HOUSING UPDATE
You won’t find anyone who’s going to argue that mortgage rates have had a big impact on housing affordability over the past couple of years. But there is hope on the horizon Rates have actually started to come down And, recently they hit the lowest point we’ve seen in 2024, accordingtoFreddieMac(seegraphbelow):
SOURCE: Freddie Mac
And if you’re thinking about buying a home, that may leave you wondering: how much lower are they going to go? Here’s some information that can helpyouknowwhattoexpect
If you’ve put your moving plans on hold because of higher mortgage rates, think about the number you want to see rates hit that would make you re-enter the market.
Most experts are already starting to revise their 2024 ortgage rate forecasts to be more optimistic that lower tesareahead.Forexample,Realtor.comsays:
Mortgage rates have been revised slightly lower as signals rom the economy suggest that it will be appropriate for the ed to begin to cut its Federal Funds rate in 2024 Our yearly mortgage rate average forecast is down to 67%, and we evisedouryear-endforecastto63%from65%”
KnowYourNumberforMortgageRates
So, what does this mean for you and your plans to move? If you’ve been holding out and waiting for rates to come down, know that it’s already happening. You just have to decide, based on the expert projections and your own budget, when you’ll be willing to jump back in. As Sam Khater, Chief EconomistatFreddieMac,says:
“The decline in mortgage rates does increase prospective homebuyers’purchasingpowerandshouldbegintopiquetheir interestinmakingamove”
Source: Merrill,Cerulli Associates
ExpertProjectionsforMortgageRates
Expertssaytheoveralldownwardtrendshouldcontinueaslongasinflation and the economy keeps cooling But as new reports come out on those key indicators,there’sgoingtobesomevolatilityhereandthere
What you need to remember is it’s not wise to let those blips distract you from the larger trend Rates are still down roughly a full percentage point fromtherecentpeakcomparedtoMay
And the general consensus is that rates in the low 6s are possible in the months ahead, it just depends on what happens with the economy and whattheFederalReservedecidestodomovingforward.
As a next step, ask yourself this: what number do I want to see rateshitbeforeI’mreadytomove?
Maybe it’s 6.25%. Maybe it’s 6.0%. Or maybe it’s once they hit 5.99%. The exact percentage where you feel comfortable kicking off your search again is personal. Once you have that number in mind, you don’t need to follow rates yourself and waitforittobecomeareality
Instead, connect with a local real estate professional. They’ll help you stay up to date on what’s happening and have a conversation about when to make your move. And once rates hityourtarget,they’llbethefirsttoletyouknow.
We’re here to help you purchase the home of your dreams. We know that buying a home is one of the most important decisions you will make. Few things give you more pride than owning your own home, and you will probably make no greater single investment in your lifetime We want to help you make that dream come true. There are many different types of loan programs you can choose from, and the best loan program for your neighbor may be different than the one that is right for you. The Loan Process
not have been
Curb Appeal’s Best Kept Secret: Garage Doors
Garagedoorupgradescanmakeabigdifferenceforahome’s firstimpression.
As National Curb Appeal Month sheds light on boosting homes’ exterior aesthetics, one element of curb appeal that can often go ignored is the garage door Taking up a huge chunk of a home’s front exterior, an upgraded or freshly updated garage door can make a strong impression
Chelsea Timmons, Tri Pointe Homes vice president of community experience in Austin, says, “Having two paint colors on a home and prioritizing the garage to be the same color as the trim is always a preference. When you blend the base house paint color and the garage door it can lessen street appeal and cause it to present more ‘bland.” Preferred exterior colors according to the 2024 U S Houzz Outdoor Trends Study, include white (23%), gray (19%), and beige (10%) And when light neutrals aren’t the first choice, the study found that green (8%), bl ( ) and brown (7%) are top picks Popular trim colors include whi black (22%), and green (13%), the study found
Added Accents 1.
