Showing posts with label Realtor. Show all posts
Showing posts with label Realtor. Show all posts

Tuesday, February 7, 2023

2023 Will Be a Big Year for St. Tammany When It Comes to Road Construction

 St. Tammany residents are very familiar with traffic congestion in the parish. There is faster growth in St. Tammany Parish than the road capacity can handle, especially at major corridors like Interstate 12. In fact, residents have gone to social media about such issues.

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“Treat yourself like I-12 and never stop working on yourself, no matter how inconvenient it is to everyone else,” a poster quipped on one Facebook page devoted to the topic.

According to the state Department of Transportation and Development, they are in the second phase of the $187 million project of widening I-12. This includes 3 miles from Lousiana 21 to US 190 and along with that stretch, they will widen the bridge over the Tchefuncte River. The third phase will include from Louisiana 21 to Louisiana 1077 which will be bid on in July 2023. Sec. Shawn Wilson noted that it is taking a long time because the interstate work must be done in phases.

Along with the I-12 project, there are several other road construction projects happening in St. Tammany. One to note is the new 20-mile four-lane highway that will stretch between Lacombe to Bush. Another one is the new Bridge on US 190 over the Bogue Falaya River in Covington.

“These are very impactful projects to ease traffic and make it safer,” St. Tammany Parish President Mike Cooper said.

Over the next year, the DOTD will spend around $172 million on 22 projects in St. Tammany Parish. Another one to note is Louisiana 3241 which is funded by the 4-cent-per-gallon gasoline tax.

“It should have been here 30 years ago,” Wilson said of the highway that will run from the juncture of I-12 and Louisiana 434 in Lacombe north to Bush.

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Thursday, December 29, 2022

5 Tips On How To Get Your Dream Home

 Buying a home is an exciting life-changing event. There are so many things to consider from the perfect location to the perfect house. Here are five factors to consider when searching for a home.

1. Take Cost of Living Into Consideration

Different areas in your state or the country may cost more or cost less to live in. These costs include housing, food, utilities, healthcare, and transportation. You need to take this into consideration because this change in funds can affect the purchase price of your new home. There are tons of ways to research the cost of living in different areas.

2. Find a Suitable Climate

Consider weather conditions that you and your family will be comfortable in. You may never get snow where you live, but getting snow all winter might not adapt well to your living situation. Someone from the northwest might not like the warmer humid longer summers in the southeast.

3. Determine What’s Within Walking Distance

Many enjoy a walkable neighborhood where you can walk to eat, live and play. There are tons of ways to research the walkability report of a community that you are interested in. Before you choose a community, walk around it yourself to get a feel for the neighborhood.

4. Know If You Want Turnkey or a Fixer-Upper

Some homebuyers are great at DIY and others are not. Many want to put their stamp on the home in more ways than just designing a nice new home. Many homeowners love an old homes charm and character while others love the newness of new construction.

5. Figure Out the Financing

This is a super important step to take when it comes to buying a home. Both a lender and a realtor can help you with what type of mortgage is best for you. Remember that you will need a big chunk of change for closing costs and a down payment.

If you are thinking of purchasing a home, choose a realtor. A realtor can help you purchase a home and find the right home that would be perfect for you.

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Thursday, November 17, 2022

Questions For Your Real Estate Agent at an Open House

 Looking for a new home can be exciting and fun, but it is nice to have a real estate agent who can help you along the way. One of the most exciting parts is visiting open houses. Your real estate agent can be a big asset when it comes to open houses.

An agent knows the right questions to ask during an open house and can help stay informed. You can see the house and see where you stand as a potential buyer. They can also help you weigh the pros and cons of the open house.

When you walk into a home and everything looks great, you still need to do your due diligence. Ask about any testing that has been done or any potential issues that the home has or might have. If the home was built before 1978, an agent will know what to look for including mold, asbestos, radon, lead paint and soil. Other questions you might find helpful are what’s the flood zoning, how old is the roof, furnace and major appliances, what are the average utility costs, and have there been any major renovations to the home? An agent can help you decide if it is worth putting in an offer on a home depending on the answers to the above questions.

