Area Builder Sees Average Size of Its New Homes Grow by 24% since 2010
SACRAMENTO, Calif.--(BUSINESS WIRE)-- KB Home (NYSE: KBH), one of the nation’s largest and most recognized homebuilders, has noted a significant increase in the average square footage of its new homes purchased in the Sacramento area over the past two years. Since 2010, KB homes sold in Sacramento have increased in size by 24%—from 1,696 square feet to 2,110, as of the second quarter of 2012. KB Home attributes the trend to consumers’ desire for more space, the nominal cost difference between its larger and smaller floor plans and the fall of mortgage interest rates to record low levels.
For instance, at KB Home’s Silverleaf at Twelve Bridges community in Lincoln, a three bedroom, two bath, 2,052 square foot house is priced at $319,500 with an estimated monthly mortgage payment of $2,068. A four bedroom, two bath, 2,372 square foot home is priced at $330,000 with an estimated monthly mortgage payment of $2,136. So, KB homebuyers could get an additional 320 square feet of living space with only a $68 increase in their estimated monthly mortgage payment.*
“Today’s homebuyers are shopping smarter, and they can see the value in adding more room given the current affordability,” said Chris Cady, president of KB Home’s Central California division. “Our buyers want more practical space, and with KB Home’s engineering and building practices, we can deliver our new homes that meet this growing demand at a marginal difference in cost.”
“And with our unique Built to Order™ approach, homebuyers can choose to use that additional square footage however they’d like—whether it’s an extra bedroom, a home office, or a larger living area—KB home designs can be adjusted to fit each person’s or family’s needs or tastes,” Cady continued.
To learn more and view floor plans available at KB Home communities in the Sacramento area and throughout the Central California region, visit kbhome.com or call 888-KB-HOMES.
*Estimated monthly payments are based on sales prices, and include only PITI and estimated mortgage insurance premium; assumes qualification for an FHA 30-year fixed-rate mortgage loan of (a)$313,714, (b)$324,023 with interest rate of (a)3.25%, (b)3.25% and APR of (a)4.202%, (b)4.200% for the life of the loan and pays 3.5% down payment and payment of estimated closing costs of 3% of sales price. Minimum credit scores, underwriting guidelines and other terms and conditions apply. Not all buyers/applicants may qualify. This is not a commitment to lend. Rates effective 9/7/2012 and subject to change without notice.
Nationstar Mortgage LLC, 350 Highland Drive, Lewisville, TX 75067. NMLS Unique Identifier #2119.
About KB Home
KB Home is one of the largest and most recognized homebuilding companies in the United States. Since its founding in 1957, the company has built more than half a million quality homes. KB Home's signature Built to Order™ approach lets each buyer customize their new home from lot location to floor plan and design features. In addition to meeting strict ENERGY STAR® guidelines, all KB homes are highly energy efficient to help lower monthly utility costs for homeowners, which the company demonstrates with its proprietary KB Home Energy Performance Guide® (EPG®). A leader in utilizing state-of-the-art sustainable building practices, KB Home was named the #1 Green Homebuilder in the most recent study by Calvert Investments and the #1 Homebuilder on FORTUNE magazine's 2011 World's Most Admired Companies list. Los Angeles-based KB Home was the first homebuilder listed on the New York Stock Exchange, and trades under the ticker symbol "KBH." For more information about KB Home's new home communities, call 888-KB-HOMES or visit www.kbhome.com.
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Source: KB Home