24
Jan 20

2020 Homebuying Checklist

2020 Homebuying Checklist | Simplifying The Market

2020 Homebuying Checklist | Simplifying The Market

Some Highlights:

  • If you’re thinking of buying a home, plan ahead and stay on the right track, starting with pre-approval.
  • Being proactive about the homebuying process will help set you up for success in each step.
  • Make sure to work with a trusted real estate professional along the way, to help guide you through the homebuying steps specific to your area.

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24
Jan 20

Before and After: This $500 Bedroom Redo Has The Easiest-Ever Gallery Wall Trick


This budget makeover is full of smart tricks.
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24
Jan 20

Book a European Vacation and You Can Snag $1 Round Trip Flights


Flights are usually the most expensive part of planning a vacationbut not this time.
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24
Jan 20

Redditors Share the 5 Best Purchases They’ve Made for Their Homes


From saving money to potentially saving your marriage, here are five purchases that Reddit users swear made the most considerable difference to their homes.
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24
Jan 20

This “Family Sized” Mattress Is Literally 12 Feet Wide, So Go Ahead and Adopt 5 More Dogs


King-sized bed, you have met your superior.
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24
Jan 20

This Bright Red Ski House Is on the Market for Just Under $300,000


It has ’70s written all over it.
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23
Jan 20

Engel & Völkers seizes luxury yachting opportunity with new brokerage that complements real estate

Engel & Völkers Yachting has served the Mediterranean market since 2007 with locations in Monaco and Antibes in France.

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23
Jan 20

The #1 Reason It Is Difficult to Find Your Dream Home

The #1 Reason It Is Difficult to Find Your Dream Home | Simplifying The Market

The headlines in real estate today all revolve around one major point: there is a shortage of homes available for sale. Price appreciation is accelerating again because there is a shortage of homes available for sale. First-time buyers are taking longer to purchase a home because there is a shortage of homes available for sale in the lower price points. Boomers are staying in their current homes longer because there is a shortage of homes available for sale to which they would move. In certain markets, affordability is becoming more challenging because there is a shortage of homes available for sale.

What’s the major reason for this lack of housing inventory?

The issue was examined in a recent article by the National Home Builders Association (NAHB). In the article, Robert Dietz, Chief Economist for NAHB, explained:

“Home building in the 2010s was a story of the Long Recovery. After the Great Recession, the number of home builders declined significantly, and housing production was unable to meet buyer demand…Years of population and household formation growth, combined with relatively reduced levels of home building, have left the market with a critical supply shortage.”

Here are the single-family home construction starts by decade for the last six decades:The #1 Reason It Is Difficult to Find Your Dream Home | Simplifying The MarketObviously, there’s a current shortage of homes for sale because not enough houses were built over the last ten years. To add to the challenge, the U.S. population expanded by more than 20 million people during the 2010s.

Below is a graph showing the number of starts per every million in population. The last decade shows that starts per population were less than half the average of the previous five decades.The #1 Reason It Is Difficult to Find Your Dream Home | Simplifying The Market

There’s good news coming!

The NAHB article explains that there is light at the end of the tunnel.

How confident home builders are in the housing market is a great indicator of how much building is about to get started. The NAHB/Wells Fargo Housing Market Index (HMI) gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair,” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average,” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as “good” than “poor.”

Here are the HMI readings going back to 2008:The #1 Reason It Is Difficult to Find Your Dream Home | Simplifying The MarketThe 2019 confidence reading of 76 was the highest since 1999. The January 2020 index came in one point lower at 75. These readings indicate we should see an increase in new residential construction in 2020. Just last week, NAHB Chairman Greg Ugalde stated:

“Low interest rates and a healthy labor market combined with a need for additional inventory are setting the stage for further home building gains in 2020.”

The increase in housing starts has already begun. According to the January report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, single‐family housing starts were up 11.2% and attained the highest level in thirteen years.

Bottom Line

Whether you’re a first-time buyer or a seller thinking of moving up or down, 2020 could be your year with more new construction homes coming to market.

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23
Jan 20

Before and After: The Best Part of This Full Kitchen Reno is the Ceiling


Yes, really.
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23
Jan 20

This Will Be the Most Popular Color In 2020, According to a Trend Study (Spoiler: It’s Not Blue)


Even though were officially into the new decade, that doesnt stop the predictions from comingand this trends study delivers a new option for this years most popular color.
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