A home might have great curb appeal and be your dream home inside, but if it is in a bad area, that is not good. A listing agent may not have specifics on an area but they can direct you to websites that have the answers. Agents can tell you about nearby parks, restaurants, and shopping.

Remember choosing a real estate agent is one of the most important steps. An agent can help you with the important questions to ask when at an open house.

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Friday, September 30, 2022

More Homes Are Going on the Market

 July 2022 saw the third consecutive month of home sale growth. This is just a sign that the housing market is starting to slow down due to rising rates.

It is reported that the number of active listings is up 30.7% from July 2021. This was part of the Monthly Housing Trends report from Realtor.com. The average rate on a 30-year fixed mortgage rate rose 6% this summer but has dipped some this fall.

“The U.S. housing market continues to move oward more evenly balanced supply and demand compared to the 2021 frenzy,” said Danielle Hale, the chief economist at Realtor.com. “Our July data shows elevated mortgage rates left many buyers tightening their budgets and sellers responding with price reductions, while home shoppers who kept searching saw more available options.”

The Federal Reserve is moving at the fastest pace seen in thirty years to tighted policy. The reason is to cool consumer demand and bring the housing market back under control. The policymakers are approving two back-to-back 75 basis point rates hikes. There will be another big increase depending on the upcoming economic data.

If you are looking to buy a home, choose a local Realtor who can help you with the rise in borrowing costs and home prices. Redfin has reported that the share of sale agreements on existing homes canceled was around 15% of the homes that went under contract. This has been the highest since we have seen pre-pandemic.

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Wednesday, September 28, 2022

Housing Market Is Making A Turn for The Best for Buyers

 According to Realtor.com, inventory rose to 31% in July making it a peak in three straight months.  This means there are tons more homes for buyers to pick from.

“The U.S. housing market continues to move toward more evenly balanced supply and demand compared to the 2021 frenzy,” Danielle Hale, Realtor.com’s chief economist said.

She goes on to explain that the rise in mortgage rates caused buyers to tighten their spending budget.  It has caused sellers to reduce their listing price.  Although there are more options, the rise in inventory is because most home buyers cannot afford what is out there.  As of August 4th, the 30-year fixed rate averaged 4.99%.  Freddie Mac said this was down from the prior week but still up .77% from the same week a year ago.

Realtor.com also reported a decline in new listings in July showing a shift in many sellers’ plans to list.  Sellers are still in a good position as homes that are priced right are selling very quickly. The recent spike in home prices has also cushioned my homeowner’s equity so they can be a bit more flexible with their listing price.  According to the New York Federal Reserve Bank, the median expected increase in home prices dropped to 3.5% from 4.4% in June and 6% in January.

Bad news Fannie Mae’s Home Purchasing Sentiment Index dropped 2 point to 62.8 which is the lowest level since 2011.  The survey point out that only 1 of every 6 consumers (17%) surveyed said that it’s a good time to buy a home and for sellers, 67% believe it is a good time to sell.

“The Sentiment Index has declined steadily for much of the year, as higher mortgage rates continue to take a toll on housing affordability,” Doug Duncan, Fannie Mae’s chief economist, said in a statement.

To be sure, “with home-price growth slowing, and projected to slow further, we believe consumer reaction to current housing conditions is likely to be increasingly mixed,” Duncan said.

“Some homeowners may opt to list their homes sooner to take advantage of perceived high prices, while some potential homebuyers may choose to postpone their purchase decision, believing that home prices may drop.”

 

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Wednesday, August 31, 2022

Ways To Sell a Home in a Buyer's or Seller’s Market

 How to determine which type of home buying market you are in?

If there are more buyers than sellers then it is a seller's market. If there are more homes for sale than there are buyers, then it is a buyer's market.

If you are a seller, then being able to sell your home whether it's in a buyer's market or a seller's market is the goal. Selling your home is a big life-changing event that can be bother costly and time-consuming. This is why it is so important to know what kind of market you are in and approach the market accordingly.


