Qualified Remodeler Magazine

APR 2019

Qualified Remodeler helps independent remodeling firms to survive, become more professional and more profitable by providing must-have business information, namely best business practices, new product information and timely design ideas.

Issue link: https://qualifiedremodeler.epubxp.com/i/1107022

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Page 15 of 102

1.59 million existing homes available for sale in January, a 3.2 percent increase from 1.58 million a year ago. Unsold inventory is at a 3.5-month supply at the current sales pace, down from 3.9 months in January but up from 3.4 months in February 2018. Realtor.com's Market Hotness Index, which measures time-on-the-market data and listing views per property, revealed the hottest metro areas in January were Midland, Texas; Chico, California; Colorado Springs, Colorado; Spokane-Spokane Valley, Washington; and San Francisco-Oakland- Hayward, California. According to Freddie Mac, the average commitment rate for a 30-year conventional, fixed-rate mortgage decreased to 4.37 percent in February from 4.46 percent in January. The average commitment rate across all of 2018 was 4.54 percent. "We're very happy to see homebuyers returning to the market, as the beginning of spring represents a prime time to pur- chase a new home," says NAR President John Smaby, a second-generation realtor from Edina, Minnesota, and broker at Edina Realty. "Potential buyers and sellers should seek out a local realtor to stay abreast of the market and take advantage of the various housing benefits that are currently being extended during housing transactions." First-time buyers were responsible for 32 percent of sales in February, up from last month (29 percent). NAR's 2018 Profile of Home Buyers and Sellers—released in late 2018—revealed the annual share of first- time buyers was 33 percent. Legislation Housing finance reform takes center stage Leaders of NAHB and other interested groups are lining up behind a bill sponsored by Sen. Mike Crapo that would allow GSEs Freddie Mac and Fannie Mae to move out of conservatorship that has been in place since the Great Recession. Testifying on this issue before the Senate Banking Committee, NAHB Chairman Greg Ugalde, a homebuilder and developer from Torrington, Connecticut, noted that an ef- fective housing finance system must address liquidity as well as affordability. "An essential component of any strategy for housing affordability must be advanc- ing comprehensive housing finance reform, which will ensure the capital and liquidity necessary for housing developers, builders, lenders and consumers to access stable fi- nancing," Ugalde says. "In particular, we ap- preciate the chairman's continued support for an explicit government backstop for a key portion of the conventional mortgage market. We firmly believe this is critical to ensuring the ongoing availability of the 30- year, fixed-rate mortgage, which is essen- tial to affordable homeownership, as well as preserving support for the financing of affordable multifamily properties." QualifiedRemodeler.com April 2019 15 For more info circle 58 NEW: Keep Beautiful Home Exteriors Beautiful Venting Never Looked So Good 888-443-7937 www.DryerWallVent.com DWV4B DWV4B DWV4W Powder Coated Heavy Gauge Steel Today, exterior terminations get the attention they deserve as components that actually enhance aesthetics. Built in the USA of powder coated heavy gauge galvanized steel, they stand the test of time. Clean lines and superior performance make Dryer Wall Vents ™ worth a closer look.

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