Last Three Months of 2021 Saw Growth for U.S. Builders

 

December 2021 date shows that the construction of new homes climbed for the third consecutive month. Reports find that new construction homes are at a seasonally adjusted annual rate of 1.7 million units. Close to 1.6 million housing units were started at a 15.6% increase over 2020.

Even with the rising interest rates, the housing market is still going strong. The average long-term U.S. mortgage rates rose to the highest levels since March 2020 in January 2022. Lawrence Yun, chief economist for the National Association of Realtors, says economists expect to see an increase in mortgage rates this year. This is due to the Federal Reserve slowing down on purchasing monthly bonds.

Applications for building permits rose 9.1% to a seasonally-adjusted rate of 1.87 million units. This is the strongest month for permits since the beginning of the year in January 2021. Applications for building permits can forecast future building activity. Housing starts in the Northeast and the Midwest rose the most at 20% and 36%.

The National Association of Home Builders and Wells Fargo monthly survey, which gauges builder sentiment, reported that it still remained stable. This is good news since builder sentiment was down slightly to 83 at the beginning of 2022.

“Demand exceeds supply, and builders are working as hard as they can to catch up, a process that was always going to be measured in years, not months, after the massive shift in demand toward single-family homes sparked by the pandemic,” said Stephen Stanley, chief economist for Amherst Pierpont.

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Reason To Purchase A New Home Before Selling Your Current Home

Selling a home and moving are some of life's most stressful events. It is hard to schedule a closing for your new home and current home in order to move in one and out of the other. Flyhomes, a real estate brokerage, says to consider purchasing a home before you sell the one you are currently living in. Here are a couple of reasons to purchase a home before you sell your old one.

It gives you time to find the perfect home

Getting an offer on your current home is exciting but can be stressful because that means you have to find a new home to move into before your closing date. Rushing to purchase a new home will only make you more stressed with the process. A way to take off some of the pressure is to purchase a new home before selling your current one. You will be able to take your time and purchase the perfect home. This is another way to avoid extra expenses from moving and storage and temporary housing.

It can make your offer more competitive to sellers

Many times a buyer has a home they have to sell when making an offer on a new home. It is a competitive market and a buyer has to pull out all the stops. Having a contingency to sell a home on your offer puts limits on it. If you purchase a home without selling your current one, your offer will be much stronger.

Remember using a professional sales agent is a must. If you want to take this approach, choose a Realtor who can help you through the process.

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2022 Trending Home Designs

 With the new year comes new trends in home designs. Glen-Gery, a premier brick and stone manufacturer, says to consider incorporating materials like stone and brick, which bring color, texture and functionality while complementing some of this year’s leading design trends. Here are the trends for 2022 that Glen-Gery shares.

Warm Colors

This year the trend is using warming colors. These include beige, tan, caramel, cocoa and even black. Designers are beginning to take a shift from cool tones like gray to the warmer "coffee-inspired palette." These colors give materials such as brick, stone, siding, doors and shutters a warmer feel.

Textures and Patterns

These are becoming a staple in the 2022 home designs. Texture can draw a person to a room by adding depth and complexity. Using brick or stone is a perfect way to provide visual texture to any space.

Outdoor Inspiration

This year's design elements are nature-inspiring. Homes will have more glass that will bring in the natural light and nature scenes. During the stay-at-home orders from the pandemic, homeowners learned to use their homes for outdoor enjoyment as well as indoor enjoyment. Bringing the indoors outdoors is a big trend for this year. The transitional indoor-outdoor spaces are great for this trend. Indoor kitchens, fireplaces and electronics are popular for outdoor spaces.

Clean Lines

Clean line designs are a designer's best friend this year. These clean lines make a space inviting, comfortable and serene. Glass and brick are great materials for this. They both can transfer light giving a space an illumination from a higher sheen which creates a sense of balanced calm and strength in a space.

Bringing On-Trend Design into Your Home

Brick is a great versatile material that can be added to any home design. Brick comes in tons of different colors, textures and sizes. From modern designs to traditional designs brick brings flexibility. Brick is also a material that is low maintenance, resilient, durable and ascetically pleasing.

If you are planning to build or renovate, these trends are a must to use. Following these trends will not only update your home but add value to your investment.

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Several To Follow Tips For Single Homebuyers

 Just because you are single doesn't mean owning a home is not a reality. In fact, Freddie Mac reported that 28% of all households are sole-person. That is roughly 36.1 million and is still increasing.

“Our calculation suggests that there will be an additional 5 million sole-person households in the United States by the next decade. This means 42% of the household growth will be contributed by sole-person households," concludes Freddi Mac.

Here are several tips to follow if you are single and want to make the dream of homeownership come true.

1. Know Your Credit Score

When you purchase a home solo, you will only have your credit score to depend on. In order to qualify for a loan, you will need stable finances and good credit history. According to Investopedia, since lenders are only looking at one score it needs to be in tip-top shape. They recommend reviewing your credit report before starting the lending process.

Knowing where your credit score falls will help your decision on if and when you should take that leap of faith in purchasing. If your credit is not so good, focus on improving it before starting the home buying process.

2. Explore Down Payment Options

A down payment is another factor to consider. If you do not have enough saved up, there are down payment programs that can help you determine how much and how to save for a home. A loan officer can help you determine which loan program best suits your personal financial needs.

3. Think About Your Future Home and Your Needs

There are so many homes to choose from when it comes to styles and options. Spend time thinking about what type of home will fit your lifestyle. Here are some questions to think about when considering what type is best for you. Do you want a short commute to and from work? Do you want a big yard for a pet or space for outdoor entertaining? Do you want an extra bedroom for guests? Do you want a home office due to working from home? Do you want a condo with lower maintenance than a detached home?

The process seems daunting and can be a challenge but with a Realtor on your side, it becomes a much easier process. A professional sales agent can help you make the best choice for the right price.

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