Five Things Not To Do When Venting Your Attic

 

A good environment for your attic is very important. Your attic ventilation system should work together and not against each other so it is important to make sure the system is balanced. Below are five mistakes not to do when it comes to your attic ventilation.

1. Placing Intake Vents Too High or Exhaust Vents Too Low

You want a balanced system that brings in fresh, cool air at the lowest part of the attic space and sends out the warm, moist air at the highest point of the attic space.

If the vents are placed in the wrong spots, the airflow will not work correctly. This will hinder the attic vent system's effectiveness. If they are too low on the roof, they can disrupt or short circuit the system. Remember the rule of thumb is to place the intake vent should sit at the lowest possible point on the roof which lines up with the lowest part of the attic space. Exhaust vents should be placed at the highest possible point. This point aligns with the highest part of the attic space.

2. Mixing Exhaust Products within the Same Attic Space

Doing this can short circuit the airflow. Also mixing exhaust products can allow for weather and leaves and debris to come into the home through the attic.

Always use the same type of exhaust vent in your attic space. Also, make sure that the vents meet the NFVA (net free ventilating area) requirements. This will allow continuous airflow through the attic space.

3. Cutting the Ridge Vent Opening Too Long

Sometimes homeowners want to put a ridge vent along the entire ridge for looks but this is doesn't mean you have to cut open the entire air slot on the ridge below the vent. Doing this can disrupt the airflow of the whole system.

An example of the correct installation can help with understanding the process. If a homeowner has an attic space that must have 288 square inches of exhaust and a 4ft plastic ridge vent is used with an 18 square inch per lineal foot of NFVA, then only 16 ft of the 40-foot ridge needs to be cut open.

4. Clogged or Blocked Intake Vents

Weather and debris such as paint, dirt, dust or even spiderwebs can clog your intake vents even if they are installed correctly. Check your intake vents and clean them by removing the debris. Remember to never install attic insulation from the inside over the vent, and make sure to check to see if the hole in the vent has been properly cut.

5. Having Missing or Inadequate Intake

This is the most important component of the attic ventilation system. If there is no air coming in through the intake or not enough, an exhaust vent will not function correctly. The powered exhaust vents will also overrun and burn the power vent's motor. Remember always check that you have a balanced attic ventilation system with the proper amount of intake and exhaust ventilation for the attic space being ventilated.

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Will Supply-Chain Problems Affect Housing Affordability?

 

Although the hot market and buyer demand have pushed up home prices, the market still shows steady housing affordability. Even though home prices have risen, they are offset by the record low mortgage rates. According to reports, the housing market is not all smooth sailing. The ongoing supply-chain problems around the world have disrupted new construction and renovations.

The National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) reported that 56.6% of both new and existing homes that were sold between July 2021 and September 2021 were affordable for U.S. families earning a median income of $79,900. This is the lowest affordability level since the first quarter of 2012!

The HOI also revealed that the U.S. national median home price rose to a record $355,000 in the third quarter. This is a rise of $5,000 from the second quarter of 2021 and a $35,000 increase from the first quarter of 2021. Buyers did not feel the rise because the average mortgage rates dropped by 14 basis points to 2.95% at the same time.

This is good news but there are some setbacks to the market. It has been hard to get materials and product is increasing in price at a fast pace.

“Persistent building material supply chain bottlenecks and tariffs on Canadian lumber and Chinese steel and aluminum continue to place upward pressure on construction costs and home prices,” said NAHB Chairman Chuck Fowke. “Policymakers must fix supply chain vulnerabilities that are disrupting and delaying construction projects and hurting housing affordability.”

“Interest rates are anticipated to gradually rise in the coming months as the Fed begins to taper its monthly bond and mortgage-backed securities purchases,” said NAHB Chief Economist Robert Dietz. “To keep affordability problems from worsening in the future, policymakers need to tackle supply-chain challenges that are hindering new home production. Helping builders boost output will also slow the rapid rise in home prices that has occurred over the past year.”

The five most affordable housing markets around the country currently are Lansing-East Lansing, MI, Pittsburgh, PA, Indianapolis-Carmel-Anderson, IN, Scranton-Wilkers-Barre-Hazleton, PA and Harrisburg-Carlisle, PA. The five least affordable major housing markets are Los Angeles-Long Beach-Glendale, CA, Anaheim-Santa Ana-Irvine, CA/San Francisco-Redwood City-South San Francisco, CA tied for second, San Diego-Carlsbad, CA and Oxnard-Thousand Oaks-Ventura, CA.

For the small housing markets, the five most affordable are Davenport-Moline-Rock Island, IA-ILL, Monroe, MI, Sierra Vista-Douglas, AZ, Fairbanks, AL and Wheeling, WV-OH. The least affordable small housing are Corvallis, OR, Salinas, CA, Napa, CA, Santa-Cruz-Watsonville, CA and San Luis Obispo-Paso Robles-Arroyo Grande, CA.

