Inventory Shortages & Affordability Leading Some Homeowners to Renovate

first_img About Author: David Wharton Related Articles January 15, 2018 1,909 Views Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: GSE Credit Risk Transfer Loss Expectations Trend Lower Next: Are Housing Databases Overshadowing Agents? Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Home / Daily Dose / Inventory Shortages & Affordability Leading Some Homeowners to Renovate  Print This Post Demand Propels Home Prices Upward 2 days ago Inventory Shortages & Affordability Leading Some Homeowners to Renovate Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Home Prices home renovation Homebuyers Housing Inventory NAHB National Association of Home Builders Potential homebuyers are having their plans hampered by limited availability and affordability, leading some to reconsider staying in their current home and renovating instead. That’s according to a new report by the National Association of Home Builders, released recently during the NAHB International Builders’ Show in Orlando, Florida.NAHB reports that housing starts increased 9 percent year-over-year in 2017, but housing availability and affordability remains serious obstacles to many homebuyers. Of the potential homebuyers surveyed by NAHB, 65 percent don’t see any relief for these problems coming in 2018. Of those surveyed, 79 percent of prospective buyers told NAHB that they can only afford half the homes in their markets.Rose Quint, Assistant VP of Survey Research for NAHB, said, “These potential buyers see a problem with housing availability. They know it’s a tough nut to crack, but they are not deterred. They are still planning to buy a house in the next 12 months.”The inventory and affordability issues are also leading more homeowners to stick in their current homes longer than they otherwise would. According to NAHB, homeowners are staying in their homes an average of 12-13 years, and that longer timeline means many homeowners are looking to renovate.NAHB reports that the top five renovation projects homeowners are considering include changing paint colors (48 percent), changing flooring (43 percent), or fixing up their kitchen, bathroom, or outdoor areas. That holds true for both luxury homes and mainstream homes (the latter defined as those owned by homeowners with an income of less than $125,000 per year).According to NAHB, the average home size for 2017 was 2,627 square feet, more or less unchanged from the 2016 total of 2,622 square feet. Forty-six percent of homes had four or more bedrooms in 2017, as compared to 45 percent in 2016. NAHB reports that in 2017 37 percent of homes had three full bathrooms, up from 35 percent in 2016.Per NAHB’s surveys, homes built in 2018 will likely include “a walk-in closet in the master bedroom, separate laundry room, a great room, nine-foot ceilings on the main floor and granite kitchen counters.” Energy-saving perks such as Energy Star-certified windows and appliances are also on track to be very popular in the year ahead.Furthermore, apparently not every potential homeowner puts a premium on having a lot of space. According to NAHB, 53 percent of respondents said they would consider buying a home smaller than 600 square feet at some point in their lives, with Gen Xers and millennials considerably more open to the idea than Baby Boomers or seniors.You can find out more about the NAHB’s homebuyer survey data by clicking here. Home Prices home renovation Homebuyers Housing Inventory NAHB National Association of Home Builders 2018-01-15 David Wharton The Best Markets For Residential Property Investors 2 days ago Share Save in Daily Dose, Featured, Journal, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Cherries, skating and celebration in downtown Batesville this weekend

first_imgBatesville, In. — Batesville Main Street and the City of Batesville invites community members and visitors to the first-ever Ice Skating Rink in downtown Batesville from 5 p.m. to 9 p.m. on Friday, February 15 and 10 a.m. to 8 p.m. on Saturday, February 16.The first-of-its-kind festival is in partnership with Schmidt’s Bakery during their annual Cherry Thing-A-Ling’s sale that attracted more than 5,000 people to downtown Batesville in 2018.The ice rink will be in the Village Green parking lot and is available for all ages and skates are provided. There is no cost to participate as Main Street will accept free-will donations. A junior skate (5 and under) is scheduled for 3-4 p.m. Saturday.“The Cherry Thing-A-Ling celebration attracts huge numbers of people to downtown Batesville every year,” said Main Street promotions co-chairperson Amy Gutzwiller. “We wanted to do something to build on the popularity of the event and provide Batesville with some winter fun!”The 60 by 80-foot synthetic ice rink was made possible by generous corporate sponsors. Those who contributed financially are the John A. Hillenbrand Foundation, William A. and Martha H. Hillenbrand Foundation, Enhanced Telecommunications, Global Atlantic, Bruns-Gutzwiller, Margaret Mary Health Foundation, Sharp Painting LLC, Transmark Logistics, The Waters of Batesville, The Garrett Group and Marti Fritsch Tracy of Lohmiller Real Estate.There are several in-kind donations provided by Gillman Home Center, Harmeyer’s Market, Pro Prints, Water-Tek, McDonald’s, Assured Partners and many volunteers who are donating their time to make this a successful event.“It is great to see our community come together to support such a great idea that will certainly help bring more people into our downtown area and into those businesses,” said Mayor Mike Bettice.There are activities and contests for the entire family including Ice Sculpting Demonstration, Cherry Pit Spitting Contest, Cherry Guessing Contest and more! View the complete list on the attached brochure.“Many of our downtown businesses will have special promotions and Main Street encourages you to visit and support our downtown stores and restaurants during the weekend,” said Main Street promotions co-chair Amy Hawkins.In the case of inclement weather, the ice rink will be installed at the Liberty Park Pavilion. Follow Batesville Main Street on Facebook for updates and information leading up to the event.There are many volunteer opportunities for individuals and organizations.last_img read more