Friday, May 28, 2021

March 2021 Sees Gains for Private Residential Spending According to the National Association of Home Builders

 


The NAHB analysis of Census Construction Spending data revealed that March 2021 saw an increase of total private residential construction spending by 1.7% to a seasonally adjusted annual rate of $725.3 billion. This is 23.3% higher than reported this time in 2020.

Along with the pandemic’s stay-at-home orders, homeowners put remodeling and improvements on the forefront. The gains seen in March were mostly attributed to a large amount of spending on single-family and improvements. Single-family construction spending rose to a $389.9 billion annual pace in March, up by 2%. The report also showed a 2% increase in single-family home remodeling.

This spending increase runs along with the single-family housing starts which also jumped in March. According to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, overall housing starts increased 19.4% percent to a seasonally adjusted annual rate of 1.74 million units. They have not seen such a fast pace since June 2006.

Housing starts are also on the rise with 636,000 single-family homes currently under construction which is 19% higher than this time last year. NAHB reported that combined housing in the Midwest 28%, the Northeast 23%, in the South 10% and 5% in the West. Permits were higher in the Midwest and South, lower in the Northeast and the same in the West.

Now is a good time to purchase a new home. If you are in the market for a home, go through a local sales agent who knows the market in your area.

Click Here For the Source of the Information.

Wednesday, May 19, 2021

Five Signs To Look for To Know It’s the Right Time To Buy a Home

 

Today’s housing market is booming, sales are up, inventory is low, and mortgage rates are low. This is a competitive market for a buyer. Timing is everything and you want to make sure that what’s going on in the market and in your personal life makes this the right time to buy. There are many factors to consider when purchasing a home. If you are having a hard time deciding if now is the time, consider these five factors to help with your decision.

1. Your lifestyle has changed – or is about to

There are many seasons in our lives that can sway our decision on buying a home. Examples are having a baby, moving to a desired location such as the mountains or the beach, or downsizing as empty nesters. Big changes in our lives can be both planned and unexpected.

It is always a good idea to reevaluate your current living situation when big changes are about to happen. Before making the decision take the time to go over your needs and your budget to make sure they are in sync.

2. It’s the right time of year for you

According to Rocket Mortgage®, the prime time for buying and selling a home is in the spring and summer. This is when the market usually has the most inventory for sale and buyers out looking for a home. This might be the typical time of season to look if you are a buyer, but it might not line up with what is going on in your personal life.

Typically the spring and summer seasons are the busiest because growing families are looking to settle in a new home before the next school year begins. If you are an empty nester and can wait, the fall or winter might be your best time to purchase.

3. Mortage rates are low

The current market has seen record-low mortgage rates. Right now, you can purchase a home at a higher listing price because the monthly payments might fit your budget.

Interest rates play a big role in the monthly cost. For example, if you want to have a payment of around $1,500 a month, in today’s market you can purchase a home for much more with the low-interest rates. With today’s rates, you could afford a home for around $357,000 on a 30-year-fixed with 20% down. If the rates go up to 3.75% you will only be able to afford a home with a listing price of $328,000.

4. You’re financially prepared

No matter what season it currently is or how low the mortgage rates currently are, if you are not financially ready it is not your time to buy. Your financial profile plays a big part in the purchase of a new home. This includes your credit score and debt and income.

Make sure you can afford to take the leap into homeownership without too many risks. It is never fun to be “house poor.” When determining if you can afford to purchase a home, consider the cost associated with buying a home. These include home improvements, unexpected repairs, home maintenance, insurance and property tax.

5. You’re emotionally prepared

Purchasing a home is a big life-changing event. The home-buying process has many facets and you will want to have a good lender on your side. A mortgage lender can help you with all of your questions on loan types, calculating payments and managing your mortgage.

Educating yourself and have a professional by your side will help make this process less stressful for you. Both a Realtor and a mortgage advisor can help you learn the mortgage basics and help you determine what you can afford and where is best for you to purchase a home.

Remember before you decide to purchase a home, go to the experts. Choosing the right experts to go along with you during the process will help you reach your goal faster and more confidently.

Click Here For the Source of the Information.

Tuesday, May 18, 2021

May Brings Another Dip in Mortgage Rates

 


Freddie Mac reported that the interest rates on a 15-year and 30-year fixed-rate fell the first week in May. This will be the third consecutive week that the mortgage rate for a 30-year stayed below 3%. The interest rate on a 30-year fixed dropped to 2.96% while the 15-year rate fell to 2.30%. The drop is a great chance for those who did not get a chance to lock in a rate when the rates hit a record low to go ahead now and take advantage.

