Key Insights and Tips to Navigating the Spring Home Buying Season

The spring home buying season, typically the most active time of year for home shopping, is about to begin in earnest. This year, the market promises to be relatively calmer, offering more options for buyers compared to last year. Although the boost in newly listed homes is expected to be modest, it should translate to increased choices for home shoppers. Those prepared to move quickly may even find some relief in price reductions in their market.

"Affordability is still a major challenge, but those shopping now should see early-season price cuts on leftover or mispriced inventory," says Zillow® Chief Economist Skylar Olsen. "However, that may dry up fast as the weather and housing market warms with the season."

Key Factors in the 2024 Spring Housing Market

1. When Does the Spring Home-Buying Season Begin?

The spring home shopping season generally runs from April through June in most of the country. Warmer climates tend to start earlier, while colder regions may have shorter seasons starting later. Warmer weather and school schedules, especially for families planning to move during summer break, drive the seasonal shopping boost.

The busyness of any given market depends on various factors, including the economy, local wages, and the availability of homes for sale. Despite a persistent shortage of listings and high home prices, sellers are expected to list homes in greater numbers this spring, as buyers and sellers adjust to the higher interest rate environment.

2. A Seller's Market with Buyer Leverage

Nationally, it's still a seller's market due to competition for the limited number of listings. However, sellers must price their homes appropriately to meet buyers' affordability constraints. Buyers are stretched thin, and sellers need to be realistic about pricing to sell quickly and at the desired price.

Keep an eye on mortgage interest rates, which can significantly impact home affordability. If rates rise sharply, as they did in October 2023, it could push homes further out of buyers' reach and lead to more price cuts.

3. Inventory Trends

January listings show a slight improvement from last year, with new listings up nearly 6% and total listings rising more than 3%. Although there are more homes for sale than last year, the increase is not yet enough to shift the market in buyers' favor. Sellers remain in a strong position, holding a record amount of home equity that they may look to cash in.

4. Home Price Stability

Home values are finally leveling off after significant increases during the pandemic. Nationally, U.S. home values rose 3.6% last year, and about 26% of homes sold above their list price in January, three percentage points less than the previous month.

Most of the largest metros showed slight declines in home values in January, with New Orleans, Minneapolis, Buffalo, Cleveland, and Pittsburgh experiencing the largest month-over-month dips. Year-over-year, however, home values have increased in 47 of the 50 largest metro areas.

Zillow economists predict that homes nationally will appreciate by 3.5% in 2024, maintaining a similar pace to last year.

5. Volatile Interest Rates

Interest rates remain volatile as the Federal Reserve continues its efforts to control inflation. Mortgage rates can significantly affect monthly payments, so it's crucial to stay informed about rate changes and consider locking in rates or buying down the rate to lower monthly payments.

6. Fast-Moving Market

The typical time for a home to go from listing to under contract was 29 days in January, slightly less than a month earlier and two days shorter than a year ago. Competitively priced homes are selling in about two weeks.

Tips to Prepare for the Spring Home Buying Season

1. Get Pre-Approved

Getting pre-approved for a mortgage helps you understand what you can afford and positions you as a serious buyer. It also allows you to move quickly when you find the right home.

2. Talk to a Local Agent

Discuss your wants and needs with a local agent to understand market conditions in your desired neighborhoods. An experienced agent can provide valuable insights and help you navigate the buying process.

3. Use Zillow's Search Filters

Zillow's search filters can help you find homes that have been on the market for more than a month, potentially leading to deals or concessions. Filtering by monthly payment ensures you focus on homes within your budget.

4. Monitor Mortgage Rates

Stay informed about mortgage rates and explore options for locking in rates or buying down the rate to reduce your monthly payments.

The market continues to evolve, and, as it does, we'll share the latest information and analysis at our Learning Center. Remember, there is no universally "good" time to buy a home; the best time is when it aligns with your personal circumstances and financial readiness. Hang in there and stay prepared!

 

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Agile Cold Storage to Build $46 Million Facility in Pearl River, Creating 100 Jobs

A storage and logistics company, Agile Cold Storage, is set to build a $46 million, 150,000-square-foot cold storage facility in Pearl River. This development will create 100 new jobs and aligns with St. Tammany Parish's economic development strategy of attracting logistics and distribution companies, economic development officials announced on Tuesday.

Agile Cold Storage, which serves food manufacturers, processors, and growers across the U.S., will construct the facility on 10 acres at the St. Joe Brick Works site, according to Chris Masingill, head of St. Tammany Corporation, the parish's economic development agency.

Strategic Location

The new Agile warehouse will be strategically located near the Associated Wholesale Grocers distribution facility and Rooms To Go Outlet, just off Interstate 59. This location is expected to enhance logistical efficiency for the company.

