Is it a good time to buy?

Is it a good time to buy?

I frequently get asked that question. I was asked the same question in 2006, 2007, 2008 as well. My answer has always remained the same…it depends. The question is more than a timing issue for most people. The fundamental question you need to answer first is “why do you want to buy now?” If you have a change in family size, change of employment, change in income, or if you are seeking a new neighborhood; then perhaps there has never been a better time to buy a new home. If you are merely “speculating” that today’s low prices mean a future equity bonanza then I would suggest investing in the stock market and staying where you are while you do some more research.

Homes are different than housing. Your home is more than an investment or wealth vehicle. It should be a stable environment from which you and your family can find refuge from the stresses of the outside world. A home is a sanctuary where you can live your life in pursuit of the “American Dream”…the home is not the “American Dream”. The freedom and pride of living in your own home is the dream. The home does not come furnished with good or bad “karma”…you bring yours with you when you move in.

I thought it might be helpful to look at this moment as an ideal time to do some research. If you are armed with the facts you can better determine whether it is a good time for YOU to buy. I have assembled some recent links from various sources. These links can help you sort out your goals, answer some questions and allay some of your fears.

At Lakewood Homes we want to help you buy your new home. We can help you gather the information you need…

>How to sell your current home in a challenging market
>How the new changes in mortgage lending will affect you
>How to improve your credit to take advantage of today’s phenomenal rates and prices
>What benefits are available to first time and re-entering home buyers
>How much home you can afford
>And more…

We can help you answer those questions. We look forward to assisting you as you answer the big question…

“Is it a good time to for you to buy?”

Check out these sites for some great info...

NY Times article on the new rules for homebuying (they look a lot like the old rules).

Homebuyer FAQ'S

How much home can you afford?

Monthly costs plus mortgage calculator

Monthly payment mortgage calculator

CNBC Spring Home buyer’s guide

CNBC's RealtyCheck Blog

Here is a snipet from CNBC this morning talking about the improving housing data...

Great Time to Own Your First New Home

In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers.

You might ask "Who qualifies?" Here is your answer.

What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

But time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible.

Other facts you need to know:

The tax credit is for first-time home buyers only.

The tax credit does not have to be repaid.

The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.

Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

Visit the Federal Housing Tax Credit website for comprehensive information on this new bill!

Featured Home of the Week: The Richmond

Save over $40,000 on this home!
Originally priced at $246,000!

Now offered at $199,990!

A spacious two-story, 1,878 square foot home with three bedrooms and a loft, two-and-one-half baths, living room, dining room, and open family room that flows into the kitchen/breakfast area. This Richmond includes options such as a shower in the Master Bath with a double bowl vanity, a railing, and a full basement. Interior selections include stainless steel appliances, cherry cabinets in the Kitchen, and six panel white Colonist doors.

This home is currently under construction. The Richmond will be ready for an April move in date. We have provided the following video virtual tour of our Richmond showcase model to give you a sense of this beautiful floor plan. We have selected features for this home that are inspired by the showcase model.



For more information about this Richmond, give our sales center a call at (815) 267-8555 (homesite 209.1). You may also visit Lakewoodhomes.com to view the floorplan and learn more about our Country Homes.

Smart. Green. Living.

Lakewood Homes has a great new page on our website...Smart-Green-Living.

The "green movement" has become mainstream. What’s more, it’s become essential. Rising energy prices have made this clear. Green building isn’t a fad; it’s here to stay. And Lakewood is committed to it. We’re pioneering green techniques to save you money. We build environmentally responsible homes with energy-saving features. Our framing reduces gaps. Our wall and attic insulation provide a tight seal. Our vinyl windows preserve energy. This doesn't just help save the environment. It helps you save thousands of dollars. Below is a list of energy-saving features which are available in your new Lakewood home.

R-13, R-30 and R-38 insulation is used in walls and attics, along with energysealing house wrapping, and insulated basement and garage walls are available to protect against energy loss year round, resulting in significant savings.

In today's economy, it's smart to be concerned about energy consumption as well as a clean, healthy environment. That's why Lakewood is committed to creating homes and communities that represent "smart green living." Lakewood homes are remarkably energy-efficient. Green means respect for the environment and energy-wise technology, but it also means something very basic: Money saved. That's smart.
Lakewood has built more than 15,000 new homes and has planted more than 50,000 new trees. The planting continues, as does the creation of parks and natural areas at every Lakewood community.

In addition to featuring energy-wise construction techniques, Lakewood homes are in communities that benefit from our bringing thousands of new trees into the neighborhood. We also reclaim or create wetland habitats. And we set aside a large percentage of land for open spaces like parks and nature preserves. This is today's American Dream from Lakewood Homes: smart, green living.

Little things can make a big difference. Built-in digital thermostats are available to regulate pre-set day and night temperatures so you can cut energy costs automatically.

The smart green features in a Lakewood home aren’t there to be trendy. They're a natural part of living well. When you live well, you enjoy more than clean air and a community that's rich with trees, parks and gardens. You also live economically. Features built into your home help you save money instead of wasting it. See the back of this page for a list of Lakewood’s "smart green living" features. And be sure to discuss them with your sales representative for more details and money-saving ideas.