Builders broke ground on new homes in December at the fastest pace in more
than four years offering a “solid ending to 2012 and a promising start to 2013,”
according to the National Association of Home Builders.
Housing starts soared 12.1 percent in December, reaching a 954,000 annual
rate and the fastest pace since June 2008, the Commerce Department reported
Thursday. Most of the jump was attributed to a 20.3 percent increase in
multifamily construction last month, helping the sector return to a nearly
normal production pace by historical standards. Housing starts for single-family
homes rose 8.1 percent in December.
"With inventories of new homes at razor thin levels, builders are moving
prudently to break ground on new construction ahead of the spring buying season
to meet increasing demand," says Barry Rutenberg, chairman of the National
Association of Home Builders.
Permits for future home building — an indicator of future building — also
rose slightly in December to its quickest pace since July 2008. Permits rose by
the greatest amount in the Northeast by 19 percent and 6.6 percent in the West.
The Midwest saw a 5.7 percent decline in housing permits, while the South saw a
3.4 percent decline in December.
Source: National Association of Home Builders and “Housing
Starts Climb to Highest Rate Since June 2008,” Reuters (Jan. 17,
2013)
Showing posts with label new constuction. Show all posts
Showing posts with label new constuction. Show all posts
Monday, January 21, 2013
Friday, January 4, 2013
Building Your Dream Home
Building a new home exactly the way you’ve
always wanted it may not be as unattainable as it might seem. To take the first
step toward making any dream home real, you have to see if it’s practical: map
out how much building it today would cost.
Start by nailing down your size requirement.
Think of an existing home that feels right for your needs, and ask the owner for
its square footage. Decide if you prefer a single or two-story structure,
remembering that the smaller roof and foundation size makes a two-story new home
less expensive to build.
Add-ons will add up. Make a list of any special features
you consider important. While the difference between a standard tub and a $3,500
Jacuzzi tub for the master bathroom may seem unimportant, if you’re dealing with
a 2,000 sq ft house, that kind of detail can swell the bottom line
significantly. If you want any special materials or architectural details, note
them, too (e.g., a rectangular-shaped new home will be simplest to build;
holding depth to 32 feet or less will save costly roofing extras).
Now it’s time to contact several local new home contractors to ask for ballpark estimates. They
will be able to give you their recent average cost per square foot -- and with
the added details you’ve now gathered, they can make more a precise breakdown.
It’s best when building surprises come as no surprise, so
most people with experience know to add 10 – 20% to the initial budget.
Last-minute change orders and unforeseen problems are the most common overrun
culprits.
Buying a lot and building a new home in Evansville
can be a satisfying project for those with the
patience to see it through. And for everyone else, today’s buying conditions are
close to ideal– some of today’s best properties can be purchased for even less
than the cost of building would be. If you are in the market, contact me to
investigate the latest deals now being offered. You can reach me on my cell
phone at 812-499-9234.
Thursday, October 18, 2012
Homebuilders Grow More Confident About Recovery
Builder confidence inched slightly higher in October, bringing it to its
strongest level since June of 2006, according to the National Association of
Home Builders/Wells Fargo Housing Market Index. The October gain also marks the
sixth consecutive month for increases in the index, which measures builder
confidence about the direction of the new-home market.
"Many builders are reporting increases in the number of serious buyers visiting their sales offices, and the overall confidence measure is much higher than it was at this time last year," says Barry Rutenberg, NAHB Chairman.
The monthly index measures builder perceptions of current single-family home sales, sales expectations, and buyer traffic.
While builders’ confidence about the recovery continues to improve, housing experts say there are still several challenges ahead for the new-home sector.
"The slight gain in builder confidence this month is an indication that, while still moving forward, the speed at which the housing recovery is proceeding is being moderated by the various constraints such as tight credit, difficult appraisals and more recently, the limited inventory of buildable lots in certain markets," says David Crowe, NAHB chief economist.
Source: National Association of Home Builders
"Many builders are reporting increases in the number of serious buyers visiting their sales offices, and the overall confidence measure is much higher than it was at this time last year," says Barry Rutenberg, NAHB Chairman.
The monthly index measures builder perceptions of current single-family home sales, sales expectations, and buyer traffic.
While builders’ confidence about the recovery continues to improve, housing experts say there are still several challenges ahead for the new-home sector.
