HBA Launches New Home Show In Branson/Tri-Lakes Area This Weekend

HOME BUILDERS ASSOCIATION LAUNCHES NEW HOME SHOW
IN BRANSON/TRI-LAKES AREA THIS WEEKEND

BRANSON, MO -- The HBA will launch a new show in the Branson/Tri-Lakes area this week -- The Home Idea Showcase. The two-day show will take place at the Branson Convention Center the weekend of May 16-17.

On Saturday the show will be open from 10 am to 8 pm and Sunday’s hours are from 10 am to 4 pm. Admission cost is $5 per person; children 12 and under are free. There are 117 vendors participating in the new show.

“The response to the Home Idea Showcase has been excellent,” said HBA Operations Manager Charlyce Ruth. “We had the opportunity to enlarge our vendor capacity and so the show will be larger than originally planned.”

“This is one of the most direct and substantive ways we can work to stimulate the housing industry locally while at the same time helping home owners conveniently connect with the quality home-related goods and services they need, all under one roof,” said CEO Matt Morrow. “It’s been proven that for every 100 homes built, it creates 284 jobs and generates millions in revenue for area governments. That’s pretty ‘real’, measurable economic stimulus.”

Morrow went on to say the timing and location of the show couldn’t be better. “This is a fantastic time of year to encourage people to think about home improvement and new construction,” said Morrow. “Having such a strong, high profile venue like the Branson Convention Center for a new show makes me feel very positive about this opportunity.”

Besides excellent mortgage rates and improved supply costs, Morrow added that there are many reasons for those pondering a new home or remodeling project to take that next step. “For example, first-time home buyers who meet certain criteria can get their hands on up to an extra $8,000 through a federal tax credit, which does not have to be repaid. Plus, in the state of Missouri you may qualify for a short term loan from the Missouri Housing and Development Corporation if you want to use that money to help with your down payment,” he said.

There are also seminars featuring HBA member professionals for Home Idea Showcase attendees, at no additional charge. (See schedule below) For those interested in a “Buy One Admission, Get One Admission Free” coupon, visit the HBA’s website at http://www.greaterozarkshba.com/ and click on the link that says “Free E-Coupon.”


HOME IDEA SHOWCASE SEMINAR SCHEDULE

Saturday, May 16 10 am – 8 pm

Noon

Clean Clear Water Solutions for the Lake Living Area
Hewitt-Messenger Well Drilling

2 pm

Housing Plan Magic Tricks: You Can Have It All!
B&G Drafting, Inc.

4 pm

Color Forecast & Design Trends
Springfield Design Association


Sunday, May 17 10 am – 4 pm

Noon

Color Forecast & Design Trends
Springfield Design Association

1 pm

Which Remodeler Is Right For You?
HBA Remodelors™ Council

2 pm

House Plan Magic Tricks: You Can Have It All
B&G Drafting, Inc.

KY3: Protect Yourself from Unexpected Liens Against Your Property

Homeowners should take protective steps to select professional contractors and obtain lien waivers on home improvement and construction projects. Contact KY3's Cara Restelli interviews Home Builders Association of Greater Springfield CEO Matt Morrow for helpful steps homeowners should take to avoid unexpected liens against their property.

Watch the video story by clicking on it below. Or, if you are receiving this post in plain text format, click here to view it directly on SpringfieldHBA.com.

Foot Traffic Up as Home Buying Becomes More Affordable

From Nation's Building News:

Thanks to record low mortgage rates and declining home prices, 55 million families — or half of all U.S. households — can afford today's $200,000 median-priced new home, according to figures released by NAHB.

"That's an increase of 17 million households from conditions just two years ago and the best housing affordability number we have seen in years," said NAHB Chairman Joe Robson. "We are now seeing the first signs that buyers are returning to the marketplace."

Based on data from the U.S. Census Bureau comparing home prices, mortgage rates and the minimum income needed to purchase a median-priced home in February 2007 and February 2009, a typical family today can purchase a house with $20,000 less in household income and save nearly $500 per month on their principal, interest, taxes and insurance.

About 55.4 million households can afford to purchase a home today, compared with 38.4 million two years ago, according to figures compiled by NAHB.