The first step in the process is to figure out what type of market you are currently in. It can only be one of two types, a seller's market or a buyer's market. When you are in a buyer's market, it is a little bit harder to sell a home. This means that there are more listings than there are potential buyers. You have a lot more competition when it comes to selling. In a seller's market, it is less demanding on a seller. This means there are more potential buyers than there are listings. A seller can usually list for top prices and get multiple offers, selling their home more quickly.

A seller has to work hard in a buyer's market. That means a seller needs to do more to have their house stands out in an inundated market. Make sure your home is staged. You want a potential buyer to come into the house and be able to envision themselves in the home. Professional home stagers can work with your Realtor to stage your home. A big part of the process is cleaning, decluttering and removing personal artifacts.

Not only is the interior important but your home's curb appeal must be eye-catching. The yard and exterior are the first things that potential buyers see when they come to see your home in person. Make sure your yard is clean and tidy. You will also want to repaint outdoor fixtures and your front door.

Buyers have the upper hand so a seller needs to be prepared to make concessions. Keep in mind that in a buyer's market, you might need to negotiate on your asking price, be flexible with the closing date, pay for some of the repairs, and waive certain contingencies if requested.

In a seller's market, the demands are not as demanding. This doesn't mean that you should list your home for an inflated price, but you should price your home fairly. If you price your home too high, it can be skipped by potential buyers who are looking online within a certain budget. Remember some offers may sound too good to be true. You will want to weigh multiple offers very carefully. Sometimes choosing the highest offer is not always the best way to go.

No matter what the current market, it is important to use a Realtor when it comes to selling your home. A Realtor can help you navigate both markets and get you the best price for the best home.

Click Here For the Source of the Information.

Thursday, June 23, 2022

2022 First Quarter Sees a 3% Increase in Homeowner Equity

 According to a report published by CoreLogic, homeowners with mortgages in the first quarter of 2022 saw their equity grow by 32.2% year-over-year. There was a collective equity gain of $3.8 trillion in the first quarter. This was an average gain of $63,600 per borrower. Homeowners with mortgages accounted for around 60% of properties across the country. Home equity and home prices both rose together, in fact, home prices were up 20% in March 2022 compared to March 2021.


“This has led to the largest one-year gain in average home equity wealth for owners and is expected to spur a record amount of home-improvement spending this year,” Patrick Dodd, CEO of CoreLogic said in a statement.

Homeowners across the nation, approximately 62,000 homeowners regained their home equity. Good news but CoreLogic still reports that around 2% of homeowners with a mortgage still remain underwater. This is about 5.3% less than those reported underwater in the fourth quarter of 2021.

There is still hope, the report predicts that if home prices increase by 5% then around an additional 130,000 homes would regain equity. Lets hope it takes this trend, if it doesn't and the market turns the opposite way, then around 167,000 additional homes will go underwater.

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Tuesday, April 12, 2022

The Cost of Buying a Home

Buying a home is one of life's big moments and is a huge financial expense. If you are in the market for a home, then you will want to factor in all the costs associated. Here are the true costs of owning a home.


A home inspection is a cost that you will occur and if there are any issues with the home, you will either negotiate with the seller or have to come up with the money to fix the problems. A detailed, in-depth home inspection is a good idea to get on the home you are going to purchase.

When you purchase a home, you will need to bring closing costs to the table. Closing costs include title fees, lawyer fees, contract fees, and more. Future homeowners need to realize the listing price is not the only expense but closing costs will be added on.

Potential homeowners will need to consider monthly utility expenses. Operating home expenses can be a surprise to first-time homebuyers. Some of these expenses, just to name a few, include heat or cooling, appliances, lights, gas, water, trash and recycling.

Along with a mortgage monthly payment, you will need to pay homeowner's insurance. A homeowner's insurance agent can explain what is included in these monthly costs. The homeowner's insurance premiums are held in the escrow account and paid each year. They are collected monthly on top of the mortgage monthly payment.

Moving costs are many times looked over. These costs need to be considered whether your move is local or far. These costs can include time off work, packing, loading and unloading, and in some cases storage facilities and packing supplies.

When you live in a neighborhood with a homeowners association there will be HOA fees that are due each year. These will be paid either monthly or annually. You will need to factor this cost into your budget.

