It's Time to Build!

I attended an online seminar ("Stimulus and the Housing Market") yesterday put on by Professional Builder Publications. Here are a few interesting tidbits.

1. First time home buyers can still get an $8,000.00 tax credit if you purchase the home by December 1 of 2009. There is speculation that this credit may be extended or even expanded to non-first time buyers. Let's hope.
2. For those thinking of remodeling tax credits are available for window and door replacements and / or other energy improving strategies. You can get more information on this at www.energystar.gov/taxcredits
3. The Home Affordability Index is at a record high. This means that construction costs are low and financing is still relatively cheap. If you are in a position to build or buy, this is truly the time to do it.
4. Consumer confidence is just beginning to improve.
5. Single Family housing is expected to begin modest recovery soon. Multi-Family is expected to lag for a while.
6. Existing home inventory is still high, but it is going down. This is a good sign.
7. U.S. construction spending is expected to start increasing by end of 09' or early 10'.

So what is the point? Now is really a good time to buy, build or remodel. Low consumer confidence and low demand are keeping construction costs down while financing costs are still relatively low. This is a good combination if you are in a position to take action. Once recovery starts to happen you know where construction costs are going to go.

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