Here's this week's roundup of news and resources.
Understand the details behind rising multifamily construction.
Find out more about rising housing inventory numbers.
Learn about door hanger messages that deliver results.
Know the top interior design trends for fall and winter.
Check out the history of building codes from Babylon to today.
Read on for our coverage.
Multifamily Housing Numbers Grow
Recently, the number of housing units under construction rose to 1.7 million units for the first time ever. That's despite long delays and supply constraints affecting under-construction housing.
Data reveals that more new housing is designed for multifamily occupancy with 893,000 currently under construction, compared to single-family units which have decreased for the past four months. Although buyers of some multifamily homes are planning ahead to house aging parents, these units may also help reduce rent increases when completed. 1
Housing Inventory Continues to Rise
Based on data from a national housing report, inventory levels are continuing to rise, with a two-month supply currently on the market.
This number hasn't been seen in almost two years, which is good news for buyers. Other encouraging numbers show the housing market is becoming more balanced. For example, the median sales price decreased by 1.2% to $400,000. That's down 6.1% from a high of $426,100 in June.
However, this is still 6.7% higher than the year-over-year median sales price. The inventory of homes for sale also grew a staggering 30.4% year-over-year. 2
Five Door Hangers That Get Results
Although they're nothing new, door hangers often provide a huge return on investment because of their price. While the goal is to always get the biggest bang for your buck, there are several options.
Here are five unique real estate door hanger ideas designed to deliver results:
1. Welcome to our open house.
Door hangers aren't just for farming. This one tells your sellers that you're going that extra mile to increase open house traffic.
2. Home seller checklist.
This can help you stand out in your neighborhood and encourage calls from prospects. Using both sides of the door hanger may be required, so check out Canva for two-sided templates.
3. Just sold – your neighbor's house.
Door hangers promoting recent sales are an excellent way to tell your seller's neighbors that you're an expert on area homes.
4. What does a house wear?
Show your sense of humor with a house-shaped door hanger with an insert for your business card. The question What does a house wear? (The answer is under my business card) is revealed under your card: An address!
5. Should you keep renting?
If you're ready to convert renters to buyers, organize a first-time homebuyer seminar. Then, add the details and an RSVP to a two-sided door hanger template. 3
Four Colorful Home Trends
Interior designs change with the seasons, and this fall is no different. From hot pink to '70s velvet, here are four fall and winter home trends you won't want to miss:
Barbie Pink.
Hot pink is the go-to color this season. The hue that Barbie made famous, aka Pantone #e0218a, is what interior designers are channeling into everything from walls to drapes to carpets.
Earth tones and natural wood.
Real wood adds important texture to a home's design. Earth tones are calming and less likely to get a love-hate response.
Marble.
An all-marble look for bathrooms is popular in interior design right now. Marble can also add a touch of luxury to kitchen countertops and floors.
'70s velvet and woven elements.
The use of velvet in interiors is growing as a rich accent fabric for throw pillows, ottomans, and more – along with woven elements like a wicker chair or light fixture. 4
A Brief History of Building Codes
The first building codes go back centuries, and were authored by Babylon's King Hammurabi in 1758 B.C. They were literally written in stone. Death was a penalty risked by builders who didn't construct strong homes "if the house he has built falls in and kills the householder".
Building codes for the UK and US took off after fires destroyed hundreds of homes in London in 1666, and in Chicago in 1871. The new codes resulted in regulations that outlawed wooden chimneys (although the wood was covered with clay and mud, they were still highly dangerous). Fire escapes were also made mandatory by the new codes.
By the mid-1900s, the U.S. had three regional code organizations - which were consolidated into today's International Code Council (ICC). First published in 2000, these "I-codes" include the International Building Code (IBC), International Residential Code (IRC), International Energy Conservation Code (IECC), and mechanical, plumbing, and other codes. 5
Have any questions? Reach out to us. We are your home loan experts and are up to date with all the market industry information. kevnik@kevnikmortgage.com
Positively Changing Your Home Finance Experience. 🏠
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Sources: 1nar.realtor.com; 2themreport.com; 3theclose.com; 4nar.realtor.com; 5motherearthnews.com