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Home Sale Both Existing and Pending Are Strong the Month of October

 

According to the National Association of Realtors (NAR) pending home and existing home sales rose in the month of October 2021. This is surprisingly good news considering the low inventory and rising home prices.

As of October 2021, the Pending Home Sales Index (PHSI) rose from 116.5 to 125.2 which is an increase of 7.5%. Existing home sales were at the highest level since January 2021 at an adjusted annual rate of 6.34 million which was an 0.8% increase.

It is still a concern that first-time and young home buyers will be priced out of the market. The first-time buyer share fell to 29% in October, up from 28% in September and down from 32% a year ago. The October inventory level declined from 1.26 to 1.25 million units and is still down from 1.42 million units a year ago.

There is good news for new home construction. The supply of resales is very low. October 2021 reported that unsold inventory was sitting at a 2.4-month supply. This is down from the 2.5-month supply reported in October 2020.

Although the supply was down from October 2020, the average days on market were down in October 2021 to 18 days. It was reported that 82% of homes sold in October 2021 were on the market for just one month. Out of these transactions, 24% were all-cash which was also up from 19% reported last year in October.

The low inventory does continue to bump up home prices. The median home price reported for October 2021 was up 13.1% at 353,900 from a year ago. This is the 116th consecutive month of year-over-year increases making it the longest-running streak recorded.

If you are in the market for a new or existing home, now is still a good time to buy. Contact a local professional Realtor to help you with your search and purchase of a new home.

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September's State-Level Analysis on Employment

Thirty-three states and the District of Columbia saw a payroll employment increase in September compared to August. There was no change in Wisconsin and 16 states lost jobs during September. According to the Bureau of Labor Statistics, there was a 194,000 increase during September.

Broken down by states the top nonfarm employment month-over-month increase was the strongest in Texas with 95,800 jobs added, Florida with 84,500 jobs and California with 65,000 jobs. The biggest decrease was seen in Louisiana with 29,500 jobs lost which were part of the sixteen states with a total of 65,000 jobs lost across the country.

Year-over-year ending in September, 5.7 million jobs have been recovered marking the economic rebound from the COVID-19 pandemic induced recession.  All states and the District of Columbia added jobs. The highest was seen in California with 795,800 jobs added and the lowest was seen in Wyoming with only 1,700 jobs added.

The construction sector saw an increase in 30 states with 22,000 jobs added. This included both residential and nonresidential construction. Two states, Iowa and Kansas, saw no change while Texas add the highest with 8,900 construction jobs. Tennessee saw the biggest loss with 2,800 jobs gone.

Across the country, there was a 191,000 increase year-over-year with a 2.6% increase compared to September 2020. The largest gain was in California with 35,600 jobs while New York saw the largest decrease with 11,700 jobs lost.

As far as percentages reported, month-over-month saw an increase in Florida at 1.0% and a decrease in Lousiana of 1.6%. Year-over-year Hawaii saw an increase of 12.9% and Wyoming saw the smallest increase of 0.6%.

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New Orleans Home Prices Future Outlook and Effect on the Economy

 

National industry leaders say that the housing market might slow down soon affecting the home price increases. Although this report looks negative, local New Orleans real estate specialists are confident the market will not go cold soon.

"I don't think weakness is the right word for what we'll see; I think it's going to be more a shift in gears," Missy Whittington, CEO of NOMAR, said.

The New Orleans housing market saw a considerable rise in the number of homes for sale this summer but the New Orleans Metropolitan Association of Realtors (NOMAR) September housing-market report predicted an increase in inventory which might bring a slow down in the market. This trend would slow down the price increase, which has not stopped rising in 114 months.

"A lot of buyers got beat up and decided to take a break," Local Agent Katie Witry said. "Now, we're about two weeks behind what is typically the secondbusiest time of year and we'll see how they react when the inventory comes onto the market. It's still a strong market but I see signs that prices are cooling a bit."

Due to Hurricane Ida and buyers frustrated with being priced out of the market, there was a pause in listings coming on the market. The hurricane could have driven some residents away from the area. Local experts feel that this was awash with some residents moving out due to the storms while others moved in.

"After a big storm there's always some people leaving and some moving in," said Witry, speaking on the sidelines of the New Orleans Metropolitan Association of Realtor's annual forecasting symposium.

According to forecasters, New Orleans metro area real estate has seen a 13% jump in single-family home prices this past year. They feel this push has been due to the pandemic wave. This has been seen through the residential real estate market nationwide. This has been due to the lack of inventory and buyer demand.