“The combination of low and stable rates, coupled with an improving economy, is good for homebuyers,” said Sam Khater, Freddie Mac’s Chief Economist. “It’s also good for homeowners who may have missed prior opportunities to refinance and increase their monthly cash flow.”

The housing market is still reeling from low rates and housing inventory. The strong demand coupled with the low inventory is driving home prices up.

“Real estate markets continue to see asking prices near record highs, as the favorable financing environment has motivated buyers to keep searching for homes, even amid tight inventory,” said George Ratiu, senior economist at Realtor.com.

Now is a great time to purchase a home with low rates. Rising inventory and low rates are especially pleasing right now for first-time homebuyers. If you are in the market be sure to hire a local sales agent to help you through the process.

Click Here For the Source of the Information.

Saturday, May 8, 2021

Rezoning Moratoriums in St. Tammany Parish Will Stay the Same for the Time Being

 


December 2020 began a debate among the St. Tammany council whether to proceed with an amendment that would have fewer restraints on establishing or extending a moratorium. The St. Tammany Parish Council has decided to table the amendment that would change how rezoning moratoriums are adopted and extended.

In April 2021, council members narrowly voted to introduce a version that would remove the requirement that the council member requesting a moratorium present a written justification and a timeline and process for addressing the reasons for applying it, and an account of any progress being made toward addressing the issues when requesting that the moratorium be renewed.  It was again set aside on May 6th’s meeting, and another version of the amendment was moved by District 11 Councilman Steve Stefancik and seconded by District 14 Councilman T.J. Smith.

This newer version would change the requirement for written justification regarding the enacting moratorium. The time for which a member would have to update the council regarding a new moratorium would be pushed back from three months to six months. Among them were several council members, District 7’s Jimmie Davis, who did not agree with changing the time frame from three months to six months.

District 13 Councilman Jake Airey moved to remove the amendment from the table completely. “What’s existing in law will stay there. If people then want to make changes, so be it, but this alphabet soup is just too hard to follow,” Airey commented. This motion was seconded and passed unanimously.

Click Here For the Souce of the Information.

Monday, May 3, 2021

2021 Will See Another 7% Surge In US Home Prices

 


Home prices are rising the fastest we have seen in 15 years. According to Goldman Sachs, US home prices will rise another 7% in 2021. In fact, Goldman upgraded its 2021 house-price appreciation forecast to 6.8% from 4.7% previously.

January 2021 saw the fastest rate since 2006 stemming from the low-interest rates and low inventory. The S&P CoreLogic Case-Shriller house price index increased 11.2% in January 2021 year on year. James Orlando, senior economist at TD Economics gives credit to the pandemic. Since spending more time at home during the pandemic, people want to improve on their living situations. Now more than ever, we are seeing more buyers entering the market.

“Underwhelming supply appears to be the primary driver of continued high levels of house price appreciation,” noted Apurva Gundaria and Marty Young who lead Goldman Sachs.

“In our view, this supply crunch is driving another leg up in home prices,” the analysts said. “Though mortgage rates have backed up in recent weeks, they still remain below their pre-pandemic tights and the backdrop for housing demand remains supportive.”

If you are in the market for a new home, now is the time to take advantage of the low-interest rates. Be sure to purchase through a local sales agent who can help you navigate this aggressive current market.

Click Here For the Source of the Information.

Sunday, May 2, 2021

The New Slidell Casino Will Come With Some Awesome Amenities

 


Residents and the casino resort developers gathered in the Slidell Municipal Auditorium for a “show-and-tell” of what’s to be included with the $250 million casino resort. St. Tammany Parish will be the home of the future casino resort that will be located on 120-acres close to the Interstate 10 twin spans in Slidell.

The casino resort’s amenities will include a lazy river, water slide, resort pool, a 6,000-seat outdoor amphitheater, an indoor entertainment area with 1,500 fixed seats and a stage and a crab leg buffet. The Blind Tiger will also be included in the development in a new location close to the marina and boat slips.

P2E, a Los Angeles-based developer, purchased the land for just under $14 million. This same developer owned DiamondJacks in Bossier City which closed down after COVID-19 restrictions were lifted. The Bossier City casino was  the lowest-performing casino in the saturated Shreveport/Bossier City market,

Concerned residents and businesses were not present at the meeting but they have been sharing their concerns relayed Slidell City Councilman at Large Glynn Pichon. There is a chance that the site plan will change but as of now, the site plan shows the casino located farther away from subdivisions than originally planned.

“My only concern is that the company has closed a casino in Bossier City,” said Deb Horrocks, who lives in Eden Isles, not far from the site. “What’s going to happen to the property if they decide to do the same thing?”

Click Here For the Source of the Information.