If you are in the market for a new home, using a Realtor is a smart choice. Remember to leave the house shopping, buying, and selling to the professionals.

Click Here For the Source of the Information.

Thursday, September 23, 2021

Inventory Is Rising As of July 2021's Report


According to the National Association of Realtors (NAR) housing inventory is starting to improve. Industry leaders predict that home prices will begin to level off as the inventory starts to increase.

As of July 2021 on a year-over-year basis sales were up by 1.5% over this time last year. Existing home sales including single-family homes, townhomes, condominiums and co-ops also increased. Total existing-home sales jumped 2.0% to a seasonally adjusted annual rate of 5.99 million.

July also reported the current sales rates of unsold inventory sits at a 2.6 month supply. This is up from June 2021 but is still behind from this time last year. New construction will benefit from the low level of existing homes on the market.

Homes were on the market an average of 17 days in July which is an all-time low. This time last year homes stayed on the market for an average of 22 days. This summer homes 89% of homes that were sold stayed on the market for under a month.

Low inventory is still pushing home prices up. July reported a 17.8% increase in the median sales price of existing homes to $359,900. This is the 113th consecutive month of year-over-year increase according to the NAR. Multifamily existing homes were up 14.1% from a year ago to a median price of $307,100.

If you are in the market for a home, contact a local Realtor. Working with a local sales professional will help you save money and time. Realtors know the community the best.

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Tuesday, July 20, 2021

Seven Improvements To Make in Your Bathroom Before Selling Your Home

Two of the most important rooms during the sale of your home that should be in tip-top condition are the kitchen and the bathrooms.

“Kitchens and bathrooms sell homes,” says Kris Lindahl, CEO and founder of Kris Lindahl Real Estate. “If a buyer sees a bathroom that still needs projects or upgrades, the home is going to be much less appealing to them.”

To get top dollar for your home, here are some bathroom improvements that are a must.

1. Go for double sinks

Realtors and other home professionals will tell you that a double vanity upgrade is a must on most home buyers' checklists. Even a small bathroom can fit two small sinks which are better than one sink in a home with limited bathrooms.

“Upgrading to double sinks is always appreciated by buyers,” Lindahl says.

2. Install new bathroom hardware and accessories

This small task can update a dated bathroom in minutes. This DIY project takes only a screwdriver and a couple of hours to instantly give your bathroom a new look. It is ideal to have your faucet, doorknobs and shower frame complement each other and not clash.

“Swapping out hardware like light fixtures, towel bars, cabinet pulls and sink fixtures can make an impact relatively affordably,” Lindahl says.

Another simple trick to update your bathroom's look is to frame the mirror above the vanity. This tip is inexpensive and adds value to the space.

3. Replace or paint your vanity

The vanity is an important piece found in a bathroom for both functional and designer purposes. Many pros describe a bathroom vanity as the centerpiece in any bathroom. When updated a vanity make sure to use high-quality stone such as quartz or granite. If a new vanity is out of your price range, then paint the cabinets of your current vanity a high-gloss white or pale gray.

“Luxe sophistication and clean lines: That’s the theme for bathrooms in every price point,” Susan Kelleher, an associate broker at R New York. “I love the mirrored medicine cabinets from Restoration Hardware—functional, beautiful, and tres chic.”

4. Update old floors

A perfect way to add appeal to rooms is to update the floor. Carpet in your bathroom is not the desired look. This can be a DIY or hire contractor project.

“Updating old floors to tile or luxury vinyl tile really adds appeal,” Lindahl says.

5. Install new light fixtures

Simple, sophisticated light fixtures are what every bathroom needs. Updating the lighting and fixtures are simple yet dramatic changes.

“Great lighting [and] high-end faucets and hardware appeal to buyers in every price point,” Kelleher says.

“Updating light and plumbing fixtures is a quick way to modernize an old bath.”

6. Add space and storage

“Buyers are looking for more space in new homes, and the bathroom is no exception,” Turner says. “Think about expanding the shower in the master bathroom to fit a bench or seat. It’s an important feature that can be utilized in a lot of different ways.”

