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SANTA ANA, Calif.--(BUSINESS WIRE)--First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, today released the September 2020 First American Real House Price Index (RHPI). The RHPI measures the price changes of single-family properties throughout the U.S. adjusted for the impact of income and interest rate changes on consumer house-buying power over time at national, state and metropolitan area levels. Because the RHPI adjusts for house-buying power, it also serves as a measure of housing affordability.

Chief Economist Analysis: Affordability Declines Nationally for Second Straight Month

Affordability declined month over month in September for the second month in a row, even as two of the three key drivers of the Real House Price Index (RHPI), household income and mortgage rates, swung in favor of increased affordability, said Mark Fleming, chief economist at First American. The 30-year, fixed-rate mortgage fell by 0.05 percentage points and household income increased 0.2 percent compared with August 2020. Rising household income and declining mortgage rates each boost consumer house-buying power.

However, rising house-buying power drives greater demand, and surging demand in a supply-constrained market fuels faster nominal house price appreciation. This is exactly what occurred in September, as nominal house prices, the third component of the RHPI, appreciated at its fastest monthly pace since 2013, said Fleming. The rapid house price appreciation was enough to overcome the benefit of increased house-buying power. But, real estate is local and house-buying power and nominal house price gains vary by city, so the national perspective may not tell us much about whats happening to affordability where you live.

The Five Cities Where Affordability Declined the Most

Declining mortgage rates increase affordability equally in each market as mortgage rates are generally the same across the country. However, household income levels and nominal house prices vary by market, so the affordability dynamic varies as well, said Fleming. Of the 50 markets we track, affordability declined in 41 of them month over month. The five markets with the highest month-over-month decline in affordability were:

Affordability Story Differs Based on Local Dynamics

In September, Kansas City, Mo. had the greatest month-over-month decrease in affordability, mostly due to of the 1.7 percent monthly decline in household income, the largest household income decline relative to the other four markets, said Fleming. Las Vegas and Philadelphia both had faster nominal house price appreciation than Kansas City, but their household incomes did not decline by nearly as much.

Finally, the remaining cities on the list, Pittsburgh and Portland, demonstrate the intricate dance between house-buying power and nominal house price appreciation. Pittsburgh and Portland both experienced a 1.6 percent decline in affordability in September, but for different reasons, said Fleming. Pittsburghs decline in household income was marginal and not enough to offset the affordability boost from lower mortgage rates, so house-buying power improved in the steel city. Yet, Pittsburghs nominal house price appreciation was the fastest of the five cities, outpacing house-buying power, so affordability waned. While Portlands nominal house price appreciation was slower than Pittsburgh, house-buying power declined significantly more due to falling household income, resulting in the same decline in affordability as Pittsburgh.

What Will Drive Housing Affordability in 2021?

The good news is that on a year-over-year basis affordability declined in only 13 of the top 50 markets, and housing remains 5 percent more affordable nationally than a year ago. However, the list of markets with declining affordability on an annual and monthly basis has swelled in recent months, said Fleming. The growing number of markets where affordability is declining demonstrates the dynamic we expected to see the strong growth in house-buying power in 2020 has boosted demand in a historically supply-constrained market, putting tremendous upward pressure on nominal house price appreciation.

Faster nominal house price appreciation can erode, or even eliminate, the boost in affordability from lower mortgage rates, especially if household income growth doesnt keep up, said Fleming. With mortgage rates expected to remain low in 2021 and supply expected to remain constrained, affordability trends will be closely tied to shifts in household income in the months ahead.

September 2020 Real House Price Index

September 2020 Real House Price State Highlights

September 2020 Real House Price Local Market Highlights

Next Release

The next release of the First American Real House Price Index will take place the week of December 28, 2020 for October 2020 data.

Sources

Methodology

The methodology statement for the First American Real House Price Index is available at http://www.firstam.com/economics/real-house-price-index.

Disclaimer

Opinions, estimates, forecasts and other views contained in this page are those of First Americans Chief Economist, do not necessarily represent the views of First American or its management, should not be construed as indicating First Americans business prospects or expected results, and are subject to change without notice. Although the First American Economics team attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. 2020 by First American. Information from this page may be used with proper attribution.

About First American

First American Financial Corporation (NYSE: FAF) is a leading provider of title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889. First American also provides title plant management services; title and other real property records and images; valuation products and services; home warranty products; property and casualty insurance; banking, trust and wealth management services; and other related products and services. With total revenue of $6.2 billion in 2019, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2020, First American was named to the Fortune 100 Best Companies to Work For list for the fifth consecutive year. More information about the company can be found at http://www.firstam.com.

