The Blog

Here’s great news! 2013 just may be the perfect year to purchase a new custom home! According to an article by usnews.com, homeowners are finding that 2013 is becoming the smartest time to finally say “yes” to owning the home of their dreams. Here’s the top seven reasons they say purchasing a new custom home in the Peoria-Dunlap area could just be the best decision you’ve made this year!

1. Mortgage rates are still dropping. The average rate for a 30-year fixed rate loan is 4.50 percent at the time of publication. While this is a 1.15 percent increase from the historic low of 3.35 percent at the end of 2012, it’s still an attractive rate for prospective homebuyers. The housing sector is getting stronger and inflation rates are low, which promotes low mortgage rates.
2.  It’s still cheaper to buy than rent. If you live in a metropolitan area, it may make more financial sense to buy a home than rent a house, condo or apartment.
3. Home prices are relatively low. Housing price trends vary significantly by location and even by neighborhood, but the average housing price trends across the country look promising for prospective homebuyers. The S&P/Case-Shiller composite index of 20 metropolitan areas increased only 1 percent this past season, so 2013 could still be a great time to buy.
4.  It may be easier to get a mortgage. Credit unions and banks may be making it easier for some prospective buyers to qualify for a mortgage. Less stringent requirements and qualifying criteria may help some people finally get that home loan. If you have good credit and some savings available for a down payment, you might just be able to get a loan for your dream home this year.
5. Less competition from home flippers. Investors looking to buy and flip houses can’t move as quickly as they did in recent years. Housing prices in some markets are increasing, making house flipping less attractive. This gives prospective homebuyers more inventory to choose from and the benefit of having less pressure to close a deal because of another pending offer.
6. Avoid the cost of rising rent. A buyer’s market means it might be time to say goodbye to renting for good. If you’re tired of rent increases at your current location or want to move but will experience a spike in rent, consider the benefits of buying a home instead.
7.  Invest in your future. Buying a home gives you a chance to start building equity, and you are investing in your future. Even if you end up selling your home in five or 10 years, you could profit from the sale and invest that money elsewhere. If you’ve been dealing with rising rent or the hassles of costly moves for the past few years, settling in to a home can stabilize your housing expenses – especially if you get a fixed-rate loan at a great rate. You won’t have to worry about your monthly housing expenses changing significantly for a few years, and you will pay for something that has more value than a rental property. Consider the benefits of making this type of contribution to your future month after month.

Whether you’ve been paying the monthly rent, or are a family who has been hesitant to put your house on the market, 2013 is your year to fulfill the dream of custom home ownership! Contact us today at (309) 275-9292 to discover even more benefits of becoming a custom home owner.

It Just Makes Sense!

As America’s housing market finally trickles back, potential homeowners have a choice, should they buy a used home or should they look for something new. Sadly, prospective homebuyers often times only look at the selling price difference between a new and used home and not the associated costs or benefits that each offers. Don’t make this mistake.

The cost saving are numerous when selecting a new home vs. a used one. A higher resale value, lower taxes over the first two years, lower homeowner’s insurance, lower upkeep costs, and smaller annual maintenance costs all point to the significant benefits of owning a new renovation-free home. Housing experts found that used homes built just 10 years ago will have annual maintenance costs that are 580% higher than their new home equivalents and an energy efficiency level 30% lower than that of a home built today. Don’t let an old roof or an outdated kitchen suck up all the savings you could be spending on things you and your family enjoy.

Also remember that “Time is money.” Many new home-owners are finding that owning a new home vs. used is not only saving them money, but also their time. According to studies, homeowners who built new saved an average of 58 hours per year compared to those whose homes were built only 10 years ago. That’s a lot of time saved to do what you want to do. One can see that the time and costs spent repairing a home, in the long run, will be significantly more than simply starting fresh and buying new. New home ownership IS an attainable dream, and one that O’Neal Builders can help you achieve. If you would like to leave the worries and costs of used home ownership behind you then contact us today or visit our website at oneal-builders.com!

There’s so much going on this summer around the Bloomington-Normal and Peoria-Dunlap areas! From farmer’s markets to county fairs, there’s something for everyone in the family. Check out O’Neal Builders’ list of local events in and around the Bloomington-Normal and Peoria-Dunlap areas and let us know on our Facebook page if you and your family were able to make it to any of these fun summer events!

Downtown Bloomington Farmer’s Market [Every Saturday in August] – Enjoy the sights and sounds of local artists and farmers as they bring their fresh baked goods and home-grown produce to the historic square of downtown Bloomington. There is a variety of organic and chemical-free produce. It’s all fresh, original, and guaranteed to come from your own community right here in the heartland! BUY FRESH! BUY LOCAL!

Peoria Riverfront Market [Every Saturday in August] – Every Saturday morning, June 1-September 28, 2013 from 8am-noon. Liberty Park on Peoria’s Riverfront features local produce, meats, cheeses, baked goods, flowers, and local hand-crafted arts including jewelry, pottery, wood-turned items, and much more!

Sweet Corn Blues Festival [August 24^th – 25^th] – Do you enjoy corn, whether it be corn on the cob, kettle corn, or corn dogs? Well, Uptown Normal has the event for you. August 24^th and 25^th Uptown will be holding the annual Sweet Corn Blues Festival. On Saturday the festival will go from 10 am to 4 pm (or ‘till the corn runs out.) And on Sunday the festival will be celebrated from 11 am to 4 pm.

Illinois State Fair [August 8^th – 18^th] – Grab your family and head to the largest fair in Illinois! The Illinois State Fair is located a little bit outside of Central Illinois in Springfield, but it is worth the hour and a half trip. From shows and artists to rides and games there is enough at the State Fair to keep your family busy for more than a day. Open 7am – Midnight every night the fair is perfect place to enjoy the Illinois experience!

As a custom home builder in the Bloomington-Normal and Peoria-Dunlap areas we love seeing our communities so vibrant with activities for families! Follow us on Facebook to stay up to date with all the DETAILS happening around Central Illinois!