During the pandemic, homeowners have been finding ways to make the most of the space. Expanding a bathroom to have storage space or room for necessities is important to the current homebuyer. In fact, some professionals go as far as to say it might be worth borrowing space from a neighboring room to expand your bathroom.

“Take the adjacent linen closet to make a larger bathroom,” Kelleher says. “Even a small closet can make a big difference, and you can create cabinet space under each sink for maximum storage.”

7. Make your bathroom bright and light

Buyers are attracted to clean neutral colors in a bathroom. Potential buyers desire a clean slate. A neutral base to work from will make your bathroom improvements stand out.

“Classic white never goes out of style in a bathroom,” Lindahl says. “Replacing an old, colorful tub with a white one is a good idea.”

It's amazing what these simple steps can do to update your old drabby bathroom. If you are in the market to sell your home now is the time to make those improvements.

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Thursday, July 1, 2021

Five Reasons Why To Always Get a Home Inspection

Buyers are finding ways to get their contract to win in bidding wars but there is one thing they should not skip out on. Some buyers today are skipping home inspections to entice sellers to choose them, however, this is not in the best interest of any buyer.

“With a lack of housing inventory in Louisville and across the country, it’s tempting for buyers to waive the home inspection, but there’s extreme danger in doing that,” Brad Lawler, the HomeTeam Inspection Service owner of HomeTeam Inspection Service of Kentuckiana says. “Waiving an inspection can open a buyer up to unforeseen costs down the road that could have otherwise been avoided.”

Here are five reasons why you should never skip a home inspection according to Lawler.

1. An inspection can help buyers avoid overpaying.

With such a hot market, home prices are on the rise and buyers are already paying a premium for a home. According to a report released by Redfin, the median home price in the U.S. rose 17% year over year to $341,250. Bidding wars are causing buyers to bid asking and often over asking, so added expenses for repairs are not usually feasible.

“Recently, one of our home inspectors uncovered a structural problem that ended up costing the seller $35,000 to repair,” Lawler says. “If the buyer had purchased that home without an inspection, they would have not only paid a premium for the home but they would have also been forced to handle the costly repair on top of it all. It’s a fast way to rack up negative equity. Today’s buyers are already overspending, so taking on additional risk by waiving the inspection is cause for concern.”

2. An inspection can uncover problems that the seller might not even know about.

By law, sellers are required to disclose any problems they are aware of, but this does not mean there aren't underlying issues that they might not know about. An inspector can make sure all issues are out in the open and can be resolved. A buyer can negotiate the price of the home to reflect the cost of the repairs.

“I don’t know many sellers who would have gone into their crawl space or climbed up onto their roofs prior to putting their home on the market,” Lawyer says. “We’re also seeing a lot of issues on homes that have exterior insulation and finish systems. If that type of product is installed incorrectly — and it often is — it can cause significant damage to the house because water will permeate the system.”

3. An inspection gives buyers a chance to budget for future repairs.

“One of the things that we do at HomeTeam is provide buyers with a punch list of maintenance items, so they can start to budget for future repairs and replacements,” Lawler says. “For example, we look at the age of the HVAC system and offer buyers a timeline of how long it will likely last. You don’t want to wait until something breaks to fix or replace it.”

4. An inspection can uncover problems that might affect your health.

Things such as radon cannot be seen, smelled or tasted so the only way to make sure the home you are purchasing does not have radon is to test for it. A home inspection will include environmental testing looking for mold, lead paint, air pollutants and pests.

“Unfortunately, we often have problems with radon in Louisville because of the type of lot that the city is situated on,” Lawler says. “Radon is the leading cause of lung cancer for nonsmokers and it can be in any type of home. It doesn’t matter if it’s brand new construction or a third-floor condominium.”

5. An inspection can prevent buyers' remorse.

“Buyers are closing on houses faster than ever in order to stay competitive and we’ve been getting a lot of buyers’ remorse calls lately,” Lawler says. “We recently heard from a buyer who was advised by his agent to skip the home inspection in order to close quickly on the home. When the buyer walked into their new home they were met with serious electrical problems that will likely cost thousands of dollars to repair. It doesn’t have to be that way,” Lawler says. “A home inspection shouldn’t be an obstacle. At HomeTeam, our goal is to help real estate agents and buyers reach the closing table with the knowledge that they’re making an informed decision. You can’t do that if you waive the inspection.”

