Congratulations home shoppers! The government has given you an early Christmas present by extending the Home Buyer Tax credit! And now its not just new homebuyers who qualify but also people who have been in there current home for over 5 years who are looking to buy a new home. As exciting as this news is I know there must be TONS of questions. SO, I have decided to post this helpful FAQs video for your viewing pleasure. Please enjoy…
For more information about homes available in Colorado Springs please feel free to visit Campbell Homes at http://www.campbellhomes.com
Wednesday, December 23, 2009
Home Buyer Tax Credit Explained
Friday, August 14, 2009
Campbell Homes is Now Offering Finished Basements in Select Communities
CLICK on above image to view information about our new included basement promotion!
Questions? Contact our Internet Concierge, Kelly Noble, at knoble@campbellhomes.com
Become a FAN of Campbell Homes on Facebook!
Sphere: Related Content
The Campbell Homes Peace of Mind Program
CLICK on image to view flyer about our new Peace of mind program!
Questions? Contact us at info@campbellhomes.com
Become a FAN of Campbell Homes on Facebook!
www.facebook.com/CampbellHomesCO
Thursday, July 30, 2009
BuisnessWeek Ranks Colorado Springs in Top Ten Places to Start Over
According to BuisnessWeek, Colorado ranked #8 in the best cities to start over in. Here are the stats that BuisnessWeek posted about our great city:
No. 8
Colorado SpringsCompanies planning to hire in next quarter: 22%
Best job prospects: Construction, Nondurable goods manufacturing, Wholesale & retail trade, information, Financial activities, Leisure & hospitality, Other services and government.
Population: 372,437
Average home price in January: $190,000
Unemployment rate: 8.5%
Colorado Springs, the state's second-largest city, is 80 miles south of Denver's International Airport and about 90 minutes east of popular ski resorts. It draws more than 6 million visitors each year.
You can see the full list at: http://www.businessweek.com/lifestyle/content/jun2009/bw2009069_836158.htm
Its no surprise to those for us who live in Colorado Springs that it is a beautiful place to live but to be told that it is also a great place to start over because Colorado Springs is one of the cities "where jobs are available and real estate is affordable", well that just proves even further this is a wonderful place to live.
Thinking about moving to Colorado Springs? Check out Campbell Homes for information about the homes we build and the communities we build in. Go to http://www.campbellhomes.com/ or you can connect on Facebook by becoming at fan: www.facebook.com/CampbellHomesCO
Questions? Contact me, Kelly Noble, at knoble@campbellhomes.com
Friday, July 24, 2009
Campbell Homes Welcomes Rena Spanier to Jessica Heights at Feathergrass
Campbell Homes is happy to announce that our New Home Community Manager, Rena Spanier, will now be at our Jessica Heights at Feathergrass community. For almost 14 years Rena has been helping families own a high quality beautiful Campbell Home. Rena is very excited to be apart of a new community and looks forward to continuing her career with the highest amount of customer service and care! Please feel free to visit Rena at Jessica Heights soon and see what she can do to help you with your home ownership needs.
To celebrate we will be having a complimentary BBQ at the sales model on July 31st between 11:30AM and 1:30PM. Stop by and meet Rena as well as get some food!
Jessica Heights at Feathergrass a beautiful community in Colorado Springs, offering the perfect location to enjoy all that Colorado has to offer! Jessica Heights at Feathergrass is conveniently located just west of Marksheffel off Constitution and offers new homes starting in the low 200s.
Some of the amenities that set Jessica Heights at Feathergrass apart are:
• Easy access to Peterson and Shreiver Air Force bases
• Access to the popular Powers corridor: The Powers corridor is Colorado Springs newest up and coming entertainment corridor offering a large array of restaurants, entertainment and shopping. Shops like Best Buy, JC Penny’s, Old Navy, Kohl’s, & Lowes are within a 5 to 10 minute drive from Jessica Heights. A Cinemark IMAX movie theater offers a large array of new movies and special events. Enjoy eating at the new Red Lobster or grab a hand crafted root beer at Rock Bottom Brewery. All this and more is located within minutes to Jessica Heights at Feathergrass.
• To further enhance your lifestyle, the nearby benefits of Springs Ranch include an 18-hole golf course and numerous hiking, biking and equestrian trails.
• If you're a baseball fan, Security Services Field, home of the Colorado Rockies triple-A farm team, the Sky Sox, is just minutes away from Jessica Heights at Feathergrass.
• Jessica Heights at Feathergrass is located in School District 49
The Jessica Heights at Feathergrass model is located at 2403 Majestic Plains Court. You can also reach Rena Spanier at 719-528-6774 or RSpanier@campbellhomes.com.
Also feel free to visit Campbell Homes online at www.campbellhomes.com for additional information.
