Call it “good news Friday,” for a mid-September splash of brighter hues on the demand side of housing’s still-healing supply-and-demand equation. What’s good about it?
For starters, what’s negative is less so. Here’s CoreLogic’s latest look at the portion of the nation’s 50 million homes with mortgage loans that are “under water,” or in negative equity. Homes with negative equity stood at 3.6 million, or 7.1% of all homes with a mortgage; that’s a better-than 13% improvement from the prior quarter, and almost 20% better than a year ago. The headline here is that there are 900,000 fewer of those mortgage holders now than a year earlier who owe a bank more money than their home would fetch if it were sold today.
August posts biggest drop since Sept. ’15; still, year-over-year gains are impressive; weather in east could be a factor.
By Hanley Wood Data Studio
The numbers are in: Sales of new single-family houses in August 2016 came in at a seasonally adjusted annual rate of 609,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. The rate was 7.6% below the revised July rate of 659,000 but 20.6% above the August 2015 estimate of 505,000. It also was above the consensus Wall Street estimate, per Bloomberg, of 598,000, and, per The Wall Street Journal, of 602,000.
THE CONFIDENCE GAME
Metrostudy, September 12, 2016
Expect a roller-coaster ride for consumer sentiment as election-year trends weigh on housing’s still-fragile recovery trajectory.
By John McManus
Elections do a number on consumer sentiment and confidence. Especially the every-four-year kind that result in a chief executive for our country’s government, and hold out the potential, at least, for re-tipped balances among Congressional representatives and partisan power.
Probably the most significant force or factor sitting in the soup of uncertainty ahead that could impact abundantly-evident strong demand for homeownership’s spectrum of new and used house and community options is a blow to consumer confidence.
National Association of Home Builders senior economist Jung Fu watches the most widely accepted measures of consumer confidence, from The Conference Board and the University of Michigan. She’s tracked us to the present, noting that The Conference Board’s latest readings–for August–blipped up for the total Index as well as for component measures for the “present” and “expectations.”
Check out this article at CultureMap: Inside 4 stunning abodes on Austin’s Tour of Remodeled Homes
The Austin NARI Tour of Remodeled Homes is back for its 14th year, featuring renovations by seven of Austin’s top builders. The self-guided tour takes place Saturday, September 24, and Sunday, September 25, from 10 am to 6 pm. Nine beautiful homes are featured on the tour, but first, we take you inside four of the stunning remodels.
Susan Terrell and Don Brode moved into their Zilker neighborhood house in 2003 with just a dog. Their family grew to two dogs and two kids, George, 9, and Lily, 11. Ten years after moving in, Terrell and Brode realized they needed more space than the 1,750-square-foot house.
They went on a search but realized how much they loved their neighborhood. Instead, they decided to remodel and build an expansion that would satisfy their criteria: to create a house that was true to the 1956 era in which the house was built and create a space for their children’s friends to congregate. “We decided to have the house where people would come to our house instead of the kids always wanting to go to Joey’s house,” Terrell says. She says she wanted her kids to grow up with her and her husband instead of growing apart.
And unlike many home remodeling projects where walls are torn down to open space, Terrell and Brode decided to define the space, much like the original 1956 home, but with a better flow. They worked with CG&S Design-Build and architects Stewart Davis and Gregory Thomas and project manager Jay Schaefer and interior designer Mark Evans.
by TimberTown Austin
Spring is here! The grass is green, flowers are blooming, and it’s the perfect time to enjoy your outdoor space before the heat of summer. For deck owners, all you have to do is just step outside onto your porch or back deck and soak up the sun, right? Not so fast.
If you own a deck or porch, you know there’s work to be done! After fall and winter, there’s bound to be stains, dirt, and grime that has been left to sit and settle into the boards and between the gaps. Before you bring the lounge chairs back out, there are a few ways you can actually ruin the look of your deck if you’re not careful.
by TimberTown Austin
Here are the top mistakes to avoid when cleaning or refinishing your deck:
Mistake #1: Letting Nature Do The Work
If you think the wind and rain that come during the spring will clean your deck or porch for you, think again. All the elements can do is move around dirt and grime, not remove it.
Mistake #2: Not Clearing The Gaps
Allowing any part of your deck to accumulate dirt, leaves, and anything else in between the gaps of your deck boards can lead to serious issues. Any organic matter that’s left to rot can cause discoloration and premature rotting of wood (especially softer woods like pine and cedar). Also, because water tends to accumulate in any area where it cannot run off, it will pool and potentially cause your decking to warp and twist. Do your boards a favor, mind the gap and clear them out thoroughly.
Mistake #3: Excessive Powerwashing
Decking materials, whether they be as strong as Ipe or made of composite materials, are not steel or glass. They can be damaged by prolonged power washing, using the wrong tip, or too high of a PSI. If you have never pressure washed a deck before, you need to do the following:
- Use a fan tip
- Wash along the grain and the length of the board
- Never aim too close to the deck surface
Mistake #4: Not Cleaning Your Deck Prior To Refinishing
So, let’s say you have a new deck made of Ipe and it’s due for its very first annual refinishing. Instead of reading the directions, you simply sweep off some leaves and dirt and apply the oil. Everything looks fine the first day, but after a while you notice strange markings on your deck. Surely, it must be the oil! Nope. The oil did its job. Unfortunately, it’s not enough to sweep off your deck prior to oiling it. It has to be thoroughly cleaned so the finishing solution of your choice can adhere to the grain and protect the wood. If there’s dirt still left in the wood, the oil cannot properly soak into the surface. Use a wood deck cleaner and brightener to prevent giving yourself more work and an ugly deck to look at.
