Builders buying up land while prices are low July 31, 2008

I’m just going to go ahead and copy/paste this article, because it’s a good one. I find it very interesting that builders are buying up land now that it is cheaper. They are preparing for the upswing, just like I am by taking classes and learning all I can during this “slow” time. When the train starts rolling, I am ready!

Daily Real Estate News  |  July 11, 2008Builders Bank on Turnaround, Buy Up Land

Builders, including Lennar Corp, KB Home, Hovnanian Enterprises Inc, Meritage Homes Corp., are back buying and developing land again.

Lennar spent $162 million on new land in the second quarter and will spend at least $200 million more by the end of the fourth quarter, JP Morgan analyst Michael Rehaut wrote in a note to clients. KB expects to spend $300 million on land and $400 million on land development this year, Rehaut said.

Hovnanian is working on a land development joint venture, company spokesman Jeffrey O’Keefe says. And Meritage is “beginning to shift from defense to offense,” looking to buy land in the second half of the year, wrote Wachovia analyst Carl Reichardt after meeting with Meritage management.

In theory, buying land now is a smart move, said Todd Lowenstein of HighMark Value Momentum Fund, which owns 187,000 shares of Pulte Homes Inc.

“You have to be a predator in these down markets to position yourself for the upturn,” he said.

Source: Reuters News, Helen Chernikoff (07/10/08 )

Moving with kids July 31, 2008

I think that as adults we are so worried about getting the house sold, finding the new house, packing, getting new jobs lined up, utilities, etc., that we can sometimes forget the little ones in our lives and how moving effects them. There is a lot of excitement surrpounding a move, and kids can get a bit stressed about it too, even though they have different reasons. Luckily, there are a lot of good resources out there for parents (and kids) about how to make a move easier.

Some quick highlights:

• Keep the children involved, let them choose how to decorate their new room, or give them jobs they can accomplish to feel like they are helping.
• Take photos or video of the new home so the kids can see it before moving day, so they know what they’re getting into.
• Let your children pack their own most prized possessions. I know for my sons, that would be a backpack filled with stuffed dogs and Pokemon cards. Let them take this with them, not on the moving truck.
• Consider an entertainment box to help keep little ones occupied while the movers work, including snacks, small toys and games.

For plenty more ideas, you can check these sites:

MoversNet

What kids who are Moving Should Do– this is a great site written for kids.

Easing the Trauma of Moving for Children

Poll shows people believe market will improve with new president July 26, 2008

According to a poll done by Harris Interactive for Move, Inc., 44% of home buyers think that the housing market will improve next year when the next president is in office.

“Survey Says”

The survey showed that 81% of home buyers are still nervous about the market and the obstacles that are keeping them from buying homes. The problems they face include lack of a down payment (28%), their income level (20%), lack of confidence in the ecomony (26%), and high home prices (31%).

Putting these fears aside can’t be easy, but many of the respondants do intend to buy a home in the future. Nearly half of current homeowners plan to purchase another home while 80% of renters plan to eventually buy. The poll also showed a slight shift in the way buyers are looking at properties they are considering. More and more buyers are willing to make sacrifices to save up a larger down payment, and are more willing to make compromises in neighborhood amenities. Buyers are taking current gas prices, growing environmental concern and the importance in community features into greater account.

“These findings show that despite the difficulties home buyers face in the wake of the subprime crisis and their concerns about economic uncertainty, underlying demand appears relatively strong. Consumers see better times coming,” said Lorna Borenstein, president of Move, Inc.

Personally, I am surprised by the statistic given for people who are concerned about the high price of homes. As we continue to see the prices drop throughout the country, homes are becoming more affordable to more people all the time. Please call me if you think you can’t afford to buy right now. I can help you sort through the rumors and give you the facts to help you determine is home ownership is right for you right now. I can also put you in touch with my trusted team of experts who can see if you can qualify for a mortgage.

You can find full survey results by clicking here!

Friday’s Featured Listing July 25, 2008

I am borrowing an idea from RISMedia’s Daily e-news. They send out a featured listing every Friday, and I thought it would be really neat to do the same thing in the Hendricks County/Indianapolis area right here on my blog! I am not going to spotlight only my own company’s listings, and I am not going to only feature listings that are at the highest price ranges (even though this first one is up there). I hope that you will enjoy these homes, and if you see one you would like more information on, just give me a call! So, without futher ado, my first Friday’s Featured Listing:

4758 Parkstone Lane, Avon, IN 46123

4758 Parkstone Lane, Avon, IN 46123–  Located in the very prestigious Parks at Prestwick, you will find this luxurious home. It is priced at just over $1million, and overlooks the 11th green of the Prestwick golf course. At over 6,000 square feet, there is plenty of room to relax. There are 4 bedrooms and 5 bathrooms, and more unique features like a sauna, spiral staircase, finished garage with a car wash, arched entryways, a master bedroom suite, full finished basement with a gorgeous bar, and multi-lever rear decks. This home is the perfect place for entertaining, whether it is a Super Bowl party or a formal dinner. Seller has even added a second custom staircase for easier basement access.

