I’ve said it before, but price sells property. All property (except that which has severe environmental issues whose cleanup will exceed its value) will sell if the price is right. In certain parts of the country, prices increased dramatically over the past 5 years and now the market has turned down so the prices have to come down. It’s basic supply and demand issues and Economics 101. To compensate, one of the nations largest home-builders is having a sale reminiscent of what you see from car dealers. Hovnanian is having a “Deal of the Century” sale this weekend with price cuts of up to $100,000. Early reports of home sales seem promising but whether they hit their target of 1,000 home sales nationwide remains to be seen. We’ve included a link to more on the story below, but the moral of the story is that when real estate is priced properly (based on market conditions) sales occur. They always have and they always will.
Click Here for CNBC Story and Video
Todd (Renegade) Thornton
One Response to “Can you sell 1,000 homes in a weekend?”
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September 17th, 2007 at 4:56 pm
For what’s it worth, Hovnanian released a press release earlier today saying 1,700 homes went under contract during the “Deal of the Century” sale and that “sales exceeded expectations”.