The Beginning of 2022 Sees An Upward Trend In Residential Construction Spending

 

The National Association of Home Builders analysis of Census Construction Spending reported a 1.1% rise in private residential construction spending in February. The brought the seasonally adjusted annual rate to $850.6 billion. The private residential construction spending total was 16.6% high than reported a year ago.

 

Most of the gains were from spending on single-family and multifamily construction. Single-family construction increased to a $465.4 billion annual pace which was up 2.5% in February. Multifamily was up 0.1% making it 7.8% higher than a year ago.

Private nonresidential construction spending also saw a spike. It increased 0.2% from January’s estimates making it a seasonally adjusted annual rate of $503 billion. This was 6.2% higher than the report this time last year. The increase stemmed from class of power at $1.5 billion, class of manufacturing at $0.5 billion, and class of transportation at $0.4 billion.

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Tips to Choosing The Perfect Paint Color

 

Everyone has different tastes but a good rule of thumb is to take your furniture and light into consideration when choosing a paint color for a space. Searching for a paint color can be a daunting task. Here are some tips to take when making your decision.

 

Figure Out What You Like, Not Just What’s Popular

Magazines and Pinterest boards are a great way to brainstorm ideas but it is important to choose a color you really like versus a color that is seen in all the trendy media. Trends of course should be used as inspirations. When you are browsing colors, look for something that provokes the mood of your space, speaks to your personality, and find appealing.

Take Your Furniture and Décor Elements Into Account

If you are living in your home now, then you do not have a blank space. You will need to take into account your furniture, hardwood, tile, or carpet. These are things that you will not change, so the paint color must compliment them. If you are starting with a new home, you still need to make sure the furniture that you choose and the decor elements fit with the paint color. You can choose a paint color and then choose furniture and accessories based on your color.

Test Your Colors in Your Specific Light

Lighting in every space is different. Light and color play off each other and can change throughout the day. You need to make sure you like the way the color looks both day and night. This basically means it looks good in both natural light and artificial light. Add a paint color to your wall and live with it for a few days. This can help with making the final decision. Remember northern exposure results in a cooler look so a warmer paint color will help balance out the lack of natural light. Southern exposure will go great with neutral colors.

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Today’s Market Is A Good Time To Sell Even With the Challenges of Buying A Home

 Weighing the pros and cons of selling your home in this market should be a no-brainer. Even if you have to buy a home because of selling, the incentives to sell are too good to pass up.

According to a 2022 Home Buyer Report, close to 89% of current homeowners does not want to list their homes in the current market. It is a challenge to find your dream home in this market. Reasons

include Buyer’s concerns about finding a new house and paying too much for a new house.

Competition over the small inventory is driving the prices up. It is not unusual to have multiple offers on a home. The good news is a seller will get more money in their pocket for their current home.

Remember there are buyers everywhere who are bidding on the same listing. In 2019 it was reported that 1.3 million homes were on the market, now inventory is down 57%! The pandemic caused a lot of inventory shortages. Today, homes sell within days, not weeks or months. According to NerdWallet, 26 million Americans plan to purchase a home in 2022.

Now is the time to sell and get a big profit. High demand in the face of low supply has made for record-high prices. This means you’re more likely to pay off your current mortgage and walk away with a profit than you would’ve been just a few years ago.  Homes are selling at or above the asking price 29% paid more than the list price.

The typical sales price whet from an average of $270,000 in 2019 to $344,000 in 2021. The National Association of Realtors reported that the average rose even higher in some areas of the country. Around 74% of sellers did not reduce their asking price in 2021, in 2019 60% didn’t and in 2011 only 39% didn’t reduce the price.

Homes are moving quickly as reported by the National Association of Realtors. They reported that the typical time on the market is around one week. This is down from around a month in 2019 and 11 weeks in 2012. Sellers are not having to wheel and deal as much with buyers.

You are not seeing as many warranties offered or money for repairs. In fact, three-fourths of sellers did not even offer any incentives to entice buyers. The National Association of Realtors said only 13% offered a home warranty in 2021 which was down from 23%. Sellers assisting with closing costs fell from 20% to 9%.

