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Spring Homes Tour Highlights Opportunities for Area Homebuyers

There is no shortage of talk about housing these days. From the national media to the coffee shop, there’s plenty of information and even more opinions to consider. But what does it all mean to consumers?

For 46 years the Home Builders Association of Greater Kansas City has presented the Spring Homes Tour to showcase not only the premiere homes from local residential contractors but also to inform consumers about the benefits of owning a new home. It may surprise consumers that contrary to myths and perceptions, there are many factors in the favor of buyers. From competitive prices and low mortgage rates to new housing choices and economic benefits, buying a home in today’s market has its privileges.

This year’s Spring Homes Tour runs May 4 through May 18 and features 657 new homes located throughout the metropolitan area, including a record 26 homes in the Urban Living neighborhoods of Kansas City’s urban core. The tour showcases the work of more than 270 home builders in more than 320 new-home neighborhoods with prices ranging from under $100,000 to $2.3 million.

Of course a critical factor in finding the right home for you is the price. Nationally home prices have been falling but last year new-home prices in metro Kansas City rose 6 percent. Moody’s Economy.com recently forecast that Kansas City had already reached its lowest point for housing values. What does that mean for new-home buyers? Waiting to buy a new home will likely cost more down the road. Yet for families looking to sell their current home to make the move to a new home, there is good news as well. Forbes magazine recently ranked Kansas City as the No. 5 market in the nation for home sellers citing strong house values, falling inventories and a growing job market.

As important as prices are, mortgage rates are just as essential in determining a buyer’s ability to afford a new home. Current 30-year rates are hovering at or below 6 percent. An increase from 6 to 7 percent would add $200 to your payment on a $300,000 mortgage – that’s $72,000 in additional interest over the lifetime of the loan.  Of course the biggest perks of owning a new home are the long-term returns. Homeownership is more than just the American Dream. It’s the single-largest source of wealth for the typical family and also allows for significant tax savings.

The Spring Homes Tour makes it easy to start shopping for a new home. Listings of all 657 homes on this year’s tour along with maps to help locate each of the entries can be found in local newspaper real estate sections. For more information on each of the tour entries, be sure to pick up a free copy of the Spring Homes Tour Guide packed with more than 300 pages of home listings and resources for new-home shopping. Free copies of the guide are available at each community on the tour as well as at Home Builders Association of Greater Kansas City office at Interstate 435 and Holmes Road. The most complete source for the Spring Homes Tour can be found at the tour’s official Web site at www.kcspringhomestour.com.

The Spring Homes Tour opens May 4 and continues through May 18 with all homes open for free daily from 11 a.m. to 6 p.m.

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