More On Homebuilder Incentives - Housing Tracker

Quote of the Day

"Measures that stimulate consumer confidence in the housing market, push the fence-sitters into the ring and put a floor under house prices can successfully halt the drag that housing is exerting on the national economy, and help stabilize financial markets at the same time." - National Association of Homebuilders chief economist David Seiders, referring to the trade group’s efforts in Washington to attain legislation like temporary tax credits for homebuyers to stem the ‘housing-induced recession’. (Black Enterprise, Apr. 26th)

Homebuilder Incentives

Meritage to Open Four Inspirada Neighborhoods. “Meritage Homes (MTH) will hold its Get It All sales promotion May 3 and 4 to celebrate the opening of four neighborhoods within Inspirada, a new master-planned community in Henderson. The promotion will include free appliances and upgrades, according to the company's marketing executive Jeannette Genovese: “Buyers of all homes that are sold during our May 3-4 grand opening weekend will receive free window coverings, free furniture, free home theater system with TV and a whole lot more. We are giving buyers some unbelievable home packages, along with great home prices.” (Las Vegas Review Journal, Apr. 27th)

Toll Brothers City Living Hosts ‘New Home Expo’ Event In Hoboken. “Toll Brothers (TOL) City Living is holding Toll Advantage Day featuring New Jersey’s most luxurious waterfront home buying properties in Hoboken and Jersey City.” (NJ BIZ, Apr. 27th)

Ryan Homes' Independence Place In Barnegat Nearly Sold Out. New Jersey: “Independence Place, the single-family community from Ryan Homes (NVR) in Barnegat. The neighborhood is nearly sold out, with just 10 of the 48 home sites remaining and prices starting from the low-$290,000s. As a special close-out incentive, qualifying buyers will receive $10,000 toward options or closing-costs assistance and a finished basement with the use of NVR Mortgage, a Ryan Homes subsidiary.” (APP.com, Apr. 27th)

Priced To Move. Colorado: “Builders are offering incentives that range from outright price cuts to low-interest financing to no-cost upgrades such as appliances, air conditioning and finished basements, [to] helping people sell their existing homes… Lennar (LEN) [said it] secured a block of financing at the low rate [but that] those funds were nearly depleted in Colorado… At a Ryland Homes (RYL) site in Aurora, prices in the mid-$300s represent a markdown of $70,000-$80,000. [At] DR Horton's (DHI) Weld County development… a 4BR home previously was $402,714 [and] is now listed at $299,000. Nearby, Standard Pacific Homes (SPF)… is offering a $10,000 cut on [its] Prairie Village homes, resulting in prices of $229,988-$334,747.” (Denver Post, Apr. 26th)

Lennar Lays Out Financing Options. “Lennar is introducing a financing program for home buyers which offers a 2.88% fixed rate for the first year, 3.88% fixed for the second year, and 4.88% (5.34% annual percentage rate) fixed for life through the Universal American Mortgage Co. Lennar is offering the program for a limited time, said Jeff Galindo, VP of sales and marketing for the builder's Las Vegas Division.” (Las Vegas Review Journal, Apr. 26th)

Home Builders Finding New Ways To Attract Potential Buyers. Southern California: “MBK Homes is offering a range of financial incentives to new home buyers as well as… quick-move-in incentives of up to $30,000 to buyers who use Countrywide Financial Corp., MBK's preferred lender… KB Home's (KBH) price protection feature allows buyers to purchase a new home with the assurance that if the base price of their home at the time of closing is less than the original purchase price, KBH will honor the lower price… KB also… covers the cost of locking in a homebuyer's interest rate on a home mortgage through Countrywide KB Home Loans while their new built-to-order home is under construction.” (Pasadena Star News, Apr. 24th)

Dear Readers: Read anything you liked on this subject and didn't see it here? Why not post a link or a quote from the article in our comments section. Share the wealth! - Ed.

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