"The slight gain in builder confidence this month is an indication that, while still moving forward, the speed at which the housing recovery is proceeding is being moderated by the various constraints such as tight credit, difficult appraisals and more recently, the limited inventory of buildable lots in certain markets," says David Crowe, NAHB chief economist.
Source: National Association of Home Builders
Friday, September 21, 2012
Builder Confidence Bounces Back to 2006 Levels
Homebuilders haven’t been this confident about sales, the outlook of future
sales, and buyer traffic since June 2006, which is right before the housing
crisis took hold, a new index shows.
For September, the National Association of Home Builders/Wells Fargo builder sentiment index, which measures builders’ outlook on current sales, future sales, and buyer demand, reached its highest level in six years. Plus, homebuilders expect the housing recovery to strengthen within the next six months.
Homebuilders say they’ve experienced some of the best sales levels they've had in six years, and buyer traffic has returned to May 2006 levels, the index shows.
"We think things have turned around and this recovery is sustainable," Patrick Newport, an economist with IHS Global Insight, told the Associated Press.
The index has been edging higher since last October, coinciding with reports that show sales and home prices inching up too.
Source: “Index of US Homebuilder Confidence Improves; Builders Anticipate Sales Strengthening into '13,” Associated Press (Sept. 18, 2012)
For September, the National Association of Home Builders/Wells Fargo builder sentiment index, which measures builders’ outlook on current sales, future sales, and buyer demand, reached its highest level in six years. Plus, homebuilders expect the housing recovery to strengthen within the next six months.
Homebuilders say they’ve experienced some of the best sales levels they've had in six years, and buyer traffic has returned to May 2006 levels, the index shows.
"We think things have turned around and this recovery is sustainable," Patrick Newport, an economist with IHS Global Insight, told the Associated Press.
The index has been edging higher since last October, coinciding with reports that show sales and home prices inching up too.
Source: “Index of US Homebuilder Confidence Improves; Builders Anticipate Sales Strengthening into '13,” Associated Press (Sept. 18, 2012)
Monday, August 6, 2012
Construction Spending Picks Up in June
The homebuilding industry posted another gain in construction spending in June, marking the third consecutive month for increases, the Commerce Department reported Wednesday.
After a sluggish last few years, the homebuilding industry continues to dig toward a recovery, posting big year-over-year improvements that has many analysts saying the sector has finally reached the tipping point toward recovery.
In June, construction spending increased 0.4 percent. Last month, spending gained 1.6 percent -- an upwardly revised number -- which marked the largest one-month increase since December. The increase has been most driven by a rise in residential housing construction.
Overall, June construction spending was up 12.9 percent compared to February 2011, which at the time had marked a 12-year low for the sector.
However, economists warn that the homebuilding industry still has a long way to go. While there has been recent improvement, construction spending levels are still about half of what most consider healthy for the industry.
Source: “Construction Spending Rises in June, but Manufacturing Slows,” USA Today (Aug. 1, 2012)
After a sluggish last few years, the homebuilding industry continues to dig toward a recovery, posting big year-over-year improvements that has many analysts saying the sector has finally reached the tipping point toward recovery.
In June, construction spending increased 0.4 percent. Last month, spending gained 1.6 percent -- an upwardly revised number -- which marked the largest one-month increase since December. The increase has been most driven by a rise in residential housing construction.
Overall, June construction spending was up 12.9 percent compared to February 2011, which at the time had marked a 12-year low for the sector.
However, economists warn that the homebuilding industry still has a long way to go. While there has been recent improvement, construction spending levels are still about half of what most consider healthy for the industry.
Source: “Construction Spending Rises in June, but Manufacturing Slows,” USA Today (Aug. 1, 2012)
Monday, June 25, 2012
US builders start more single-family homes
U.S. builders started work on more single-family homes in May and requested the most permits to build homes and apartments in three and a half years. The increase suggests the housing market is slowly recovering even as other areas of the economy have weakened.
The Commerce Department said Tuesday that builders broke ground on 3.2 percent more single-family homes in May, the third straight monthly increase.
Overall housing starts fell 4.8 percent last month to a seasonally adjusted annual rate of 708,000. But that was entirely because of a 21.3 percent plunge in apartment construction, which can be volatile from month to month.
The government also said April was much better for housing starts than first thought. The government revised the April starts to 744,000 — up from an initially reported 717,000 and the fastest building pace since October 2008.