Thursday, July 2, 2009
10 Reasons Owning a New Home Can Bring You Freedom
In the spirit of my favorite holiday, Independence Day, I have decided to give you the top ten reasons owning your own new home can bring YOU Independence!
10. You can paint the walls any color your heart desires without worrying what the landlord will say!
9. When you build your own home you get to choose what kind of design features you want to have in your house to really reflect your style. Like cut burber carpet? Its yours! What about those beautiful granite countertops? Yep that’s an option too!
8. You have your very own backyard available to throw a perfect Independence Day BBQ. No small apartment decks. No asking your parents if you can use their place. Nope! It’s just you, a couple of your favorite people, a grill and YOUR back yard to enjoy!
7. When you rent a place your rent seems to climb and climb every year, not so with a fixed rate mortgage. You know what your payment is, not to mention you get tax benefits for owning a home. All this equals more reliability, more equity and financial FREEDOM!
6. You remember that cute little cuddly puppy in the window? You know the one with the waggly tail. Well you don’t have to worry about asking your landlord if you can have one. No pet deposit either. So I sure hope that puppies for sale!
5. Hang those pictures to your heart’s content. No longer do you need to worry about loosing your deposit because it’s your house and you can put pictures up if you want to!
4. With the new tax credits there has never been a better time to own a home! When else will someone give you $8000 to buy a home? With $8000 you have the FREEDOM to go on vacation!
3. When you buy a NEW home you usually get a home warranty, meaning if anything goes wrong, you are covered. You are now free to breath easy. ;)
2. Speaking of breathing easy… Many new homes use the newest technology and the best and “greenest” building materials. In fact Campbell Homes is a 100% Energy Star tested builder! Now you can feel comfortable knowing you are living green, not to mention saving a little green on your utility bills!
1. When you own a home its all about freedom. Freedom to decorate and design your home as you please. Freedom to have your own yard to play in and plant whatever flowers you want. Freedom to put big welcome mats out, BBQ on YOUR patio, throw parties without upsetting the people who live downstairs and to all around own a piece of the American Dream… I just love freedom!
Happy Independence Day everyone!
If you have any questions about the homes that Campbell Homes builds please feel free to contact me, Kelly Noble, at knoble@campbellhomes.com or check us out online at www.campbellhomes.com. You can also follow us on Twitter or Facebook for the most up to date information about Campbell Homes.
Monday, May 11, 2009
Moving to Colorado Springs and don't know what to do for fun?
So you are thinking of moving to Colorado Springs and you don't know where to play?
I have lived in Colorado Springs, CO for over 12 years. I am a Colorado native and I am here to give you a couple tips about Colorado Springs, CO.
There is so much to do in Colorado Springs and the surrounding areas but here are a few of my personal favorites (in no particular order)
1. The Cheyenne Mountain Zoo: The Cheyenne Mountain Zoo offers an experience like no other zoo I have been to. Enjoy breathtaking views of Colorado Springs while feeding the Giraffes. Enjoy a ride on the sky lift or get some serious exercise hiking up the mountain all the while checking out the cool animals and even cooler views. This is a family friendly place but be sure to bring your walking shoes!
2. The Sky Sox: During baseball season there is no better way to spend a warm summer evening then at the security services field watching the local AAA baseball team and eating a yummy hot dog. Tuesday’s are the best time to go for us frugal spenders as everyone gets in for only $2. Sometimes if you are really lucky a Rockies player will be send down to play when they are recovering from an injury and they will sign autographs. Last year I got Matt Holiday and Tulo’s autographs!
3. First Thursdays at the Fine Arts Center: Every first Thursday of the month the Fine Arts Center downtown holds a wine tasting. Come enjoy wine, snacks, art and music at this event. I believe it is $25 each time but its always a great way to rub elbows with the Colorado Springs elite all the while enjoying a little culture.
4. Cave of the Winds: Every July in Colorado Springs temperatures start to peak and it can get steamy out! There is just no better place to be on one of those hot July days then exploring the caves at the Cave of the Winds.
5. Pikes Peak: I think it would be uncoloradian of me to not suggest a day trip to the top of Pikes Peak. There are 3 ways to get there: You can hike it up, you can drive up, or you can ride the cog railway up. I have only ever driven up because I like to stop and take pictures on the way. No matter how you go be sure to pack plenty of water (you WILL get sick if you don’t) and layers of clothes as it does get very chilly at the top. Oh and don’t forget the camera because you can see all that Colorado has to offer from the top and it’s a beautiful sight to see!