Job Creation and Economic Impact

The 100 new direct jobs created by the facility will offer salaries around $53,000, according to a news release from St. Tammany Corporation. Additionally, Louisiana Economic Development (LED) estimates that the project will generate 95 new indirect jobs, further boosting the local economy.

"Agile Cold Storage's investment in St. Tammany Parish demonstrates the unique logistical advantages Louisiana has to offer businesses that keep America's supply chains flowing smoothly," said LED Secretary Susan Bonnett Bourgeois, who resides in Covington. "This project is a win for the Northshore, the state economy, and the workers of Louisiana."

Incentives and Support

The state has offered Agile Cold Storage an incentives package that includes a $1.5 million performance-based grant. This grant will reimburse the company for site improvement expenditures, contingent on board approval and the company meeting specific investment and payroll targets, according to the news release.

In addition to state incentives, Agile Cold Storage will benefit from workforce training through the LED FastStart program, which aims to provide customized recruitment, screening, and training solutions for businesses in Louisiana.

Masingill also mentioned that the company will take advantage of a St. Tammany Parish incentive, which reduces about two-thirds of the company's parish property taxes for 10 years. In return, the company commits to reinvest that money into construction and other costs. The company is expected to have an annual payroll of $5.4 million.

Operations and Future Plans

Based in Gainesville, Georgia, Agile Cold Storage specializes in blast-freezing and packing food for shipping. The new Pearl River facility is expected to handle about 100 containers of food shipments per week, which will be sent to the Port of New Orleans for export, according to the news release.

"Agile Cold Storage's investment is a testament to the robust infrastructure and economic potential of St. Tammany Parish," Masingill said. "This facility will not only create jobs but also strengthen our position as a key player in the logistics and distribution sector."

Site work for the new facility is expected to begin soon, with construction projected to take between eight to 14 months. Once completed, the facility will enhance the region's capacity to handle and export food products efficiently, contributing to the local and state economy.

The new Agile Cold Storage facility marks a significant investment in St. Tammany Parish, reflecting the region's growing appeal as a hub for logistics and distribution. This project is poised to provide substantial economic benefits and job opportunities for the local community while reinforcing Louisiana's role in America's supply chain infrastructure.

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The Louisiana Iris Conservation Initiative: Rescuing and Revitalizing a State Treasure

Since Salathe founded the Louisiana Iris Conservation Initiative (LICI) in 2020, the organization has coordinated the rescue of more than 62,000 irises to preserve and perpetuate the five species native to south Louisiana wetlands. This nonprofit relocates irises in danger of being destroyed to safer locations, especially places where the public can enjoy the flowers. Each flower is dug up and replanted one by one, a labor of love for the volunteers and organizers.

The LICI frequently rescues irises from areas slated for commercial development. One such property in LaPlace, zoned for commercial use and up for sale, has allowed LICI to harvest irises for years. "This site is so perfect for what we do," Salathe said. "'No iris left behind' is our motto."

Salathe secures permits to replant the irises along swamp boardwalks, nature trails, parks, and wildlife refuges throughout southeast Louisiana. Although planting season generally runs from October to December, last year's drought delayed it. Despite these challenges, LICI's dedication remains unwavering.

On March 2, during LICI's last large-scale event of the season, volunteers replanted more than 500 rescued irises in Assumption Parish at the future site of the Pierre Part/Belle River Museum and at a nearby kayak launch in Veterans Park. The fruits of their labor are visible when irises bloom in late March and early April. The Louisiana Iris Conservation Initiative maintains an online Google map of the 20 best places to see Louisiana irises in their natural habitat. The organization's Facebook page provides updates on the blooms.

"At one time, there were irises in every ditch in south Louisiana," Salathe said. "Everybody looked forward to the bloom as part of the culture." Herbicides, hurricanes, saltwater intrusion, and other factors have made the Louisiana state wildflower much harder to find. "Out of sight, out of mind," Salathe said. "Our goal is to get the Louisiana iris back into the culture and consciousness of the New Orleans area."

Now retired, Salathe co-owned a residential construction company for 21 years. But for a quarter-century, his main "hobby" was restoring a clear-cut parcel of long-leaf pine forest he owned in Tangipahoa Parish. A decade ago, he shifted his flora focus to irises. In 2014, he joined the Greater New Orleans Iris Society, the Society for Louisiana Irises, and the American Iris Society. By 2020, he had launched the Louisiana Iris Conservation Initiative as a non-membership organization. He depends on volunteers to supply manpower and partners with various community organizations.

Over the past century, crossbreeding has produced hundreds of "cultivars," the hybrid irises of many colors that populate most home gardens. However, LICI's big-picture goal is to build a reserve of irises for long-term wetlands restoration projects such as the Mid-Barataria Sediment Diversion. "It would take decades for native vegetation to rebuild itself in newly created wetlands," Salathe said. "Somebody needs to get out there with boots on the ground and put it in." Getting native Louisiana irises added to the USDA's list of plants approved for purchase by marsh restoration companies would help.