I have personally toured this home, and I was very impressed by the high-end finishes and trims. The gourmet kitchen makes me jealous, and the master suite with it’s huge bathtub and glass-walled walk-in shower would be extremely relaxing after a long day at work. I can just imagine curling up in front of one of the 4 fireplaces with a great book and a cup of hot chocolate on a cool night.

If you would like to see this home in person, give me a call and I can schedule your personal tour!

What is there to do?? July 24, 2008

School supplies are piled high at Target and Wal-Mart and every other store in the area. Kids are starting to pick out their backpacks and lunchboxes and school clothes, and parents are starting to dream happy dreams about getting the kids out of the house and ot having to hea “I’m bored!” every five minutes. BUT, summer is still here, and there is still plenty of summer fun to be had for all! Here are some fun things to do for the rest of July and August: 

Date: 7/24/2008 Time: 7:00 PM TO 8:30 PM Event Description: Free Concerts on the lawn of Washington Township Community Park. July 24th- DR. RHYTHM Don’t Forget your lawn chairs or blankets Performances are from 7:00pm to 8:30pm. Concessions will be available(please remember the park is alcohol free) Please check the Avon Chamber of Commerce website for full schedule!

Date: 7/29/2008 Time: 5:00 PM TO 7:30 PM Event Description: Come browse our farmer’s market on Tuesday evenings. You will find fresh and delicious fruits and vegetables throughout the summer and fall season. Washington Township Park, every Tuesday!

Date: 8/2/2008 Time: 8:00 AM TO 2:00 PM Event Description: Join us for an exciting and fun-filled day of friendly family competition! Washington Township Park in Avon is hosting our 1st Annual Family Field Days. Each family will compete against other families in traditional games like the three-legged race, water balloon tosses, sack races and more! This event is for everyone in your family. The cost of the Field Days is $10 per family. Lunch will be provided after the competition along with an awards ceremony!

Date: 8/6/2008-8/17/2008 Indiana State Fair Click here for Fair info.

Date: 8/23/2008 Time: 8:30 AM TO 3:00 PM Event Description: Geo-caching is an outdoor treasure hunting game where you use a GPS to hide and seek containers with other treasure hunters. We will be hiding containers throughout Washington Township. Get a team together of 2-4 people and become a treasure hunter for the day! The cost per team is $10. You must have at least one GPS unit per team. Pre-registration is preferred.

If you would like your event to be posted here, just send me an e-mail or leave me a comment!

Davis Homes to Cease Operations July 24, 2008

This housing downturn has been rough on a lot of people, and now another Indianapolis builder is falling victim to the slump. Davis Homes, a family owned builder established in 1985, has about 10 communities still in various stages of being complete. Most of the communities are going to be finished out by other builders, hopefully in similar quality as they assure on their web site.

Over the past few years, housing starts have continued to drop. The Indy Star reports that from 2005 to 2007, annual housing starts have dropped 45%.  

One thing I can say for Davis Homes, is that if there is a “right way” to cease operations, they are doing it. From Davis Homes’ statement, “Unlike some companies that simply closed their doors, Davis has worked hard during the past few months to implement a plan to complete all the homes that were under construction and to pay homebuilding vendors and subcontractors. In addition, Davis invested in warranty insurance plans for all of its homes and homeowners to ensure that future warranty obligations will be met.” I feel like that is a very noble move on their part. They aren’t trying to burn bridges, they are not filing bankruptcy and they are not hanging their customers out to dry.

I remember when I first moved to Avon, people were starting to complain that the town was growing too quickly. There were too many new home subdivisions and too many homes on the market overall. They were even talking about not allowing any new home building for 6 months. Now, with housing starts way down, and a market where people aren’t moving unless they have to, we are starting to see the amount of inventory decreasing. As the inventory of homes available continues to decrease, the market will continue to “right size” itself, I believe. I don’t have my crystal ball with me today, but I feel optimistic about the number of homes available going down for once. Perhaps those old laws of supply and demand will have a chance to balance themselves better.

Read the Indy Star article here.

Read Davis Homes’ statement here.