6. Territory Days in Old Colorado City: The Old Colorado City Merchant Association presents Territory Days 2009 to commemorate Old Colorado City as the first capitol of the Colorado Territory in 1861. Historic Old Colorado City has been celebrating “Territory Days” for 34 years. The very first event, in August 1975, was called “Rampart Range Sertoma Territory Days Parade and Buffalo Barbeque”. Territory Days has grown from a small neighborhood craft fair, parade and barbeque into a three-day street festival which now hosts over 180 craft, commercial and food booths. Between 80,000 and 140,000 guests, (depending on the weather), enjoy this event every Memorial weekend.
7. Garden of the Gods: camera? Check! Comfortable shoes? Check! Picnic packed? Check! Now that you are ready to go, head on over to see the Garden of the Gods. A fantastic place to walk around, picnic, sight see, and take phenomenal photos.
So those are just a few of my favorite local Colorado Springs play spots. Let me know if you have any questions and please feel free to leave your own Colorado Springs play ideas in the comments.
Also if you are thinking about moving to Colorado Springs and need a place to live check out Campbell Homes, a local Colorado Springs homebuilder since 1965 at www.campbellhomes.com.
Questions?
knoble@campbellhomes.com
Thursday, April 30, 2009
Monday, April 27, 2009
Spring time in the Rockies
Did anyone have to deal with the snow this morning? On my way to work this morning I couldn’t help but feel grateful for having a garage to keep my car in. The worst is when you have to stand out in the freezing wet air scrapping your windows trying NOT to be late to work! Well that’s spring time in the Rockies and nothing helps remedy this problem more then a nice cozy garage to put your car and all your toys in. Well Campbell Homes not only offers every home we sell with a standard (at least) 2 car garage but several of our homes have standard 3 car garages AND we offer homes with a RV garage and 4 car garage options! Visit us online at www.campbellhomes.com today to find out more, and get your car out of the cold.
Tuesday, April 7, 2009
Wednesday, April 1, 2009
the difference
Check out this short video about Campbell Homes in colorado Springs!
Monday, March 30, 2009
So you are thinking of moving to Colorado Springs and you don’t know where to eat?
I have lived in Colorado Springs, CO for over 12 years. I am a Colorado native and I am here to give you a couple tips about Colorado Springs, CO.
First my favorite topic that I will be tackling: FOOD. There are so many fantastic places to eat in Colorado Springs, you just have to look. Here is my list of favorites based on type of dinning you will be doing:
Burgers: South Side Johnny’s (Lunch and Dinner) features some of the yummiest cheese burgers in town. His fries are not so bad either. Johnny’s is a biker bar with class. Great place to go for an afternoon burger or open faced turkey sandwich smothered in Green chili. www.southsidejohnnys.biz
Steaks: the Famous! (Lunch and Dinner) This is not jus a dinner it’s an event! Not exactly a cheap place to eat but the food is worth every bite. Fantastic cuts of meat, wonderful service and a large selection of wines and spirits at the bar! 31 N Tejon St, Colorado Springs, CO 80903
Local Brew: The Phantom Canyon. (lunch and dinner, brunch on Sundays) Serving up an eclectic menu of anything and everything like tacos, salads, roasts, and burgers. I highly recommend their side salad with everything since they have the best ranch dressing in town! Menu changes regularly so you will always experience something new! www.phantomcanyon.com
Mexican Food: El Taco Rey (Lunch)- Serving up some of the areas best Mexican dishes out of a little hole in the wall. Highly recommend the pork and avocado burritos smothered in green chili with plenty of salsa on top! SO GOOD you’ll wish you could fit 2 in your tummy! The only thing I can’t stand about this place is it’s not open on the weekends so I rarely have the time to travel downtown to eat there :*( 330 E Colorado Ave, Colorado Springs, CO 80903
Breakfast: The Olive Branch. Both healthy and affordable the Olive Branch off Tejon st in Downtown Colorado Springs offers something for everyone. Orange juice is fresh squeeze to order and the pancakes are awesome. The perfect place to take friends, family or clients for a cozy breakfast with a bit of class. http://www.theolivebranchrest.com/
Brunch: The Sunbird. What do you get when you mix crab legs with pancakes and Champaign mimosas? You get brunch honey and it’s good! The sunbird offers a brunch every weekend (reservations required) and does it at the top of a hill where the views are breath taking. Perfect place to take someone for a special occasion! http://www.thesunbird.com/
Thai: Bhan Thai. I LOVE Thai food and Bhan Thai does all the right things to make it work! Prices are right and dishes are delish! I love the Thai beef salad and the Tom Yum Guy soup. The Thai iced teas are also fantastic. Eat up but be warned they like it HOT! 1025 N Academy Blvd, Colorado Springs, CO 80909
NY style pizza: NYPD Pizza. Now the thing is my boyfriend is from NY and when he wants pizza you know it HAS TO BE NY Style so it has taken a LOT of tastings and research to find something that he likes. NYPD wins in Colorado Springs. Their pies are fantastic. I highly recommend the Sicilian because the crust is to die for! It has this fantastic garlic bread taste. Oh so good! 1588 Minnetonka Pl, Colorado Springs, CO 80915
