As US home sales begin to cool off, homebuilders have begun to panic - offering price cuts of more than $100,000 along with free upgrades such as media rooms, cabinets and blinds - reports Bloomberg.
That's not all, real estate brokers are being enticed with free vacations such as trips to Lake Tahoe, Santa Barbara, Cabo San Lucas and even a dude ranch in Wyoming - all in the hopes that they will steer buyers towards houses in slowing markets.
This generosity flows from increasingly desperate homebuilders. Hot markets are cooling fast as interest rates rise. In the great housing slowdown of 2018, shoppers are reclaiming the upper hand, after years of soaring prices that placed most inventory out of reach for many families. “Everybody is hungry for the buyers,” Konara says. -Bloomberg