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Why You May Want To Seriously Consider a Newly Built Home

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Are you putting off your plans to sell because you’re worried you won’t be able to find a home you like when you move?

If so, it may be time to consider a newly built home and the benefits that come with one. Here’s why.

Near-Record Percentage of New Home Inventory

Newly built homes are becoming an increasingly significant part of today’s housing inventory. According to the most recent report from the National Association of Home Builders (NAHB):

“Newly built homes available for sale accounted for 31% of total homes available for sale in November, compared to an approximate 12% historical average.”

That means the percentage of the total homes available to buy that are newly built is well over two times higher than the norm. And even more new homes are on the way.

Recent data from the Census shows there’s been an uptick in both housing starts (where builders break ground on more new homes) and housing completions (homes where construction just wrapped).

And while some people may worry builders are building too many homes, that isn’t a concern – if anything, the recent increase is really good news. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“Even more home building will be needed with the housing shortage persisting in most markets . . . Another 30% rise in home construction can easily be absorbed in the marketplace . . .”

How This Helps You 

Since the supply of existing homes for sale is still low right now, the increase of new-home construction can be a game changer because it gives you more options for your search.

Picture yourself in a home that’s new from the ground up: new appliances, fresh paint, fewer maintenance needs because everything is new, and so much more. Doesn’t that sound nice?

And it may be more within reach than you ever imagined. In addition, some builders are offering things like mortgage rate buy-downs for homebuyers right now. This can help offset today’s affordability challenges while also getting you into your dream home. In a recent article, Patrick Duffy, Senior Real Estate Economist at U.S. News, explains:

“Builders have been using mortgage interest rate buydowns for many years as a sales incentive whenever interest rates are relatively high, . . .Today more builders are offering rate buydowns for the entirety of the loan, allowing buyers to finance more home for the same payment amount.”

Just remember, the process of buying from a builder is different from buying from a home seller, so it’s important to partner with a trusted real estate agent who knows the local market. They’ll be your go-to resource for coordinating with the builder, reviewing contracts, and more.

Bottom Line

If you’re trying to sell so you can make a move but you’re having a hard time finding a home you like, connect with a local real estate agent to explore all of your options, including the newly built homes in our area.

Read more at KeepingCurrentMatters.com

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How To Choose a Bathtub To Complete Your Bathroom Remodel

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Bathroom remodeling is a great way to revamp your home's look and feel, and choosing a bathtub to complete the project can be a crucial step.

With so many options available in the market, choosing the right bathtub can sometimes be challenging and overwhelming. However, understanding your needs, budget, and preferences can help you select a bathtub that will complement the design and layout of your bathroom. In this blog post, we will provide you with some useful tips on how to choose a bathtub and the factors you need to consider to complete the remodel.

Determine Your Budget
The first factor you need to consider before choosing a bathtub is your budget. Bathtubs come in different prices, and it's essential to choose one that suits your budget range. When it comes to bathtubs, remember that price doesn't always dictate quality, so focus on getting value for your money. Consider not only the initial purchase price but also the long-term maintenance costs such as installation, repair, and cleaning.

Consider Your Space
Another essential factor to consider when choosing a bathtub is the available space in your bathroom. There are different bathtub sizes, shapes, and styles, and you need to choose one that fits your space. Also, keep in mind the location of your bathtub with other bathroom fixtures such as sinks, toilets, and showers. This is important in ensuring that your bathtub doesn't overcrowd other areas and that there's enough space for movement.

Think About Material
When it comes to bathtubs, there is a wide range of materials to choose from. You can opt for the classic and sturdy cast iron, the sleek and lightweight acrylic, or the versatile and affordable fiberglass. If you're feeling adventurous, you can even explore the unique charm of a wooden or stained glass bathtub. Each material has its distinct advantages and drawbacks, so it's crucial to delve into its specific properties and consider factors such as durability, ease of maintenance, and resistance to wear and tear. By carefully evaluating these aspects, you can select the perfect bathtub material that perfectly suits your needs and enhances your bathing experience.

Understand Drain Location
The drain location is an often overlooked but significant aspect of bathtub selection. It is vital to align the new bathtub's drain with the existing plumbing to avoid costly alterations. Be sure to check whether the drain is located on the left, right, or center of the tub. A skilled plumber can provide a practical assessment of your existing plumbing structure and help determine the best bathtub option in terms of drain positioning and capacity. It's also important to remember that some tub designs only come with specific drain locations, so this factor might influence your overall choice.

Think About Style
Finally, it is important to carefully consider the style that best suits your bathroom. Bathtubs offer a wide range of styles, from classic and timeless to modern and contemporary. The style you ultimately choose should harmonize with the overall design and theme of your bathroom, creating a cohesive and visually pleasing space. Take into account various factors such as color, shape, and aesthetics when making your decision. By choosing a bathtub style that reflects your personality and meets your aesthetic needs, you can ensure a truly customized and inviting bathing experience.

