I talked to a buddy of mine in the basement wall business. He said that he was starting to pick up. I guess it depends on who you talk to on how the new housing sector is doing in the Detroit area. I have one electrician friend that was really busy around Christmas. They had a couple of builders that were busy. But most of my other friends in the construction trades were slow.
What is good about the slowness is that builders are willing to reduce their prices and give incentives to get you to buy a new house. Would I buy a new house right now? Absolutely not. There are too many deals out there on "slightly used" houses. There are many vacant homes that have been foreclosed or the owners have re-located. There are great deals out there.
Why would anybody in their right mind buy a new home when the day after they buy it - it will be worth less money. Right now is not the best time to buy a new home. You have to remember that you have to then buy shades, drapes, and blinds. You have to landscape, add a deck or patio.
Sure builders prices have come down. They are definitely making less per home in order to get rid of homes and lots. Add up the price of the home, plus window treatments, plus landscaping and compare it to existing homes sales in the area. I will bet 9 out 10 times that the "slightly used home" will be a better deal. Are you willing to lose money?
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