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Innovative New Programs to Sell Homes
Rockrose Development Corporation has begun offering an interesting incentive to potential buyers. They will buy the property back. Anybody who purchases one of their hundreds of condominiums in New York, can, if values continue to fall, sell the apartment back after five years for 110% of what they paid. Home builders have been forced to come up with innovative ideas to urge people to buy as inventories of unsold homes are at their highest since the early 60s and sales are at their lowest levels in decades.
In addition to money-back clauses, some sellers are offering credits for renovation projects, mortgage protection for buyers who become unemployed and cash incentives for lenders to control interest rates. Although interest rates are near record lows and housing affordability is higher than ever, many potential homebuyers are still hesitant to act with unemployment at its highest since ‘83 and property values expected to drop another 20% by the end of 2010. Rockrose is not the only company with outrageous ideas to draw in buyers. In Estero, Florida, Toll Bros. is offering a $100k incentive to buyers of its homes in Belle Lago Villas. The incentive can be used for customizing options like upgrading ... more
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