Jun 26, 2023 | Financial Reports
Last week’s scheduled economic reports included readings on housing starts, existing home sales, and Federal Reserve Chair Jerome Powell’s congressional testimony. Weekly readings on mortgage rates and jobless claims were also released.
National Home Builders Association Releases June Housing Market Index
U.S. home builder confidence rose by five points to an index reading of 55 in June according to the National Association of Home Builders Housing Market Index. The June reading surpassed the expected reading of 51 and May’s housing market index reading of 50. Component readings for the Housing Market Index also rose as builder confidence in current market conditions rose five points and confidence in market conditions for the next six months rose six points.
NAHB said that a shortage of previously-owned homes for sale is driving sales of new homes and rising builder confidence. Many current homeowners refinanced to very low rates available during and immediately after the pandemic and are not inclined to refinance or buy new homes at current higher interest rates.
Mr. Robert Dietz, the chief economist for the NAHB, said: “A bottom is forming for single-family home building as builder sentiment continues to gradually rise from the beginning of the year.” Mr. Dietz also noted that “with the Federal Reserve nearing the end of its tightening cycle, it’s good news for future market conditions in terms of mortgage rates and the cost of builder and developer loans.”
June’s reading was the sixth consecutive month showing increasing home builder confidence and the 11th month since builder sentiment moved into positive territory.
Mortgage Rates Fall
Freddie Mac reported lower average mortgage rates last week as rates for 30-year fixed-rate mortgages fell by two basis points to 6.67 percent and rates for 15-year fixed-rate mortgages fell by seven basis points to an average rate of 6.03 percent.
Sales of previously-owned homes rose to a seasonally-adjusted annual rate of 4.30 million sales as compared to the expected reading of 4.25 million sales and April’s reading of April’ reading of 4.29 million sales.
What’s Ahead
This week’s scheduled economic reporting includes readings from S&P Case-Shiller Indices, new and pending home sales, and inflation. Weekly readings on mortgage rates and jobless claims will also be released.
Jun 23, 2023 | Around The Home
Living in an urban setting often means compromising on outdoor space. However, even the tiniest of balconies or patios can be transformed into inviting and functional outdoor retreats. With a bit of creativity and thoughtful planning, you can maximize your small outdoor space and create a beautiful oasis right outside your doorstep.
Choose the Right Furniture:
When it comes to small outdoor spaces, selecting the right furniture is crucial. Pieces that are compact, lightweight, and multi-functional. Along with folding chairs, stackable stools, and collapsible tables are excellent choices as they can be easily stored when not in use. Consider investing in furniture with built-in storage compartments, such as benches or ottomans, to maximize space efficiency.
Lighting Magic:
Proper lighting can transform any space, and small outdoor areas are no exception. Install outdoor lighting fixtures such as string lights, lanterns, or solar-powered LEDs to create a warm and inviting ambiance during the evenings.
Utilize Wall Space:
When every square inch counts, make the most of your vertical surfaces. Mount shelves, hooks, or wall organizers to hold small potted plants, lanterns, or decorative items. Wall-mounted foldable tables or bars can provide an additional surface for dining or working while saving valuable floor space
Cozy Seating Nooks:
Create cozy nooks or corners within your small outdoor space for intimate seating arrangements. Utilize corner spaces by adding small benches, cozy chairs, or hammocks.
Play with Colors and Patterns:
Incorporate vibrant colors and patterns to make your small outdoor space visually appealing. Choose colorful cushions, rugs, and accessories to inject personality into your balcony or patio. Stripes, geometric patterns, and bold prints can create an illusion of depth and add visual interest. Remember to balance colors and patterns with a cohesive theme to avoid overwhelming the space.
Maximizing small outdoor spaces is all about smart design choices and utilizing the available space effectively. By carefully selecting furniture, incorporating greenery, enhancing privacy, adding proper lighting, utilizing wall space, creating cozy seating nooks, and playing with colors and patterns, you can transform even the tiniest balcony or patio into a delightful outdoor retreat.
Jun 22, 2023 | Homebuyer Tips
Buying a new home is an exciting and significant milestone in anyone’s life. However, it’s essential to approach the homebuying process with caution and thoroughness to ensure that you’re making a sound investment. One crucial step in the homebuying journey is the home inspection. A home inspection is a comprehensive evaluation of a property’s condition, aiming to uncover any potential issues or concerns that could affect its value or safety. Below are some tips to remember when navigating a home inspection.
Roof and Exterior:
The roof is your home’s first line of defense against the elements, so it’s crucial to examine it closely. Look for missing or damaged shingles, signs of leakage, and the overall condition of the roof.
Structural Integrity:
A solid foundation and sound structure are vital for the long-term stability and safety of your home. Inspect the foundation for cracks, unevenness, or signs of settling. Look out for any sagging or uneven floors, as they could indicate structural issues.
