Newly Built Homes Could Be a Game Changer This Spring

Buying a home this spring?

You’re probably navigating today’s affordability challenges and dealing with the limited number of homes for sale. But, what if there was a solution that could help with both?

If you’re having a hard time finding a home you love, and mortgage rates are putting pressure on your budget, it may be time to look at newly built homes. Here’s why.

New Home Construction Is an Inventory Bright Spot

When looking for a home, you can choose between existing homes (those that are already built and previously owned) and newly constructed ones. While the number of existing homes for sale has increased this year, there are still fewer available than there were in more typical years in the housing market, like back in 2018 or 2019.

So, if you’re looking to expand your pool of options even more, turning to newly built homes can help. As Danielle Hale, Chief Economist at Realtor.com, explains:

“The shortage of existing homes For Sale has opened up the possibility of new-home construction to more buyers who may not have once considered it.”

And the good news is, there are more newly built homes to pick from right now. The graphs below use data from the Census to show how new home construction is ramping up in two key areas (see most recent spike in green):

Starts, or homes where builders just broke ground, have seen a big increase lately. And completions, homes that builders just finished, are also up significantly. So, if you want a new, move-in ready home or you want to get in early and customize your build along the way, you have more options right now.

Builders Are Offering Incentives To Help with Affordability

And to sweeten the pot, builders are offering things like mortgage rate buy-downs and other perks for homebuyers right now. This can help offset today’s affordability challenges while also getting you into your dream home. Mark Fleming, Chief Economist at First American, explains why you may find builders have more wiggle room to offer more for you than the typical homeowner:

“Builders aren’t rate locked-in. They would love to sell you the home because they’re not living in it. It costs money not to sell the home. And many of the public home builders have said in their earnings calls that they are not going to be pulling back on incentives, especially the mortgage rate buydown, so that will help the new-home market continue to perform well in the spring home-buying season.”

An article from HousingWire also says this about what builders are offering right now:

 “. . . the use of sales incentives still shows some momentum as 60% of respondents reported using them, up from 58% in February. “

Just remember, buying from a builder is different from buying from a home seller, so it’s important to partner with a local real estate agent. Builder contracts can be complex. A trusted agent will be your advocate throughout the process.

They’ll be your go-to resource for advice on construction quality and builder reputation, reviewing and negotiating contracts to get you the best deal, helping you decide on which customizations and upgrades are most worthwhile, and a whole lot more.

Bottom Line

If you’re struggling to find a home to buy, or with today’s affordability challenges, connect with a local real estate agent to see if newly built homes could be the solution you’re looking for.

Read more at KeepingCurrentMatters.com

Related Links

• 5 Ways to Transform Your Basement Into a Cozy Haven

• How To Plan a Deck Addition During Your Yard Renovation

• The Best Week To List Your House Is Almost Here

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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How To Plan a Deck Addition During Your Yard Renovation

Adding a deck to your home can be a great way to increase your outdoor living space and add value to your property.

But before you start building, it's important to have a plan in place. In this blog post, we will discuss how to plan a deck addition during your yard renovation. Whether you're a seasoned DIYer or hiring a professional contractor, these tips will help you create the deck of your dreams.

Determine the Purpose of Your Deck
Before you draw up any plans or purchase materials, spend some time thinking about what you want to achieve with your deck. Do you envision a cozy space for intimate gatherings, a family-friendly area for outdoor meals, or perhaps a peaceful retreat for reading and relaxation? Consider also if you'll want to include features like built-in seating, planter boxes or a space for a hot tub. Your deck's purpose will significantly influence its design, size,and the materials you'll choose, making this step critical in creating a space that truly meets your needs and desires.

Set a Budget
Establishing a budget for your deck project is essential and can vary widely depending on the materials, size and design features you choose. It's important to research the cost of materials and labor in your area, and if you're planning to hire a contractor, get multiple quotes to ensure you're getting the best deal. Remember to include a contingency fund in your budget, as unforeseen expenses can arise during construction. Additionally, consider the long-term maintenance costs associated with different materials, as this can affect your budget over time too.

Choose the Right Materials
When it comes to building a deck, there are a variety of materials to choose from, such as wood, composite or PVC. Each material has its own benefits and drawbacks, so consider factors like maintenance, durability and aesthetics when making your decision. Research different materials and speak with a professional to help you choose the right option for your deck.

Design Your Deck
Once you have determined the purpose of your deck, set a budget and chosen the right materials, it's time to design your deck. Consider the layout, shape and features you want to include, such as built-in seating, pergolas or lighting. Don't forget to take into account the natural features of your yard, like trees or slopes, when designing your deck.

Obtain Permits and Hire a Professional
Before breaking ground on your deck addition, it's crucial to check with your local building department regarding necessary permits. This step cannot be overlooked, as obtaining the correct permits ensures your deck complies with local codes and regulations, which can vary significantly from one area to another. Once you have the permits in hand, selecting a professional contractor with expertise in custom deck construction can make all the difference in bringing your vision to life. A custom deck builder will be key in navigating any challenges that arise during construction and ensuring a high-quality finish to your deck project.

