And the Winner Is..... Homeownership

 The current housing market sees high mortgage rates, concerns about another recession and inflationary pressure. Even with these trends, it is a great time to buy a home because the long-term benefits are still worth it.

If you ask a homeowner who has had their home for 5, 10, or more years they will tell you they have no regrets. The main reason is due to the growth in a home’s value over time. According to Fannie Mae, seventy percent of those that were surveyed said that buying a home is a safe investment.

The Federal Housing Finance Agency (FHFA) reveals how much homes have increased in price over the last five years. The highest overall increase was seen in the Mountain region at 68.9%. Next came South Atlantic with a 67.5% increase, then East South Central at 63%, New England came in with 57.5%, East North Central and West South Central at 51.8%, Middle Atlantic came in at 49.4%, West North Central with 48.8% and last is Pacific with 48%.

As far as the percent change in home prices was drastic. The highest was in the Mountain region at 457.5% and the lowest was in East North Central at 214.2%. The Pacific region had a 334.1% increase, South Atlantic by 320.4%, 302.4% in West South Central, West North Central 270.1%, and Middle Atlantic with 239.9%.

Talk to a Realtor who will help you with the options of purchasing a new home. They can also let you know the great long-term benefits of owning a home.

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The Beginning of 2023 Saw a Drop In Home Prices

Mortgage rates and home prices let up a bit at the beginning of 2023 causing the new home sales to rise from December 2022 to January 2023. New construction home sales rose 7.2% in January 2023 from December 2022. According to the US Department of Housing and Urban Development and the US Census Bureau this is still down 19.4% from the same time last year. Industry leaders are beginning to see that the housing market is stabilizing.

New single-family houses were at a seasonally adjusted annual rate of 625,000 at the end of 2022, and shot up to 670,000 in January 2023. This still does not come close to the record sales pace in March 2022 which was a rate of 831,000.

Prices of new homes are starting to slow down. The median price for a new home was $465,500 in December 2022 and fell in January 2023 to $427,500. This is .7% lower than it was the same time a year ago which came in at $430,500.

"New home sales prices dropped precipitously in January to the lowest median price since February of last year. While sales are still depressed from a year ago, this shows another crack in the housing market that should benefit potential homebuyers, especially when mortgage rates drop," says Robert Frick, corporate economist at Navy Federal Credit Union.

The existing home inventory is still low, so the new construction home listings are filling the gap according to Kelly Mangold of RCLCO. Builders are being flexible with the prices which make it a bit harder for buyers to find homes on the market to purchase. This coupled with the up and down mortgage rates has not made the market easier for buyers.

"Price adjustments and builder incentives helped to push the sales pace in a positive direction. January had the lowest level of existing home sales in over a decade-and motivated buyers are increasingly seeking new homes because there is limited resale inventory available," says Mangold.

"Mortgage rates are spooking sellers looking to upgrade when they calculate the potential increase in their monthly payments, and the hesitation to put existing homes on the market is allowing new construction homes to have less competition," explains Mangold.

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Several Reasons To Purchase a Home This Winter

 It has been said that springtime is the perfect time to buy or sell a home, but is this always the case? Not necessarily, while springtime is the most popular time, winter months can work in a home buyer’s or seller’s favor. This can include having more time on your side to decide, not as much competition, and real estate agents have more time to focus on just you. Here are several reasons that this winter might be the right time to purchase a home.

1. Winter-Tested Houses

The winter brings harsh cold weather to most every area in the US. During the harsher cold weather, a home inspector can see the home’s flaws a little better. If you close on a home in the summer, you might have some surprises in store next winter. Professionals in the industry will tell you that the best time for a property inspection is during the rain and snow.

2. Motivate Sellers

Inventory is fairly low and slow in the winter. If someone puts their home on the market in the winter it usually means they are a motivated seller. If you are in the market for a new home, sellers will be more prone to accept offers and negotiate more on the price and closing costs during the slow winter months.

