Homeownership in 2023

 Whether you are purchasing a home or selling a home, it is a very personal decision. The house you sell or buy is your home that you will spend a good part of your life. It is also a big financial decision that can affect your finances. To make the best decision for you, professionals in the industry reveal what the real estate market looks like in 2023. 

As you begin the search of finding the right home, many start by looking at listings. According to the National Association of Realtors in 2022 almost half (47%) started the process by looking for a home online. Buyers that were younger than 41 had around 60% that purchased a home online. This actually is a good way to handle the process due to the frenzy and fury of buyers in the market. As of April 2023, the median home price for existing homes was $388,800 which was a decline from a year ago. Even with the decline, the stats were up from recent months.

Once you find a home you want to buy, you have to secure the finances. Getting a pre-approval from a mortgage lender will help you in the buyer’s market. This also goes along with a down payment which can be daunting. It was reported that 26% of first-time home buyers agreed that saving up for a down payment was the hardest part of the home-buying process.

Baby Boomers have been at the forefront when it comes to purchasing a home, but there is a new generation, the millennials who have taken over. In 2022 millennials were noted as the largest home buying age group at 43%. Sixty percent were married couples while single women were next at 19%.

If you are in the market to purchase a home, contact a local realtor who can help you through the process. A Realtor can also recommend a mortgage lender who can help you with the financing aspect of purchasing a home.

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How Professionals Choose the Right Kitchen Cabinetry

 Your kitchen is one of the main and most important spaces of your home.  It goes with the old saying the kitchen is the heart of the home.  Kitchen upgrades are very important for this reason alone.  When upgrading the space, you want to make sure you choose the right cabinets.  Thomasville Cabinetry can help with the choice of your cabinets with the Thomasville Concierge program and can help you from start to finish giving you the perfect style of cabinet for your kitchen.  Here are some tips to use when choosing cabinets from professionals in the industry.

Select a Style

Jen Samson of Jen Samson Design says that a flat panel or shaker can be used in almost any style of kitchen.  If you love the traditional kitchen, choosing a traditional style with intricate woodwork design and trim will fit the bill perfectly.  A transitional look is something in between a shaker and the more ornate traditional look. “We like to add details, like a thin bead detail around the Shaker or v-groove for a fun, more Craftsman-style kitchen,” says Samson.

If you need to see the looks in your space, you can always contact a Thomasville Concierge who can bring samples to you in your kitchen.  They can help you with choices and refer you to a Thomasville technician who can answer questions when the cabinets are being installed.

Consider Shelving Carefully

Implementing shelving in your home and choosing just for show can make or break your design.  If you are a cook who loves your ingredients and does not want to have all your dishes perfectly displayed 24/7 then an open cabinet shelf is not the way to go.  If you like a tidy space, then this might be a perfect solution to displaying your favorite kitchen items.

“I like to mix open shelves and closed storage cabinets. If the home is more traditional, I still like to incorporate one open shelf, perhaps with a pretty brass rod detail on the front, to be used for cookbooks and displaying attractive objects.  When there are added design details like a rod or decorative brackets, open shelves can add to the unique personality of the kitchen,” Samson says.

Find a Finish

There are tons of options for finishes such as laminates, matte paint, glazes and stains.  One big factor to decide on before deciding on the finishes is if you want a cabinet in color or more of a natural look with a stain.  A stained wood cabinet is a classic feel but a laminate cabinet is very easy to clean.

Size Storage Up

A professional like a Thomasville Concierge, can help with not only the design, but also choosing the right amount of counter space and storage.  If you customize your kitchen, you can lay it out and choose specialty storage options that will work best for you.  Options like wall lift-up cabinets are a great option if you need to have a place to hide appliances that are used frequently.

Remember everything from the hardware finishes,  to the style of the cabinet itself is important and needs to fit your style.  Having a professional help you along the way will not only be a benefit but also help alleviate the stress allowing you to enjoy the whole experience.

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New Home Sales Are Still Climbing

 The New Year started off right when it came to new home sales as they rose 7.2% from December 2022 according to the US Census Bureau and the Department of Housing and Urban Development. This makes the seasonally adjusted annual pace at 670,000 homes. This is great news but is still down 19.4% on a year-over-year basis.

