Available Construction Jobs on the Rise

Well over half a million builders are getting ramped up with the renewal of the real estate market nationwide and are very much now hiring employees as the number of open construction jobs increased in May.  In fact, the number of available construction jobs in the United States has been on the rise since 2012 along with the constant increase of new home sales and new home inventory.  May’s employment increase logged in as one of the 4 highest months of increases since 2012.

Almost 1.8 million contractors, sub-contractors, and trade companies also made up the number of businesses employed in the home building / remodeling categories of the total U.S. employment in June, 2015, bringing the total number of construction employed jobs to 2.442 million.  Now that new homes are being built on lots developed for sale in more and more numbers, the construction industry has gained almost a half a million jobs since the low point of the Great Recession.

In 2015 alone, approximately 127,000 jobs have been added in the U.S. nationwide.  In fact, since hitting the ceiling during 2010, the unemployment rate for builders and construction has dropped from 22% unemployed to 7% slightly higher than the national unemployment rate.  In fact, many builders are facing a shortage in employees as they try to build new homes for the buyer demand as quickly as possible in new home communities that once stood dormant during the Recession.  This increase in demand for construction employment has only been a boon for the real estate industry’s recovery overall.

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Buy a New Home on the Northshore at Bedico Creek Preserve

When relocating to the Greater New Orleans area, you may want to buy a new home on the Northshore at Bedico Creek Preserve.  If you are considering relocating to the tight knit area of West St. Tammany Parish, you can enjoy the ambiance of downtown Covington, LA, which is located approximately 7 miles from Bedico Creek Preserve.  Living in Madisonville, Louisiana, at Bedico Creek gives you easy access to shopping, entertainment, and dining at the many locations of the two shopping areas Colonial Pinnacle at Nord Du Luc and Stirling Covington Shopping Center off of Highway 21.  In addition to the prolific shopping at mall stores such as JC Penny, Belk, and Lane Bryant, Colonial Pinnacle at Nord Du Luc and Stirling Covington Shopping Center also showcase box stores such as Academy Sports, Kohls, Best Buy, Marshalls, Target, Hobby Lobby, as well as the Hollywood Stadium 14 movie theater.  This Covington, Louisiana shopping area also features restaurants such as Olive Garden, Longhorn Steakhouse, Texas Roadhouse, Cracker Barrel, and Panera Bread Company.  For faster food and service, you can visit Steak & Shake, Firehouse Subs, and Dickeys Barbeque Pit.

Bedico Creek Preserve offers lots and homes for sale in its masterplanned community in St. Tammany Parish.  Lots for sale start in the mid $40’s, and new homes for sale begin in the $230’s.  If you are interested in building your own new, custom home or if you are looking to relocate to one of our existing homes for sale, you can find any lot or home in a selection of different neighborhoods in this St. Tammany Parish subdivision.  Contact Bedico Creek today to schedule your tour.  Call 985-845-4200 or E-mail Info@LiveBedico.com.

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Guidelines to Use When Purchasing a Home in a Seller’s Market

The housing market is hot right now as can be seen in all the statistics gathered from real estate professionals. Multiple offers and shortage of homes on the market along with low interest rates have driven the market to where it is today. This can make for a challenging situation for home buyers. Bidding wars could lead you, as a buyer, to purchase a home priced higher than the appraised value of the home, or you may even spend more than you can afford. One of the downfalls of the Recession is that homeowners ended up owing more than their home was worth – home buyers don’t want to repeat this trend.

In the market for a new single-family home but are a little apprehensive because of the low inventory, increased prices and bidding wars? Don’t be…here are some guidelines to use when purchasing a home in a seller’s market.

Recognize the Supply and Demand. If there are not many real estate listings, it can be difficult to find what you are looking for when your pickings are slim. When you do find what you are looking for, you can bet other buyers want the same thing which will only drive the price up. You do not want to purchase a home at a higher price when the price rise is determined by low inventory versus a strong economy. A strong economy can support a strong market.

Scout Out the Neighborhood. Are there any signs of new construction or have the housing starts increased? If so, this is a good sign that the local housing market is thriving. Remember, if the local economy is strong it can sustain a rising housing market. Research the market by noting the number of developed lots in the community and the amount of building permits that have been issued. The St. Tammany Parish Residential Permits office provides information regarding the amount of building permits that have been issued in the Greater New Orleans area. Speak to a Realtor in the neighborhood market in which you are interested. They can tell you if new home construction is strong in the neighborhood and how many lots are for sale in the area.