3. Fewer Buyers

The winter months are a great time to hibernate indoors so to speak. This means that there are fewer buyers out there during the colder months that are looking for a home to buy. You definitely will have less competition in the housing market during the winter. This means you can take your time and make sure you are not rushed into making an offer.

4. Available Realtors

Since winter is considered an “off-season” for realtors, this means that realtors have more time on their hands to devote to you and your search. A realtor will not only be able to devote more time but also support your specific home search.

5. Discounting Movers

Colder winter months are also slow for professional movers. This means that many movers might give company discounts for their services during this time. Since they will also have a lighter schedule, they will have more free time so they should be able to accommodate when you would like to move.

If you are ready to move before the spring, contact a local real estate agent who can help you with the home-buying process. A realtor can not only find you the home of your dreams but can get it at the right price and right terms.

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Pros and Cons of Buying a House That Is Still Under Construction

 The home inventory shortage is making purchasing a home still under construction a normal financial decision. The National Association of Realtors (NAR) says that the country is facing a sharp decline in available housing to purchase. The NAR report includes housing such as condos, castles, and everything in between.

Once again, this shortage is stemmed from low-interest rates and high buyer demand. Soaring home prices and low listings mean this is a seller's market. Professionals in the industry are seeing 20 to 30 offers on the same property. In fact, buyers are willing to put a contract on a homesite and wait up to six months to close and start construction.

A new construction home purchase is a lot different than purchasing a traditional resale. The biggest difference is that you are purchasing a home that does not exist yet. The seller is the builder or a company instead of the owner of the home. If you are closing on a home that is not yet built, you will not be able to obtain a traditional mortgage instead you would pay cash or finance the land purchase at the beginning and then take out a separate construction loan to build.

One of the biggest benefits of new construction is a buyer will get a brand new never lived-in home. A buyer will not have to battle the market and get outbid on an existing home. If you get in at the beginning you can have a say in your home design.

On the flip side, there is a chance that the construction of your new home is terrible and there are delays on materials and workers. “If you’re not buying from a really good builder, the odds of problems cropping up increase substantially,” Sheehan says. “It’s quite important who is doing the work,” says Realtor Joey Sheehan.

If you do decide to go this route, do your homework on the builder. Go to some of his existing projects and get testimonies. Remember open communication is the key, stay in communication with your builder and record both verbal and written conversations. New construction is an exciting way to go, especially in today's housing market.

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Follow These Two Suggestions When Purchasing A New Home

Springtime is a time when many home buyers come into the housing market. This spring, the housing market is still going strong with tons of competition. If a homebuyer finds a home they like, there is no time to think if you want to compete for an accepted offer. Here are two important things you should take action on before purchasing a home.

Bulk Up Your Credit Score

A homebuyer's credit score can either hinder or boost your chances of purchasing a home. Credit scores determine whether a homebuyer can get approved for a loan. Before starting the home buying process, a homebuyer needs to make sure their credit score is 650 or higher.

Lower Your Debt-To-Income Ratio

A homeowner's debt-to-income ratio is very important. It can not only affect getting a mortgage but can also affect the price of a home a homebuyer can purchase. A good debt-to-income ratio is less than 43% according to the Consumer Financial Protection Bureau. For example, if a homebuyer's monthly income is $5,000 and monthly expenses are $1,000, then the debt-to-income-ration is 20%.

If you are considering purchasing a home, make sure to not only follow these two things but also contact a Realtor. A Realtor can help you with the process from start to finish. They will find the perfect home for the perfect price.

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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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Over Half of New Construction Single-Family Homes in 2020 Were Built on Slab Foundations

 

During the release of the National Association of Home Builders (NAHB) Survey of Construction (SOC) it was reported that over half (65%) of new single-family homes built in 2020 were constructed on slab foundations. The remaining accounted for 22% with a full/partial basement and 12% with a crawl space.

In fact, there is a wider gap between a slab and full/partial basement and this gap is still widening. This can be seen in the reports from previous years. In 2000 only 46% of new single home starts were built on slabs. This is not the case with new homes constructed on a basement. In 2000 36.8% were built on basements while only 22% were in 2020.

