Freddie Mac has announced the launch of a new feature to the underwriting process, designed to increase homeownership opportunities. Underwriting will now include a review of a borrower’s bank account data to identify a history of positive monthly cash flow activity as part of its technology’s loan purchase eligibility assessments, the company stated. The new feature will be available to mortgage lenders nationwide through Freddie Mac’s automated underwriting system, Loan Product Advisor® (LPASM), beginning November 6, 2022, they said.
“With the addition of positive monthly cash flow data, our underwriting system can help with more accurately predicting a borrower’s ability to pay their mortgage because it uses a comprehensive view of how personal finances are managed over time,” said Terri Merlino, Freddie Mac Single-Family senior vice president and chief credit officer. “Our latest innovation levels the playing field and helps make homes more accessible to borrowers whose lenders might not have qualified them with traditional methods of underwriting. This should particularly help first-time homebuyers and underserved communities.”
According to Freddie Mac, wth the borrower’s permission, lenders and brokers can submit financial account data for LPA to identify 12 or more months of cash flow activity for inclusion in the tool’s risk assessment. Data can be obtained from checking, savings and investment accounts, including those used for direct deposit of income and monthly bill payments, such as rent, utilities and auto loans. The account data submitted can only positively affect the borrower’s credit risk assessment. To help identify opportunities, LPA will notify lenders when submitting additional account data could benefit a borrower, they said.
Lenders and brokers can obtain the financial account data from designated third-party service providers using the same automated process they currently use to verify assets, income (using direct deposit), employment, and on-time rent payments via a single report through LPA’s asset and income modeler (AIM).
Working alongside our industry partners, we have made significant progress toward modernizing the mortgage origination process,” said Kevin Kauffman, Freddie Mac Single-Family vice president of client engagement. “In the current market, our latest industry-leading innovation delivers lender efficiencies that can lead to cost savings and improvements to the borrower experience, while meeting Freddie Mac’s strong credit underwriting standards.”
Initial service providers supporting Freddie Mac’s LPA borrower cash flow assessment include Blend, Finicity (a MasterCard company), FormFree and PointServ, the release noted.
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A bathroom remodel is a great way to increase the value of your home and make it more enjoyable to live in. But with so many different styles to choose from, it can be hard to decide which one is right for you. Here are five popular bathroom styles to help you narrow down your options.
Traditional Style The traditional style combines classic design elements with a touch of elegance. Features like pedestal sinks, clawfoot tubs and polished brass fixtures give your bathroom a timeless look. However, you can also incorporate modern conveniences like heated floors and rain showers to make it more functional. Bathroom remodeling doesn’t have to stick to one particular style, but can be helpful if the majority of fixtures are in sync with each other.
Contemporary Style Contemporary bathrooms are all about clean lines and minimalism. This style is perfect if you’re looking for a sleek, stylish space that is easy to maintain. Look for furniture and fixtures with simple geometric shapes and muted colors. You can also add a pop of color with a vibrant shower curtain or towels.
Victorian Style The Victorian style is characterized by its ornate details and luxurious finishes. Cuff molding, intricate tile work, and heated towel racks are just some of the ways you can create a luxurious bathroom space. However, this style can be difficult to maintain, so make sure you’re prepared for the extra care required.
Rustic Style If you’re looking for a cozy bathroom retreat, the rustic style is perfect for you. This style incorporates natural materials like stone and wood for an earthy feel. You can also add accents like Western-style rugs or antique light fixtures to complete the look. Just keep in mind that rustic bathrooms often require more upkeep than other styles due to their exposed materials.
Nautical Style For a bathroom that evokes the feeling of being at the beach, go with a nautical theme. Blue and white stripes are a classic choice, but you can also experiment with other nautical-inspired patterns like anchor motifs or seashells. To complete the look, add Seaside-themed accessories like sea glass soap dispensers or starfish toilet paper holders.