Sometimes Losing Can Be in Your Best Interest. Buyers who push to any limit to win the bidding war can overpay and loose in the long run. Go into the bid with your game shoes on…set a budget and think about getting a preapproval from a mortgage lender. When setting a budget, remember to compensate for living expenses and emergency funds. If the bidding war sets the price too high, walk away!

Do Not Let Your Guard Down. Use smart self-defense when purchasing a home. Many buyers who want to win the bid give up rights that are standard in sales contracts. Contingencies are there to protect the buyer. It is pretty risky to give these up to appease a seller into accepting your offer. Buyers can lose their deposit if they do not have a preapproved mortgage and have been denied a mortgage after they have a house under contract or the inspection comes back with costly repairs. Another way a buyer can lose cash is if an appraisal comes in low and the mortgage lender reduces the loan amount making the buyer put up the cash to compensate for the gap between the loan and purchase price. If you feel you have found the house for you, then determine if the risk of waiving any contingency clauses outweigh any hidden financial surprises you might find.

Now is still a good time to buy as mortgage rates are low. In St. Tammany Parish at Bedico Creek Preserve, we have many new homes for sale from which to choose, including new homes priced from the $230’s – $300’s in two exclusive Neighborhoods called Cypress Crossing and Deer Park. To find out more about our homes for sale, Contact our sales office at 985-845-4200 or E-mail Info@LiveBedico.com.

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Lot Sales, Home Sales, Good News for New Home Buyers

St. Tammany Parish now has one of the fastest growing, fastest selling new home communities on the Northshore at Bedico Creek Preserve in Madisonville, Louisiana.  Lot sales and home sales are setting a record pace for 2015.  This master planned subdivisions has, this year alone, opened up three new Neighborhoods within the community – Lakeview, Heron Point, and Heron Lake – with plans for 2 more neighborhoods to come online in 2016.  Located off of Hwy. 1077 and Hwy. 1085, .Bedico Creek is just over 3 miles from Interstate 12 and an efficient commute to Mandeville, Covington, Slidell, and Hammond, as well as the Southshore.

Close to 6 miles away lies the existing and new shopping districts of Highway 21 featuring mall box stores such as Kohl’s, Lane Bryan, Belks, and Best Buy, and multiple popular restaurants such as Longhorn Steakhouse, Olive Garden, Cracker Barrel, and Texas Roadhouse, just to name a few.  The area also features many small boutique shops and restaurants as well as grocery shopping at Winn Dixie.  All of this approximately 5.8 miles from the entrance to our Conservation Community.

Bedico Creek was specifically designed to be a nature habitat that just happened to have houses.  The community design offers green spaces, water features, and 500 acres of walking and biking paths as well as walking and hiking trails through a wildlife preserve.  Lot sales at Bedico Creek are happening quickly, so if you decide to buy, you will not only be able to choose from among 14 quality St. Tammany Parish builders, but you will also get to enjoy 500 acres of natural beauty, peace and privacy.  Many of our lots are also waterfront lots in that they are located around the many lakes and ponds throughout the community.

New homes are built and available to buy at Bedico Creek with a selection of different sizes and prices perfect for your family.  If you are interested in picking out your “view,” you can select your exact lot from a variety of Neighborhoods throughout the community.  Lots come in many different sizes and shapes with cul-de-sac and corner lots also available.

This new home, master planned neighborhood also features both natural and “man-made” amenities with a community swimming pool, Pavilion, dock / fishing area, disc golf course, and even a place to enjoy a fire on a chilly fall winter night where you have an uninhibited view of the stars.  We have a map of our parks and trails system throughout the community, and we encourage you to bring your camera to catch shots of all of the local wildlife.

Bedico Creek has it all lot sales, home sales, good news for home buyers. To take a peek at this amazing new subdivision in St. Tammany Parish, call one of our onsite sales representatives at 985-845-4200 or E-mail Info@LiveBedico.com.

