From the Builder

Here we are at the beginning of a new year and a new decade and I sincerely wish you and yours a most prosperous, Happy New Year.

We have seen interesting things within the housing market in 2009. Interest rates have never been lower and construction material costs and labor reached record low levels. Those with the financial ability are taking advantage of these trends and realizing HUGE savings.

There is encouraging news at hand. According to economists, real estate professionals and market statistics, we are seeing indicators that the residential housing market has bottomed out. This coupled with the improving national economy, is making a difference in our market. It is not too late to take advantage of the homebuyer’s tax credit, low interest rates, and economical material and labor costs.

This is the time of year when people start thinking about their projects for the year.  So if you are thinking about building new, remodeling your current home or thinking about purchasing a bank owned or distressed property, Hibbard Construction can help. We have our own architects and project planners that will help you navigate through the process while taking into consideration architectural possibilities/limitations and budget constraints. As a custom builder, we build to suit your needs!

It is important to remember that your home is one of your single most valuable investments and assets. Hibbard Construction understands that a home is more than wood and beams, a home is built with love and dreams!

Happy New Year!

Jeff Hibbard
 

Back to top

Playing the Waiting Game

It's understandable that when the economy is in the dumpster, people aren't in a hurry to make a big purchase, like a home. At the same time the economy is another wild card that can easily change directions. Don't let global economics hold too much sway in your decision to buy a home or make those home improvements a reality.

For those who are on the fence, consider the following. Interest rates are extremely low. In the late 70s, rates hit a high of 18%. In the 80s, when rates dropped from 12% to 9%, most homeowners practically danced their way to the 1st refinance of their home. Generation X'ers probably would never dream of purchasing a home above 7% given all they have ever known are super low rates hovering between 5-6%. As the economy becomes more stable, interest rates are bound to rise to hedge inflation. It has been predicted that by this time next year, rates will have risen 1-2% at a minimum.

Consider this scenario. If you were to purchase a home today for $250,000 at 5% interest, then your payment would be $1,074/mo*. Just a 2% increase in the interest rate would raise the payment $257/mo…up to $1,331/mo*! But let’s say by waiting, hoping the market continues to fall, you accomplish the unexpected and save 10% on the purchase price.  This would bring your purchase price to $225,000, yet by waiting the interest rates still go up to 7%. You would save $25,000 on the purchase but your payment would increase $124/mo over today…up to $1,198/mo* and you’d waste $64,607 in interest! Even if you saved the 10% on the purchase and the interest rates remained at 5%, then you would save a mere $107/mo. Risky.  This doesn't even take into account the present tax incentives and discounts.

In today's real estate market, it's easy to become frozen with indecision. No one has a crystal ball but history can be an important guide. Many experts see 2010 as a rebound year yet there is much misinformation and fear mongering being spread around. Research for yourself and make fact-based decisions before you wake up one day kicking yourself for missing the opportunity of 2010.
 
* - based on a 30 year fixed mortgage with 20% down. Taxes and insurance are not included in this example.

Back to top

Special Thanks!

We want to extend a special thanks to COLTRIN CENTRAL VACUUM SYSTEMS and their employees for the great enhancement they made to our office building over the holiday season. They installed state of the art LED Christmas lights for our exterior. Thanks Cory and Cade for making our building reflect a professional and yet very festive look throughout the holiday season.

I would encourage anyone that is looking for a Christmas lighting solution to contact COLTRIN CENTRAL VACUUM SYTEMS. This provides an inconspicuous lighting system that is permanent, efficient to operate and never has to be taken down, because it is virtually invisible during the day or off season. With the choice of colors, we were also able to pick colors that not only worked for the holidays but also for Bronco game days. Give Cory or Cade a call @ 895-8900 for more information. Thanks again

Back to top

Shopping for a Bargain

Have you seen all of the foreclosure listings in the newspapers? Can you believe those prices? According to the National Association of Realtors, these houses often sell for about 15 to 20 percent less than comparable homes in the same neighborhood. Great deal, right? Maybe not!

