FOR IMMEDIATE RELEASE
February 23, 2017
Columbia, SC, February 23, 2017
The maintenance free lifestyle is an ideal new home choice at The Villas at Woodcreek Farms. Home-buyers will receive valuable energy efficient savings, space-enhancing covered patios, game rooms, bonus rooms and kitchens that offer exceptional possibilities for changing families.
The Second Phase grand opening of The Villas, Executive Construction Homes' most innovative neighborhood to date in master-planned Woodcreek Farms, is slated to open March 23th, according to luxury home builder, Executive Construction Homes. Located in the newest phase and on the 10th green, The Villas is designed for gracious indoor/outdoor living with a choice of four expansive one- and two-story floor plans. All plans feature the master bedrooms on the main level, luxury features and a maintenance free lifestyle.
“This maintenance free community was carefully chosen to provide our homeowners with beautiful surroundings and convenience to everything you desire; shopping, culture, recreation, educational opportunities, and top rated medical facilities.” Says Owner/Builder, Eddie Yandle. “You (the home buyer), have earned the right to live in a luxury community with luxury features, and leave the maintenance worries to somebody else”. Applying innovative building knowledge, Eddie Yandle began building The Villas at Woodcreek Farms after analyzing the demand for new homes with more livable space on the main level and the multi-generational household trend sweeping the nation. The Villas floor plans offer luxury included features without sacrificing space as well as Green and Universal Building techniques to appeal to a variety of home-owners that also may have specific needs. Each home has larger hallways, door openings, the option for private secondary suites and hardwired for Z-wave home integration. “As the needs for the homeowner change, the home is also able to adapt” says Eddie Yandle.
Additionally, each of the four floor plans offer the ability for a secondary suite upstairs for guests that can include a wet bar, private bathroom, and an enormous amount of storage options. Each home has been designed to offer home buyers a large selection of customized features. While some new home buyers are looking for storage features, others may like the tiled pet washing station or a large walk in shower. All homes in The Villas include a large list of luxury features, including tile, hardwoods, and gourmet kitchens with Bosch appliances.
Built with the Advantech and Zip building system from Huber Woods, the homes are extremely energy efficient. A tankless water heater is included as well as a HERS (Home Energy Rating System) score to ensure each home-buyer achieves the greatest available efficiency on their monthly utility expenses. “Current homeowners are ecstatic at the first month after closing, as most find their utility bills have been drastically reduced in comparison to their previous older home.” Says Nicole Davis, New Home Counselor at Coldwell Banker Residential. “We find many folks had thought of remodeling to modernize their current home, but after seeing the value of the community, included features and energy savings, it is no longer a relevant option”
Starting in the low $300’000’s The Villas at Woodcreek Farms is located in a private and gated community near The Members Club at Woodcreek Farms. Home sizes range from 2000 square feet to 3300 square feet.
For more information on the community visit the community page at www.TheVillasatWoodcreekFarms.com or call 803-748-1234.
Executive Construction Homes is a locally owned home builder in the Columbia, SC area since 1989. Specializing in luxury new homes, the company is hallmarked by their custom details, large gourmet kitchens with islands and beautiful tiled bathrooms. Ranked as one of the top ten builders for the past three years, Executive Construction Homes sets the bar for innovative trends on homebuyer demands and energy saving techniques. Owned by SC Certified Master Builder and NAHB Green Certified Builder, Eddie Yandle, Executive Construction Homes has over 13 unique neighborhoods in the Columbia, SC area and builds custom homes and estates on privately owned land.
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If you would like more information about maintenance free new home plans and upcoming communities, please contact Nicole Davis at 803-748-1234 or email at email@example.com.
This information comes immediately after the new tax code became law. Some of the information may be revised as the analysis of the new law evolves.
When the tax code was originally being overhauled by the House and the Senate, there were three major proposals being considered that would have substantially impacted the residential real estate market:
Let’s look how the tax code has evolved from the original proposal, and decipher what impact experts believe it may have on the housing market.
1. Exclusion of gain on sale of a principal residence
Original Proposal: Owners would need to live in their house for at least 5 out of the last 8 years to claim this exemption. Under the former tax framework, a typical owner, who has lived in their house for at least 2 years out of the last 5 years, would pay nothing in capital gain taxes if they sell the house.
The New Tax Code: No change. The “at least 2 years out of the last 5 years” requirement is unchanged.
