It has been since 2005-2008 that we have seen residential building flourish. Back “in the day,” platting and building subdivisions in SW Missouri was big business and everyone who knew how to swing a hammer got in on the deal. Then our national economy took a huge hit and foreclosures/short sales set in. Lenders not only were not lending money for people to buy houses but they were not lending money to developers to build subdivisions/houses unless you had good money backing you up.
It seems the tides have turned for 2015. Not just for the real estate industry, but for residential home building as well. Kent Morris, planning director for Greene County , said that “as of now, our issue is running out of lots for contractors to build on.” Before the recession started, in Greene County alone there was an average of 1250 single family building permits given out, in 2014 there were only 343 according said county officials.
Lending institutions like Liberty Bank of Springfield, MO are showing an increase in acquirements for large development loans for subdivisions as well. With this said, county commissioners will be approving and re-zoning acreage in and around Springfield for single family homes for subdivision development.
So what does this mean for the consumer? Great things! According to statistics from the Greater Springfield Board of Realtors the housing inventory for SW Missouri is low as of January 1, 2015. Interest rates are low, FHA, VA and USDA have broaden their demographics for lending and consumers are ready to quit the renting game and build a home or buy one!
If you are looking for a realtor, builder, or lender, consult with a Murney agent today so they can help guide you into home ownership today!
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