Dive Brief:
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A Scottsdale, AZ, homebuilder is offering to pay a full year’s worth of mortgage payments for any buyer who purchases a semi-custom home in its Sonoran Acres subdivision before Christmas.
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Calling it “a special gift under the tree this holiday season,” CEO Michael Ripson said the incentive is the largest one his 15-year-old firm has ever offered.
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Base prices for three- to five-bedroom homes on one-acre lots in the Surprise, AZ, development range from $265,000 to $385,000.
Dive Insight:
A months-long slump in new-home sales in the Phoenix area has forced homebuilders there to cut prices and offer generous incentives to potential buyers. Some are offering free upgrades, like granite countertops and maple cabinets, worth as much as $30,000.
This isn’t the first incentive Ripson Homes has offered potential buyers. In April 2009, the builder promised buyers of its semi-custom homes it would pay for six months of mortgage payments, groceries, and utilities for new buyers who lost their jobs by the end of the year.