New Home Sales in Riverside Picking Up!- By: Coleen Bennett
New home sales in Riverside County are beginning to show real life again, especially in the French Valley area! Sales activity at MorningStar Ranch has dramatically improved over the past month. Buyer prospects are increasing weekly and new homes are being sold rapidly. What is driving this market change?
First and foremost the $10,000 California Tax Credit for new home purchases have brought buyers to the communities of Veranda and Ironwood at MorningStar Ranch. Together with an the $8,000 Federal Tax Credit, some new homeowners are looking at up to $18,000 in future tax credits for buying a home today!
Also, many home buyers have become disillusioned with the “foreclosure market”. We are hearing from a number of our new home buyers that they made multiple offers on foreclosed homes and never heard back from the bank or the broker. They have also told us about the deplorable condition of many of the foreclosed homes they looked at and when they added up the costs to bring the home back to “livable condition”, they were discouraged by the whole process. When they learned that the California New Home Tax Credit doesn’t apply to foreclosed home purchases, their disappointment was complete.
Now, they are in the new home market and they have found a completely different approach to buying a home. They can select their floorplan, their lot, their flooring, countertops and cabinets! They receive assistance with their purchase process, their loan process and their escrow. They receive a warranty for the new home they purchase and they get up to $10,000 in California Tax Credit! If they qualify for the Federal Tax Credit, they can receive an additional $8,000!
With 8 sales in the last 3 plus weeks, buyers are making their dreams a reality with a new MorningStar Ranch home. The recent sales activity has also prompted Brookfield Homes to start construction on nine more homes! This means a better selection on the floorplans and options that buyers are looking for. Priced from the low $300k’s, with generous builder incentives, and coupled with historic low mortgage rates, these new homes are a tremendous value for today’s cost conscious home buyer.
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Stop in and take a look at our award winning homes and let the professional sales counselors show you how easy and affordable a new home in Riverside County can be. Then one day soon, you could be watching the sun rise at your very own home in MorningStar Ranch.
Steve Doyle is President of Brookfield Homes San Diego/Riverside Division. The company's homes are found in master–planned communities in San Diego, Riverside, and Imperial Counties.