Posted To: Pipeline Press
“Cuz they ain’t makin’ any more of it” is the traditional response to the question about why should anyone buy real estate. But builders, straining to find decent land for houses and decent people to build them, have decided to slice and dice their existing lots into smaller pieces. (Kind of like reducing the size of the cereal box but keeping the price the same.) Lot sizes for new homes are the smallest on record , according to the NAHB, down to 8,600 square feet from 10,000 square feet twenty years ago. (One acre is 43,560 square feet.) Interestingly, the average square footage of new homes has increased by 150 since the real estate bust. How many new bank officers know about the “Three C’s of Credit” – character, capital, and capacity. One measure of this is a credit…(read more )