OK, so here's the background. Our local real estate market is booming, so our plan is to downsize into a smaller home we'll actually fully use, and we should be able to buy the new home in cash. the new home is slightly north of where we live, but won't impact our commuting time very much, plus we'll be able to retire about 2-3 years after we make the move.
The community we like doesn't have any available lots we like, so we are waiting for the next phase to be released. I send them a monthly e-mail to see if they know when the next phase will open. This was the latest response, which made me seriously roll my eyes:
Nothing new. From what they have said so far, you are probably looking at the end of 2014 or so. By then rates will probably be much higher, and a floor plan you like today will probably be at least 20 to 30k higher. I don’t know if having the perfect lot is worth an extra $500 a month. I would seriously consider coming in, picking our best lot and building now while prices and rates are low. I would ultimately say, come in and purchase a home we have available right now, that way you are living in a new home 45 days from now, and can start earning equity now, rather than a year and half from now.
New homes are appreciating 4x faster than resale homes. Today is the day to get into a new home. Every day you standby patiently, you are costing yourself a ton of money. Patience is good….sometimes. Unfortunately, not now, in this housing market !
let me know