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Student Debt Is Not an Obstacle to Homeownership

According to a study done by Zillow.com, the only way student debt can negatively impact young professionals interested in starting a family and “settling down” to buy their first home is if that debt is combined with no degree at all.  According to the study, student debt is not an obstacle to homeownership with those students who finished with a bachelor’s degree or higher for the amount of debt they acquired.  Home buyers that are college graduates and never had to take on student loans have a higher chance (70%) of becoming a homeowner than home buyers that have student debt and at least a bachelor’s college degree, but not by much – the statistic only drops to 66% for these types of buyers.

Because of the Recession and the lack of jobs for college graduates upon completing college, many young people did not get married and start a family right away, so household formation was also a considering factor in the study done by Zillow.com.  The study seemed to indicate that people were waiting until their 30’s to have children, and the study included those couples that had actually started a family with at least one child.

High rents were also a factor as being a deterrent for young professionals to be able to buy a home.  The payment of higher rent made it impossible for them to get the larger down payment together upon trying to get financing for a conventional mortgage.  The FHA just recently reduced the percentage of down payment required for both FHA and Rural Development loans, so this factor will not be as pertinent moving forward.

The truth about young professionals becoming homeowners is that student debt is not an obstacle to homeownership, and the possession of a bachelor’s degree or higher and the acquisition of a good job after college has made it possible for these students to be able to buy a new or pre-existing home upon graduation (or later).  This is good news for the housing market as one more positive sign that the real estate market is moving in the upwards direction.

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Newly Built Home Sales Rise 25.8% Year-Over-Year

Just like summer here in New Orleans, July’s housing market was hot! The new home sales activity is on its way back to normal with annual home sales already reaching 507,000. The Census Bureau and HUD reports that newly built home sales rose 5.4% from June of this year and 25.8% from July of last year.  New home inventories were reported at 218,000 in July which is the highest level that have been seen in over five years.
This increase can also be seen in private residential construction spending where the high was at an annual rate of $387 billion in July.  This solidifies the continuing economic growth in the construction industry.  Single-family homes have pushed construction expansion 15.8% on a year-over-year basis and multifamily new home construction spending is 21.2% higher than it was reported a year ago.

Developers are not the only ones that are seeing a positive growth, the National Association of Realtors (NAR) reports increase in existing home sales.  Existing home sales increased in July 0.5% from June and 7.4% from July of last year. Completed sales (closings) were reported at the highest since February 2007.

The confidence for home buyers stems from the strengthening economy.  The Bureau of Economic Analysis reports that the global economic developments (GDP) growth is at a strong 3.7% rate.  These findings were based on several factors including investment, faster growth for consumption, government spending and trade components.

Now is the time for buyers buying new homes or existing homes to tap into the housing market. Sales are solid which makes the real estate market a stable venture. New home prices are continuing to strengthen making real estate a great investment.

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Builders & Buyers Enjoying Robust Real Estate Market

Builders and buyers alike are optimistic that the recovery of the real estate market nationwide is here to stay as new home sales increased 18% year-over-year in June, 2015 compared to 2014, and new home inventory also increased by 3.4%.  Builders are discovering that bank construction loans are easing slightly on credit requirements and equity, and also with the increasing number of new home sales, builders are “turning over” the new homes that they are building so they are freeing up capital to invest in new lots for sale in traditional as well as master planned developments.

However, all of the great news regarding the real estate market was tempered by a slight drop in sales from May to June, 2015, for a total drop of 6.8%, down from 517,000 in may to 482,000 in June.  However, the summer months sometimes experience a lag because of school getting out, and potential home buyers going on vacation in the early part of the summer.  Overall, new home sales have been increasing both incrementally and expotentially since 2012.

Good news for builders is that there is an increasing demand from new home buyers for homes to purchase. This demand has not tapered off or decreased since the housing market started its recovery.  This trend has especially been noticed in the new, master planned community of Bedico Creek Preserve in St. Tammany Parish which features 11 Neighborhoods of new homes for sale, lots for sale, and new homes under construction.  Buyers living on the Northshore already find that this new home community is convenient to the cities of Mandeville, Madisonville, Covington, and Abita Springs in West St. Tammany Parish.

New lots are constantly being developed as new neighborhoods within the subdivision are opening with available lots for those new home buyers interested in building their own custom home.  There is no shortage of new homes to buy and new lots to buy at Bedico Creek in the Greater New Orleans area.  Contact Bedico Creek to schedule a tour of this Conservation Community by calling 985-845-4200 or E-mailing Info@LiveBedico.com.

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