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Goldman Sachs: Home prices will rise another 16% in ’22

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Investment bank doesn't foresee big boost in inventory anytime soon

Home prices are currently up 20% year-over-year, but according to a new Goldman Sachs market forecast, they may not have reached their peak yet. Not even close. Goldman Sachs economists predict that home prices will grow another 16% by the end of 2022.

The rapid increase in home prices over the past year is due to a number of colliding factors, including low interest rates, tight housing inventory, pandemic-induced migration patterns and an increase in millennials entering the home buying market. In addition, as fears of inflation increase, many investors are purchasing properties as a hard asset.

“The supply-demand picture that has been the basis for our call for a multi-year boom in home prices remains intact,” wrote a Goldman Sachs team of economists led by Jan Hatzius in a recent note, according to Yahoo! News, which first reported the story. “Housing inventories remain historically tight, and surveys of home buying intentions remain at healthy levels.”

Although inventory has slowly been increasing over the past few months, it is still below pre-pandemic levels, and the homebuilding industry has not been able to fill the void due to material and labor shortages. Construction employment is still 201,000 jobs below its February 2020 level, according to the U.S. Bureau of Labor Statistics.

A possible solution to the tight housing inventory and escalating home prices offered by Goldman Sachs economists is the relaxing of zoning laws.

“Economic research shows that relaxing the zoning rules and other regulatory constraints that have impeded homebuilding for decades would boost supply and lower prices and rents. But in practice, this has been difficult politically,” the economists wrote.

One state attempting to using zoning to ameliorate housing issues is California, which recently banned single-family zoning throughout the state (with caveats), opening the door for more multi-family residences to be built. However, Goldman Sachs economists don’t believe that such changes will be widespread across the country.

While demand remains high, which could potentially bring prices to the levels predicted by Goldman Sachs, things are certainly cooling off in some markets, such as Manchester, NH, which was red-hot over the summer. According to local agents, many home buyers are becoming discouraged by the ever-increasing home prices, causing homes to sit on the market for a longer period of time, suggesting that further price increases may cause demand to drop off.

Read more on Housing Wire.

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What Is a Patio Home? (Hint: It Has Nothing to Do With a Porch)

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What is a patio home? Well, it’s not a house with a porch out front. What defines a patio home is that it’s attached to other patio homes, making it similar architecturally to townhomes or condos—only in miniature.

Patio houses: What to know

While townhouses and condos are typically at least two stories high, patio homes typically max out at one or one-and-a-half stories, tops. A single-story layout is most common in this type of real estate, though.

(Oh, and patio homes might have a deck or concrete slab outside so you can sit and watch the fireflies, but not necessarily, so don’t let the name fool you. “Patio home” doesn’t necessarily mean patio.)

Also referred to as carriage homes, garden homes, cluster homes, and courtyard homes, patio homes are a relatively recent addition to the single-family real estate landscape.

According to Joshua Zinder, principal of Joshua Zinder Architecture + Design in Princeton, NJ, these small-lot homes came into fashion in the 1970s, as gated and shared communities sprang up around the United States. While attached homes—townhomes and condos—can be found from coast to coast, construction of patio homes specifically has boomed in the Northeast of late, and you’ll often spot them near golf courses, where patio home communities and neighborhoods are common.

“These developments usually offer relatively easy access to nearby neighborhoods and communities, but often at a more affordable price point,” Zinder says. “Patio homes are in relatively high demand right now, as they tend to be popular with empty-nesters and others nearing retirement. They also often provide entry-level real estate for buyers looking for access to communities where houses have become costly.”

Aside from their low price point, patio homes are a type of single-family home that appeals to many homeowners because their small footprint, lot size, and near-zero lot line require only limited maintenance. The biggest downside may be that since your new home shares at least one wall with your neighbors’, you’ve got plenty of company nearby (and also a potentially zealous homeowners association, which can be a pro or con, depending).

Patio homes tend to be in the transitional style, incorporating both new and traditional exterior elements. In Zinder’s neck of the woods, for example, newer patio homes are popping up with brick veneers to match the “Princeton aesthetic.” But in developments and neighborhoods closer to the beach, patio homes have clapboard siding that makes them look more like older single-family homes nearby—an effort also commonly seen in townhome and condo developments.

Patio homes: What’s the difference between a patio house and a condo, anyway?

There is yet another difference between patio homes and condos or townhouses.

“In most cases, a patio homeowner actually owns the lot the unit sits on, as well as the building’s exterior and immediate property structures, like walkways, porches, and fencing,” says Greg Smith of Palisades Home Improvements in Nanuet, NY.

A condo owner, on the other hand, tends to own the interior of the housing unit, while the property, lawn, and other shared (mostly exterior) spaces or common areas are owned by the condo complex, Smith notes, adding, “It’s important for prospective buyers to understand what exactly they are purchasing.”

Learn more on Realtor.com

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Find a Dog a Home: Meet Oxford

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Oxford will be a loving addition to any family!

He is a handsome 5-year-old Anatolian Shepherd mix and weighs in at about 74 pounds. He is neutered, up to date on shots, and ready for his forever home! His personality is a fun balance between calm and sweet, but he can also be an active, playful pup. His foster parents haven't seen a mean bone in his body, and he has interacted well with human adults and other dogs. He hasn’t been around kids yet, but he’d be happy to give it a try! Oxford has not been cat tested. He came to his foster home a bit underweight and is working hard to get those gains! Oxford is house-trained and is working on his leash walking skills. He is taking quickly to basic training, including responding to sit, down, and in-home boundaries like 'off'. Oxford's soulful eyes and loving spirit will draw you in. Get to know this well-tempered pup to see if he could be the lifelong companion for you!