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Top Five Cities Where Affordability Declined the Most, According to First American Real House Price Index - Business Wire

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For many, surviving the summer is easier when theyre sitting by the AC and cooling down. But if you dont have one, working out how to get the right one isnt easy.

Its getting crazy warm outside, but if you have an air conditioner, you probably cant feel it. If youre sitting inside, the doors closed, the AC on full blast, chilling with the TV on and a drink in your hands, the outside is just a menagerie you need not deal with.

Spare a thought for everyone else without air conditioning, suffering through what may feel like an intolerable burst of heat that seemingly never sends.

Its not even properly summer yet, and the heat in Sydney this journalist is writing in is already taking on properties like a furnace: venture outside, and any hope for a cool breeze to settle the soul is dashed by a blast of hot air not far from the force of a furnace. You clearly have to go places and face the outdoors, but the times you dont shouldnt have to be a struggle for sanity amidst searing and stark settings.

Fans can help, but typically fans will chop the air, releasing a small burst likened more to a breeze. Fans dont typically lower the temperature by much, and even Dysons air multiplier fan which speeds up the air through a small motor in the bottom can really only move the mercury by a couple of degrees, so if you need a big jump if youre looking to move that ugly 35 or higher down to a comfy 22 youre going to need to move to bigger guns, and bring out the air conditioner.

Unfortunately, working out which youre buying isnt easy, and may be more difficult than you expect. So what are the steps, what do the numbers mean, and how do you get to the point where an air conditioner can keep you cool for the summer?

Air conditioners can be complex, and almost unnecessarily so. Theyre almost impossible to work out by yourself, unlike a fan, which is typically just something you buy and place in front of you, hoping for the best. That doesnt work tremendously well, though, so it wouldnt surprise us if you made your way to buying an AC unit pretty quickly, with the questions following shortly: which unit, how big, and how much, among others.

But you know your home best, and you know your needs better than anyone coming in, so when it comes time to consider an air conditioner, think about your comfort in the rooms of your home. Will you need cool air where you spend much of your time, such as in the living room where the TV is? What about the bedroom, and the bedroom of your kids? Sleeping is important, while the night air will drop those high temperatures, it still may be unbelievably sticky and hot, making sleep just that much more difficult.

Knowing where you want to place the unit and how big the space is are just two of the questions youre going to need to answer, and it will likely be made with your home and your wallet in mind, because air conditioners are a surprisingly complex beast, covering not just size and cost, but long-term flexibility, starting with the type of AC unit you want.

There are four types of air conditioners out in the world, but three of them require some work to install them, and likely an electrician, particularly one that specialises in AC unit installation.

The obvious one that doesnt is the portable air conditioner, which provides some solace for small rooms and renters, and could be the ideal solution for folks who dont have permission to install something big (and who dont want to leave it behind anyway). These typically sit against a window or a door, a small hose trailing outside, and while they can cool a room, they can also be loud, and arent likely to be as effective as a bigger AC unit, which can blend into the surroundings a little more than the portable can, and make more of a dent on the air in your home faster and easier.

For that, you need to turn to one of three solutions: window, split, or ducted. Each is different, and has reasons why youd choose one over the other.

Wall mounted air conditioning systems are the most popular type of system, particularly when only one or two rooms need to be cooled or heated, for example a living room or bedroom. Split systems are available in a range of sizes, and an air conditioning specialist can help consumers select the right size for their requirements, said Kyle Rafter, National Product Manager for Fujitsu General Australia, telling Pickr the differences in the technology can cover how your home has its air treated. Specifically, he pointed out how zone controlling works, with this able to be used in ducted systems to heat or cool areas, rather than specific rooms. It can mean cooling a room directly is possible with wall, window, and ducted systems, while ducted can aim to cool parts of a house collectively, which can help handle costs.

Ducted reverse cycle air conditioning is a whole home comfort solution, he said. Using a single system that is concealed in the ceiling or floor cavity, its quiet, easy to operate, and is an energy efficient solution to heat or cool multiple rooms, or the entire home, using the selected zone controller, he said.

Because ducted is a house-wide solution, it may actually be more expensive to set up and install, since every room features a vent to distribute the air, both cooling and heating, as well as the system to control the air in, which typically goes in the roof. Wall-mounted options are a little more direct, mounting an air conditioner to either a wall and splitting the system so its both inside and outside, while a window-mounted is similar in that it joins the unit pieces together and mounts them to a window.

For many, ducted air conditioners are seen as a bit of the holy grail for air conditioning, because they require more thought and planning, and can deal with controlling the entire homes air treatment needs. In winter, the home can be warm, while summer can be cool, and you can handle rooms specifically. But theyre not ideal for every circumstance.

