The past week has been terrible for stockholders of sub-prime lenders. Today a major home builder, Toll Brothers reported that its net profit fell nearly 70% in the 1st quarter.
There’s a major slow-down in many markets across the country. Inventory is piling up and home prices are dropping. However, for renters who are looking to become home owners, this is positive news.
Today I spoke to a friend of mine who’s a CPA. He has a builder client who’s looking to offload some of his brand new homes at a 20% discount to current market value. (Thats not the same as a year old appraisal for 20% more! Its discounted off the current market value.)
If you’re looking for a new home, thats the way to go. Find a builder who needs out and buy directly from him. You’ll get a great deal. Thats not to say you won’t get better deals in the future, but if you want a home NOW, this is the best deal in town.
So if you’re looking for new discounted homes in various parts of San Diego or downtown condos, shoot me an email.