There are endless possibilities when it comes to styling your bathroom space. It all comes down to personal preference and what will work best in your home. Keep these five popular styles in mind as you start planning your bathroom remodel and you’re sure to find the perfect look for your home.
Lizzie Weakley is a freelance writer from Columbus, Ohio. In her free time, she enjoys the outdoors and walks in the park with her husky, Snowball. Looking to work with a brokerage in Michigan? Weakley recommends contacting The Stockton Team.
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As escalating mortgage rates and home prices shrink the pool of buyers, help your sellers understand why they’ll likely need to readjust their expectations.
Today’s sellers are seeing the market cool considerably from the homebuying frenzy just months ago and need greater education in order to price their home appropriately so it won’t linger.
It’s still a seller’s market, but buyers are regaining negotiation leverage.
Those who are relocating or need to sell quickly may not have time to test a high listing price.
Home sellers had gotten used to setting sky-high asking prices, and voracious buyers were eagerly bidding them up even higher—until now. As the market shifts more in buyers’ favor, over 25% of homes on the market have experienced a price drop as of mid-June, according to data from Altos Research. In some areas of the country, price reductions are even more commonplace–most notably in Provo, Utah, where nearly half of homes on the market had a price reduction in May. Redfin data pinpoints other cities where 40% or more of listed homes are experiencing price drops:
Tacoma, Wash.
Denver
Salt Lake City
Sacramento, Calif.
Boise, Idaho
Ogden, Utah
Portland, Ore.
Indianapolis
Philadelphia
Rumblings of a housing slowdown are growing as higher mortgage rates and double-digit annual home price gains deal a blow to buyers’ budgets. Housing analysts are warning home sellers that they may need to readjust their expectations, but many are still holding on to hope for a big resale profit, after seeing their neighbors generate a bidding war and sell in mere hours in a bidding war for well over the listing price just months ago. In the spring, nearly 6,000 homes sold for $100,000 or more above asking price, according to Redfin data.
“Sellers could do no wrong over the past two years and have become overconfident,” says James McGrath, a real estate broker and co-founder of New York–based real estate brokerage Yoreevo. “They could take the price their neighbor just got, bump it up 5% and still have a line out the door. But with the surge in mortgage rates, those days are over.” Some home sellers are now having to reduce their price 5% below nearby comps to sell quickly, McGrath adds.
Economists are quick to note that overall home prices are not likely to fall precipitously. In fact, the national median home price reached an all-time high of $447,000 in June, according to realtor.com®. An increase in listings for larger homes may be skewing that figure even higher, realtor.com® economists note. Housing inventory is slowly increasing, giving home buyers more selections in many markets and home sellers some extra competition. Meanwhile, buyers are showing greater concern about affordability.
Realigning Expectations
Even when the housing market begins to soften, sellers tend to hold on to the original price they had in mind, McGrath says. “Only after sitting on the market for a few months do they acknowledge their expectations may need to come down,” McGrath says. “Realistic sellers will get ahead of their neighbors with realistic prices to sell first.”
Real estate pros may need to have more upfront conversations with sellers about the list price so a later price reduction isn’t necessary. “Agents may have to do a better job in the current market of educating their sellers,” says Tansey Soderstrom, president of the Orlando Regional REALTOR® Association in Florida. “Homeowners can’t just sell for double what they paid for it anymore. Some sellers may have shown up late to that party.”
Still, some sellers may insist on a certain price against their agent’s advice, risking a feeling of shame if their home lingers on the market. “The pricing will greatly depend on how motivated the seller is,” Soderstrom says, adding that though the market has weakened, it’s still tilted toward sellers. “Some sellers may want to throw out a high price just to see if they can get it. But that strategy is likely different than a person who is relocating or someone who needs to sell quickly.”
Homeowners looking to sell fast need to carefully review competitive prices in the current market with their agent and be prepared when it may not exactly match up with their expectations.