Plumbing and Electrical Systems:
Faulty plumbing or electrical systems can lead to significant problems and costly repairs. Test the faucets, showers, and toilets to ensure proper water flow and drainage. Check for leaks under sinks and around toilets. In terms of electrical systems, inspect the circuit breaker panel and look for any exposed wiring, outdated systems, or potential fire hazards.
HVAC Systems:
Heating, ventilation, and air conditioning (HVAC) systems are critical for maintaining a comfortable living environment. Have the HVAC systems thoroughly inspected to determine their condition and efficiency.
Insulation and Energy Efficiency:
Good insulation and energy-efficient features can greatly impact your home’s comfort and utility costs. Check the insulation in the attic, walls, and crawl spaces to ensure they meet the recommended standards. Inquire about the home’s energy efficiency features, such as double-pane windows, energy-efficient appliances, or renewable energy installations.
Pest and Mold Inspection:
Pests and mold can pose health risks and cause extensive damage to a home. Look for signs of pests such as droppings, chewed wood, or insect nests. Ask the inspector about any past or present pest infestations and the steps taken to address them.
A home inspection is a crucial step in the homebuying process that helps you make an informed decision about your investment. By paying close attention to the areas mentioned above, you can identify potential issues and negotiate repairs or adjustments with the seller. A thorough home inspection can provide peace of mind and ensure that you’re buying a home that meets your expectations in terms of safety, functionality, and value.
Jun 21, 2023 | Home Buyer Tips
Many millennials find home buying overwhelming due to a variety of factors such as high housing prices, student loan debt, competition from investors, economic uncertainty, and a lack of knowledge about the home-buying process. These challenges can make it difficult for millennials to save enough money for a down payment, find a suitable property, and navigate the complex process of buying a home.
It is important to note that not all millennials may face these challenges, and there are also many resources available to help first-time homebuyers navigate the process.
Housing counseling agencies: These agencies provide guidance and education on various aspects of home buying, including budgeting, credit improvement, mortgage options, and navigating the purchase process. They can also help you understand down payment assistance programs and other available resources.
Online tools and calculators: Many websites offer tools and calculators that can help you estimate your affordability, calculate mortgage payments, and compare different loan options. These tools can provide valuable insights into your financial situation and assist you in making informed decisions.
Government programs: Various government programs are designed to assist first-time homebuyers. For example, the Federal Housing Administration (FHA) offers loans with lower down payment requirements, and the U.S. Department of Housing and Urban Development (HUD) provides resources on home buying and offer different assistance programs.
Local first-time homebuyer programs: Many cities and states have specific programs and initiatives to support first-time homebuyers. These programs can provide down payment assistance, favorable loan terms, or other financial incentives. Research the resources available in your local area.
Real estate professionals: Engaging a trusted real estate agent or broker who specializes in working with first-time homebuyers can be immensely helpful. They can guide you through the process, provide market insights, and negotiate on your behalf.
Online forums and communities: Online forums and communities dedicated to real estate and home buying can offer a wealth of information and advice from experienced homebuyers. Engaging in these communities can help you learn from others’ experiences and gain insights into the process.
Remember to do thorough research and seek advice from multiple sources to ensure you make informed decisions when buying a home.
Jun 20, 2023 | Home Values
The bathroom is one of the most important and frequently used spaces in a home. Over time, it may start to show signs of wear and tear or become outdated. If you’re considering renovating your bathroom, one of the first decisions you’ll face is whether to tackle the project yourself or hire a professional. Both options have their pros and cons, and it’s essential to weigh them carefully before deciding.
DIY Renovation:
One of the most significant advantages of a DIY bathroom renovation is the potential cost savings. By doing the work yourself, you eliminate the labor costs associated with hiring a professional. You have control over the materials and can find budget-friendly options to stay within your desired price range.
Taking on a DIY bathroom renovation also gives you complete control over the project. You can choose the design, materials, and timeline that suit your preferences and schedule. This level of flexibility allows you to customize your bathroom to your exact specifications.
Completing a DIY bathroom renovation can be a rewarding experience. Seeing the transformation unfold before your eyes and knowing that you accomplished it on your own can provide a great sense of pride and satisfaction. It can also be a learning opportunity, as you’ll gain new skills and knowledge throughout the process.
Hiring a Professional:
Professional bathroom renovators bring a wealth of knowledge and experience to the table. They are well-versed in all aspects of bathroom renovations, from design to construction. Their expertise ensures that the project is executed efficiently and to a high standard, resulting in a beautiful and functional bathroom.
Hiring a professional allows you to save time and effort. They have a team of skilled workers who can complete the renovation quickly and efficiently. Professionals also have access to specialized tools and equipment that can streamline the process and deliver excellent results. Professional bathroom renovators take pride in their work and strive to deliver exceptional quality.
The decision between a DIY bathroom renovation and hiring a professional depends on your skills, budget, and personal preferences. DIY projects can be cost-effective and rewarding, but they require time, effort, and a certain level of expertise. Hiring a professional ensures expertise, efficiency, and high-quality results but comes with a higher cost and limited control. Whichever option you choose, thorough planning, research, and realistic expectations are essential for a successful bathroom renovation.
