There’s no better time to buy a home in the Roanoke region than right now. PHOTO BY DOUGLAS MILLER

Why should I buy a home now?”

That’s the question asked by prospective home buyers increasingly convinced that a housing slump is sweeping the country and that a prolonged real estate recession is right around the bend.

But in the Roanoke region, home prices are still on the rise. Here and across the country, interest rates are still at historic lows and loans are readily available. And most important, here the ebbs and flows of the “national housing market” – which is itself an aberration of perception, since all housing markets are local – have little to no effect, splashing against the walls of an insulated market like storm clouds breaking up over the Blue Ridge Mountains.

“People who are reading the national media are not getting the correct picture in terms of what local conditions really are,” says Roger Simpson, president of Charles R. Simpson Inc.

“I equate this whole thing to a weather report,” says Gary Saunders, president of Timber Truss Housing Systems. “It’s all individual little areas, and that’s the way the real estate market is. You cannot report on one giant area, it just doesn’t work that way.”

Updated bathrooms are among the most coveted features.

What follows is a list of eight reasons why now is the perfect time to buy a home. Some of these tips apply all over the country. Some apply only to homes right here in the Roanoke region. But all of these reasons are based upon expert advice from both local and national sources.

1 Roanoke isn’t Los Angeles
It is a time-honored fact that the Roanoke region doesn’t participate in the same peaks and valleys as other markets in the country.

“Roanoke has always been a little different than the national market,” says Joe Thomas Jr., President of Thomas Ltd. and 2008 RRHBA President. “The Roanoke region has never been really susceptible to the huge booms like other areas are. If you look at the Roanoke curve, it’s more of a ripple, as opposed to a huge fluctuation from one year to the next.”

“We are insulated around here,” says Al Cooper, president of Cooper Homes and 2007 RRHBA president. “You’re not buying a house in California, you’re buying a house in Roanoke.”

“In this area, houses have not gone down in value except in isolated cases,” Simpson adds. “Buy while houses are relatively low, because they’re not going to stay low once things return.”

The numbers back this perspective up. According to Roanoke Valley Multiple Listing Service sales data, as provided by the Roanoke Valley Association of REALTORS, although total sales were down slightly in number and volume in 2007, the average home price was up to $213,459, an increase of more than $4,000, or 1.9 percent, from 2006. Since 2005, average home prices are up a total of $12,274, or 6.1 percent.

2 You’ll never get a better rate
It’s the first or second thing nearly every expert points out when asked why now is a good time to buy a home: Interest rates on mortgage loans are as low as they’ve been for the past 40 to 50 years, and as this publication goes to press in mid February, they continue to drop.

“I had a fellow come in here who had a 5.5 percent, 30-year loan, and that’s just phenomenal,” Thomas says. “It doesn’t get any better than that.”

The housing market in the Roanoke region provides buyers with a bounty of options to choose from in every style, size and price range. PHOTO BY DOUGLAS MILLER

3 Slow and steady wins the race
Housing markets, like all markets, have their ups and downs, but over the long haul home ownership is still unmatched by other investments. According to economists from the National Association of Home Builders (NAHB), at the national level home appreciation has historically increased five to six percent annually. That means if you invest $20,000 on a home loan of $200,000, at five percent in one year you will have made $10,000. If you instead put that same $20,000 into the stock market and see a five percent return over one year, you will only have made $1,000.

4 Supply is greater than demand
Another advantage to a buying a home in a slow market is the fact that there are more options available for you to choose from, and with that also comes a little more time to make your decisions.

“It’s the same thing as when you go to the store: Do you want to go to a major department store where you have thousands of items to choose from, or do you want to go to a gas station where you just have a hundred?” Saunders says. “Right now the market out there has more houses than probably we’ve ever had in the last 25 years.”

5 Loans are readily available
Another common misconception is that it’s impossible to get a loan in the current market because of the “subprime disaster,” but local experts are quick to point out that nationally these subprime loans only account for one to three percent of the market, and that ratio is even lower in the Roanoke region.

“I’ve got lenders calling me every day,” Simpson says. “If you have good credit, you should be able to get a loan.”

6 It’s a brave NEW world
If you’re looking to build a new home from the ground up, today is a good time for that as well.

“Rates, materials and labor are all low, and it makes for the most affordable housing market in the last 10 years,” Cooper says, adding that it’s also often advisable to consider spending a little more for a new home. “If the price is comparable between a new and a used house, even if it’s $10,000 or $15,000 higher, everything is new, so you don’t have to worry about replacing the water heater six months later, that kind of thing.”

Building a new home in a slower market is also a bargain, and many contractors can get started on your project right away.

7 “Blue skies smiling at me”
Nationally, existing-home sales are expected to begin climbing again in 2008 according to NAHB resources, and new construction will follow soon after.

Saunders uses the analogy of getting into the stock market at the right time. You want to buy a home when prices are down so that you will benefit when they go back up.
“Once you know it’s a good time to buy, it’s too late,” he says.

8 Everyone loves a free flat screen
There are no guarantees, but on occasion builders and sellers will offer buyer incentives, and these freebies are sometimes more common in a slower market, according to the NAHB. Cooper says a few examples of the buyer incentives he’s seen in the past include appliance packages, big-screen televisions, promotions for a year’s worth of gas, vacation packages, help with closing costs and more.

Top Remodeling Return:
Kitchen and Bath
When it comes to getting the most value out of a remodeling project, one familiar message still applies as much today as it did 15 years ago – homeowners love their kitchens and baths. And national stats bear it out: Kitchen and bath remodels rank at the top for return on investment, recouping 80-90 percent of investment at resale. Here’s a look at a few of the most popular trends and ideas area experts are seeing today.

Kitchen Ideas
Go granite
In addition to a slick, modern look, replacing countertops with granite or solid surface materials increases durability, in a part of the home that suffers more wear and tear than any other.

Get smart
As in an oven that can turbo cook a 12-pound turkey in under one hour or be turned on from an office computer, a flip-down computer monitor mounted underneath cabinetry, and refrigerators with built-in TVs or internet-ready computers.

Stuff it
Adding an island or a pantry and even building in additional storage areas are all ways to increase capacity without sacrificing luxury, and with modern materials many of these storage spaces can have the look and feel of living room furniture.

Tune up the lights
Recessed and task lighting are both sought-after enhancements in the kitchen. Under-cabinet lighting directs light right down on top of your counter top, and separate dimmers allow you to light the room differently every time you use it.

Add ceramic splash
A decorative ceramic tile backsplash is an easy way to update the look of any kitchen.

Re-facing to replacing
Cabinet upgrades can range from fresh paint to an entirely new kitchen layout, based on the condition of your current cabinetry.

Air it out
Knocking out a wall between a kitchen and a dining room reinvents those spaces into a single multi-purpose setting.

Bathroom Ideas
Singing in the shower
When it comes to creating your personal spa, nothing is more popular than the look and luxury of a large, open shower, complete with multiple shower heads, decorative custom tile work and more.

Out of sight, out of mind
According to NAHB resources, the single most desirable feature in a bathroom is a linen closet.

Warmth for the feet!
A radiant heat flooring system can also be installed in the shower, so the shower tiles are warm around your feet.

Cold shower meet your match
With the advent of tankless water heaters in recent years, gone are the squabbles over whose turn it is to take the last shower.

Sink it
Taller vanities – 36 inches versus the traditional 32 – are also popular bathroom amenities, as are vessel sinks.