Springfield, MO

Bank of America has just released a press releasing stating it is going to refund the U.S. Government $45 Billion in TARP funds, plus interest.

Under the terms of the TARP agreement, Bank of America is repurchasing the 600,000 share of preferred stock it issued to the U.S. Treasury. It plans to repay the $45 Billion using $26.2 Billion in excess liquidity, as well as $18.8 Billion in proceeds from the sale of "common equivalent securities" it plans to convert into common stocks. It also plans to increase liquidity by $4 Billion through "asset sales" by June 30, 2010.

Could this be a sign that the company most notorious for dragging their feet on short sales could possibly be in a position to improve the speed by which they handle short sales? Does this mean we might actually see some movement? We can only hope. I'll believe it when I see it.

New construction is a segment of the industry hit the hardest in the housing market. Builders and developers quickly became the first targets of the banks once federal regulators walked in and began trying to shore up trouble assets. New construction in the outlying communities of the Springfield, MO, area practically came to a complete stop. Finding a new construction home for sale in an affordable price range is rare now.

Looking at the national stats on new construction spending through October, it appears that we might just have found a bottom. While new construction spending did not increase significantly, it also did not fall. The graph below represents private construction residential spending v. private construction non-residential spending (courtesy of www.calculatedriskblog.com).

It appears there are two things happening here. First, residential construction spending is leveling out. Second, non-residential construction spending is rapidly declining. I don't believe we can anticipate much growth in residential construction spending nationally until the current and shadow inventory of foreclosures and short sales have been absorbed.

Much of the media is reporting an increase in construction spending for the third quarter of 2009; however, while you put this in perspective and consider that we are up about 10%, we are still down approximately 25%. (Graph courtesy of www.calculatedriskblog.com)

These figures seemed to be much the same as our local market, except for the small increase in 2009. So, I contacted the City of Springfield, City of Ozark, City of Nixa, and City of Republic for their numbers. The graph below represents the TOTAL number of permits issued for each respective city, including single-family homes, duplexes, multi-family, commercial new construction, commercial infill, and industrial.

As you can see, new construction in our local market continues to decline. I was unable to obtain any year-to-date information from the City of Nixa. I am hopeful their information will be updated soon and I will be able to track how much of a decline, if any, that community has experienced.

What does this mean to you? Many of the buyers I have worked with prefer newer homes. By newer, most define that as being less than 5 years old. Much of the new construction in our area occurred around 2005. By next year, those homes will no longer be considered "newer." Unless the new construction market experiences an upswing soon, it will become increasingly difficult for buyers to find newer homes. By this time this economy improves, I suspect there will be a tremendous demand for new construction homes.

SEARCH ALL SPRINGFIELD MO HOMES FOR SALE

As a listing agent I often get to give my 2-cents opinion on what to 'DO' with the over flow from cleaning a property to sell or from a re-model project. I have a great place to share with my customers/clients.

The Habitat for Humanity ReStore in Springfield, MO, accepts donations of new and used home improvement supplies, furniture and appliances.

Great thing is that your donations are TAX DEDUCTIBLE! and....

Proceeds from the ReStore help build Habitat for Humanity homes locally.

I don't want to sound like an add but when you find a group that is doing so much to help the community it is hard not to call a little attention to them.

Open to the Public: Mon-Sat 8:30am--5:00pm 2410 S. Scenic Ave, Springfield MO

Give them a call @ 417-829-4001 to schedule a FREE Pick-Up on donations too BIG for you to handle or if ou are uncertain whether an item is acceptable for donation.

Here is a list of typical things to give: Appliances, Brick, Cabinets, Carpet, Ceiling Fans, Doors, Drywall, Electrical, Flooring, Hardware, Home/Office Furniture, Lawn & Garden, Light Fixtures, Lumber, Plumbing Supplies, Roofing, Siding, Sinks, Trim, Windows, and other miscellaneous building materials.

You can purchase new and used building materials at low prices and you'll find new items every day at the ReStore.

Feel free to visit their website to see other ways that the store can help you. www.habitatspringfieldmo.org/restore

Donate IT and Deduct IT-

As REALTORS® in Springfield Missouri, we've seen and smelled just about everything. Lets face it. When you are trying to sell your home, people don't want to walk in the door and get hit in the face with unusual smells. At best it's distracting but at it's worst it will absolutely prevent anyone from seriously considering buying your home. Here are some common odors that can kill the deal.

If your home has any of these odor issues its best to take care of them before listing your home. Sometimes a simple deodorizer will do the trick, but if your home smells of strong deodorizers or candles, they will wonder what you are hiding.

Another idea is to get your carpets professionally cleaned to help them smell fresh. Obviously if you have mold or a leaking gas issue, get them taken care of immediately for health reasons.

If your home smells like smoke, you may need to clean the carpets, drapes, and paint with Kiltz.

For other great ideas to help sell your home in Springfield Missouri, give TeamKnowles a call today!