Tag Archives: coastalrealestate

Decreasing Demand or Supply Constraints?

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In 2021, existing-home sales rose 8.5% during 2020, the highest level since 2006 as supplies of homes for sale fell to an all-time low of 910,000, equivalent to 1.8 months of available inventory.

In December 2021, housing sales declined 7.1% over December 2020. The National Association of REALTORS (NAR) explained that the dip was likely due to supply constraints over decreasing demand from homebuyers. Employment in December rose by nearly 200,000 and the unemployment rate was 3.9%. Also favoring homebuyers, salaries rose 4.7% year-over-year, even while those gains were countered by the highest rate of inflation since 1982, a 7% increase from 2020.

The cost of housing, including owner-occupied and rented homes, rose 4.1%, the fastest rate since 2007. Meanwhile, the U.S. Bureau of Labor Statistics reported that building costs rose nearly 19% in 2021 which slowed construction, along with materials and labor shortages. For these reasons, the housing industry is unlikely to increase supplies of new homes by only 2% in 2022, which will make existing homes more coveted.  

Homeownership is an excellent hedge against inflation, primarily because buying a home at a fixed price and interest rate where it applies. While home prices and interest rates continue to rise, the cost of housing decreases as long as the homeowner retains the property.

With signs positive that housing demand will continue, NAR predicts that mortgage interest rates will stay under 4% and that home prices will rise 3% to 5% by the end of 2022. 

Five Home Décor Trends for 2022

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The way Americans use their homes has changed since the advent of the pandemic and has encouraged interior design trends for 2022.  These ideas are so smart, they’re likely to stick around even after the pandemic is over.Smart furniture – According to Puffy.com, the smart furniture industry is on track to reach $244 million by 2024. Televisions can double as artwork when turned off, couches, beds, and chairs offer charging ports, but most exciting are coffee tables that come with refrigerator drawers so you never have to leave the game to grab a cold one.Muted but colorful décor – Color palettes for 2022, such as those suggested by Benjamin Moore, are calling for blue, green and yellow colors on the paler side, far from the dark and moody jewel, spice and deep ocean shades of recent years.Vintage accents – Whenever life seems chaotic, homeowners become nostalgic for simpler times. Housebeautiful.com explains that vintage furniture and accessories feature craftsmanship, materials and a flair for individuality that can’t be duplicated today. Large floral patterns are great to pair with stripes or abstract fabrics.  
Multifunctional room design – Working from home makes, homeowners want more space, but Brick.com says that space should be more flexible. The room where you put your desk may also have an integrated workout area.
Curved furniture – Room design, furniture and accessories will feature elements that feel like a soft comforting cuddle, says 2modern.com. Rounded edges are a welcome change from the geometric look of modern furniture.

Built in, Outdoor Bar-b-que Grills

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Building an outdoor grill in your backyard can help you enjoy pleasant weather while providing your family with delicious meals. Whether you do it yourself, hire a landscape architect, or get a kitchen specialist to design your outdoor kitchen, you’ll take full advantage of your outdoor space and the comforts and entertainment it can provide.There are many items to consider when installing a built-in outdoor grill, including location, ventilation, type of grill, and features. Will you need to install a gas line to the grill? Will there be water available? Do you plan to have other kitchen functions such as storage, an ice maker and an outdoor dining area?You’ll want to locate the grill at least 10 feet from the house. Use fire-retardant materials such as stainless steel, stone, or bricks for countertops and retaining walls. Most grills have lids to retard fire, but where the smoke blows are also crucial. The BBQGuys maintain that proper ventilation sucks out scorching heat and keeps smoke and odor away from you while you’re grilling and your guests. It also vents grease, fumes and discoloration from your outdoor kitchen surfaces which reduces fire hazards.If you prefer gas, contact your gas company to find a reputable gas contractor and get more than one bid. Charcoal and propane tank grills offer more flexibility in where you install them. Make grilling outdoors more convenient by finishing out the area with amenities like built-in trashcans, side burners, sinks and a drink station.Don’t forget to check into your local building codes; there may be rules you need to follow, and your project could require a building or plumbing permit, depending on the scope of your plans.