If you are considering purchasing a home, call a local Realtor who can help you through the process. A Realtor will be able to determine what's in your best interest when it comes to making an offer on your next home.

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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.

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Wednesday, March 31, 2021

COVID-19 Has Changed the Way Builders Regard Floor Plans

 


The COVID-19 global pandemic has put a spin on the way people look at their home’s space.  The stay-at-home-orders shifted a home’s space to serve more purposes than ever before. Before the pandemic, home was a place where we returned from work, school and any daily activities but now it has become the place where we work, go to school and live out our days. Builders have now changed the way they are designing homes to incorporate these changes into the floor plans. Here are five ways home designs are changing.

Every room needs to serve multiple purposes

Working from home or remote learning demands a quiet space. According to Jennifer Pyatt of Indianapolis-based Pyatt Builders, she is seeing the use of barn or pocket sliding doors.  This feature allows for privacy in an open concept floor plan where space is still needed. Zillow design expert Kerrie Kelly believes that the whole home will be used in multi-purpose ways such as a guest room turned into a wellness studio or a dining room becoming a game room.

No home office? No thanks

If you work from home and are a parent this can be really challenging.  Parents need a dedicated space for work that is separate from their children. Zillow did a survey that revealed that two-thirds of those surveyed are working from home from an area that is not a dedicated home office space and a dedicated space is on the top of their wish list.

Designing for health and cleanliness


Now more than ever everyone is conscious of germs because of the spread of COVID-19. As of now, builders are integrating touchless faucets and self-cleaning toilets into their building plans but this is just the tip of the iceberg. “Just wait until the floor tile takes your temperature and the bathroom mirror checks your vitals,”  says Kelly.

Builders are already coming up with ways to build mudrooms with sinks off the garages so that before anyone enters they can get clean.  Other ways are by building more en suite bathrooms, using easy-clean flooring and building larger foyers for space to take off shoes before entering the home. Air quality is also a must: “Air cleaned by a UV light system in the HVAC can help minimize the risk of spreading germs,” notes Joe Klusnick, marketing director at Blue Mountain Communities in Northern California.

Yards need to be useable year-round

The previous year has been tough with having to stay at home 24/7.  Getting outdoors and enjoying nature is a great way to improve wellness. A good way to go about this is to turn part of your backyard into a functional room. Building an outdoor kitchen, a covered patio or a play area are all great ways to use your outdoor space for play, entertaining and cooking. Todd Pyatt, President of Pyatt Homes, agrees. “Motorized, retractable screens, heaters and fans, now considered luxury options, will become more essential because they allow families the freedom to be outside across the seasons.”

When everything happens at home, there’s more to store

Everyone staying at home has caused more of a footprint.  When you are eating every meal at home, your pantry space becomes a bigger issue. Builders are incorporating larger pantries in new homes. Closets can now serve as multi-purposes throughout the day. They can work as a home office, gym and even a classroom.

To make sure you find the right home that fits your wish list for a fair price, contact a Realtor in your area.

Click Here For the Source of the Information.

Thursday, March 4, 2021

New Construction Homes Are in Demand but Face Many Challenges

Photo by David McBee from Pexels
 The current housing market is strong and new construction homes are in demand. In fact, builder confidence is on the side of new construction as sales have blown expectations. The new construction interest is stemmed from a shortage of listings and record low mortgage rates.

Zillow New Construction Consumer Housing Trends Report 2020 shows that almost half of those who purchased a newly built home in the past two years only looked at new construction. For the 40% who would only look at new construction, the other 60% did consider purchasing an existing home.

Last year not only brought confusion with a global pandemic but also hindered materials, shipping and timelines in new construction. The report revealed that 80% of those who purchased new construction found some part of the purchase process challenging.

Demographics played a big part in the data shown of those who struggled with purchasing new construction. Close to 45% of new construction buyers were under the age of 40 and out of those 70% purchased their first home.

