Builder Confidence Increased in July 2020

News about low inventory and historic low mortgage rates has been garnering a lot of attention in the housing market. While real estate agents have been noticing a recovery in the market for the past couple of months, the latest NAHB/Wells Fargo Housing Market Index (HMI) is also showing an increase in builder confidence. 

 

July 2020 Builder Confidence

 

In July, builder confidence in the market for new single-family homes jumped to 72 points, up from 58 points in June. This is a significant increase from April, when builder confidence plummeted to a low of 30 points, the lowest level since 2012.

 

The HMI is a monthly survey that has been conducted for 30 years. It gathers information about builder perceptions and buyer traffic for single-family homes. Anything above 50 points indicates a positive outlook for the market, and below 50 indicates a negative outlook. 

 

The Appeal of New Construction

 

Buyers are actively searching for homes. With low inventory and the desire for a floorplan to meet needs created by the pandemic (like home offices and outdoor living spaces), builders are seeing more interest from prospective buyers. 

 

“Builders are seeing strong traffic and lots of interest in new construction as existing home inventory remains lean,” said NAHB Chairman Chuck Fowke.  “Moreover, builders in the Northeast and the Midwest are benefiting from demand that was sidelined during lockdowns in the spring. Low interest rates are also fueling demand, and we expect housing to lead an overall economic recovery.”

 

Low mortgage rates aren’t just for existing homes, they extend to new construction. If you are a prospective buyer who isn’t haven’t luck with current inventory, consider building new or looking at new developments.

Most Wanted Features in a Laundry Room

Laundry may not be your favorite chore, but laundry rooms are among the most wanted features in a home, according to the National Association of Home Builders study What Home Buyers Really Want (2019).

More homeowners are moving their laundry rooms out of the basement and into the main living areas of the home. Not only is this more convenient – no more trips down to the basement – but a well-thought-out laundry room provides room for storage and organization. Keep reading for tips on making your laundry room functional and beautiful – no matter the size. 

Mud and Laundry Room Combo

If you are fortunate enough to have a mudroom, you may as well make the most of it! Add a sink for quick rinses, nooks for coats and shoes, and an area for folding, ironing, and hanging clothes. 

Make the Most of a Closet

If you don’t have an entire room that you can dedicate to laundry, don’t worry. Converting a closet is an option that can help you stay organized while keeping the machines out of sight. Stack the washer and dryer, and utilize the rest of the space for storage.

Use All Accessible Space

Use the space you have wisely. Wall space, cabinets, and shelves can be utilized for organization. Create distinct areas for storing cleaning supplies, folding station, drying, laundry baskets, and sorting clothes. 

Hang Dry

Space to hang dry delicate items or freshly ironed garments should not be overlooked. Instead of a bulky drying rack that takes up floor space, install a couple of towel holders, closet poles, or a wall-mounted drying rack. 

Play with Design

The laundry room is the perfect place to play with design. Bold colors, wallpaper, or a textured accent can liven up the laundry room. Since laundry rooms are typically small spaces, you can get creative with your design. 

What does your dream laundry room look like? 

 

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