You may have heard that there are more brand-new homes available right now than the norm Today, about one in three homes on the market are newly built And if you’re wondering what that means for the housing market and for your own move, here’s what you need to know.
People remember what happened to the housing market back in 2008. And one of the factors that contributed to that crash was that there were too many homes for sale While only part of the oversupply back then came from builders, the lasting impact is that some people still feel uneasy when they hear new home construction has ramped up.
Even though the supply of new homes has grown this year, the data shows there’s no need to worry Builders aren’t overbuilding, they’re just catching up
The graph below uses data from the Census to show the number of new houses built over the last 52 years Following the crash in 2008, there was a long period of underbuilding (shown in red) And it wasn’t until recently that we finally met the long-term average for how many homes are built in a typical
Source: Census
This shows, that even with the increase in new builds we’ve seen lately, there won’t suddenly be an oversupply of homes for sale There’s too much of a gap to make up after over a decade of underbuilding And if you’re still worried builders are overdoing it, here’s something else that should be reassuring.
“While it’s true new home construction is a bigger segment of the market than the norm, that’s not a bad thing Builders aren’t overbuilding, and they’re responding to market signals to avoid repeating the mistakes that were made in 2008
The latest data from the Census on housing starts (homes where builders just broke ground) and permits (homes where builders can start development soon) shows builders are slowing down their pace right now. Why is that?
They’re responding to still high mortgage rates and how those are impacting buyer demand. Basically, they’re pulling back appropriately in response to what’s happening in the market. As an article from HousingWire explains:
“Even with a massive housing shortage across the nation, homebuilders are completing their pipelines and not seeking as many permits to construct new single-family houses ”
Builders remember what happened when they overbuilt in the crash, and they’re looking to avoid a repeat of that So, they’re being mindful and pulling back a bit.
If you’re considering a newly built home, here’s how this impacts you With builders seeking fewer permits and not breaking ground on as many new homes, we may be at the peak of new home construction for the year This doesn’t mean new home construction is screeching to a stop – just that the pace is slowing down now, and that’ll impact what comes to market later this year As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:
“Given the recent declines in housing starts, home completions will steadily show declines in about six months ”
So, if you’re ready and able to buy now, you may find you’ll have more newly built options to choose from now versus later on. This may be enough reason to kick off your search
Just be sure to work with a local real estate agent you know and trust throughout the process An agent will have valuable insight into builder reputations and other key factors specific to your market. And if there isn’t much new construction near you, they’ll be able to point you toward a nearby area where there is
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Use these expert tips to make your interiors feel like a cohesive extension of you
It’s no secret that your home interiors can affect how you feel While decor choices may seem frivolous at times, the truth is that your home is most serene when it reflects who you are A common decorating challenge people face, however, is the all too daunting choice of selecting a color palette. Whether you prefer to bask in minimal hues of eggshell, vibrant tones of orchid, deep shades of blue, or something in between, finding the right colors to mix and match can feel like a guessing game.
Whether you ' re trying to find the right paint colors or decorating around an accent couch, follow the advice below to get started and then let your creativity run free.
Before embarking on any redecorating journey, seeking out inspiration should always be your priority. “Whether it's getting out in nature, looking at magazines, or scrolling on Pinterest, finding inspiration that matches what you ' re looking to achieve for your space is important when it comes to selecting colors,” says Jasmine Crockett, interior designer and founder of Joy Meets Home This can help you visualize how different colors look in several spaces and find common themes in the color combinations you like best.
“I think it's more important to try and build a palette around things that you love, rather than trends,” says Jessica Nelson, interior designer and owner of Namesake Design Firm “You'll love it a lot longer.” So, when working with clients, instead of asking them their favorite design trends, Nelson asks more personal questions: What colors are you drawn to? What colors do you find yourself gravitating towards in your wardrobe? What are some of your favorite places to travel? "I think that you can pull a lot of info out of those answers, ” she says. By avoiding trendy colors that you’ll love for only a moment, Nelson says you can save time and money by being intentional about the colors you surround yourself with.
