J. HAYNES WATERS BUILDERS INC.
October 10, 2011
To All Future Clients,
This historic economic downturn has been a life-changing experience for us all. At times like these, we must accept the reality of our situations, change our ways to meet the new demands, and move on with our lives and careers. There is no magic way to turn back time. The truth is we must adjust to current conditions and be realistic in our new normal lives.
We have all lost market value in our real estate. You must seek out the real selling price of your current home and decide what you want to spend on your new one. Take that price and design your new home to that figure. We are currently working with customers who are doing exactly that, with good results. I have made arrangements with some local bankers to set up a plan that allows us to move forward with construction loans and permanent loans tailored to our new reality.
Today, interest rates are at an all time low. Labor and material costs have dropped to levels seen 10 to 15 years ago and unemployment is keeping them down. Building cheaper today, and securing a lower long-term interest rate loan, is the way to get your life going again. Yes, you have lost paper value, but the market reality is that you can build your new home today for the same amount you receive from selling the old one. Some sacrifices and compromises may need to be made, such as size, but quality can be maintained. We achieve this by designing to a budget that is based on selling your old house in a reasonable time.
The alternative to this scenario is to stay put until the market magically mends itself. If this happens, high inflation and soaring interest rates will be your new burden. I’ve seen it before in the late 70’s and 80’s. With our new plan, and the banks’ help, you can get ahead of that curve and actually benefit from it. We can put you in touch with some folks who have taken this step and are currently busy building.
I can discuss this plan further with you if you wish. My cell number is 803-341-0993. I will have the banks send you their information by email.
My Best,
J. Haynes Waters III