Why Buyers Are Growing Wearier
Higher mortgage rates are shrinking the buyer pool, says Lawrence Yun, chief economist for the National Association of REALTORS®. The 30-year fixed-rate mortgage jumped from 2.93% one year ago to 5.78% as of the week ending June 16, according to Freddie Mac. On a $300,000 mortgage, the average monthly payment has increased from $1,265 last December to about $1,800 at today’s rate, Yun says.
Consumer confidence drives real estate activity, and with inflation at a 40-year high, stock market uncertainty and higher mortgage rates, more buyers are getting priced out, McGrath says. “Even if they can afford it, a buyer isn’t going to make one of the largest purchases of their life if they’re not confident and comfortable with their financial and employment situation,” he adds. As such, “smart sellers will reduce their pricing expectations and sell quickly.”
But home buyers haven’t abandoned the housing market. Demand is still strong and likely will remain so given improving inventory, which particularly will help first-time buyers, says Glenn Brunker, president of the mortgage servicer Ally Home. “Strong homebuyer demand will continue to support higher home price appreciation going forward, but likely at a much slower level,” Brunker says. “Certainly, we’re still in a seller’s market, but the buyer is starting to have more control and negotiating ability than they did six or 12 months ago. We’re seeing healthy examples of customers not buying as frantically, like ‘sight unseen’ offers or waiving their appraisal or home inspection. Those practices are beginning to stall, and it’s a return to a more normalized market with a more logical buying process.”
Melissa Dittmann Tracey is a contributing editor for REALTOR® Magazine. She can be reached at mtracey@nar.realtor. Follow her on Instagram and Twitter: @housingmuse
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The roof is one of the most crucial parts of your home, and it’s important to keep it in good shape. Unfortunately, roofs can be susceptible to a variety of problems, which is why it’s important to know how to spot them. Here are four common roofing problems and how to spot them.
Shingle Damage One of the most common roofing problems is damage to the shingles. This can be caused by a variety of things, including high winds, falling tree limbs, and hail. If you notice that some of your shingles are cracked, missing, or otherwise damaged, it’s important to have them replaced as soon as possible. Otherwise, you could end up with leaks or other more serious problems. Check out residential roofing replacement services in your area if you notice shingle damage.
Leaks Another common roofing problem is leaks. These can be caused by a variety of things, including damaged shingles, flashing that’s not installed correctly, or gutters that are clogged or leaking. If you notice any leaks in your roof, it’s important to have them repaired as soon as possible. Otherwise, you could end up with water damage or mold growth in your home.
Ice Dams Another common problem in wintertime is ice dams. These occur when heat escapes from your home and melts the snow on your roof. The water then runs down to the edge of your roof and freezes again, creating a dam that prevents melting snow from running off your roof properly. Ice dams can cause serious damage to your roof if they’re not dealt with promptly, so it’s important to be on the lookout for them during the winter months.
Ventilation Problems Proper ventilation is essential for keeping your roof in good condition. Without adequate ventilation, heat and moisture can build up under your roof and cause a variety of problems, including attic condensation, mold growth, and rotting wood. If you think you might have a ventilation problem, it’s important to have it checked out by a professional so that they can recommend a solution.
Roofs are susceptible to a variety of problems, but fortunately, most of them can be spotted fairly easily if you know what to look for. If you notice any issues with your roof, don’t hesitate to contact a professional for help. The sooner you deal with the problem, the less damage it will likely cause.
Lizzie Weakley is a freelance writer from Columbus, Ohio. In her free time, she enjoys the outdoors and walks in the park with her husky, Snowball. Looking to work with a brokerage in Michigan? Weakley recommends contacting The Stockton Team.
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Municipal water systems are required to test and monitor drinking water supplies to ensure safe and good-tasting water. But what happens once that water has been piped to towns, neighborhoods, and homes? Older homes may still have service lines made of lead going into the home, which can cause lead to leach into the water. The local water supplier should be able to confirm the presence of lead service lines for homeowners. Older fixtures that contain lead, or lead used to solder copper pipes, can also cause elevated lead levels in the water. Whenever possible, pipes and fixtures containing lead should be replaced with new materials.
