Posts filed under 'Home Buying'
By Jerry Nesbitt
Coldwell Banker Bullard Realty
There is a saying in the real estate business when the question is asked, “When is the best time to buy a home?� The answer, which is true, is “Now�.
There are many benefits to purchasing a home now. First, prices of homes are down from record highs. Also, the real estate industry has the highest inventory levels of homes in over 20 years, (see www.cbbullard.com). There are several reasons for this. The glut in home mortgages that are in default and over building by some builders in certain areas of the country has caused them to provide larger incentives to buyers to purchase their homes. Both of these should allow you to build equity in your home faster. Second, interest rates are still very low. For qualified buyers, a 30 year fixed rate mortgage is in the low 6% range. And last, the enjoyment of owning your own home is the greatest benefit.
I would suggest that your find a professional realtor who works for a company who has been through the ups and downs of the real estate market over the years and “purchase your home now�.
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(Jerry Nesbitt is general manager of Coldwell Banker Bullard Realty, which has seven offices in the Metro Atlanta area and is the parent company of Coldwell Banker American Land Mart. This column originally appeared in the “Bullard Blog�, a regular feature of the company’s website at http://www.cbbullard.com/. He can be contacted at 770-477-6400, or email nesbittj@coldwellbanker.com.)
May 16th, 2007
By Mike Daughtry
President, Home Builders Association of Midwest Georgia
Americans remain highly confident about the nation’s housing prospects, with more than four out of five home owners expecting the value of their home to appreciate over the next five years and nearly seven out of 10 calling it their most valuable investment, according to results from a new nationwide survey.
The poll clearly debunks the more sensational media reports speculating on the demise of the housing market. And it is interesting to note that other polls conducted by major news organizations have come up with similar results, indicating that despite the current housing market downturn Americans resoundingly believe that buying a home is the best investment they can ever make.
The survey of 2,000 households, including more than 1,750 registered voters, was conducted by RT Strategies between Oct. 26-29, 2006.
The polling found that 81 percent of home owners believe that the value of their homes will rise over the next five years. Only 13 percent felt their home would fall in value, while 4 percent expected no change and 3 percent were unsure. In addition, 69 percent of the respondents listed their home as their most valuable investment. By contrast, this was followed by 401(k) and other retirement accounts, with just 11 percent of those polled citing this as their top investment.
Looking ahead, the National Association of Home Builders said the housing market is poised for solid and sustained growth in the future.
Currently the market is in the midst of an inevitable adjustment following the housing boom of 2004-2005 when housing market activity soared to unsustainable levels. Housing demand should stabilize in short order and the downward adjustment to housing production should run its course by mid-2007. The market that emerges from this correction will display good balance between supply and demand and move to a healthy and sustainable trend based on solid underlying fundamentals.
In the meantime, for more reasons why housing is a great investment, and why now is a great time to buy, visit www.nahb.org/timetobuy . To sign up for NAHB’s free consumer e-newsletter, visit www.nahb.org/housekeys .
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(Mike Daughtry, who is president of Hilpine Builders Inc. and publisher of 20 South Magazine, is the current president of the Home Builders Association of Midwest Georgia. One of the top 100 Home Builders Associations in America, the HBA of Midwest Georgia serves over 800 members in Fayette, Coweta, Spalding, Meriwether, Heard, Pike, Upson, Lamar, Butts and Jasper Counties. For more information about the group contact Executive Officer Sandy Boda at (770) 716-7109.)
January 11th, 2007
By Sandy Boda, Executive Officer
Home Builders Association of Midwest Georgia
The New Year is just around the corner and millions of Americans are once again agonizing over which resolutions they will take with them into 2007. The gym membership will be renewed, with promises that it won’t go unused after February 1. This will be the year you will fall in love, quit smoking, get a better job and finally go through the ominous stack of files that have been in the attic since 1985. Right?
Why not make this year’s resolution one that will last long into the future — long after you’ve stop bothering to set the alarm an hour early to go for a run and decided that attic organization is overrated. Buying a home is one of the best investments you can make. Resolve to assess your finances and get on the path to homeownership with these following tips.
First of all, figure out how much you can afford. This depends on many factors, including your credit rating, your current expenses, cost of a down payment, and interest rates.
The National Association of Realtors (NAR) recommends that potential buyers check their credit report carefully. This can be an important step. According to NAR, buyers with inaccurate information on their credit report may have a hard time obtaining financing, or may be offered loans at higher-than-market interest rates. Work with a qualified lender on getting together a budget and collecting helpful advice before buying a home.
When shopping for a mortgage, consider all of your options. The Mortgage Bankers Association (MBA) recommends that potential buyers build a list of lenders you are interested in to stay organized. Word of mouth also can be powerful, and MBA recommends talking to people you know that own their home and see how they like their lender. Don’t fill out any paperwork until you have met with several lenders on your list and don’t settle for your first offer. There are many options in terms of a loan and not every option is right for every buyer. Make sure you are dealing with someone you trust and work well with.
Don’t forget that you will need a down payment up front and money to make monthly mortgage payments. Keep in mind that tax advantages to being a homeowner can help offset these costs. Being late on these payments can lead to foreclosure in a worse case scenario, so be realistic and shop around until you find something in your price range. Familiarize yourself with the mortgage process before you begin looking for a home. You will have a better idea of what is and is not in your price range. Don’t forget to research Federal Housing Administration programs that offer lower down payments. They are often a good option for first-time buyers. Get educated about topics such as predatory lending and fair housing laws. Make sure that you know your rights and are alert to anything that seems off.