In conclusion, planning and building a deck during your yard renovation is a process that requires thoughtful consideration and meticulous planning. From determining the deck's purpose and setting a realistic budget, to choosing the right materials and designing the deck of your dreams, each step is crucial for a successful addition to your home. Don't forget the importance of obtaining the necessary permits and the value a professional contractor can bring to your project. By following these steps, you will not only enhance your outdoor living space but also increase the value and beauty of your property.

Read more at Rismedia.com

Related Links

• 5 Ways to Transform Your Basement Into a Cozy Haven

• Millennials are once again driving the home purchase market: NAR

• The Best Week To List Your House Is Almost Here

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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5 Ways to Transform Your Basement Into a Cozy Haven

Does the thought of your basement bring to mind a dark, damp dungeon?

It's time to change that perception and turn your basement into a cozy haven that you and your family can enjoy. With a few key upgrades and design choices, you can transform this underutilized space into a welcoming retreat. Explore five ways to make your basement cozy and inviting. 

Ensure Adequate Heating
Before you start any other renovations in your basement, it's crucial to ensure that the space is properly heated. A cold basement is not conducive to coziness, so consider upgrading your current heating system. A furnace installation can make a significant difference in the comfort level of your basement, allowing you to enjoy this space year-round. Consult with a professional HVAC technician to determine the best heating solution for your basement.

Add Soft Lighting
Basements are known for their lack of natural light, so it's important to incorporate soft lighting to create a cozy atmosphere. Consider installing recessed lighting, sconces or floor lamps to brighten up the space and add a warm glow. Avoid harsh overhead lighting that can make the basement feel cold and unwelcoming. By strategically placing lighting fixtures throughout the room, you can create a cozy ambiance that invites relaxation.

Invest in Comfortable Furniture
To transform your basement into a cozy haven, invest in comfortable furniture that beckons you to relax and unwind. Consider plush sofas, oversized armchairs and soft area rugs to create a warm and inviting atmosphere. Add throw pillows and blankets for extra comfort, creating a space where you can curl up with a good book or watch a movie with loved ones. Choose furniture pieces in warm, neutral colors to enhance the cozy vibe of your basement.

Create a Relaxing Atmosphere
To truly make your basement a cozy haven, consider incorporating elements that promote relaxation and tranquility. Add a small indoor fountain for a soothing sound, install a fireplace for warmth and ambiance, or introduce plants to bring a touch of nature indoors. Consider adding a cozy reading nook with a comfortable chair and good lighting, creating a quiet space where you can escape and unwind. By infusing your basement with these relaxing elements, you can create a peaceful retreat within your own home.

Personalize the Space
Finally, don't forget to personalize your basement to make it feel like a true extension of your home. Display family photos, artwork and personal mementos that add personality and warmth to the space. Consider incorporating a theme that reflects your interests, whether it's a cozy cabin retreat, a beachside getaway or a rustic farmhouse. By infusing your basement with your unique style and personality, you can create a cozy haven that feels like a retreat from the outside world.

With these five tips, you can transform your basement from a dreary space into a cozy haven that you and your family can enjoy for years to come. From ensuring proper heating with a furnace installation to adding soft lighting, comfortable furniture, relaxing elements and personal touches, there are many ways to make your basement a warm and inviting retreat. So roll up your sleeves, get creative and turn your basement into the cozy haven you've always dreamed of.

Read more at Rismedia.com

Related Links

• Single Women Are Embracing Homeownership

• Millennials are once again driving the home purchase market: NAR

• The Best Week To List Your House Is Almost Here

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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The Best Week To List Your House Is Almost Here

Are you thinking about making a move?

If so, now may be the perfect time to start the process. That’s because experts say the best week to list your house is just around the corner.

A recent Realtor.com study looked at housing market trends over the past several years (with the exception of 2020, since it was an unusual year), and found the best week to put your house on the market this year is April 14-20:

“Every year, one week stands out from the rest as that perfect stretch of time when it’s great to be a home seller. This year, the week of April 14–20 is the best time to sell—that is, if sellers want to see lots of interest in their homes, sell quickly, and pocket some extra cash, according to Realtor.com® data.”

Here’s why this matters for you. While the spring market is a great time to sell no matter the week, this may be the peak sweet spot. And if you’ve been putting your plans on the back burner and waiting for the right time to act, this could be the nudge you need to make your move happen. As Hannah Jones, Senior Economic Research Analyst at Realtor.com explains:

“The third week of April brings the best combination of housing market factors for sellers. The best week offers higher buyer demand, lower competition [from other sellers], and fewer price reductions than the typical week of the year.”

But, if you want to get in on the action, you’ll need to move quickly and lean on the pros. Your local real estate agent is the perfect go-to when it comes to figuring out a plan to prep your house and get it on the market.

They’ll be able to offer advice to balance your target listing date with what you need to do from a repair and renovation standpoint. And they can walk you through exactly how to prioritize your list so you know what to tackle first.

