The Christwood Atrium Gallery in Covington is set to showcase a new art exhibit featuring the works of two Southeastern artists, marking the start of a partnership between the Atrium and the Saladino Gallery, also located in Covington.

The exhibit will highlight the art of Phyllis Beiser from Mississippi and Carol Hallock from Louisiana, both represented by gallery owner Danny Saladino. The opening reception will take place on Saturday, September 14, from 4:30 p.m. to 6:30 p.m., offering attendees a chance to meet the artists and enjoy refreshments. The event is open to the public.

"This partnership is significant not just for the Christwood community but for the broader arts community as well," said Ann Loomis, curator of the Christwood Atrium Gallery and the driving force behind the collaboration. "It will raise the gallery's profile within Louisiana's art scene and attract larger audiences to our exhibits, ultimately benefiting regional artists. It also reinforces our strong commitment to supporting local talent."

Saladino also expressed enthusiasm about the collaboration, emphasizing how it enhances exposure for the more than two dozen artists he represents. "The Christwood Atrium is a beautiful and expansive venue, offering more than 5,800 square feet of gallery space. I look forward to showcasing my clients' works in such an impressive setting," he said.

Phyllis Beiser, who has lived on the Mississippi Gulf Coast for two decades, draws inspiration from the region's vibrant natural surroundings. "Everywhere I look, there is color and life. Compositions begin forming, and I strive to capture on canvas what I see," Beiser shared.

Carol Hallock, who splits her time between a stilt house in Louisiana and a 40-acre property in southern Mississippi, often paints scenes of bayous and marshes from her kayak. One of her favorite subjects is "Geraldine," an egret she frequently encounters in her surroundings.

The Christwood community is located at 100 Christwood Blvd., accessible via the Brewster Road entrance. The Atrium Gallery is open to the public from 9 a.m. to 5 p.m., Monday through Friday.

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In positive news for U.S. homebuyers seeking more options, the number of homes for sale nationwide has reached its highest level in over four years, according to a recent report from Realtor.com. The report revealed that the housing inventory grew 35.8% year-over-year in August, marking the 10th consecutive month of growth and the highest level of available homes since May 2020. However, new listings declined slightly, with 0.9% fewer homes hitting the market compared to the same period last year.

Changes in Prices and Selling Conditions

With more homes on the market, buyers are benefiting from more favorable pricing trends. "Price cuts are more common, asking prices are moderating, and homes are taking longer to sell," said Danielle Hale, chief economist at Realtor.com. Despite these improvements, both buyers and sellers are still cautious, waiting for even better market conditions before making moves.

Impact of Mortgage Rates on Buyer and Seller Activity

The highly anticipated Federal Reserve rate cut has already led to lower mortgage rates, but both buyers and sellers seem to be holding out for further declines. As a result, competition among home shoppers this fall is likely to be lower than what is expected in spring 2025, when more buyers are anticipated to enter the market amid potentially better mortgage rates, according to Hale.

As of August 29, the average 30-year mortgage rate stood at 6.35%, its lowest point in over a year, according to data from Freddie Mac.

Shifts in Home Prices and Sizes

The median listing price for homes in August was $429,990, representing a 1.3% decline compared to last year. However, the median price per square foot rose by 2.3%, suggesting an increase in the availability of smaller, more affordable homes in the market.

Longer Selling Times and More Price Reductions

The percentage of homes with price reductions increased to 19.2% in August, up 3% from the same month last year. Additionally, homes spent a median of 53 days on the market, making it the slowest August in five years.

According to Ralph McLaughlin, senior economist at Realtor.com, "The market slows by about one day for every 5.5 percentage point increase in the year-over-year number of active listings." This trend means that, in certain markets, homes may remain on the market for 15 to 20 more days compared to last year, given the rapid growth in inventory.

The growing inventory and moderating prices indicate that the housing market is shifting toward a more balanced environment, providing buyers with more choices and better negotiation power. However, both buyers and sellers remain watchful of mortgage rate fluctuations and are prepared to adapt as conditions evolve.

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Buying a house is one of the most significant investments you'll make, and understanding the financing process can make your homebuying journey smoother and more enjoyable. Here's a guide to help you navigate the steps, from organizing your finances to closing the deal.

1. Organize Your Finances

Save for a Down Payment

Conventional loans typically require a down payment of 5% to 20% of the home's purchase price. If you put down less than 20%, you'll need to pay for private mortgage insurance (PMI), which adds to your monthly payments until you build up 20% equity in your home. If you're buying a second home, you may be able to use equity from your current home to fund the down payment.

Offering a larger down payment can also help you secure a lower interest rate, potentially saving you money over time. Additionally, be prepared for closing costs, which average about 3% of the home's purchase price and cover fees like loan processing and underwriting.

Review Your Credit Score

Check your credit score regularly to ensure you're in good financial shape before applying for a mortgage. You can access your credit report through a "soft inquiry," which won't impact your score. Later, when you formally apply for a mortgage, lenders will perform a "hard inquiry," which is a necessary part of the approval process. Multiple inquiries from mortgage lenders within a short time frame are treated as a single inquiry, minimizing any impact on your credit score.

If you're applying for a loan on a second or vacation home, banks often require a higher credit score and a larger down payment compared to a primary residence loan.

2. Determine How Much Home You Can Afford

How is Your Mortgage Payment Calculated?

Your mortgage payment usually consists of three main components:

• Principal: The amount borrowed.
• Interest: The cost of borrowing.
• Escrow Contributions: Covers property taxes, homeowners insurance, and possibly PMI. Your lender pays these costs on your behalf throughout the year.

If you plan to rent out a second home, factor in additional costs like property management fees, which typically range from 8% to 12% of rental income.

