Seven Tips to Make Buying a House Easier

 
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Purchasing a home is in the top five most stressful events. Buying a house can be a complicated process but there are ways to make the process easier. Here are seven things you can do to simplify the process of purchasing a home.

1. Get your paperwork in order

 

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Getting your paperwork in order such as two years’ worth of tax returns, current pay stubs, bank statements for the last three months, cancelled rent checks, or copies of your lease for a loan application is one of the first steps. You will need to be pre-approved for a specific amount. This will help you with how much you can afford on a house. Realtors and sellers both want to see a pre-approval letter that lets them know you can afford the home and you are a serious buyer.

2. Find a real estate agent you can trust

 

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Finding the right sales agent is a very important step in the process of purchasing a home. Before choosing, interview at least three real estate agents. You will not only want to have a good rapport with an agent, but you will want to make sure they are well-rounded in the community you are looking to purchase a home in. You will want to choose an agent with the best track record of sales in your area, the best online or personal recommendations, and the one you like best. Staging, keeping a home show-ready, and listening to tactfully delivered feedback from people who’ve viewed your home means you’re going to be interacting with your agent a lot.

3. Start researching banks, credit unions, and loan officers

 

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Just like choosing the right real estate agent, choosing the right place to apply for a loan for your home is just as important. There are many types of loans and different institutions to choose from. Sometimes it might seem best to use a bank or credit union, but this is not always the case. Many times the banks and credit unions have vested interest and might push you to use certain Realtors, attorneys and home inspectors because they receive a portion of the commissions.

4. Get your financing in order

 

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After you have chosen your mortgage lender, you will need to get pre-approved. As mentioned earlier, you will need to have your paperwork in order along with your finances. The pre-approval letter is your ticket to let sellers know you are a serious buyer who can afford their home.

5. Find a home inspector you can trust

 

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A home inspector is a key factor in the success of your home purchase. You want to choose an inspector you can trust who is looking out for your best interest. In an older home, a trustworthy inspector will point out areas of concern such as problems with termites, water seepage, or shoddy construction. Find an inspector who would not mind if you tag along during the inspection. This is a good time to ask questions and get their advice.

6. Consider investing in title insurance

 

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Purchasing title insurance is a safety net against anything that could pop up on the property such as a lien. Title insurance cost from $1,000 and $3,000 on average, or .05 percent of the purchase price and is worth the cost. In many cases, mortgage lenders will require you to get title insurance.

7. Get your tradespeople lined up

 

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Renovations or repairs are a big part of homeownership. Have tradespeople lined up so that when something does go wrong, you can call on the spot. It is important to make sure they are reliable and honest. Ask around at places such as an independent home supplier. An independent home supplier will usually have the low down on who does sloppy work and who does good work.

Remember never try to purchase a home on your own. Follow these steps to simplify your home buying process. A local real estate agent can guide you through the process.

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Construction Jobs Are Up In Residential Construction

March 2021 saw the employment total payroll increase by 916,000. The unemployment rate also dropped in March 6%. As the country is slowly reopening from the pandemic, the labor market is improving. In fact, the residential construction employment is beyond the level seen in February 2020. There were 37,000 residential construction jobs added in March 2021.

This is good news for the US job market. During the pandemic, 22.7 million jobs were lost in March, April and December of 2020. For the jobs lost, 14.3 million have been recovered in the last 11 months.

The Bureau of Labor Statistics broke the increase down by industries. The top industry to see employment changes in March 2021 was the leisure and hospitality industry with 280,000 month-over-month change. Government followed with 136,000, construction gained 110,000, professional and business services saw 66,000, while educational services had 64,000, manufacturing 53,000, transportation and warehousing 48,000, other services 42,000, health care and social assistance 36,000, durable goods 30,000, wholesale trade 24,000, nondurable goods 23,000, retail trade 23,000, mining and logging 20,000, financial activities 16,000 and utilities 0.

Out of the 110,000 construction employment, 37,000 were in residential construction alone. In fact, 518,000 residential construction jobs have been created in the past 11 months. Residential employment was reported at 3 million in March 2021. Builders included 873,000 and 2.2 million were in residential specialty trade contractors. Over the last 12 months, home builders and remodelers added 87,900 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 1,047,900 positions.

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Baby Boomers Are Taking Advantage of the Current Home Seller's Market

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The current housing market is the hottest it has been since before the Great Recession. According to the National Association of Realtors® 2021 Home Buyers and Sellers Generational Trends Report, sellers made a median of $66,000 on the sale of their homes this year. This is a $6,000 increase from the same time in 2020. Sellers are reaping the benefits and the majority of sellers today are baby boomers.

"In a real estate market that is tipped in the favor of sellers, boomers and older homeowners are really the ones holding the cards," says realtor.com® Chief Economist Danielle Hale. Those who are selling homes can use the profits to help them buy new ones, she adds, pointing out that they're "generally better equipped to deal with market conditions."