The percentages differ from region to region. New homes that were built on slab foundations were predominant in the West South Central (95.7%), followed by the South Atlantic (79.4%), next was the Pacific (97.7%) and still strong but a little under half in the Moutain Region (48.1%).

Over the past decade, most new single-family homes were built on slab foundations. Experts say this is due to the warmer climate. In the East South Central division, 43% of the new single-family homes were built on a crawl space which outnumbered the 38% that were built on slabs.

The climate in each region plays a big part in what types of foundations are used in that area. Homes that are built in colder areas must have their foundations built below the frost line. This means that the majority are built on partial or full basements. New England saw 79.8% of new homes built with full/partial basements, West North Central (77.2%), Middle Atlantic 69.5% and East North Central 54.3%.

The survey also reported the average area of a finished basement in the colder regions. In the East North Central new single-family construction homes had 1,156sq. ft., while West North Central had 998sq. ft., Middle Atlantic 921 sq. ft. and in New England 734 sq. ft. According to the survey nationwide the average finished basement area was 1,137 sq. ft. in 2020.

If you are in the market for a new home, now is a great time to buy. Check with a local Realtor who can help you with the process from start to finish.

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Structural Issues Due to Fill Dirt and Moisture Problems

 Fill dirt is used under all homes' foundations as a structural component but it can also harm the foundation of a home. According to NAHB fill dirt is the leading cause of structural failures in new home building.

Walt Keaveny, a professional engineer and geoscientist for 2-10 Home Buyers Warranty, explains that this is not only the most common cause of structural failure but is also one of the most expensive repairs. In fact, around the U.S. on average it cost over $50,000 and in some states over $100,000!

Keaveny discusses fill dirt problems and tips for minimizing the problems in Let's Talk Dirt. Let's Talk Dirt is a new resource put out by the National Association of Home Builders Construction Liability. Subjects covered in the publication are about fill placement, density requirements, testing, and the benefits of working with a geotechnical engineer.

Another subject explored in the Ultimate Guide to STOP Basement Water Leaks is moisture found in basements. It is said that over fifty percent of all basements have moisture issues. The most common areas where a basement sees moisture problems are leaks in the walls and floors. If water leaks are not resolved, then the soil around the foundation will be compromised, wood framing will rot, drywall and finishes will be ruined and mold will occur.

When purchasing a home, it is best to work with a Realtor who can help you determine if the home you want to purchase has foundation issues.

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Buyers Who Are Looking For New Single-Family Homes Opt For A Single-Story

  According to the US Census Bureau’s Survey of Construction (SOC) and information gathered by NAHB two-story homes are on the decrease. They found in 2020 the same amount of two-story homes started was equal to single-story homes.

Nationwide, the share of new homes with two or more stories fell from 52% in 2019 to 50% in 2020, while the share of new homes with one story grew from 48% to 50%.  The South region has seen the most increase in one-story homes for three straight years. One story new homes started in 2020 shows the most in West South Central with 62%. The least was in New England with 15%.

The 2020 Survey of Construction shows each region divided by new homes with a single story and new homes with two or more. The Pacific region shows 39% built were one story while 61% were two or more, Mountain showed 51% single while 49% were two or more, West North Central had 57% one story while 43% were two or more, West South Central had 62% one story with 38% two or more, East North Central showed 56% were one story while 44% were two or more, East South Central showed 61% one story and 39% two or more, the South Atlantic came in with 48% one story and 52% two or more, Middle Atlantic with 28% one story and 72% two or more, and New England with 15% one story and 85% two or more.

That means that four of these nine divisions saw the greatest newly-built homes with two or more stories. In fact, two or more story homes were seen in greater amounts in the divisions along the coasts around the country. As far as single-story homes, the Midwest and South won.

A surprising twist to the current home market that might have stemmed from the pandemic. If you are in the market for a new home, call a local Realtor in your area. A Realtor will be able to help you with your home search.

