Beazer Homes Introduces 'Beazernomics' to Help Educate Prospective Buyers
A short lesson in "home schooling" may be a better option, as Beazer Homes (NYSE: BZH), one of the country's top 10 homebuilders, discovered after a recent survey that found a surprising number of potential buyers who were unaware or misinformed about many of the advantages of buying a new home now.
"Our goal is to educate prospective buyers about the facts of the current market and offer data that explains the benefits of purchasing a new home today," said Kathi James, chief marketing officer for Beazer Homes.
Nearly one-third of potential homebuyers polled by Beazer said they did not know about the $8,000 federal tax credit or understand how it works. However, 53 percent of would-be first-time buyers said the availability of such a credit would impact their likelihood to purchase a home now.
To fill the educational void, the national homebuilder has introduced "Beazernomics," to give buyers a simple understanding of where the market is today and explain why factors like low interest rates, low home prices and tax credits make 2009 an unprecedented time to purchase a new home.
Additionally, the builder will use its "Beazernomics" platform to tout the ecological benefits of its new homes. Beazer includes up to 10 eco-friendly features in every home it builds, including CFL bulbs, programmable thermostats and EnergyStar(R) dishwashers. Other standard features include water-saving faucets and showerheads, as well as MERV-8 air filters and low-VOC paints and carpet that contribute to healthier indoor air quality.
To support the initiative, Beazer is launching a user-friendly website (beazernomics.com) filled with fact-laced tables, charts and pictographs to help educate and enlighten prospective buyers. Also, community sales centers are offering homebuyer workshops.
James points to the research the company conducted in April among prospective homebuyers as an indication of the opportunity for additional buyer education. The survey found gaps in the level of awareness or understanding for several key factors impacting the buying decision, including:
-- 26 percent of those considering the purchase of a new home are unaware
of the fact that mortgage interest payments are tax deductible
-- 29 percent do not know that current mortgage rates are at historic lows
-- 31 percent are unaware of the $8,000 federal tax credit for first-time
buyers
-- 43 percent do not understand that a tax credit reduces the amount of tax
one owes the IRS
Among first-time buyers, there appears to be an even greater need for information. Based on the survey findings, 40 percent of first-time homebuyers are unaware that mortgage interest payments are tax deductible and nearly half are unfamiliar with the benefits of a tax credit.
The online survey was conducted April 3-17, 2009, among 2,535 prospective homebuyers who visited a Beazer Homes sales center or requested information via Beazer.com in the past 12 months.
Beazer Homes is one of the country's largest single-family homebuilders with operations in 16 states. For more information on Beazer's homes, communities and eco-friendly features visit Beazer.com.
SOURCE Beazer Homes
http://www.Beazer.com