Even if there is an accessible ceiling, a ducted system might not be the most appropriate in some instances, said Joe De Bella, Senior Product Marketing Manager for Panasonic Australias Air Conditioning Group.

For residences in the far north of Australia (where roof space temperatures are so hot that ducted systems will lose efficiency), the typical installation would have an individual split or window/wall for each room, he said.

When it comes to comparing window/wall and split systems, window/wall units are the cheapest option but are generally much louder than split systems, as all the equipment is built into one box which either pokes through a wall or window. However, split systems are much quieter and are a better aesthetic fit for the modern Australian home. These units also boast better ease of use and air filtration features in comparison to window/wall products which tend to be more basic in their offering.

Picking which one you want can help determine how it looks in your home, how much youre spending, and the sort of air treatment your home will receive. How to pick that air conditioner style comes with having an idea of what type of unit you want in the first place, and whether you want to make a dent to specific rooms or the entire home. But then thats not even the extent of the air conditioner selection dilemma, because there are other factors.

While a ducted system will almost alway be handled by a specialist, you may be all about buying an AC unit and then getting it installed, and that will lead you down the path of needing to understand how air conditioners cool rooms, and how big of a system you need, so how do you choose the right size?

Glance at the online listings for air conditioners, and youll find a bunch of numbers and no real explanation: 2.5kW, 5kW, 7kW, 8kW? What do they mean, and is a bigger number right for you? Does it make a difference?

These are kilowatt numbers, and tell you just how powerful an air conditioner unit will be to deliver air to your home. Kilowatts can directly relate to energy usage, because the lower the number, the less energy and power it has to work with, while the higher is the opposite. Thats pretty basic logic, and much like how a car with a bigger and more capable engine is typically capable of more speed, there are also other factors.

You see, picking the right sized air conditioner for your home is where the process can get a little complex. If youre trying to cool your home down on the cheap, your first inclination might be to get the lowest power AC unit you can find because theyre also the least expensive, but doing so may not deliver the cool air you yearn for. Rather, an air conditioner with a lower kilowatt rating set to cool a small room may be fine, but stick it into a big room and it may not even achieve the temperature you aim to hit.

Those kilowatt ratings are often tied directly to how much surface area they can cover, and also how quickly they can achieve the temperature you need. While a bigger kilowatt number on an air conditioner can also cover more space, it may handle the smaller spaces more effectively than a smaller model, able to run for less time because it has the ability to use more power to get to a lower temperature more efficiently. It could be the difference between running a lower kilowatt AC system all day to keep your home cool, and a higher kilowatt model to get it cool in minutes.

In the car analogy, a bigger engine may also be able to hit the same speed as the smaller engine in a shorter time frame, giving you an idea of how more power can be used for smaller metrics in a faster way. It doesnt necessarily mean you need a bigger AC unit for your home, but does mean that if you buy an air conditioner that hasnt been sized properly for the space you intend to cool, the AC unit may not reach its full potential, and could keep running non stop, still unable to hit the temperature you desire.

Its important to get the right sized system as a unit too small for the space may work harder to run, and a unit too large for a space may use unnecessary energy, said Linda Louskos, Air Conditioning Marketing Manager for LG Electronics in Australia.

We recommend consumers contact an air conditioning specialist to come to your home and provide an obligation free measure and quote to suit the home.

No matter how many questions we asked, air conditioning specialists from across the industry would invariably come back to something youd likely want to do: bring someone in. Bring in someone to get an understanding of your needs, who would also very likely to be the person that would install the unit.

Even if you understand what your home needs, even if you know how big of an AC system you need to buy for your home, and even if you know where youre going to place it in the living room, in the bed room, etc theres a good chance that you wont be buying an air conditioner system without a bit of help. Specifically, you may need a specialist to come through and work out what your needs are, as thats how air conditioners are matched for a home.

It was a fairly consistent answer, though not seemingly just because air conditioner installers will want you to go through them, but because it might make the different between an air conditioner cooling a room, and an air conditioner cooling a room well. While you may well be able to judge whats needed because you understand your room, there may actually be more to it, and thats where a specialist comes in.

Panasonics Joe De Bella told Pickr that air conditioner specialists and sellers typically have a way of determining the factors needed for a homes new air conditioning, and that building construction, size, layout, and windows in the home can help them work out where to place a unit for maximum efficiency, complete with specialise software helping them to work it out.

