NAIHBR 2107 Chicago Area Leadership Events a Resounding Success

National Association of Independent Home Builders and Remodelers

Thank you for helping make NAIHBR's Chicago Leadership Summit a Resounding Success! On Tuesday August 29th in Oak Brook and Wednesday August 30th in Chicago, real estate brokers from throughout the Chicagoland area gathered for the 2017 NAIHBR Leadership Summit. Top professionals were there from major market brands, including Keller Williams, Baird & Warner, Coldwell Banker, Classic Realty and more.

 

Fannie Mae and Freddie Mac were both in attendance and provided a deeper understanding of the newest programs available to today’s borrowers, especially those considering a single closing to both acquire a property and renovate it. Presentation slides from the Fannie Mae session can be found at: https://www.naihbr.org/2017/09/06/fannie-mae-presentation-naihbr-leadership-event-chicago-2017/

 

The industries best new construction lenders were in attendance as well, showing agents how they can earn their new construction sales commissions up front – before the construction process even begins! Hard to believe, but it is true. Learn more at: https://www.naihbr.org/2017/09/06/getting-paid-upfront-realtor-construction-projects-ed-currie-associated-bank/

 

National Mortgage Insurance, a key sponsor of the event, was also in attendance and revealed some surprising, little known facts about their mortgage insurance products. Did you know more borrowers would benefit by financing with mortgage insurance instead of financing their home through the use of an FHA loan? Great information was provided that changed the way many agents and borrowers viewed mortgage insurance. Find out if FHA is really the best option for your buyers, but checking out their presentation at: https://www.naihbr.org/2017/09/06/national-mi-naihbr-leadership-event-2017-presentation-thinking-past-fha/

 

The keynote presentation titled Empowering the Realtor - The Agent’s Vital Role in the New Construction and Renovation Marketplace was a real eye opener. Leveraging NAIHBR’s ecosystem of service providers and offerings make selling a vacant lot easier and more profitable, while enabling real estate brokers to generate more leads and create compelling listing presentations. Renovation options were provided as well, and offer a real differentiator for real estate brokers looking to show their sellers that they are ahead of the curve regarding marketing strategies. Meanwhile, consumers are offered a complete, plug-in solution that meets their needs and makes purchasing a new or renovated home easy and understandable. See how NAIHBR is changing the way new and renovated homes are bought and sold at: https://www.naihbr.org/2017/09/06/naihbr-presentation-slides-august-29th-30th-2017/

Our thanks to all who made the Leadership Summit a resounding success, and we look forward to all of our members participating in the successes soon to follow!

NAIHBR Presentation Slides August 29th and 30th 2017

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NAIHBR’s slides from 3 presentations a the Chicago Leadership Events on August 29th and 30th.  NAIHBR spoke about current market conditions in the housing industry and trends followed by program descriptions for new construction and renovation.

 


How long can I be in the construction phase?

Shared by Ed Currie of Associated Bank

The construction phase is the period of time your home is under construction. Once your home is complete, the loan moves to the permanent phase with payments of principal and interest.

Every construction phase is initially setup for 12 months. If you use less time, the loan will move to the permanent phase once your home is done. So you can’t ride out an interest only payment for the full 12-month period. Once it’s complete, the payment changes from interest only to principal and interest. If more time is needed, a one-time extension of up to 6 months can be obtained if requested at no charge.

Home Building NAIHBR couple with contract
Ed Currie Associated Bank

Ed Currie

Associated Bank

Meet the Author ...

Ed Currie

Ed Currie began assisting clients with mortgage financing in 1994 during one of the slowest mortgage markets in the last 25 years. The slow market allowed Ed to develop his client-centric philosophy and drive to make the process as stress-free as possible. Since that time, Ed has assisted over 5000 clients with total loan production exceeding $1 Billion.

Habitat for Humanity DuPage County joins forces with NAIHBR

DuPage Habitat for Humanity now working with NAIHBR to help communities.

Habitat for Humanity DuPage

Two of NAIHBR’s core values are investing in the development of communities and giving back, especially to assist those that have worked hard to achieve the dream of home ownership. No organization embodies this mission more than Habitat for Humanity. Their goals of financial education, homeowner preparedness, assistance to those in need of housing, and community development are aligned with NAIHBR’s core values of how to “do good” in a community.

Our new partnership between NAIHBR and DuPage Habitat for Humanity has 3 key aspects, all based on identifying what being a “Good NAIHBR” is all about. They are:
  • Working together to recycle and reuse as much material as possible prior to the demolition of a current home. It is amazing what can be reused or recycled instead of simply going into a landfill. Our new partnership will reduce waste, and drive us towards more sustainable home renovation.
  • NAIHBR is committed to the financial assistance of Habitat to better support its mission. To that point, NAIHBR has committed to make a financial donation directly to Habitat for Humanity, for every transaction that goes through the NAIHBR service network. We are also asking our builder partners to match our donation on a local level, to an assistance program with similar goals. In DuPage County, for example, a builder would make a matching donation to H.O.M.E DuPage.
  • Programs and financial donations are all beneficial, but there is no substitution for personal time. Promoting volunteerism is a key aspect to the NAIHBR-Habitat partnership, and NAIHBR will regularly be informing our membership about Habitat volunteer opportunities in their local communities and how to become a part of them.