Many homes built before the 1960s have galvanized steel pipes. While galvanized pipes do not create chemical contaminants on their own, they are susceptible to severe corrosion which can flake off and clog taps and faucets. In some instances lead can build up inside galvanized pipes, especially if the service line into the home is or was made of lead. To be on the safe side, it is best to have all galvanized piping replaced.
Another water quality concern is what are known as emerging contaminants, which, if present in a home, usually occur in very low level amounts. These fall into two general categories: health effects and aesthetic effects. Emerging contaminants affecting health include detergents, pesticides, and medications. Other contaminants that don’t affect health may adversely alter water taste, odor, and/or color. Home filtration systems are the most common means of reducing emerging contaminants. Options include faucet or pitcher filters, plumbed, and reverse-osmosis filters that treat the entire home’s water supply. Any filtration system installed should be listed as meeting national standards for reducing multiple contaminants.
Well water quality
While most people in North America get their water from municipal water systems, there are also millions who rely on well water at home. Water sourced from a well should be tested on a regular basis for contaminants such as bacteria and metals. If well water coming from the tap tests high for lead, it could be that the water in the well is too acidic, which causes lead to leach from pipes and fixtures. An acid neutralizing system can usually alleviate this problem without the need to replace pipes and fixtures. Other possible well water quality problems can be avoided by making sure wells are located away from septic tanks, livestock, and pooling water runoff. Well maintenance should be on a regular schedule so that any issues can be addressed before they cause health problems for the home’s occupants.
Water quality can easily be tested for metals, bacteria and other contaminants. Contact your local Pillar To Post Home Inspector for more information about this and other added services available.
Pillar To Post Home Inspectors is committed to ensuring confident home ownership. To learn more about how Pillar To Post Home Inspectors can help your clients, visit pillartopost.com.
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As escalating mortgage rates and home prices shrink the pool of buyers, help your sellers understand why they’ll likely need to readjust their expectations.
Today’s sellers are seeing the market cool considerably from the homebuying frenzy just months ago and need greater education in order to price their home appropriately so it won’t linger.
It’s still a seller’s market, but buyers are regaining negotiation leverage.
Those who are relocating or need to sell quickly may not have time to test a high listing price.
Home sellers had gotten used to setting sky-high asking prices, and voracious buyers were eagerly bidding them up even higher—until now. As the market shifts more in buyers’ favor, over 25% of homes on the market have experienced a price drop as of mid-June, according to data from Altos Research. In some areas of the country, price reductions are even more commonplace–most notably in Provo, Utah, where nearly half of homes on the market had a price reduction in May. Redfin data pinpoints other cities where 40% or more of listed homes are experiencing price drops:
Tacoma, Wash.
Denver
Salt Lake City
Sacramento, Calif.
Boise, Idaho
Ogden, Utah
Portland, Ore.
Indianapolis
Philadelphia
Rumblings of a housing slowdown are growing as higher mortgage rates and double-digit annual home price gains deal a blow to buyers’ budgets. Housing analysts are warning home sellers that they may need to readjust their expectations, but many are still holding on to hope for a big resale profit, after seeing their neighbors generate a bidding war and sell in mere hours in a bidding war for well over the listing price just months ago. In the spring, nearly 6,000 homes sold for $100,000 or more above asking price, according to Redfin data.
“Sellers could do no wrong over the past two years and have become overconfident,” says James McGrath, a real estate broker and co-founder of New York–based real estate brokerage Yoreevo. “They could take the price their neighbor just got, bump it up 5% and still have a line out the door. But with the surge in mortgage rates, those days are over.” Some home sellers are now having to reduce their price 5% below nearby comps to sell quickly, McGrath adds.
Economists are quick to note that overall home prices are not likely to fall precipitously. In fact, the national median home price reached an all-time high of $447,000 in June, according to realtor.com®. An increase in listings for larger homes may be skewing that figure even higher, realtor.com® economists note. Housing inventory is slowly increasing, giving home buyers more selections in many markets and home sellers some extra competition. Meanwhile, buyers are showing greater concern about affordability.
