Showing posts with label home for sale. Show all posts
Showing posts with label home for sale. Show all posts

Sunday, December 10, 2023

Know What To Spend On Housing

 Today’s mortgage rates are still rising and will remain high for the foreseeable future. It is harder these days to know how much to spend on housing. When there is such demand, it is easy to jump the gun which can hinder you financially. Here are some rules the professionals say to follow when it comes to buying or renting a home.

The 30% Rule

This is a popular and common rule that is followed to decide if a certain home is affordable for you. The 30% rule is easy to follow, just do not spend more than 30% of your gross income on housing. Housing expenses are more than just your rent or mortgage payment. When figuring out how much your housing expenses are, if you are a homeowner, you will need to factor in your utilities, mortgage interest rate, homeowner’s insurance, property taxes and HOA fees or if you are a renter, include renter’s insurance and other fees from your landlord.

The 28/36 Rule

This rule is just for homeowners only. You will be covered in two ways with this rule. Your housing expenses which include your mortgage payment, property taxes, insurance and utilities cannot be more than 28% of your gross monthly income. Your total debt which includes credit cards, student loans, and auto loans, cannot go over 36% of your gross monthly income.

Don’t get stuck with real estate regret. If you are looking for a new home either by purchasing one or renting one, you need to contact your local real estate agent. A local real estate agent can help you determine what is right for you.

Click Here For the Source of the Information.

Wednesday, July 26, 2023

A Gain in Single-Family Starts Seen in May

 The U.S. Department of Housing and Urban Development and the U.S. Census Bureau’s data shows a positive outlook when it comes to single-family starts. A good part of this is to give credit to limited existing inventory and improving supply chains.

May saw an increase of 21.7% to a seasonally adjusted annual rate of 1.63 million units.The May reading of 1.63 million starts is the number of housing units builders would begin if development kept this pace for the next 12 months. This caused the single-family starts to increase 18.5% which is still 6.6% lower than seen a year ago.

According to a NAHB/Wells Fargo HMI survey, builder confidence and housing starts are improving because of improvements to the supply chain. The start of the year though still puts it down 24% on a year-to-year basis. Single-family completions are only down 1.2% which is good news for the inflation.

Even though on a regional and year-to-date basis it is down in all four regions overall permits increased. Each region came out as 21.7% lower in the Northeast, 24.7% lower in the Midwest, 16.5% lower in the South and 24.1% lower in the West. Permits went up 5.2% to a 1.49 million unit, single-family up 4.8% to and 897,000 unit rate, and multi-family up 5.9% to an annualized 594,000 pace.

Click Here For the Source of the Information.

Thursday, March 16, 2023

Factors That Help Determine Your Mortgage Rate

 The lower the interest rate, the more you can spend on a new home but 2023 is seeing a rise in the rates. If you are in the market for a new home, you want to lock in the lowest rate possible. Trusted lenders are a great resource to have when it comes to your mortgage rate. Here are four things that will help determine your mortgage rate.

Your Credit Score

“When you build and maintain strong credit, mortgage lenders have greater confidence when qualifying you for a mortgage because they see that you’ve paid back your loans as agreed and used your credit wisely. Strong credit also means your lender is more apt to approve you for a mortgage that has more favorable terms and a lower interest rate,” explains Freddie Mac.

A better credit score leads to a lower mortgage rate so you want to make sure you keep a good credit score. If your score needs improving, a lender can help with advice on how to best do this so that when it comes time to get approved, you will get the best rate.

Your Loan Type

“There are several broad categories of mortgage loans, such as conventional, FHA, USDA, and VA loans. Lenders decide which products to offer, and loan types have different eligibility requirements. Rates can be significantly different depending on what loan type you choose,” comments Consumer Financial Protection Bureau.

Keep in mind that there are several types of loans and each loan will offer different terms for each qualified buyer. When looking into a loan, contact your local real estate advisor who can tell you what is available in your specific area and which types of loans it looks like you would qualify for.

