Homebuying Still Going Strong With the Prospective Buyers

NAHB’s latest Housing Trends Report found in the second quarter of this year 11% of Americans

were considering buying a home within the next 12 months. In fact, almost half (49%) of those surveyed, reported that they are currently in the process of purchasing a home. This figure is a lot higher than reported this time last year.

The Housing Trends Report is put out by the National Home Builders Association’s Economics team. The team researches and measures prospective home buyers’ perceptions about the availability and affordability of homes for sale in their markets.”

As seen in the chart displayed, Millennials were the most likely to purchase a home in the next 12

months at 19% which was a little higher than a year ago at 17%. Gen Z reported 14%, Gen X came in at 12%, and Boomers were the least at 5%. Among regions across the country 13% planned to purchase a home in the next 12 months, 12% in the South, 10% in the Northeast and Midwest came in at only 9%.

Even with the COVID-19 crises home buying is still a must on many American’s to-do lists. Record low mortgage rates at 3.13% coupled with a recovery in the labor market with 4.8 million jobs and a low unemployment rate has boosted the housing market.

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Homebuyers Weekly Mortgage Demand on the Rise

According to the Mortgage Bankers Association, the total mortgage application volume rose 4.1% the week of July 13th from the week before. Homebuyer demand is hotter than ever, especially with the record low mortgage rates.

“Mortgage applications increased last week despite mixed results from the various rates tracked in MBA’s survey,” said Joel Kan, an economist for the trade group. “The average 30-year fixed-rate

mortgage rose slightly to 3.20%, but some creditworthy borrowers are being offered rates even below 3%.”

There was a small increase to 3.20% in the average contract interest rate for a 30-year fixed-rate mortgage with a conforming loan balance of $510,400 or less. For loans with a 20% down payment points (including the origination fee) went up from 0.33 to 0.35. The average on the 30-year fixed mortgage was 88 basis points higher than it was at the end of June.

This small jump encouraged homebuyers to act which increased the refinance application volume up 5% for the week and 122% from the same week a year ago. According to the seasonally adjusted index data “the refinance share of mortgage activity increased to 64.8% of total applications from 64.2% the previous week.”

Mortgage applications to purchase a home rose 2% the week of July 13th and were reported at 19% higher than this time last year. That marked the ninth straight week of annual gains. According to Fannie Mae chief economist Doug Duncan, close to 60% of all outstanding loan balances have around a half-percentage point incentive to refinance.

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This Year Homeowners Are Looking For Greener Areas

What most homebuyers today are looking for in a home will be completely different than what a homebuyer pre-pandemic sought in a new house.

“The pandemic has brought about a seismic shift in people’s perspective on housing,” said Jordan Ayan, an agent who leads the North Scottsdale Luxury Real Estate Team at the Lifestyle Collection, under Keller Williams Realty in Arizona. “They are thinking more about where they want to be and what kind of environment they want to be in.”

People want to live in a less congested area now. Many homeowners work from home more because

of the times so traffic is not a problem anymore. Homebuyers are looking for a more laid-back lifestyle, where they can both work and decompress.

Homebuyers will be looking for very efficient spaces such as tucked away home offices. Home offices have become very popular since the pandemic.
“The office was somewhat of a flex space, previously,” said Laura Powers of the Laura Powers Property Group, part of Compass in Houston. “Maybe it was also a guest bedroom or more of a library. Function has become much more critical.”

Homebuyers want a separate living space from their home office. When working from home, you need a quiet space with privacy. Ideally, the home office would have built-in shelving, space to move around, and good natural lighting.

Homes have become the live, work and play of 2020. Homeowners are taking formal living rooms and updating them to a comfortable place to relax. Many are “tech-free zones” where homeowners can get away from screen time.

Many Realtors have found that homebuyers are seeking larger garages, extended foyers and

mudrooms. They are also interested in LEED-certified homes that are environmentally friendly and built to the standards of the U.S. Green Building Council.

Outdoor covered areas such as patios, porches, decks, and outdoor kitchens are another must. Since the COVID-19 pandemic, everyone has been stuck at home. A nice area to enjoy the outdoors is a must during these times. In Florida, Realtors have reported that access to the water has become more popular along with docks, pools, expansive decks, covered patios, fire pits and outdoor kitchens.

In urban areas, homeowners use public parks and greenspace for their outdoor living, however, with the pandemic many of these spaces are restricted. Homebuyers are now seeking an outdoor space included in their urban home.

“Any other time, we would talk about parks and the neighborhood. But now, they might not even be able to use it,” said Patrick Ryan, owner and managing broker at Genuine Real Estate in Chicago. “So outdoor space at home has become huge.”

Homebuyers in the suburbs are seeking homes on a golf course with views of the greens and larger lots. Many even want extra acreage where they can have distance between their neighbors. Others have emphasized a guest house or in-law suite for multi-generational living.

“They want space. They don’t want to be cooped up,” Ryan said. “But they also want community and to be able to connect with their neighbors.”

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A List of Reasons to Include Estate Shutters to Your Home Decor

When it comes to your home, you want to make it is your own space with timeless pieces. Estate shutters are a good investment because they fit every style of interior and most any room in your house.

“Classic, sophisticated, timeless, this window treatment is never a mistake. They can be modern,

contemporary, or traditional. They work everywhere,” said interior designer Karlie Adams, of Denver.

Here are six reasons why you should install estate shutters in your home.

The very first reason is obvious, it’s for the looks. Shutters are an element that can stand alone in almost any interior of a home. Shutters have a finished look on their own. Even the ancient Greeks used them in their homes back in 800 BC. Shutters have been around for an extremely long time because of their goods looks and sun-blocking ability.

Next, they are very versatile. They fit in all kinds of different style interiors and all different kinds of rooms. From informal to formal they work perfectly. The same shutter can work in a laundry room that is also in the formal dining room.

Another reason is control. Sometimes you want a dark room while other times you want an open and bright airy feel. Shutters can allow you to control privacy, light, and airflow which keep your home cool and save energy.

Color choice is another good reason. Shutters can come in a variety of colors and can also be stained. Most people choose white shutters because they reflect the sun and heat. In fact, over 90% of the shutters sold, said Nathan Swartz, who owns Shutter Professionals, in Orlando are white.

Longevity is a great reason to install shutters. “People like shutters because they never have to cover their windows again,” said Swartz. Curtains fade and also change in style with the design trends. Shutters also do not have mechanical parts that break or not cords that can be a risk to children or animals.

The last reason and most important reason is for resale value. Realtors will include shutters in their descriptions but will skip out on blinds and curtains. This is a great added bonus to a buyer. Shutters are rarely ever changed out like curtains or blinds.

Remember if you are planning to add these classic window treatments to your home, shop and compare prices and samples.

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