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!

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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.

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An Interesting video from CNN on Housing Prices

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$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

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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.

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For more information or for additional testimonials please email me at knoble@campbellhomes.com

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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.

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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.

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Buying a New Home In Today's Market

There are many steps you need to take when buying a home but many Americans fail to realize that homeownership is actually more attainable then they might thing.

Top 5 steps of buying a new home.

Figure out how much you can afford.
When if come to buying a home it’s not a guessing game it’s a numbers game. How much you can afford is based on income, credit, currently expenses and the interest rate. Most people use a online mortgage calculator to figure this out but those numbers really do not drive into the issues of credit, expenses, income, or what mortgage plan you will qualify for. The best way to figure this out is by talking to a mortgage professional. If you are in Colorado Springs or plan on buying a new or used home in Colorado Springs I would recommend you call Donnie at Peoples mortgage.

Examine your needs
You really need to think about what you need in a new home or new neighborhood. If you are retiring and this is the last home you will live in then you might want to consider a ranch floorplan. If you have school aged children then researching the schools and looking into neighborhood parks and recreation might be important. Knowing your priorities before you shop will make it a lot easier to narrow down your search for a new home.

Decide on if you want to uses a REALTOR on go it alone.
If you are new to a town or think you will be wanting to look at ALL your options, a REALTOR is a great friend to have. Real Estate Agents know the areas inside and out. They know prices, neighborhoods, schools and usually are great at matching families up with communites that just fit. But be aware that not all REALTORS are made for your needs so makes sure you pick one you are comfortable with, and that represents you well before you sign any agreements. If you are buying a new home in Colorado Springs I would be happy to point you in the direction of some of the BEST Real Estate Agents in town.

Shop
Now for the fun part! Shopping for a new home can me tons of fun but if you don’t have an idea of what you are looking for before you start you can get burned out pretty quickly. Will you buy new or used? What side of town, what time of floorplan? It can be taxing but again if you do your homework before hand you could find your perfect match in a few days. In Colorado Springs there are several homebuilders and even more resale homes so have a game plan and get out there and have fun!! Oh most new home builders offer cookies in their models (just a hint). Feel free to read my blog about the advantages of buying new.

Buy
Okay it might not be all that simple but when you find that home that fits most of your wants and all of your must haves then you need to make an offer and sign the paperwork which will put you in the fast lane to ownership! YEA! You are almost done and yet the steps that follow the purchase agreement are the most stressful sometimes because you have to do a lot with mortgage people and paperwork. But I promise when its all said and done you will be so happy you got through it all because there is nothing better than sitting down in your new house and knowing this is all yours!!

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