Get Ready for The Market Upswing!

According to a recent article on HousingZone's website, a report released by the National Association of Home Builders shows that housing affordability and builder confidence rose in the month of May.

The report states that housing affordability is currently at an all-time high, with the NAHB/Wells Fargo Housing Opportunity Index for the first quarter of 2009 rising by 10 points from the fourth quarter of 2008. This index measures the percentage of homes that are being sold at a price that families with average incomes can afford.

Also, the NAHB/Wells Fargo Housing Market Index rose in May 2009 for the second month in a row, but at 16 points, is still well below normal market conditions. The greatest gains were seen in the West, followed by the Northeast, and lastly the South. The Midwest did not see a significant increase in May, but did jump in April from 8 to 14 points.

Jerry Howard, the president of the National Association of Home Builders, states that these indexes are indicative of a market turnaround, but it is still a ways into the future. Economists predict the beginning of a turnaround in fourth quarter 2009, moving forward steadily into 2010.

What does this mean for builders? Start to prepare for the upswing. Hire a design professional to look over your product lines or to create a fresh product line. Ensure that you will be prepared with floor plans that offer the latest in lifestyle trends, and elevations with curb appeal and proper architectural detailing.

What does this mean for individuals wanting to build their dream home? It has become more critical timing than ever to consider building. Prices of construction services and building materials are well below the market average, interest rates are still the lowest they have been in decades. The housing market is bottoming out and time is running out as well to capitalize on these cost savings.

Don't wait! The time is coming to prepare for better times!

Dominick Tringali Architects is a residential, custom and community architectural firm specializing in the methodology lifestyle by design. To learn more, please visit www.dtarchitects.com or http://dtarchitects.blogspot.com.