PATCO News
Americans Happy With Homeownership
21/09/10 09:36 AM
The value of homeownership has been questioned by the media as Americans struggle in the current recession. But the truth is that most families are happy about their choice to buy a home.
Bankrate, Inc., a financial publishing company, recently surveyed more than 1,000 randomly selected adults about their home purchase and 90 percent responded that they don’t regret buying their home.
Even during tough economic times such as these, many home owners realize that the benefits of homeownership are overwhelming — especially in a time where housing affordability is at its all-time high. According to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), 72.3 percent of all new and existing homes sold in the second quarter of 2010 were affordable to families earning the national median income of $64,400. At the end of 2007, only 46.6 percent of homes were affordable to families earning the median income.
What are some of the other benefits?
An immediate benefit is that interest rates are at record lows and there is a wide selection of homes on the market to choose from. It’s a buyer’s market. Purchasing a home now will allow you to negotiate for more items on your wish list than when the housing market recovers and you may have to compete with others for your dream home.
A little further down the road, when filing your federal tax returns, you will be able to claim two deductions — the mortgage interest deduction and the property tax deduction.
Much of your monthly payment, especially in the first few years after buying a home, goes towards the interest on the loan and not the principal. The federal government allows you to deduct those interest payments from your taxes in most cases. State and local property taxes paid on the assessed value of the home are also deductible on your federal return.
For many homeowners these combined tax deductions can result in a tax savings between $5,700 and $11,400, depending on filing status.
Also, homeownership is the biggest source of net worth for most families. It is the one investment that not only can help you put your kids through college or retire comfortably in the future, it can also be used to house your family and create lifetime memories and a strong, healthy community in the meantime. You can’t get that from a stock or a bond.
These are just a few examples of the financial savings and other advantages of homeownership. Learn more in the free “Opportunity Knocks” brochure available from the National Association of Home Builders. - Mark Patterson
Bankrate, Inc., a financial publishing company, recently surveyed more than 1,000 randomly selected adults about their home purchase and 90 percent responded that they don’t regret buying their home.
Even during tough economic times such as these, many home owners realize that the benefits of homeownership are overwhelming — especially in a time where housing affordability is at its all-time high. According to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), 72.3 percent of all new and existing homes sold in the second quarter of 2010 were affordable to families earning the national median income of $64,400. At the end of 2007, only 46.6 percent of homes were affordable to families earning the median income.
What are some of the other benefits?
An immediate benefit is that interest rates are at record lows and there is a wide selection of homes on the market to choose from. It’s a buyer’s market. Purchasing a home now will allow you to negotiate for more items on your wish list than when the housing market recovers and you may have to compete with others for your dream home.
A little further down the road, when filing your federal tax returns, you will be able to claim two deductions — the mortgage interest deduction and the property tax deduction.
Much of your monthly payment, especially in the first few years after buying a home, goes towards the interest on the loan and not the principal. The federal government allows you to deduct those interest payments from your taxes in most cases. State and local property taxes paid on the assessed value of the home are also deductible on your federal return.
For many homeowners these combined tax deductions can result in a tax savings between $5,700 and $11,400, depending on filing status.
Also, homeownership is the biggest source of net worth for most families. It is the one investment that not only can help you put your kids through college or retire comfortably in the future, it can also be used to house your family and create lifetime memories and a strong, healthy community in the meantime. You can’t get that from a stock or a bond.
These are just a few examples of the financial savings and other advantages of homeownership. Learn more in the free “Opportunity Knocks” brochure available from the National Association of Home Builders. - Mark Patterson
Roaming Home Winner
28/08/10 10:44 PM
Congratulations to our “Follow The Roaming Home” contest winner! The Grand Prize went to Amy Theriault and her daughter Emily, pictured here (middle) with her friend Ashley (left). Both girls are students at Sanford Middle School. Thank you to all of the folks that visited our contest site!
Homes Are Getting Smaller
09/07/10 03:46 PM
I just read a report from The National Association of Home Builders (NAHB) that after growing in square footage for nearly three decades, the average floor space of the single-family home is getting smaller. In 2007, the average single-family home was 2,521 square feet. It didn't change much in 2008, but, according to a 2009 report from the Census Bureau, it's now at an average of 2,438 square feet. This decline can be related to an increase in first-time home buyers, the desire (and need) to keep energy costs down, and smaller amounts of equity in existing homes to roll into the new one.The report adds that fewer bedrooms and bathrooms are being built into houses.
Our experience at PATCO seems to bear this out. In order to meet the changing needs of our customers, we've been refining several of our floor plans. The Aspen - a popular model since it's introduction nearly two years ago - is 960 SF. An open concept design, even at this smaller size, it's 2 Bedrooms (plus an additional "Flex"" room) and one bath have made a lot of new homeowners happy! Other smaller models include the Balsam (1130 SF) and the Laurel (113 SF). - Mark Patterson
Our experience at PATCO seems to bear this out. In order to meet the changing needs of our customers, we've been refining several of our floor plans. The Aspen - a popular model since it's introduction nearly two years ago - is 960 SF. An open concept design, even at this smaller size, it's 2 Bedrooms (plus an additional "Flex"" room) and one bath have made a lot of new homeowners happy! Other smaller models include the Balsam (1130 SF) and the Laurel (113 SF). - Mark Patterson
Mark Patterson Named New HBRAME President!
03/06/10 09:45 PM
On Wednesday, June 2, Mark Patterson (PATCO Co-owner) was sworn in as the new President of the Home Builders and Remodelers Association of Maine. Mark is also a Vice President on the Association’s Board of Trustees.
HBRAME is a leading voice for the housing industry in Maine. It’s members are professionals who are committed to the promotion of the Association. They are involved in all aspects of the housing industry including residential, commercial, and industrial construction. Many of them are builders, remodelers, land developers, and builders of manufactured homes. HBRAME also has many associate members whose businesses supply and support building contractors.
Congratulations to Mark!
HBRAME is a leading voice for the housing industry in Maine. It’s members are professionals who are committed to the promotion of the Association. They are involved in all aspects of the housing industry including residential, commercial, and industrial construction. Many of them are builders, remodelers, land developers, and builders of manufactured homes. HBRAME also has many associate members whose businesses supply and support building contractors.
Congratulations to Mark!
PHOTO ONE: (L) Ashley Richards, NAHB Trustee, (C) Mark Patterson, (R) Gary Jordan, outgoing President
PHOTO TWO: Ashley Richards and Mark Patterson
Open House This Sunday!
12/04/10 09:46 PM
Just want to let everyone know that we’ll be having an Open House on Sunday, April 18 th from 12:00 PM to 2:00 PM at our Railroad Ave. and Calvin’s Way homes in Sanford. These two great homes feature Woman-Centric design elements and are priced to move! They’re in quiet locations, but close to shopping, schools, recreational facilities and more. For directions, please call (207)324-5574.
The Aspen, Railroad Ave., Sanford ----------- The Laurel, Calvin’s Way, Sanford
For detailed listing information click on the link below each home. Hope to see you Sunday!