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9 Comments on New home + (free) new car = more interested buyers?
That is a great way to get some attention at the very least.
Incentives work. I saw a private owner offer a free Mercedes to the buyer. The house sold quickly. Is your market in The UK real slow now too?
Greg - Exactly, I would never have blogged about the company/development if there wasn't a free car so it's definitely a good marketing tool.
In our market adding a car as incentives could play havoc with the appraisal and underwriting.
Gary - It has slowed down here as well, properties have been going down in value to their lowest in recent memory but they have been over inflated for years. The average first time buyer has been in their mid-thirties which has been a real problem in the UK. The lowering house prices could have helped first time buyers get on the property ladder but it's been coupled with much, much tigther mortgage policies which means even though the houses have become affordable, no one can meet the mortgage criteria!
Sam - I bet there are all sorts of issues that could be thrown up even though it seems simple enough to tag on a free car (or whatever). There was one property in the UK a few months back that was offering two free school places at the local private boarding school where the waiting list is usually 6-7 years! The seller could do it because they also owned the school but it seems unfair on the parents with children waiting.
I am not sure why most builders are doing this. I think its to retain the selling prices in there developments instead of lowering prices. But its a great ad either way.
PD,
Nothing new here, next is the buy one get one free concept of buying a home....
Scary is a word that comes to mind...
Laura - In the UK there is currently a record number of new build apartments laying empty, as you say this is a great ad to differntiate one development from another!
Scott - It's amazing how people get excited by 'free' things....but of course there is no such thing as a free lunch! They'll be paying for it somehow.