A local developer hopes to convince wary would-be homebuyers that now is the time to make the investment.

Starting Thursday, Brighton Homes will rebate to homebuyers the difference in price should the company lower the cost of the same model home during the next two years.

Brighton Homes is betting that the local housing market is starting to see the light at the end of the tunnel, based on its 28 sales so far this year, compared with 33 for all of 2007.

"So we're on pace to beat last year by a third," said Lars Hansen, Brighton Homes director of sales and product development.

One local expert said he expects the promotion will have a "psychological impact on the market" because it will eliminate the fear that if you purchase a home now, you risk seeing the value decline if the housing market keeps slumping.

"A lot of people are waiting for 'the bottom,'" said Phil Hoover, an associate broker with Re/Max West. "Well, the only way they'll be able to define the bottom is after things have picked up. Meanwhile, the wild card in all of this is interest rates. If they go up .5 percent, their payment will go up and they won't have saved a thing."

The Brighton promotion, which is expected to run through year's end, will apply to four communities in the Treasure Valley where Brighton Homes is building.

Brighton Homes is the development arm of Brighton Corp., an Idaho developer of office parks, new retail, industrial buildings and master-planned mixed-use residential communities.

Hansen said the promotion is designed to demonstrate that the company has lowered its building costs as far as possible.

"It's like a line in the sand," Hansen said. "We feel that we've done everything we can to lower our costs. We feel we can't go any lower. If we're wrong, we'll simply write the check."

Hansen said the promotion will apply to both home and lot prices in the Paramount, Heritage Commons and The Mill District at Harris Ranch - all developments where Brighton Homes controls the price of both. In the Tuscany development south of Victory on Eagle Road, where the company does not control lot prices, the guarantee will apply only to the home. The promotion will be launched in spring at River Heights development north of Harris Ranch.

In some locations, homes will be sold at per-square-foot prices not seen in years, Hansen said.

"For example, at our Paramount development between Chinden and Meridian roads, homes will be priced as low as $100 and $110 per square foot. We haven't seen prices like that since about 2001."

This is not the first time a builder has tried to ease a buyer's worries.

Don Hubble, owner of Hubble Homes in Meridian, said his company has successfully tried similar promotions in the past for six-month periods.

"I think this is a great idea (by Brighton)," Hubble said. "Buyers like that security."

Hubble Homes is launching its own special promotion Thursday where it will offer buyers $10,000 that can be used to cover closing costs, down payment assistance or showroom upgrades.

Hansen said Brighton Homes is betting that a recent increase in the number of qualified buyers indicates that the slumping Treasure Valley housing market may be "seeing the start of the recovery."

At the moment, Brighton Homes only has five completed homes in its inventory, two of which are not under contract, he added.

"So this promotion is not about clearing inventory," Hansen said.

Joe Estrella: 377-6465