Sushi: Im torn so I will put 2 of my favorites: Ai Sushi off cinema drive serves up fantastic sushi with tons of selection. They specialize in what I refer to as “fancy” rolls. I recommend the Chili Roll and the Avalanche II Roll. Their sashimi is also very tasty. 3215 Cinema Pt, Colorado Springs, CO 80922
Now my second choice is Fujuyama downtown. They have a wonderful selection of rolls from traditional to “fancy” rolls. The Oh My God Roll is very good so maybe try that. They also have a really great lunch special. http://fujiyamasushi.com/
Tea for 2 (or one): Montague's Parlour. If coffee is not your cup of tea then head on over to Montague’s for a delightful selection of teas and pastries. Cozy up to a book and enjoy the comfy couches and chairs. 1019 S Tejon St, Colorado Springs, CO 80903
Italian: Para Vicini's Italian Bistro. Absolutely nothing gets close to Para Vicini’s when it comes to Italian food in Colorado Springs. This local gem is a fantastic place for wine and pasta (and don’t forget the bing cherry cheesecake for dessert!). If you are one of those people that get stuck on one dish that is your favorite and just have a really hard time straying from that dish then you better not try the Veal Giuseppe because it is down right addictive! Get it with the house Chianti and you will have yourself one fantastic meal! http://www.paravicinis.com/
Deli (Italian): Mollica's Italian Market. Serisouly some good and authentic Italian food, meats, cheeses and sausages. I highly recommend the sausage and peppers sandwich! http://www.mollicas.com
BBQ: Bird Dog BBQ. Maybe because it’s close to my house. Maybe it’s the cute photos of Dogs everywhere or maybe it’s that they serve fried okra perfectly salted but whatever it is Bird Dog is a great place to get some Oklahoma style BBQ. The sauces are wonderfully yummy and the meat is tender! Don’t forget to bring a photo of your pup to contribute! http://www.birddogbbq.com/
Okay now that I have overwhelmed you with some of my favorite places to eat I will leave you so I can go get lunch. My pick for lunch? Did I mention The Taste of Philly for the best Philly cheese steak sandwiches in town?!?! www.tasteofphilly.biz
For more restaurant tips please feel free to leave a message and I will let you know what I think. For more about Colorado Springs please check on my blog again soon because I plan of doing a series of post on the best places to live, play, and watch what happens in Colorado Springs and surrounding areas.
And for more information about Campbell Homes, the company I work for please visit us online at www.campbellhomes.com.
Now tell me friends what’s your favorite food? And if you live in Colorado Springs where do you like to eat?
Tuesday, March 24, 2009
Whats love got to do with it...tips for selling your home
Its not just a second hand emotion folks it’s the real deal which means when you go to sell your home you need to know how to emotionally grab your buyer (you know the people viewing the home and thinking about making it their own). Preserved value is everything and nothing helps build value more then emotional pull. So you wonder “How do I accomplish this?”
It’s easy:
#1 Make the right adjustments. This means when you are ready to sell your home think about what is worth updating and changing in your home to make it look better and be more valuable to a buyer. This could mean new carpet, new appliances or new (preferably neutral) paint. Think about the market value of your home and think about how you can increase the value without over pricing your home. Focus on kitchens and bathrooms.
#2 Clean it. Your home can not have any clutter. It needs to be tidy and clean. Bright and dust free. If you need to hire a cleaning person to freshen things up until it sells. I suggest getting a storage unit and start moving out the unnecessary things that clutter your rooms and closets.
#3 Stage it. A professionally staged home is proven to sell faster then a non-staged home. If you can’t afford a stager do your research and figure out the best way to set up each room to maximize its size and use.
#4 If there is one thing you can’t skimp out on when selling your home I would say it’s a REALTOR. A good realtor will advise you on how to stage, present, price right, update and list your home correctly. Your home will sit much less if you have a good Agent on your side. But buyer beware… research your Realtors success rate and make sure they are working for you not against you.
Now when a prospective buyer comes through your clean, nice smelling, clutter free and updated home they will feel at home. They will have an emotional feeling that this is it! And they will make an offer.
I hope this helps you at least a little bit when it comes to selling your old home. Now if you want further advise on how to find the right new home please feel free to contact me at knoble@campbellhomes.com and if you are in the Colorado Springs area feel free to stop into any of our communities and take a look. You can get more information about Campbell Homes at www.campbellhomes.com
Thursday, March 19, 2009
Tuesday, March 10, 2009
Can you afford NOT to buy?
I was enjoying a sushi dinner last night with a couple of my girl friends when the topic of home buying came up. One of the ladies had mentioned that she was thinking about purchasing a new home but was leaning more on the side of renting for another year to “save up some money”. “Why?” I asked. She said she simply didn’t think she had the money to buy right now.
