Death of the McMansion: the Era of Huge Housing is Over.
http://static.addtoany.com/menu/sm1.html#page;http://www.housingwire.com/2010/08/20/death-of-the-mcmansion-era-of-huge-homes-is-over
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Showing posts with label Trends and Updates. Show all posts
Showing posts with label Trends and Updates. Show all posts
Monday, August 23, 2010
Sunday, August 22, 2010
Thursday, August 19, 2010
Market Trends 2010
Five home trends for 2010
Consumers stay at home more, and housewares industry takes note
By Amy Hoak, MarketWatch
CHICAGO (MarketWatch) -- As the recession takes a toll on most businesses, the housewares industry is actually expecting to see some benefit as more consumers eat, entertain and generally spend more time at home in order to save money.
"If you're staying a home more, you're entertaining more at home. It's a real opportunity for our industry to reconnect," said Tom Mirabile, vice president of global trend and design for Lifetime Brands and a speaker at the International Home and Housewares Show, held in Chicago this week.
The latest home gadgets and gizmos
At the International Home and Housewares Show in Chicago, MarketWatch's Jennifer Waters finds a slew of environmentally-friendly products, including a system for growing herbs indoors. Then, there's the coffee maker you can talk to.
"Consumers in the past have done it all outside [the home]. We are a very service-driven economy," he said. "Whenever possible, it has been 'do it for me.'"
That's changing -- especially in the kitchen. Read more on the trend to make our homes more like Grandma's.
In a presentation earlier this week, Mirabile pointed out several home trends he's expecting for 2010. Below are five trends he predicts for the kitchen and beyond:
1. The live-in kitchen. Consumers spend three to four hours in the kitchen every day, not only cooking there but using it as a place to entertain, work, craft and spend leisure time, Mirabile said. The kitchen is being reinvented as a second living room, he said, as appliances are camouflaged and functional objects are hidden or minimized, allowing people to create ambiance in the room.
2. Living within our means. The recession is changing long-held opinions on how we spend our money. Consumers are looking for quality and durability in products -- a shift away from disposable consumption, he said. They're canning food more and growing their own herbs, they're brown bagging lunches and they're shopping in bulk at warehouse clubs or stocking up during grocery store sales to save money. Read tips on how to buy and use a home freezer if you're thinking of saving money on groceries.
3. The green kitchen. Americans continue to make their lives more environmentally friendly, but they're increasingly confused and frustrated about what is really "green," Mirabile said. While they want products to be eco-friendly, they're not going to pay much of a premium for it either -- they expect retailers and manufacturers to deliver green products at competitive prices.
4. The wellness kitchen. Buying local food and/or growing your own often means it will be fresher and free from pesticides and preservatives -- in short, more nutritious, he said. Today's consumers are also interested in purifying their water and air.
5. Cooking for fun. We're a nation of foodies, Mirabile said, quoting a Nielsen survey that found one in every five households has a "budding gourmet chef." It's not just women spending more time in the kitchen, either; "gastrosexuals" are men who consider cooking more of a hobby than a household chore, and use kitchen skills to impress friends and prospective partners. The popularity of the Food Network has helped to inspire a new love with food and cooking, and he expects consumers to continue to search for new recipes, techniques and cooking tools.
Amy Hoak is a MarketWatch reporter based in Chicago.
Consumers stay at home more, and housewares industry takes note
By Amy Hoak, MarketWatch
CHICAGO (MarketWatch) -- As the recession takes a toll on most businesses, the housewares industry is actually expecting to see some benefit as more consumers eat, entertain and generally spend more time at home in order to save money.
"If you're staying a home more, you're entertaining more at home. It's a real opportunity for our industry to reconnect," said Tom Mirabile, vice president of global trend and design for Lifetime Brands and a speaker at the International Home and Housewares Show, held in Chicago this week.
The latest home gadgets and gizmos
At the International Home and Housewares Show in Chicago, MarketWatch's Jennifer Waters finds a slew of environmentally-friendly products, including a system for growing herbs indoors. Then, there's the coffee maker you can talk to.
"Consumers in the past have done it all outside [the home]. We are a very service-driven economy," he said. "Whenever possible, it has been 'do it for me.'"
That's changing -- especially in the kitchen. Read more on the trend to make our homes more like Grandma's.
