News Article From: 03-22-2007
The article, Builders, homeowners square off over prices, from the East Valley Tribune, reports that in many parts of the Valley, homeowners are competing with builders for home sales, and the builder is winning. Some homeowners who bought at the peak of the market and who need to sell their existing home are facing competition from builders who have slashed prices and offered huge incentives. "You can't really compete," said Gilbert homeowner Raul Harris, who is the unfortunate bearer of two mortgages and is trying to sell his existing home in the East Valley Seville development, where builders are still active. Builders say homeowners aren't asking realistic prices, but many homeowners can't afford to drop prices to below what they bought the home for. Some are still hoping to get the prices their neighborhood got when they sold at the market's peak, said Shawn Stagg, an agent with HomeSmart. "They're just being crushed by home builders," he said.