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Perry Homes Incentives

6,282 Views | 11 Replies | Last: 1 yr ago by YNWA.2013
YNWA.2013
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Looking to buy an inventory home from Perry Homes in the North Houston area. They are currently offering me just $20k off the listing price (or towards closing costs). I imagine they have other incentives they can offer me with how the current market is, interest rates, etc. Are there any other incentives people have gotten from Perry or recommend that I ask for to get the best possible deal? Is it better to ask for more money off the listing price/towards closing or for upgrades in the house itself (ceiling fans are not standard, wife wants "upgraded" paint color in kitchen, washer/dryer not included)? My gut tells me any house upgrades I apply, I will not recoup when I sell the house in 3-5 years. The construction is still at a point where we can make a few changes. Walls, flooring, electrical seem to be up. But paint and kitchen and bathroom cabinetry aren't in (I imagine cabinets and countertops have already been ordered).

Additionally, this section in the community does not have power. The sales rep was saying something about the power company not having transformers. So they are proposing to the developer a "temporary solution" of these ugly power columns (I don't have a picture but they look like those power line towers neighborhoods used to have but without the lines since those are all underground.) They're saying they'll reach a point in the construction process where they will have to stop until they get power. Maybe this could be worked to my advantage?

Any thoughts or recommendations from more seasoned home buyers or wise home owners is more than welcome.

TIA

-FTA c/o 2013
Red Pear Realty
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AG
The last deal I did with the builder (in late 2022), my client got a little over $30,000 in incentives, which was just less than 10% of the purchase price. They also offered a 5% commission as well as a $5,000 BTSA, both of which was split between the buyer and myself. so he ended up with some thing like 14% worth of incentives. Everything is dependent on the builder and how badly they need to move units but in general you'll get the best deal going for a unit that is already built and just sitting. Personally, I would use incentives for some thing that got the most bang for the buck for resale value, or if you intend to hold forever whatever you'll get the most enjoyment out of.

I would be very cautious about a sales rep telling you that a certain situation is "temporary". If you aren't comfortable with it being that way forever, I wouldn't not sign and if you don't have an agent already,

I'd be happy to help you and split whatever commission they offer with you as well.
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
OverR
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AG
There is a significant delay in transformers.

18 to 24 months if you order today.
Red Pear Medina
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AG
A difference between Houston and San Antonio..

I'm about to sign up a new build home with a national builder at roughly $775,000 with:
  • just under $20,000 in incentives (and that's only if they use the builders preferred lender)
  • 3% commission to Buyer's Agent
  • No Bonus to Buyer's Agent
Based on these terms, the builder doesn't seem to be panicking with their inventory.

Oh, and transformers are already in place. Didn't think I'd have to say that...ever.
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
Red Pear Realty
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jja79
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AG
They're building the $20K incentive, and probably more, into the cost of the financing aren't they?
Red Pear Medina
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AG
Oh for sure.

That said, it's very rarely advantageous for someone buying a new build to go with an outside lender. Based on this borrowers unique situation, it was, but most of the time it isn't.

And remember -you can always refi after closing for better long-term numbers.
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
jja79
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AG
People should always look at the different options because in house lenders generally put it to buyers.
Boban
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Folks live right across from the Cibolo development in North SA where I counted many builds complete or almost complete yet still available and had me thinking what Perry is offering to get people to jump there.
YNWA.2013
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In the end, Perry offered $10k off price, $10k at their design center, $10k off earnest money, and if we go with the preferred lender, they'll pay up to $5400 in closing costs. In addition, we'd get an extra 1% of final price as a returning Perry home owner
-FTA c/o 2013
jja79
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AG
Wonder why they would do that?
YNWA.2013
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If I remember correctly, this is basically the same deal they gave us on our first Perry Home (in 2020)...
-FTA c/o 2013
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