Most sellers of air conditioning units will have a method of calculating these determinants for the consumer, he said. This might be a heat load calculation software Panasonic offers an App which gives an indication of the correct unit required based on a series of questions answered by a consumer or as simple as a mathematic equation which multiplies the square meters of the room.

Many industry experts are also capable of judging the needs of a room based on their experience. These factors will give an accurate indication as to which unit is most suitable for that building or space, said Bella.

It is important to note that these methods of calculation are most true for single room units. When it comes to ducted systems, it can be a more complex exercise.

Then theres the next problem of your energy bills, because owning an air conditioner system can lead to increased electricity usage. That should come as no surprise, since air conditioners can use a lot of energy to keep things cool, and it even goes right back to those kilowatt numbers we mentioned earlier.

A lower number of kilowatts might mean an immediate savings on the cost of buying the AC unit, but it also might lead to increased energy costs because youve had to leave the air conditioner on to keep the house cool. Meanwhile, a larger kW number will use more energy to get the home to the desired temperature, but even thats not the be-all, end-all for working out the numbers.

Larger kW air conditioning units will cost more to run than smaller units. However, choosing the correct size unit is critical to ensure the unit runs at its peak performance, said Atesh Mani, National Product Manager for Mitsubishi Electric Australia.

A unit that is too small will be forced to run at maximum capacity all of the time, potentially using more energy than whats required, [whereas] a unit that is too big will reach the set temperature and turn off more frequently which is not good for the health of the unit, he said. A system that is the correct capacity and is an inverter type will only use the required energy and ramp up and down as required.

Inverter technology may end up being how people deal with this problem, as it essentially acts like a throttling system for air treatment systems. The systems go to the full energy capacity to hit the desired temperature, and then pull back, throttling the load. When a temperature it reached, the system adjusts and lowers the energy output to ensure the temperature stays the same.

If all your doors and windows are closed, its entirely possible you could keep the system running without doing much of anything in the background the moment the inverter has finished that first run at needing energy, and its something Fujistus Kyle Rafter told Pickr can be more useful for homes, particularly when it comes to costing less on energy usage.

DC inverter technology makes an air conditioning system far more efficient than those using conventional technology, he said.

Consumers should request a heat load assessment when they visit a specialist. This is to ensure the correct size and type of air conditioning system is selected and installed to ensure the most efficient unit for the consumers needs is selected.

In essence, finding the right sized air conditioner for your home can be about finding the right balance for the area the air conditioner intends to cool, or even warm. Units able to handle both heating and cooling will typically have different energy capabilities between both, with the cooling technology running at a lower maximum compared to the heating. Both are taxing to energy, but as an example, a 3.5kW air conditioner that can both cool and heat may end up supporting at much as 4.3kW for heating alone, and can mean costs will be more significant over the winter months.

Working out how much energy an air conditioner will cost you over the long term is definitely something you should factor in, though its also something the Australian government has helped out in.

Youve probably seen the star ratings and numbers on appliances giving you an energy rating, and this can help be used as a guide for how your energy usage will work with any appliance, not just an air conditioner. However the government also offers an energy usage calculator to help Australians work out how much energy will be used, and how much an air conditioner will make a dent on their energy costs a over a ten year period.

Then theres the matter of extra features, something air conditioners havent always had. Keep in mind that the main focus on an air conditioners is to cool and heat your home, but you can specifically pick units that only focus on cooling, and then other models that handle cooling and heating.

For most of Australia, the two-in-one device makes the most sense, but if youre living in a part of the country where the mercury never really drops, you might be able to skip the heating component and save some money in the process. Alternatively, if you live in a place that gets cold, but doesnt need to be something your rooms have to be always warm with such as in a bedroom, where you can use a small automatically timed heater or a are happy to bundle up using quilts and a big bed cover you may opt for the cooling-only unit.

But there are also other features these days worth considering, such as supporting smart home features. Typically this will mean a way of connecting to a home assistant technology, such as Google Home, Amazon Alexa, or Apple HomeKit, and means you can control your homes air conditioning using your phone or voice. Think of it less as a set and forget mentality, but rather able to switch on the AC as you leave work or picking up your kids from school, knowing the house will have started cooling before you get home, rather than running all day. All from your phone.

It can go beyond needing the smarts built into your air conditioner. Newer thermostats can add that technology to an air conditioner, since not every manufacturer supports it in every unit, while some venture beyond merely standard AC design, opting to change the way an air conditioner blows air out into your room, and onto your skin.

This can all make for a dizzying amount of things to consider when it comes time to actually make the decision and buy an air conditioner, which is ultimately where it all gets to.

