Builders take out more permits to build than expected
NEW YORK (CNNMoney.com) -- The nation's builders boosted their production in May, starting new housing units at an annualized rate of 532,000, up 17.2% from the revised estimate of 454,000 in April.
The data release, a monthly report from the Census Bureau, also revealed that building permits jumped by 4% to a rate of 518,000 from 498,000 in April. Both figures were higher than expected. A consensus estimate from Briefing.com had forecast that starts would rise 485,000 and permits to 508,000.
Labels: builder, market, new construction, real estate
Homebuilders are growing more optimistic about the state of housing and say they see signs that the end of the housing market's three-year downward spiral may be near!
The increasingly upbeat mood was reflected in an index of builders' confidence released last week, which rose for the second month in a row in May. A separate report by the industry's trade group showed housing affordability improved in the first three months of this year amid falling home prices and low interest rates.
Labels: 2009, builder, Home, market, may, real estate
If you are like many home buyers in Forsyth County, Alpharetta and the surrounding areas, you may be considering purchasing a newly built home in a swim/tennis community. Before you make your decision,
there are a few things you need to remember.
1. DO NOT SETTLE FOR THE LIST PRICE. New home sales have dropped drastically. Builders are sitting on homes that they need to sell. Negotiate!
2. USE A LENDER YOU TRUST. Builders will often offer to pay closing costs with a preferred lender. Many times I see a buyer fall for this, then end up paying a higher interest rate in the end. Bottom
line on obtaining a mortgage: Use a lender you trust.
3. PAY FOR AN INSPECTION. Just because it's a new home, does not mean there are no construction errors along the way. A multiple stage inspection is ideal: Foundation, Framing & Final. Any major problems need to be presented to the builder & resolved. This will also give you an idea of how your builder will respond during the Warranty Period, after you've moved in. (By the way, make sure the builder offers a Warranty!).
4. ASK THE NEIGHBORS. Don't be shy....ask homeowner's in the neighborhood how the builder rates. This is one of the best ways to find out your builder's reputation.
5. COMMUNITY RESEARCH. Make sure you do your homework on that community. Read the covenants that govern that community and understand the HOA in place, if any.
6. BRING YOUR OWN REALTOR. The on-site agent at the community represents the builder. Bring your own Realtor to represent you. It's the wisest decision you will make.
Please consider our team at
Vanderhoff Real Estate to help you succeed in your next Real Estate transaction!
Labels: builder, construction, HOA, inspection, new home, real estate, realtor, vanderhoff, warranty
