Belfiore: What’s selling now and guideposts for the new normal after COVID-19

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By Mike Sunnucks | Rose Law Group Reporter

Home sales have come to an abrupt halt due to COVID-19.

Real estate expert Jim Belfiore said builders are looking at how to reboot sales after the pandemic and social distancing subsides.

Belfiore, who is president of Belfiore Real Estate Consulting, said there are still some new home sales that have occurred even as the Coronavirus has shutdown much of the economy. Those approaches might provide some guideposts for other builders and sales agents as they navigate the new normal.

“What is selling today,” Belfiore said. “It’s mostly new communities, newly opened in areas that have been well promoted so there’s been sources to build up anticipation of the community opening.”

Belfiore said pent up demand and buyers’ awareness are helping the communities who have seen some sales continue during the virus.

Having ‘buyers in waiting’ could be important as the marketplace looks to get back to normal behaviors.

Belfiore also points to a new home community in south Buckeye that has sold 27 homes since kicking off sales on February 27.

Garrett-Walker Homes / Landsea Homes is selling new homes at the Sundance development in Buckeye near Interstate 10, Yuma Road and Verrado Way. The single-family homes start at just under $213,000.  Like with other builders, homes can be shown privately or virtually.

“The pricing is low,” Belfiore said of the West Valley development. “It’s aggressive. There is not a whole lot of product that starts at $213,000.”

Belfiore said that kind of aggressive pricing might not be workable for other builders and other communities depending on their land and lot development costs.

“I think it’s going to be difficult for builders rolling out projects now to aggressively price them,” he said.

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