Find out about the latest news in Madisonville, Louisiana as well as St. Tammany Parish. We will keep you “tuned in” to all of the information about Southeast Louisiana as well as the real estate industry in general. Many new home buyers are concerned about the market, mortgage information, and builder trends. We plan on keeping you as up to date as possible on these and many more topics. There is a lot going on in the Greater New Orleans area, so you will have plenty to read!

The Current Housing Market Sees More Construction of Single Family Homes Over Multifamily

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This has been a whirlwind of a housing market since the pandemic began. It has been nine years since the number of single-family homes under construction is higher than multifamily construction. Robert Dietz, the National Association of Home Builders Chief Economist reported that up until 2008 that was the norm. Then the financial crisis that led to the Great Recession hit and homeowners moved to rentals in droves.

The pandemic could be why this trend has taken over. People wanted to get away from the dense areas and were moving out of apartments. More and more people were looking for a single-family home for space to work and school from home. Since the pandemic will this still hold up to be the case?

Multifamily housing starts were 17% higher from 2020. This shows a sign that multifamily construction will start to come back. If homeowners want to go back to living in metro areas, these communities cannot support a large amount of single-family construction. Millennials are the big chunk of first-time homebuyers and cannot afford a single-family home in this housing market. Multifamily units are more cost effcient when it comes to construction and renting. This will probably put multifamily construction back into the lead.

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Tips To Freshen Up Your Home’s Look

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Springtime is usually the time for cleaning, hence the phrase “Spring Cleaning.” It is also the best time to freshen up your home’s look. Here are five things to do to spring up the look.

#1: Clean and Declutter

After being indoors for the winter, your home might be musty and stale. The first step when the weather starts to warm up is to refresh your home. To do this start with dusting blinds, cleaning windows, washing floors, and prepping your porch — don’t forget to clean your appliances, dust light fixtures, wipe down doorknobs and light switches and freshen up your front door. If you need to update the smell of your home aromas such as linen and cotton are great choices.

#2: Awaken Your Home With Scent

As mentioned earlier, the scent of your home is important. Infuse your home with spring fragrances. Some of these scents include the calming scent of Lavender & Almond Blossom, the floral hints of Honeysuckle & Raspberry, the fruity sweetness of Vanilla & Pink Papaya, or the tropical freshness of Palm Breeze. To do this you can use an Air Wick Essential Mist diffuser.

#3: Get Into Blossoms and Houseplants

When springtime comes, people love to buy flowers and plants. The spring is when a majority of plants turn green and bloom. Bringing the outdoors in is a perfect idea for your space. You can do this with houseplants and flowers. Low-maintenance houseplants can be a perfect thing for most anyone to have. Examples are asparagus fern, snake plant, pothos, or philodendron.

#4: Say Yes to Of-the-Moment Hues

Spring colors are another great way to update your home. Use cheerful and bright spring shades to welcome the warm weather. The trend for this year is electrifying hues and muted pastels. Examples include hocking pinks, vibrant azures and canary yellows, along with ocean blues, soft basil greens and pretty lavenders.

#5: Switch Out Textiles

You don’t need your heavy duvet during the warmer months. Switch them out for nubby blankets made of lighter linens and cotton throws. This season you will see cottagecore with wildflower prints and pastoral motifs, groovy patterns and highly textured fabric, and boho chic designs.

Remember to mix this season’s colors, patterns and blooms together for a nice fresh look. To do this add a nice aroma to create a good mood in your home.

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The Beginning of 2022 Sees Higher GDP

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A drop in growth pushed the housing share of the economy up at the beginning of 2022. The overall GDP dropped at a 1.4% annual rate. This was due to the increased inventories and a jump in imports. The housing’s share of GDP rose to 16.7%.

The beginning of the year also saw a 4.8% increase in GDP in terms of residential fixed investment. There will be challenges this year for home construction. There will be a higher interest rate due to tightening monetary policy. RFI added 10 basis points to the headline GDP growth rate at the start of 2022.

Housing activities add to the GDP in two ways. First through RFI which stands for residential fixed investment. This measures how home building, multifamily development, and remodeling contribute to GDP. It can do this through the construction of new single-family and multifamily structures, residential remodeling, production of manufactured homes, and brokers’ fees.