Realigning Expectations
Even when the housing market begins to soften, sellers tend to hold on to the original price they had in mind, McGrath says. “Only after sitting on the market for a few months do they acknowledge their expectations may need to come down,” McGrath says. “Realistic sellers will get ahead of their neighbors with realistic prices to sell first.”
Real estate pros may need to have more upfront conversations with sellers about the list price so a later price reduction isn’t necessary. “Agents may have to do a better job in the current market of educating their sellers,” says Tansey Soderstrom, president of the Orlando Regional REALTOR® Association in Florida. “Homeowners can’t just sell for double what they paid for it anymore. Some sellers may have shown up late to that party.”
Still, some sellers may insist on a certain price against their agent’s advice, risking a feeling of shame if their home lingers on the market. “The pricing will greatly depend on how motivated the seller is,” Soderstrom says, adding that though the market has weakened, it’s still tilted toward sellers. “Some sellers may want to throw out a high price just to see if they can get it. But that strategy is likely different than a person who is relocating or someone who needs to sell quickly.”
Homeowners looking to sell fast need to carefully review competitive prices in the current market with their agent and be prepared when it may not exactly match up with their expectations.
Why Buyers Are Growing Wearier
Higher mortgage rates are shrinking the buyer pool, says Lawrence Yun, chief economist for the National Association of REALTORS®. The 30-year fixed-rate mortgage jumped from 2.93% one year ago to 5.78% as of the week ending June 16, according to Freddie Mac. On a $300,000 mortgage, the average monthly payment has increased from $1,265 last December to about $1,800 at today’s rate, Yun says.
Consumer confidence drives real estate activity, and with inflation at a 40-year high, stock market uncertainty and higher mortgage rates, more buyers are getting priced out, McGrath says. “Even if they can afford it, a buyer isn’t going to make one of the largest purchases of their life if they’re not confident and comfortable with their financial and employment situation,” he adds. As such, “smart sellers will reduce their pricing expectations and sell quickly.”
But home buyers haven’t abandoned the housing market. Demand is still strong and likely will remain so given improving inventory, which particularly will help first-time buyers, says Glenn Brunker, president of the mortgage servicer Ally Home. “Strong homebuyer demand will continue to support higher home price appreciation going forward, but likely at a much slower level,” Brunker says. “Certainly, we’re still in a seller’s market, but the buyer is starting to have more control and negotiating ability than they did six or 12 months ago. We’re seeing healthy examples of customers not buying as frantically, like ‘sight unseen’ offers or waiving their appraisal or home inspection. Those practices are beginning to stall, and it’s a return to a more normalized market with a more logical buying process.”
Melissa Dittmann Tracey is a contributing editor for REALTOR® Magazine. She can be reached at mtracey@nar.realtor. Follow her on Instagram and Twitter: @housingmuse
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Those ages 55 and above say they want solutions for home maintenance, safety and security and making daily life easier. So, share these devices with your clients.
Smart-home technologies may help a growing number of older adults age in place, enabling them to improve their quality of life and continue to live independently longer, research shows. “Emerging technologies like smart beds and systems that detect falls can make aging in place a safer and more viable option,” Nadia Evangelou, senior economist and director of forecasting for the National Association of REALTORS®, writes on the Economists’ Outlook blog. “For instance, smart beds allow people with health issues to customize their beds in order to satisfy their needs.”
According to a study by insurance company The Hartford and the MIT AgeLab, older Americans’ top concerns with their home are:
Home maintenance (40%)
Safety and security (18%)
Making day-to-day life easy and convenient (16%)
Saving money (8%)
Saving energy (8%)
Sixty-six percent of adults ages 55 and older say they plan to remain in their home over the long term, according to Freddie Mac data. But beyond the addition of common features like grab bars and no-step showers, older adults are warming up to smart-home tech that may be able to assist them in their daily routine. Forty-eight percent of older adults say they would need to equip their current home with devices like voice-activated home assistants or a doorbell camera in order to age in place, according to AARP’s Home and Community Preferences Survey.
