IIf you’re in the process of looking for a home today, you know the supply of homes for sale is low because you’re feeling the impact of having a limited pool of options And, if your biggest hurdle right now is that you’re having trouble finding something you like, don’t forget that a newly built home is a great option
As a recent article from the National Association of Realtors (NAR) says:
“Home buyers continue to be met with limited housing options during what’s typically the real estate market’s busiest season The current supply of existing homes is about half the level it was in 2019 . . . Meanwhile, the market for new construction is a bright spot.”
Here’s a look at a key metric that shows just how much new home construction is ramping up nationwide It’s called new residential completions Basically, completions are newly built homes that are finished and ready to move into
The graph below uses data from the Census to show the trend of newhome completions over time, including the long-term average for the b f fi i h d h i i ( h i bl k h h)
As you can see on the left in orange, leading up to the housing crash, builders exceeded that average The result was an oversupply of homes on the market, so home values declined That was one of the factors that led to the housing crash back in 2008.
Since then, the level of new home construction has fallen off, and builders haven’t built enough homes to meet the historical average (shown in red). That underbuilding left the housing market with a multi-year inventory deficit. And, that deficit is part of what makes inventory so low right now
But, here’s the good news. The green on the right shows that according to the latest report from the Census, builders are matching the long-term average right now And that means they’re bringing more newly built homes to the market than they have in recent memory
And residential starts and permits are also gaining momentum. Starts are homes where the construction has officially kicked off Permits are homes where builders are planning to break ground soon Since both are up, it’s a sign there are even more newly built homes coming soon
More newly built homes in various stages of the construction process means your pool of options just got bigger If you’re looking to move right now and timing is important to you, reach out to a local real estate professional to explore the homes that were recently completed in your area If construction is done on those homes, you should be able to move in quickly.
But, if you can wait a bit and the idea of customizing a home from the ground up appeals to you, ask that same agent about the homes in your area that are in the process of being built. If you buy a home that’s still in the works, you can help pick the features and finishings along the way. And when none of the homes you’ve looked at so far are to your liking, being able to tailor one to your taste may be your best option
If you're having trouble finding a home you like while inventory is so low, it may be time to consider looking into newhome construction
Movingisexpensive,butMoverEngagecanhelp!Youwillreceiveexclusive dealsanddiscountsthroughoutyourmove,including15%offHomeDepot and20%offBudgetMoving.Tapintoalltheexclusivedeals!
Connectingutilitiescanbetime-consuming,butitdoesn'thavetobewith ourUtilityConnectconcierge Thisisaone-stopshopwithtrained expertstoresearchthebestservicesanddiscountsavailableandmake theconnection.Youalsohaveaccesstoyouronlineself-serviceplatform togetestimatesandbookservices.Itʼsallinoneplace,youwillloveit!
Manageeveryaspectofmovingandhomeownershipwithyourunique personalHomeownershipPortal. Accessreal-timemarketinformation, findlocalprofessionalsandservicesyouneedtorepairorrenovateand storeallyourhomedocumentssecurely Allwithinonesimpleand convenientplatform!
When you call us a personal advisor will review your credit profile to determine how our program will effectively increase your credit scores.
Then your dedicated credit coach will provide a customized plan to quickly exceed the minimum credit qualification thresholds of a mortgage.
Moving up from second place in 2022, natural light is No. 1 home feature in 2023. According to Fixr.com’s la home features analysis, 97% of industry experts agree natural light is either important or very important year
With a focus on functionality, usable outdoor sp remains another important feature this year, followed kitchen islands, both with 60% of experts saying features are very important.
Laundry rooms rank No. 4 in top features for 2023, according to 94% of experts who say the feature is important or very important. Experts are seeing a trend of laundry rooms being placed elsewhere in the home other than basements or near kitchens
Ranking No. 5 in top home features this year is an energyefficient HVAC system. Due to remote work and rising energy costs, 81% of experts agree that an energyefficient HVAC system is top of mind for homeowners this year.
