Toll Brothers, a national builder who focuses on mid-level to high end homes, is seeing buyers coming back. The low to mid section of the marketplace has shown strength in the spring and summer recovery, but this is the first real indicator that the upper level of the market is showing anything positive.
Let’s hope it continues.
“Fence-sitters are looking for reasons to jump in on the side of buying,” said the upscale-home builder’s chief executive, Robert Toll. He added that “price is no longer the overwhelmingly dominant factor.”
A rebound in the stock market and “a better feeling” about the economy and job prospects have helped, Mr. Toll added. “The mood has changed.”
Investors saw the company’s preliminary results for the quarter ended July 31 as a sign of improving confidence among potential home buyers, many of whom until recently have been scared away by expectations of further price declines. WSJ.com.
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I wonder if Toll Brothers is going to do any more crazy promos. It really makes you think about all this insurance against home price depreciation. Who underwrites this stuff?
Just wait till interest rates rise or the stock market declines again. Toll Brothers will find themselves in the same spot as earlier this year. We still have millions of too many homes when you factor in the shadow inventory and resets/recasts coming up in the next two years.
Of course, Bob Toll is already pushing for a $15,000 buying credit. If he really believed we were through this, why would he be lobbying for this.
Yes it's really a fantastic moment for the Real Estate Market as buyers are coming to makeup things. Wonderful.Thank you.
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