10
Jul
By First Rate Financial Group
Real Estate

3D Printing Used For Home Renovations And Construction

3D Printing Used For Home Renovations And Construction3D printing technology is a game-changer in the home construction business. Not only is the technology capable of printing a home, but it can also be used to print one at a much lower cost when compared to traditional home construction.

All3DP reports on homes printed using 3D technology that costs as little as $4,000 to $10,000. Some are ready for occupancy within 24 hours.

The $4,000 Home

A company in Texas, called ICON, is working with NewStoryCharity.org to create 3D-printed homes at an extremely low cost. New Story Charity builds simple homes in other countries, like Haiti and El Salvador. They give these homes to very poor people who live in shacks built out of plastic and cardboard.

These homes are small (around 500 square feet) and yet fully self-contained with a kitchen area, a bathroom, a bedroom, and a living space area.

Weather-Resistant Homes

A Russian company, called Apis Cor, used 3D printing to build a ready-to-use home for just over US$10,000 that can withstand the severe climate during winters in Russia. The 410-square-foot home is completely finished, painted inside and out, and wired for electricity. It was printed and built completely on site. It is small, yet quite attractive.

Ten Homes In One Day

A company in Shanghai, China, called Winsun, achieved the break-through of 3D printing ten homes out of a foamy, lightweight concrete material in a single day. The prospects of factory-produced extremely low-cost homes are extremely appealing in China where many millions are looking to have a new home.

Architectural Firsts

Many of the applications of 3D-printing technology in home construction focus on small homes built quickly for a really cheap price. That was what Winsun first started doing. However, 3D-printing technology is not limited to these cheap homes.

In fact, using 3D-printing technology, Winsun produced a beautiful, architecturally-stunning, office building that went up in Dubai for the price of $140,000. The project only took 17 days to complete. The cost was about one-half of regular construction costs for a building of the same type.

The office building has beautifully-curved walls and a style that would be very difficult to replicate by using other construction methods.

Summary

Expect that 3-D printing technology will increase in use for the construction of homes. Using 3D-printing technology also means that the homes can be very stylish. They can have nicely curved walls and are not limited to simple, rectangular-angled styles.

This means that, right now, they are perfect for a cottage home, an in-law apartment, or home office built in the back yards of larger homes in America. If you are thinking about a backyard cottage you can already get one 3D printed for a great price.

If you’re in the market for a new home or interested in refinancing your current property, be sure to contact your trusted home mortgage professional.

27
Jun
By First Rate Financial Group
Market Outlook

Case-Shiller: Annual Home Price Growth Slows for 13th Consecutive Month

Case-Shiller Annual Home Price Growth Slows for 13th Consecutive MonthCase-Shiller’s 20-City Home Price Index for April showed further declines in home price growth with 2.50 percent year-over-year home price growth as compared to March home price growth of 2.60 percent. New York City home prices held steady month-to-month and Seattle, Washington’s home prices were unchanged year-over-year after posting 13 percent home price growth in 2018.

The top three cities with the highest rates of year-over-year home price growth were Las Vegas, Nevada with 7.10 percent growth; Phoenix, Arizona followed with 6.0 percent growth and Tampa, Florida reported 5.60 percent home price growth. All three cities were hard-hit during the recession. While U.S. home prices are rising, they aren’t rising as fast as in prior years. The fastest home price growth rates remained in single digits as compared to double digit home price growth rates posted in recent years.

Changing geography played a role in this year’s home price growth as San Francisco, California, Portland, Oregon and Seattle, Washington fell to sun-belt cities east of the west coast. Astronomical home prices and pronounced shortages of homes in many west coast cities caused home buyers to seek affordable homes elsewhere.

The Case-Shiller 10-City Home Price Index posted a year-over-year gain of 2.30 percent in April as compared to its March reading of 2.20 percent. Analysts said that slower gains for home prices indicated more normalized price conditions, but noted that home price growth remains about 1.50 percent ahead of inflation.

Buyers Benefit from Slower Home Price Growth, More Available Homes

First-time and moderate income home buyers were sidelined by competing investors and cash buyers as home prices rose quickly, but may find it easier to compete as market conditions achieve a balance of advantages to home buyers and sellers.

The flip side of easing home price growth may be that prospective buyers who are leery of buying at peak market prices will put off buying homes. Low mortgage rates continued to boost affordability and decreasing shortages of homes provided buyers with more options. Homebuyer sentiment is likely to vary according to economic trends, regional and personal circumstances.

If you are in the market for a new home or interested in refinancing your current property, be sure to contact your trusted home mortgage professional to discuss current financing options.

 

25
Jun
By First Rate Financial Group
Market Outlook

Fed Holds Key Rate Steady As It Watches Economic Trends

Fed Holds Key Rate Steady As It Watches Economic TrendsFederal Reserve policymakers held the federal funds rate at its current range of 2.25 to 2.50 percent. Analysts speculated that the Fed may lower its key rate based on signs of slowing economic growth and the President’s encouragement to lower the Fed rate.

Federal Open Market Committee members cited “uncertainties” in support of their decision not to change the Fed’s key lending rate. A stiff month-to-month drop in jobs growth and worries over trade problems associated with recent tariffs assessed against China contributed to the Committee’s decision to hold rates steady and closely watch domestic and global economic trends.

Signs of slowing economic growth caused the Fed to adjust its forecast for achieving the benchmark inflation rate of 2.00 percent to 2021 and lowered expectations for inflationary growth from 1.80 percent to 1.50 percent.

Fed Chair: Fed “Closely Monitoring“ Economic Developments

After the FOMC statement, Federal Reserve Chairman Jerome Powell gave a press conference in which he further addressed the Fed’s response to slowing economic growth and current developments in global affairs. Chairman Powell said that it is important for policymakers to respond based on emerging economic trends rather than reacting to quickly shifting data.

Chairman Powell identified trade concerns and slowing global economic growth as factors impacting slowing domestic economic growth. Due to recent economic changes, Chairman Powell said that a “somewhat accommodative” policy stance was indicated. Uncertainty over supply chains due to tariffs was an example of factors causing concern over economic growth. Positive indicators centered around labor as job growth continued and employers reported a shortage of workers for available jobs.

Manufacturing declined globally and domestically as service-related-jobs expanded. When asked about Fed oversight over banks’ risk exposure due to lending policies, Chairman Powell said that large institutional holdings presented the greatest risk for banks, but did not say such risk was currently problematic. The chairman re-emphasized that FOMC members constantly assess economic data and global events to determine the Fed’s economic policies.