In a presentation earlier this week, Mirabile pointed out several home trends he's expecting for 2010. Below are five trends he predicts for the kitchen and beyond:
1. The live-in kitchen. Consumers spend three to four hours in the kitchen every day, not only cooking there but using it as a place to entertain, work, craft and spend leisure time, Mirabile said. The kitchen is being reinvented as a second living room, he said, as appliances are camouflaged and functional objects are hidden or minimized, allowing people to create ambiance in the room.
2. Living within our means. The recession is changing long-held opinions on how we spend our money. Consumers are looking for quality and durability in products -- a shift away from disposable consumption, he said. They're canning food more and growing their own herbs, they're brown bagging lunches and they're shopping in bulk at warehouse clubs or stocking up during grocery store sales to save money. Read tips on how to buy and use a home freezer if you're thinking of saving money on groceries.
3. The green kitchen. Americans continue to make their lives more environmentally friendly, but they're increasingly confused and frustrated about what is really "green," Mirabile said. While they want products to be eco-friendly, they're not going to pay much of a premium for it either -- they expect retailers and manufacturers to deliver green products at competitive prices.
4. The wellness kitchen. Buying local food and/or growing your own often means it will be fresher and free from pesticides and preservatives -- in short, more nutritious, he said. Today's consumers are also interested in purifying their water and air.
5. Cooking for fun. We're a nation of foodies, Mirabile said, quoting a Nielsen survey that found one in every five households has a "budding gourmet chef." It's not just women spending more time in the kitchen, either; "gastrosexuals" are men who consider cooking more of a hobby than a household chore, and use kitchen skills to impress friends and prospective partners. The popularity of the Food Network has helped to inspire a new love with food and cooking, and he expects consumers to continue to search for new recipes, techniques and cooking tools.
Amy Hoak is a MarketWatch reporter based in Chicago.
Sunday, July 25, 2010
Bernanke Weighs in on Fannie and Freddie
http://www.nationalmortgagenews.com/dailybriefing/2010_141/bernanke-on-fannie-freddie-1019911-1.html
- Posted using BlogPress from my iPhone
- Posted using BlogPress from my iPhone
Saturday, July 24, 2010
Housing Trends 2010
Top 10 Must-Know Real Estate Trends for 2010
Signs of improvement make 2010 a promising year, but more challenges are yet to come
By Shannon Petrie, FrontDoor.com
Originally Published: 11/20/2009
In 2010, staging and pricing competitively will still be a priority for home sellers.
#1: Still a Buyer's Market
For homebuyers, 2010 will likely be another year of low prices and a large inventory of homes on the market. Conversely, for home sellers, 2010 will be another year of low sales prices and fierce competition from other sellers. Plus, if a wave of new foreclosures hits the market next year, sellers will still have plenty of competition from bank-owned properties at bare-bones prices.
Fortunately, home sellers have many strategies at their disposal to stand out from the crowd. Today's homebuyers are looking for move-in ready homes, and many foreclosed homes are not in the best shape when they hit the market. Preparing your home for sale -- which can include cleaning, making repairs, making upgrades and staging -- can help your home stand out from the foreclosure down the street and get you a higher sales price.
•Get tips for selling smart in a buyer's market
•Get home staging inspiration from an expert (CLICK HERE)
•Visit FrontDoor's Guide to Pricing Your Home for tips on avoiding pricing mistakes and making a quick sale
•Buying or selling a home in 2010? Get tips!
NEXT: FrontDoor's Top 10 Must-Know Real Estate Trends for 2010 >>
Signs of improvement make 2010 a promising year, but more challenges are yet to come
By Shannon Petrie, FrontDoor.com
Originally Published: 11/20/2009
In 2010, staging and pricing competitively will still be a priority for home sellers.
#1: Still a Buyer's Market
For homebuyers, 2010 will likely be another year of low prices and a large inventory of homes on the market. Conversely, for home sellers, 2010 will be another year of low sales prices and fierce competition from other sellers. Plus, if a wave of new foreclosures hits the market next year, sellers will still have plenty of competition from bank-owned properties at bare-bones prices.
Fortunately, home sellers have many strategies at their disposal to stand out from the crowd. Today's homebuyers are looking for move-in ready homes, and many foreclosed homes are not in the best shape when they hit the market. Preparing your home for sale -- which can include cleaning, making repairs, making upgrades and staging -- can help your home stand out from the foreclosure down the street and get you a higher sales price.