Learn about the areas and neighborhoods you are interested in buying. The internet can be a great resource when home shopping. According to NAR, 77 percent of potential home buyers use the internet to search for homes. Shop extensively and don’t limit yourself to just one neighborhood. In today’s market, you may be surprised at how much house you can realistically afford. Find a real estate agent that you trust and you feel represents your needs well.
Deciding to become a homeowner is possibly the best resolution you can make, and one that will last long after future resolutions come and go. Find out what current homeowners already know. According to a recent nationwide survey, 69 percent of homeowners think of their home as their most valuable investment. By contrast, this was followed by 401(k) and other retirement accounts, with just 11 percent citing this as their top investment.
With careful and thoughtful planning, you will be moving into your new home before you know it. If you have questions about the home buying process, contact youR local Home Builders Association or visit the National Association of Home Builders at www.nahb.org/timetobuy. To sign up for NAHB’s free consumer e-newsletter, visit www.nahb.org/housekeys.
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(Sandra J. (Sandy) Boda is executive officer of the 650-member Home Builders Association of Midwest Georgia, and she has also been serving as president of the Georgia Executive Council (GEOC) for the Home Builders Association of Georgia for the 2005-2006 year. As executive officer of the Home Builders Association of Midwest Georgia since December 2001, she coordinates the association-related activities of HBA members in 10 counties , including Butts, Coweta, Fayette, Heard, Jasper, Lamar, Meriwether, Pike, Spalding, and Upson. )
December 15th, 2006
By Sandy Boda, Executive Officer
Home Builders Association of Midwest Georgia
This year, the National Women’s History Project, a nonprofit organization that recognizes and celebrates the diverse and historic accomplishments of women, focused around a theme that seemed uncannily apropos-Women: Builders of Communities and Dreams. In fact, 47 percent of privately-held U.S. firms are women-owned, with the greatest growth occurring in construction. And since 1997, women-owned businesses in the building industry have grown by 30 percent.
According to a 2004 Harvard Joint Center for Housing Studies report, “women play a larger role in housing markets today than ever before.” The stereotypical male-dominated industry image is changing, with women working in all areas of housing including building, developing, remodeling, sales and marketing, financial services and others. With women’s leadership and perspective increasing in so many aspects of housing, and their overwhelming purchasing power-women purchasers of consumer products represent at least 80 percent of all buyers, according to one study-women homeowners are being courted in new and innovative ways.
“Women are the driving force behind home buying, both historically and today,” said Roberta Colmer, vice president of Colmer Construction in Calabasas, Calif. “The more astute builders have been recognizing women’s influence on home purchasing for years. We are the nesters and our homes are the center of our family life, even if we work full-time outside the home. Builders are realizing that and focusing more and more on women’s interests in the home.”
Colmer Construction is a family business, run by Roberta and her husband Wayne, and Roberta said she has been reviewing plans from day one. “Women have a different perspective. The first things guys look at in a house is where the big screen TV is going or where the work room is. Women want security, lots of storage and proximity to great schools.”
Colmer said built-in security systems are in huge demand by women homeowners. She’s seen a recent increase in pre-retiree homeowners, women in their early to late 50’s whose husbands have five to eight years of working left. Typically, the women work at home, work part time or have already retired and are living in their second home, the home they plan to one day retire in. Their partner continues to commute and lives at the home two to four days a week. It’s an interesting trend and one that contributes to the increase in security system demand.
Another interest of women homeowners is better lighting in the master bath. Skylights, extra vanity lighting and overhead lighting help women apply makeup in more natural, well-lit environments. Other desired features include designer kitchens, bright colors, high quality finishes and more counter space.
One growing population of women that is having enormous impact on home buying is single women. According to the National Association of Realtors, single women-a group that includes divorcees, single moms, widows and never-married women-have become the second largest segment of home buyers in the country, exceeded only by married couples. Colmer said that in a recent development of 30 homes that her company built, half of the homes purchased were by single women, the other half by couples. No single men purchased homes. According to Fannie Mae, by 2010 some 31 million single women will own homes, an astounding 28 percent of all U.S. households.
Single women tend to prefer smaller homes than married couples and enjoy the amenities available in urban locations. They value quality, and are very conscientious of design trends. There are differences in the single women market, of course. Older women prefer upscale, expensive appliances. They generally have money to spend and want top-of-the-line materials. Women in their 30s and 40s view housing more as an investment and typically look for homes that have great resale value. Single moms look for space for their money, with lots of storage and family areas. In any market segment, women are continuing to drive home trends and purchasing in new directions.
To find out more information on home trends for women, or how to find a builder/remodeler specializing in women’s interests, contact the Home Builders Association of Midwest Georgia at 770-716-7109.
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(Sandra J. (Sandy) Boda is executive officer of the 650-member Home Builders Association of Midwest Georgia, and she is also serving as president of the Georgia Executive Council (GEOC) for the Home Builders Association of Georgia for the 2005-2006 year. As executive officer of the Home Builders Association of Midwest Georgia since December 2001, she coordinates the association-related activities of HBA members in 10 counties - Butts, Coweta, Fayette, Heard, Jasper, Lamar, Meriwether, Pike, Spalding, and Upson. Sandy has been active in the Georgia Executive Officer Council since 2002. She received the nationally certified “100 Hour Designation” in 2003 for successfully completing a proscribed course of study for HBA executive officers. She has served on three national HBA committees: seminar, sponsorship and membership services. This year, she is chairing the sponsorship committee, which will be responsible for raising $200,000 to further the education opportunities of association executive officers nationwide. A native of Ohio, Sandy has been a resident of Fayette County since 1978.)
June 9th, 2006