"These irises are going to double in number every year," Salathe said. "So four or five years from now, when the restoration of the marshes and swamps really kicks in, we'll have a base of plants that we'll be able to add into the mix to try to reconstruct what used to be there."

During a February rescue in LaPlace, Salathe gave volunteers a tutorial on swamp safety and explained how to dig up an iris without damaging its thick root. Veteran volunteers like David Duvic and Connie Adams were already familiar with the process, spending hours picking weeds from iris root clusters.

"They're helping me by getting our goals accomplished," Salathe said. "We're helping them by giving them a diverse experience that maybe they wouldn't have otherwise. It's a win-win deal."

Christopher "Cairo" Jackson, a Limitless Vistas grants coordinator, noted that working with LICI allows people who have spent much of their life in metropolitan New Orleans to see a different side of their home. Volunteers managed to pluck 2,000 plants from the muck in three hours, which Salathe then stored in his garage, watering the irises twice daily until they were replanted at Nicholls State.

Elard Phillips, a Limitless Vistas board member on his first LICI rescue, admitted the work was "a little challenging," but he added, "years from now, it will be appreciated."

The Louisiana Iris Conservation Initiative, under Salathe's passionate leadership, is a testament to the power of community and dedication to preserving the natural beauty and cultural heritage of Louisiana's irises. Through their efforts, they are not only saving plants but also nurturing the spirit of conservation and appreciation for the natural world.

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Key Tips for Navigating the Home Buying Process

Between a fluctuating housing market and sky-high mortgage rates, those in the market for a home today may find the homebuying process tricky to navigate. According to KeyBank's 2024 Financial Mobility Survey, there are three primary concerns weighing heavily on the minds of recent and prospective homebuyers: inflation (40%), competition in the market (36%), and interest rates/mortgage rates (34%). Surprisingly, just 37% of these respondents are mapping out a budget and financial plan to save for their home purchase.

Regardless of the current economic conditions, achieving the dream of homeownership is possible in any market. Here are several steps and resources available to help you meet this goal.

Tip 1: Create a Dedicated Savings Account for Your Down Payment

Putting aside money in a dedicated savings account is one of the first steps in the right direction and is the most common savings tactic (43%) among those who are in the market for a home, according to KeyBank's survey. These funds can be used at the time of purchase for a down payment, which is generally 5% to 20% of the total loan amount. However, waiting to purchase a home until you have saved more—past your goal amount—can help ensure you have emergency funds ready for any added expenses.

According to the survey, half of new homeowners (51%) expect to use more of their savings next year compared to those in the market for a home (45%) or who don't own a house (35%). Ensuring that you have extra money set aside can help you be prepared for any unexpected expenses.

Tip 2: Check Your Credit Score

When applying for a mortgage, your credit score will influence whether you will be approved. It also affects your interest rate. Among those who completed the KeyBank 2024 Financial Mobility survey and are in the market for a home or have purchased one in the last 12 months, one-third (34%) cited interest and mortgage rates as a top factor influencing their purchasing decision.

During your homebuying journey, avoid closing any active credit cards or opening new cards or lines of credit, as this can negatively affect your score. A few years in advance of shopping for your home, you can begin building your credit by opening and maintaining a credit card, such as the Key Secured Credit Card. You should also ensure that you are paying your bills on time and keeping your credit card balances low.

It's important to dispute any potential errors that may appear on your credit report before applying for a mortgage.

Tip 3: Establish a Relationship with a Mortgage Loan Officer

Meeting with a mortgage loan officer can help assess your overall finances and provide a personalized approach to finding the right mortgage. In fact, among KeyBank survey respondents who are in the market for a home or who have purchased a home in the last 12 months, just 12% said they did not or will not work with a mortgage loan officer.

Mortgage loan officers can help you plan for additional costs that may be incurred in the purchase of the home, such as moving and renovation expenses, homeowner's insurance, interest, taxes, and more. If you're not quite ready to meet with a mortgage loan officer, consider utilizing online tools, such as mortgage calculators, to further understand what is needed to purchase your home.

Tip 4: Identify Ways to Reduce Out-of-Pocket Costs

Many states and financial institutions offer assistance programs for first-time homebuyers and other borrowers. Based on your income and location, you may also be eligible for special purpose credit programs, including grants, additional loans, interest rate discounts, and other monetary assistance for closing costs and fees that may come with financing a new home.

KeyBank, for example, offers three Special Purpose Credit Programs to help borrowers with qualifying properties in eligible communities. These include the Neighbors First Credit, which provides up to $5,000 toward closing and other costs for qualifying properties, and the Key Opportunities Home Equity Loan to assist with home-improvement costs following your big purchase.