For example, if your house is already in good shape, you’ll be able to really focus in on the smaller things that are easy to do and make a big impact. As an article from Investopedia says:

“You won’t have time for any major renovations, so focus on quick repairs to address things that could deter potential buyers.”

Here are some specific examples from that article:

Just remember, even if you’re not ready to list within the next couple of weeks, that’s okay. The window of opportunity doesn’t close when this week ends. Spring is the peak homebuying season and it’s still a seller’s market, so you’ll be in the driver’s seat all season long. 

Bottom Line

Ready to get the ball rolling? Connect with a real estate agent to schedule a time to go over your next steps.

Read more at KeepingCurrentMatters.com

Related Links

• Single Women Are Embracing Homeownership

• Millennials are once again driving the home purchase market: NAR

• Home price growth is back at pre-pandemic levels. Here’s what that means for buyers and sellers

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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Millennials are once again driving the home purchase market: NAR

Millennials replaced baby boomers as the largest group of homebuyers in 2023.

The combined share of millennials, both younger (ages 25 to 33) and older (ages 34 to 43), made up a combined 38% of the home purchase market last year, up from 28% in 2022, according to the 2024 Home Buyers and Sellers Generational Trends report from the National Association of Realtors (NAR).

Meanwhile, baby boomers — comprising both younger boomers (ages 59 to 68) and older boomers (ages 69 to 77) — saw their share decrease from 39% to 31% during the same period.

“The generational tug-of-war between millennials and baby boomers continued this year, with millennials rebounding to capture the largest share of home buyers,” Jessica Lautz, NAR deputy chief economist and vice president of research, said in a statement. “This notable rise is attributed to both younger millennials stepping into homeownership for the first time and older millennials transitioning to larger homes that suit their evolving needs.”

The report highlights a surge in first-time buyers across all age groups, with millennials leading the charge. Notably, 32% of all buyers in 2023 were first-timers (up from 26% in the prior year), with millennials comprising 75% of this demographic. Additionally, older millennials and Generation X (ages 44 to 58) also saw significant representation among first-time buyers, respectively accounting for 44% and 24% of this group. 

Generation Z, which comprises individuals between ages 18 and 24, only accounted for 3% of all buyers. But among this age group, 31% were single women,  a significantly higher proportion than in any other age group.

“Gen Z buyers are entering the housing market, and their demographics are emerging distinctly from other age groups,” Lautz said. “More than half are single buyers, outpacing all age groups of single men and single women, and they are also most likely to identify as LGBTQ+.”

Baby boomers remained the largest generation of home sellers, accounting for 45% of all sellers in 2023, down from 52% in 2022. 

The tenure of homeownership varies by generation. The median amount of time spent in a home among all buyers was a 10-year stay before selling, but older millennials sold their homes after a median stay of just six years. Meanwhile, Gen X, baby boomers and the Silent Generation (ages 78 to 98) typically stayed in their homes for 15 years.

“Baby boomers continue to dominate the home-selling market as they make pivotal decisions regarding their retirement living situations, whether it’s right-sizing or moving closer to loved ones,” Lautz said. “Benefiting from longer periods of homeownership compared to other generations, boomers approach these transactions with substantial equity, enabling strategic housing trades.”

A recent survey conducted by Redfin found that over three-quarters (78%) of older American homeowners (ages 60 and up) are planning to stay in their current home as they age. Meanwhile, about one in five baby boomers (19%) are considering moving into a community with older people or have already done so. Smaller shares of baby boomers are considering moving in with an adult child, moving to an assisted-living facility or moving in with friends.

The inertia of baby boomers is making it harder for younger Americans to find a family home, according to a Redfin analysis. In fact, empty-nest baby boomers own 28% of three-bedroom homes in the U.S., while millennials with kids own just 14%. Furthermore, nearly 80% of boomers own the home they live in, compared to 55% of millennials. 

Homeownership continues to be perceived as a sound financial investment by 82% of all buyers surveyed by NAR — especially younger millennials. Across all generations, the role of real estate agents also remains pivotal. Nine in 10 buyers expressed willingness to enlist their agent’s services again or recommend them to others. Similarly, sellers showed a high likelihood of reusing or referring their agents.

“The universal value of owning a home transcends every generation, serving as a cornerstone for both personal prosperity and community development,” NAR President Kevin Sears said in a statement. “In navigating the complexities of the market, buyers and sellers continue to rely on agents who are Realtors for their expertise and guidance, underscoring the invaluable service they provide in bringing dreams of homeownership to life.”

To conduct this study, NAR sent a 129-question survey in July 2023 to 189,750 recent home buyers and received 6,817 responses from primary residence buyers. Buyers had to have purchased a primary residence between July 2022 and June 2023.

Read more at HousingWire.com

Related Links

• Single Women Are Embracing Homeownership

• Exploring Opportunities: How to Get Started in the Real Estate Market

• Home price growth is back at pre-pandemic levels. Here’s what that means for buyers and sellers

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

Search Homes in Colorado

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