Buyers are more attracted towards new projects

sacramento bungalowIt is known that demand for housing has increased in last one month, but this growth is restricted towards new projects. Buyers are rejecting resale properties. Major reason behind is, project developers are offering discounts and many more to woo the buyers. On the other side, resale properties come with a larger unaccountable component. This means seller demands for 20% to 30% more than the price mentioned on paper. Banks provide loan on behalf of the price mentioned on paper. That is why, resale properties are out of reach for a salaried employee. This is the scenario of tier-I cities.

One Comment

  1. Krishna
    Posted June 17, 2009 at 6:06 am | Permalink

    Yes I perfectly agree. This is why I myself would prefer to buy a home from a new project rather than go for resale properties. Helps to save cash.

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