When Utah-based Goldcrest Homes opened its England Ridge subdivision, the builder didn’t see a need for bidding wars. Instead, it opted to try something new and plans to sell all 87 of its England Ridge homes at listing price to the first pre-qualified buyers who want it. And the builder isn't giving preference to cash offers either. Goldcrest Homes’ reasoning was that the home prices were based on appraisals and the cost of materials, there was no additional need to continually bid the price up.
Ross Ford, executive officer at the Utah Home Builders Association, said this is an “interesting approach” as builders try to navigate this difficult market.
“Builders have found themselves in an environment we’ve never seen before,” Ford said, “and they’re scrambling to say, how can we provide the best product at the best possible price to the public?”
Ford said he was unaware of Goldcrest Homes’ decision but was intrigued by it.