7.2.07
Hoffman Estates, IL - (July 2, 2007) - Being in a buyer’s market as a new homebuyer is giving purchasers leverage they didn’t have just a short time ago and this means real opportunities for people looking to invest in a new home. According to Lakewood Homes, one of Chicagoland’s largest and most respected homebuilders, the company is offering buyers a flexible menu of incentives, mainly focused on financing programs through their in-house lender, LHI Mortgage. Buyers now have the ability to take their time, take care of credit issues and make the best decisions regarding the purchase of a new home. Lakewood has five beautiful new home communities throughout Chicagoland, with prices starting in the low $100s.
“People looking to purchase a new Lakewood home this year have some great factors working in their favor that weren’t in place last year,” said Robin Johnson, vice president of sales for Lakewood Homes. “The market has shifted to be in favor of the buyer, which means builders are competing even stronger with each other to lure buyers to their communities. What this means for Lakewood is that we are able to offer a menu of incentives to buyers that go well beyond the usual price cuts and free options that other companies may be offering. Our incentives are focused on financing programs that save buyers real money each month and make it more affordable for them to invest in a new Lakewood home.”
This shift in the new home market has allowed buyers to take their time in choosing a new home, without the pressures of competing with other buyers for a particular home site location, floor plan or exterior elevation. Buyers are now able to carefully choose their site and are more comfortable with purchasing a ‘to-be-built’ home rather than an inventory home, since they want the maximum time possible to sell their existing home.
“Buyers with existing property to sell are taking longer to commit to a purchase, but we also have special broker programs in place to help these buyers sell their current home faster. It’s good when buyers take their time to shop, because that means they are really choosing the community, its schools and neighborhood amenities as much as they are selecting a floor plan. Afterwards, they will be that much more content with their purchase and more likely to stay put and get established in a particular community,” Johnson said.
Lakewood’s incentives are designed to get dollars to a buyer faster, allowing them upfront usage of the money. This is done with lower interest rates, which will reduce a buyer’s monthly cash outlay and allow them access to more cash during the first crucial year or two of home ownership.
“We really have a menu of incentive options, ranging from interest rate ‘buy-downs’ and cash back at closing, to covering closing costs or locking in the current price of a home for a year or longer, which can also give a buyer needed time to take care of any credit issues they may have,” said Johnson. “Through LHI Mortgage, we are able to analyze a buyer’s credit history and make suggestions to them on ways they can improve their credit score. This counseling is a very valuable service and can mean the difference between becoming a homeowner or continuing to be a renter.”
First-time buyers can also take advantage of the current market conditions. Since these people are either renting or living at home, they usually don’t have property to sell and can select an inventory home and close quickly, while still reaping the benefits of flexible incentives. They can take their time and concentrate on getting quality and value, which are two hallmarks of Lakewood Homes.
Lakewood’s Village Home Series at Lakewood Springs and Lakewood Crossing and the Country Home Series at Lakewood Prairie are perfect for first-time buyers. These homes offer the chance for buyers to start building equity as a homeowner while still remaining within a budget. LHI Mortgage also has some great programs that include interest rate locks, 100-percent financing and zero down payment, which can be tailored to a buyer’s individual situation.
“We’re also relying more on referrals right now, although Lakewood historically has had a high referral rate to begin with. We encourage our homeowners to let their home buying friends and acquaintances know how much they like their new home and we have a program in place to reward referrals,” Johnson said.
Since buyers are taking more time to decide on a new home, having the highest customer service ranking in five J.D. Power and Associates New Home Builder Customer Satisfaction Studies certainly helps Lakewood become the builder of choice for many buyers.“What we are doing in this buyer’s market is working closely with buyers to give them the best overall package of incentives that will allow them to purchase a new home and still have enough cash left over each month to meet all their obligations, while also providing them with a quality built new home in exciting clubhouse communities with great on-site recreational amenities and a wonderful neighborhood atmosphere,” said Johnson.
For five out of the last six years, new homebuyers have recognized Lakewood Homes as the highest-ranking homebuilder in customer satisfaction in the Chicago market. According to the recently released J.D. Power and Associates 2006 New-Home Builder Customer Satisfaction StudySM, Lakewood Homes performed particularly well in home readiness; builder’s sales staff; price/value and builder’s design center. Lakewood Homes is currently building clubhouse neighborhoods in Plano at Lakewood Springs, in Joliet at Lakewood Prairie and in Hampshire at Lakewood Crossing. Saddle Ridge is a new single-family and townhome community in the St. Charles area and Easton Park offers luxury townhome living in Carol Stream. For more information on Lakewood Homes, call the Lakewood Corporate Office at (847) 884-8800 or visit www.lakewoodhomes.com.
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Equal Housing Opportunity