CANE RIDGE, Tenn (WKRN) — Mortgages just got more expensive after the Federal Reserve raised interest rates this week, and one Middle Tennessee home builder is saying they are having to adjust.

Regent Homes says that we are in a buyer’s market, and they are offering some big financial incentives starting this weekend to get buyers in a home.

President and chief manager at Regent Homes, David McGowan’s family has been building homes for decades. But after all those years, this weekend is the first time he’s offering a cash incentive he calls flex cash. And he’s hoping that gets buyers to new properties like Burkitt Ridge.

“Helping someone get in a new house, that’s our desire,” said McGowan. “What we are finding is that young millennials who are in need of housing and moving into Nashville for jobs, they need cash for different reasons.”

Flex cash allows the buyer to choose where to put the money. As much as $16,000 can be used to lower the interest rate, closing costs, or upgrade the home—their choice.

“The buyers are being affected by what the Fed has done with the rates, and so we are trying to do what we can for them,” said McGowan. “People who would have qualified in the past for a $500,000 loan, today they might only qualify for a $450,000 home.”

John Giovannetti heads sales for Burkitt Ridge, and he’s seen a change. Last month he was selling on average one home a day, but this month, he says, it’s more like every other day. Still, he says the buyers are hitting the pavement—they are just looking for incentives before signing on the dotted line.

“Whether they are looking for help toward closing costs or bringing down their rate a little bit, so that’s what we are doing. Trying to help them get into a new home,” said Giovannetti.

Even though demand is high in Nashville, Regent Homes says we are still going through a correction in the housing market.