Together, we can all rebuild and rejuvenate our communities and create an impact that will benefit our neighborhoods and the families that live there for generations to come. Habitat for Humanity – Welcome to the NAIHBR family!

What happens to a construction loan once a home is built?

Shared by Ed Currie of Associated Bank

The only change in the loan after your home is complete is the payment. During construction it is interest only based on balance owed and after construction it changes to principal and interest. The actual P&I payment will be determined by the final balance of the construction loan and the remaining term of the loan.

This change occurs after you take your final draw and the inspection confirms your project is complete per the plans and specs. It will then generally be 30-45 days when the change occurs.

Concorde Normandy
Ed Currie Associated Bank

Ed Currie

Associated Bank

Meet the Author ...

Ed Currie

Ed Currie began assisting clients with mortgage financing in 1994 during one of the slowest mortgage markets in the last 25 years. The slow market allowed Ed to develop his client-centric philosophy and drive to make the process as stress-free as possible. Since that time, Ed has assisted over 5000 clients with total loan production exceeding $1 Billion.

An Unprecedented Time, an Unprecedented Opportunity in the Real Estate Market

by Jim Pesavento, Director at NAIHBR

The American real estate market is facing major changes as it rolls into the second half of 2017. Consumers, their preferences, and the property inventory to satisfy market need are all changing faster than ever before, all culminating in a unique market opportunity not seen in over 20 years.

Millennials will make up 33% of homebuyers in 2017. This number is rising every day, and soon a majority of home sales will be to this new generation of buyers. This group of buyers is well educated, savvy, and resourceful. Their preferences in real estate generally lie in either new construction, or a property that has been recently renovated. Unfortunately, the condition of the majority of housing stock is not at this post-renovated level and therefore not an ideal option for these buyers.

Despite utilization of the internet for the purposes of home shopping and research, more buyers than ever before are using the services of a real estate professional (Marketwatch, March, 2017). Statistically, 85% of young boomers, 87% of generation X buyers and 89% of millennials used the services of a real estate agent in 2016. So, despite the technological advances, the trend is toward using Realtors more in the future, not less.

NAIHBR National Association of Independent Home Owners and Remodelers0

Builders broke ground on 784,000 single-family homes in 2016. Forecasts indicate an increase of 9-10 % in 2017, as well as 2018. A normal level of new home construction production would satisfy the market need, sustain population growth and replace older and obsolete homes. This number of needed new homes is estimated to be 1.3 million per year, and we are currently building at only 60% of that number. There is clearly a new housing shortage, and it is pacing to get worse long before it gets better. This is compounded by the fact that smaller builders cannot keep up with the demand, as speculative construction is capital intensive.

  • The National Association of Independent Home Builders and Remodelers understands the unique opportunity that these various elements create.
  • There is a new housing shortfall.
  • A majority of homebuyers would prefer a new or renovated home.
  • More buyers are using buying agents now than ever before
  • Builders need to find a scalable solution to meet the market demands, as smaller builders have their productivity gridlocked by speculative construction, which ties up critical operating capital

Much like these unique conditions create an unprecedented opportunity for the players in this space, NAIHBR offers the platform to bring the builders, agents and vendors together to create a synergistic relationship that can meet market demand and greatly benefit those that participate along the way. It is our pleasure to take this journey with you, and we welcome you to the NAIHBR family.

James Pesavento

Jim Pesavento

National Association of Independent Home Builders and Remodelers

Meet the Author ...

Jim Pesavento

Jim has spent over two decades in the real estate business as a builder, Realtor and as a mortgage broker. Jim brings a wealth of knowledge to NAIHBR. He lives in Illinois with his wife and 2 children.

NAIHBR in the National Press

NAIHBR recently made the national news in a press release on Yahoo Finance.

National Association of Independent Home Builders and Remodelers

The National Association of Independent Home Builders and Remodelers (NAIHBR) made national press with an announcement by National MI of their sponsorship of NAIHBR's Chicago Leadership events. The announcement was picked up by several national news channels including Yahoo Finance. NAIHBR's Chicago area events are scheduled for August 29th and 30th at the Regency Tower in Oak Brook Il and 401 N. Michigan Ave. in Downtown Chicago respectively.  The events are Realtor partner focused with speaking sessions focused on ways Realtors can leverage new contruction and renovation programs throuh NAIHBR and it's financial parnters to grow their businesses and improve local communities. For additional information on the leadership events and registration, please visit the NAIHBR events page.

NAIHBR National Association of Independent Home Owners and Remodelers

Contact Info

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(855) 733-8100
[email protected]

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