"Throughout some of Tri Pointe’s Texas communities, home bu add hardware and/or windows in upper panels of the garage minimal upgrade costs, says Timmons While in other comm garage door hardware package of faux handles and four accent p spruce up a streetscape As for windows, arched or grilled d windows are now being replaced with modern, long rectangu Clopay says. More contemporary and slim window picks allow fo light inside without losing privacy. To accentuate the garage doo more curb appeal, 19% of homeowners upgraded or added garage to their home’s exterior, according to Houzz
2. Going With the Grain
While classic raised panel steel garage doors still represent the value of sales, new styles complementary to different, more architecture are growing in popularity. Clopay has found that wood-look finishes on low-maintenance materials like steel or composite are popular because of the natural texture without the upkeep. “Builders can design exteriors that don’t sacrifice function for aesthetics,” adds Clopay With the ability to incorporate charm and texture while holding up to weather, fauxwood doors can be a sustainable choice
3. Value Boost
Energy efficiency, which is at the forefront of both builders' and homeowners’ minds, has also become a trend this year “Homeowners are willing to pay extra for insulation with higher R-values because they don’t want their garage to be a source of drafty air–especially if they have living space overhead,” Clopay says The garage door manufacturer says an insulated door can keep a garage an average of 10 to 20 degrees warmer in the winter and cooler in the summer These upgrades not only add visual value, but monetary value as well Garage doors have a 194% return on investment at resale, on average, nationwide, according to BUILDER’s sister site Remodeling by JLC's 2024 Cost vs. Value Report. For existing homes, the report estimates a garage door replacement average cost is $4,513 and average resale value at $8,751
DESIGNS FOR DEDICATED WORK-FROM-HOME ZONES
Remote work is here to stay, but every life stage has different work-from-home needs These in-home office designs deliver for different demographics
The percentage of U.S. consumers working from home remains four times higher than it was pre-pandemic, according to WFH Research. And the U.S. Census Bureau reports that hybrid employees (18.2 million) outnumber full-time remote employees (17.1 million).
After another work-from-home survey in 2024, we revisited our findings to look at the best in-home office designs for different life stages, namely young couples and singles, families, and mature couples and singles. Here’s what we found:
IN-HOME OFFICES FOR YOUNG COUPLES AND SINGLES
When designing home office spaces for this cohort, think cozy and multifunctional. Even if space permits, there’s no need to include a large office for this group. But some sort of remote workplace is essential. A home with a dedicated office is often unattainable in an entry-level home, so demonstrating how a space can serve multiple functions can meet this cohort’s needs, even without a high bed count. A second bedroom can function as a workspace by day and a guest bedroom by night with a clever desk/Murphy bed combination.
WORK-FROM-HOME SPACES FOR FAMILIES
Privacy in a WFH situation is key, but young families also want an office located near the main living areas to more easily engage with younger children, while mature families with older, more self-sufficient kids are looking for connection to nature.
For this group, think togetherness and customization, as they enjoy being with each other and their pets while working. For example: an office located down the hall from the main living areas and near the secondary bedrooms, it enables couples to connect easily while also being tucked away for privacy.
MATURE COUPLES AND SINGLES WORKING FROM HOME
For this group, think togetherness and customization, as they enjoy being with each other and their pets while working For example: an office located down the hall from the main living areas and near the secondary bedrooms, it enables couples to connect easily while also being tucked away for privacy.
STRIKING A BALANCE BETWEEN DIFFERENT OFFICE NEEDS
This last one is among my favorites, especially the balance between a formal office and an adjacent, hidden “messy” office. For the Signature Collection at Fields, in Frisco, Texas, the in-house architecture team at Huntington Homes considered the need for both, providing an elegant formal office with an adjacent back office for private calls or video conferences. Clearly, work-from-home spaces vary dramatically by life stage, so don’t assume one size fits all or only include a large office that can option as a bedroom.
BENJAMIN MOORE
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