“January marked a surge of people signing contracts to buy new homes. The increase in contract signings can be attributed to a decline in mortgage rates in January after a run-up in rates in October and November. Rates have bounced higher since January, which likely is acting as a drag on new home sales in the meantime,” according to Holden Lewis with NerdWallet.

“The backlog of new construction homes continues to emerge into the market just in time for the spring shopping season. Many home builders are offering incentives to buyers sweetening the deal just enough to bump sales from the month prior,” said Nicole Bachaud, Zillow’s senior economist.

This caused a price drop which landed the median new home sales price to drop to $427,000 in January 2023. As far as the different regions, the sales price on a month-over-month basis was down 25,000 homes in the Northeast, 67,000 homes in the Midwest and 127,000 homes in the West. The South had jumped 17.1% to 451,000 on a monthly basis and the West was the largest drop at 46.9%

“There is still a large chunk of new construction homes currently under construction, and when those homes hit the market, especially over the next few months, we will see spring home buyers – those who can afford the higher new construction price tags- having more options and opportunities to break into homeownership,” says Bachaud.

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Unusual Events Covered by Homeowners Insurance

 When you think of events covered by homeowners insurance, you think of fires, break-ins, tornadoes etc. just to name a few common losses. Most homeowners know the general things that it does cover.

The top property damage is by fire or weather according to the Insurance Information Institute III. There are other top claims which made the list. These include wind and hail damage, freezing pipes, and lightning.

Homeowners may not know everything that an insurance claim will cover and many are damages are surprising. Your insurance agent will know these things and can educate all policyholders on uncommon losses. They can also educate policyholders on what is not covered in a typical homeowners insurance policy such as earthquakes and flood damage.

Things that fall from the sky are covered. This can be damage from meteors or airplane parts. Homeowners surprisingly do not need a separate policy for damage from volcanic eruptions. Spoiled food, if rotted due to a power outage is covered by your homeowner’s insurance. Pet bites or attacks are also covered under a homeowner’s insurance policy. If you need to relocate during repairs after an event such as a fire, your hotel expenses can be covered.

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A Unique Siding For a Home

 Board and batten style siding is coming back in style and is a great way to add visual interest to the walls of your home. This style of siding can also boost the curb appeal of your home. This style of siding is constructed of thin strips of wood molding (battens) fixed on top of the vertical seams of panel or vertical siding. This timeless look is both rustic and trendy and can go on most any home design. Board and batten style siding can provide a clean, modern texture to your home, providing character and cozy warmth to the exterior.

Board and batten has been used ever since the conception of the U.S. It was first used on barns and sheds which is why many people refer to it as barn siding. It was not just for looks but served a very important purpose. The batten strips were used on siding to stop any outside elements from seeping into the joints. The animals in the barns would stay warm because of the batten siding.

Today’s modern board and batten style has many different design looks. The batten can be installed using panel siding, vertical siding, or lap installed vertically. This can be done with thin battens or wider battens and can have varying thin and wide battens. Many homes install board and batten style siding on the whole exterior of their home or just to accent a wall or a feature of the home. Other examples of using this style on the exterior are adding board and batten to the second story, mixing board and batten with brick veneer or mixing it with metal roofing.

When determining the cost of board and batten, you need to look at the size of your home, the design of your home, the overall project and the quality of the materials. Usually board and batten is made out of wood, but can be made from other materials such as vinyl, fiber cement or steel. Professionals in the industry say the most durable is engineered wood siding. It has the look of cedar texture but is more durable and easiest to maintain.

Re-siding your home can give it a completely different look and can boost your curb appeal. If you are in the market to sell your home, talk to a Realtor about how board and batten can enhance the curb appeal and look for your home.

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Slidell's Hospice House a Special Place

 St. Tammany’s Hospice House is a special place that is a nonprofit three bedroom, three bath place to stay. The facility operates like a bed and breakfast and houses those who have little time left here on earth. Guests who come to the house have been advised by doctors they have a limited time to live. The house will serve guests for up to 90 days according to Miranda Parker, Executive Director and there is no charge for their stay.

