Exciting New Trends for the Current Homebuyers

 The current housing market is starting to cool along with the buyer frenzy. Professionals in the industry have three trends that can benefit a buyer when they go to buy a home.

1. More Homes To Choose from

For the past several years, the housing market has hit a record low in housing inventory. This coupled with high buyer demand made it hard to even find a home to purchase. The Calculated Risk reported that homes for sale increased by 39.5% in the last week of October 2022 from the same time in 2021. It is still a seller’s market, but the good news for buyers is that there is more inventory to choose from when finding your new home.

2. Bidding Wars Have Eased

With the demand for buyers over the past several years came huge bidding wars. Luckily, for buyers today, things are different. According to the National Association of Realtors (NAR) the offers on sold homes have declined recently. This fall, September showed the average was 2.5 offers per sale, which was down from the 3.7 offers per sale from last September 2021. Since this has started to slow down, the bidding wars are as well, making it a great time to get back into the market and search for a home without the huge influx of competition.

3. More Negotiation Power

When there is less competition for buyers, then there is more negotiation power on your side. The last couple of years has seen buyers willing to skip things like appraisals and inspections in order to win a bidding war. The National Association of Realtors (NAR) shows that buyers in today’s market are not waiving all contingencies. Appraisal and inspection are two very important factors when it comes to purchasing a home. A survey from Realtor.com shows that 95% of current sellers are accepting a house inspection from a buyer. Sixty-seven percent of sellers negotiated with buyers on repairs found during an inspection.

There are still challenges buyers must face in today’s market, but they are becoming more scarce. Now is a great time to purchase a new home, first find a local realtor who can help you on your journey to getting your dream home.

Click Here For the Source of the Information.

To Build or To Buy a Home

 If you want to own a home but haven’t decided whether to build a house or buy one, there are several things to consider. If you love a custom look with features and finishes that are in your taste, then building a custom home would be for you, but if you like historic charm and an older established neighborhood then purchasing a resale is right for you. If your budget is a factor, what is cheaper: building a home or buying an existing one? The National Association of Home Builders and the US Census Bureau reports that the median cost to purchase a home is $410,600 and is less by $28,800 than building a home.

Pros and cons: Building a house

According to the professionals in the industry a basic home can be built for around $150 per square foot. This is for a basic home, but this price can jump up to over $500 per square foot if you want the best of the best. When you build a home you get to choose what you want such as an eat-in kitchen. A new home also has less long-term expenses than an older home. A new home will be more energy-efficient and will have lower utility bills. There are also less repairs and lower maintenance costs.

On the other hand, a new construction home will take longer to get into. Especially nowadays with labor shortages and shipping difficulties. According to the US Census Bureau it takes around 6-8 months to build a new construction home. You will also have an alternative place to live while your home is being built which is an added expense. Since there is a shortage of home inventory, demand is up and the cost of building is higher. The US Census Bureau reports that new construction home costs have risen $84,700 over the same time last year.

Pros and cons: Buying a house

Most of the time, there are fewer construction costs when purchasing an existing home. The only time this will not be the case is when you purchase a fixer-upper. When you purchase a home, the transaction time is also a lot quicker. This would be the best option if you need to relocate or have a short time frame. If location is important, purchasing an existing home will be much easier than finding a lot to build on.

You do not have to build to get an all-new home. You can opt to purchase a new construction home that is completed and listed for sale. You will still have all new everything without the hassle of building a home yourself.

If you are in the market for a new home, find a local realtor who can help you with your purchase of a newly built home, custom-built home or an existing home. A realtor can help you determine which is best for you and your lifestyle. They can also help you with financing options and refer you to a lender.

Click Here For the Source of the Information.

Benefits of Homeownership

 Even with the rising mortgage rates, inflation and the slowing housing market there are benefits to homeownership. The secret is how you gain equity and wealth due to home values rising over time.

“Home equity gains are built up through price appreciation and by paying off the mortgage through principal payments,” stated the National Association of Realtors (NAR).

The Federal Housing Finance Agency (FHFA) released data showing the gains over the last five years. Home prices grew around 64% on average across the country during that period.
Meaning, the home’s value can increase a lot during a short time period.

Think that is good? They also revealed that over a thirty-year span home prices went up over 290% (on average)! Even with the price increases coming in different by state and local areas, a homeowner who purchased a home thirty years ago saw their equity triple.

The cooling house market will still see home price appreciation in 2023. If you purchase a home, it will still grow in value over the next year. It will just grow over a slower pace than we have seen the last couple of years.

The cooling market should not detour you from owning a home. Rental prices have also been climbing and there are no benefits to throwing your money away to rent. Home buying is an investment that will set you up for long-term gains. Contact a local real estate agent to start your homeownership journey.