But it does come back to four key questions you need to answer for solving an air conditioner conundrum:

Answer those four questions as a bit of an air conditioner checklist, and youll have a firm idea of which system makes the most sense for your home. Think of them as the important factors that can help an AC unit do its job more effectively, and think about where in your rooms the unit would be placed to do a better job. A hallway may distribute air to every room if the kilowatt number is high enough, but youll want to keep those doors open, at least when its beginning, before locking it in. Walls can understandably impact and shape air flow, and so theres clearly a lot to consider.

Alternatively, consider contacting an air conditioner specialist if youre not sure youll have the best understanding of requirements for your home, and if you want them to run their fancy formulas and numbers over your home to get the optimum air conditioner approach.

You might glance at your home and figure youve got this, buying the model that works best in your mind, because, as weve noted earlier, you know your home. In practical use, you knowledge of your home combined with an inexperience of air conditioners could lead to anything but, and deliver some of the desired outcome cool air for parts of your home but not the best whole-home air conditioning experience.

While were hesitant to recommend a specialist above all, the reality is you need to go with what you feel comfortable with, whether that means buying an AC unit and hiring a sparky to make your home as cool as can be in the quickest of time frames, or booking in for a specialist to make it happen, and having them guide you to the outcome that works best for your situation.

After all, there are only so many things you can do to cool yourself down on a summer day, and as the mercury rises, knowing there was something you could have done to add an AC system to your home can only satisfy you until you make it happen.

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Cool for the summer: how to buy an air conditioner Pickr - Pickr

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Top 10 Best Thermostat That Works With Google Homes 2020 - Best gaming pro

Key Drivers and Restraints of Global Automotive Integrated Window Blinds Market

Side-windows segment accounted for notable share of automotive integrated window blinds market

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C-Pillar type technology segment to expand significantly during the forecast period

Passenger vehicle segment to hold leading share of automotive integrated window blinds market

Aftermarket segment to hold prominent share of automotive integrated window blinds market

Asia Pacific to lead global automotive integrated window blinds market

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The global automotive integrated window blinds market was highly fragmented in 2018. Key manufacturers operating in the global market are:

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Automotive Integrated Window Blinds Market 2020 Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 2027 - Cheshire Media

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If you're selling a home, you might worry whether you've over-improved your property. In other words, have you upgraded too much to recoup the cost?

If listing your home is in the foreseeable future, it's essential to know which improvements are most likely to pay off when you sell. Here are five home improvement projects known for holding their value.

Let's face it; the first thing we notice when we drive up to a house is its exterior. If the house looks like it was last painted during the Korean War, the lawn is overgrown, and the mailbox appears to have been run over by a moose, it's nearly impossible to see it as a potentially beautiful home.

According to HGTV, exterior improvements recover 90% to 100% of what you pay for them. That makes fresh paint, vinyl siding, an updated front entry, new deck, patio, porch addition, and landscaping safe home upgrades.

If you don't plan to sell for a few years, consider a charming addition like a fountain, lily pond, or stone-paved walkway. That way, you'll have time to enjoy it before putting the house on the market.

Seller tip: Safe and attractive stairs and railings make buyers feel secure and show you're a homeowner who focuses on upkeep.

Living space retains a fair share of value. For example, a family room addition offers an average return at resale of 83%. A basement remodel will recapture a little over 90%, and an attic bedroom conversion provides an average return of nearly 94%.

Seller tip: If you plan to convert an attic, consider adding a bath. Buyers will feel as though they're walking into a suite.

You know all those shows you've seen on television where they've totally gutted and rebuilt a kitchen and bath? If you want a healthy return on investment, you need to forget about those shows. The best return -- and we're talking 98.5% to 102% -- is on minor kitchen and bath remodels. A minor remodel is primarily cosmetic and doesn't rearrange your floor plan. In other words, you're not tearing out a tub so you can install a shower across the room or removing a wall in your kitchen and relocating cabinets. It's about reimagining how each space can look through cosmetic enhancements. For example:

Seller tip: Avoid upgrades that make your home the most expensive in the area. Most homebuyers would rather buy the least expensive home in a fantastic neighborhood than the most expensive property in a so-so neighborhood.

There's nothing particularly exciting about having replacement windows installed, but boy, can they pay for themselves. In some cities, the average homeowner recoups more than they spent on the windows. In others, you'll get close. Here's why: Living in a home with energy-efficient windows can cut down on your utility costs year-round. Even if you recover the average return at resale of 89.6%, you've practically paid for the windows.

Seller tip: Think of windows as an investment. They'll help you keep money in your bank account whether you sell or not.