"With affordability up dramatically, reports from our builders in the field indicate that foot traffic in new homes is on the rise and consumer interest is increasing with each passing day. These are encouraging signs that the housing market may be finally reaching a bottom," said Robson.

Entering the crucial spring home buying season, there are other signs that buyers are starting to return to the market.

Single-family permits were up 11% in February, new and existing home sales also posted gains and the huge inventory backlog is being slowly whittled down.

In a survey for Century 21 Real Estate last month among prospective first-time home buyers who indicated they were likely to purchase a home in the next two years, a majority — 78% — said that now is a good time to buy a home. Of those responding to the online poll, 68% said that now is a better time to buy than six months ago.

Another sign that consumers are considering jumping back into the housing market is the growing interest in the $8,000 first-time home buyer tax credit included in the recently enacted economic stimulus package. During February and March, 1.5 million visitors logged on to NAHB's consumer Web site, www.federalhousingtaxcredit.com, to learn more about the tax credit.

Further, a new survey commissioned by Move, Inc. found that nearly 20% of those who plan to purchase a home this year are doing so to take advantage of the tax credit, which expires at the end of November.

"With home values in many markets at the lowest level since 2003, an $8,000 tax credit available to first-time home buyers, fixed-rate mortgages under 5% and an outstanding selection of homes to choose from, buyers are starting to recognize that this has the makings for a one-time opportunity to break into the market," said Robson.

Housing is a critical component of the U.S. economy, accounting for about 15 cents of every dollar spent in this country, so any upturn in the housing market should be viewed as good news for the overall economy, said Robson.

Construction of an additional 500,000 single-family homes — the difference between today's anemic construction rate and one that would move closer to meeting the underlying demand for housing — would generate 734,000 jobs and $35 billion in wages in the construction industry and another 790,000 jobs and $37.7 billion wages in manufacturing, trade and service sector jobs, he noted.

Additionally, another half-million housing starts would bolster the tax base for government, generating $45 billion in federal, state and local tax revenues. And the benefits go well beyond the completion of each home. Within the first year after buying a home, those half million households will spend about $2.5 billion more on appliances, furnishings and property alterations.

"Clearly, housing will be central to any economic recovery we experience in the months ahead," said Robson.

For more details on how lower prices and interest rates during the past two years have spurred a significant uptick in affordability, click here.

New Home Buyer Tax Credit is Bigger and Better

On Feb. 17, President Obama signed the American Recovery and Reinvestment Act of 2009 into law. As part of $787 billion in economic stimulus measures, the legislation created a home buyer tax credit that is bigger and better than the previous credit that was implemented in July 2008.

  

The Web site www.FederalHousingTaxCredit.com explains in detail the provisions of the new tax credit.  In a nutshell, it:  

• Provides a tax credit equal to 10 percent of the sale price of the home, up to an $8,000 maximum. Is a true tax credit. It does not need to be repaid, unless the home owner sells the home within three years of the purchase.

• Can only be used with the purchase of a home that will be the buyer’s principal residence. It cannot be claimed for the purchase of a vacation home or property to be used as a rental. 

• Available to first-time home buyers only. A first-time home buyer is defined as someone who has not owned a principal residence for three years or more.  

• Applies to homes purchased by qualified buyers between Jan. 1 and Nov. 30, 2009. The purchase date is the date when closing occurs and the title transfers.

“This new tax credit provides an unprecedented opportunity for people looking to buy their first home,” said Home Builders Association of Greater Springfield President Rusty MacLachlan.  “Not only will they receive an $8,000 tax credit, they also will be taking advantage of record-low interest rates, a large selection of homes to choose from and competitive home prices.”

House hunters will also find that many builders have inventory that is “move-in ready” and priced favorably for buyers.  Also, owners of existing homes who are looking to trade-up or relocate are ready to bargain.  And, as a long-term investment, homeownership remains a solid investment for Americans.

MacLachlan warns, however, that this opportunity won’t be around forever.  “Keep in mind that you have to purchase your house on or before Nov. 30.”

For more resources to help you understand the process of financing and buying a home, visit www.nahb.org/forconsumers today. Or, contact the Home Builders Association of Greater Springfield or visit SpringfieldHBA.com's "Helping Your Home" page. Or, visit www.nahb.org/forconsumers.