An online mortgage calculator can help you estimate your monthly payment based on different loan amounts, interest rates, and loan terms.

Debt-to-Income Ratio

Lenders evaluate your debt-to-income (DTI) ratio, which compares your monthly debt payments to your monthly income. To qualify for a mortgage, your DTI generally should be below 43%. However, for your own financial stability, aim to keep your DTI below 36%. If you're purchasing a second home, lenders may require a DTI of 36% or lower.

3. Understand Your Mortgage Options

How is Your Interest Rate Determined?

Several factors influence your mortgage interest rate:

• Credit Score: Higher credit scores typically qualify for lower interest rates, while lower scores often result in higher rates.
• Loan Term: Shorter loan terms, like 15 years, usually offer lower rates than longer terms, like 30 years.
• Federal Funds Rate: When this rate is low, banks borrow money more cheaply and pass those savings on to you through lower mortgage rates.
• Lender Variability: Different lenders offer different rates, so shopping around can help you secure the best deal.
• Residence Classification: Loans for primary residences usually have better rates than those for investment properties or second homes.

FHA Loans vs. Conventional Loans

If you don't meet the requirements for a conventional loan or prefer a smaller down payment, an FHA loan might be an option. These government-insured loans have more flexible criteria but are designed specifically for primary residences—not rental or vacation properties.

Mortgage Insurance

Avoiding PMI requires a 20% down payment. With conventional loans, you can drop PMI once you reach 20% equity. FHA loans, however, often require you to pay mortgage insurance for at least 11 years, depending on your loan details. They also require Up Front Mortgage Insurance (UFMI), which equals 1.75% of the loan amount and can be paid at closing or rolled into the loan.

4. Get Pre-Qualified or Pre-Approved

Pre-Qualification vs. Pre-Approval

• Pre-Qualification: A preliminary estimate of how much you can afford, based on self-reported financial information.
• Pre-Approval: Requires detailed documentation of your finances and results in a more accurate loan amount. It's generally required when submitting an offer on a home.

While both are helpful, pre-approval carries more weight with sellers since it shows you're a serious buyer.

5. Find a Property and Make an Offer

Once you're ready to buy, working with a real estate agent can be beneficial. Agents can help you find homes, understand neighborhoods, and guide you through the purchasing process.

A Real Estate Agent Can:

• Assess your housing needs.
• Show you properties in your price range.
• Suggest financing options.
• Prepare and negotiate purchase offers.
• Recommend resources like mortgage brokers and inspectors.
• Manage closing details once your offer is accepted.

Making an Offer

After finding the right home, your agent will help you make a competitive offer based on market conditions and comparable sales. Sellers may respond with a counteroffer, which your agent can help you review and negotiate.

Once your offer is accepted, you'll sign a purchase contract that's contingent on conditions like inspections. At this point, you'll provide earnest money, typically 1% to 2% of the purchase price, which is held in escrow and goes toward your down payment at closing.

Final Steps: Inspections and Closing

Schedule an inspection to identify any necessary repairs. If significant issues are found, your agent can help negotiate repairs or a price adjustment. After all conditions are met, you'll proceed to closing, where you'll finalize the purchase and receive the keys to your new home.

Buying a home involves careful planning, but with the right preparation and support, you can make a confident investment.

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New Homes with Patios Reach Record High in 2023

The trend of adding patios to new single-family homes continued its upward trajectory in 2023, setting yet another record. According to data from the National Association of Home Builders (NAHB), sourced from the Survey of Construction (SOC) conducted by the U.S. Census Bureau, 63.7% of approximately 950,000 new single-family homes started in 2023 included patios. This represents a slight increase from 63.3% in 2022 and marks the eighth consecutive year of record growth.

Steady Growth Over the Past Decade

Patios were relatively rare in the aftermath of the 2008 housing crisis, with fewer than half of new homes featuring them between 2008 and 2011. However, by 2012, the share of new homes with patios had jumped to 52.4%, initiating a long-term trend that has continued for 13 of the past 14 years. The only exception was in 2015, when the percentage remained unchanged.

Geographic Patterns in Patio Installation

Despite the increasing prevalence of patios nationwide, the regional trends have remained consistent. In 2023, only 17% of new homes in New England and 20% in the Middle Atlantic featured patios—the lowest percentages in the country. In contrast, patios were most common in the West South Central region, where over 80% of new homes included them. High percentages were also reported in the South Atlantic and Mountain regions, where roughly 70% of new homes came with patios. These geographic patterns align closely with those observed in previous years.

Characteristics and Size of New-Home Patios

The 2024 Annual Builder Practices Survey (BPS), conducted by Home Innovation Research Labs, offers additional insights into patio characteristics for homes built in 2023. Nationally, the average size of a new-home patio is around 290 square feet, though this varies significantly by region. Patios are largest in the East South Central (over 400 square feet) and New England (about 380 square feet), while they are smaller in the West South Central (under 200 square feet) and the West North Central (a little over 200 square feet).

Patio Building Materials: Regional Preferences

In most parts of the U.S., poured concrete remains the dominant material for new-home patios. For instance, over 90% of patios in the East South Central region are built with poured concrete. However, some regional variations do exist. In the South Atlantic, poured concrete and brick pavers each hold roughly a quarter of the market, while New England’s patio market is split among poured concrete, concrete pavers, and natural stone. Meanwhile, brick pavers are the most popular choice in the Mid-Atlantic region, surpassing other materials.

The Outlook for Patios in New Homes

As new home construction continues to prioritize outdoor living spaces, the presence of patios is likely to remain strong. This trend reflects not only consumer demand for outdoor amenities but also a shift in homebuilding practices toward creating more versatile living environments. With patio sizes and materials varying widely by region, it’s clear that new-home design will continue to adapt to local preferences and lifestyles.

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