Welcome to today’s roundup of real estate news, where we explore diverse stories shaping the housing landscape in 2024. From expert predictions on home affordability and market trends to heartwarming tales of community generosity providing homes for those in need, our coverage spans a wide array of topics. Whether you’re interested in the economic factors influencing home prices, the touching story of a Fort Myers family receiving a new home, or the latest insights into construction and lumber costs, our articles offer valuable information for everyone. Dive into these compelling stories to stay informed and inspired about the state of real estate today.
Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again? – Forbes Advisor
The housing market in 2024 is facing challenges due to rising mortgage rates and soaring home prices. The spring home-buying season has been slow to start, with existing home sales stagnating while newly built home sales thrive. However, experts predict a gradual increase in home sales transactions compared to last year, and a slower growth in home prices. Despite the affordability hurdles, Fannie Mae forecasts a better housing market in 2024 as interest rates start to settle around 6% or lower. The National Association of Realtors (NAR) is also undergoing significant changes in its buying and selling model, following a $418 million settlement for antitrust lawsuits. These changes will impact broker compensation and representation agreements. While the housing market faces challenges, experts believe that conditions such as increased inventory and cooler mortgage rates are necessary for a housing recovery. To read more about the predictions for the housing market in 2024, click here.
New home marks a life-changing gift for Fort Myers family in need | WGCU PBS & NPR for Southwest Florida
Myrtle Dillard and her family received a life-changing gift when their nearly 100-year-old home was torn down and replaced with a brand new home. The Dillard family had lived in a deteriorating house for 33 years, facing numerous challenges. The 60-day demo and rebuild project by Lee BIA Builders Care and Stevens Construction provided the family with a safe and comfortable home. The new home is 1,347 square feet with three bedrooms and two bathrooms, featuring accessibility features for Myrtle Dillard, who relies on a wheelchair. Community partners and donors contributed furniture, appliances, and household supplies to fill the new home. The project was made possible through the generosity of donors and the dedication of the building industry. To read more about this heartwarming story, click here.
Builders community rallies to build house for Fort Myers widow
Myrtle Dillard of Fort Myers went from living in a dilapidated house to a brand new home in just 48 days. The nonprofit Lee BIA Builders Care, along with Stevens Construction and community partners, demolished the old structure and built a new home for Dillard and her family. The new home, which is 1,347 square feet with three bedrooms and two bathrooms, provides accessibility features for Dillard, who relies on a wheelchair. Community partners and donors contributed furniture, appliances, and household supplies to make the new home complete. The project showcases the power of a dedicated community coming together to change lives. To read more about this heartwarming story, click here.
Sedgwick County new home construction fell in 2023. Will that make housing shortage worse?
New home construction in Sedgwick County, Kansas, experienced a decline in 2023, contributing to the area’s housing shortage. Rising material costs and high interest rates deterred buyers from purchasing more expensive new homes. The dip in construction is unlikely to have a long-term impact on housing affordability in Wichita, as the root cause of the shortage is attributed to the aftermath of the 2008 recession. Builders and developers are cautious about overextending themselves without confirmed buyers, leading to a shift towards custom-built homes. However, Liberty Communities aims to provide affordable homes in the $230,000 to $290,000 price range, filling a need in the market. To learn more about the impact of declining new home construction on the housing shortage, click here.
Interview: What you need to know before building a home
The Chippewa Valley Home Builders Association is hosting the ‘ABC’s of Home Building’ seminar, providing valuable information for those considering building a new home. The seminar covers various topics, including the building process, financing, land evaluation, different construction methods, the role of the title company, and choosing a builder. The panel of experts from the association will share their knowledge and answer questions. The event takes place on May 9th and admission is $10 per person, which includes a free ticket to the 2024 Parade of Homes. To learn more or register for the seminar, visit here.
Framing Lumber Prices | NAHB
The National Association of Home Builders (NAHB) provides an overview of framing lumber prices and behaviors in the U.S. market. Softwood lumber prices have been volatile due to increased demand, rising tariffs, supply-chain bottlenecks, and insufficient domestic production. The NAHB advocates for actions to address high lumber prices and improve affordability. The cost of materials, such as plywood and OSB, significantly impacts the total cost of new homes. Changes in lumber prices directly affect the price of a new home, contributing to declining affordability. Builders may experience price relief once mill prices decrease or stabilize for an extended period. Higher prices reach builders more quickly when market prices are increasing. The NAHB continues to tackle the affordability crisis and addresses key issues in the housing market. To learn more about framing lumber prices and NAHB’s efforts, click here.