Tag Archives: housing values

If You Snooze, You May Lose

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Covid-19 has affected every aspect of our lives, especially in housing. Businesses have been shut down completely or temporarily, causing shortages in product availability. Our Kit and Skyline manufacturing factories have protected their employees by closing and cleaning several times. 

The building industry has been hard-hit as lumber, roofing, sheet rock, insulation, flooring and other housing component prices have sky-rocketed in the past 6 months. The factories have added a “Material Surcharge” to cover these increases. Customers that were not ready last spring are shocked at the increases when they come back now to get started. Some things to ponder:

They aren’t making any more land. More building means less land available. Many “Parks” are full.

Summer fires destroyed thousands of acres of trees. Lumber prices will continue to go up.

Some suppliers will not recover. Selection and availability will be limited, raising prices, causing delays.

Kit and Skyline will continue to protect employees by closing and cleaning, delaying deliveries.

Site development costs will also rise for all the above reasons, besides the difficulty of Permit Departments, Inspectors, Appraisers, Septic Designers etc., working sporadic hours and not being available.

Every part of your project: House, Land, Development will cost more going forward than if you act now.

Interest rates are still historically low. You can borrow more money and have a lower payment. Limit the increases by moving forward now. If you need more room for a growing family, or want to downsize, this is the time to act. Waiting will make every part of the process more difficult and much more expensive. There will never be a better time to have a beautiful DeTray’s custom home for your family. Begin now. Enjoy the home sooner and relax, no matter what lies ahead. DeTray’s Custom Housing is offering a $500 discount with your deposit to start before January 15, 2021! Let us help you “Live happily ever after” in a beautiful DeTray’s home.

Lora Whitemarsh

Lora Whitemarsh

Housing Consultant
DeTray’s Custom Housing

How to Get Rich Slowly – Rent or Own?

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Everyone needs a place to live. The options are to rent or own.

When you rent, it is easy to relocate, and someone else is responsible for upkeep. However, it can be difficult to get out of a lease. There may be neighbors above, below and beside you. You may not be able to have pets. Parking can be limited. You can’t paint or decorate your way. The Landlord could sell the property, or move in and evict you. You are paying the mortgage for someone else. Rent increases every year. Your payments will go up, up, up. At the end of 1, 3, 5, 10 years, you have nothing but a stack of receipts, and the rent will be much higher than it is now.

At first, renting or owning have similar costs each month. While rents go up each year, a Fixed Rate Mortgage will have the same principle and interest payment for 30 years! While your income increases, your housing costs will be a smaller and smaller portion of your expenses.

Each monthly payment acts as a kind of forced savings. As you pay down principle, your equity (the amount of your home you actually own) grows.

Home Equity Grows Over Time

In addition, history shows that overall, homes become more valuable. According to the Federal Housing Finance Agency, home values have surpassed their pre-recession peaks by 16%. The overall trend is that home values and equity have gone up and will likely continue to do so. Think of what your parents paid for their home, and what it would be worth today!

It’s smart to build equity and financial stability while you enjoy your home. The equity in your home can eventually become liquid cash that you can access, either by selling your home, or borrowing against it. When you own a home, it is more than just a place to live; it’s also a financial asset. What is the leading wealth producer for average Americans? Home Ownership!

At DeTray’s Custom Housing, we design and build homes that are exactly suited to each family’s needs and desires. We can put together the whole package: land or community, development, and house. We have 8 furnished model homes to tour. You can have the joy and satisfaction of home ownership. Let DeTray’s staff show you how. Call, or come see us today.

Lora WhitemarshLora Whitemarsh

Housing Consultant