If you have space and can add a new bathroom, you'll likely recapture around 86.4% of the cost when you sell. If you live in the home long enough to enjoy the extra bath yourself, that's a win/win.

Seller tip: The value is in having another bathroom. Only pay for upgrades like a rainforest shower, heated floors, or a towel-warming rack if you're buying them for your pleasure. Unless you live in a luxury home, you're unlikely to recoup the cost of luxury upgrades.

Ideally, the upgrades you make to your home will both give you enjoyment and make your home stand out from the crowd when it's time to sell. If you're not sure how to finance your home improvements, you have several options. Consider a cash-out refinance, where you refinance your existing mortgage, borrow more than your remaining balance, and get the difference in cash. A cash-out refinance is a good option if you have solid equity in your home plus a strong credit score. Borrowing against your home via a home equity loan or HELOC could also work, and that way, you don't need to apply for a brand-new mortgage.

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5 Home Improvement Projects With the Highest Return on Investment - Motley Fool

This year, we found, in our annual survey, the average home services spending for households who took on projects rose to$13,138, an increase over last years survey results, where homeowners who did projects spent$9,081on average, saidMischa Fisher, chief economist at HomeAdvisor.

This years topline growth in spending and projects is a story of increasing costs of supplies, increasing cost of labor and homeowners shifting spending from things like entertainment and travel to their homes, continued Fisher. While the cost to do projects compared to last year did increase, we also found that homeowners were spending more as well. The acceleration of home buying this year and underlying drivers of consumer spending like shifting demographics, baby boomers renovating to age-in-place, millennials changing needs to raise their growing families, a greater cultural focus on home design and home entertainment, an aging housing stock and a shortage of new home construction among many other fundamental factorswere already resulting in more spending on home improvement, home maintenance, and home emergency repair and also continued this year.

Homes have always been important, but the once in a century global pandemic has fundamentally shifted the relationship we have with our homes. Those factors, combined with a shifting range of needs for households as a result of coping with COVID-19, such as 27% more outdoor living needs, 40% more home entertaining, 50% more working from home, and 68% more home cooking, resulted in a shift in spending patterns, with 33% shifting commuting budget, 48% shifting vacation budget, and 52% shifting restaurant budgets into home services.

Additional insights include:

This report also found many generational trends, fueled by the onset of the COVID pandemic, including a focus on home services by millennials.

Millennials are spending the most on home improvement projects this year, said Fisher. On average, millennial households spend or plan on spending nearly$10,000on home improvement projects this year. Homeownership rates for millennials have jumped significantly, especially as COVID-19 has reemphasized the importance of the home and many companies move to flexible work location options. Millennials are not only rapidly becoming homeowners, but they are also spending more on home improvement than any other generation when they do.

The report is informed byHomeAdvisors True Cost Guide, an online guide for homeowners to access real costs as reported by consumers for home projects, as well as results from an annual survey conducted among homeowners.

See more here:
Report: Home improvement spending continues to increase - LBM Journal

As people continue to spend more and more time in their homes, many are looking for ways to upgrade through remodeling. And it doesn't take a big budget to do so.

MINNEAPOLIS When Dave Fransen bought his first house in south Minneapolis 13 years ago it was a true fixer upper, and hes since built a new kitchen, garage and a backyard fence.

"It definitely needed some work," said Fransen. "And Ive just been ticking off projects here and there."

But this year is his busiest yet, because, as the pandemic gets longer, so does his list of projects.

"When you're at home a lot more, its easy to get more annoyed by the things that have always sort of annoyed you about your house," said Fransen. "They get a little more amplified."

Thats one reason homeowners nationwide are remodeling in record numbers. Home design website Houzzsays leads for professional projects have spiked nearly 60% this year, with Americans spending more time than ever at home.

"The boom in construction can be heard all around the country, and probably the world," said Tamara Day, host of the HGTV remodeling show Bargain Mansions.

Day remodels homes around Kansas City, helps homeowners with design both in-person and virtually and is now redoing her own house, finding that like many families it felt far too small when she, her husband and kids were suddenly all staying home.

"My designers have never done so many home offices as they have in the past six months," said Day.

Day says offices are one of the best investments you can make, stressing that any small area - even a closet - will work, and that wallpaper and tile are inexpensive ways to give it character for video calls.

"Making that backdrop something that fits what you want people to think about you and your business is a huge part of this," said Day.

Day says gyms are also a smart addition, saying all it takes is a big mirror, a padded floor and some basic equipment.

"It is a need, not a want anymore," said Day.

And she says kitchens and baths are always money well spent, but says you need firm bids, a well-researched plan and advice from an expert.

"A consultation fee is nominal compared to making large mistakes, and often times thats all you need," said Day.

