Sunrise Homes & Renovations, Inc.

NAHB: Builder Confidence in Housing Market Ticks Up in October

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NAHB Builder Confidence in Housing Market Ticks Up in OctoberHome builder confidence in national housing market conditions rose one index point for a reading of 68 in October. Readings over 50 indicate that most builders are confident about market conditions. Rolling three-month averages showed mixed results. The Northeastern region gained three points for an index reading of 57; the Midwestern region lost two index points with a reading of 57 and the Southern region posted a gain of one point with a reading of 70. The Western region held steady at 74.

Readings for sub-categories of the Housing Market index showed a one-point gain to 74 for current market conditions, Builder confidence in market conditions over the next six months also gained one point for a reading of 75 index points. Builder confidence in buyer traffic rose four points to 53. This was remarkable as historical readings for buyer traffic rarely rose above the benchmark reading of 50.

Demand for Homes Rises

The National Association of Home Builders reported that demand for homes increased regardless of high home prices, rising mortgage rates and low inventories of available homes. Labor shortages and high cost of buildable lots continued to weigh on builder confidence. Analyst predictions that home prices have peaked did not impact October’s builder confidence readings.

Home Builders Look Toward Affordable Housing

When the current housing boom started, builders concentrated on building high-end homes as cash buyers and investors fueled demand. Home prices rose quickly as inventories of homes for sale dwindled; first-time and moderate-income home buyers were sidelined as affordable homes were quickly snapped up. Strict mortgage qualification requirements presented challenges to buyers with credit problems. Consumers struggle with home price growth that exceeds inflation and wage increases.

As analysts report that home prices may have hit their peak the highest reading for builder confidence in recent months was 74 in December 2017. Slowing increases in home prices have signaled builders that favorable housing market conditions may have reached a tipping point. If another recession occurs, those who bought their homes at the top of the market and who have little equity are most at risk. Analysts cited high priced coastal areas as ripe for this risk. Meanwhile, builders are looking to create more affordable housing in response to signals of slowing growth in residential real estate markets.

Contact your trusted real estate professional to find out about about the market trends specific to your area.

Foreclosure Rates Expected To Dip Below 12-Year Low

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Foreclosure Rates Expected To Dip Below 12-Year LowThe record-setting pace of the U.S. economy continues to positively impact the housing market and home foreclosures now stand at an astonishing 12-year low.

Coming off a GDP growth rate of 4.1 percent and a historic bull stock market run, everyday Americans appear to be benefiting from one of, if not the strongest economies in decades. According to data compiled by CoreLogic, mortgage delinquency rates continue to improve and are already at the lowest levels in 12 years.

Building on last year’s national trend, foreclosures and mortgages more than 30 days past due declined to 4.2 percent in May. Other analytics show that mortgages at some stage in the foreclosure process also dipped by.02 percent from May 2017 to 2018. With a low 5-percent national foreclosure rate, the industry enjoys its best forecast since September 2006.

Some Housing Markets Lag Behind

While the country appears to be immersed in an economic revival, areas impacted by severe weather and hurricanes have not quite shaken off their impact.

“Serious delinquency rates continue to remain lower than a year earlier except in Florida and Texas, the hardest-hit states during last year’s hurricane season, CoreLogic president and CEO Frank Martell reportedly said.

There are also regions unaffected by hurricanes that are also lagging behind the strengthening conditions, according to research by ATTOM Data Solutions.

  • Foreclosures increased in eight states and the District of Columbia through the first half of 2018.
  • The District of Columbia suffered the worst foreclosure rate in the nation with a 60-percent increase over 2017.
  • Foreclosures increased in only 28 of 217 metropolitan housing markets studied. Oklahoma City topped the list with a 22-percent uptick.
  • Through June 2018, New Jersey endured the highest state foreclosure rate, with.99 percent of all properties in foreclosure.

According to ATTOM, Atlantic City, Trenton, Philadelphia and Chicago topped the list of total foreclosures during the first half of 2018.

2019 Foreclosure Predictions

History makes an excellent teacher and the wildfires destroying California communities are expected to negatively impact home ownership.

“While the strong economy has nudged serious delinquency rates to their lowest level in 12 years, areas hit by natural disasters have had increases,” CoreLogic chief economist Frank Nothaft reportedly said. “The tragic wildfires in the West will likely lead to a spike in delinquencies in hard-hit neighborhoods.”

“As an example, the wildfire in Santa Rosa last year destroyed or severely damaged more than 5,000 homes,” Nothaft reportedly said. “Delinquency rates rose in the aftermath, and in the ensuing months we observed home-price growth accelerate and sales decline. We will likely see the same scenario unfold in fire-ravaged communities this year.”

While America’s collective hearts go out to the families displaced by the California wildfires, the positive economic trends are expected to continue in much of the country.