And builders are more optimistic about the next 12 months. They requested more permits to build homes, a gauge of future construction. Permits increased to a seasonally adjusted rate of 780,000 — the most since September 2008.
Even with the gains, the rate of construction and the level of permits requested remain roughly half the pace considered healthy. Yet the increases add to other signs that the home market may finally be starting to recover nearly five years after the housing bubble burst.
Builders have grown more confident since last fall, in part because more people are expressing an interest in buying a home. Cheaper mortgages and lower home prices in many markets have made home buying more attractive. Many economists believe that housing construction could contribute to overall economic growth this year for the first time since 2005.
"We continue to expect housing activity to increase gradually in coming months and residential investment to make a positive ... contribution to GDP growth," said Peter Newland of Barclays
By region of the country, housing starts rose 14.4 percent in the West, but dropped in other parts of the country. The declines primarily reflected the weakness in apartment activity.
Still, the pace of home sales remains well below healthy levels. Economists say it could be years before the market is fully healed.
Many people are still having difficulty qualifying for home loans or can't afford larger down payments required by banks. Some would-be home buyers are holding off because they fear that home prices could keep falling.
The economy is growing only modestly and job creation slowed sharply in April and May. U.S. employers created only 69,000 jobs in May, the fewest in a year.
Though new homes represent just 20 percent of the overall home market, they have an outsize impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in taxes, according to data from the Home Builders.
Source: http://bigstory.ap.org/article/us-builders-start-more-single-family-homes
The Commerce Department said Tuesday that builders broke ground on 3.2 percent more single-family homes in May, the third straight monthly increase.
Overall housing starts fell 4.8 percent last month to a seasonally adjusted annual rate of 708,000. But that was entirely because of a 21.3 percent plunge in apartment construction, which can be volatile from month to month.
The government also said April was much better for housing starts than first thought. The government revised the April starts to 744,000 — up from an initially reported 717,000 and the fastest building pace since October 2008.
And builders are more optimistic about the next 12 months. They requested more permits to build homes, a gauge of future construction. Permits increased to a seasonally adjusted rate of 780,000 — the most since September 2008.
Even with the gains, the rate of construction and the level of permits requested remain roughly half the pace considered healthy. Yet the increases add to other signs that the home market may finally be starting to recover nearly five years after the housing bubble burst.
Builders have grown more confident since last fall, in part because more people are expressing an interest in buying a home. Cheaper mortgages and lower home prices in many markets have made home buying more attractive. Many economists believe that housing construction could contribute to overall economic growth this year for the first time since 2005.
"We continue to expect housing activity to increase gradually in coming months and residential investment to make a positive ... contribution to GDP growth," said Peter Newland of Barclays
By region of the country, housing starts rose 14.4 percent in the West, but dropped in other parts of the country. The declines primarily reflected the weakness in apartment activity.
Still, the pace of home sales remains well below healthy levels. Economists say it could be years before the market is fully healed.
Many people are still having difficulty qualifying for home loans or can't afford larger down payments required by banks. Some would-be home buyers are holding off because they fear that home prices could keep falling.
The economy is growing only modestly and job creation slowed sharply in April and May. U.S. employers created only 69,000 jobs in May, the fewest in a year.
Though new homes represent just 20 percent of the overall home market, they have an outsize impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in taxes, according to data from the Home Builders.
Source: http://bigstory.ap.org/article/us-builders-start-more-single-family-homes
Friday, April 27, 2012
New-Home Building Permits Soar to 2008 Levels
Permits for new-home building — a gauge of future demand — reached its highest level last month since September 2008, the Commerce Department reported Tuesday.
New housing permits rose 4.5 percent in March, reaching an annualized level of 747,000.
But while the future of home building shows signs of picking up, actual construction started last month slowed, the second consecutive month for declines.
Builders broke ground in March on a seasonally adjusted annual rate of 654,000 homes, a 5.8 percent drop from February, the Commerce Department reported. The construction of multifamily homes — those with at least two units — posted a 16.9 percent drop last month while construction of single-family homes dropped slightly at 0.2 percent.
New-home building declined the most in the South — posting a 15.9 percent decline in March — while the Northeast saw a 32.8 percent gain and the Midwest saw a 1 percent increase.
The new-home market continues to struggle to compete against foreclosures and short sales plaguing many markets, which are often sold at big discounts. Coupled with that, new homes tend to be priced about 30 percent higher than previously occupied homes.