Click Here For the Source of the Information.

A New Family Entertainment Venue Is Coming to Covington

 The building that once used to be Rouses will now be redeveloped as a fun, family entertainment venue.   The center will be two venues including a trampoline park and a swim school.  The businesses are expected to draw in patrons from a sixty-mile radius.

The Rouses, which closed last month, is a 58,000-square-foot building located at 50 Park Place and sits next to Home Depot.  Gulf State Real Estate and Construction Services purchased the building making it a multi-million-dollar acquisition.  The company will handle the construction of the two venues that have been in the works for five years.  Rouses came to the company and asked them if they would like to do a project in one of the sites that they wanted to exit.  Gulf State Real Estate and Construction Services built several of the Louisiana grocery store chain’s locations.

Mike Saucier of Gulf State Real Estate and Construction Services, says the plan is to start the redevelopment project at the beginning of 2023.  They will break up the space into two spaces, one for Urban Air which will be 48,000 square feet and one for Goldfish Swim School which will be 10,000 square feet.

Goldfish Swim School teaches swimming and water safety for infants to 12-year-olds and this will be their first Louisiana location.  The goal is to open the swim school in the summer.  This location will hold a 3 to 4-foot deep indoor pool explains franchise owners Rachelle Nurse and her husband Joe Goodly who also owns Urban Air Adventure Park.

Urban Air Adventure Park will be the second Louisiana location and will open in November.  The first Urban Air Adventure Park is located in Denham Springs.  The trampoline park not only includes trampolines, but also a zip line, climbing walls, virtual reality and much more.  The franchise is particular when it comes to choosing a location for one of their franchises.  They take into consideration how many children live in the area and if a site can provide a regional draw.

Saucier is excited about the new projects and believes it will only enhance the desire for corporate relocations to St. Tammany.  “This checks the entertainment box,” Saucier said. “It fills a gap and brings us up to the level of other cities.”

Click Here For the Source of the Information.

James Hardie® Siding Backed By Custom Builders

 Living in the Southeast is wonderful with its four seasons. Having all four seasons can be challenging with humidity, moisture, and storms that can wreak havoc on a home’s exterior. Six top builders throughout the Southeast agree that James Hardie® has the solution to the Southeast’s climate and geography.

1. Todd Wilson

Todd Wilson, the owner of Wilson Design & Construction, Inc. in Valdosta, Georgia, shared with Southern Living his low country cottage project. He used Hardie® plank on the home’s exterior walls, Hardie® trim on the exterior casings, column wraps and beam wraps, and Hardie® soffit for the sheets that make up the cornice and porch ceilings. Hardie® is the best material to use on the exterior of homes in the Southeast because of the moisture, humidity, pests, heat and storms. The products can resist the harsh climate over time. He loves using the product because it is architecturally flexible and ascetically pleasing to the eye.

2. Mary-Dolph Simpson

Mary-Dolph Simpson of Simpson Builders, Inc. talks to Southern Living about Simpson’s Coastal Cottage build in Bay Creek, Virginia. Simpson’s custom builds are all located close to the Atlantic Ocean and the Chesapeake Bay. James Hardie® excels in making exterior siding and products that can replicate natural materials used to build here in the past, such as wood. Their products withstand our coastal Virginia environment and ensure that we can warranty the exterior envelope of a custom home.”

3. Chris Hoffman

Chris Hoffman with Southern Cottage Corporation in Davidson, North Carolina has a perfect example Hardie® siding on their Modern Cottage. The custom-build features Hardie® Plank Select Cedarmills siding along with Hardie’s Artisan Shiplap. “We also showcased classic mitered outside corners using a unique install method from James Hardie®. Busy families appreciate these high-quality, low-maintenance exteriors,” says Hoffman.

4. Chris Brooks

“We chose this product for its durability, ease of installation, overall curb appeal, and to carry out the architect’s vision in keeping with the historic nature of the surrounding area. The size and finish options available work well in the hot, humid climates where we build,” Brooks explains. Chris Brooks owns Structures by Chris Brooks in Moultrie, Georgia.

5. Mike Stevens

Mike Stevens Homes in Knoxville, Tennessee shares his Hardie® example with Southern Living. ” Our client for this build was a busy neurosurgeon who wanted a log maintenance home. We wanted to make a bold statement with the exterior color and this siding was perfect-it stands out against the natural backdrop yet blends in with the existing streetscape. We had lots of rain and red clay mud during the build; the protective film on James Hardie’s ColorPlus Technology finishes helped us overcome this challenge,” reveals Stevens.