Choosing a bathtub to complete your bathroom remodel is not a decision to be taken lightly. It involves careful thought and consideration of various factors such as your budget, the available space, the material, drain location, and, of course, your preferred style. Remember, the perfect bathtub is one that not only enhances the aesthetic appeal of your bathroom but also offers functionality and value for money. Don't hesitate to consult with a professional plumber to guide you through the process and help you make an informed decision. With the right choice, your bathtub can be the crowning glory of your bathroom remodel, turning your bathing experience into a daily indulgence.

Read more at Rismedia.com

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Gen Z’s Homeownership Rate Stagnated in 2023, But Millennials and Gen Xers Saw Gains

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  • 26% of adult Gen Zers owned a home in 2023, little changed from 2022. Meanwhile, the homeownership rate for millennials rose to 55% from 52%, and the rate for Gen X climbed to 72% from 70%.

  • Still, most adult Gen Zers are tracking ahead of where their parents were at the same age. That’s likely because many Gen Z homeowners were able to buy when rates were near record lows.

Just over one-quarter (26.3%) of adult Gen Zers owned a home in 2023, little changed from 26.2% in 2022. Meanwhile, the homeownership rate for millennials rose to 54.8% from 52%, and the homeownership rate for Gen X rose to 72% from 70.5%. The rate for baby boomers was little changed (78.8% vs 78.7% in 2022), down from a record 79.7% in 2020, as some boomers have passed away or moved into retirement homes.

 
 

Gen Zers were 11-26 years old in 2023 (born 1997-2012); only adult Gen Zers (19-26 years old) were included in this analysis. Millennials were 27-42 (born 1981-1996) in 2023, Gen Xers (born 1965-1980) were 43-58 and baby boomers were 59-77 (born 1946-1964). Scroll down for a more detailed methodology. 

The homeownership rate for adult Gen Zers likely moved sideways in 2023 because it was an especially hard year to buy a home; mortgage rates surpassed 8% for the first time since 2000 and housing prices remained stubbornly high, causing homebuyer mortgage payments to soar. While that posed challenges for house hunters across generations, it was particularly difficult for America’s youngest homebuyers, many of whom are just starting their careers and don’t have significant savings or wealth from the sale of a previous home.

The good news is that 2024 is shaping up to be a more affordable year for homebuying than 2023. Mortgage rates have dropped from over 8% in October to 6.8% as of mid January, pushing homebuyers’ monthly payments down more than $300 from their 2022 record high. The drop in rates is bringing both buyers and sellers off the sidelines. And an increase in sellers has fueled a jump in new listings, which is giving buyers more options to choose from and could ultimately put downward pressure on prices.

“Housing affordability remains strained, but things are looking up for Gen Z,” said Redfin Chief Economist Daryl Fairweather. “The recent decline in rents means Gen Zers can put more money toward saving for a down payment. Plus, the job market is strong, and career opportunities have become less concentrated in expensive cities during the remote work era, meaning many Gen Zers can choose to live somewhere more affordable.”

Most Adult Gen Zers Are Tracking Ahead of Where Their Parents Were at the Same Age

While the homeownership rate for adult Gen Zers has stagnated, a majority of them are still outpacing young people of the past.

The homeownership rates for 19-to-25-year-old Gen Zers are higher than the homeownership rates were for millennials and Gen Xers when they were the same age. For example, the rate for 24-year-old Gen Zers is 27.8%, compared with 24.5% for millennials when they were 24 and 23.5% of Gen Xers when they were 24.

This is likely because many Gen Z homeowners bought during the pandemic, when mortgage rates hit a record low. When many millennials were in their early twenties, many were struggling to find work due to the Great Recession, which made it harder to afford a home. And when Gen Xers were in their early twenties, they were grappling with some of the highest mortgage rates in history; for example, rates were around 11% in 1989, when the oldest Gen Xers were 24.

 
 

The only Gen Zers who are tracking behind prior generations are 26-year-olds, who were the oldest Gen Zers as of 2023. The homeownership rate for 26-year-old Gen Zers is 30%, below 31% for millennials at 26, 32.5% of Gen Xers at 26, and 35.6% of boomers at 26. 

It’s possible that younger Gen Zers are more likely to track ahead of older generations because many of them are receiving financial help from family members, while many older Gen Zers are being weaned off of their parents’ wallets. 

Read more at Redfin.com

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How a ‘Dry January’ Mindset Can Get You Closer to Buying a Home in 2024

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The “dry January” challenge of giving up alcohol for a month got us thinking about kicking some other bad habits that might be holding us back.

We’re not talking about giving up carbs for a month or an afternoon latte, but the not-so-great things you might be doing as a wannabe homebuyer. Not to point fingers here, but many home shoppers fall prey to a faux pas or two when making what’s likely the most significant purchase of their lives, especially in today’s brutal housing market.

To help you get closer to your homebuying dreams, consider taking the month of January to hit the reset button and think about the strategies that aren’t working in your favor. Ready for a homebuying reset? Read on.

Bad habit No. 1: Shopping for a home above your price range

We know how tempting it is to wistfully eye houses above your price range, especially if you’re not finding anything in your budget on the listing pages. Still, wondering how you just might be able to swing a higher homebuying fund is a bad habit that could create a cash flow crisis for your budget.

