Why Arn't Builders Building Anymore!!!

Builders' Confidence Wanes in October

 

Daily Real Estate News | Thursday, October 17, 2013

Builder confidence in the market for newly-built, single-family homes dropped in October as concerns mounted over rising mortgage rates and uncertainty sparked by the government shutdown, according to the National Association of Home Builders/Wells Fargo Housing Market Index.

Flood Insurance Rates Could Kill Property Values

You Could Be  Underwater ..... No, Really!

Federal flood insurance rates are on the rise, and the sharp increases from New England to Hawaii are hurting property values, residents and legislators say.

The law, known as the Biggert-Waters Flood Insurance Reform Act, is rolling out in stages. A part of the law that went into effect Oct. 1 removed flood-insurance subsidies for more than a million home owners nationwide. The subsidies applied to properties that existed before the drawing of flood insurance rate maps, The New York Times reports.

Attention First Time Home Buyers

Here is a great article posted by Bank of America.

Great information if your getting ready to buy. Especially point number one....it can save a lot of time, and save you from disappointment. Buying your first home is an emotional roller coaster. And in todays market it is extremely competitive. You need to do know what you can afford before you start looking.

Homebuilding Plagued by Shortages ... Where have all the builders gone?

 

Great Article and Food for Thought.

As you read this article posted in the Daily Real Estate News put out by the National Association of Realtors. Read between the lines. What they are also telling us is that there is a shortage of men and women coming into the construction trade. The numbers for the next generation of builders / contractors are dwindling. Skilled labor seems to be falling by the wayside as the newer generation is looking for careers in different fields. Could be great opportunities for anyone willing to do the work.

Home Prices on the Rise

Yes Home Prices are on the Rise.

     Do the shortage of homes to sell, prices are creeping up. It's all about supply and demand. There are more buyers then sellers... so multiple offers for the same home has become the norm. Buyers assuming the highest price is going to win (which sometimes is the case) will offer asking price or higher than asking price in hopes of getting the home of their dreams. That raises the bar for the next comparable home going on the market. But wait there's more. Interest rates are starting to climb. This is creating an even greater rush to purchase. So all in all ..... it should be a pretty busy summer in the real estate market. Below I've posted an article from the National Association of Realtors on line magazine. Anyway ..... Happy Fourth of July to all. Hope it's a great and safe one.

Mortgage Rates Take Big Leap

Latest info on Mortgage Rates!

     Here is a copy of what was published in Real Estate News put out daily by the National Association of Realtors. This is good info to know for all who might of been pre-approved at an earlier rate....you might no longer qualify for the same amount if you just squeaked by. check with your lender. Also for those who have been sitting on the fence, the rumor mill has been saying 5% for 30 year fixed by the end of the year. Not the end of the world for sure...but still something to keep in mind.

Wood Exterioir Doors.

 

Everybody loves a wood exterior door

but are they covered under Warranty!!!  

 

---

Not always!!!

The method of installation determines whether or not they
are covered under the manufacturer’s warranty. How they are finished and how they are protected from the elements all come into play. And the requirements can differ from one manufacturer to the next.

 But….they all seem to share some common ground.

 First finishing the door…
    Clean and sand the door first. Whether you are staining or painting, they
seem to want at least three coats of finish. One coat of sealer stain or primer
… then two coats of top coat and it has to be on all six surfaces.

Some mention sealing the cut outs for hardware as well.

 And Second installing the door…
They all want the door to be protected by an overhang or porch meeting
the minimum requirements shown below.

 

X = 1/2 Y

Figure 1: Where X is the length of the overhang required and Y is the distance from the bottom of the door to the base of the overhang

    Do storm doors qualify as adequate protection in place of the overhang?
I don’t know for sure, but I think not. In the warranties I’ve read it doesn’t really say “No” but it doesn’t really say “Yes “either.

    I’ve provided three links below you can go to and see for yourself. You’ll also see that some manufacturers are quite in depth on what is required in order for their doors to be covered under their warranty.

In a nut shell…Wood doors need three coats of finish all six sides and an
overhang or porch to be covered under warranty.

Anyway……..

    Bottom line…..Wood doors look great. They offer a lot of different designs
and species to choose from and Yes……No doubt about it ….They require routine maintenance to keep them working properly.

Here are the links I mentioned:

Lemieux Door - Info

Rogue Valley Door - Info

Simpson Door Company - Info

 Hope this has been helpful to you.

 Have a good one,
Rich Vincent