Those of you who already live in SC, what do you think the KHov Homes will do to the existing inventory? Drive prices up? Drive prices down? Deplete the inventory (as new folks come to look at the new homes, they may decide the floor plans/lot size/etc of existing is better)? Yes, I'm getting anxious. I know this is the slow time of year, but the current inventory with the current pricing is not appealing. We thought we had a house and were ready to make an offer, then we found out there was no permit pulled for work done to the outside back of the house. No permit = No offer. So, peek into the crystal ball and tell me what things will look like this summer/fall/winter.
I'd say this is a wag (wild assed guess) on my part, but if I had to bet on it, I'd say traffic and sales will be off the charts. KHov already has a substantial list of interested parties and once they are open for business, watch potential buyers come flocking. Historically, every time DEVCO premiered new models, existing home sales spiked. Simply basing what I have seen from KHov Manor properties in California, I look for them to be priced from $200,000 to $400,000. Not bad when you consider there's no work to be done like you would have in an existing property. And, you'll get features you can't get in older homes without a mountain of work. The good news in all of this is, I this fall you will a number of properties hit the market. Some from investors who will cash out (and there's been lots of them) and some from folks waiting for prices to come back from the mid 2000's high water mark. That means we'll see a spike in costs, but still well below what you guys will be selling your homes for back wherever. Finally, the market here of late has been nuts. As I said, I drive around the community a lot and homes hit the market one day and are gone the next. Not to worry though, Sun City has always had turnover and always will...it's the nature of the beast.