This leads me to my point… Why are so many people on the fence? I think it is because we are not educating them into not only why NOW is the time to buy, but also showing them the cost difference if they waited a year.
Let’s look at an example: (and forgive me if I did not calculate this exactly right since I am not a mortgage person)
A house worth $200,000 today in Colorado Springs would be worth about 210,000 in a year based on historical data supporting a 5% appreciation rate in Colorado Springs, CO.
Now let’s look at interest rates. The last interest rate I saw was at 5.25 for a conv loan. Let’s say that goes to 6% in a year (which is actually being pretty conservative).
Now we look at the tax credit of $8,000 which goes away after Nov 30, 2009.
Now let’s compare:
Now I understand that the tax credit is for first time buyers only but even so non first time buyers would be saving $57,600 over the course of the loan.
If you continue to wait, you may never be able to afford a home of your own. Even if the housing market is in a downturn other things have to be evaluated including: rents, along with the cost of living which continues to climb.
There is no better way to build wealth and invest in your future then owning a home. Once you become a home owner, you are able to take advantage of the generous tax deductions that homeownership offers, not to mention you will be building equity in your property. As your property builds in equity, you can use those gains to sell your starter home and afford to move into a bigger house.
If you are unsure about whether or not you can afford your dream home, you may want to scale back on your expectations and go for a home you can afford with the idea of moving up into a better home in the future. Instead of trying to buy a 2,000 square foot home, consider shopping for a 1,500 square foot home. Buy what you need and then you can build the equity and savings that it takes to get to the “dream home”
The sooner you make the jump from renter to home owner, the faster you will begin to create wealth for your future.
The question is not why wait the question is can you afford to?
Wednesday, March 4, 2009
What does Home Mean to you? Let us know!
I want to know what home means to you! to participate simply send me a photo, short video, or a couple of sentences that explain what home means to you. I will be showcasing these clips in my blog
“What home means” and creating a montage of the meaning of home. Check out my photos for examples of what home means to me!
Send your clips to knoble@campbellhomes.com and let me know what Home Means to YOU!
Monday, February 23, 2009
$8,000 Home Buyer Tax Credit at a Glance
• The tax credit is for first-time home buyers only.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
Learn More at:
http://www.federalhousingtaxcredit.com/2009/home2.html
Monday, February 16, 2009
Q&A: Explaining Myth Versus Reality About Today’s Housing Market
Q: Given the uncertainty in the financial markets and economy, is this a good time to buy?
A: The answer is simple: Yes. It’s a good time to buy. Today’s market, coupled with a generous temporary tax credit for first-time home buyers and near-record low mortgage interest rates, provides an unprecedented window of opportunity for prospective home buyers. An outstanding selection is another reason that it’s a great time to buy. Available inventory is probably the best it will ever be, providing buyers with a great choice of homes. Many builders have inventory that is “move-in ready,” and they may offer upgrades or other incentives to seal the deal. Likewise, owners of existing homes who are looking to trade-up or relocate are ready to bargain. Add it all up and there may never be another buyer’s market as good as today’s.
Q: There doesn’t seem to be an end in sight to the housing slump. By the time the market hits bottom, won’t housing be down and out for the count?
A: Without trying to minimize the problems we have today, it’s important to keep your eye on the big picture. Over the long-term, the U.S. is definitely on a growth path. Our population will rise by about 35 million over the next 10 years. All of those people will need someplace to live. Consider these facts: America currently has about 105 million occupied housing units. About 70 million of those are owner-occupied. The other 35 million are rental units. Total equity (value of homes minus any mortgage debt) amounts to $8.5 trillion. More than one-third of all home owners own their home outright, with no mortgage debt. And more than 90 percent of those who have mortgages are making their payments on time every month.
Home values will ultimately bottom out and start edging back up. Once we turn the corner on the housing downturn, the longer term outlook is very promising.
As a long-term investment, homeownership remains a solid investment for individual households, with a track record that can compete with any other purchase in terms of its real benefits. The home building industry will need to construct more than 17 million new homes in the next decade to keep up with expected new household formations.
All of this bodes well for future house price appreciation
Q: Does the government action to rescue Fannie Mae and Freddie Mac in September signal that the mortgage market is in a free fall? In other words, does the government takeover of these two mortgage finance giants mean that mortgage money has dried up?
A: The short answer to both questions is no. Quite the contrary, the federal takeover was initiated to avert any serious risk to the financial system and to keep money available for mortgages. It’s still business as usual for Fannie Mae and Freddie Mac. There is no credit crunch for qualified buyers taking out conventional loans. Remember, the housing law enacted this summer has permanently boosted the limit for these loans from $417,000 to $625,500. And this is where the bulk of all home loans are made. Credit-worthy home buyers should have no problems finding conventional, conforming mortgages at very attractive rates. In fact, today’s mortgage rates remain near historic lows, well below 6 percent for fixed-rate, 30-year loans.