A continuing trend that emerged during the pandemic, home offices remain a top feature in 2023, with 94% of experts believing the feature is important or very important
Rising from a bottom trend in 2022, swimming pools rank highly among homeowners this year, according to industry experts. In 2022, experts marked swimming pools as unimportant, while in 2023 85% think the added feature is important or very important.
Extra storage or a spare bedroom were both considered very important by 50% of experts. The two features allow for flexibility and additional organizational capabilities
Seventy-five percent of experts say that solar panels also are highly popular this year, a 55% increase from last year. In addition, electric vehicle chargers are top of mind, with 67% believing the feature is important or very important.
Other top home features for 2023, according to industry experts, include:
Home security; Smart home accessories; Thermal insulation; Natural disaster proofing; and Electric appliances and HVAC
Carry out these chores ahead of time, and you can spend your party...well, partying.
Here's how to plan a stress-free backyard party where everyone will have fun and no one will get eaten alive by mosquitos.
WhenitcomestotheinvitationsforyoursummerBBQ, specify when they'll be eating. Avoid refiring the grill for latecomers with something like: "The grill master willbeslinginggrubfrom6to7.Comeandgetit!"
Another biggie: Give a heads-up on attire Shorts? Tanktop?Sundress?Giveguestsasenseofthevibe: "You wear the flip-flops; we'll flip the burgers" or "Bringyourswimsuits!"
Focus your menu on make-ahead classics and things you can cook on the grill, so you can keep the party going outdoors (and stay out of your kitchen).
Also, take the guesswork out of how many buns to buy and how much potato salad to make with our simple BBQ party calculator. The general rule: Guests will have 1 ½ servings of any burger, hot dog, or sandwich, and 1 ½ cups total of whatever sides you ' re serving.
Opt for DIY food options like taco or burger bars, a salad bar with dressing and topping options, or an ice cream sundae bar for dessert. Guests can easily create their perfect bite and you'll minimize the stress of serving people with dietary restrictions
If you ' re inviting people with food restrictions, create labels that list ingredients for foods that might be an issue, or walk them through the bar to let them know what they may want to avoid.
Buy(ormake)waymoreicethanyou'dexpect.You'll need it to keep beverages cool in the cooler, for peopletoaddtococktailsanddrinks,andyoucanalso useittohelpkeepmoreperishablefooditems,like dairy-baseddips,chilledandsafe (Typically,experts recommendbetweenoneandtwopoundsperperson, and we'd err closer to two pounds for a summer party.)orasummerparty.)
Don't leave guests in the dark. All you need is a little ambient lighting, says Jimmy Duhig, the owner of Creative Lighting Design in San Francisco: "If you ' re outside while it's getting dark, your eyes will adjust."
Just hang strands of outdoor string lights on the deck, the fence, and even tree branches, and add some hurricane lanterns or tealights Duhig recommends globe string lights and elegant round bulbs that give off a warm glow "This is what you always see strung overhead at outdoor dinner parties on TV," he says.
Infused drinks are super easy to make even if you don't feel like squeezing lemons for a homemade lemonade or iced tea Take fresh herbs, citrus slices, berries, or watermelon chunks, and place them in bottles of iced tea, lemonade, or even just water to elevate the drinks for everyone.
Assume each of your party guests will drink 1 ½ alcoholic drinks per hour. Hosting over 25 guests? Plan to serve 2 ½ gallons of a pitcher-style cocktail to ensure the drinks keep flowing with the least amount of hosting effort
See how new paint colors look on your home... BEFORE IT'S PAINTED! Be "Color Confident" with a Virtual Color Consultation
Tell us your color preferences, and take our style quiz.
Our designers will create 3-5 initial designs for you to see online, then work with you to create more designs until you find the one you love.
Enjoy that feeling of knowing you'll love the paint color after your home is painted No more guesswork!