While builder confidence has been increasing in recent months, confidence showed a slight decrease in April, the first time it's declined in seven months, according to the National Association of Home Builders/Wells Fargo Housing Market Index.
"Although builders in many markets are noting increased interest among potential buyers, consumers are still very hesitant to go forward with a purchase, and our members are realigning their expectations somewhat until they see more actual signed sales contracts," says Barry Rutenberg, NAHB chairman.
Source: “U.S. March Housing Starts -5.8% to 654K,” Dow Jones International News (April 17, 2012) and National Association of Home Builders
New housing permits rose 4.5 percent in March, reaching an annualized level of 747,000.
But while the future of home building shows signs of picking up, actual construction started last month slowed, the second consecutive month for declines.
Builders broke ground in March on a seasonally adjusted annual rate of 654,000 homes, a 5.8 percent drop from February, the Commerce Department reported. The construction of multifamily homes — those with at least two units — posted a 16.9 percent drop last month while construction of single-family homes dropped slightly at 0.2 percent.
New-home building declined the most in the South — posting a 15.9 percent decline in March — while the Northeast saw a 32.8 percent gain and the Midwest saw a 1 percent increase.
The new-home market continues to struggle to compete against foreclosures and short sales plaguing many markets, which are often sold at big discounts. Coupled with that, new homes tend to be priced about 30 percent higher than previously occupied homes.
While builder confidence has been increasing in recent months, confidence showed a slight decrease in April, the first time it's declined in seven months, according to the National Association of Home Builders/Wells Fargo Housing Market Index.
"Although builders in many markets are noting increased interest among potential buyers, consumers are still very hesitant to go forward with a purchase, and our members are realigning their expectations somewhat until they see more actual signed sales contracts," says Barry Rutenberg, NAHB chairman.
Source: “U.S. March Housing Starts -5.8% to 654K,” Dow Jones International News (April 17, 2012) and National Association of Home Builders
Wednesday, January 11, 2012
Trend Watch: Home Design Gets Simpler
As home buyers continue to rank affordability high, more home styles are getting simpler and homes are becoming lower maintenance, according to the latest Home Design Trends Survey, conducted by the American Institute of Architects.
Simpler exterior details and the use of durable building products are growing in popularity, according to the third-quarter survey of architects, which mostly focused on community and neighborhood design.
“Consumers are favoring homes with low-maintenance exterior materials such as fiber-cement, stone, tile, and natural earth plasters,” according to the report. “This significantly outpaces any other home exterior feature in terms of its increase in popularity. Over the past year, there has been a dramatic decrease in the popularity of sustainable roofing materials, as well as in ‘cool’ roofs with high solar reflective characteristics. Tubular skylights have also decreased in popularity over the past year.”
Also, could large residential subdivisions start becoming a thing of the past? According to the survey of architects, there has been a shift away from large residential subdivisions toward smaller-scale infill development projects, which tend to focus more on affordability, access to public transportation, nearby commercial opportunities, and job centers. The survey also revealed increased interest among consumers for neighborhoods that can accommodate a growing number of multigenerational households and that encourage more interaction with the community.
Source: http://stagedsold.blogs.realtor.org/2012/01/03/trend-watch-home-design-gets-simpler/
Simpler exterior details and the use of durable building products are growing in popularity, according to the third-quarter survey of architects, which mostly focused on community and neighborhood design.
“Consumers are favoring homes with low-maintenance exterior materials such as fiber-cement, stone, tile, and natural earth plasters,” according to the report. “This significantly outpaces any other home exterior feature in terms of its increase in popularity. Over the past year, there has been a dramatic decrease in the popularity of sustainable roofing materials, as well as in ‘cool’ roofs with high solar reflective characteristics. Tubular skylights have also decreased in popularity over the past year.”
Also, could large residential subdivisions start becoming a thing of the past? According to the survey of architects, there has been a shift away from large residential subdivisions toward smaller-scale infill development projects, which tend to focus more on affordability, access to public transportation, nearby commercial opportunities, and job centers. The survey also revealed increased interest among consumers for neighborhoods that can accommodate a growing number of multigenerational households and that encourage more interaction with the community.
Source: http://stagedsold.blogs.realtor.org/2012/01/03/trend-watch-home-design-gets-simpler/
Wednesday, December 14, 2011
New Construction Permits Increase By 11 Percent
CNNMoney.com reports that construction permits saw a modest boom in October.