Q: With the nation in a foreclosure crisis, why should I be looking for a new home?
A: While foreclosure rates have increased in the past year, the vast majority of American home owners are making their mortgage payments on time. More than 95 percent of prime borrowers – the bulk of the mortgage market – are up-to-date on their payments. Most foreclosures are concentrated in the once super-heated markets in California, Florida, Arizona and Nevada and the upper Midwest states of Michigan, Ohio, Minnesota and Illinois, which have been hit hard by job losses, plant closings and depressed local economies.
But again, we need to put this problem into perspective. As noted above, California and Florida are at the epicenter of this problem. California and Florida had about 54 percent and 41 percent of the prime and subprime ARM foreclosure starts in the third quarter of 2008, respectively, according to the latest foreclosure data from the Mortgage Bankers Association.
There’s no question that the foreclosure issue is a major problem that needs to be addressed. That is why we are encouraging lawmakers to include aggressive foreclosure relief measures in the economic stimulus package that the new Congress is expected to pass in January.
Q: In today’s housing environment, isn’t the smart move to keep waiting for prices to fall even further before venturing into the housing market?
A: The current housing price correction is helping to restore affordability. In many parts of the country where the housing boom was not as strong, price declines have been modest. The bottom line for most existing home owners is that their homes will be worth significantly more than they paid for them once the market begins to recover – a process that is expected to begin in 2009. The repercussion for prospective buyers is that the market has provided some breathing room from the sky-high prices prevailing between 2003 and 2006. And those who try to “time the market” in hopes of buying at the trough are likely to lose out. Here’s why. Just as no one can accurately predict the peaks and valleys of the stock market, the same holds true for housing. Fence-sitters waiting for the absolute best deal could end up literally waiting for years, and most likely their guess on market timing would be wrong. Meanwhile, those who buy now will have a home they can call their own and reap the long-term gains of home price appreciation.
Q: It seems that home prices will just keep going lower and never recover. What’s to stop this from happening?
A: It is a virtual given that over time home values will stabilize and then edge upward with the next recovery. To argue that home values will continue to decline and will never recover, somebody has to make a convincing argument that it will cost less to build a new home five years from now than it does today. That’s not going to happen.
Despite today’s housing slowdown, the price of most building materials used in home construction continue to go up due to worldwide demand and upward pressure on commodity prices generally. Also, over time labor costs are expected to rise. Look at anticipated population and household growth; consider the increasing scarcity of available land in metro markets where jobs are located and where people want to live. And the cost of getting land entitled will continue to go up because of more and more restrictions and fees being added by local governments. As inventories wind down, demand will rise and so will prices. Over time, all these factors will help drive up the cost of housing.
Q: The S&P/Case-Shiller monthly home price index showed that home prices declined an average of 17.4 percent in the nation’s 20 largest markets between September 2007 and September 2008. Does this mean that home prices in these markets -- and nationwide -- are in a major tailspin?
A: Different economic and job-market conditions directly affect demand for new and existing homes in every market Part of the problem is due to an influx of speculators in some large markets who helped drive prices up to unsustainable levels. For example, all the markets that posted the largest average decline in home prices during the past year – Las Vegas, Los Angeles, Miami, Phoenix, San Diego, San Francisco and Tampa – still have appreciated in value by at least 40 percent since January 2000, according to the latest S&P/Case-Shiller home price statistics. Four of these markets – San Diego, Tampa, Miami and Los Angeles – were up between 64 and 85 percent over this period.
It makes sense that the most super-heated housing markets in California, Nevada, Arizona and Florida are now experiencing the most serious market corrections. Areas in the Midwest are also undergoing price corrections due to stagnant economic conditions. For the rest of the country, however, the price adjustments have been relatively modest.
Though housing is a cyclical business, experience shows that over time, home prices will stabilize and then move upward with the next recovery.
Monday, February 9, 2009
Time is of the essence
Consumers should be shouting off the rooftops about the fantastic deals they are being offered in both housing and mortgage rates. Mortgage rates have dropped to the lowest level since the 1970s. Housing prices are the lowest they have been in years, affordability is available and offered. So why are so many consumer waiting? I believe many consumers are waiting to see what will happen. They want the best deal possible so they are on the fence waiting for rates to drop even lower and home deals to get even better. But sadly they may be missing out on something that will not last much longer.