Record low mortgage rates and lack of home inventory have buyers in a big competition. This buyer frenzy means homes are selling quickly and for high prices. Today sellers are getting roughly 99% of their original asking price for their home. Some sellers are even seeing bidding wars, getting a higher price than the original asking price. Current inventory is lasting only 3 weeks before they are sold.

When looking at sellers by generation, baby boomers make up 43% of those currently selling a home. Baby boomers are in a stage of life where they want to downsize. The pandemic has also shifted many baby boomers to want to move closer to family members in the same sized home.

Millennials make up the largest share of buyers at 37%. Out of the 37%, 31% of those buyers were first-time homebuyers. This market is a difficult market to navigate for first-time homebuyers."Millennials have a lot of headwinds entering the real estate market," says Jessica Lautz, NAR’s vice president of demographics and behavioral insights. "There's not enough homes to go around for the buyers who want to be able to purchase."

Another surprising fact is that younger buyers are more likely to pay over the asking price in this competitive market. “In a market where competitive bids are the norm in many areas, it’s interesting to note that younger buyers are more likely to pay over asking [price]," says Hale. "They've got longer working careers, so they [may be] more willing to take risks."

Of those homes that are in most demand, detached, single-family homes made up 81% of the sales so far this year. Buyers want a detached home with a backyard and a garage. Families want their own space and more space to accommodate home offices and remote schooling. Existing home sales are in more demand due to cheaper pricing and more in inventory. Only 15% of homes sold so far this year are new construction.

Generation X made up 18% of buyers that purchased multigenerational homes. This generation has aging parents that might need assistance. "They're purchasing multi-generational homes [to] take care of aging relatives and keep them out of nursing rooms or for caregiving of young children who may not be able to go to daycare or child care because of the pandemic," says Lautz. "The other big reason is pooling incomes to be able to buy a larger home."

The study indicated that today's typical buyer has a median income of $96,500 in 2019 with 65% married. 18% single women, 9% single men and 9% unmarried couples. “Single women remain a large buying force,” Lautz said in a statement. “A number of divorced women and those who were recently widowed purchased a home without the help of a spouse or roommate.”

Eighty-seven percent of buyers financed their homes while young buyers were the most likely to put all of their savings toward a down payment. Older buyers, such as baby boomers, purchased homes using money earned off a home sale.

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Unique Little Free Libraries Popping Up Around Town

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Little Free Library is "the world’s largest book-sharing movement" across the world. The nonprofit, founded in 2009, allows communities to have volunteer-led libraries. The book-sharing boxes allow neighbors to exchange and have access to books 24/7. According to Todd Bol, the founder of Little Free Library, the purpose is to inspire a love of reading, build community, and spark creativity by fostering neighborhood book exchanges around the world.

New Orleans has welcomed these Little Free Libraries around the community. In fact, several of the book-sharing boxes around New Orleans have their own unique look. Destany Gorham and George Johnson, who live in the Carrollton neighborhood, are the instigators behind these unique structures. The couple decided to create little free libraries that match the homes where the book-sharing boxes are located.

It all started when a homeowner who lives on Audubon Street asked the couple to build a Little Free Library in front of their home. “Destany and I really like working on projects together, so we talked to them and decided to build a replica of their house,” Johnson explained.

Once completed the owners of the Audubon Street little library posted an image on Nextdoor of the miniature duplicate of their home. It began to get a lot of attention and others in the community wanted, Gorham and Johnson who work in Tulane University’s music department, to build a replica of their house as a little free library in front of their homes.

“We're doing it for fun and covering a little bit of our costs and labor, but really it's more of a hobby than a business,” Johnson said.

The couple, who have lived in New Orleans for 10 years, says the most rewarding part of this project has been to connect with the community.

“The community aspect of it is just incredibly important,” Gorham said. “We really love our neighborhood and we really love the city of New Orleans. We made a very active choice to stay here. And very often when people move to a new city, they try to make it where they were from. And all I want to do is just uplift the community that's here. That's why we do this.”

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Hogs For the Cause Has A New Location This Year

Hogs for the Cause will be happening this year but at a different location and a new date. The annual event will take place this year June 4 – 5, 2021 in Belle Chasse. 

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This will be the first time the event will be held outside of the city. The location will be at a Plaquemines Parish Government Facility with a 15-acre green space.

Patrons will enjoy one of New Orleans’ biggest food events but on a smaller scale. Rene Louapre and Becker Hall, co-founders, will be adding protocols for coronavirus safety this year. They are turning to health care professionals such as Children’s Hospital and LCMC Health, and state and parish officials, including the Louisiana Fire Marshal’s to oversee the event safety.

“Things could change between now and then but we want people to know that we’re taking a community-first approach with all of this,” Louapre said. “The public health considerations are where we start all of our decisions.”

