It is our goal at The Parks at Plaquemines to keep our buyers informed about the latest information from the local, state-level, and national real estate industry. We post content to our blog that we hope that you as our custom home buyer will find helpful. Look here for information about financing your new home, building restrictions for new homes, and real estate legislation that will impact you as you are looking to buy or build a new home in the Greater New Orleans area.

Why House Hunters Will Be Ready To Buy In The Next Six Months

According to a survey done by Realtor.com, 46% of potential house buyers said they were planning on purchasing a home within the next six months. This study looked at those who accessed listings and search results of homes on the site. The survey justifies that although we look like we are in a recession and the 30-year fixed mortgage rate is close to 6%, this is not detouring buyers in the market. This share of buyers reported is actually higher than reported in 2019 even with mortgage rates reaching the highest level since 2008 and home prices increasing.

Many potential home buyers are looking at the market as an advantage. Rising inventory levels are bringing more options for buyers to find a home within their budget. It is reported that two in five buyers feel that the U.S. economy is already in a recession but it will have no effect on their decision to purchase a home in the near future. Close to 27% of home buyers are more likely to purchase while the economy is in a recession. This figure is up 24% from what was reported in 2021 although there are many potential home buyers that are scared of the current market. In fact, the share of buyers who say they are more than likely not going to purchase a home during a recession rose from 5% to 6.5% this year.

The housing market is definitely tipping the scale from a sellers’ market over to a buyers’ market. Those in the industry said there are fewer buyers who are being outbid going from 12.6% to 9.4% from this spring to summer. The share of buyers who report being overbid on a home has decreased as the market has begun to correct itself

Even though there are home buyers who are willing to purchase in an uncertain economic time, it is still a sellers’ market. Twelve percent of first-time homebuyers are still being outbid in today’s market. Two in five first-time home buyers are also having a hard time finding a home within their budget. Currently, the median price of homes in the U.S. was $435,0000 according to Reatlor.com. This summer was at an all-time high of $450,000! Twenty percent of first-time homebuyers also said they are having a hard time buying because of their credit score.

If you are a first-time homebuyer or in the market to purchase a home, you will want to work with a local real estate agent who can help you navigate these uncertain waters. A local agent can help you find a home in your price range in your desired area.

Click Here For the Source of the Information.

A Rise In The Number of Women In Construction

In 2020 the Bureau of Labor Statistics reported 10.9% of the construction workforce were women. The number has since risen to 11% reported last year by the Bureau but only 4% of these workers are involved in skilled trades. Most of the women in the industry are in office and administrative positions.

The National Association of Home Builders’ Professional Women in Building (PWB) Week is coming up. This is an annual event that celebrates women in the residential construction industry. This is a time when the work done in the industry is highlighted as well as the good-paying careers that are available. There is a shortage overall of skilled trade workers in the industry and Tradeswoman Tuesday is the perfect time to reflect on this.

September 13, 2022, there will be an online webinar that can be joined for free. Leading tradeswomen will discuss how women can successfully be a part of the construction industry. They will discuss women in the industry and ideas on how to attract more women to the industry. Kristi Allen, UTAH PWB member and owner of Woodcastle Homes will be the moderator. Joining Allen will be Merideth Balmforth, a master electrician and Katy Higgins an experienced HVAC professional.

There will also be a PWB Week Toolkit which will have other activities to do throughout the day. One of these activities is reading The House that She Built book to children. This book was written and based on real-life tradeswomen that are featured in the webinar. The home she built is in Utah and is the home the book is based on.

“Now is the perfect time for women to explore the construction industry. There is a need for the unique talents and dedication that women bring to any field – including strategies for working smarter, not harder, and for giving their all to whatever they set their minds to. The demand for women in residential construction and service has also never been greater, and the opportunities are there to enter a career that promises great quality of life, earning a good living, having value in the work you do and pride in being a builder and contributor, ” said Balmforth.

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A New French-Style Deli in Faubourg St. John

Fair Grinds Coffee House has been purchased by the owners of Cafe Degas. Cafe Degas, a restaurant that has served French cuisine in Faubourg St. John for almost 40 years, will convert the space into a new French-style deli. Co-Owner Jacques Soulas said the space at 3133 Ponce de Leon Street will expand the kitchen capacity for Cafe Degas.

Cafe Degas opened its doors in 1986 by co-owners Jacques Soulas and Jerry Edgar. The building was formally a babershop on Esplanade Avenue and even though the restuarant has expanded, the kitchen space has not.