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Checklist For Getting Your Home Summer Ready

Summer is a fun time where most of us can enjoy the outdoors. When it comes to your home, you want to keep the hot summer days out. There are several things you can do to help keep cooling costs down and prevent hot-weather mishaps. Getting your home ready for the hot, humid summer days is a task every homeowner should do. According to the Good Housekeeping Institute and Trane Residential, there is a must-do summer checklist.

“Between the soaring temperatures and uptick in extreme weather, your home might have to work a lot harder this summer,” says Rachel Rothman, the institute’s chief technologist. “Plus, you want to make sure all major systems are in order before heading off on any long holidays.”

Take Care of Cooling Equipment

Many homeowners forget these important tasks, in order for your central system to work efficiently a homeowner should change the HVAC filter every 90 days. A dirty filter can send dust and dander back into your home. Worst of all a dirty filter can add stress to your HVAC system.

Your central AC system should be serviced at least once a year, preferably every season. A professional will run a range of maintenance duties that a homeowner is not able to do. Annual tune-ups will extend the life of your equipment by several years or more. A typical service will run between $100 to $300 per service.

Check the Temperature

Having a thermostat that will adjust the indoor temperature throughout the day can save tons on your utility bill. In fact, Wi-Fi-connected devices can lower cooling costs by as much as ten percent according to the U.S. Department of Energy.

Keep Humidity and Air Pollutants in Check

Bugs and other pests love humidity. Moist air creates a perfect environment for dust mites, mold, and other allergens in your home. According to the U.S. Environmental Protection Agency, a homeowner should keep humidity levels below 60%. The study concludes that ideally, a home should have a humidity level between 30 and 50 percent.

A stand-alone dehumidifier is a perfect tool to lower moisture levels in a small space such as a basement. If you live in a drier climate, then a humidifier can help put moisture back into your home's air.

Be Prepared for Extreme Weather

Summer means unpredictable weather and is a high time for storms in many areas. Storms mean power outages and for this, a homeowner should look into getting a backup generator. Storms can also wreak havoc on your gutter system so make sure they are in good working order. Clean them out and make sure the water drains properly away from your home.

FEMA suggests every homeowner have an emergency kit with 72 hours worth of supplies. Each kit should include (3 gallons per person), non-perishable food, a battery-powered or hand crank radio, a flashlight with extra batteries, a first-aid kit, dust masks, a whistle to signal for help, and a wrench or pliers to turn off utilities.

Be on the Lookout for Pests

Summer is the season for ticks, termites and carpenter ants. These insects love moist soil and rotting wood so make sure your gutter system is cleaned out and working properly. Keep things like mulch, firewood and dense shrubbery away from the foundation.

A good way to determine if you have any pests is to look for piles of sawdust along baseboards—a telltale sign of carpenter ants. Termites, meanwhile, like to shed their wings along windowsills, walls, and other entry points.

Make your home and its surroundings a negative space for insects such as mosquitoes and ticks. Remove all standing water from birdbaths, gardening pots or any other container around the outside of your home. Keep your grass mowed. Ticks love tall grass in shady parts of the yard.

Being a homeowner is a lot of work but well worth it. If you are in the market for a new home, contact your local Realtor.

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Suburbs Are The Place To Be

 The National Association of Home Builders NAHB recently did a survey that revealed 25% of home buyers have changed their home buying preferences due to COVID-19. The survey found that home buyers are looking to the suburbs because of the health crisis. Thiry percent of buyers are seeking a home in the outlying suburbs. Before the pandemic, only 26% of home buyers wanted to purchase a home in the suburbs.

This does not bode for other locations. All of the other location points saw no change or small declines in buyer's preferences after the onset of COVID-19. Rural areas went from 24% down to 23%, downtown in a central city, dwindle from 12% to 11% and those who desired a home in the central city outside of downtown remained at 9%.

Buyers should enlist the help of a Realtor. A local sales agent will know the suburbs and can help you find the perfect home of your dreams. They will be able to help find a home in the perfect community for the perfect price.