The change in date and the location is due to COVID-19. The original dates in March 2020 were cancelled due to the pandemic and the new location stems from the UNO Lakefront Arena currently being used as a COVID-19 testing site. Orleans Parish also restricts outdoor events to a limit of 150 so the festival had to “think outside of the city” so to speak.

Plaquemines Parish allows 50% capacity or one person per 30 square feet at outside events. Hogs for the Cause hopes to keep their attendance lower than allowed with a capped capacity at 25% (approximately 5,000 patrons per day).

There will also be more of a separation between cook-off team areas and public areas this year. The tech-enabled wristband which has been used since 2008 will help reduce contact with vending booths and ticket lines.

Hogs for the Cause raises money to support families dealing with pediatric brain cancer. The Last event in 2019 raised around $2 million. Even with the smaller scaled event, Louapre and Hall will make sure the fundraising is a success this year.

“It’s important for us to continue doing this work,” said Louapre. “We have commitments to families and programs around the country. The pandemic hasn’t stopped the needs of these families.”

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2021 Sees a Record High in Private Residential Spending

The total private residential construction spending is 21% higher than reported a year ago. The National Association of Home Builders (NAHB) analysis of Census Construction Spending data reported a 2.5% rise in total private residential construction spending in January. January saw a seasonally adjusted annual rate of $713 billion making this a record high.

The pandemic has caused many of us to spend more time at home. The gains were stemmed from ” strong growth of spending on single-family and improvements.” In January, the data shows that single-family construction hit a $376.2 billion annual pace which was up by 3%. There was also a 2.3% increase in spending on remodeling, major replacements and additions.

Although the majority of the surge in spending was in homebuilding, there was also a rise in public and private non-housing-related construction.

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2021 New American Home Has 4 Green Strategies To Follow

The New American Home 2021 is located in Winter Park, Florida and is the official show home of the NAHBInternational Builders’ Show® (IBS). The home conveniently located in the downtown area close to restaurants, shops, and parks.

This single-family three-story home incorporates innovative technology and current trends in a high-end, sophisticated setting. The design and construction of the home follows the National Green Building Standard “Emerald” certification, Energy Star, and net-zero status.

“Building green does not need to be more difficult or extremely costly,” said Drew Smith, NGBS Green Master Verifier of Two Trails, Inc. who oversaw the NGBS Green Emerald Level certification for both homes. “Finding what makes sense for you and your clients is the best way to deliver a high-performance certified project.”

This home features four high-performance strategies that can be added to any new construction or renovation.

1. Tight Thermal Envelope

This will basically reduce hot or cold air from seeping in from the exterior walls of your home. By doing this, you will lower utility bills and make your living space more comfortable. The thermal envelope of your home includes wall and roof assemblies, insulation, air/vapor retarders, windows, and weatherstripping and caulking. Make sure to use a higher insulation value in the walls and attic spaces of your home. Use windows that have Low-E coating that will reduce the amount of solar heat that comes in through the windows and are filled with argon gas which keeps airtightness. Exterior concrete masonry unit (CMU) walls filled with corefill foam/reflective insulation are a good way to keep a layer in between the inside of your home and the outdoor elements.

2. Indoor Air Quality (IAQ) and Comfort

This is the air quality that is in your home as it relates to the health and comfort of those living in the home. An indoor space must have fresh air exchange and proper ventilation. Pollutants found in your home range from oil, gas, kerosene, coal, wood, tobacco products, building materials (damp carpet or pressed wood), household cleaners, HVAC, radon, pesticides and outdoor air pollution. The home should be able to have proper ventilation along with the ability to maintain relative humidity. A good way to do this is by using bath fans and kitchen range hoods. For the HVAC system use MERV 13 space conditioning air filters. When painting or caulking in the home use Low/no volatile organic compounds (VOCs). Furniture, appliances and building materials should be composed of healthy, eco-friendly finishes.

3. Above-Code Energy Efficiency

The U.S. Department of Energy has energy codes that builders must follow. These codes establish minimum energy efficiency requirements for new construction and renovations. New homes built above the standard code can reduce energy consumption by 40% and will not have much higher construction costs. When building a new home or renovating use a tight envelope, correct sized HVAC-R systems for your home, 100% LED lighting exterior/interior, ENERGY STAR appliances and smart home technology for lighting control and climate control.

4. Above-Code Water Efficiency

Water efficiency is based on how we use our water resources. The goal is to reduce our use through water-saving technologies. Simple steps such as fixture choices, plumbing layout design, landscape design, and smart (or no) irrigation can help achieve water efficiency. Choose EPA WaterSense®  labeled plumbing fixtures. When it comes to hot water, use a tankless water heater with insulated water lines and on-demand hot water recirculating pumps. For landscaping use Indigenous landscaping with a minimum of turfgrass and for irrigation use micro-spray, driplines and programmable controllers.

These are just a few steps that you can take to make your home greener. A green home will be a more comfortable and healthy environment to live in as well as a money saver on utilities.

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