SPRING HOMES TOUR
Making the Move to New Homeownership
W hat are you waiting for?

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 you?

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. With all the talk about housing today, you might be surprised to find that there are many fac\tors in your favor. From competitive prices and low mortgage rates to new housing choices and the economic benefits, buying a home in today’s market has its privileges.

Start right off with the selections. 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. You may have heard that home prices have been falling, but that generally has not been the case in Kansas City. 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 to you as a buyer? Waiting to buy a new home will likely cost you more down the road. Escalating prices for materials and declining inventories mean prices will rise as housing rebounds.

If you’re looking to sell your current home to make the move to a new home, there is good news for you as well. Forbes magazine recently ranked Kansas City as the No. 5 market in the nation for home sellers. They cited the area’s strong house values, falling inventories and growing job market as being in the favor of existing homeowners looking to sell in 2008.

As important as prices are, mortgage rates are just as essential in determining your ability to afford a new home. With current 30-year rates hovering at or below 6 percent, the opportunity to save money on your loan payments is prime. Did you know 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. Taking advantage of low rates can make the difference when it comes to affording the amenities you want in a new home such as hardwood floors, granite countertops or a spacious master suite.

Of course the biggest perks of owning a new home are the long-term returns to your family. Homeownership is more than just the American Dream. It’s the single-largest source of wealth for the typical family. Homeownership allows you significant tax savings. It allows you to build the foundation for a lifetime of benefits ranging from financing college education for your children to preparing for retirement.

On kcspringhomestour.com , you’ll find a complete listing of all 657 homes on this year’s tour along with maps to help you locate the homes you’d like to view. You’ll also have access to the resources available on the HBA’s Web site, including articles on new-home ownership and information about the more than 1,100 local HBA member companies. You'll also want to pick up a copy of the free official 2008 Spring Homes Tour Guide. The guide is packed with more than 330 pages of tour listings, articles and information about housing in Kansas City. The guide is available at each home on the tour as well as at the HBA offices at 600 E. 103rd Street.

This spring is the right time to buy. Low mortgage rates. Great choices. The right new home. Now is your opportunity to start making your new home dreams come true. 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.

Welcome to the Spring Homes Tour!

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