Adoption fee includes the following:

  • Spay/Neuter

  • Rabies Vaccination

  • Distemper / Parvo Vaccines (includes series of 3 for puppies)

  • Bordetella

  • Microchip with prepaid lifetime registration

  • Deworming

To fill out an adoption application, click here! For any additional questions, please reach out to Oxford’s foster mom, West + Main Realtor Jenn Judge.

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Just Listed: Stunningly Updated Home in Genesee

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Welcome to this stunning updated home in the coveted foothills neighborhood of Genesee.

Mount Evans views regale this mountain contemporary property from the kitchen, dining room, loft, and primary bedroom suite. A wall of southern-facing windows in the open-concept dining area and living room warms the house during frosty Winter months while providing a grand visual connection with nature. Elk, deer, fox, and many other animals can be seen passing through the 1.48 acres of land year round. A private primary suite is accompanied by an adjacent loft [both with mountain views] as well as a private flex room -- the perfect space to read, listen to music, or just relax. Renovations include: primary bathroom [granite countertops, custom alder wood vanity, double copper sinks, radiant in-floor heating, copper air bath, steam shower, custom shower, and more]; new windows, new doors, and new stain-grade alder wood trim throughout; new stone-coated metal roof with ice and water shields [Class A for fire resistance and Class 4 impact for hail]; new gutters with leaf screens as well as new downspouts; new Luxury Plank Vinyl in basement; new hot tub; new landscaping with an abundance of zero-scape features; new powder-coated modern staircase railings and stringers; new custom wood front door; new Subzero refrigerator; new high-grade composite deck additions; new dog run and dog wash; new boiler; new radon mitigation system; two [2] new water heaters; addition of sliding glass door from kitchen eating nook to wraparound deck; new Kichler outdoor lights, and much more. The privacy of this cul-de-sac drive is juxtaposed with convenient proximity to I-70, providing easy access to both the mountains and the city. You can also enjoy 12 miles of maintained hiking trails amid 1,200 acres of open space while taking advantage of three clubhouses complete with pools, a fitness center, tennis courts, playground, and meeting rooms.

Listed by Brandi Wolff + Kendra Lanterman for West + Main Homes. Please contact Brandi or Kendra for current pricing + availability.

 
 
 

Have questions?
West + Main Homes
(720) 903-2912
hello@westandmainhomes.com

Presented by:
Kendra Lanterman (720) 434-6432
Brandi Wolff (303) 587-0911

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Meet the Maker: Vanny Channal

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Meet Vanny!

My name is Vanny Channal and for the first 33 years of my life, I allowed myself to be a victim of circumstances. Because I was poor, because I was raised on welfare, because my parents were Cambodian Refugees, these are the reasons the world had me believing that my existence didn't matter. But because I was poor, because I was raised on welfare, because my parents were Cambodian Refugees, these are also the things that have given me the ability to do what I am doing.

As an artist, my medium is scrap metal sculpting. Scrap metal because the story of each of these individual pieces is also my story. My story of overcoming circumstances, my story of redemption, my story of taking something that outlived its purpose and giving it a new chance at life. And the most recent chapter to my story is being written in a metal fabrication shop in Denver, Colorado. So please follow me as we both anticipate how the story unfolds.

 
 

How did your business come to exist?

My business came into existence from overcoming. In order to become an artist, I had to overcome self doubt. I had to learn how not to listen to others. I had to learn how to believe in myself when no one else believed in me. I had to put in long hours of not getting paid. I had to hold down a full-time job while still working on my art 30 hours a week. I had to sacrifice sleep and time from my family in order to be in the position I am in today.

What are you known for?

I am known as "the metal guy". I am known for making large scale sculptures with crazy details. I am known for using small little everyday things like padlocks, spatulas, and bike chains. I am known for my patience because I spend 300+ hours on my large projects. I am known as the guy who will stop at nothing until he gets it right!

 
 

What is your dream project?

My dream project is the Naga. That is an ancient mythical creature in Cambodian history. It is believed that the Naga gave birth to the first Cambodian civilization. Not only is that my dream project, my dream is to have the Naga sculpture that I created be installed in Long Beach, California, the city where I was born and raised in.

 
 

What is your favorite part of your job?

What I love most about my career as a full time artist is that it gives me the chance to bring who I am into the world. I feel that my art, my work defines who I am because art is individuality. The way I cut, or shape, or fuse something is the way only I will do it. I tell people all the time that if we were to put two craftsmen of the same trade or field into two seperate rooms with the same material, equipment, excetera they would walk out with two completely different projects. Because how someone feels, their experiences, the things they bring to the table are affected immensely when it comes to creating art. And because I am creating art, every project I complete, I am leaving traces of who I am on this planet.

If you had a choice between two superpowers, being invisible or flying, which would you choose?

If I had the choice of being invisible or flying, I would definitely choose the ability to fly. Invisibility I don't believe is a super power at all. And I can say that because for a large portion of my life, I've been invisible. I've walked into rooms where people wouldn't even notice me. I've kept quiet and to myself till the point that my opinion no longer mattered. So from my experience, being invisible is not appealing to me at all. Flying on the other hand is liberation. It's FREE! Being able to fly is being in full control of where we are going. Being able to fly is to have direction, destination, and a clear objective. So I definitely choose to fly.

 
 

Get in touch with Vanny

Instagram: @steel_n_pacific

Website: https://steelnpacific.godaddysites.com/

Facebook: Steel ‘n’ Pacific

Email: steelnpacific@gmail.com

If you are a local artist/crafter/maker/indie business owner and would like to be featured on our blog, please fill out this form or contact Ashley at ashley@westandmainhomes.com with questions...we can't wait to learn all about you!

 
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