New homebuilders are offering lots of incentives for potential buyers across the United States. Incentives such as free swimming pools, taxes paid and initial mortgage payments are being offered at some of the pricier new home developments, according to a news report in the Wall Street Journal and Yahoo! Incentives like these have been offered in the hardest hit areas of the US housing market for a while now – Florida, in particular. With the slowdown in sales across the country this is now featuring for homes all across the US.
In the upscale development Azura located in Boca Raton, Florida, Gordon Homes is offering to pay up to two years of property taxes and insurance on its new homes. For houses at the high end of this project, costing upwards of $2.5 million, which could be as much as $150,000 in payments. In Richmond, Virginia, another homebuilder, Orleans Homes, is offering free upgrades worth as much as $100,000 on its homes.
Across the country, developers are offering cash discounts of as much as 20%, free swimming pools, furnished basements and plenty of other incentives for people to buy. In San Diego, real estate agent Chris Heller says that “buyers are asking for the moon, and they’re often getting it.” While the housing slowdown was foreseen earlier in the year, many people did not expect things to fall as much as they have. This has left builders with land and houses they need to get rid of and plenty of deals for prospective buyers.
Home builders are not the only ones making great offers so are those offering for sale by owner. Spring Hill, Florida sees a great example of this where British expat is offering his convertible car, pool table and furniture in with the price of his Florida home.
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The National Association of Home Builders notes that 56% of new home builders are offering incentives to buyers. The National Association of Realtors said that they expect new home sales to fall as much as 19% this year from last. Previously, they had stated that home sales would fall by 17.7%.