According to a recent poll done by local real estate industry professionals asking when they think the market will start to recover (meaning the sellers will once again get the upper hand) 25% said mid 2009, 25% said late 2009, and 37% said late 2010. If these predictions hold true we could see a shift in the next year towards stabilization of home prices and mortgage rates. This means that sellers will no longer give away the firestorm deals and incentives they have in the past 2 years and it is likely that with this stabilization the Fed will bring the interest rates back to a normal level we have seen in recent years rather then the under 6% range we see now.
So like any other investment there is risk and in a market like this the risk is much lower for buyers then it is for sellers. The deals are out there but many consumers might have noticed that less and less builders are giving away their homes and re-sale sellers are taking their homes off the market until the prices stabilize. The time is now; buy now or you might loose money later.
Buyers are seeing that there are a lot of great resale deals or perhaps hearing about all the quick sale/ foreclosures that are out there. Yes quick sales are up meaning that the amount of distressed properties are up. Many people are struggling to make their house payments because of all the crazy loans they were put into are now adjusting. This is both bad and good. The bad news is we never want to see this many people struggling with their payment, this is bad for both them, the banks, and the community. However President Obama has pledged that between $50billion and $100billion will be used to help boost efforts in combating the increasing mortgage foreclosures. The good thing is that an increase in Foreclosed sales and closes in the area means the inventory will soon be going down. The idea is the more inventories we wash out the more stable the market will be.
There is a pent up demand for homes out there and anytime now consumers will realize that now is not only the time to buy but the BEST time to buy. So as the title of this blog suggest, time is of the essence. Buy now or soon or else you could miss out or find yourself purchasing your home with a higher interest rate and a higher price.
Tuesday, February 3, 2009
For more information or for additional testimonials please email me at knoble@campbellhomes.com
Monday, February 2, 2009
Foreclosure Talking Points
Foreclosure Talking Points
• The Mortgage Bankers Association’s latest survey (http://www.mbaa.org/NewsandMedia/PressCenter/66626.htm) shows that the percentage of loans in the foreclosure process increased from 2.75 percent in the second quarter to a record 2.97 percent in the third quarter of 2008.
• The media is sensationalizing these numbers and conveying the false impression that foreclosures are running rampant in every community across the nation.
• Certainly there is no question that rising foreclosure rates are a serious problem.
• But a close examination of the facts shows that many of these reports are grossly exaggerated.
• It’s important to note that the vast majority of American home owners – 93 percent -- are making their mortgage payments on time.
• Breaking down prime and subprime loans, more than 95 percent of prime borrowers – the bulk of the mortgage market -- are up-to-date on their payments.
• The problem is in the subprime market. Nationally, about 20 percent of subprime borrowers are behind on their mortgage payments.
• But it’s also important to remember that 37 percent of all single-family homes are owned debt-free – without any mortgage – and that home owners nationwide have built up $8.5 trillion in equity that provides a good cushion against any decline in values.
• Furthermore, housing is not a national market. All housing markets are local.
• For example, the Mortgage Bankers Association’s data show that most foreclosures are concentrated in the once super-heated markets in two states: California and Florida.
• These two states combined (California 54 percent and Florida 41 percent) have about 95 percent of all prime and subprime ARM foreclosure starts, respectively.
• And remember, prime and subprime ARMs comprise the highest share of loan foreclosures.
• Foreclosure actions began on 1.07 percent of all home loans in the third quarter, down one basis point from the previous quarter. Only nine states were above the national average: Nevada, Florida, Arizona, California, Michigan, Rhode Island, Illinois, Indiana and Ohio.
• The remaining 41 states plus the District of Columbia were below the national average.
• Still, the foreclosure problem is a major issue that needs to be addressed.
• The best way to do this is to halt the slide in home prices.
• The solution is to stimulate demand. Congress should make the recently implemented home buyer tax credit much bigger and better, and available to all purchasers.
• At the same time, it should enact a sizeable government buy down of home mortgage rates.
• Together these measures would ignite buyer demand, which would help stabilize home values, reduce foreclosures and get the housing market and economy back on the right track.
Tuesday, January 27, 2009
ANSWERS TO COMMON HOME BUYING QUESTIONS
Q: Shouldn’t I wait until home prices go even lower to buy?
A: No. Just as no one can accurately predict the peaks and valleys of the stock market (name one person who sold their tech portfolio in April of 2000), the same holds true for housing. If you wait for what you think is the absolute best deal, you could end up waiting for years. All the market fundamentals show that now is a good time to buy – prices are down, interest rates near historically low levels, and there are lots of homes to choose from.
If you buy now, you will not only be in the driver’s seat during the buying process, you will also reap the gains of price appreciation. Remember, those who purchased homes in the early 1990s during the last big economic and housing downturn came out as big winners.
Q: Doesn’t it make sense to wait out the market until can I get the same price on my home that my neighbor got when he sold a year ago?
