Oct 17, 2007 5:53 pm US/Central
Turning To Auctions And Huge Sales To Sell Homes
(WCCO)
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Pulte Homes is advertising a "Monster Sale" this weekend, looking to sell remaining homes in neighborhoods like Creekside Estates in Maple Grove.
CBS
A mass foreclosure auction in the Twin Cities this weekend may be a reflection of the current housing market.
This year more than 8,000 homes in the metro area have gone into foreclosure. This weekend's foreclosure auction will be one of the largest in many years.
With so many available homes on the market, sellers are having to change their strategy. Developers and realtors are doing whatever they can to appeal to buyers. That means discounts that might catch your attention.
Pulte Homes is advertising a "Monster Sale" this weekend. They are looking to sell remaining homes in neighborhoods like Creekside Estates in Maple Grove.
They are hoping to do it this weekend by offering as much as $70,000 off on homes valued at around $600,000.
"The way the sale is working it's up to $70,000 off in the form of free options, free lot premiums, and free closing costs for all homes that close this year," said Tom DeVoe of Pulte Homes of Minnesota.
Buyer discounts like the one Pulte Homes is offering were enough to get Julie Freshwater's attention. Freshwater is on both sides of the housing market, looking to build a new home and sell a current one.
She said the deal she got will double her mortgage, but also her square footage, and the price was too good to pass up.
"It's better to be a buyer because I'd rather have the discount on the higher priced home. So we have the advantage that way," said Freshwater.
About 325 homes will be auctioned off in the metro area this weekend. Pulte Homes will also hold their Twin Cities' home sale this weekend, Oct. 19-21.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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