Happy New Year!

It is almost the New Year!!!! Wow...this year has gone by quickly....and holy cow...what a year it has been. To you and yours all the best for the Holiday Season and the New Year!

The year has produced some big challenges as well as opportunities. Certainly more challenges await us all...and frankly I am thankful for each....they make us stay sharp and get better...(however I think we could all use a bit of a break from the number of them).

Yes.....there are opportunities right now....and some are pretty unusual...and probably will not be re created or present themselves again any time soon.

I keep saying this...and will do so probably until I can not say it anymore.....If you are thinking about buying a home....any home...used or new....now is the best time to do so..... If you know anyone who can, is thinking about...or should consider buying...now is the time to encourage them to do so. Why?

Affordability of real estate is outstanding...arguably best ever levels.....As David Crowe, Chief Economist for the National Home Builders Association stated in the December 09 edition of Builder Magazine ( see www.builderonline.com )"the fall of interest rates has increased affordability significantly even if incomes have not changed significantly.....at current interest rates, a one-quarter percentage point change in mortgage interest rates has about the same impact on affordability for the median priced new home as a $6000 change in the mortgage amount". He goes on to say "The NAHB- Wells Fargo Housing Opportunity Index (HOI) is a more sophisticated measure of regional or across-time housing affordability. The HOI measures the share of recently sold homes that the (a) household with median income can afford......The national index averaged 60 between 1992 and 2002....before dropping to a cyclic low of 40.4 in the third quarter of 2006...reflecting the rapid rise in house prices relative to incomes (at that time).......Since the beginning of 2009...the index has risen to over 70...as both house prices and interest rates have fallen significantly...the current record high HOI is further confirmation that affordability is at its best in recent history".

Add the governments incentive (home buyers stimulus) and a first time buyer can gain a $8000 tax credit....and an existing buyer can gain a $6500 credit ( see www.newhometaxcredit.net for program details ) and the incentives become more pronounced!

For the above reasons, and others I have stated during the year (see www.eastbrookhomes.com/promotions/buynewbuynow.html )....now is a great time to buy a home. Do not miss out...or let those you know who may be able to take advantage of the opportunity....miss out....it is a great time to buy.

Have a happy Holiday....and a great new year!

Happy Thanksgiving

It is the time of year that is very special and important. Family and friends, fun and good food. Most important it is time to say thanks.

To all of you and yours, happy Thanksgiving.

It is That Time of Year....

Hard to believe that it is time to prepare for the onset of winter.....

I was cutting my grass (hopefully for the last time) and as I passed by my outdoor faucets, the air conditioning unit among other things...it set in....

Time to winterize my house...probably good to remind all....
Remember to;
1) Take off all hoses from outside faucets. A hose that remains connected to the faucet is a certain precursor to freeze burst and a leak in your house.....
2) In some instances there are shut offs (inside the house) to your exterior faucets as well. Turn them to off and drain the line (turn on outside faucet).
3) Cover your air conditioning unit.

Most new homes are pretty maintenance free....but it still requires some simple effort (maintenance) on your part to keep your home in good working order...so you will not have any problems during the winter.......

Rock On!

Lots of discussion about the First Time Home Buyers Tax credit again. The potential of the tax incentive ending, certainly is near, of course, unless it is extended by congress.



It appears that the incentive worked.....there are number of studies that show sales of existing and new homes have been positively affected by the stimulus. (see link)

http://www.fixhousingfirst.com/media-room/2009/09/news-study-shows-effectiveness.php

Many builders and others in the real estate industry would like to see the credit extended to all buyers. And there is much credible support outside the industry...as many economist and politicians are touting the need to extend the stimulus. What do you think?

Parade of Homes

We are currently in the midst of Fall Parade season...the Parade of Homes....in both Grand Rapids and on the Lakeshore are underway. While the number of homes in the Parades are down, the traffic that we have seen so far is good. The Parade is a great opportunity for prospective buyers, folks looking for new interior desing ideas, or for those looking for a fun time.

Last night we had our Grand Opening at West Hamptons....our newest community in the Forest Hills School District. It was fun...and it was great to see all the new faces as well as many old friends. Thanks to all that made it.

And remember...it is a great time to buy a new home!

Rock on!

New Season

Hard to believe that it is football season already. It has been a long wet summer in Michigan. It would be great to have a nice fall. It has been a long challenging year....maybe things are really changing....

One thing that is changing is the first time home buyers stimulus. While there is some talk of an extension by congress, it certainly is not a certainty. For now, the stimulus is set to expire November 31. It is a great incentive for a new buyer to take the plunge, and enjoy the privilege and benefits of home ownership. If you know of anyone that has not ever owned or who qualifies...or someone who should buy (and qualifies)...now is the time.

Have a great fall...enjoy the season....

The American Dream....part 2

A while back I talked about the American Dream....and the importance of home ownership to the American Dream. Maybe I am still biased because we build and sell new homes, but needless to say I was very happy to see that many Americans agree.....

A recent study study commissioned by www.Bankrate.com found some reassuring and I think very positive results. Chief among the results was that 92% say that a home is a good investment for the future.

Another notable quote from this study was a statement from Greg McBride, Senior Financial Analyst for Bankrate " Houses are homes first and investments a distant second" I could not agree more...we, for whatever reasons, over the last few years, lost site of the true purpose of our homes ....they are our castles, refuge and place for family, friends, holidays, birthdays and other important events and memories. Yes, homes will appreciate in value (given we take care of them) but they are not a commodity like stocks and bonds...they are a center piece and anchor for your family and your life.

Realtor Magazine ran and article titled "Buyers Rush to Beat Tax Credit Deadline" . It describes a flurry of activity by first time buyers in the market trying to take advantage of the governments $8000 first time buyers tax credit prior to its expiration on November 30, 2009. "Because mortgage approvals, residential inspections, and other steps in the buying process typically take about 2 months, buyers hoping to take advantage of the incentive will need to have a contract by the end of September"
"The new flurry of activity, now as house-hunters try to meet the deadline, is triggering bidding wars and energizing the property market, which historically is slow at the end of summer. As a result more homes are getting their full asking price." (Realtor Magazine).

I can not say we have seen "bidding wars" but the stimulus has spurred activity and sales for us. I hope to soon see bidding wars ( wow that would be great)!

Rock On!