A: No. It’s always better to trade up in a buyer’s market. While the value of your house has fallen, the prices of higher-end homes have also dropped. Here’s an example:
Your neighbor sold for $300,000. Let’s say values in your area have dropped 10 percent, so you could get only $270,000 for your home today. You have your eye on a move-up home that previously sold for $500,000, but now is selling for $450,000. If you sold your home today for $270,000 and purchased the larger house for $450,000, the difference in price would be $180,000.
But if you waited to recoup the 10 percent value on your home and sold it at $300,000, chances are the move-up home would also increase in price 10 percent to $500,000. That’s a $200,000 price difference. So by selling today, you would actually save $20,000.
Q: Interest rates keep going down. Shouldn’t I wait until they go even lower before I buy a home?
A: Interest rates for 30-year, fixed-rate mortgages are currently around 6 percent and are extremely favorable for buyers. In fact, they are hovering near 30-year lows. But waiting to time the market is a dangerous game. Even those who follow the market for a living can’t figure out when interest rates will bottom out. If they could, they would all be multi-millionaires.
And home prices don’t necessarily move in unison with interest rates. So, if you decided to wait to purchase a home and the price dropped $10,000 from where it is today, you could still end up losing money. How? If interest rates were to move up by a half-a-point during this period, the savings on the reduced home price would be more than offset by the higher monthly payment you would be making over the life of the loan.
Q: I have $10,000 to invest. Should I put that money in the stock market or buy a home?
A: Purchasing a home is by far the best long-term investment. For example, say you use that $10,000 to purchase a $250,000 home, and the house appreciates a modest 3 percent during the first year. That means after one year, the house would be worth $257,500 – a gain of $7,500. By contrast, putting the same $10,000 in the stock market and posting a similar 5 percent gain would only net a $500 return on investment.
And don’t forget the tax incentives. In most instances, all of the mortgage interest and property taxes you pay in a given year can be fully deducted from your gross income to reduce your taxable income. These deductions can result in thousands of dollars of tax savings, especially in the early years of the mortgage when interest makes up most of the payment.
Q: I’m a first-time buyer and still can’t afford the type of home that I want. Is it best to wait, keep renting, and hope that prices will get even lower?
A: If you continue to wait, you may never be able to afford to get into the housing market. Even as home prices are currently moderating or falling, depending on where you live, rents continue to climb. When you buy a home, you are also purchasing price stability, knowing that you will pay the same monthly payment for the life of your 30-year, fixed-rate mortgage.
Once you become a home owner, you are able to take advantage of the tax deductions that homeownership offers, and you begin to build equity in your property.
With so many homes on the market to choose from, your best strategy may be to scale back expectations for your dream starter-home. After a few years, you can use those equity gains to sell your starter home and move into a bigger house. The sooner you make the jump from renter to home owner, the quicker you begin to create and build up wealth for your family.
Wednesday, January 14, 2009
Housing Stimulus Legislation Is Great News for Area Home Buyers
On July 30, President Bush signed into law what is by far the most important housing legislation this nation has seen in the last 50 years. Passed by Congress with widespread bipartisan support, the landmark housing bill should help restore confidence among prospective home buyers, stop the erosion of home values, provide a lifeline to borrowers facing foreclosure, and help repair an ailing housing finance system.
One important component of the bill is a $7,500 tax credit for first-time home buyers. This credit is available to anyone who has not owned a home in the last three years and meets certain income requirements. Specifically, singles who earn less than $75,000 or married couples earning less than $150,000 qualify for the full credit. It’s only available for those who close on a home between April 9, 2008 and June 30, 2009, so you can’t wait forever to take advantage of this once-in-a-lifetime opportunity. For details on how the tax credit works, including its refundable character and recapture requirements, go to www.federalhousingtaxcredit.com
As a home builder, I believe that the stimulative effect of the temporary first-time home buyer tax credit is likely to ripple throughout the entire housing market. For one thing, 40 percent of all home buyers are first-timers. But also, you have to understand that the marketplace functions like a ladder, where someone has to make it onto the bottom rung before someone else can trade up to a bigger, better home on the next rung. So helping first-time buyers should make it easier for everyone to move up a notch.
In addition to the tax credit, another key provision of the new law permanently raises the conforming loan limits for Fannie Mae and Freddie Mac, which account for about 70 percent of all home mortgages being written today. Loan limits are also increased for FHA-insured loans, and that agency’s programs are substantially modernized and expanded to allow it to once again play a valuable role in the affordable mortgage market. This last element is especially important since the fallout of the subprime mortgage mess has caused credit for lower-income borrowers to all but evaporate.
Of course, the latest housing legislation is not going to turn around the national housing downturn overnight. But it does represent a critical turning point for all of us, and the promise of a much brighter and healthier marketplace on the horizon.
Subscribe to:
Posts (Atom)