The new concept is still in plans along with the name. There will be a casual cafe along with a counter service deli. The menu will focus on French style sandwiches and pastries serve with coffee drinks. Like neighbor Mayhew Bakery, the new sandwiches will be served with pate, French salami, and ham and Brie.

“We’re delighted that Café Degas is taking it on and excited to see what they’ll do there,” said Wade Rathke, who ran Fair Grinds from 2011 until the coffee shop closed this spring.

Fair Grinds Coffeehouse open its doors in 2000, replacing former True Brew Coffee, by owners Robert Thompson and Elizabeth Herod. The coffee shop closed its doors after Jazz Fest.

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Design Trends For Tomorrow’s Communities

Why have design trends for new communities changed so in the past few years?

Changes in what a new home buyer wants in a new community has stemmed from the COVID pandemic’s demands on what a home base should look like after stay-at-home orders. Developers are finidng ways to incorporate things like the latest techonolgy or shifting the look and feel of a community to attract new generations of home buyers.

The biggest way to know what future residents want in tomorrow’s communities is to survey current buyers. “Survey and consumer feedback has always been an essential part of developing and evolving Cresswind lifestyle programming,” shared Jennifer Landers, community director for Kolter Homes, which designed the Cresswind Georgia at Twin Lakes development. The housing market has definetly shifted due to the COVID pandemic.

Developers are creating new ways to fit consumer interest into new communities. The current market shows that they want flexibility, connection with nature, and sustainability. Some examples that developers are adding to communities include multifunctional spaces, community gathering spaces, community gardens, pet-washing stations, outdoor fitness centers, water activities and equestrian trails.

“Developers and home builders are working to make better connections with nature both in terms of amenities and within the homes themselves,” observed Carol Morgan, president of Denim Marketing. “For developments, the standards include wide sidewalks, walking trails, dog parks, fire pits and connectivity with any trails in the area.

“For home design, builders are including lots of connectivity to the outdoors with patios, porches, decks, etc.,” she added. “Many of these are covered to provide year-round protection from the sun and rain.”

Developers also want to keep it affordable to homebuyers and want to stretch their development dollar. Homes are more affordable if a developer can find ways to minimize the cost of the project. A great example of this is desiging road’s networks along the site’s natural contours. At the Tyler, Home on the Lake, development in North Carolina, they converted the developments 60-acre lake from a decorative feature to a usuable amenity.

“We installed paved sidewalks around the lake’s perimeter, worked with local experts to improve water quality and clarity, stocked the lake with fish, and constructed a fishing dock and kayak launch to allow residents to take full advantage of this incredibly unique community feature,” Fidler noted. “The dock is now so popular amongst the residents that we actually had a small community wedding take place there last summer.”

“Amenities are a great focus for marketing campaigns as they portray the lifestyle of the community,” Morgan stated. “We focus on amenities and lifestyle by creating a series of graphics and storyboards for social media and blogs. It is important to tell the story and help potential buyers see how the community will live.”

“Supply is rebounding, and potential home buyers will soon be back to having multiple options to choose from,” she stated. “This is when factors like community layout and design, amenities and location will come back into play and influence home buying decisions.”

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Signs That Inflation in Home Prices Might Just Have Peaked

Reports have shown that inflation might have already peaked. This has caused the mortgage rates to start to fall back towards 5%. The week ending in August 18th showed 30-year fixed-rate mortgage at an average of 5.13% according to Freddie Mac. The week prior was an average 5.22% and the year prior the 30-year was 2.86%.

“Inflation appears to be beyond its peak, which has stopped the rapid increase in mortgage rates that the housing market was experiencing earlier this year,” said Sam Khater, Freddie Mac’s chief economist.

The higher mortgage rates hurt the housing market this summer which rose to a high of 5.81% in mid-June. Sales dropped on home sales for both new homes and existing homes causing a dip in mortgage applications. The last week in August 2022 mortgage applications were at their lowest levels since 2000.

“The market continues to absorb the cumulative impact of the large price and rate increases that led to a plunge in affordability,” said Khater. “As a result, over the rest of the year purchase demand likely will continue to drag, supply will modestly increase, and home price growth will decelerate.”

“Home purchase applications continued to be held down by rapidly drying up demand, as high mortgage rates, challenging affordability, and a gloomier outlook of the economy kept buyers on the sidelines,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.

If home prices slow in increasing and mortgage rates lower, then hopefully the housing market will bounce back. This hopefully will ring true as a year ago a a buyer could purchase a $390,000 home with 20% down on a 30 year-fixed rate mortgage and have a monthly payment of around $1,292. This same home today will cost a home buyer around $1,700 a month which is around $408 more each month.

Click Here For the Source of the Information.