Homebuilders add on freebies as once-booming US markets cool
Buyers are holding back after the government cut the maximum size for mortgages with low downpayments
Boston
JOSEPH Beben wasn't in the market for a house until he heard about a year-old community in suburban Phoenix, Arizona, where 10 homebuilders are offering buyers incentives such as swimming pools, built-in barbecue pits and subsidised mortgage rates.
Mr Beben, 33, a general manager at Best Buy, visited three of the sales offices flanking the main corridor of The Bridges at Gilbert, whose 17 subdivisions are among the about 200 locally that have opened since early last year. He settled on Woodside Homes' community within The Bridges after the builder agreed to cover as much as US$10,000 of his closing costs, and throw in another extra he liked.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Dubai billionaire’s children plan to revive troubled world islands
UK commercial real estate lending plunges to lowest in a decade
Hybrid, flexible working set to curb Singapore office usage and rents
Australia home prices sustain growth in April, CoreLogic says
New York City’s rent-stabilised tenants face third year of price hikes
New Zealand house prices dip for first time in 8 months