the reality of the post sub-prime housing market for Houston area new homes. And, it appears it is going to stay this way for Houston area new home builders through at least 2010.
For perspective, consider a new home that was listed for $250,000 in 2008. At a 5% discount, that same home today would likely sell for $237,500. At a whopping 35% discount, that price drops to $175,000.
What's going on? Why are new homes being discounted so much?
Prior to 2008, demand and pricing were somewhat predictable and home builders built homes based on prior years selling trends. They became content with the market and operated on the seemingly assumption that the good times would just keep rolling.
That was before the red carpet was pulled from beneath the Houston new home boom. What happened next is that the home builders were left holding the bag on many recently completed homes because their buyers could no longer qualify for loans. Even further, the spec homes that were put on the ground in anticipation of a short holding time are now sitting empty.
The result today is that big discounts can be had in Houston new home communities that were over built.
Dig a bit deeper and you’ll see that most builders are operating today in either safe mode or panic mode — and their inventory prices are influenced mostly by their financial stability. Even those builders that came out ahead of the pack are still struggling with a supply glut outside of Texas, which encourages them to keep Houston new home inventory levels low and offer deep discounts to move what inventory they have.
Bottom line is this - their over-zealous building prior to the sub-prime debacle has created incredible new home opportunities for those that are ready to act. If you're looking for a new home and don't mind an enormous discount in price (and who wouldn't?) then now is the time to buy.
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