We are pleased to introduce our Mesquite floor plan, which is being featured in the Parade of Homes of the Building Contractors Association of Southwestern Idaho. This house sits on a 0.4 acre lot with an expansive east-facing back yard. The two-story family room with clerestory windows and a stone-wrapped fireplace is the central feature of the home. The open kitchen and dining room are set in an open layout with a walk-in pantry tucked around the corner. The master suite and a guest suite are set on the main level, and the upstairs has 3 bedrooms, 2 bathrooms, and a large bonus room. The open stair railing and balcony connects the upstairs with the main level. Please come tour this home during parade hours May 7th-22nd. 

LAST HOMES IN GOOSE RIDGE ESTATES

Riverwood Homes is down to our last two homes in Goose Ridge Estates! If you’re looking for a home in Richland, WA in the Badger Mountain South community, we’ve got a couple great options for you:

The Siena

3925 Barbera St

Richland, WA 99352

Our Siena is a single-level home with 3 bedrooms, 2.5 bathrooms, tech room, walk-in pantry, with room for 4 cars or your RV!

The Odessa

3937 Barbera St

Richland, WA 99352

The Odessa is also a single-level home with 4 bedrooms, 3.5 bathrooms, den w/closet, 3-car garage, butler’s pantry, and a guest suite with private bathroom.

Each of these homes is gorgeous with tons of upgrades like granite/quartz counters and soft close drawers. They won’t last long!

For more information, or to schedule a tour, contact our great team at Retter & Company Sotheby’s.

Jason Barrow

(509) 308-2102

Greg Johnston

(509) 539-3834

*Our floor plans, features, and square footages are subject to revision and alteration. Often when we build spec homes we deliberately add or exclude certain features that may be shown in the floor plans above.

In the last few months, 30-year borrowing rates have increased from approximately 3% to 5% - basically a 2-point increase%! While 5% isn't particularly high by historical standards, it's much higher than rates have been in the last decade and especially in just the last year. This sharp increase in interest rates drastically increases the monthly payment of borrowers - roughly a 13% increase in monthly payment for every 1-point increase in the rate. We don't want this for our home buyers, and we wanted to suggest a product that may help you to combat these rising rates.

Normally a fixed-rate mortgage is considered the safest and wisest product when shopping for a home loan. However, given current conditions, an adjustable-rate mortgage may actually be more advantageous to you as a borrower for at least five reasons.

1. The spread between a 30-year fixed rate and an adjustable rate is significant. As an example, a 7/1 adjustable-rate mortgage (ARM) is around 4.1% today compared to 5.0% for a 30-year fixed rate. That equates to $322 per month in savings for a $600,000 loan!
2. Unfortunately, home prices are not expected to come down any time soon. Costs continue to rise for houses and pretty much any good or service we purchase. Buying a home is a good way to lock in the cost of your housing payment even as inflation persists. An ARM may be the difference between qualifying now for a home rather than waiting and waiting while prices keep rising. A lender will qualify you based on the adjustable rate, which we've already mentioned could reduce your monthly budget by more than $300. 
3. ARMs typically come in with 3-year, 5-year, 7-year, or 10-year term. But, according to the National Association of Realtors, the average home owner moves every 13 years, and in Boise, Idaho they move every 8 years. That suggests that you'll probably not live in your house as long as you think you will. 
4. Even if you were to live in your house for 10+ years and interest rates had actually gone up substantially during that time, your lender could only adjust your rate up at a limited increase one time each year. You would have some protection each year against any drastic upward adjustments in your rate.
5. Today the yield curve is flat or even slightly inverted. The 2-year treasury note is nearly as high as the 10-year and the 30-year bond. This suggests that interest rates are high now but are not necessarily expected to remain high long term.  It is likely that any future adjustment to your ARM will be a downward adjustment, not an increase to your borrowing rate. Your loan will adjust downward every year after the term of your ARM if prevailing rates have dropped. This is a great way to take advantage of falling rates without incurring the costs of refinancing. 

For all of these reasons, we think an adjustable-rate mortgage may be something for you to seriously consider during these current market conditions rather than paying more money for a fixed-rate mortgage or waiting it out while home prices continue to appreciate.

Ever wonder what new construction warranty is like? Even newly constructed homes aren’t always well-oiled machines right off the bat. Luckily, Riverwood Homes has its very own Warranty Specialist, knowledgeable Superintendents, and a great Warranty Policy. With a Riverwood home, you are covered for a year with our limited warranty.

Before you even move in, we will go over the functionality of the home, give you some tips and tricks, and go over our warranty policy in person; leaving you with your own copy of our policy to review if/when needed.  Our team knows your home better than anyone else and is happy to answer any questions you may have.

We break up our warranty period into two sections. First, we give you 30 days to move in, get settled, and get to know the place. If there were some flaws missed, or adjustments that need to be made, our warranty specialist will meet with you, go over what is normal and acceptable, and what is not, and work on getting those items squared away for you and your family.

Now that you’ve got any possible kinks worked out and you know where all the light switches are, you will spend the next 10 months enjoying your new space!  During this time, you can rest assured that if something comes up as you are transitioning through the seasons, you still are under warranty. Our Warranty Specialist will once again review your list just before your 1-year anniversary (if there is one), and work on getting any warrantable items taken care of so you can enter year two comfortably.

Our team works hard on making your new home a reality, so we want you to enjoy it for years to come. With our knowledgeable team and clear policies, enjoying and making memories in your new space should come easily.

Introducing our new Coronado Grande floor plan! This model features three bedrooms downstairs plus two more upstairs. At over 3,400 square feet is is an ideal family house. It also has a bonus room and a den. Two cars can park in the side-loaded garage, and the oversized third bay is large enough for a boat or trailer. We built this home in Summit Ridge, and we're about to start construction on another one in Lavender Heights.