Day says you also dont need a big budget or a lot of skill, saying paint, cabinet hardware and light fixtures are easy, affordable upgrades.

"There are lots of projects that you can take on that will change the way your entire space feels without having to spend a ton of money," said Day.

Dave Fransen agrees. Thanks to the pandemic, hes already had time to do his own demolition for a new bathroom, bedroom and office, and with the money hes saved this year he may redo his basement next.

"Covid hit, and work from home hit, and it became a really good opportunity," said Fransen. "It's kind of the right time to take that on."

See the article here:
Homeowners nationwide are remodeling in record numbers amid pandemic - KARE11.com

Earlier this year, Meredith Lanning, owner of Pinots Palette in Katy, told Community Impact Newspaper she was taking measures to be extra sanitary and maintain social distancing rules in her classes at the beginning of quarantine; she even suspended in-studio classes for a while.

Eight months and several regulations later, Lanning said it has been a challenging year.

The last eight months have been a roller coaster, Lanning said. Im a small-business owner who is supposed to promote social gatherings to stay open in the middle of a pandemic. ... How do you do that?

While the effect of the coronavirus on cities sales tax revenue has varied throughout the Houston regionwith Katy seeing lower revenue compared to 2019small businesses in the community have felt the financial strain of the pandemic for the past seven months.

Local government is only as strong as the local economy, said James Thurmond, a former city manager and current graduate professor in public administration at the University of Houston. [If] they dont have money coming in, they cant provide some of the basic services they need to provide.

Although the pandemic has led to a drop in sales tax collections in Katy, Director of Finance Andrew Vasquez said grocery stores, businesses that were able to stay open due to carry-out orders, and Buc-ees helped carry the city when Katy Mills mall was shut down.

We were actually surprised the sales tax revenue did as well as it did, he said. We get the benefit of people traveling through Katy and spending money at Buc-ees.

Reinventing the wheel

Lanning, like other business owners around the world, was forced to create a new business model overnight.

With approval from Fort Bend County, Lanning was able to offer curbside pickup for painting kits, which slightly increased spending because materials that were typically reused were now being sold.

However, that was not sustainable, and business slowed again once the mask orders went into place the week of July 4. Nobody was coming, Lanning said. I couldnt get an adult in here to drink and paint if it saved my life. I had to shut it down.

Ida Franklin, the owner of Venus Construction in Katy, said she lost two employees in the initial stages of the pandemic and started having supply chain issues.

We have a horrible time right now getting appliances, Franklin said. Anything made in China or anywhere overseas is taking way longer to get here. Things that normally take a couple of weeks to arrive are taking months.

Franklin said Venus Construction has struggled a little in getting parts to complete a job due to factories closing overseas in March and April, but manufacturing is picking back up.

The things that we would be selling now are things that they would be manufacturing back in March and April, Franklin said. They just started reopening, so now they are having to play catch up, but its going to take months.

Venus Construction opened in 2006 and specializes in high-end kitchen and bath remodels as well as commercial remodeling and build-out.

I talked to my employees at length about not putting themselves at risk unnecessarily, being careful and wearing masks, Franklin said. Especially after we went through [COVID-19] at my house, it was terrible. I wouldnt want to wish that on anybody. Having to quarantine and separate yourself from each other in the house, and if people have kids, I cant even imagine telling a kid they cant hug their mother.

The most severe decreases in sales tax revenue may not have happened yet, and local governments need to brace for those, Thurmond said.

The COVID-19 recession, which is considered to have started both domestically and globally in late February, is unlike any other economic downturn in recent history, Thurmond said: It could potentially be much longer-lasting than a traditional recession.

We havent hit the low point yet, he said, adding that local governments must spend money and create budgets wisely. I would not be very positive right now. ... I would be cutting back.

Lanning reached out to Fort Bend County for a grant to help stay open during the lockdown, but Pinots Palettes locations in Cypress, Sugar Land and Memorial City have all closed since the pandemic hit the Greater Houston area.

Ask if you are struggling, Lanning said. It is just awesome how they help if we need it. Im hoping its going to be a stellar holiday seasonmaybe just without the crowds.

A silver lining

Although the restaurant and entertainment industries have suffered during the pandemic, other industries have thrived.

Venus Construction is booked until mid-December.

Were very fortunate to have a good business base, Franklin said. Were just trying to keep up with the business we have. In our construction and remodeling industry, its crazy busy right now, so theres not that much unemployment. I know there are lots of people unemployed and lots of people are struggling, but were not struggling.

