Real Estate Developers in The Central Valley Are Slashing Prices
Posted Oct 27, 2007 @ 4:43 pm, Viewed by 304 Visitors, Read 304 Times.The other day I got an email from a rep at Meritage Homes, a real estate developer in the Central Valley. The email was to spread the word that they have slashed their prices on brand new homes. The oversupply of inventory is forcing them to cut prices by large amounts. There simply isn't enough of a demand for the homes they have been building there. Even during the slowdown, developers who were already underway on their projects kept right on building. The combination of lower demand and fast paced building of new homes has forced developers to lower prices and offer up to 7% compensation for buyers agents.
Consider this: a 2300 square foot brand new home in Stockton that originally was selling for $437,575 has been reduced to $337,999! That's just about a $100,000 reduction. This is a great opportunity for anyone who has been considering buying in the Central Valley. There are other opportunities in other parts of the state as well, including Sacramento County.
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Hamid Grinage is a Realtor with the Grand Lake office of Prudential California Realty in Oakland. He is E-Certified, a graduate of Sonoma State University, and a member of the National, California and Oakland Association of Realtors.
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