The extension and expansion of the homebuyers tax credit that passed Congress November 5 allows more first-time buyers to qualify and creates an entirely new credit for existing homeowners who buy a new home.
The effective date was the date the President signed the bill, Friday November 6. It is not retroactive. However, first-time buyers who have been rushing the meet the November 30 deadline for the existing program need not worry. They can qualify under the new one. Existing homeowners who are also in the process of buying a home should consider delaying closing until December 1 or later to qualify for the credit.
Both credits expire next spring. Buyers must have a contract on a home before May 1, 2010 and they have until June 30, 2010 to close in order to qualify. [Read this article]
Houston, Texas – It’s earnings season for the home building industry, and amid the sea of public builder financials currently being reported, results like this stand out in contrast: For the 15th consecutive quarter, LGI Homes, one of the nation’s top 100 single family home builders has achieved profitability.
“Posting financials in the black is a rare occurrence for home builders in the current environment,” said Eric Lipar, CEO of the Houston-based housing and land development company that is achieving gross margins near 30%. “We approach this business in a way that’s very different from other builders. This year, on average, we are generating 135 incoming leads per week, per subdivision. We feel like our unique sales and marketing model has really allowed us to side- step the housing and economic downturn.”
The company is focused on offering quality homes at very affordable prices to the first-time buyer market. According to Lipar, operating under the LGI Homes way gives the company a foundation for success that’s not dependent on creative financing, government stimulus or other unsustainable support. Read the rest of this entry »
Do you have questions about your credit? Ever wonder if you qualify to buy a new home?
LGI Homes is here to help with the introduction of our Credit Counsel Program. Today, people who never thought they could purchase a new home are finding out they can with the help of LGI Homes. At LGI Homes we believe everyone should fulfill the “American Dream” of Homeownership. Our experienced team of New Home Consultants are here to help you make the dream of homeownership a reality. With the LGI Homes Credit Counsel Program you will get free, personalized, confidential and professional service during the home buying process. Read the rest of this entry »
Canyon Crossing, located in San Antonio, Texas, will be hosting a Customer Appreciation Party in the Park on Friday, October 30th from 5:30 to 7:30 p.m.
We invite you out to meet your neighbors. Bring your family and friends. There will be food, raffles, and a moon walk and costume contest for the kids.
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Converting renters to owners propels LGI Homes’ growth.
By: John Caulfield, Builder Magazine
Mike Snider likes to say that LGI Homes, where he’s executive vice president of home building, does “everything the opposite of other builders.”
That contrariness has been paying dividends for the Conroe, Texas–based company, whose officers claim is the only production builder among the top 200 that increased its revenue and closings in each of the last three years.
LGI has a unique business model that favors spec building, targets local renters, and follows leads with a highly trained salesforce. The company expects to break records for dollars and unit sales again in 2009 and is raising capital to expand beyond its two subdivisions in Houston and one in San Antonio. “There’s no reason why, in the Texas market, we can’t go to five, eight, 10 communities, take the LGI way of selling there, and be phenomenally successful,” says Eric Lipar, the builder’s president.
That confidence, in the face of a housing recession, would be laughable if it weren’t for LGI’s track record in recent years. Lipar’s father founded LGI Homes in 1995 as a land developer specializing in acreage home sites located 45 to 60 miles outside of urban centers. It continues in that business today, but five years ago its owners decided to take that business model into entry-level housing. A year later, it hired Snider, a former project manager at Tadian Homes in Michigan, whose training has focused on environmental sciences and land-use planning. Read the rest of this entry »