Your Loan Term

Just like a loan type, there are also different loan terms that are available. These can all be different according to your situation and the life of your loan.

“When choosing the right home loan for you, it’s important to consider the loan term, which is the length of time it will take you to repay your loan before you fully own your home. Your loan term will affect your interest rate, monthly payment, and the total amount of interest you will pay over the life of the loan,” according to Freddie Mac.

Your Down Payment

“In general, a larger down payment means a lower interest rate, because lenders see a lower level of risk when you have a more stake in the property. So if you can comfortably put 20 percent or more down, do it – you’ll usually get a lower interest rate,” explains the Consumer Financial Protection Bureau.

If you are a homeowner and want to move, you can use the equity from the sale of your home as the down payment. A lender can help you determine the difference if you put a higher down payment down up front.

These are several factors that are looked at and will help with how much your mortgage rate will be. If you are searching for a home, go ahead and find a local sales agent and a local lender who can help you through the process.

Click Here For the Source of the Information.

Saturday, October 29, 2022

New Home Construction Is Beginning To Pick Back Up

 Good news for the housing market, the new home building is starting to pick back up but builders are still frustrated. This fall we have seen an uptick in new home building even with the slower demand from new home buyers. Builder sentiment is still down though due to things like the high cost of building materials.

According to the US Census Bureau, August home starts for new home construction rose 12.2% from the previous month. This is still 1% down from August 2021 just a year ago. The home starts are still trying to catch up this fall from the big drop that was seen this spring. The housing starts have been holding steady up until about a month ago when they began to increase.

The increase is a plus for the housing market due to the low inventory that has disrupted the market for the past two years. The rise in home prices and bidding wars are part of the direct outcome of this shortage. ” The latest month’s increase is implying that builders still see profit opportunities even as they concede on prices,” said Lawrence Yun, chief economist at the National Association of Realtors.

Multi-family projects have seen the biggest gain which jumped 30% from July, single-family homes only rose 3.4% from a month ago. Even with these increases, builders are still shy about being too optimistic of what the future holds. Building permits dropped 10% from the beginning of the summer and were down 14.4% from the same time last year. Surveys are still showing that builder confidence is still falling.

This fall is partly to be blamed on higher mortgage rates, supply chain problems and high home prices. “Buyer traffic is weak in many markets as more consumers remain on the sidelines due to high mortgage rates and home prices that are putting a new home purchase out of financial reach for many households,” said Jerry Konter, NAHB Chairman.

The National Association of Home Builders reports show that builder sentiment has gone down every month since 2022 and shows no signs of rising anytime soon. “Builders continue to grapple with elevated construction costs and an aggressive monetary policy from the Federal Reserve that helped push mortgage rates above 6% last week, the highest level since 2008,” according to Robert Dietz, NAHB Chief Economist.

“In this soft market, more than half of the builders in our survey reported using incentives to bolster sales, including mortgage rate buy downs, free amenities and price reductions,” said Dietz.

This is still not pushing home buyers back into the market. The study also shows that the cycle of homeowners moving up from a starter home is stalling due to the high prices and rising mortgage rates. First-time home buyers are also stalling and choosing to rent instead.

“Many potential ‘move-up’ buyers who would be likely candidates for high-priced new construction homes may also be weighing the benefits of remaining in their current home, where they likely have a mortgage rate less than half of today’s going rate – all factors that are contributing to a decline in housing mobility,’ said Kelly Mangold of RCLCO Real Estate Consulting.

The huge increase in multi-family buildings is due to the record high rents around the country. “Apartment demand has been strong, with rents rising at a historically high pace. Those consumers unable to qualify for a mortgage at higher interest rates are renewing their rental leases. Job creation is also boosting the rental demand,” stated Yun.

Click Here For the Source of the Information.

Saturday, August 27, 2022

Facts All Agents Should Know When It Comes to the Green House Market

 What are simple ways to make sure my new home is cared for?