PAY ATTENTION TO LIGHTING
Before selecting a color palette for your space and especially before painting pay close attention to the lighting Different colors can present differently depending on the lighting in a given space, says Crockett. “The way that, for instance, navy blue may look in a bedroom with multiple windows [is different than] in a room with limited windows ” Assessing whether a room gets a ton of natural light, none at all, or if the overhead lighting presents yellow or blue is crucial to consider when choosing a color palette
“I know that there's this myth that you shouldn’t go dark in small rooms, but I actually like to completely ignore that,” says Nelson “We do a ton of moodier offices and super dark powder baths, which are the smallest rooms in your house.” If you ’ re weary about going bold in your bedroom, get creative in your home’s smaller spaces “It’s a great place to try something a little riskier,” says Nelson
Another option for selecting a color palette for your home is to start with an accent piece of furniture or decor and then choose the surrounding colors from there. In order to keep a room from feeling chaotic, however, it’s important to anchor the space “If you go with a crazy cool emerald sofa, then maybe you do a super simple cream rug, ” says Nelson. And, if your room with the emerald sofa has white walls, maybe you keep the furniture simple in the next room but paint the walls blue or green to tie it all together, suggests Nelson. If committing to a “ pop piece” is too daring for you, Nelson recommends playing with pillows, instead “Pillows are so easy to change out,” she says “It all just depends on your comfort level (with color).”
Speaking with a professional is never a bad idea, especially when it comes to nailing the aesthetic of your dream home. “If you ' re struggling with picking out paint colors by yourself, my suggestion is to go somewhere like Benjamin Moore or Sherwin Williams where they have color specialists to help you, ” says Wheeler By consulting specialists who are trained in color temperature and color matching, your home will have that added professional touch to ensure coherence
The warmer days of spring are in full swing, and many homeowners are motivated to refresh their outdoor spaces and update their security systems. This is the perfect time to dust off patio furniture, light up the grill and consider upgrading your outdoor lighting and security setups. With summer around the corner, many homeowners would rather enjoy the sunshine than mow the lawn Let’s explore some technologies that can help save time and keep your home secure
For decades, automatic sprinklers have been a staple in lawn maintenance, but technological advancements have enhanced these systems significantly. Products like the smart irrigation controller from Rachio(link is external), which connects to local weather forecasts, and Moen’s(link is external) latest system equipped with moisture sensors, are designed to optimize watering schedules and reduce water waste, thereby saving money
The evolution of lawn maintenance technology brings us to the robot lawn mower, a device I've eagerly awaited for years. Despite having a modest-sized yard of about a third of an acre, mowing is the last thing I want to tackle after a day filled with house showings and deal negotiations. The trouble with most robotic mowers is installing a boundary wire like an invisible dog fence Many existing models act like old robot vacuums making weird or random grass patterns. They were also quite costly.
The new Worx Landroid Vision(link is external) seeks to right the previous interations’ deficiencies by employing GPS and an onboard camera to navigate and maintain the yard meticulously Impressively, it operates both day and night equipped with a light and features sensors to avoid obstacles such as pets and toys. It also includes a theftdeterrent alarm and requires a PIN for operation, making it a potential asset for maintaining vacant properties as well
With lawn care efficiently automated, more time can be devoted to enjoyable activities such as grilling. "Our latest smart grills, such as the new Weber Searwood pellet grills and the Summit smart grill line, were engineered to give our owners more confidence when grilling Our smart technology, Weber Connect(link is external), is there to help them create perfectly cooked, delicious meals," explained Mike Jacobs, Chief Operating Officer for Weber.
This technology suite includes features that allow for overall temperature control, monitor food temperatures, provide cooking instructions and send grill status notifications directly to a mobile device through the Weber Connect App 2.0.
To further enhance your home's security, it's crucial to select the right technology that provides both vigilance and convenience. Home security cameras like the Reolink Argus Track(link is external) and Duo 3 PoE offer advanced features that enhance your property’s safety The Argus Track, known for its dual-lens system and 4K resolution, provides auto-zoom tracking and is both battery and solar-powered, offering flexible installation options and eco-friendly operation
Addressing the increasing issue of package theft, Loxx Boxx(link is external) offers an innovative solution: a Wi-Fi and LTE service-enabled lock box that sits outside the home and can be used for your deliveries "While solutions such as doorbell cameras and sensors have become increasingly popular, they simply capture footage of porch piracy and do not prevent the actual theft. Frequently, customers end up watching their packages being carried away instead," shared Kathy Sides, cofounder of Loxx Boxx. This product aims to significantly reduce package theft by providing a secure and durable solution
This exploration into modern technological solutions for home and garden underscores a trend toward integrating convenience and security into everyday living, making homeownership a more enjoyable and manageable endeavor.
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