•Get tips for selling smart in a buyer's market
•Get home staging inspiration from an expert (CLICK HERE)
•Visit FrontDoor's Guide to Pricing Your Home for tips on avoiding pricing mistakes and making a quick sale
•Buying or selling a home in 2010? Get tips!
NEXT: FrontDoor's Top 10 Must-Know Real Estate Trends for 2010 >>
Mortgage Update, July 21st 2010
All-time Low Rates
OK, rates have now officially hit a low point. They got this low for a few days in Dec of 2008 and Jan of 2009 before racing back up but have never been lower, at least not in my lifetime. Anyone with a fixed rate of 5.375% or higher should look into refinancing and soon. Also, 15 year rates are now lower than 4% and offer an incredible opportunity to pay off a home on an accelerated schedule. The biggest issue right now with refinances is declining home values. Many find themselves upside down and can't refinance. This is unfortunate but you touching base with past customers offering insight into what similar homes have recently sold for is immensely valuable to them and a great excuse for a touch-point for you. I have also attached a Refinance Worksheet that you can forward to anyone that may need to look at refinancing. Completing this and sending back to me enables me to create an estimate and send to them for their review and consideration. In addition, we will always do a refinance for our super referral sources at a discount as well!
Weak Economic Data + Low Inflation = Low Rates
The combination of weaker than expected economic data along with low inflation continues to keep mortgage rates super low. Worth noting, in recent weeks, investors have started modifying their consensus outlook to reflect weaker economic growth for the second half of the year. The Fed has also revised its forecast for 2010 economic growth lower as well. The manufacturing and retail sales data released last week reinforce this view.
Meanwhile, last week's CPI and PPI data continued to show that inflation is not a concern in the short-term. As you can see in the chart below, June Core CPI inflation increased at a very low .9% annual rate.
Tax Bills Now Out
The 2010 DeKalb and Gwinnett County tax bills have now been released. Since these are outstanding liens against the property, these bills will have to be paid at either a refinance or purchase closing. In addition, most of the MLS tax info will now be outdated so be careful to do your research and find out the 2010 info before you do any quoting. Also, expect Gwinnett bills to be higher as they now include sanitation fees as well. Here are the county websites to help you look up taxes as needed:
DeKalb County Property Taxes http://web.co.dekalb.ga.us/TaxCommissioner/tc-home.html#
Gwinnett County Property Taxes http://gwinnetttaxcommissioner.manatron.com/Tabs/ViewPayYourTaxes.aspx
Briefly
• Good news to report as last week the weekly Jobless Claims dropped to the lowest level since August 2008!
• Also last week, Congress passed the comprehensive Financial Regulations bill and President Obama is expected to sign it into law soon. The bill provides a framework for oversight of the financial services industry, and certain aspects of the bill will affect mortgage lending and the home buying process. The bill calls for various regulatory agencies, some of which will be newly created, to determine the details. Implementation of most of the new mortgage-related rules is expected to take 18 to 24 months to complete. This is scary stuff and could further hamper our ability to make loans.
• The U.S. House has voted to revamp the National Flood Insurance Program by increasing premiums, deductibles, and coverage while phasing out subsidies for vacation homes and for people living in flood-prone areas. The Senate will now take up the bill for the NFIP, which is saddled with debt due to billions of dollars of losses from Hurricane Katrina and population growth in flood zones and which has not been updated by Congress since 1994.
• Bad news to report as FHA published a notice this week that it plans to follow through on moves announced earlier this year to cap seller paid closing costs at 3% of the price of the home (down from 6%). The 3% cap has been in effect on Conventional loans with less than 10% down for some time. This is going to require buyers to come up with more money at closing, especially on lower priced homes.
Rate Update
It's official. Rates are now as low as they have ever been. Get the word out to everyone you know. We may never see this again!
The above rates are for purchase loans for a primary residence and are intended to give you an overall idea of how rates are changing from week to week. Other factors such as credit score, down payment, and number of days the rate is locked all contribute to the exact rate, which is subject to change at any time and without notification. The Conforming rates above apply to purchase loan sizes $150,000 - $417,000 and carry zero discount points. Rates for lower loan amounts are slightly higher. Lower rates are also available for all programs with discount points. Qualification is subject to credit and property approval and other restrictions may apply.
