B4 • Friday, March 11, 2022
US housing market fuels bidding wars, higher prices ASSOCIATED PRESS LOS ANGELES — Would-be homeowners are increasingly opting to pay sellers more than their asking price in hopes of edging out rival buyers as heightened competition for few homes on the market fuels bidding wars. About 52% of U.S. homes sold in January fetched more than their list price, up from 40.2% a year earlier, according to data from Redfin, a national real estate brokerage. It was the greatest share of homes sold above asking price ever recorded by Redfin, in data going back to February 2012. The trend is apparent in some of the nation’s most expensive housing markets. Some 63.2% of homes sold in Los Angeles in January went for more than advertised. In Seattle that jumped to 65.9%. These bidding wars are pushing home prices higher. The median home price jumped 15.4% in January from a year earlier to $350,300, according to the National Association of Realtors. “The housing market was in a frenzy in the beginning of 2022, with buyers competing for a limited supply of homes and sellers reaping the rewards of bid-up prices,” said Taylor Marr, Redfin’s deputy chief economist. Homebuyers face a difficult task navigating the housing market, with the number of homes for sale at record lows, prices rising sharply and average mortgage rates running higher than they were a year ago, and expected to climb further this year.
Long-term US mortgage rates back up this week ASSOCIATED PRESS WASHINGTON — Average long-term U.S. mortgage rates rose this week but remain at historically low levels as the Federal Reserve prepares to raise its main borrowing rate. The average rate on a 30-year loan hit 3.85%, up from 3.76% last week, mortgage buyer Freddie Mac reported Thursday. A year ago, the long-term rate was 3.05%. The average rate on 15-year, fixed-rate mortgages, popular among those refinancing their homes, climbed to 3.09% from 3.01% a week earlier. It stood at 2.38% a year ago. Last week, Fed Chair Jerome Powell said he supported a traditional quarter-point increase in the Federal Reserve’s benchmark short-term interest rate when the Fed meets later this month, rather than a larger increase that some policymakers suggested. Powell opened the door to a bigger hike in the event that inflation, at a four-decade high, doesn’t noticeably decline this year as the Fed expects it to. The Labor Department reported Thursday that consumer inflation jumped 7.9% over the past year, the sharpest spike since 1982 and likely only a harbinger of even higher prices to come. The increase reflected the 12 months ending in February and didn’t include most of the oil and gas price increases that followed Russia’s invasion of Ukraine on Feb. 24.
THE GARDEN ISLAND
thegardenisland.com
LIVE BIG IN YOUR BACKYARD BRANDPOINT
The sun is shining, a warm breeze is blowing and you’re itching to get outside. You finally step out the door, and what do you see? A vast, empty space with untapped potential. When it comes to designing your backyard staycation station for the summer, you want to make a BIG statement. After all, this is the place where you can be the hostess with the mostest, ready to mix up some margs at a moment’s notice or mingle late into the night by firelight. Patio and outdoor spaces can be tricky to style and decorate, which is why Big Lots has created a step-by-step guide to deck out your backyard this summer. Step 1: Maximize value and comfort The foundation of any space is furniture. Determining which outdoor furniture to purchase is as simple as viewing it as an extension of your living space. Think about how it will be used and how many people will use it. Create different vignettes and focus on “moments” you want to create in your space. Perhaps you want a cozy little spot for a fire pit. Or maybe you’re planning on hosting a neighborhood potluck around a massive outdoor dining table. Catching some poolside rays will require some lounge chairs with, of course, a side table to hold your vacation drinks. Gazebos, sofas, tables, chairs, swings and matching coolers are all important pieces to consider when designing your space. And because this furniture will be out-
days, from grand outdoor fireplaces to smokeless metal drums and classy table centerpieces. If you want to set the mood while Step 2: Light up your night keeping the bugs away, hang up To fully maximize use of your some string lights and the bugs outdoor space, you’ll next need to will fly high as you lie low. focus on lighting. And if you’ve Step 3: Delight in the details ever wondered to yourself: am I fancy enough for an outdoor Now we’ve arrived at the really chandelier? The answer is yes. fun part - decorating your new You can also try mixing and space. Some of the top trends in matching candle-lit statement lan- backyard accent décor themes terns to give chill vibes to all who right now include bohemian, farmcome by. house, coastal and mid-century. Another option would be to creRegardless of the theme you choose, one of the first elements ate a focal point with a fire pit, that will tie your space together is which comes in all forms these side and exposed to the elements, don’t forget to look for items that are trendy AND affordable.
an outdoor rug. The brighter the pattern, the better! Since this will live outside, we’re looking for big patterns and splashes of color to hide big splashes of dirt. Once you’ve got your theme and your color scheme, work in some oversized planters, stylish accent pillows, a scalloped umbrella, durable dining ware and even some low-maintenance but impressive faux plants for the finishing touch. Be a “Backyard BIGionaire” this year and feel like a million bucks while hunting for the best deal at your neighborhood Big Lots or on biglots.com.