Read more: New Construction Permits Increase By 11 Percent | REALTOR.com® Blogs
According to the article, new construction permits sat at a seasonally adjusted annual rate of 653,000 for October. This marks a 10.9 percent increase from September’s revised rate of 589,000. The numbers were gathered from the Commerce Department.
Doug Roberts, the chief investment strategist of Channel Capital Research said that even with the jump, the numbers are only speculative. Builders may still be holding back.
“Getting a permit and actually beginning to build a house is the difference between getting engaged and getting married,” said Roberts in the article. “What you have is builders thinking the market might be coming back, so they’re getting permits to make sure they are ready to build if it does.”
A government report supported Roberts’ opinion, showing that new home construction was a bit lower in October. The number of new homes fell slightly by 0.3 percent to an annual rate of 628,000 that month, according to the Commerce Department. The revised annual rate for September was 630,000 units.
“Builders thought they were going to be able to get out there and get some houses done, but then they found that they didn’t necessarily want to make the stone cold commitment and want to put anything in the ground,” Roberts said. “The demand wasn’t there, so they weren’t willing to bet a serious amount of money.”
If there is an increase in demand and the number of forecloses decreases, the article said that more permits could mean more construction.
“But that’s a big ‘if’,” Roberts added.
Even with the prevailing misanthropy of many in the housing market, both permits and construction have seen increases from last year, new construction rising 16.5 percent over October 2010 and building permits rising by 17.7 percent for the same period.
Read more: New Construction Permits Increase By 11 Percent | REALTOR.com® Blogs
Wednesday, November 30, 2011
New-Home Sales Post Biggest Gains in Months
New-home sales for single-family homes rose 1.3 percent in October, marking the best pace for new-home sales activity since this May, the U.S. Commerce Department reports.
Following the sector’s worst year for new-home activity on record last year, several recent reports are suggesting a pick-up in new construction.
"Builders have been seeing some marginal improvement in sales activity over the past few months, particularly in select markets where consumer confidence is higher due to improved economic conditions," Bob Nielsen, chairman of the National Association of Home Builders, said in a statement. "While this trend is encouraging, overall sales activity is still well below normal due to the effects of overly tight credit conditions for builders and buyers, the continued flow of distressed properties on the market, and inaccurate appraisal values on new homes."
Despite the October gain in sales, new-home sales for the month were at an annual rate of 307,000--still less than half the 700,000 in sales that most economists consider healthy for the housing market.
A break down of sales by region in October:
Nationwide, the inventory of new homes for sale stayed at an all-time record low of 162,000 units in October.
"Particularly encouraging is the fact that builders continue to hold down their inventories to match the current sales rate, with the number of new homes for sale now down to a sustainable, 6.3-month supply," NAHB Chief Economist David Crowe said in a statement.
By Melissa Dittmann Tracey, REALTOR® Magazine Daily News
http://realtormag.realtor.org/daily-news/2011/11/29/new-home-sales-post-biggest-gains-in-months
Following the sector’s worst year for new-home activity on record last year, several recent reports are suggesting a pick-up in new construction.
"Builders have been seeing some marginal improvement in sales activity over the past few months, particularly in select markets where consumer confidence is higher due to improved economic conditions," Bob Nielsen, chairman of the National Association of Home Builders, said in a statement. "While this trend is encouraging, overall sales activity is still well below normal due to the effects of overly tight credit conditions for builders and buyers, the continued flow of distressed properties on the market, and inaccurate appraisal values on new homes."
Despite the October gain in sales, new-home sales for the month were at an annual rate of 307,000--still less than half the 700,000 in sales that most economists consider healthy for the housing market.
A Regional Look
A break down of sales by region in October:
- Midwest: Rose 22.2 percent
- West: Rose 14.9 percent
- Northeast: Stayed flat
- South: Declined 9.5 percent
Inventory Drops Drastically
Nationwide, the inventory of new homes for sale stayed at an all-time record low of 162,000 units in October.
"Particularly encouraging is the fact that builders continue to hold down their inventories to match the current sales rate, with the number of new homes for sale now down to a sustainable, 6.3-month supply," NAHB Chief Economist David Crowe said in a statement.
