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Why New? Why Now?
In: Best Time to Buy
16 Feb 2010
Are you thinking about purchasing a new home but have been waiting for the market to turn around? Well, wait no longer because now is the best time to purchase your new home.
Since the housing recession began, almost four years ago, land values have dropped to pre-boom levels. So what does that mean? More affordable new homes! The demand for housing has been fairly consistent; we simply saw the more affordable resale homes capture a larger share of the market. The value of new homes was overburdened by high land cost. However, the correction in the market has brought new home prices back down and now is the best time to purchase a new home.
So Why New?
- New homes offer up-to-date plans and features for your lifestyle.
- A new home provides the security of a warranty, which eliminates hidden costs or unanticipated repairs.
- New home efficiency saves you money.
- New home purchasers often enjoy savings on homeowner’s insurance premiums.
- Today’s more stringent construction standards mean new homes meet tougher structural requirements.
- Up-to-date electrical means safer operation, more outlets and the ability to handle the latest in computer, cable and phone service.
So Why Now?
- Interest rates are at an all time low but will not stay there forever.
- Banks have normalized credit requirements and 95% loans are available.
- FHA loans are great solutions, requiring only a 3.5% down payment.
- The federal tax credit has been extended and expanded, which dramatically helps with cash down payments. The tax credit expires April 30, 2010.
- Pricing has stabilized as inventory has come into balance. The fear of down side has been nearly eliminated.
- The ‘Honey Do’ time can be reinvested in your families, your hobbies or just being you.
So don’t miss this opportunity. Buy new and buy now.
Authored by, Jeff Kingsfield, Sr. VP of Sales for John Wieland Homes and Neighborhoods
Proposed Rule Change from the FHA
29 Jan 2010
The Federal Housing Administration, more commonly known as the FHA, is proposing a new rule that could reshape the mortgage industry. The rule, Strengthening Risk Management through Responsible FHA-Approved Lenders, focuses on increased net worth requirements for mortgage lenders. In short, with this change, the lender will assume more liability on originating FHA loans.
To date there are about 13,800 registered lenders in the country originating FHA loans. The new proposed rule increases the net worth requirements for these lenders. As the rule stands, it would eliminate about 93% of currently approved mortgage lenders. Although the rule has not yet been implemented, it is already changing the lending industry. For instance, many brokers are now making the decision to either shut down or move to another company to originate FHA loans.
So what can you do to protect yourself as a new home buyer? Research your lender before committing to financing with them. Consider asking your lender the following questions:
- Are you owned by a bank? If they are, they typically will meet the new net worth requirements.
- Do you meet the new FHA net worth requirements? The safest bet is to look for a well-known name for lending. With this ruling, safety comes in the size of the lender.
In the end, it is important to do your research. Ask questions and be informed.
Authored by Jeff Sickeler, Sales Manager for WFS Mortgage, LLC an Affiliate of Wells Fargo Home Mortgage
Without question now is the time to purchase your new home. However, not every home is equal. In today’s market, many buyers are getting what they think is their dream bargain home, only to find out that they bought a money-pit nightmare.
In her article “Beyond the mortgage payment”, MarketWatch writer Amy Hoak points out that homeowners need to “expect the unexpected.” For instance, furnaces typically last 12-15 years and can cost anywhere from $1,000 to several thousand dollars installed, while water heaters typically last 10-12 years and can cost from $350 up to more than $1,000. These are just two examples of major home components that wear out over time. Other minor repairs like small leaks that are not fixed in a timely manner can lead to major bills for things like wet or rotting floors, walls and ceilings.
Experts suggest that homeowners should have at least 1% of the value of their home, but preferably 2-3%, set aside in savings for home improvements or unplanned home-related expenses. Few owners have that safety savings, especially new homeowners, who often put most or all of their savings into their down payment. One exception to that savings rule of thumb is for those who are buying a new home with a new home warranty.
John Wieland Homes and Neighborhoods offers the best new home warranty in the business, a 5 year - 20 year warranty that no other builder can match or beat. Having a new home warranty can save you thousands each year compared to purchasing a resale or foreclosed home that comes ‘as is’. In today’s market make sure you take all factors into account to find your dream home and don’t end up with a nightmare.
Authored by, Barry Gittleman, VP of Land and Strategy for John Wieland Homes and Neighborhoods
Thankful for Sales Up Over 66 Percent
In: Best Time to Buy
2 Dec 2009At John Wieland Homes and Neighborhoods, we are thankful for a much better market in 2009 compared to 2008. Our sales are up 66% year-over-year as homebuyers return to the market.
Driven by the trifecta of the extended/expanded federal tax credit, historic low interest rates and low home prices (down at least 20% from their peak), homebuyers realize that now is the time to buy. However, it is only a buyers’ market if you buy, and the combination of rates, prices and selection will not last through the spring. This is your moment to buy a new home from the builder you trust before the market edges higher. Thank your government for the incentive and make the move, now is the time.
Authored by, Jeff Kingsfield, Sr. VP of Sales for John Wieland Homes and Neighborhoods
About this blog
Welcome to GetHousingMoving.com, a blog designed to raise awareness of the importance of housing to America’s economic recovery and to share knowledge that we’ve collected over our 40 year history. Enjoy!
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- Why New? Why Now?
- Proposed Rule Change from the FHA
- Hidden Home Costs Can Be Huge Without Warranty
- Thankful for Sales Up Over 66 Percent
- Tax Credit Expanded to Include Current Homeowners
- Luxury Showers vs. Whirlpool Tubs, Thoughts?
- Why a New Home is a Better Option than a Resale or Foreclosure
- New Homes and the Laws of Supply and Demand
- Act Now to take Advantage of the $8000 Tax Credit
- Some Real Data on the Atlanta Housing Market
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