Mistake #5: Not Checking The Weather Prior To Refinishing
It’s Saturday morning and you are going to oil your hardwood deck first thing in the morning. You oil your deck in no time flat. Sunday morning, everything still looks good. Then it rains. You don’t notice it at first, but after a few days you notice the finish is uneven and it looks like the wood has spots all over it. What happened? Because the oil had not yet fully dried and settled
into the wood, the finish became uneven. To prevent this from happening, make sure your deck is completely dry 24 hours prior to and after applying any finish or sealer.
The Exception To The Rule
The best way to ensure you never make these mistakes is by building a deck out of composite decking. Popular brands like Trex, TimberTech and Fiberon are wrapped in a protective plastic shell which won’t rot and come with 25-year stain and fade warranties. You can also use a 100% PVC product like Azek or Zuri which don’t use any organic materials and have longer warranties. Composites are the best low-maintenance option since all it takes is a little soap and water to keep it looking brand new.
Avoid these mistakes and you can give yourself the best chance of not spending a lot of time and money on future deck maintenance and repairs. Instead, you can clean your deck, apply a finish, and enjoy it for the remainder of the year. Or, you can build a composite deck and save yourself a little time and elbow grease.
by Stephanie Sylvester
Remodeling your home can be an overwhelming endeavor, but it may be exactly what you need in your life right now. You can turn your house into your dream home where the rest of your dreams can manifest. Remodeling a room will spark inspiration, creativity, and perpetuate new goals. At Modernize, we love to see homeowners find new life in their homes through simple DIY projects or major renovations. Need a little push out of your remodeling comfort zone? Here are the top reasons why a home remodel is just what you need in your life.
A Happy Home
Don’t waste another year with items that you don’t love or that don’t serve you well. The very trendy and popular book, “The Life-Changing Magic of Tidying Up” by Marie Kondo addresses the need to get rid of anything that does not “spark joy.” Many of my friends have been using this book to clean out their closets and junk drawers, but I believe this is a useful exercise when it comes to home fixtures as well. I am vertically challenged and find it a nuisance to drag my step stool around the kitchen for items that I use every day. My small DIY project for spring is to place a shelf that runs the length of all of my wall cabinets, so I can have easy access to items that I need every day. If you have a leaky faucet that multiple repairs have failed to fix, it’s time to upgrade once and for all. Invest in something beautiful and functional so that you are not annoyed every time you take a shower and have to jangle the fixture to turn it off. Simple fixes will improve your quality of life. There will be less time to grumble about inconveniences and more time to love the room that you are in.
You Need Space For Your Passion
If you have the means to make big changes this year, consider creating your dream space for your passions. If you love to cook, create the kitchen of your dreams. Are you a writer or an artist? Imagine an addition that is dedicated to your craft. Surround yourself with the tools and space that you need and watch your talent blossom in the most ideal environment. If you are not worried about distractions or inconveniences, you can focus on your hobby or your work. Sure, you can make do with what you have, but if it’s possible to truly love the space where you are performing your passions, your creations will benefit from your bliss. Put some work into your home now so you can pour your heart into your art, cooking, or other hobby later.
You Need To Sell
Maybe you can imagine your dream home, but it’s located somewhere else. If you know that you need to sell in the future, making renovations will help increase your home’s resale value, and also make it more enjoyable to live in until it’s time to go. My husband and I intend to do just that with our 1980s bathroom. I know that we eventually want to move into a new home in a different neighborhood. But this move is at least a few years away, and I don’t want to live with my outdated bathroom for that long. While my husband and I will not be spending money as if this is our dream master bath, we will be happy to retreat to a sparkling clean bathroom with modern cabinets and updated lighting fixtures. We are staying neutral and bright to appeal to potential buyers in a few years.
Remodeling takes a lot of planning, patience, and money, but you will realize that those minutes, deep breaths, and dollars were well-spent when you love walking through the door of your home.
The National NARI 2016 Spring Business Meeting was held in Austin from April 6th through April 9th and a grand time was had by all.
James M Spink, the owner of NARI member Bin There Dump That – Indianapolis has written up a great recap of the conference, which you can read here. One of our favorite parts is excerpted below:
One can’t visit Austin and not enjoy the night life and live music! A special thanks to the NARI Austin chapter for hosting a first class networking reception on Thursday night in historic downtown Austin. In addition to a wonderful spread of food and drinks all attendees were mesmerized by the entertaining and comical Spazmatics band. This networking event was another excellent opportunity to speak and mingle with other chapter executives and their wonderful members!
Austin NARI was honored to host this event and we greatly appreciate everyone who attended!