Going into 2023, there was a lot of talk about a possible recession that would cause the housing market to crash. Some in the media were even forecasting home prices would drop by as much as 1020% and that might have made you feel a bit unsure about buying a home.
But here’s what actually happened: home prices went up more than usual. Brian D. Luke, Head of Commodities at S&P Dow Jones Indices, explains:
“Looking back at the year, 2023 appears to have exceeded average annual home price gains over the past 35 years ”
To put last year’s growth into context, the graph below uses data from Freddie Mac on how home prices have changed each year going back to 1980. The dotted line shows the long-term average for appreciation:
Home prices almost always go up over time. That makes buying a home a smart move, if you’re ready and able.
The big takeaway? Home prices almost always go up
As an article from Forbes says:
“ . . . the U.S. real estate market has a long and reliable history of increasing in value over time.”
In fact, since 1980, the only time home prices dropped was during the housing market crash (shown in red in the graph above). Fortunately, the market today isn’t like it was in 2008. For starters, there aren’t enough available homes to meet buyer demand right now. On top of that, homeowners have a tremendous amount of equity, so they’re on much stronger footing than they were back then. That means there won’t be a wave of foreclosures that causes prices to fall
Percent of Annual Home Appreciation
1980-2023, Seasonally Adjusted, Rounded to Nearest Number
The fact that home values went up every single year except those four in red is why owning a home can be one of the smartest moves you can make. When you’re a homeowner, you own something that typically becomes more valuable over time. And as your home’s value appreciates, your net worth grows.
So, if you’re financially stable and prepared for the costs and expenses of homeownership, buying a home might make a lot of sense for you.
Source: Freddie Mac
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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. From getting preapproved to finding the perfect home, understanding the home-buying process can help give you peace of mind. So can partnering with a mortgage lender you can trust. Put our expertise to work for you. Whether you ’ re building or buying your home, FBC is here to help you along the way!
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Experts reveal a shift toward vibrant kitchens, natural stone, and innovative features aimed at enhancing creativity and functionality Homeowners are embracing bold colors, choosing purposeful spaces and leaning away from quartz in favor of natural stone in their kitchens, according to a panel of interior designers speaking at “20x20 Story: Kitchen Styles, Finishes and Materials for the Coming Year” at the International Builders’ Show
In addition to bespoke metal accents, slide-out, toe-kick, banquette and hybrid open/closed storage, lighter woods, split plumbing fixtures, layered lighting, and integrated breakfast eating space, these are some of the top kitchen trends for 2024
All-white kitchens are out, with warmth and personality taking precedence in the heart of the home. “The kitchen is a space that has to reflect personality,” which means bold and statement-making colors, said Chung. “It’s an easy add with paint or wallpaper, easy to change out later on. " “Customers are leaning into darker cabinetry,” said Grubb, and are often using dark tones on lower cabinets, with contrasting uppers in a lighter color
Space underneath an island is functional for seating but also represents an area that is an often-forgotten focal point in a kitchen Bustamante said homeowners are getting creative with “ curves and stone foot ledges ”
Homeowners are looking to “keep things clean and integrated,” said Bustamante, which is where flat, seamless paneling comes in. “You don’t want your kitchen to jump out at you, ” he said. This applies to cabinetry and to flat-paneled appliances
For greater variety and visual texture, Grubb said he sees homeowners choose fixtures in the same finish family but mixing styles and sizes. Also trending, according to Grubb, is oversized, long hardware. “I think it's more dramatic. It adds a linear quality,” he added.
The sultry richness of exotic wood countertops, like marine-grade wood, is a lure for homeowners, according to Chung “They bring warmth to a room where you typically have a lot of cold surfaces,” visually, said Chung They are not heat-resistant but are otherwise durable and food-safe While less exotic than marine-grade wood, butcher block counters are making a comeback, according to Chung, and serve a dual purpose, by introducing warmth and increasing usable prep space.
While quartz has been the darling of kitchen materials for several years, more and more clients are turning to natural stone, according to Grubb. He’s seeing a move toward porcelain in flooring, especially with oversized tiles. Homeowners “like the dramatic size,” he said
Mindful of fostering an indoor/outdoor connection, which is often extended from the kitchen, homeowners are looking for ways to transport their prep easily when they want to dine al fresco. A butcher block workstation on wheels offers “versatility to carry a workspace outdoors,” said Chung
This trend makes the kitchen more functional for home cooks, by offering smart storage in an ideal location for prep, particularly for spices. “People love to have spaces at arm ’ s length while they are cooking,” said Chung.
Homeowners still love the open-concept floor plan, but don’t love having their prep on display when entertaining, which is why back kitchens are becoming more popular. The back kitchen is an adjacent space, similar to a scullery, where unsightly prep is tucked behind the main entertainment space.
A recent research study by the US Department of Energy reveals that 'heat gain and heat loss through windows are responsible for 25%–30% of residential heating and cooling energy use.' Put simply – switching to energy-efficient windows is an easy way to lower your energy bills fast.
'Energy-efficient windows are designed with technologies and features that enhance insulation, reduce air leakage, and block or reflect unwanted solar radiation,' explains David Miloshe, an electrician and home improvement expert at Fantastic Services. These are the features that contribute to improved energy efficiency:
Low-emissivity (Low-E) coatings are thin, invisible layers applied to the glass surface. These coatings help control the amount of infrared and ultraviolet light that passes through the window, keeping heat inside during winter and outside during summer Low-E coatings contribute to maintaining a comfortable indoor temperature and reducing the need for excessive heating or cooling. 'These windows can be particularly beneficial for areas with persistent hot temperatures outside or in rooms that receive the most sunlight to significantly reduce reliance on cooling systems,' advises Misrraim Cardenas, CEO at Portella.
Energy-efficient windows are often designed with thermal break window frame technology that helps to reduce heat transfer. 'Wind breaks are insulating materials between the interior and exte window frames that help reduce the transfer of heat or cold thro the frame, enhancing overall insulation,' explains David Miloshe ensures a more consistent indoor temperature, making cooling heating more efficient.
Energy-efficient windows often feature double or triple glazing, wh involves multiple layers of glass that act as insulation. In addition, space between the panes is often filled with an inert gas like argo krypton. These gases have lower thermal conductivity than air, help to reduce the heat transfer through the window.
Energy-efficient windows are designed with tight seals and materials to minimize air leakage, which prevents drafts and helps maintain a consistent indoor temperature Proper sealing can reduce the amount of heat or cooling that needs to be generated.
'Energy-efficient windows minimize the heat transfer between the interior and exterior of a building to a greater extent than traditional windows,' explains David Miloshev 'This helps to maintain a more consistent indoor temperature year-round, reducing the need for heating or cooling systems.' In winter, they prevent cold air from entering your home and escaping through windows. This heat-retaining trick to keep a house warm will prevent you from having to set a higher temperature on a thermostat In summer, energy-efficient windows keep your home cool by preventing cool air escaping or hot air from entering your home through windows. This will reduce your reliance on air cooling systems.
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