The YaYa Club Clothing Co. located at 123 FM 1463, Katy, was another business that saw success since the pandemic, according to Lanning.

Although initially the owners were unsure on how they would continue, they quickly found a way to leverage the internet and social media to kick up sales.

I always think God puts people in your life that you need to learn some stuff from, and during quarantine I was watching all their videos, Lanning said. They go on Facebook live because they are a boutiquepeople come in, people touch clothes, people try things on, and we were shut down.

Livestreams included the owners presenting certain clothing items with descriptions and an assigned number to make it easy for customers to buy online, co-owner Robin Ebrecht said.

We started making masks for companies, for individuals, and clear shields because teachers, administrators and hair stylists wanted to be able to talk and see their clients, Robin said. We just tried to adapt and change with the rules and the laws.

The YaYa Club offers clothes, jewelry, a mens section, and masks and hand sanitizer.

I want to thank the community for supporting us and shopping local, Ebrecht said. Its been really amazing. We were surprised that we didnt fall that far behind last years sales, even through all of this.

Ebrechts son, Tanner, owns DiamondFit Performance Katy. The athletic facility shut down in the early days of the pandemic, Tanner said.

The North Carolina-based business specializes in training youth and high school athletes with some adult training classes.

Although the gym has lost a bit of money this year, Tanner said the staff was prepared for it and looking ahead.

I would imagine a similar story in most places, Tanner said. We were operating normally, boom everything shut down, and we just had to adjust and overcome all the adversity. I hope we are on the back end of it. Were pushing through. We are just trying to give our service and help everybody out.

Read the original post:
Katy-area business owners adapt to COVID-19 - Community Impact Newspaper

Welcome news for post Lockdown number two will be the grand opening, finally, ofThe LodgeKitchen & Bar at Brockenhurst's friendly local family owned and run four star Balmer Lawn Hotel.For those who once hoped to be skiing over the next few weeks an aprs-ski theme is some compensation!

On Friday December 4, winter Olympic legend, Eddie The Eagle Edwards will officially open the new aprs-ski style venue, The Lodge Kitchen & Bar at the Balmer Lawn Hotel in Brockenhurst, kicking off the start of a much needed festive season of a kind.

(That in itself will bring back memories - see notes below!)

The Lodge Kitchen & Bar will be open every evening throughout the season and at weekends playing host to Christmas-Fest themed evenings. Tables of up to six people will be able to celebrate with festive street food and party tunes.

The first night of festive fun will begin on Friday December 4 at 6.30pm as Eddie The Eagle joins the team in welcoming guests through the door of the indoor/outdoor alpine lodge experience.

Balmer Lawn Hotel General Manager, Michael Clitheroe, said, Christmas is 100% on at Balmer Lawn Hotel and we want to make sure that each and every one of our guests has an experience to remember. The new stretch tent has been transformed into an alpine wonderland complete with festoon lights, cosy blankets and a Gozney pizza oven.

The clear weatherproof walls provide amazing views of the New Forest whilst ensuring everyone is kept snug inside. Christmas-Fest is going to have an amazing party atmosphere albeit a socially distanced one!

Guests wishing to join in the fun should book a table now via http://www.balmerlawnhotel.co.uk.

Tables are getting booked up in advance by people wanting to secure a Christmas experience to share with family and friends. I would recommend securing your table now to avoid disappointment, Michael adds.

For more information about The Lodge Kitchen & Bar and Christmas at Balmer Lawn visit http://www.balmerlawnhotel.com/events/christmas-2020/.

The Balmer Lawn Hotel is the only privately owned hotel in the New Forest and has been owned by the Wilson family for 23 years. It's a fabulous, iconic building with 54 rooms and it's all surrounded by landscaped gardens, rivers and native wildlife. With wonderful welcoming atmosphere as soon as you set foot through the front door (past the wellies available for guests to borrow!) thanks to the Lodge it also nowboasts two dining venues with different menus and atmospheres, an award winning spa and a heated outdoor swimming pool.

This time last year the Balmer Lawn was the winner of the highly coveted New Forest Brilliance in Business overall Business of the Year Award. Seehttps://www.lymington.com/87-business/1545-balmer-lawn-brilliance-in-business-2019for the details!

Note about Eddie the Eagle as promised! The mention of his name brings a smile to the faces of those who remember him. Born in 1963, in 1988 he became the first Olympic ski-jump competitor since 1928 to represent Great Britain in Olympic ski jumping. He finished last in the 70 m and 90 m events. He also however held the British ski jumping record from 1988 to 2001.

See more here:
Eddie the Eagle to open Lodge Kitchen & Bar at Balmer Lawn - Lymington.com