6. Jamison Howard

Howard shares about a home in Awendaw, South Carolina that his company Max Crosby Construction built. The coastal environment is harsh on everything with the salty air and extreme weather patterns. It is critical to choose the right exterior building materials that will withstand hurricanes. Hardie® siding and materials are perfect for this environment. Hardie® is known for their durability in coastal areas as their products can endure extreme temperature swings.

If you are planning to have a home built, then choose Hardie® products to ensure your dream home is built with the top product.

Click Here For the Source of the Information.

Ways A Barn Door Can Transform A Space

 The pandemic changed the way we lived and used the spaces in our homes. Homeowners across the board wanted to add privacy and space to their homes. A great and practical piece that will do both is a stylish barn door. Here are three ways you can transform any room with a barn door.

1. Add Privacy

During the pandemic, the stay-at-home orders meant that we were all in our homes 24/7. Privacy and concealing unattractive space became very important. A barn door can add a good-looking feature to your space that can keep clutter out of view. A great example is concealing a children’s playroom. A barn door can hide the jumble of toys, games and books that can create chaos. A barn door can cover an open shelved kitchen pantry or create a door to an en-suite bathroom.

2. Refresh Your Style

Barn doors are a great look and are more design-forward than you might think. “Homeowners often consider barn doors a solution only in rustic homes,” Michael Truelove, senior product manager for interior doors at Masonite says, “but today’s styles can be anything from modern to industrial to classic and more. The great thing about barn doors is they cover a cross-section of design trends. I wouldn’t say one style is more versatile than the rest, since it depends on style preference and use case.”

3. Save Space

Even if you have a big home, a barn door can help with space issues. For example, if you have an area where a conventional door will not work like a narrow hallway. If you want to give a guest bath, a closet or even a small mudroom privacy and they flow out to a narrow hallway then a barn door will fix the issue. In the past, pocket doors have been our only option but they are not as easy to install or maintain. “Like pocket doors, barn doors take up less space than hinged doors, but in this case, all of the hardware, including the track, is outside of the wall and easy to access,” Truelove says.

Masonite is the perfect company for the job. “We make a few recommendations to ensure the best and safest installation of our doors,” Truelove says. “First, measure the width of your opening and available horizontal and vertical wall space to be sure you purchase the right size door, and read the instructions carefully before you begin.” Keep in mind the kits are designed to work as a total system and any modifications will void the warranty and may cause the unit to work improperly. Truelove recommends that, due to the weight of the doors, you don’t try to go it alone. “And don’t forget to wear appropriate personal protective equipment like gloves and safety goggles,” he says.

Click Here For the Source of the Information.

Covington's Southern Hotel to Expand

 The place residents and tourists go in downtown Covington is North New Hampshire Street where the Southern Hotel is located.  The Southern Hotel not only is a place for visitors but also holds several movie houses that show all genres of films.  Within the next couple of years, The Southern Hotel will see another expansion. The project will take The Southern Hotel and expand it to cover the entire block.

Along with the expansion, there will be a new restaurant by BRG Hospitality and a renovated Star Theater. The Star Theater will offer a boutique bowling alley, upscale lounge and music stages.  The expansion has around $17 million in new investments and will be considered the largest transformation of the historic district since the renovation of The Southern Hotel in 2014.

The Southern Hotel boasts 48 rooms and is a boutique-style hotel in the heart of downtown Covington.  With the expansion, it is planned to add additional rooms, condos and retail space.  The retail space will be modeled after the 1940s-era storefronts and there will be an additional 43,000 square-foot Mission-style building built on land.  The new building will be named the Summer House and have retail space on the first floor,  hotel rooms on the second floor, a full-service spa on the third floor and four condos on the fourth floor.  The total new building will cost around $11 million.

The Star Theater, a 1942 movie house, will be renovated and will be the largest of the downtown Covington Theaters.  The theater has been vacant since Katrina and before was split into two theaters in the 1970s. The $3 million to $5 million project will include a six-lane boutique bowling alley, and an upscale lounge.  Eventually there will be plans for a roof-top lounge with stages for small acoustic bands.

“We had gone past it so many times, I tried for six months to negotiate a purchase,” said Warren Salles referring to the Star.

The new restaurant by BRG Hospitality will be called TAVI and will be housed in a former barbershop and law office.  TAVI will be under Fariz Choumali, who has been leading the kitchen at Shaya, and will offer a Israeli-Lebanese inspired menu.

“Downtown is becoming a night-time destination, and we have to embrace that,” says Covington Mayor Mark Johnson.  The area has already begun to see an increase in activity since the restrictions from the pandemic were lifted.  “We’re not Mayberry anymore. We’re Mayberry on steroids,” says Johnson.

Click Here For the Source of the Information.