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Improve a Home's Resale Value With These Projects

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A home's resale value is always important to a homeowner. Home renovations if done right and smart can make a huge impact on a home's worth. Some homeowners are ready for a big project such as a kitchen or bathroom overhaul, but others do not have the time, resources, or energy to tackle these. If you are in the market to sell your home, some small projects can boost the value and time it takes to sell your home.

“People buying may not have the greatest imagination, and they want to walk into something that’s turnkey,” says Sandy Scheinman, a real estate salesperson at Douglas Elliman Real Estate in New York City. “In a competitive market, offering a home that looks renovated and new is really what you need to do to compete.”

According to Scheinman, renovations can increase a home's price by 10% to 12%. In order for these changes to not only add monetary value but also gain a buyer's interest, you must make smart choices in your projects. Here are some great tips to follow to make your projects a success.

Design with buyers in mind

Photo by Max Vakhtbovych from Pexels

 

“If you are doing the renovations for resale, choose the types of fixtures and styles that will appeal to your target audience,” says Michele Morrison, a real estate agent with the Sereno Group in Los Altos, CA. “Don’t build your dream home if it’s not for you.”

What you may love, another person may hate. The key to renovations is to opt for designs that are universally flattering.

Paint a room

 Photo by Malte Luk from Pexels

Painting a room can cost around $200 - $400 and only take about a day but the impact is huge. Updating the walls in a warm gray or white will give the room a fresh look in a neutral color.

It is always important to use a color that is neutral and not polarizing. Some buyers will walk into a home hate the eggplant walls and leave.

Add crown molding

Photo by Max Vakhtbovych from Pexels

Crown molding gives a room a finished and improved look. This wood can be added to the top edge of walls, door frames, or cabinets. This project typically costs between $300 to $500 per room and only takes a few days to paint, prep and install. Crown molding is not only a lovely touch but can also cover problem areas on walls or around windows and doors.

“This renovation increases value by setting the home apart from other comparable homes in the area,” says Richard McMurray, owner of DFW Crown Moulding in Fort Worth, TX.

Bathroom makeover

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“We’re seeing a trend where people are expanding the size of the bathrooms and having his-and-her showers. It’s more of a room than what it was in the past,” Nematnejad says.In the past, a bathroom in a home served only basic needs and was more simple in design. Today, the bathroom is a major part of a home's grand showcase. Today's buyers want a nice large bathroom with a soaking tub and natural light.

A bathroom renovation can be costly, $35,000 to $65,000-plus, but there are simple updates you can do to please a buyer's eye. Some buyer-pleasing ideas include replacing a linoleum floor with tiles, painting the vanity, installing a new sink and faucet, and putting in new lights.

Kitchen renovation

Photo by Mark McCammon from Pexels

 

Another project that can cost anywhere from $65,000 to over $100,000 but can recoup the cost of about 65% of the project when you sell your home is renovating the kitchen. Kitchens are not just a place to cook anymore, today's homeowners use the kitchen as a living space.

“The more you put into [a kitchen renovation], the higher the resale cost recouped percentage is going to be,” says Robert LaFleur, owner of Building Professionals, Inc. in Westford, MA.

Follow these tips and you are sure to be please with the outcome of the sale of your home. If you are in the market to sell, contact a local Realtor who can help you through the process.

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New Construction Buyers Spend Less Time Searching For a Home in 2020

 The Zillow Consumer Housing Trends Report for 2020 had big changes from the data reported in 2019. New construction (NC) buyers that were surveyed for the 2020 report revealed that they spent less time looking for a home because they focused only on a new construction home. The report showed that 23% more NC buyers found their home in less than four weeks. In fact, the average new construction buyer spends only two months searching for a newly built home.

More and more home buyers are desiring a new construction home now more than ever. Builders are marketing off this change by adding incentives such as free builder upgrades. In 2019 9% of NC buyers said free builder upgrades was one of the top three of their reasons for buying new construction while in 2020 14% cited this as one of their motivators.

