(Disclosure: Rose Law Group represents Lennar.)
By Linda Williams | Fox 10
PHOENIX – With home interest rates hovering at around 7.5%, home sales are slowing.
However, new home builders are booming in the Phoenix area, as they try to appeal to buyers priced out by high interest rates they face when buying existing homes.
“It’s something that I never thought would happen so soon, especially right now,” said new homebuyer Natalia Piñon.
At 29, Piñon bought a new home in March with her fiancé at Marabella Ranch in Glendale.
The price for the roughly 1,400 square foot home? $376,000
Piñon said Lennar Homes made the home affordable, and Alan Jones with the homebuilder said that is their goal.
“So, if we can get the payments down close to what rents are, if we can get payments down, we’re finding tremendous amount of individuals that want to buy homes from us,” said Jones.
