HBA: Homeowners get more for money in Springfield area

|tab|

Matt Morrow is the executive officer of the Home Builders Association of Greater Springfield.|ret||ret||tab|

|ret||ret||tab|

As the greater Springfield area pauses to offer its salute to construction, special attention ought to be given to the pivotal role home building plays in our local, state and national economy.|ret||ret||tab|

Now more than ever, with economic conditions uncertain, the strength of home building continues to stabilize and strengthen our nation's economy. While people worry about the wildly fluctuating stock market, their retirement plans and the pressure put on most sectors of our economy, many are looking to their homes as a stable, appreciable asset and a wise investment.|ret||ret||tab|

Home buyers see the combination of exceptionally low interest rates, tax deductibility and steady appreciation in home values as an irresistible invitation to take a close look at their housing goals. And, as new-home construction continues to boom, new jobs, economic growth and prosperity all naturally follow. No place has the housing market been stronger than right here in the greater Springfield area. |ret||ret||tab|

For some, the answer is new home construction. In fact, our area has consistently outpaced even the very strong recent national averages in new home construction for more than two years now. Building and owning a home of our own is one of the most enduring elements of the proverbial American Dream. And here, it is one of the few elements of that dream that is still affordable.|ret||ret||tab|

The American Chambers of Commerce Research Association recently reported that the Springfield Metropolitan Statistical Area (Greene, Webster, and Christian counties) ranks among the least-expensive areas for housing in the entire nation. Relatively low labor and regulatory costs, and stiff industry competition are among the factors that contribute to the low housing costs in our area. The result is more home for your money in Springfield.|ret||ret||tab|

Others of us may be perfectly content with most of what our current home has to offer. Many people are comfortable in their neighborhoods, their school districts, and even their houses with just a few exceptions.|ret||ret||tab|

Maybe you need a couple more bedrooms, or the kitchen is outdated. Have you been considering finally finishing that basement and using the space? For people in this situation, remodeling is a more realistic option than it ever has been. The same low interest rates that encourage new home construction also can be utilized to obtain home-equity loans through refinancing. You may be able to reach your remodeling dreams with little or no financial impact on your monthly budget.|ret||ret||tab|

Whether you want to build new or remodel your existing home, the conditions are right to act now. Not only are interest rates at or near all-time lows, but the competition in our industry has never been tougher in this area. Demand for new homes and remodeling contractors in the greater Springfield area is as strong as ever, but supply also is very strong. |ret||ret||tab|

Our market is unique in that most of the homes here are built or remodeled by small-volume contractors. That means builders and remodelers must keep profit margins narrow and quality high to compete for your business. And that is to your advantage.|ret||ret||tab|

Clearly, the time has come to start seeing a home as the most important investment of a person's life. |ret||ret||tab|

For those who don't have the stomach for the ups and downs of today's volatile markets, a home makes a sensible, steady and appreciable financial investment for the future. It also is an investment in family, as memories and shared moments will accumulate over the years spent in a new home.|ret||ret||tab|

Of course, for most of us, our home is the largest single investment we will make. That's why it is important to take great care in this decision-making process. |ret||ret||tab|

[[In-content Ad]]