You can find more information about programs like these online or contact your bank to help you access these resources.

Sustainable homeownership is a wealth-building tool that can help families and neighborhoods grow and thrive. Navigating the homebuying process can be challenging, but with the right steps and resources, it's possible to achieve your goal. By creating a dedicated savings account, checking your credit score, establishing a relationship with a mortgage loan officer, and identifying ways to reduce out-of-pocket costs, you can make buying the home of your dreams easier.

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2024 Decor Trends For Bedrooms

Over the past few years, the way we use our homes—including our bedrooms—has changed drastically. But what about how we decorate—have our tastes for bedroom decor trends shifted too? The pandemic-fueled fervor to adapt these (and countless other) spaces to new ways of living led to an explosion of both DIY and designer-led makeovers and home-improvement projects, yielding results that were as unexpected as they were diverse. Maximalism stood up to modernity, a newfound value of craft had consumers rethinking their big-box purchases, and so much more.

The Shift in Bedroom Aesthetics

As we look ahead to 2024, it's clear that the bedroom remains a focal point for design innovation and personal expression. AD PRO consulted with some of the industry's leading tastemakers to uncover the bedroom decor trends they foresee rising above the rest in the coming year.

Richer Natural Colors

While neutrals in the bedroom may not seem like news, New York–based designer Alfredo Paredes anticipates a move away from "beigey sand and stone hues" in favor of richer natural colors. These tones can deliver the same soothing warmth, he notes, especially when "paired with the right lighting and grounded furnishings." In his recent collaboration with Australian bedding manufacturer Cultiver, superstar stylist Colin King proves the theory with chic saturated shades like flax, truffle, and aubergine. "I wanted the collection to carry itself through the different seasons," he notes of the textural linen bed covers, throws, and pillows.

Minimalist Bed-Making

In addition to shifting shades, the very act of bed-making itself is undergoing transformation. According to AD100 designer Adam Charlap Hyman, monastic two- and four-pillow arrangements are increasingly popular among clients. "I think this is a reaction to the department-store beds of our childhood that were laden with 10,000 pillows," he says. Instead, Charlap Hyman's Los Angeles– and New York–based firm has been leaning into the minimal styles of the 1920s, '30s, '50s, and '60s.

The Rise of Vintage and Antiques

As the interest in 20th-century design continues to soar, so too will the incorporation of vintage pieces. Paredes believes that carefully curated antiques contribute "soul and depth" in the bedroom, arguing that furnishings from bygone eras "can connect the interior to the architecture of the home and its surrounding environment."

AD100 and AD PRO Directory designer Corey Damen Jenkins agrees, asserting that antiques feed an increasing desire from clients for "individuality" or "uniqueness" within private, personal spaces. In a recent bedroom trend report for mattress manufacturer Stearns & Foster, Jenkins uncovered that requests for one-of-a-kind design elements are soaring among clients within his own firm and those of his contemporaries. Of his own approach, he comments, "There's ways that we have tried to capture more individuality as it pertains to the bedroom, and as it pertains to decoration in particular—whether it be estate finds, online sources, going to flea markets, going to estate sales, going to online auctions." That doesn't always necessitate a big investment: "Sometimes it's just a trinket a moment," he adds, "you know, your child's cup, or something that in itself has value and provenance because no one else has it."

A Call for Color

Jenkins also reported that the call for color is ringing louder than ever. After completing a number of oatmeal and white-soaked interiors during the pandemic, he revealed that several clients had actually returned to him requesting that the firm reimagine their designs with more chromatic variety. "It is a myth that serene, neutral, pale colors are the best and most well-suited for sleep. There really isn't a lot of science or research on this as far as which colors are more soothing, because everyone's tastes are different," he says. "We've done bedrooms that have been in bright sunshine yellow, and buttery, clean, and white because that client wants to jump out of bed and [be surrounded by] sunshine, positivity, and optimism."

Embracing Color Drenching

Elizabeth Graziolo, founder of AD100 firm Yellow House Architects, seconds the notion, praising the act of "color drenching" as "far from a fleeting trend." Often championing the firm's signature golden shade within her work, Graziolo is a proponent of a "full-on, single-hue explosion across all room surfaces."

The first half of the 2020s has been a dizzying inflection point for the design industry, leaving many to wonder which of these new modes will stick around. In the boudoir, where designers face the multifaceted challenge of balancing comfort and respite, utility and practicality, self-expression, and style, the decisions can seem endless. As we move forward into 2024, it's clear that bedroom decor will continue to evolve, embracing richer colors, minimalist bed-making, vintage charm, and bold hues to create spaces that are as unique as those who inhabit them.

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