Homeowners Can Take Advantage of Federal Tax Credits in Stimulus Package

Energy Star has published comprehensive information on how the housing industry and consumers can take advantage of the federal tax credits for energy-efficient home improvements in the new economic stimulus package. The credits are expected to significantly increase demand for green renovation projects this year and next, according to federal officials.

Congressional economists project that the new provisions will generate an estimated $6 billion in remodeling work by the end of 2010. "Remodelers are trained in and experienced with making energy-efficient upgrades. They are well-suited to help consumers interested in consuming less power," said HBA executive officer Matt Morrow. "They can also use the tax credits to encourage home owners to undertake a more complete renovation that can be certified under the National Green Building Standard as part of NAHBGreen, the NAHB National Green Building Program." For a list of HBA of Greater Springfield remodeler members, visit SpringfieldHBA.com and click on "Find A Pro"; then, enter the word "remodeler" in the search field and click the green "Go" button. This will generate a current list of remodeling contractors.

The Internal Revenue Code Section 25C for existing homes, which had expired at the end of 2007, was reinstated as part of the economic rescue package passed by the Bush Administration last fall. Installing energy-efficient windows, doors, roofing and insulation as well as furnaces, air conditioners and heat pumps all qualified for the credit. Under the stimulus legislation signed by President Obama, the percentage of the cost and lifetime cap have been tripled to 30% and $1,500, respectively, and the deadline for installing them has been extended through the end of 2010.

In addition to expanding the 25C tax credit, the IRS 25D credit for renewable energy products has also been expanded and is even more generous for specific improvements — including geothermal heat pumps, solar panels, solar hot water heaters, small wind energy systems and fuel cells. The 30% tax credit applies to these products but there is no cap on their cost through 2016. In addition, these credits also apply to new construction, as well as to remodeling and renovation projects.

The newly expanded tax credits are in alignment with industry research showing that remodeling and retrofitting the nation’s older homes will have a far more significant impact on reducing residential energy consumption than meeting even the most aggressive efficiency goals for new homes, according to Greg Miedema, CGR, CGB, CAPS, chairman of NAHB Remodelers.

A December 2008 survey by Whirlpool Corporation revealed that 84% of consumers said that energy efficiency is significantly more important than water use or other potential savings when it comes to home appliance efficiency. Seventy-two percent of respondents seek the Energy Star label when making purchasing decisions.

A 2008 California study showed that homes built before 1983 were responsible for 70% of the greenhouse gas emissions related to single-family envelope energy consumption. The study also found that spending $10,000 to retrofit a 1960s home could save 8.5 tons of carbon at a cost of $588 to $1,176 per ton, depending on existing tax credits and incentives. By comparison, increasing the energy efficiency of a new home 35% over current state requirements would cost about $5,000 and would reduce emissions by 1.1 tons at a cost of $4,545 per ton.

The bottom line is that retrofitting existing homes with energy-efficient features is four to eight times more carbon- and cost-efficient than adding further energy-efficiency requirements to new housing, the study showed.

Tax Credit How-to
Details on qualifying improvements are available on the Energy Star Web site. Home owners should familiarize themselves with the model types and products that qualify for the tax credit so they can be certain their projects are eligible. Read instructions carefully about how to verify a claim. Certification statements in the manufacturer's product information may suffice.

Home owners can claim the 25C and 25D credits on Form 5695 when they prepare their income tax returns. They should also retain records that include:
• Name and address of the manufacturer
• Identification of the component
• Make, model or other appropriate identifiers
• Statement that the component meets the 25C standards
• Climate zones for which the criteria are satisfied
• Additional information for storm windows, if applicable
• A declaration that the certification statement is true

KY3: Home Builders at HBA Home Show Hope for Rebound in 2009

Contact KY3's Cara Restelli reported Tuesday on the local housing economy. She interviewed HBA of Greater Springfield President Rusty MacLachlan and HBA Executive Officer Matt Morrow as they worked to set up the 2009 HBA Home Show at the Springfield Expo Center in Springfield Missouri. To watch the news story click on it below or simply click here.

HBA Home Show Opens Friday

The HBA of Greater Springfield's annual Home Show opens Friday, February 6 and runs through Sunday, February 8. To watch the television commercial for the 2009 HBA Home Show, click on the ad below, or simply click here.