-Focus on home decor that pulls double-duty
-Make sure your insurance protects your needs
-While you have a blank slate, create an organized foundation
-Learn climate-specific maintenance tips
-Add or update safety monitors
-Assess landscaping and head-off concerns
-Get to know your neighbors
-Put household check-ups on the schedule

Buying a new home is a big step in life and is both an exciting and nerve-wracking time. Many new homeowners feel very overwhelmed not with just the buying process but owning their own home and caring for it. In order to feel peace of mind, there are several things you can do to maintain your new home from the start.


1. Focus on home decor that pulls double-duty

When you start to move your belongings into your new house becomes your home. Remember to prioritize multi-functional products. For example, a nice ottoman can also act as a storage space. You want to limit the clutter from the beginning. Studies show that limiting excess items can boost your mental health. Not only can some things boost your mental health but your physical health as well. House plants are natural air purifiers. The snake plant takes indoor air and filters it by taking up to four toxins out of the air plus it changes carbon dioxide into oxygen.

2. Make sure your insurance protects your needs

When you are shopping around for home insurance, make sure that you choose a plan that fits your unique home's needs. If you have an expensive piano, you will want to make sure this is covered. There are many insurance companies where you can get a quote and a new policy online. You can also save if you bundle things such as your car and home insurance.

3. While you have a blank slate, create an organized foundation

Remember to make a plan for each item when moving all your stuff into your new home. If you are moving from another home you will be tempted to put everything in the same room it went in in the new home. Add things such as closet organizers before moving all your items into the closet, and racks in the garage.

4. Learn climate-specific maintenance tips

If you are moving from New York to Miami, it might be a good idea to study the average tips and weather for each season. In New York, you have to winterize your home, whereas in Miami you do not. You will need to look into different pest maintenance in the South.

5. Add or update safety monitors

A fire can happen anytime day or night so having a smoke and carbon monoxide detector can save a homeowner's life. These should be in every home. When installing, be sure to follow the installation guidelines. You want to make sure they are strategically placed throughout your house and always make sure to test them monthly. Another safety measure is to install a home-monitoring system or a burglar alarm.

6. Assess landscaping and head-off concerns

Tree branches hanging over your roof can be a hazard. A heavy tree branch can fall on a roof during bad weather or make a great extension for pests to enter a home. Look around your home and assess what would cause a threat to the exterior of the house or your property if a storm were to occur. The leading cause of homeowners' insurance claims is weather-related incidents.

7. Get to know your neighbors

It is always nice to know your neighbors but it can also have an advantage when it comes to safety. When you are away it is nice to have your neighbors that will keep an eye out on your place. Neighbors can also help with taking out your trash or bringing in the mail when you are out of town.

8. Put household check-ups on the schedule

Just like we need an annual check-up with the doctor, your home needs one as well. Put a household check-up on your calendar. Go around and look at what needs to be done every season. Check the landscaping, test the smoke detectors, make sure your HVAC filters are good and even take a minute to declutter.

Click Here For the Source of the Information.

Wednesday, January 19, 2022

Upscale Kitchens and Bathrooms Need Extraordinary Materials


 House of Rohl, specializes in exquisite handcrafted plumbing fixtures and materials for the bathroom and kitchen. Based out of California, the company is family-owned and operated and is the perfect company to refer to when creating a one-of-a-kind bathroom or kitchen. Here are some products to consider when designing a kitchen or bathroom.

Victoria + Albert Volcanic Limestone Baths and Sinks

Volcanic limestone is a beautiful material to use in a luxurious bathroom. The white rock is formed when immense heat and pressure from liquid magma transforms surrounding limestone.  This volcanic limestone is the primary material for Victoria + Albert bathtubs.

Each of these bathtubs is hand-finished and cast from one piece of stone. The bathtubs are chip and crack-resistant. The bathtub is naturally white but can be customized in any color in a gloss or matte finish.

Shaws Fireclay Sinks

A great option for a chef's kitchen is the Shaw fireclay sinks. Each sink is handcrafted by the Shaw family in England. The process of creating the piece has been passed down for over 100 years.