"The fundamentals of the market have not changed," said Paul Richard, broker at Latter & Blum who co-chaired this year's symposium. "If there is a headwind into 2022 it will be inflation and an uptick in interest rates, but then the jobs market has been improving and even most of the hospitality jobs are back."

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Tips To Take To Get a Higher Value on Your Home

 One of the first rooms a buyer looks at is the kitchen. The kitchen has become the heart of a home, and its functionality and appearance are important. This is the reason why kitchens are the most popular room for renovations. Remodeling a kitchen can be very expensive and a lot of work, but will add value to your home. Here are six tips to follow if you want to spruce up your current kitchen.

1. Paint or refinish your kitchen cabinets

This is a simple or cost-effective way to update your kitchen space. Outdated or dingy cabinets can harm a kitchen's look. If you decide to change the color of your kitchen cabinets, make sure to choose a color that blends with the color scheme of your home. Another simple idea to update your outdated cabinets is to replace the hardware.

2. Add a kitchen island

Every buyer loves more counter space. A kitchen island not only gives extra counter space but storage as well. A kitchen island can drastically open up the room by offering depth and making more efficient use of the space. Kitchen islands not only are a great place to prep food but also can be a great place for additional seating. A nice kitchen island can cost upward of thousands depending on the size, materials, and accessories. If you are on a tight budget, a nice freestanding table can make a great kitchen island.

3. Install new energy-efficient appliances

Energy-efficient appliances are a great way to save energy and cut down costs on utilities. Switching your existing appliances to energy-efficient appliances is a great way to start. When purchasing new appliances look for the Energy Star label.

4. Consider updating your kitchen floor

Kitchen floors get the brunt of the mess in a kitchen. They take a beating from hot food spills, foot traffic, and appliances being moved across the floor. Replacing your old flooring can give your kitchen a facelift. Remember to choose durable and easy-to-clean flooring. Great materials include tile flooring, hardwoods, or artificial wood alternatives.

5. Install a backsplash

A backsplash behind an oven is a great way to protect from harsh spills and build-ups. It also makes it easier to clean them up. Having a backsplash above the kitchen countertops can add dimension and color to your kitchen.

6. Update lighting

Poor lighting in any space is a no-no. A kitchen can look very dingy with poor lighting. Try updating your lighting fixtures with energy-efficient LED bulbs. These will not only brighten up your kitchen but will also add to your energy savings. Adding track lighting and dimmers are another great idea to add ambiance to the space.

A major remodel or a minor remodel with both do wonders for your kitchen and adds value to your home. A Realtor can help you determine how much value can be added.

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Reports Show an Increase in Steel Prices While Lumber and Concrete Prices Fall

 

Good news in the residential construction industry. Both lumber and concrete products have dipped in price. This has caused prices paid for goods used in residential construction ex-energy decreased 0.8% in September (not seasonally adjusted), according to the latest Producer Price Index (PPI) report released by the Bureau of Labor Statistics. The price index of services input to residential construction also saw a dip in pricing in September. This was caused by smaller gross profit margins of building materials retailers.

Even with the decrease in pricing, building materials are still 13% higher than a year earlier and 11.3 higher than reported this January 2021. Service inputs also are up but did not increase as much. There was only a 9.5% increase in the first nine months of 2021 which dropped from the 11.9% increase in the first nine months of 2020.

The Producer Price Index (PPI) for softwood lumber shown seasonally adjusted went down 3.5% in September. This is calculated by taking a survey of the prices paid for goods shipped during the month. The industry leaders predict there will be an increase in softwood lumber prices due to the FLCP (Random Lengths Framing Lumber Composite Price) rising 36% since August 2021.

As for ready-mix concrete (RMC), the PPI went down slightly to 0.5% in September. This is the first decline seen since January 2021. Over the past 12 months, RMC has increased 3% and year-to-date 4.1% in September 2021. The largest decline was seen in the West at 2%, in the Northeast and South at 1% and increased 0.2 in the Midwest.

Gypsum products rose 1% in September making it the seventh consecutive monthly increase. The PPI year-to-date in 2021 increased 16.6% and 22.6% over the past 12 months in September. Gypsum products did see a decrease last year between January and September 2020 of 2.8%.

Steel products rose in pricing 5% in September which followed a 5.1% in August 2021. The monthly change in the steel mill products PPI increased by more than 10% only three times (in 1947, 1948, and 2008) over the 80-year period ending in 2020. Monthly increases have exceeded that mark four times in 2021.

Luckily the prices of services declined 2.7% in September which followed a decrease of 5.7% in August 2021. The monthly decline of 3.7% in trade services input pushed this decline.

If you are in the market for a new construction single-family home now is a good time to contact a local Realtor or local custom builder who can help you with your needs. Leave it to a professional as they are able to navigate this boisterous current housing market.

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