By Melissa Dittmann Tracey, REALTOR® Magazine Daily News
http://realtormag.realtor.org/daily-news/2011/11/29/new-home-sales-post-biggest-gains-in-months
Friday, July 22, 2011
June Housing starts up 14.6% to 629,000
WASHINGTON (MarketWatch) - New construction of U.S. houses jumped in June to their highest level in five months, the Commerce Department estimated Tuesday. Starts rose 14.6% in June to a seasonally adjusted 629,000 annualized units, stronger than the 580,000 pace expected by economists surveyed by MarketWatch. This is the highest level of starts since January. Starts of new single-family homes rose by 9.4% to 453,000 in June, while starts of large apartment units surged 31.8%% to 170,000. Building permits, a leading indicator of housing construction, rose 2.5% to a seasonally adjusted annual rate of 624,000. This is the highest level of permits since December
Read the full story:
Housing starts rise 14.6% to five-month high
Read the full story:
Housing starts rise 14.6% to five-month high
Monday, June 6, 2011
Storm Resistant Homes Get More Attention
After the recent tornadoes in Joplin, Missouri, Tuscaloosa, Alabama, and even here in the Tri-State storm resistant homes are getting a lot of attention. In fact, a construction company in Perry County says more and more people are asking about these strong homes.
It's the place you go to during severe weather. A place that should be your safest bet.
"Mother Nature does what Mother Nature wants to do, however, what we do with ICF is give our customers the best chance at survival," Josh Harris said.
Josh Harris builds energy efficient homes using Insulated Concrete Forms. His Perry County Company started building these homes five years ago. So far, they have built eight homes, a chapel, and several basements using ICF.
Inside the foam is a solid wall of concrete. A wall so strong, Harris says it can protect your family from flying debris during a tornado.
So far this year, there have been 1,403 tornado reports in the U.S., at least 15 of those were reported in the Tri-State.
"When you see all the storm devastation with these helicopter photos, you can see the foundations left. Our walls are the foundation," Harris said.
Josh Clark has lived in his tornado resistant home for two years.
"I wanted the family to not have to worry in the middle of the night, have to listen to the radio and get up and run to the basement. I feel very confident that we're safe in any room in the house," Josh Clark said.
He says he would encourage others to build one of these in a heart beat.
"Basically, when I hear there's a tornado coming, I call the neighbors up and invite them to come over and sit in the safe house because I don't have any problems, I don't feel, like I need to run to the basement, I just feel very safe and content," Clark said.
A shield from the danger outside, a home many say can save lives.
Harris says these houses cost about 5% more than a stick frame house, but they are so energy efficient, owners gain that money back because of lower energy bills.
Source: http://tristatehomepage.com/fulltext?nxd_id=276137
It's the place you go to during severe weather. A place that should be your safest bet.
"Mother Nature does what Mother Nature wants to do, however, what we do with ICF is give our customers the best chance at survival," Josh Harris said.
Josh Harris builds energy efficient homes using Insulated Concrete Forms. His Perry County Company started building these homes five years ago. So far, they have built eight homes, a chapel, and several basements using ICF.
Inside the foam is a solid wall of concrete. A wall so strong, Harris says it can protect your family from flying debris during a tornado.
So far this year, there have been 1,403 tornado reports in the U.S., at least 15 of those were reported in the Tri-State.
"When you see all the storm devastation with these helicopter photos, you can see the foundations left. Our walls are the foundation," Harris said.
Josh Clark has lived in his tornado resistant home for two years.
"I wanted the family to not have to worry in the middle of the night, have to listen to the radio and get up and run to the basement. I feel very confident that we're safe in any room in the house," Josh Clark said.
He says he would encourage others to build one of these in a heart beat.
"Basically, when I hear there's a tornado coming, I call the neighbors up and invite them to come over and sit in the safe house because I don't have any problems, I don't feel, like I need to run to the basement, I just feel very safe and content," Clark said.
A shield from the danger outside, a home many say can save lives.
Harris says these houses cost about 5% more than a stick frame house, but they are so energy efficient, owners gain that money back because of lower energy bills.
Source: http://tristatehomepage.com/fulltext?nxd_id=276137
Friday, May 6, 2011
New-Home Sales Gain Momentum
After three straight months of declines, sales of new homes got a boost last month, jumping 11 percent, according to the Commerce Department’s latest new-home sales report released Monday.
New-home sales rose in March to a seasonally adjusted rate of 300,000 homes, up from February’s 250,000. However, the number is still far from what economists view as a healthy 700,000-a-year pace for the sector.
