Rates will rise, tax credit will go away, but there is still time if you act NOW!

In an article from my Lender friend Leah Marchbanks;

The general consensus is that rates will be moving up and there will no extension of the tax credit…..



In economic report headlines, Durable Goods Orders for March

fell by 1.3%, well below the 0.1% increase expected. The drop

was attributed to a decline in aircraft orders, and when stripping

out transportation, new orders rose by 2.8%, far better than

expectations of 0.7%, representing the fastest growth rate since

December of 2007. Durable Goods Orders are volatile reports

month to month, so we can't read too much into one report…

and we also must consider that these numbers are coming off

of very low levels, so it is easier to see sharp increases.

Mortgage Bonds remained lower on this news.



New Home Sales for March were reported this morning, and

very clearly, the First Time Home Buyer stimulus pushed

buyers into action. 411,000 New Homes were sold, which was

a huge increase from last month's upwardly revised 324,000

reading. The pace of sales also spiked, thus pushing the

inventory of unsold new homes down to a 6.7 month level, far

below February's 9.2 month reading. Weather also likely

played a big part in this improved number as we saw plenty of

snowstorms throughout the country in February, helping the

pent up demand be seen in March’s numbers. It will be

interesting to see how future numbers fare once the

government stimulus – the Tax Credit which expires next week

is removed.



Yesterday, the Treasury announced it will unload a whopping

$129B of debt next week in 2, 5 and 7 -year Notes. This supply

could be a headwind for Bonds next week, forcing mortgage rates

higher.

Check out the Blog on the CBH website!

This Blog highlights 7 of our wonderful, move in ready Homes here in Canyon County. We have many more to choose from, but you don't have much time to get into contract before missing out on the Tax Credit!!

Lumber prices are soaring!

Here's a great article that reinforces the need to get into a new Home sooner than later!


By Chris Hrapsky


New home builders are seeing an unexpected spike in construction costs.

Just as the housing market is starting to turn around, lumber prices have skyrocketed -- jumping 65 percent from last year.

It's good news for the lumber industry but bad news for people looking to build.


"Prices are going up, and they will continue to go up, and it's going to be a problem in the next few years trying to control that," Brett Griffin of Griffin Builders said.


According to the National Association of Home Builders, in 2005 lumber cost more than $400 for a thousand board-feet.

Last spring that price cut in half, dipping to about $200 per thousand board-feet.

A year later that price is going back up, so far at $342 per thousand board-feet.

During the recession, when homes weren't being built, production of lumber went down 45 percent. But now that the housing market is starting to turn around, the supply of wood simply isn't there.

"We will have to charge a little bit more because the cost of that home now is more than it was a few months ago," Griffin said.

In fact, Griffin says a person building a home who bought lumber four months ago saved about $20,000.

While consumers will have to pay more for lumber, one Green Bay distributor says the price increase is a good sign for the industry.

"The industry has been so depressed with pricing over the last five years that this is a necessary part of the business," Weeks Forest Products division manager Roger Thompson said.

It could take a while for lumber mills to catch up to demand, so experts say buy now before it goes higher.

"We'd be happy to sell more product today, yes!" Thompson said.

Why not just come in now?

I did a little blurb on what it means to procrastinate. Apparently there is something about our human nature that thrives on that rush of adrenaline when it gets down to the wire. You would think more potential Buyers would be clamoring to take advantage of the governments' generous offer of $6500-$8000 to those folks who purchase a Home before the end of April. However, I am sure the clamoring won't start until it gets closer to the deadline; and unfortunately there will be a lot of people who miss out. Whether they get stuck on the idea of 'saving' money by buying a short sale, or tied up in a bidding war on a foreclosure too many Buyers will get left out in the cold on this wonderful tax credit...
We would like to offer to help. Here at CBH Homes you can even pick your plan, community, and lot and get it completed in time as long as we get you in contract by the 15th of April. If you would prefer to just grab one of our already completed spec Homes, you still have until the end of April, but don't wait too long. Inventory will get thin and we want to make this a wonderful process for you!
We also have Guild Mortgage Lenders on-site and ready to get you qualified. There really is no reason to put it off to the last minute. If you are looking for the rush of the last minute thrill, go join our fearless leader and jump out of a plane! When it comes to finding your next Home, let's do it right, and get it done right now!

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Purchase a raffle ticket for only $100 to make a childs' day, and you have the chance to win a House...

1st time HomeBuyers Why are You procrastinating?

Procrastination refers to the counterproductive deferment of actions or tasks to a later time. Psychologists often cite such behavior as a mechanism for coping with the anxiety associated with starting or completing any task or decision.[1] There are three criteria for a behavior to be classified as procrastination: it must be counterproductive, needless, and delaying.

Whatever your reason for delaying Buying a new Home, you should be taking a good look at all the reasons to avoid these counter productive actions.
Maybe you are 'hunting for that deal', that foreclosure or short sale which may seem sweet but in the long run could be more trouble than it's worth. The reality is that the majority of bank owned properties will take too long to come to fruition for Buyers to be able to qualify for the tax credit. There are also the hidden costs that will come back to haunt you; costly repairs, unforeseen problems...No thanks!
perhaps you have moved on from the bank owned properties, but are still seeking that elusive 'super deal'. Here are some of the issues; the cost to build IS going up, mortgage rates are volatile and have recently spiked upward as well.
Here at CBH Homes we have two solutions. 1. Buy a New completed spec Home fantastically priced at ready to move into. 2. Find the perfect lot and your favorite plan and let us build it for you how you want it. Either route you choose will result in a New Home by the #1 Builder in Idaho with a full One Year warranty guaranteed to close when your Lender is ready! We even have an awesome relationship with Guild Mortgage, they will get you in to your Home smoothly and eliminate stress...
Stop procrastinating, the time is now, let us help!

Less than a month to qualify for the tax credit!

You can see by the countdown tickers on our website that time is running out! If you want to get in on a build job where we start from scratch and you get to pick everything out, you need to be in contract before the 15th! If you miss that deadline we might have a finished spec Home built and ready for you, but only if you are in contract before the end of April. Yep, the end of April, and if you haven't noticed April is here already.
For those of you who get a rush out of waiting til the last minute you have plenty of time, for the rest of you that actually like to live a stress free life, now is the time!!! We have Homes ranging from $87k on up to $170 and sizes from 912 to 3586 square feet. If we can't find you the plan of your dreams in the right location we must not be doing our job right! Over 20 communities to choose from with the #1 Builder in the state of Idaho, come on in and let us help you find your next Home...