The top reasons for purchasing a certain home are still location and home features but following close behind now is the desire to purchase a new home that has never been lived in or used. Buyers want to be able to customize their home features and choose their own floor plan. Thirty-percent of NC buyers cited one of their top reasons for purchasing a newly built house was because it was the best value for their money.

New construction buyers are now focusing on less square footage. More NC buyers (9%) in 2020 purchased small homes which were 6 percentage points higher than in 2019. Small homes are homes that are less than 1,000 square feet. The data also informed that 19% of NC buyers paid less than $100,000 for their home in 2020 while only 9% were reported in 2019. Zillow feels that the shift might be because more new construction is being built in urban areas or that home builders are offering more options in smaller homes.

There was also a shift in home feature preferences in NC buyers in 2020. These include rental income, smart technology and space for cars. It became important to 32% of new construction buyers that they could generate rental income by renting out the whole home compared to 23% who said this was important in 2019. Smart home technologies are also becoming the norm. More and more people are becoming comfortable with devices that control things such as security or temperature control. Forty-three percent of NC buyers say that smart home capabilities are very important. Cars are also important to Americans, in fact so important, that 74% of NC buyers have to have off-street parking or a garage and 67% have to have an assigned parking space. Zillow says this probably stems from the higher rate of new construction in urban areas.

The new construction housing market is starved for inventory so if you are in the market, choosing a Realtor is a must. A Realtor can help you find the best home for you and your needs.

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New Challenges For New Home Construction

The housing market began with a bang in 2021 but with the demand for new homes came some uncertain challenges. Builder's confidence is strong with such buyer's high demand. The shortage in home inventory and low mortgage rates coupled with buyer's high interest and a new generation of buyers hitting their peak home-buying years makes for a great time for new home construction.

Zillow reported in their New Construction Consumer Housing Trends Report 2020 that 40% of those buyers who purchased a new construction build, were only interested in buying a new construction home. On the negative side, these new construction buyers hit more obstacles this year than in the past.

Close to half (45%) new construction buyers are under 40 years of age and 70% of new construction home buyers are first-time home purchasers. This shift in demographics has changed what a first-time home buyer might find challenging and what this demographic might struggle with.

This young generation struggled with several top challenges during the purchasing process. A fair price for a home seems to be a challenge. It was sighted that 30% of new construction buyers found that determining a fair price for a home was hard in 2019 and this rose to 37% in 2020. Many blame COVID-19 for this reason. The transaction of coordinating the build of a new home with the sale of their current home was also hard to handle for 36% of new construction home buyers.

The relationship between the sales agent and the home builder has become extremely important. In 2019 84% of new construction home buyers relied on their sales agent to communicate with the builder. In 2020 this rose to 90% which was a 17 point increase over last year.

Challenges can be overcome with help from a Realtor. A Realtor can help a buyer with pricing and financing. They can also be a great mediator between the buyer and home builder. A professional sales agent will help both the building process and purchasing process become an easy streamlined process.

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Builder Tips When You Build a New or Custom Home

As a builder, we offer an in-depth building process from design and layout to the final punchlist.  We try to put ourselves in the shoes of our home buyers to make sure we anticipate the questions and needs you will have during the home building process, especially if this is your first new home build or custom home build.  However, we also want to give you as much industry advice as possible to make sure that you feel comfortable with working with us as a builder. Below are some tips to following when working with a builder.

Use a Realtor Who Represents Your Interests
While we, as a builder, don’t use an on-site sales representative, some builders and developments do.  Make sure that you find a Realtor who is used to working with new home sales and knows the ins and

outs of information that you, as a home buyer, will need to know during the building process.  That way, if your builder does not explain something to you in full or there is missing information, your buyer’s representative will know the questions to ask and information to get.

Research Your Builder
One way to know if you are using an excellent, quality builder is to view their work, while it is under construction. As we constantly have new or custom homes under construction, we can take you on a tour of our homes to show you the craftsmanship and quality construction in person and answer any questions you may have. Another way to vette your builder is to read any testimonials or reviews. We have multiple testimonials on our website as well as reviews on social media of our satisfied customers. Finally, we have an extensive list of Completed Projects on our website which show in-depth pictures of the finished homes and remodels we have done.  You can get a a good idea of the features and fixtures that we offer in all of the new homes and custom homes that we build.