CoreLogic’s Nothaft predicts foreclosure and delinquency rates to decline even further. Heading into 2019, positive numbers could upstage the current 12-year low and reach levels not seen in upwards of 15 years.

Contact your trusted real estate professional to learn about the market trends in your area.

Ways to Stay Safe During the Holidays

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Ways to Stay Safe During the HolidaysThe arrival of fall, with cooler temperatures followed by a season of holiday celebrations, means getting cozy at home, spending more time cooking and enjoying friends and family in front of a blazing fire, and lighting up your home for a series of holidays. Sadly, though, it is also a time that carries a higher risk of property losses due to fire and accidental injuries.

Here are some guidelines about how to reduce those risks and stay safe this winter:

Keep The Kitchen Safe

Serious burns and kitchen fires can dampen any holiday celebration. Statistics show that Thanksgiving and Christmas holidays can be especially prone to accidental kitchen fires and injury. If you have guests helping out, or children in the kitchen, be especially watchful. Don’t overload circuits and never let electrical cords dangle over counters. Supervise young helpers, and know what to do in case of a stovetop grease fire or a sparking appliance.

Check The Fireplace

There’s nothing as cozy as a roaring fire on a chilly winter evening. But follow the rules for fireplace safety: Have a proper screen, don’t throw paper into the fire, and check the damper and chimney spark arrestor. Whether you have a traditional fireplace or a gas-fueled metal firebox, perform a pre-season check to assure that everything is operating properly before lighting that first fire.

Candle Safety

Candles are a huge risk during the holiday season, from Halloween on through New Years. As pretty as they are, wax candles should never be left to burn unattended, indoors or out. If you want to line your sidewalk with jack-o-lanterns or create a glowing pathway for winter guests, consider battery-operated candles for safety. Indoors, keep candles away from draperies, drafts and flammable decorations, and don’t ever place candles on a Christmas tree or among pine boughs on a mantel or dining room table. It’s simply too dangerous.

Trees And Home Decorations

If lighting up the home for the holidays is a tradition for your family, check the UL label for both indoor and outdoor lighting and never overload a circuit. Use care when stringing lights, and turn them off when you’re not at home. Check ornament labels — look for flame retardant and non-flammable certification. Always turn lights off at night or when you’re not at home.

General Safety Precautions

Autumn is also the prime time to test your home’s smoke alarms. It’s smart to stage a family fire drill. Go over your escape plan in case of fire, and be sure to inform guests about what to do in case of emergency. In addition, if you don’t already have a carbon monoxide detector, why not consider installing one this fall?

Staying safe is a family responsibility, one that you should take seriously!

Whether you are looking for a new home or want to list your current property this winter, your trusted real estate agent has home safety and home improvement ideas that will help to make your next home transaction a wonderous success!

 

Winterizing Your Yard: 3 Landscape Tips

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Winterizing Your Yard: 3 Landscape TipsIn some parts of the country, it has already started snowing! But, even if you live in an area with a moderate climate, your lawn and garden are about to take a “winter break.” 

Here are 3 tips to assure that your yard will not only survive the winter, but flourish during the dormant season. They’ll assure that your landscape will greet spring full of life and beauty.

Fertilize The Lawn As Recommended

Most types of grass and landscape plants have a kind of built in “alarm clock” that helps them prepare for the changing seasons and the onset of winter. Many lawns, though, benefit greatly from a a fall “feeding” in order to supply proper nutrients to help roots survive during the cold and be ready to start growing again above ground in the spring.

Applying the proper fertilizer this fall is a simple and cost-effective way to get a jump on next year’s beautiful lawn. When and whether you fertilize will depend on your specific type of grass and your location.

Baby Your Plants

Autumn is the time you’ll want to pamper your plants — from rose bushes to winter squash, kale or potatoes — and different plants require varied treatments to protect them from the cold and frost. If you’re not a master gardener yourself, your local nursery should be able to offer advice. The top three things to remember are that plants need to be well-hydrated in order to prevent stress, that they might need extra nutrition (fertilizer) during the cold season, and that most plants like an extra blanket (in the form of additional mulch) during the winter.

Again, specific solutions will depend on the types of plants in your garden, but a little extra effort this fall will help even your traditional flower garden bloom even more beautifully come spring!

Extend The Growing Season

If you have a backyard vegetable garden or a raised bed full of herbs and spices, and you live in an area with mild to moderate winters, you might be able to extend the growing season indefinitely by covering your beds or tenting the garden. Learn how to protect your plants from freezing by using a frost blanket or rotating row covers. It’s not really that difficult, and the difference of only a few degrees can make a big difference. 

Although frost blankets can top plants directly, you can make them even more effective if you build a simple framework — something like a miniature greenhouse — to give your plants a winter home that allows air to circulate.

For additional information, check with a local greenhouse or nursery, or just experiment with different ideas. No matter what you plan to do, the time to begin is now!

If you are interested in putting your house on the market, your trusted real estate agent has tips and tricks to make the outside and inside of your home shine for potential buyers.