Looking Ahead
Its a slow week. Reports on Existing Home Sales and Leading Indicators are both due out on Thursday. Also on Thursday, the Treasury will announce the size of upcoming auctions.
Mortgage Updates are brought to you courtesy of James Williamson with Fairfield Mortgage.
OK, rates have now officially hit a low point. They got this low for a few days in Dec of 2008 and Jan of 2009 before racing back up but have never been lower, at least not in my lifetime. Anyone with a fixed rate of 5.375% or higher should look into refinancing and soon. Also, 15 year rates are now lower than 4% and offer an incredible opportunity to pay off a home on an accelerated schedule. The biggest issue right now with refinances is declining home values. Many find themselves upside down and can't refinance. This is unfortunate but you touching base with past customers offering insight into what similar homes have recently sold for is immensely valuable to them and a great excuse for a touch-point for you. I have also attached a Refinance Worksheet that you can forward to anyone that may need to look at refinancing. Completing this and sending back to me enables me to create an estimate and send to them for their review and consideration. In addition, we will always do a refinance for our super referral sources at a discount as well!
Weak Economic Data + Low Inflation = Low Rates
The combination of weaker than expected economic data along with low inflation continues to keep mortgage rates super low. Worth noting, in recent weeks, investors have started modifying their consensus outlook to reflect weaker economic growth for the second half of the year. The Fed has also revised its forecast for 2010 economic growth lower as well. The manufacturing and retail sales data released last week reinforce this view.
Meanwhile, last week's CPI and PPI data continued to show that inflation is not a concern in the short-term. As you can see in the chart below, June Core CPI inflation increased at a very low .9% annual rate.
Tax Bills Now Out
The 2010 DeKalb and Gwinnett County tax bills have now been released. Since these are outstanding liens against the property, these bills will have to be paid at either a refinance or purchase closing. In addition, most of the MLS tax info will now be outdated so be careful to do your research and find out the 2010 info before you do any quoting. Also, expect Gwinnett bills to be higher as they now include sanitation fees as well. Here are the county websites to help you look up taxes as needed:
DeKalb County Property Taxes http://web.co.dekalb.ga.us/TaxCommissioner/tc-home.html#
Gwinnett County Property Taxes http://gwinnetttaxcommissioner.manatron.com/Tabs/ViewPayYourTaxes.aspx
Briefly
• Good news to report as last week the weekly Jobless Claims dropped to the lowest level since August 2008!
• Also last week, Congress passed the comprehensive Financial Regulations bill and President Obama is expected to sign it into law soon. The bill provides a framework for oversight of the financial services industry, and certain aspects of the bill will affect mortgage lending and the home buying process. The bill calls for various regulatory agencies, some of which will be newly created, to determine the details. Implementation of most of the new mortgage-related rules is expected to take 18 to 24 months to complete. This is scary stuff and could further hamper our ability to make loans.
• The U.S. House has voted to revamp the National Flood Insurance Program by increasing premiums, deductibles, and coverage while phasing out subsidies for vacation homes and for people living in flood-prone areas. The Senate will now take up the bill for the NFIP, which is saddled with debt due to billions of dollars of losses from Hurricane Katrina and population growth in flood zones and which has not been updated by Congress since 1994.
• Bad news to report as FHA published a notice this week that it plans to follow through on moves announced earlier this year to cap seller paid closing costs at 3% of the price of the home (down from 6%). The 3% cap has been in effect on Conventional loans with less than 10% down for some time. This is going to require buyers to come up with more money at closing, especially on lower priced homes.
Rate Update
It's official. Rates are now as low as they have ever been. Get the word out to everyone you know. We may never see this again!
The above rates are for purchase loans for a primary residence and are intended to give you an overall idea of how rates are changing from week to week. Other factors such as credit score, down payment, and number of days the rate is locked all contribute to the exact rate, which is subject to change at any time and without notification. The Conforming rates above apply to purchase loan sizes $150,000 - $417,000 and carry zero discount points. Rates for lower loan amounts are slightly higher. Lower rates are also available for all programs with discount points. Qualification is subject to credit and property approval and other restrictions may apply.
Looking Ahead
Its a slow week. Reports on Existing Home Sales and Leading Indicators are both due out on Thursday. Also on Thursday, the Treasury will announce the size of upcoming auctions.
Mortgage Updates are brought to you courtesy of James Williamson with Fairfield Mortgage.
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