The National Association of Home Builders' HBGI Find Surprising Results

 

The quarterly NAHB Home Building Geography Index (HBGI), released the first of this month, shows that home building throughout the country has increased in areas with the shortest commute times.  The HBGI also shows the suburban shift in new home construction to low density, low cost markets stemming largely from the COVID-19 pandemic and first reported in the second quarter of 2020 continued into 2021.

“The first quarter HBGI indicates that home building not only continued to overperform in lower cost markets like suburbs and exurbs, but also expanded the most rapidly for single-family and multifamily construction in areas with the shortest commutes,” said NAHB Chief Economist Robert Dietz. “As workplaces increasingly adopt hybrid work models for roughly 30-40% of the American workforce, renters and buyers will have increased market power to minimize travel times and reduce both housing and transportation cost burdens.”

Nationwide the average commute is around 26 minutes. For single-family homes, this quarter construction growth rose in areas with the shortest commuting times. The index data showed a four-quarter moving average year-over-year growth rates of 22.2%.

The study discovered that for single-family home building there was an 18% decrease from the first quarter of 2021 in the market share for large metro core counties. The data found an increase from 17.2% to 17.9% in outlying counties of large or small metro areas.

“With the shift to telework brought on by the COVID-19 pandemic, housing demand continued to show the strongest gains in lower density markets in the first quarter as people have flexibility to live further out and even outside some metro areas,” said NAHB Chairman Chuck Fowke. “Given the regulatory burdens and lack of lots in higher density, higher cost markets, builders are better able to meet demand in suburban, exurban and rural areas because of the lower cost to build.”

Click Here For the Source of the Information.

The Chef Soiree Moves Back To Bogue Falaya Park This Year

This year the Chef Soiree will be this Sunday, June 13, 2021, from 5pm - 9pm. It will be moved back from the Covington Trailhead to Bogue Falaya Park. The Youth Service Bureau, the event's beneficiary, decided to move the event back to the park to all more social distancing. More space will allow the 50 plus restaurants and purveyors to serve food and beverages. 

 “We’re excited to be back at the park, which will have a new look, but the same feel,” Chef Soiree organizer Bobbie Calandro said. 

Calandro, who has helped organize Chef Soiree for the past 25 years, is excited that the event will take place this year in June instead of its regular time in March. Patrons will now have the opportunity to wear linen to the soiree. A new 2021 Ford Mustang or Escape will be won by drawing at 8:30 pm before the fireworks. The car raffle tickets are $25 each or five tickets for $100. 

 Last year the Chef Soiree was cancelled due to COVID-19. The event organizers are following the Centers for Disease Control and Prevention guidelines. The layout will be a little different this year due to the guidelines. This year there will be walkways, tents and tables for eating and enjoying two stages of continuous music and a festival-style dance area. Patrons can purchase tickets for $145 per person which includes all the amenities that are offered. The two stages will host live music by The Dominoes, Sweet Crude, Deja Vu and Nashville artist Jake Gunter. 

 This year mark's the Youth Service Bureau's 40th anniversary. The Youth Service Bureau is a St. Tammany organization that helps youth and their families reach their full potential. The service does this through programs for advocacy, counseling, education and intervention. “This is their 40th year and they are doing something right," said Calandro. 

  Click Here For the Source of the Information.

Madisonville Town Council Looks at Allowing Golf Carts Permission To Use Town Streets

 

The Madisonville Town Council wants to discuss allowing golf carts and other low-speed vehicles to cross La. 22 where it runs through Madisonville. Louisiana Transportation Department gave a third ruling that will not allow golf carts or other low-speed vehicles to cross La.22.

Town attorney Bruce Danner introduced the letter that was signed by the Louisiana Department of Transportation and Development Deputy General Counsel Jason Bruzik at the council's May 12, 2021 meeting. The letter does confirm that the District 62 office located in Hammond ruled not to allow golf carts or low-speed vehicles to cross the highway for safety reasons.

The federal and state law defines low-speed vehicles as four-wheeled motor vehicles that have a top speed of 20 to 25 miles per hour. Danner will research whether this is official without a public hearing and comment period. If he finds the public is allowed a hearing, it will then go back up for discussion.

In other council news, an agreement to assign leasing rights for the next 50 years to a disclosed company to Madisonville's cell tower was also discussed. Danner was assigned to come up with the agreement that will in turn give Madisonville a lump sum payment of around $701,000 from the disclosed company. This is good news for the town since the tower brings in around $38,000 a year in revenue.

The majority of the council agreed to the lump sum over an annual payment for 50 years. They want to take the lump sum and turn it into grant matching funds to further help with capital improvement projects. Danner believes this is a good idea given that there is some uncertainty in a stream of revenue would continue at the level it is currently generating. Corporate consolidations and technological changes that are taking place in the cellular industry.

Click Here For the Source of the Information.

This Year’s Slidell Heritage Festival Will Be Open to the Public

 

After last year's cancellation due to COVID-19, it is exciting news that the annual Independence Day celebration will be open to the public this year. The Heritage Fest originally just planned to have the firework celebration this summer without the full Slidell Heritage Festival.

This year will mark the 23rd annual Slidell Heritage Festival which will be held at Heritage Park in Olde Towne Slidell. Patrons will enjoy food trucks, live music and a fireworks show. The festival is free and will be held Saturday, July 3, from 6 p.m. until 9 p.m.

Along with the food trucks, the Rotary Club of Slidell and Rotary Club of Slidell-Northshore will sell bottled water and soft drinks. The proceeds from the sales will benefit five local nonprofits and the Rotary Clubs which will use the money to fund community programs.

“We felt like people needed to come together to celebrate the nation and overcoming COVID-19,” said Trey Brownfield, chairman of the Slidell Heritage Festival Committee. “This is a great chance for the community to heal after such a tough year.”

Even though the event is free, donations are encouraged. There will be drop-offs at the gates and at various points throughout the festival. The five local nonprofits that will benefit from the proceeds are the Slidell Police Association, Community Christian Concern, the Good Samaritan Ministry, the Slidell Church Basketball League and the Boy Scouts of America, Cypress District.

Click Here For the Source of the Information.

 

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

 

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

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

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

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

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

Click Here For the Source of the Information.

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

 

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

1. Your lifestyle has changed – or is about to

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

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

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

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

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

3. Mortage rates are low

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

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

4. You’re financially prepared

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

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

5. You’re emotionally prepared

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

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

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

Click Here For the Source of the Information.

May Brings Another Dip in Mortgage Rates

 

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

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

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

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

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

Click Here For the Source of the Information.