Impact on the Market: None.
2. Mortgage Interest Deduction
Original Proposal: Reduce the limit on the mortgage interest deduction (MID) amount from $1,000,000 to $500,000.
The New Tax Code: Reduces limit on deductible mortgage debt to $750,000 for new loans taken out after 12/14/17. Current loans up to $1 million are grandfathered.
Impact on the Market: Assuming a 20% down payment, this reduction in the MID will impact buyers that are purchasing a home between the prices of $938,000 and $1,250,000. Any home under the lower price is still covered and any home over the higher price was not covered under the former tax code either.
What does that mean to the market? Experts disagree. Calculated Risk ’s Bill McBride:
“I think the impact of reducing the MID from a maximum of $1 million in mortgage debt to $750 thousand in mortgage debt will have very little impact on the housing market.”
On the other hand, Capital Economics claims :
“The impact on expensive homes could be detrimental, with a limit on the mortgage interest deduction raising taxes for those that itemize.”
3. State and Local Taxes (SALT)
Original Proposal: The elimination of the state and local tax deduction (which includes property taxes).
The New Tax Code: Allows an itemized deduction of up to $10,000 for the total of state and local property taxes and income or sales taxes.
Impact on the Market: Most experts agree that higher taxed regions will be impacted as homeowners in those communities now have a cap on these deductions.
Calculated Risk ’s Bill McBride stated:
“SALT will have an impact on housing in some areas. Some people might choose to live in one state over another (if they have a choice), based on taxation. This could impact demand in certain states – especially for the middle and upper-middle class homeowners.”
Mark Zandi of Moody’s Analytics said:
“The impact on house prices is much greater for higher-priced homes, especially in parts of the country where incomes are higher and there are thus a disproportionate number of itemizers, and where homeowners have big mortgages and property tax bills.”
What will be the overall impact on the housing market?
For most of the country, the new tax code will not have a negative impact on the market. As Capital Economics reports:
“Given most households will see an overall tax cut, and potential buyers are likely to put that saving towards their home, we doubt it will have a significant detrimental impact on the housing market.”
There is also no doubt that some higher priced, higher taxed regions will be affected more than others. However, most experts agree that other portions of the tax code will favor the high-end buyer and seller, and this might mitigate many concerns. McBride explains:
“The corporate tax cuts (and other tax cuts) will mostly benefit the wealthy, and this will be a positive for high end real estate.”
What does this all mean to you?
To know for sure, you should sit with your accountant or financial planner and explore how all the aspects of the new code will impact your family.
Most families consider homeownership an essential part of the American Dream, and don’t purchase a home based solely on the tax advantages. The main reasons they buy a home are personal (they just got married, they are looking for a good place to raise children, they want to be near friends and family, they want to better enjoy their retirement, etc.). This will never change.
Looking at the new tax code, Mr. McBride’s opinion makes the most sense:
“There will be some negative impact based on SALT, but overall the impact of these policy changes on housing will be minimal.”
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Mortgage interest rates, as reported by Freddie Mac , have increased over the last several weeks . Freddie Mac, along with Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors, is calling for mortgage rates to continue to rise over the next four quarters.
This has caused some purchasers to lament the fact that they may no longer be able to get a rate below 3.5%. However, we must realize that current rates are still at historic lows.
Here is a chart showing the average mortgage interest rate over the last several decades:
The Aspiring Home Buyers Profile from the National Association of Realtors (NAR) found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. The results of the survey show that non-homeowners cite the main reason for not currently owning a home, as not being able to afford one.
This brings us to two major misconceptions that we want to address today.
1. Down Payment
NAR’s survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 39% of non-homeowners say they believe they need more than 20% for a down payment on a home purchase. In actuality, there are many loans written with a down payment of 3% or less.
Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket.
2. FICO® Scores
An Ipson survey revealed that 62% of respondents believe they need excellent credit to buy a home, with 43% thinking a “good credit score” is over 780. In actuality, the average FICO® scores of approved conventional and FHA mortgages are much lower.
The average conventional loan closed in August had a credit score of 752, while FHA mortgages closed with a score of 683. The average across all loans closed in August was 724. The chart below shows the distribution of FICO® Scores for all loans approved in August.
If you are a prospective buyer who is ‘ready’ and ‘willing’ to act now, but are not sure if you are ‘able’ to, let’s sit down to help you understand your true options.