The demand for new homes has tremendously increased across the United States, leaving eager buyers fighting over a limited supply of new homes. A new trend has risen; homebuilders across America are beginning to hold lottery systems for qualifying buyers for those interested in newly built homes. Home builders want their interested buyers to be pleased with the process of home buying rather than camping out at night in hopes for an opportunity to buy a home.
The lottery trend has been taking place throughout California in Sunnyvale, Livermore, San Ramon, and has is beginning to occur across the United States in Virginia and Florida as well. For example, O’Brien Homes in Sunnyvale, California, started holding their lottery for its 228-unit development after having seeing lines of buyers camping overnight at other condo complex openings. Each month as areas went under construction about 50 buyers would show up to be one of 10 people chosen to purchase a new home.
In order to become a participant in a lottery, one must be prequalified for a mortgage and have the down payment in place in order to be considered. The company would draw one winner and one backup for each property. Buyers would return month after month with hopes to be pulled from the basket. Even with price increases, buyers would return with money in hand for their name to be put into the basket.
Buyers seem to prefer this style of purchasing compared to competitive bidding or being the first in line on opening day. There’s no rush and the real estate logistics are handled professionally and fairly for all qualified participants. To keep up with the growing demand, builders are trying to build faster and more homes to get them on the market as soon as possible. After the hard times the housing market has experienced since 2008, builders are thrilled to see the buyers back and eager to move into their new homes.
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