We’re looking forward to a better year in 2010 than 2009.
Last year was a tough year for most of the building industry. The wavering economy and financial markets put a stop to the new home buyer market. The buyers were not only concerned that their net worth had diminished with the fall of the stock market in 07 and 08, but they were also concerned about their employment situations. Concerns and debates over nationalized health care and the unwillingness of banks to lend were two other headlines that led to uneasiness.
These are still concerns for everyone in 2010. However, tough times have always made the leaders in our industry stronger. Many of us weathered the “recession/depression “ of the late 70’s and early 80’s, when interest rates for builders and developers exceeded 20% and home mortgage rates were at 14%. We survived the slow down in the 90’s, then came out strong through the early 2000’s when builder and developer rates dropped to 5 and 6% and 30 year fixed rates dropped to 4.75 and 5%..
All that said, we just experienced the worst downturn in the building industry most of us have ever known. Those who are still surviving will come out of this downturn much “leaner”, “meaner” and “greener”. We will be savvy to current trends and the newest building practices. We will be better managers. We will again appreciate every project no matter how small. It’s part of the economic cycle. This cycle has just been a bit deeper and longer than most. However, this too shall pass.
So what does this mean to you the consumer. It means this is one of the best times in history to build, buy or remodel. Product and material prices are low and labor rates in the construction field have dropped. They won’t stay low forever. Thirty year fixed rates are still very low, and they will rise as well. So if you are contemplating making a move, now is the time to “press go”.
Our firm is looking at the future and embracing change. We’re looking into new products, practices and aligning with future mandates.
We are looking forward to good year! After all, we have our health, our faith, and our God who promises to take care of us as long as we BELIEVE. And we do BELIEVE!
Contact us today about your custom project. We’re still here.