Know Your Specs
When you view a completed home or model home of a builder, there may be upgraded features or thoughtful extras which may or may not be included in the floorplan that you select or design.  As a

builder, we try to be as thorough as possible to cover every detail in your new or custom home, so that you know exactly what types of features, fixtures, and trim that your home will have once it is built.  However, if you want to go room-by-room asking about the features of each room to ensure that you understand all of the specific details that will be built in your home, we have no problem with that either.

Written Agreement
Once you are comfortable with everything that will be included in your home, make sure that everything we put in our agreement with you is to your complete satisfaction.  We pride ourselves on finishing our projects on time and on budget, barring any unforseeable weather events. Therefore, our agreements have specific budgetary and timeline parameters that are defined specifically in our contracts.  Make sure that if you are working with another builder that they offer you the same.

Building a new home is more complicated than shopping for a previously-owned home. However the flexibility of having choice of selection of flooring, cabinets, countertops, paint colors, fixtures, appliances, and so much more can make the building process a very rewarding experience.  So, whether you use us as a builder or someone else, we hope that you find these tips useful.

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Important Home Buyer Walk Through Information

When most people think of a walk-through, they think of buying a new home and walking through with a builder to go over the punchlist of items which need to be completed, tweaked, or fixed before closing on the home.  However, there is another type of walk through that can be done by you as the home buyer which will help you decide if you even want to put an offer in on a home.  And, you don’t have to be an expert at construction to evaluate the merits of the home you are buying – you can just use the common sense tips below and all of your senses!

1. The first thing you will want to notice about a home for sale is how it smells. Some homeowners are smart and will install air fresheners which emit a smell throughout the home, but pay attention to any odors which seem out of place.  This could indicate a long term problem like mildew or decay.

2. Check out the paint job. See how well the paint job has aged and how well it has withstood the test of time.  If it is peeling or chipping, that might mean that there is a problem with moisture or sagging in the construction.

3. Popcorn ceilings COULD be a warning sign, but not necessarily.  Depending on the age of the home, you might want to avoid older homes which have popcorn ceilings because they were

originally applied with asbestos material.  Since asbestos is a cancer-causing agent, you will not want to purchase an old house with popcorn ceilings without either absolutely loving the house or having that checked out.

4. Look around at all of the walls, ceilings, and baseboards for the presence of water stains to make sure that there are no leaks in the roof or the exterior siding.

5. How well is the home maintenanced?  This can be a big indicator as to how well the home was taken care of by the current owner.  Just like you want to buy a car with one owner (who took good care of the car and had it maintenanced often), the same goes for a house.  If the home has long term cleaning problems or simple problems were not repaired before the home was put on the market, the more likely it is that the home was not maintenanced, which could lead to problems for you as the buyer further down the road.

6. Depending on the part of the country in which you live, as well as the season of the year, keep a lookout for bugs.  In Louisiana, many houses, no matter how well sealed and insulated, may have bugs present in the house, just because of the climate and the weather here.  However, if you can tell there are bug “droppings” and spider webs everywhere, there may be more “leaks” in the actual structure of the home which indicate an energy efficiency problem.

7. Pay attention to the type of floors in the house. Even if you fall in love with the house itself, be mindful of the condition of the floors as they may need to be repaired or replaced in the future.  You will want to be ready and realistic about the cost.

8. Renovations can be a good thing or a bad thing for home buyers.  Properly completed renovations in order to sell the home like new carpeting, an excellent paint job, exterior landscaping, and replacing deck boards or trim can be a good thing.  If the homeowner offers the information about renovations, question that information closely to make sure that it was done correctly, not last minute, and is now completed.  Poorly done construction renovations will not last, and unfinished renovations should be required by your contract to be finished before you close on your home.