Second is the measure of house services and how it affects GDP. This includes gross rents (including utilities) paid by renters, owners’ imputed rent (an estimate of how much it would cost to rent owner-occupied units), and utility payments. In the first quarter of 2022 housing services made up 11.9% of the economy, totaling $2.9 trillion on a seasonally adjusted annual basis.

This year the recent interest in housing has definitely affected the economy in a positive way. The shares are near historic norms.

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If You Want To Make Your Space Look Bigger, Avoid These Paint Color Trends

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Most people want their spaces to look bigger than smaller. There are some ways you can make a space seem bigger and it really is. There are many colors that are trendy this year, but this does not mean you should use them in your small spaces. If you want to make your space look bigger, choose white paint. Make sure to use an eggshell or satin finish which will reflect light. When light is reflected, it creates the appearance that a space is larger.

Even if you pick white, not all white shades are the best. It can be a challenge to pick which hue is right. A perfect choice is white paint in a soft shade that has warm undertones. This hue will add brightness to any space. Remember to test your white paint in your space to see how it reflects the light. If white is too sterile, then a pale lavender or cooler tones can also make a space feel open and airy.

A trend that has become very popular is painting the ceiling a dark color. You do not want to do this if you want your space to look larger than it really is. If your walls are in a light tone, paint the ceiling the same color which will make the room seem bigger.

A larger room nowadays looks great with dark trim on lighter walls, but this does not deem true for a smaller space. Painting the trim the same color as the walls can trick the eye to help the space look bigger. You do not want any visual distractions. Another example is not to paint one wall a different color than the others in a small space.

Remember strong bright bold colors will always make a space feel smaller. Go for light, airy tones to make your space feel open and bright.

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The courtyard entry is a private enterance that welcomes you into this home.

Millennials Win When It Comes to Buying Homes

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The National Association of Realtors revealed in the most recent buyers’ report that millennials make up 37% of the homebuyers. Millennials (22-40 years old) make up the largest share of homebuyers in 2021.

The report breaks up the millennial generation into two groups. The older millennials who make up 23% of homebuyers range from 31-40 years old and the young millennials (ages 22-30) make up 14%. Combined this makes up the 37% reported and has not changed since 2014.

This year the report also includes Gen Z buyers for the first time. These buyers are between 18 and 21 years old and only make up around 2% of home buyers and sellers. Gen X (ages 42 – 57) comes in at 24% when it comes to buying a home. Gen X has the highest median income of $113,300 and they usually purchase the largest houses (2,100 square feet).

The oldest generation reported was the Silent Generation which is from 74 – 95 years old. This generation just purchased 5% of the homes this year. This is a small group which probably is due to the fact that this age bracket is retired. The largest group for selling homes was the Baby Boomers (ages 56 – 74) which consisted of 43% of home sellers.

If you would like to view the NAR’s report which also includes characteristics of home buyers and sellers click here.

Click Here For the Source of the Information.

2022 Tax Deductions For Homeowners

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Everyone in America will be filing for taxes if they earned any money in 2021. Current homeowners have tax incentives that will help protect their investment and make homeownership easier for everyone. If you are a homeowner then you will want to understand how these tax incentives will benefit you.

Mortgage interest deductions are one of these incentives. This will reduce your taxable income. A homeowner can deduct mortgage interest on the first $750,000 of their mortgage. Premiums paid on qualified mortgage insurance and home equity loans that are specifically used to buy, build or improve your home can also be itemized under deductions. If you are married but filing separately, the maximum deduction will be $375,000 for each.

A homeowner can also deduct state and local taxes. You can deduct up to $10,000 in state and local taxes. In fact, this includes property taxes! Remember again, if you are married and filing separately you will receive $5,000.

Another tax incentive for a homeowner is residential energy credits. There are two kinds, residential energy credit, and non-business energy credit. For residential energy credit, a homeowner can get 26% of the cost of residential energy property equipment plus labor. This includes solar, wind, and geothermal equipment. Examples of geothermal equipment are solar panels, advanced circulation fans, or natural gas water heaters. Non-business energy credits will give homeowners 10% of the cost of qualified energy efficiency improvements and 100% of residential energy property costs. There is  a maximum of $500 from the time the credit was created in 2006 to 2022.

Homeowners have many financial benefits when it comes to owning a home. During tax season you need to add up your tax breaks. Speaking to a tax professional will help you with potentially getting thousands of dollars in tax deductions.

Click Here For the Source of the Information.