EL DORADO HILLS (CBS13) – A new housing development is being built in El Dorado Hills and some may question the timing.
In this economy you’d think most people are still looking to buy short sales or foreclosures, but it turns out there’s more demand than supply.
According to real estate statistics throughout the Sacramento area, there are only half as many homes for sale this year as there were at the same time last year. That’s why Standard Pacific Developers are getting back in the selling game.
Everyone’s trying to time it right. Where’s the bottom of the market? You can never time it perfectly, but we’re not too far off with today’s market,” said Jon Nicholson of Standard Pacific Homes. “It must be were on the road to recovery if builders are willing to take 60 lots and build $400,00-$500,000 homes.”
Realtors say buyers are in bidding wars over short sales so they may turn to brand new homes to save themselves the hassle.
In addition, many people who foreclosed on their own properties a few years ago have since cleared their credit and are getting back into buying now.