“We take care of them 24 hours a day, and we do every bit of it for free. We don’t charge the families or the patients, we don’t charge the insurance or Medicare. It’s completely, 100 percent free,” says Parker.

In order for it to be free, the house runs off of donations and fundraising that happens throughout the year. The most famous of the fundraisers is the yearly Crawfish Cook-off in Slidell. It is a separate organization from hospice agencies. The difference is that agencies take care of patients in their own homes while the house is a place to stay.

“We provide top-notch care for these patients, getting one-on-one attention, 24 hours a day. If they want an ice cream sandwich at 3 in the morning, they get an ice cream sandwich at 3 in the morning,” boasts Parker.

As for family and caregivers, it gives them a respite and helps them to get adjusted to their new normal. They can get back to being a family member and not feel the whole responsibility of being a caretaker.

Even though it is only a three bedroom home, the house has welcomed 61 patients in 2021 and over 55 in 2022. The house has six nurses who rotate in shifts so that patients will have care 24/7. These nurses are also there for patients to talk to and visit with and they are not required to be registered nurses or even licensed. The staff is trained to help patients in their current situation and help their families through it.

“That is what they’re born to do. I 100 percent believe that. It takes a special person to provide the love and support at the end of life. No one else wants to admit we’re mortal but it’s just something I think we need to get more comfortable with, and someone needs to know what your wishes are. It’s either a hard conversation now, or a hard conversation for someone else later,” says Gladys Wilkins, a nurse at Hospice House.

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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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Homes Sales Dropped For The 9th Consecutive Month October 2022

 Among these sale price drops seen in the past nine months, rising mortgage rates and high prices are two of the catalysts of the current situation. Buyers are getting fed up with this and are backing out of the housing market.

The National Association of Realtors reported that sales that include single-family homes, townhomes, condominiums and co-ops are down 28.4% from October 2021. Every region in the country saw a decline. This is the longest decline seen in home sales since 1999.

Home sales have been the weakest we have seen since May 2020 during the height of the pandemic. Current homeowners are not wanting to sell because of the uncertainty in the market. This is keeping the inventory low which is not helpful.

October reported 1.22 million units for sale. This is down from the month before and a year before. Currently, it would take only 3.3 months to get through what is currently on the market. A balanced market has around 4 to 6 months of supply. “Inventory levels are still tight, which is why some homes for sale are still receiving multiple offers,” Lawrence Yun, NAR’s chief economist added.

Yun also reports that household incomes have not risen enough to keep up with home prices. “First-time buyers are really struggling with high prices, the high bar to get into the market and high mortgage rates,” Yun says.

“This is why more new home construction is needed, as well as more rehabilitation of disused buildings into residential units,” said Yun, noting that while construction of apartment buildings remains robust, single-family starts are below one year ago and well below historical averages.

“In the meantime, mortgage rates are falling from the peak levels of last month and the gate is opening for more homebuyers to qualify for a mortgage.”

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Eco-Friendly Tips To Refinishing Hardwood Floors

 Hardwood floors are a beautiful touch to your home, but they can be high maintenance. If your wood floors look worn then refinishing them can give them a whole new fresh look. Hardwood floors can be refinished without the use of products with harmful toxins. If you are worried about harmful toxins, then follow these five tips to make sure you are keeping the process healthy for home.

1. Get Your Game Plan in Place

Whether you want to change the color of stain or just bring back the original look to your dull wood floors, you need to have a plan in place before you start the job. Start by researching products to make sure the ones that you want to use are not harmful. Many companies will list all the specifications of their products on their website for you to research.

You will also want to plan what style or color you will want to use for the new look. You want to research different refinishing companies and flooring pros before choosing the right one. Once you have done this, the pros can bring in samples and give you recommendations. Many company websites have a floor visualizer tool that can help you get a digital picture of what your design will look like in your space.