There are additional upfront costs when buying a home. In addition to the sales price, you will pay for inspections, appraisals, homeowners insurance, utility deposits, and closing costs, which could add thousands to your bottom line.

So kick the habit of browsing homes beyond your budget by challenging yourself to discover hidden gems within your financial comfort zone.

Bad habit No. 2: Taking on new debt while house hunting

Finding a home can be extremely tiresome and stressful. Who can blame you for wanting to treat yourself with a little somethin’ somethin’ to lift your spirits?

Yet splurging on certain things can get homebuyers into hot water. A new pair of kicks? Go for it. A new set of wheels? Not so much.

Stay accountable by sharing your house hunting and financial goals with a trusted friend or family member. They can support and remind you of your commitment to avoid new debt until after closing.

Bad habit No. 3: Nixing a home for minor issues

Fact: Finding a home with no cosmetic issues is extremely rare. Instead of perfection, you’ll likely step into a bedroom with an off-putting mural from the ’70s that makes you cringe, or tour a house with icky carpet. And these gut reactions might make you immediately scratch a property off your list.

Instead, try visualizing what the house would look like with your decorative effort—or grab a friend who can see the potential and upsides of a home needing TLC.

If the home issues are a bit more complex, get a contractor to give you an estimate on fixing what you dislike.

Bad habit No. 4: Buying a home to fit furniture

You keep finding almost perfect houses, with one exception—your beloved soft and roomy sectional where you spent many nights cozied up with your pup watching Netflix doesn’t fit.

But please don’t nix the house and keep looking. You might want to consider a new way to handle this hurdle, as unique or sentimental as the furniture is.

Bad habit No. 5: Insulting the seller

Buying or selling a house can be highly emotional for both parties.

Buyers fall hard and fast for a house and become attached to the house. Meanwhile, sellers might have a hard time parting with their beloved home.

By cultivating an atmosphere of respect and consideration, you improve the chances of successful negotiations and build trust and goodwill with the seller, which can be invaluable when addressing any potential concerns and conducting inspections.

Bad habit No. 6: Using multiple agents

Working with a few agents to scope out as many houses as possible in a competitive market might seem like a genius idea to beat the system.

Yet while working with multiple agents is legal (unless you sign a buyer’s agent agreement), having an agent or three on speed dial doesn’t put you ahead of the curve. All real estate agents have access to the same multiple listing services, meaning you might have different agents showing you the same property.

Instead of creating headaches for yourself, interview a few agents and then choose one.

Read more at Realtor.com

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As Featured in West + Main Home Magazine: Kitchen Glow Up!

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Annie and Travis, clients of West + Main Agent Kendra Lanterman

“We are super happy with how it turned out. We went from having the world’s tiniest kitchen to SO MUCH COUNTER SPACE we have literally never needed more.”
— Annie + Travis Clark

When West + Main agent Kendra Lanterman and her clients (are we including their names?) first started looking for their next house, they weren't planning on buying a fixer-upper.  It was during COVID, March 2021, the market was going crazy and they were getting outbid by $50-$100k on the nicer homes.  One weekend, they put a bid on a nice house that they really, really wanted…but apparently about 30 other people also really, really wanted that house and they were outbid by a landslide, even after bidding about $60k over the asking price. 

“The next Tuesday we realized that one of the houses we toured over the weekend didn't sell,” explained XX. It didn't actually get any bids over the weekend, while most other houses were getting 20-30 bids. It was dirty, run-down, dark, and definitely a fixer-upper.  The photos and the walk-through were un-appealing.  But we figured this could be our chance to get a house we could actually afford, without competing against 30 other bidders.  So we put an offer in that Tuesday for $5k under the asking price.  The sellers countered for $2.5k more and we took it!”

The homebuyers had a vision for the home that others just couldn't see. The existing kitchen was TINY, so they completely gutted the space, took out walls and extended the room around the corner to fit more cabinets and a microwave, which also allowed the fridge to fit on the wall by the sink, rather than against the old wall.

Before:

“We installed a gas line for a gas range and drilled new holes where we wanted it to be.  Luckily the crawl space with all of the pipes and heating elements was directly below the kitchen for easy access.  We also put in a new floor, tile backsplash, replaced the window, and painted. The only thing we didn't do ourselves was have the quartz counter cut and installed.”

All together the entire kitchen remodel cost about $23k, and A LOT of sweat equity…it likely would have been more than $60k to have it done by professional remodelers.

“It took a long time, but we got it fully done in about 5 months.  We had weeks of cooking on only the outdoor grill and washing dishes in the tub upstairs, as well as Home Depot and Lowe's trips about 4 times a day!”

“We are super happy with how it turned out. We went from having the world's tiniest kitchen to SO MUCH COUNTER SPACE we have literally never needed more.  If I could change one thing, I would have gone with regular stainless steel appliances, rather than the dark stainless - I think it would brighten up the space even more.”

“My favorite thing is definitely the massive quartz countertops and the bar seating area on the back side.  I also love that our wall cabinets go all the way up to the ceiling. There is so much extra storage having that extra row, even if I do have to climb on a chair to get to it!”

 

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