Fair price also was one of the top challenges. Last year 30% said that a fair price was a challenge while this year 37% express issues with fair pricing. Prices are hard to gauge because of the shortage of inventory. There are not enough sales to compare pricing.

Thirty-six percent of home buyers were concerned with the sale of their current home with the completion of their new home. Thirty-five percent admitted they are overwhelmed and doubt some of the processing of building and purchasing a new home.

Using a Realtor can help overcome these challenges. A Realtor can help with communication between the builder and buyer. Fifty-one percent of those purchasing a new construction home asked their Realtor to handle communications with the builder. A Realtor can educate buyers regarding financing and pricing and help buyers with timelines and delays. A Realtor can make purchasing a new construction home a breeze.

Click Here For the Source of the Information.

Houses Are Still Affordable in 2021

Photo by cottonbro from Pexels

 Even with the home prices on the rise, houses are still very affordable. The NAHB/Wells Fargo Housing Opportunity Index (HOI) explains that the historically low mortgage rates allow buyers to purchase at a higher price.

Homebuyers who purchased between October 2020 and the end of December 2020 with a U.S. median income of $72,900 purchased 58.3% of the new and existing homes that were sold during this time. This has been the lowest since seen since the fourth quarter in 2018.

In the fourth quarter of 2020, the average mortgage rates were reported at 2.85%. This helped offset the national median home price which HOI reported rose to $320,000 in 2020's fourth quarter. The mortgage rates dropped by 20 basis points in last year's fourth quarter.

Telecommuting has become a big part of American's work habits since the onset of the pandemic. The smaller markets are beginning to see an uptick in home sales. Cumberland-Md.-W.Va was reported to be the most affordable smaller market. Those earning a median income of $57,500 were able to purchase 96.4% of the homes that were sold in the last quarter of 2020.

The country's most affordable major housing market was Lansing-East Lansing, Mich. at number one with 89.9% of homes sold to those earning a median income of $75,000. The top five of the affordable major housing markets included Harrisburg-Carlisle, Pa.; Pittsburgh, Pa.; Scranton-Wilkes-Barre-Hazleton, Pa.; and St. Louis, Mo.

“While historically low mortgage rates are helping on the affordability front, there was a significant jump in year-over-year home pricing from 2020 to 2019, as inventory remained lean due to supply chain issues and the COVID-19 pandemic,” said NAHB Chairman Chuck Fowke. “Moreover, lumber prices remain extremely high and builders anticipate that regulatory costs are likely to rise, which will put even more upward pressure on home prices.”

Click Here For the Source of the Information.

Wednesday, January 27, 2021

Tips To Shorten Days on Market for Sellers

 Days on Market (DOM) is an important term when it comes to selling a home. DOM is defined as the number of days a home has been listed for sale basically the time from the date a home is listed for sale to the date it closed.

The lower DOM the better the housing market in that certain area. The longer a home stays up for sale, the more detrimental it can be for the listing. Higher days on market can raise a red flag to buyers who will question why it hasn’t sold yet.  Here are some tips to follow to help ensure a fast sale of your home.

Understand your local housing market

Today's market in almost every location across the country is a seller's market. It comes as no surprise that there are more buyers than sellers with such low inventory in today's housing market. When it is a seller's market, homes stay on the market for a shorter period than if it is a buyer's market. This can vary from the location in the country and even by neighborhood. Get to know your local housing market to get a better understanding of buyer demand for your house.

Check your price

Listing for the right price can be very important to your listing. If you price your home out of the local market you can potentially cause a high DOM and make it harder to sell your home. The goal is to list your home for a price that reflects an accurate and realistic value of your home. A smart move is to list your home with a licensed agent who knows the local market.

Prep your home

Staging your home is a must. You want your home to look move-in ready for buyers. A staged home will appeal more to a buyer than a home that is not staged. It is very important this day in age because many buyers are viewing your home online. Small things you can do such as a fresh coat of paint or decluttering.

Remember listing your home with a Realtor can be a smart move. A local Realtor knows the current and local market so they can help you along the way.

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