 

Tech Jobs Driving House Flipping Projects

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Tech Jobs Driving House Flipping ProjectsReality TV shows about house flipping make it look easy. But behind every lucrative renovation project, there are factors that impact profitability such as buying price, labor costs, unforeseen setbacks and perhaps most importantly, location.

There is no escaping the old real estate adage of “location, location, location.” Home-flipping entrepreneurs must take into account whether polishing up a blighted building is in a viable resale neighborhood. One of the location factors some house flippers are following is the trend in tech jobs.

Because the tech industry does not necessarily rely on interstate highways, commercial hubs or seaports, computer-oriented businesses are taking advantage of once vibrant manufacturing areas that have fallen on hard times. Property values in these areas seem to be trending behind some of the nation’s hotspots despite having many desirable community living aspects such as parks, walking trails, waterfronts, restaurants, and a vibrant arts scene.

Rust Belt Resurgence

Following the decline in industrial work in areas throughout Pennsylvania, West Virginia, Ohio, Illinois and others, once highly sought after cities and towns saw mass population declines. The lack of good-paying jobs left large numbers of wonderful homes and commercial buildings under-occupied.

Tech companies have been putting some economic lifeblood back into these communities in recent years. House flippers have been hot on their heels to renovate properties as high-paying workers migrate into the communities. Some of the numbers coming out of cities such as Pittsburgh and Buffalo have been impressive.

In Pittsburgh alone, house-flipping profits exceeded 162 percent in the second quarter, and Buffalo topped 100 percent. Considering the national average for this sector stands at about 44 percent, chasing tech outfits appears to be rewarding. Pennsylvania is reportedly now the second best place for home-flipping profits at 132.7 percent statewide.

Tech Trends Nationwide

The former mill and mining areas of the Rust Belt are among the top trending regions for flipping homes as Internet-based companies set up shop. There are also smaller pockets of tech-driven opportunities for contractors and real estate professionals to turn profits.

In New England, small cities such as Providence, RI, are seeing an upsurge in old mills being converted into online and tech business spaces. In Massachusetts, technology jobs have been on the rise in the region north of Boston. Former manufacturing hubs are seeing properties move as high-paying jobs increase. The opportunities for home flippers are growing.

Nashville, Tennessee, is reportedly outpacing tech-heavy Seattle in terms of employment growth. The professional networking website LinkedIn reported that 85 in 10,000 members relocated to Nashville through September. Approximately 118 in 10,000 moved to Austin and 96 to Denver. It appears the country is in the midst of tech-industry migration.

This trend is likely to continue, and house-flipping entrepreneurs are likely to have robust opportunities in these emerging housing markets across the country.

Contact your trusted real estate professional to learn about the current market trends in your area.

Fall Outdoor Lighting Tips

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Fall Outdoor Lighting TipsMany people associate the fall months with cooler temperatures and changing colors. But another defining characteristic of fall is that the days become shorter. Yes, there’s limited daylight, as the sun rises later and sets earlier.

Noting this, it’s important to take any exterior lighting into consideration if you’re listing your home this fall. It’s important because you want your home to have a welcoming vibe to it, but with the potential for showings to occur in limited daylight, some modifications and new light installations may be necessary in order for it to stand out. What’s more is that exterior lighting can serve as a theft deterrent.

Here’s a closer look at some fall outdoor lighting tips to enhance the appeal of your home this fall:

Go Solar

Solar lighting is an effective, sustainable way to highlight the landscape of your yard, and illuminate paths and walkways. Just make sure that you’re placing solar lights in areas that receive lots of sunlight during the day so that they have plenty of energy after the sun goes down.

Border Patios, Decks

If your backyard features a patio, deck or gathering space away from the home, don’t miss an opportunity to border it with lights to better highlight said features. If your deck or patio has railing, consider stringing lights throughout it.

Here’s another neat idea: If you have a patio umbrella, consider purchasing lights that fit within it. You should be able to purchase an umbrella solar light set from your local hardware store, which does wonders in providing accent lighting for this area. Even if the umbrella isn’t staying with the house, it can still make for a nice touch.

Don’t Shine Lights On Windows

Any lights that shine on windows will only hinder your home’s appearance. That’s because they’re likely to create a glare. Make sure that any lighting that you incorporate is well balanced and only goes to help the home’s overall appearance. On a similar note, make sure that any lighting doesn’t clash with each other.

Consider Uplighting

Uplighting, or shining lights so that they are hitting your home at an upward angle, is a creative way to make your home appear larger. Additionally, uplighting can help accentuate unique architectural features. Be sure to uplight from each side of the house for the best overall look.

Light For Safety

Finally, you should also be arranging lights in a way that promotes safety on your property. For instance, if there are any steps or inclines, make sure that the areas are well lit to avoid the potential for injury.

Contact your trusted real estate professional for many other tips to make your home showing a success!