The sinks are created by pouring liquid clay into porous molds and then drying for 40 hours. Once dried they are then smoothed by hand and glazed. A specialty kiln is used to fire the sink for two days. The method is called slip casting and creates a sink with clean lines and natural shapes.

Perrin & Rowe Brass Taps and Fixtures

Another company that is located in England is Perrin & Rowe which specializes in water fixtures. There is no mass production each piece is handcrafted. They hand-forge brassware taps and sanitaryware from the best quality brass. Each piece is hand-molded and hand-polished and plated with a protective coating.

‘Brassware is also assembled by hand and each piece is individually water-tested,’ say the company founders. ‘Our casting plant in Wolverhampton is one of the last of its kind, carrying on a tradition that’s over a hundred years old. But what distinguishes us most is our high standard for performance and beauty. Because precision isn’t our method. It’s our mission.’

What you choose to use in your kitchen and bathrooms can make or break the design. An upscale bathroom and/or kitchen is a great selling factor when it comes to listing your home.

Click Here For the Source of the Information.

Wednesday, December 22, 2021

2022 Kitchen Trends For Your Home

 


The kitchen is the heart of the home and is a very important space. This has become even more prominent since the pandemic. Here are the 2022 kitchen trends the industry is sharing.

1. Sunny Celebration

Bright and open spaces have become very important, especially since homeowners have had to stay indoors during the stay-at-home orders. The new year brings joy and brightness. The color trends for our kitchen are nice yellows, burnt oranges that are set against cool blues and light whites. The contrast will make a room pop.

2. Two-Tone Upgrade

This look was seen at the end of 2021 and seems to be hot in 2022. Two-toned kitchens are in! Even though they contrast in color, the look is streamlined and complementary shards are used.

3. Natural Pink

Nice pastels such as pink have become a trend for the color of the 2022 kitchen. Th pastel shades give a neutral and refreshing look to your space.

4. Sands of Time

This dune-colored palette is sure to make your kitchen look serene. This design is popular for 2022 and is said to be a Minimalism and Scandinavian design combined.

5. Matte Grey

Is it grey or gray either-or, this color is a great stylish design for your kitchen. Touch-to-open cabinets in a matte grey gives a simple and sleek design.

6. Natural-Inspired Green & Oak

They say that green is a calming color. Bringing green into your kitchen is a trend you will see this year. Expect to see kitchen cabinets in colors inspired by wood-land hues such as brown and greens.

7. All that Glitters

Another trend you will see this year is a metallic accent in your kitchen. A new trend will be dark cabinets with a metallic backsplash.

8. Countertop Continued

A nice countertop in the kitchen can boost your kitchen's look. A trend to see this year is waterfall kitchen island tops. These countertops look seamless and simple in design.

9. Backsplash & Beyond

Kitchen backsplashes have been a trend for a while now. There are many to choose from and countless designs. The 2022 trend for backsplashes will be a wrap-around backsplash. This means the backsplash will go from behind the stovetop to the ceiling and down onto the floor.

10. Practical Alternatives

Wooden beams or steel poles are being incorporated into the design of the 2022 kitchen. Also, steel countertops are the rage, they are easy to clean and durable.

11. Fully Integrated Smart Kitchens

Smart homes are becoming the norm now. Smart technology allows for smaller, more conveniently shaped appliances in the kitchen.  These appliances are energy efficient and can make your life easier. A smart fridge can actually let you know when you are running low on a particular grocery item!

Remember that the kitchen is the heart of the home and can bring family and friends together. Make sure to spruce up your kitchen for the New Year.

Click Here For the Source of the Information.

Saturday, December 4, 2021

Tips To Spruce Up A Home's Curb Appeal

 


When selling a home or purchasing a home one of the terms often used is curb appeal. The first impression of a home is the exterior and the home's landscaping. Keeping the exterior of your home and its surroundings updated and fresh sets your home apart from others on the street. Here are five exterior updates that can boost your home's curb appeal.

1. Show Your Style With Siding

Siding has become very popular, especially durable siding that has little upkeep. A new trend is using steel siding. Steel siding is strong and durable with a sustainable finish that offers tons of options to mix and match paint colors and other exterior materials.

