Festive Cities for Holiday Lovers

Festive Cities for Holiday Lovers

For those who are full of the holiday spirit, they may find their fa-la-la-la’s in these cities.

“For a city to be really attractive for the holidays, it needs to offer something for everyone—from kids to the grandparents,” says Kirsten Maxwell, founder of kidsareatrip.com, a family activities website.

Realtor.com®’s research team sifted through the data of the 150 of the largest metros to identify those with the most holiday magic. They weighed factors like Christmas tree and holiday decoration businesses per capita; number of toy stores; number of Christmas trees cut down per state; percentage of listings with a fireplace or chimney (for Santa); Google searches for holiday events; and more.

The top 10 cities for holiday cheer (along with the standout that helped the city nab a spot on the list), according to realtor.com®, are:

1. Hickory, N.C.: Christmas tree farms
2. Eugene, Ore.: number one in the nation for Christmas tree production
3. Buffalo, N.Y.: the highest concentration of toy stores per capita
4. Pittsburgh: a high number of townies who return home for the holidays
5. Sarasota, Fla.: Plenty of holiday parties; alcohol consumption spikes here in December
6. Hartford, Conn.: one of the highest concentrations of Jewish residents in the country
7. Providence, R.I.: holiday decorations and home to one of the world’s largest toy makers, Hasbro
8. Salisbury, Md.: holiday shopping and its Christmas activities, like its parade
9. St. Louis: high concentration of fireplaces in homes
10. Lafayette, La.: a shrimping town that bills its season as Christmas on the Cajun Coast

Source: “Top Tinsel Towns: 10 Surprising Cities Whose Holiday Charms Are Worth Unwrapping,” realtor.com® (Dec. 11, 2017)

FHA to Increase Loan Limits in 2018

FHA to Increase Loan Limits in 2018

Following on the heels of the Federal Housing Finance Agency, the Federal Housing Administration announced that it will increase its loan limits in most areas of the country in 2018. The FHFA had announced new limits for loans eligible for purchase or guarantee by Fannie Mae and Freddie Mac on Nov. 28.

In high-cost areas of the country, the FHA’s ceiling on loan limits will rise from $636,150 to $679,650, according to the Department of Housing and Urban Development. In addition, the national mortgage limit for FHA-insured reverse mortgages—known as home equity conversion mortgages—will rise from $636,150 to $679,650.

The FHFA calculates new limits each year based on median home prices.

The FHA loan limits will rise in 3,011 counties but will remain unchanged in 223. Fannie Mae and Freddie Mac’s new conforming loan limits for 2018 will be $453,100 for conforming loans and $679,650 for jumbo loans in some high-cost areas. The new limits for the FHA and the FHFA will take effect on Jan. 1.

Source: U.S. Department of Housing and Urban Development

Reasons December Is Favorable for Buyers

Reasons December Is Favorable for Buyers

Many home shoppers don’t think about purchasing a house during the holiday months—many even put their home search on hold. But Desare Kohn-Laski, broker-owner of Skye Louis Realty in Coconut Creek, Fla., offers some points to pass on to your clients, letting them know this is one of the best times of the year to shop for a house.

Less Competition, Better Prices.

Let your clients know that the holiday months work in their favor. “Instead of competing with hungry buyers, eager to move in before the school year begins, the dip in demand actually drives prices down, and can create a mini buyers’ market,” Kohn-Laski says. In her experience, buyers often fare better in the negotiation process during the winter months.

More Time to (Home) Shop.

Time off around the holidays gives many buyers the opportunity to do some careful house hunting. Instead of giving up an entire weekend to open houses and showings, buyers can more leisurely tour homes during the week, Kohn-Laski suggests.

Tax Benefits.

We still don’t know how the House and Senate tax reform bills will shake out in conference committee; however, if your clients purchase in 2017, they can still deduct property taxes, mortgage interest, and other costs. Learn more about how you can influence tax reform.

Move-In Ready Weather.

For a large part of the country, winter is a favorable season to move. The heavy lifting of furniture and home improvement projects are easier to perform without the heat of the summer months, Kohn-Laski says.

“There are numerous benefits and added perks to buying a house during the holiday season that make December arguably the best time to buy,” Kohn-Laski says.

—Source REALTOR® Magazine

Hardwood Flooring Is Top Preference

Hardwood Flooring Is Top Preference

Hardwood flooring is dominating the main living areas of new homes, and engineered hardwood has been particularly catching on over the past decades, according to the latest surveys from Home Innovation Research Labs.

Engineered hardwood floors are made up of layers: the top and bottom layers are natural wood, but the middle contains a core of plywood. It’s known to be a more quick, fuss-free installation than solid hardwood.

Hardwood has become the most popular flooring in new-home kitchens, according to Home Innovation Research Labs. Hardwood floors—both solid and engineered—have increased from 11 percent of all flooring in new single-family homes to 31 percent over the past 12 years.

Other flooring types are decreasing in popularity. For example, ceramic tile has posted a slower growth rate from 15 percent to 21 percent over the last 12 years.

Hardwood flooring represents 65 percent of all flooring installed in new-home dining rooms, half of all flooring in living rooms, and about 45 percent of all flooring installed in kitchens, BUILDER reports on the study.

Hardwood of all types has grown in popularity in all areas of the home, except for the bedroom and bathroom. Carpeting remains the champ in bedrooms.

Source: “Engineered Hardwood Is Top Flooring Pick,” BUILDER (Dec. 6, 2017)

The Deck Is Making a Comeback

Nearly 24 percent of new single-family homes in 2016 included decks, according to a new analysis of U.S. Census Bureau data from the National Association of Home Builders. The percentage is up slightly from 23.3 percent in 2015.

New England and the East South Central region of the U.S.—which includes Tennessee, Mississippi, Kentucky, and Alabama—are showing some of the biggest upticks in single-family homes with decks. Perhaps unsurprisingly, the East South Central area is also seeing the most new homes featuring porches.

The Deck Is Making a Comeback

The average size of a deck on a new single-family home is about 230 square feet. The most common materials used for decks are treated wood and composite (a mixture of wood fibers and plastic), according to the 2017 Annual Builder Practices Survey, which is based on 2016 data. The Pacific region shows a higher preference for cedar and redwood than any other region.

While the number of new homes with a deck is rising, it’s still below historic norms. From 2005 to 2008, the share of new homes with decks was consistently above 25 percent, according to the NAHB. In 2009, the share of new homes with decks started to decline below 25 percent, a trend that continued until 2012, when the share gradually started to increase.

But it’s not just new homes where the popularity of this feature is evident. Many homeowners opt to add in a deck as a remodeling project later on. Twenty-five percent of NAHB remodelers reported that adding a deck to an existing home was a common project in 2016.

Source: “Share of New Homes With Decks Edges Up,” National Association of Home Builders’ Eye on Housing blog (Dec. 4, 2017)