The median price of a new home increased 3 percent from February to $213,800. New-home prices are about 34 percent higher than the median price of existing homes, according to economists.
Regionally, new-home sales saw the biggest boost in the Northeast, jumping nearly 67 percent in March. The West saw an increase in new-home sales last month by nearly 26 percent; the Midwest posted a 13 percent increase; and in the South, new-home sales dipped 0.6 percent.
The new-home market continues to be battered by a high number of foreclosures that continue to dampen home prices across the country. With 1.2 million foreclosures forecast this year, the new-home sales market may not see a major turnaround for years, according to RealtyTrac Inc.
However, while residential construction has decreased considerably in recent years, reports have recently shown building permits have increased 28 percent for apartment and condo buildings.
Source: “The number of people who bought new homes jumped 11 pct., but pace is far below healthy level,” Associated Press (April 25, 2011)
New-home sales rose in March to a seasonally adjusted rate of 300,000 homes, up from February’s 250,000. However, the number is still far from what economists view as a healthy 700,000-a-year pace for the sector.
The median price of a new home increased 3 percent from February to $213,800. New-home prices are about 34 percent higher than the median price of existing homes, according to economists.
Regionally, new-home sales saw the biggest boost in the Northeast, jumping nearly 67 percent in March. The West saw an increase in new-home sales last month by nearly 26 percent; the Midwest posted a 13 percent increase; and in the South, new-home sales dipped 0.6 percent.
The new-home market continues to be battered by a high number of foreclosures that continue to dampen home prices across the country. With 1.2 million foreclosures forecast this year, the new-home sales market may not see a major turnaround for years, according to RealtyTrac Inc.
However, while residential construction has decreased considerably in recent years, reports have recently shown building permits have increased 28 percent for apartment and condo buildings.
Source: “The number of people who bought new homes jumped 11 pct., but pace is far below healthy level,” Associated Press (April 25, 2011)
Wednesday, February 9, 2011
Tips for Choosing Upgrades for a New Home
Most home owners opt to add some upgrades to a new home, which can be rolled into the mortgage opposed to paying for them later on their own. But the choices of what flooring, lighting, or other upgrades to choose can be overwhelming.
Designer Candice Olson, author and host of HGTV's "Candice Tells All," says lighting and extra wiring are key upgrades new home buyers should consider.
"Adding lighting -- or at least the wiring for it -- means you'll be able to have bathroom sconces instead of that one overhead light the builder gives you,” Olson says. “Your flat-screen TV can be where you want it. You'll have a floor outlet for the lamp in middle of the open room. And you won't be ripping out walls later to do all this."
Also, she says home owners shouldn’t forget about the exterior lighting either. "Outside lighting, plus landscaping, will set apart your house from the others in the neighborhood where buyers chose from plans A, B and C," Olson says.
As for flooring, Olson recommends hardwood floors for the main living areas, and cork floors for the basement, since there’s potential for water leakage in basements.
She also says the addition of taller baseboards, chair rails, crown molding, coffered ceilings, built-ins or a banquette also are smart investments for upgrades.
Source: “Decisions, Decisions: Add Character to Your Home With a Few Choice Upgrades,” Chicago Tribune (Feb. 4, 2011) http://www.realtor.org/RMODaily.nsf/pages/News2011020906?OpenDocument
Designer Candice Olson, author and host of HGTV's "Candice Tells All," says lighting and extra wiring are key upgrades new home buyers should consider.
"Adding lighting -- or at least the wiring for it -- means you'll be able to have bathroom sconces instead of that one overhead light the builder gives you,” Olson says. “Your flat-screen TV can be where you want it. You'll have a floor outlet for the lamp in middle of the open room. And you won't be ripping out walls later to do all this."
Also, she says home owners shouldn’t forget about the exterior lighting either. "Outside lighting, plus landscaping, will set apart your house from the others in the neighborhood where buyers chose from plans A, B and C," Olson says.
As for flooring, Olson recommends hardwood floors for the main living areas, and cork floors for the basement, since there’s potential for water leakage in basements.
She also says the addition of taller baseboards, chair rails, crown molding, coffered ceilings, built-ins or a banquette also are smart investments for upgrades.
Source: “Decisions, Decisions: Add Character to Your Home With a Few Choice Upgrades,” Chicago Tribune (Feb. 4, 2011) http://www.realtor.org/RMODaily.nsf/pages/News2011020906?OpenDocument
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