Sunday, November 26, 2006

Incentives increase as market slows in Hawaii

The Advertiser reports that builders are offering incentives to buyers now that the market is shifting:

To be sure, many new home projects are not luring buyers with freebies, but to see incentives emerging at a few projects underscores the shift under way in the local real estate market that in the last few years had developers turning away buyers.

The number of new-home sales this year is still up because of several high-rise condominiums that are nearing completion.

But weaker demand is evident in O'ahu's resale market, where sales of previously owned homes fell 17 percent in the first 10 months of the year compared with the same period last year.
We're going to start seeing a lot more incentives as the market continues to slow. Probably not any trips to Hawaii, though!


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