2. The Finish Makes All the Difference

Research wood floor finishes because many finishes will leave behind toxic fumes for your household to breathe in. Less expensive finishes such as Swedish finishes have a high level of volatile organic compounds. These organic compounds can have huge effects on your indoor air quality. These finishes are acid-cured finishes that have formaldehyde as an ingredient that can cause headaches, dizziness, nausea and irritation to the eyes, nose and throat. Waterborne (water-based) finishes are an environmentally friendly solution for your hardwood floors.

“For me, focusing on eco-friendly products just makes sense from an environmental and health standpoint for myself and my family. Knowing I am making a good choice that benefits everyone feels good, especially because the results are just as good, if not better, from floors to paint to furniture,” says Krissy Peterson of K. Peterson Design.

3. The Right Contractor is Key

After your research, it is important to now find the right contractor for the job. When choosing a contractor, you need to hire a certified craftsmen who will  guide you through the process and deliver your game plan without shortcuts or compromises.

“The most important aspects of the refinishing process for me were minimal down time and a quality result and color. I have two you kids, so being out of our house was going to be hard. Selecting a company that I knew would do a quality job set us up for success right from the beginning,” says Peterson.

4. It’s Dustless or Bust

The dusty process of the job can also be harmful to your health. The dust particles will not only cover your furniture and electronic devices but can get in your lungs causing allergic reactions and asthma. Every job will have dust, but how you handle the dust is the important part. Make sure the contractor uses a tested dust-containment system. This system will cut down on the spread of dust in your home.

5. Keep an Eye on the Upkeep

There is still some upkeep once your floors are completed, remember to use only water-based products and cleaners. This will ensure that your home is safe for you and your pets. A light touch is all it takes to clean your hardwoods. Do not use mops or vacuums as they may cause damage. Also be sure to use cleaning products tailored to wood floors that will gently remove dusts, dirt and grime without harming the floors or leaving behind a dull residue.

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A Decline in Home Prices

September 2022 saw a dip in home values after a two-month 0.4% decline. Those in the industry say that the dip comes from a reaction to the drop in mortgage rates this summer. The future will also see a decline in the housing market due to the rise in mortgage rates since the summer.

The United States has seen declines as follows: Phoenix (-2.3%), Las Vegas (-1.9%), New Orleans (-1.0%), Riverside (-0.9%), and Austin (-0.9%). There has been a rise in prices in the following: Richmond (0.6%), Miami (0.6%), and Indianapolis (0.6%) markets. The greatest year-over-year was in Miami (25.7%), Orlando (23.4%), Tampa (23.2%) and Jacksonville (22.6%).

Fortunately, active listings have risen 3% from this time last year but they are still well below norms before the pandemic. This still is good for buyers as it means there are more options.

Even though there are fewer sales, pending listings dropped 29% compared to September 2021. This is due mostly to the rise in interest rates. Offers to accepted offers also went from 11 days in September 2021 to 19 days in September 2022. Many sellers began to cut the price of their homes to create a since of urgency.

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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.

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Is Today’s Current Housing Market A Challenge Or An Opportunity For Homebuyers?

COVID-19 caused havoc on the housing market, especially due to health scares and stay-at-home orders.  During the pandemic home buyers were up against low home inventory which caused bidding wars.  Even though we are still seeing these challenges, many professionals in the industry say they are now a buyer’s opportunity.  In today’s current the inventory is still low but buyers are not as eager due to the higher mortgage rates. 

The low inventory is still a challenge because of underbuilding since the market crash in 2008. The current moderating of demand is slowing the pace of home sales which is starting to even out so builders are able to catch back up. For the buyer, this means there are more options to choose from.  Good news, as this will also lead to fewer and fewer bidding wars as home buyers have more options.  According to the National Association of Realtors (NAR) Realtors Confidence Index bidding wars are letting up month-over-month.   The average number of homes sold between April 2022 – June 2022 are as follows: April 5.5, May 4.2 and June 3.4.   Those that have been outbid for the past two years can see the light at the end of the tunnel.

If you are in the market for a new home, it is still a good idea to consult with a local sales agent who can guide you through the process.  With an agent, you will definitely make the strongest and best offer upfront.  Partnering with a real estate agent will just ramp up your home buying experience.

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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.

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