Local Builders Offering Aggressive Interest Rates, Prices

• January 30th 2009

by Will Smith

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Real estate agent Dewita Soeharjono, author of the blog Urban Trekker, points out the aggressive promotions being offered by residential builders around the DC metro area who are struggling to move inventory. The promotions generally fall into one of two categories: low interest rates or low pricing. In some cases, builders are offering interest rates that are below the market rate (already at a historic low). A few examples:

• Toll Brothers is offering 3.99 percent.
• M/I Homes is offering 3.875 percent.
• Comstock Homes is offering 4.25 percent.
• Just last week we wrote that Prosperity Mortgage, who works with Long & Foster, is offering 4.25 percent.

Soeharjono warns that each of these offers comes with its fair share of fine print. For example, the Toll Brothers promotion is only offered to those who put 20 percent down and have a credit rating of 720 or above. Still, these are legitimately aggressive promos that remind us how nice it is to be a buyer in today’s market.

As for low pricing:

• The Residences at Cameron Station in Alexandria encourages buyers to name their price.
• The Élan in Fairfax, which has one-bedrooms starting in the mid-200s, promises: “And it’s all with zero risk, because if we sell the same floor plan to another buyer for a lower price within 12 months of your contract date, we’ll refund you the difference!”
• The Park at Courthouse in Arlington has a similar deal.

See the full post at Urban Trekker for more details.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/local_builders_offering_aggressive_interest_rates_pricing/499.