If you are still on the fence about selling because you do not want to turn around and become a buyer, here are a couple of questions to consider.

Are you willing and able to move somewhere more affordable?

If you answer yes, then you should look for a less competitive market because your money will go further. If you are willing to move to a rural setting, you might not have as much competition.

Are you ‘over’ homeownership?

If your answer is yes, then renting is a good option. Owning a home is not for everyone as it can be expensive and a financial stress factor. According to NerdWallet 2022 Home Buyer Report, 1 in 5 homeowners feel home repairs and maintenance are some of their top financial stressors.

Are you highly motivated?

If your answer is yes, then you will have what it takes to become a buyer in this competitive market. You can endure the frustrations of having to take a good bit of time to find your home and will more than likely have to make several offers on several homes before you go into escrow.

Selling a home in the current market is easier, however, you still would be wise to work with a Realtor. A Realtor can help you navigate the market.

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How To Buy a Home and Sell a Home at the Same Time

 

If you are buying a home or selling a home, they both can be very stressful. In this hot market, a seller may not have time to even find a new home before their home goes under contract. Here are a few tips to help you with both selling and buying a home.

 

Tips for Buying First

Did the chicken come before the egg? You can’t sell a home and buy a home at the exact same time.
You need to figure out what you should do first. Here are several advantages to buying a home first.

If you find a home and want to put a contract down, ask for an extended closing. A great recommendation is to ask for an extended 60-day closing to allow you time to get your existing home ready and listed. Remember it is critical to sell your home so you can move into your new one.

Another way to get a contract on your new home is to put an offer in with a contingent on the sale of your home. This will ensure that you will not be faced with two mortgages. Currently, this is a seller’s market, however, you can still ask for this contingency with a solid offer. If for some reason your current home does not sell, you will not be legally bonded to your new home.

If you are searching for a new home, you know you will need to sell. Make sure your home is ready to sell by doing it as you are searching. Start a checklist of what needs to be done before you list.

Tips for Selling First

If you have to sell your home before you start a search for a new home, consider finding temporary housing. This could include living with family or friends, at a hotel, an apartment, or a rental home. This will give you time to find your perfect new home. Allow at least 2 months to find temporary housing.

In this market, there is no time to procrastinate. If you find a new home you like, you have to jump on it. If your home sells, then you have to find a new home fast. Have a pre-approval in hand, know your budget and timeline beforehand. When you find your dream home, you won’t have to hesitate.

Know what you want before you shop. Again, in this fast-paced market, you have to make an offer on the spot. A good way to do this is to make a list of must-haves such as school location, number of bedrooms, and neighborhood amenities. This list can also help your Realtor narrow your search to make it more efficient.

Remember selling or buying a home can be less stressful when you use a Realtor. A Realtor will get you the best deal in the best area for you!

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The Pros and Cons of Buying Land To Build A Home

 

Owning land is part of the American dream. This does not mean that this is the right move for everyone. Here are the advantages and disadvantages of purchasing land for a home.

Here are three reasons why purchasing land would be a great idea.

You Can Build Your Dream Home

Who wouldn’t want to build their dream home? Purchasing land gives you the perfect opportunity to do this. Your home can be exactly the way you want it (provided the home plans comply with local zoning

and building laws). If you are licensed as a general contractor, then building a home will be a whole lot cheaper than purchasing a new construction home.

Diverse Investment Opportunities

Residential real estate is still a smart investment. Land and buildings are great real estate assets but the land is more versatile for investment opportunities. You can purchase land and sit on the vacant lot and resell it for higher price years from now. The land has little maintenance and appreciates over time with little done to it.

You Can Qualify for a USDA Loan

If you purchase land in a rural area, then you are able to qualify for financing with a construction loan guaranteed by the U.S. Department of Agriculture. This is perfect if you are going to build your primary residence on this land. Another plus is that a USDA mortgage will not require you to have a downpayment.

There are however several reasons why this would not be a good idea for many.