“Using a combination of siding materials can help with the overall visual interest of a house,” says Mike Bouman, P.E., Vice President of Design and Engineering at Pioneer Construction in Grand Rapids, Michigan. “But make sure you look at how much maintenance your chosen material will need. Steel siding, for example, is really good in terms of durability and upkeep.”

“If you keep to one color for your siding, you may want to add interest by combining horizontal and vertical boards,” Bouman says. “Or, if you do introduce more than one siding material, try and use just two types or colors, and possibly either masonry or brick.”

2. Use Color to Add Personality

A house can look so much different with a new exterior color. Keep with your home's style when selecting colors for paint, siding, trim, shutters, doors and other exterior details.

If you want a contrasting look from your landscape, go with a dark tone on your exterior. This will make the greens of the landscaping pop.

“We’re seeing darker colors such as dark brown and dark wood tones as a trend,” Bouman says, “which is where real wood, or siding that looks like wood, can really come into its own.”

A more fresh and sleek look would be to use white on your exterior with black accents. “The combination of white siding, white trim and black-framed windows is still a clean look which people want,” Bouman says.

3. Choose Your Trim

Trim not only protects the edges of your home's roof, porch and other overhangs and windows but also gives the exterior a completed look. When choosing trim, make sure the style complements your home's architecture.

“We see homeowners choosing trims and siding in a similar color or the same color,” Bouman says.

4. Invest in Your Outdoor Space

Make sure your porch, patio and outdoor living spaces are all up to date. An outdated living space or bland yard does not give off good curb appeal. Adding evergreen plants, ornamental grass and flowering perennials adds ambiance and color to your yard.

Add a maintenance-free ceiling that is constructed of durable aluminum to your outdoor porch or covered patio. The ceilings come in many colors and even a wood finish.

“It really makes a difference,” Bouman says of the aluminum under-porch and soffit products offered by Quality Edge. “Whether it’s a solid color that looks painted or a wood finish, the style really makes it look authentic without the maintenance.”

5. Go for New Gutters

A home can have new trim, a new roof, new exterior painting and great landscaping but if the gutters are dingy your curb appeal is ruined. Not only do you want your gutters to look nice, but you also want to make sure they are intact and standing up to the outdoor elements correctly.

“Matching it with your home’s trim color means that the gutter doesn’t have to stand out,” Bouman says. “There are lots of different options to choose from, so choose one that works with the architecture of your home. If you’re going for a more historical look, for example, you might want to select a specific profile or material to suit that style of house.”

Click Here For the Source of the Information.

Wednesday, March 31, 2021

2021 Sees A Gain in Single-Family Permits



The first month of 2021 had a 19.2% year-over-year increase over January 2020 for single-family permits. In the first month 83,921 were issued nationwide which was an increase in all four regions. Midwest reported a 21.5% increase, the Northeast saw a 20.7% increase, the South a 20.3% increase and the West saw a 15.1% increase.

From January 2020 to January 2021 46 states and the District of Columbia experienced growth in single-family permits.  The highest growth rate was seen in South Dakota with a 104% increase.  Montana was one of the four states that saw a decline with a 15.8% decline.

At the local level, below are the top 10 metro areas that issued the highest number of single-family permits.

Metropolitan Statistical AreaSingle-family Permits: Jan (Units #YTD, NSA)
Dallas-Fort Worth-Arlington, TX4,330
Houston-The Woodlands-Sugar Land, TX4,258
Phoenix-Mesa-Scottsdale, AZ2,656
Atlanta-Sandy Springs-Roswell, GA2,622
Tampa-St. Petersburg-Clearwater, FL1,954
Austin-Round Rock, TX1,940
Charlotte-Concord-Gastonia, NC-SC1,506
Washington-Arlington-Alexandria, DC-VA-MD-WV1,335
Jacksonville, FL1,275
Nashville-Davidson–Murfreesboro–Franklin, TN1,208

Click Here For the Source of the Information.