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Hovanian cuts home prices by up to $100,000
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Attention RE Agent Sellers: if you want to sell homes, consider taking a similar approach as Hovanian did; tell your clients to REDUCE their list price if they "really" want to sell.
Reuters
Hovnanian holding 3-day home sale this weekend
Friday September 14, 1:58 pm ET
CHICAGO (Reuters) - Upscale home builder Hovnanian Enterprises Inc (NYSE:HOV - News) is holding a nationwide three-day sales that effectively cuts home prices by up to $100,000 through incentives and offers extra appliances and upgrades.
Hovnanian said on Friday the sale, held amid a slumping U.S. housing market that many do not see recovering before 2009, will be held Friday through Sunday in the 19 states the home builder serves, including California, New Jersey, Texas, North Carolina and Virginia, and will include live entertainment and prize giveaways.
"It's not going to give you a shot in the arm for your brand, but it's a way to generate cash," Standard & Poor's equity analyst Ken Leon said. "Looking at their cost structure, Hovnanian decided they need to sell at least 1,000 homes this weekend."
Home prices in the various communities in the sale, dubbed "The Deal of the Century," range from the high $100,000s to the mid $1,000,000s, the Red Bank, New Jersey-based company said.
The sale comes about a week after the No. 6 U.S. home builder posted a third-quarter loss and a 27 percent decline in sales. Hovnanian also warned on September 6 that conditions in most of the regions it operates remain challenging.
At the time, the company said it was offering additional incentives and concessions to entice buyers, but it faced fresh head winds because of tighter lending standards caused by the meltdown in the subprime market that is now spilling into the market for jumbo mortgages.
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