Even though there are some great deals with foreclosed or R.E.O homes, anyone considering buying this type of property should heed the classic warning: Caveat emptor, or let the buyer beware.

Through October 2009, foreclosures and short sales accounted for nearly 37 percent of all home sales. Buyers need to be careful that the house is not a money pit - since most of these homes are sold as is. Remember, banks that own them usually have no idea about the condition of the property or past history (i.e. – how bitter the previous occupants were when they left!). In many cases there is much work to be done to bring the home up to par.

Use extreme caution if considering buying a home at auction because there are so many risks. Primarily, you usually can't see the inside of the home. In addition, the home won't necessarily have a clear title, which means there may be tax liens or other debts against the property. And when you buy the home, you buy those issues, too.  Worse yet, if the builder went under and never obtained the final certificate of occupancy, then there could be a great deal of compliance work to meet today's code.

One of the benefits of buying a property from a bank is that the bank typically clears any title issues before it puts the house on the market and there is a price already established. You can go inside the house with your Realtor and you can inspect the property. Take along your contractor too and get an estimate for repairs before you write your offer.

You may be able to increase your chances by making your best offer from the start. But you don't want to overpay either, so you need to research comparable sales and have estimates from your contractor for any repairs. Obviously working with your realtor and contractor will save you a lot of time, effort and money.
 

Back to top

Home Design Trends for 2010

Returning to a less-adorned, comfortable style set against a backdrop of soothing, neutral colors and the use of sustainable products and building energy-efficient homes are the trends being driven by the growing popularity of green design in interior decorating.

People are spending more time in their homes and they're entertaining more in their homes. The media room is where the family now watches movies, and the kitchen has become a second living room for entertaining guests and family activities, ranging from homework to computers.

The kitchen - Kitchens are still centered on islands used for dining and food preparation, but homeowners are tearing down walls to integrate this room with the rest of the house. Quartz, a dense, heavy stone that comes in a variety of colors, is now a popular material in countertops, espresso-colored cabinets and secondary refrigerators that function as beverage centers for both children and adults.

The bathroom - The transformation of bathrooms into spas, complete with whirlpools and multiple body sprays in the shower, will continue next year. Glass tiles are a popular decorating accent in the bathroom, especially in hues of blues and greens.

Colors and Fabrics - Trends today tend to gravitate toward softer, neutral colors that create more of a comfort level in the homes. For 2010, grays, oatmeal and stone will be the colors of choice, with citron, orange and purple as accents.

Just as color choices are becoming more soothing, so are fabrics. Chenille, tapestries and woven fabrics will be popular choices this year.

Remodeling - Many people are choosing to remodel rather than build a new home. Creating an open floor plan by removing walls, adding more windows and expanding rooms are the most common remodeling projects. Media rooms are being carved out of other rooms such as basements, to create home theaters with raised floors and pull-down projection screens for families to watch movies together.

Outdoor living - Many homeowners are creating an outdoor living space as an expansion of their home. Outdoor kitchens, pergolas, sunrooms and decks are very popular already and will continue to gain popularity as many homeowners plan their “stay-cations” in 2010.
 

Back to top

Another Successful Hibbard Construction Project Completed

Hibbard Construction was contracted to give this Nampa home a complete makeover inside and out. The exterior of the home was re-stuccoed and a new color chosen to give the home a more modern updated look. New energy efficient windows were installed and painted stucco trim added to accentuate the home’s architectural design.

The additional roof with windows on top was removed and skylights with mechanical shades were installed to add natural lighting to the formal sitting room and dining area while enhancing the newly remodeled open floor plan. New 30 year architectural shingles replaced the old roofing material to complete the updated look of this home.

Next month we will give you a peak inside at the home’s new designer kitchen!

Back to top

Back to top