Here in Florida new home sales have been in the tank for quite a while. We’ve been seeing the ads by home builders in our local newspaper offering all types of incentives. For a while I thought it was just in Florida that this was going on - but after reading this article I”ve come to see it is more widespread.
Some of these incentives include price reductions, paying of closing costs, free swimming pools, free blinds, and even free patios. I’ve seen the incentives on new condos as well including an ad this week in our local paper for a condo offering closing costs paid, 2 years of homeowner’s association fees paid, and a 24-month home warranty for free. Another ad by a different builder is offering savings of $10,000 to $50,000 on select homes, a $5000 credit towards upgraded flooring or 42″ cherry cabinets, and a free upgrade to a glass top range or a side-by-side refrigerator. This is such a change from 7 years ago when we had our house built. Back then, if you waited even a week the price had increased by $1,000 and forget any type of incentive - you were just darned glad that you’d put the deposit down before someone else beat you to it.
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2 responses so far ↓
1 Chad D // Aug 13, 2007 at 2:58 pm
We’ve been looking at some new home construction in our area(Southeast WI) and the builder we’re looking at is offering $55,000 in upgrade incentives plus a $5,000 bonus to use how you wish.
2 Subprime Bailout Debate | The Virginia Mortgage Report // Oct 11, 2007 at 7:28 am
[...] homes. These buyers were never told or “disclosed” that these “incentives or free upgrades” do nothing for the value of their home and the person buying the same home without the [...]
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