Taylor Morrison Homes Targeting Renters In Houston With Lease Buyout Programs as Tax Credit Contract Deadlines Approach

    HOUSTON, TX, February 14, 2010 /24-7PressRelease/ -- While renters are accustomed to attractive lease concessions going in, getting out of a lease early can carry ugly penalties and blemish credit reports. In Houston, Taylor Morrison working with local Realtors is using lease buyout programs to help lease-strapped renters become homeowners before the $8,000 tax credit expires in June.

"What makes our lease buyout program urgent is the June 30, 2010 expiration date coupled with the time it takes to build a new home; typically 90-120 days. While we always have inventory homes available, there's nothing like building a home from scratch," said Amy Haywood vice president of sales & marketing for Taylor Morrison's Houston division. "Our incentives are designed for buyers who want to use the tax credit and build their homes."

To qualify for the $8,000 tax credit program, buyers must contract on a home by April 30 and close by June 30, 2010.

Lawrence Yun, Chief Economist for the National Association of Realtors, estimated that just 5 percent of the 16 million renters nationwide who can buy median priced homes, would mean 800,000 addition homes sales. In Houston, just 1 percent of the estimated renters market would be over 5,000 homes. Average rent per unit in Houston is around $750.

According to Realtor Joe Rothchild, RE/MAX Fry Road, buying out apartment or home leases to free up potential buyers isn't new. "With our lease buyout program, a renter can walk away from a lease without hurting their credit. We pay off the lease for the renter who then qualifies for the tax credit and other incentives when they purchase a Taylor Morrison home."

Realtor Mario Negron, an Affordable Housing Specialist with RE/MAX Prestige, counsels his clients to use the tax credit to pay off any debt they may have. Negron typically works with Hispanic home buyers all over Houston.

"I've sold 10 to 15 homes because of the tax credit and my advice is always the same; save and spend wisely this is a once in a life opportunity," Negron said. "My customers love Taylor Morrison, because they put so many features in their homes."

Taylor Morrison buyers can personalize their homes with premium options offered in Value Inspired Packages available at most communities at no charge.

Buyers building Taylor Morrison homes for closing before the June deadline can expect added incentives including the Taylor Morrison Dream Home Package which gives buyers options on how they use their incentives. Choices include additional features or extra closing costs, in addition to the 2% closing costs contribution and no application fee offered when using Taylor Morrison Home Funding.

In Houston, Taylor Morrison builds homes priced from the $100,000s to $1 million, including Cinco Ranch in popular west Houston and Mar Bella in the Houston bay area. For more information visit any Taylor Morrison community, go online to TaylorMorrison.com or phone 281-780-4652.

About Taylor Morrison
Taylor Morrison, Inc. is one of the top home builders in North America, building a wide range of product for discerning home buyers across the country. With more than 200 communities in Arizona, California, Colorado, Florida, Nevada and Texas, Taylor Morrison, Inc., offers first-time, mid-market and mid-to-upscale housing in both master-planned communities and urban infill neighborhoods. The company also operates under the Monarch brand in Ontario, Canada, where it builds single-family homes and high-rise condominiums. Taylor Morrison, Inc., is a wholly owned subsidiary of Taylor Wimpey plc (LON: TW), a home building company with 125 years of experience and operations in the United Kingdom, North America, Spain and Gibraltar. For more information visit www.taylormorrison.com.

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