ELK GROVE?
The bidding war for many homes on the market has caused some buyers to consider new homes.? That seems to be reflected in the Madeira development just south of Elk Grove Boulevard, where several builders are cranking up home building efforts.
Tracy Saizan, an Elk Grove specialist with Keller Williams Real Estate, said buyers are being out bid by investors who are putting up cash.
?They have decided that maybe their best bet is to go to the new home divisions where the prices are high, but they don?t have to fight with other buyers to get into those homes,? said Saizan.
Taylor Morrison started building in the Madeira neighborhood five years ago and was able to weather the brunt of the recession, when sales came to a halt.? It purchased lots from other builders who gave up.? Now it?s poised to open its new Barcelos phase with 42 new homes, a dozen of which are already sold.
?We?ve been able to start presales right before the models even opened,? said Pierrette Tierney, Vice President of Sales and Marketing for Taylor Morrison.
She says the company has been busy, sometimes having difficulties finding skilled labor as it ramps up its new home building.
Tierney says the new home buying process is relatively clean compared to buying an existing home.? They can lock in financing, which they can get from the builder, and then pick out custom features before their home is built.
While there are fears that the jump in home prices is artificial, some believe that interest rates and the desire to buy before prices go up too much plays a big role in deciding to buy.
?If they continue to stay under that 4% mark I think buyers will keep on buying and try to buy before the prices continue up even more,? said Saizan.
Source: http://fox40.com/2013/05/28/new-home-building-picks-up-in-elk-grove/
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