Builder Confidence Surges in June as Housing Rebound is Underway
In a recent article from the National Association of Home Builders, it is reported that builder confidence continues to rise as the nation continues to open up and more and more people are back to work. Housing continues to be a contributing force in the economic recovery following the collapse from Covid-19. Read below for the full article from the NAHB.
In a sign that housing stands poised to lead a post-pandemic economic recovery, builder confidence in the market for newly-built single-family homes jumped 21 points to 58 in June, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today. Any reading above 50 indicates a positive market.
“As the nation reopens, housing is well-positioned to lead the economy forward,” said NAHB Chairman Dean Mon, a home builder and developer from Shrewsbury, N.J. “Inventory is tight, mortgage applications are increasing, interest rates are low and confidence is rising. And buyer traffic more than doubled in one month even as builders report growing online and phone inquiries stemming from the outbreak.”
“Housing clearly shows signs of momentum as challenges and opportunities exist in the single-family market,” said NAHB Chief Economist Robert Dietz. “Builders report increasing demand for families seeking single-family homes in inner and outer suburbs that feature lower density neighborhoods. At the same time, elevated unemployment and the risk of new, local virus outbreaks remain a risk to the housing market.”
Derived from a monthly survey that NAHB has been conducting for 30 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.
All the HMI indices posted gains in June. The HMI index gauging current sales conditions jumped 21 points to 63, the component measuring sales expectations in the next six months surged 22 points to 68 and the measure charting traffic of prospective buyers vaulted 22 points to 43.
Looking at the monthly average regional HMI scores, the Northeast surged 31 point to 48, the South jumped 20 points to 62, the Midwest posted a 19-point gain to 51 and the West catapulted 22 points to 66.
Editor's Note: The NAHB/Wells Fargo Housing Market Index is strictly the product of NAHB Economics, and is not seen or influenced by any outside party prior to being released to the public. HMI tables can be found at nahb.org/hmi. More information on housing statistics is also available at housingeconomics.com.
Bathroom Design Guide
Whether you're living in a shack, a townhouse or a mansion, the bathroom is one place you won't want to skimp when it comes to design. Along with the kitchen, the bathroom is the one room in the house where homeowners are willing to spend more to get the design they desire.
Because most bathrooms are smaller spaces, careful consideration goes into the bathroom floor plan. Efficiently used space is a must for a well designed bathroom that performs well and is comfortable to use. It is important to consider not only the space but the materials, fixtures, lighting etc when designing a bathroom. What follows will help you build your best bathroom.
Bathroom Design Guide
Make a List
Whether you're building new or remodeling an existing bathroom, it's important to know what you want. Make a list of all the features, amenities and luxuries you want in your bathroom. Prioritize them, not all will be possible due to space limitations and budget, so knowing what you must have and what you can do without is critical.
You're not just designing a bathroom for today, you're also designing one for next year and possibly 20 years in the future. How long do you plan on living in the house? Do you plan on aging in place? All of these considerations will help you design a bathroom that works for you today and tomorrow and the tomorrow 20 years from now. Even if you aren't planning on staying in the house that long, aging in place features could be a big selling point for potential buyers and is something to consider investing in.
Function over Form
We all want our bathrooms to be beautiful oases in our home, but if they don't work the way bathrooms are supposed to work, what is the point? A lovely claw foot tub is great and makes a beautiful cover of a magazine, but if you don't use it you're wasting space that could be better utilized. Talk to a professional about what your needs are versus your wants.
There are many ways you can create an eco-friendly bathroom including using repurposed fixtures, reclaimed wood for cabinetry and installing energy saving appliances like water heaters and in floor heat.
While it's much easier to change the color of the walls, rather than the tiles you choose, you'll want to stay away from trendier colors. A bold bright green wall might look smashing in the latest issue of Architectural Digest, it might not look so great in your bathroom - day after day. Choose colors that you love and will love being surrounded by day after day. A pop of color is a great thing, but it might be better on a framed picture that can be moved from time to time.
No one ever said they had too much storage in their home so don't forget to incorporate some into your bathroom design. In addition to the regular storage options found in a bathroom - cabinets, linen closets - additional storage can be added by way of shelving, adding additional cabinets above doorways and windows.
Townhouse Living on the Rise
With the continued shortage of affordable new single family construction it's no wonder more and more home buyers are embracing townhome living.
There are many great reasons to choose a townhome over a conventional single family dwelling, with convenience at the top of the list. If you hate to spend your weekends mowing the lawn and cleaning out the gutters, townhouse life might be for you.
Townhouses have been around since the 18th century when wealthy British landowners were looking for a place to stay in the city during the social season. They would pack up their country estate households - including servants - and head to the city for the social season. The townhouse was born of necessity.
Today, most of us don't have multiple dwellings to move to and from, but we will likely move from one home to another depending on which stage of life we are living.
The townhouse is a perfect choice for newly married couples. They can be smaller, easier to find than single family homes and more affordable. Townhomes are also an excellent choice for empty nesters for similar reasons. Townhouses are located in all parts of the city so finding one in a good school district also makes them attractive to families with children.
Other advantages to living in a townhouse include in addition to the aforementioned free weekends include great locations, amenities and community.
Beautiful luxury townhouses can be found just about anywhere - from the heart of the city to the suburbs, homeowners are able to live in luxury. Townhomes are usually close to mass transit making them ideal for those who prefer not to drive, or who want to reduce their carbon footprint. They're located in areas with high walkability scores, but also in more rural areas. The choice is yours when it comes to choosing a location for townhouse living.
Amenities are another reason many home buyers are choosing townhomes over single family dwellings. While many new townhomes come complete with Smart features and amenities, traditional amenities such as pool, clubhouse and party room are also still in demand.
The sense of community one has living in a townhome is high on the list of advantages for many home buyers. They enjoy the community that naturally develops by sharing a common wall with other home owners.
Townhouses can be as modest or grand as you desire, just check out our library of townhouse floor plans to see all the variation.