The Process Requires More Research

Building from the ground up can be a daunting task with a litany of things to do before you even break ground. You not only have to hire an architect and a contractor but you have to conduct soil tests, check local building codes and zoning regulations, obtain building permits, and make sure that you have access to underground utilities. Be sure to obtain a land survey to confirm the surface area you are purchasing. You do not want to have a dispute about your land’s boundaries.

You May Have More Options in Rural Areas

A lot downtown is worth a lot more than a lot in a rural location. In sought-after locations, you will be bidding against developers, investors, and other homebuyers for land. You will have better luck and more opportunities to purchase a piece of land in rural areas. This would not be ideal for a family with kids that need local amenities.

Getting a Conventional Loan May Be More Difficult

A lender will want to have tangible assets to use as collateral. Lenders look at land as a riskier investment than a home that is already standing. If a lender will give you a conventional loan, there will be very strict requirements. Some of these requirements might be a better credit score and a better debt-to-income ratio than if you were purchasing a home. Lenders might require a larger down payment and higher interest rates with a shorter repayment period.

If you are in between on whether to purchase land or a ready-built home, then a teardown might be right for you. A teardown will already have access to utilities and you will not have to spend as much time with permits as you would on a vacant lot. Check with your local Realtor who can help you choose the right path for you.

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2022 Southern Kitchen Looks

 Kitchens are the heart of the home and they are especially a big deal in a Southern home. Whenever people gather at home whether big or small there is always food involved in the kitchen. Southern Living magazine featured the 2022 Living Impressions™ Collection by Formica Group. In the article, they featured three different patterns for a kitchen’s surface countertops and backsplashes.

Modern Vintage

The sugar glass pattern is perfect for those who love old and new. The elements are of new and old design and will fit in almost any kitchen’s decor. Celebrity designers have dubbed this look as “Grandmillennial” or “granny chic.” The sugar glass pattern is described as a vintage-modern fusion. The company creates the look by scanning glass chips, milk, and sugar to create an exciting new tactile multidimensional pattern.  The sugar glass backsplash is a perfect fit for any color cabinetry.

Rustic Luxury

This look doesn’t mean an old rickety cabin in the woods. After the pandemic hit, bringing the outdoors in has become an even more popular trend. This look can be completed using natural materials and earthy hues. A great example is to use reclaimed wood on a kitchen island. Their Walnut Butcherblock

is a perfect pattern to use for this look. The farmhouse design has been a popular trend for years and will stay popular this year.

Marvelous Marble

Marble is a popular trend that can give your kitchen a sleek look. The new Manhattan Marble and the classic Mediterranean Marble pattern are perfect for this. They “offer a stunning interplay of white and light. Marbled Gray gives an “abstract and industrial” look and Slate Noir is described as a “little black dress” pattern.

Many of us have spent more time than usual in our homes and might be ready for a new look. Southern Living suggests looking at the 2022 Living Impressions™ Collection from Formica and ordering a free sample at www.formica.com/livingimpressions.

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The Next Generations Should Look at a Career in Construction

 

With the housing market so strong and the inventory low, it is no wonder that the construction industry is booming. Residential construction has tons of talented and creative people in the industry. This industry has great earning potential, job security, and room for advancement, which gives those in the industry a sense of personal achievement. This makes it a perfect industry for your children to consider in the future.

There are a couple of big factors to consider when it comes to your child’s future, education and career. These factors tie into both by gaining knowledge and skills and putting them to use. A good way for

your child to consider all career options is to experience Career and Technical Education (CTE).

CTE provides younger generations with the education and skills they need for college and careers. It also gives kids a reason to learn by taking real-world skills and knowledge in a specific field to focus on. There is a high demand for CTE. Ninety-four percent of parents support it, 86% of both students and parents vocalized they wish they had the opportunity to have received more real-world knowledge and skills at school. In fact, 54% of business leaders say the educational system does not implement CTE enough.

Remember there are plenty of opportunities in the construction industry. There are occupations such as carpenters, plumbers, and HVACR technicians that are in high demand. If college isn’t your thing, there are other ways to get to a good career.

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