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Important Home Buying Information

In case you haven’t been “in the market” to buy a home in a very long time, now its as easy as a touch of your finger to begin the search for the perfect home you wish to buy.  However, this article gives you some helpful tips on how to process and move forward with the information that you find online during your home buying process.

Before you even get started with buying a home, make sure you know what type of home that you want.  That doesn’t just mean, bedrooms, bathrooms, square footage, and location, although those are pretty much mandatory pieces of information you will need when searching for a home to buy.  Make a list of the items that you can and can’t “live without.”  If you definitely need a space for an office, make sure that the home you are buying has a room with enough outlets and phone lines to install your office equipment and hook up a modem.  If you need a lot of cabinets in your kitchen, make sure that you put that on the list and don’t settle for a home that has a kitchen which won’t be functional for you.  When you have your list of of absolute must-have’s, then make sure you know how much home you can afford so that you can find a home that not only fits your needs but fits in your budget.

Once you have established the exact type of home that you want, start your real estate search online.  There are hundreds of websites out there which carry what is called an IDX feed, which is access to the MLS feed (Realtor listings) of all homes for sale in your area.  By using a useful website, you can actually sort the homes for sale by bedrooms, baths, square footage, and price.  Once you have sorted down the homes which fit your basic requirements, you can view multiple pictures of the homes for sale to see what type of features they include.

After utilizing all of these preliminary tools, you may consider hiring a Realtor who can take you around, get you access to homes for sale, educate you on parts of town, school districts, and realistic pricing.  A Realtor should have their finger on the pulse of the real estate market and should be well-informed on where homes with your price range and parameters may be located. Also, a Realtor can assist you throughout the entire buying process as well.

When you are doing your preliminary research, be sure to pay attention to any open house information you may see about homes in which you are especially interested.  It is also advised that you drive the neighborhoods in which you are interested, as well as the surrounding area to see if they are going to fit your lifestyle as well as your budget.

All of these tools should help you make an informed and intelligent decision about the home you wish to buy.  These tips should also get you as close as possible to any existing home on the market which is in your price range, with the features you want, where you and your family can be happy.

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Supply & Demand Drives Home Pricing

One of the key factors to success in any kind of business is supply and demand. The National Association of Realtors (NAR) agrees that this principle has boosted home pricing in the current housing market. NAR’s chief economist Lawrence Yun believes the housing market is still going strong because of the lack of inventory even though data shows a modest growth rate reduction.
Yun states,”…with homebuilding activity still failing to keep up with demand and not enough current homeowners putting their home up for sale, prices continued their strong ascent – and in many markets at a rate well above income growth.”
In the second quarter of last year the peak existing single-family home price was $229,400, this year however, the second quarter single-family home price has risen 4.9% with a median single-family home price of $240,700.

According to NAR findings, new construction cannot keep up with the demand for new homes.  In the second quarter this year 40% of the listings sold over their listing price. “Many listings in a majority of markets – and especially those in lower price ranges — had multiple offers and went under contract quickly because of severely inadequate supply,” Yun added.

This coupled with low mortgage rates have many potential home buyers wanting to purchase a new home now.  In the Northeast region there was a 7.6% increase in existing homes sales and the median home price increased to $273,600. The Midwest, though not as high of an increase, was 10.4% in total existing-home sales with a median price of $191,300. The West came in next with a 1.4% increase in total existing-home sales with a median home price of $345,500.  The South came in last with a 0.3% increase with a median home price of $214,900.

Whether you are in the market to sell a home or purchase a home, now is the right time.  The housing market is holding strong and is a great investment for your money.  Locally in St. Tammany Parish, Ron Lee Homes, a new home builder in Covington, Louisiana, is building new homes for sale as well as completely custom homes designed completely from your vision of how you would like your new home to be.  We have been keeping a steady pace of new construction for the past 2 years, and we are constantly meeting with new custom home buyers as well as buyers who are looking for homes to buy immediately.  If you are interested in building or buying a new home, Contact Us at 985-626-7619 or E-mail Info@RonLeeHomes.com.


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