Most Helpful Tech for Aging in Place
The number of households headed by people ages 65 and older jumped 38% to 34 million between 2010 and 2020, so the need among this age group for smart-home tech is growing, according to data from the Urban Institute. These households are expected to rise to 48 million over the next two decades.
The Hartford and MIT AgeLab study identified these 10 smart technologies as potentially most valuable to older adults because they help with home maintenance, enhance safety and security, and make life easier for homeowners over the age of 50.
Smart smoke and carbon monoxide detectors
Wireless doorbell cameras
Keyless entry
Automated lighting
Smart water shutoff valves
Smart home security systems
Smart outlets and plugs
Smart thermostats
Water and mold monitoring sensors
Smart window blinds
The study also listed additional technologies that could benefit homeowners who have a health condition or are caring for a family member, including:
Telehealth systems: track, record and share vital signs with medical providers and enable doctors to monitor a person at home; includes video chat features.
Medical management systems: record a person’s medical data on their smartphone to share with medical professionals.
Medication management systems: provide medication reminders, track whether a person used a certain medication and send alerts to caregivers’ smartphones about whether medication has been taken.
Smart fall-detection systems: monitor movements throughout the house and can notify a caregiver or emergency contact if a fall is detected.
Smart beds/sleep sensors: track sleep cycles, breathing and heart rate patterns and can wake the person at an identified ideal time in their sleep cycle. They can also send relevant information to a caregiver’s smartphone.
June 28, 2022
Melissa Dittmann Tracey
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M&R Realty Best Realtor in Lexington SC West Columbia
Homeowners and REALTORS® alike want new roofs and kitchens. According to the 2019 Remodeling Impact Report, released by the National Association of REALTORS® (NAR), the two projects rank as the most popular home improvement projects among both demographics.
The report, which examines homeowners’ reasons for completing the projects ranked, also provides the costs and seller recovery values for many of the tasks.
Although NAR regularly releases similar reports, this is the first time since 2017 the organization has released this report, and there are some notable differences from what was included in that iteration two years ago.
“This year, we saw the estimated cost of closet renovations increase from 2017; however, we also saw an increase in the cost recovered from this project,” Brandi Snowden, director of Member and Consumer Survey Research at NAR, tells Housecall. “Because homeowners are staying longer in their homes, we see them investing more elaborately than in the past.”
Another effect of homeowners staying in their residences longer is they’re choosing to invest their money in projects that they’ll use on a daily basis, and that will improve the functionality and livability of their home.
Aside from kitchen renovations and upgrades and closet renovations, other interior projects hugely popular with both homeowners and REALTORS® this year are HVAC replacements, new wood flooring, bathroom renovations and adding new bathrooms.
As far as exterior projects, the REALTORS® surveyed in the report note that new roofing was most popular among homeowners, and, in their opinion, would add the most value to a home. Other exterior projects that ticked off both of these boxes were new vinyl windows, new vinyl siding, new garage doors and new fiber-cement siding.
Additionally, a Joy Score was calculated by NAR for each of the projects reported. This score is based on the happiness homeowners noted for each of the renovations. For exterior projects, new fiberglass and steel front doors scored the highest Joy Score each, at 9.7.
For interior projects, several renovations scored a perfect Joy Score of 10. They are: complete kitchen renovations, closet renovations, full interior and individual room paint, kitchen upgrades and basement conversions to a living room.
Here’s a graphic provided by the NAR that illustrates the top Joy Score projects as well as the top return-on-investment projects:
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Maybe there’s a leak in your attic. Maybe you’ve noticed cracked or broken shingles. There are many reasons why you might need to replace your roof, but as with other home improvement projects, there are optimal and sub-optimal times to get it done. Here are just a few considerations when you’re wondering about the best season for redoing your roof.
Temperature Temperature is the first thing to think about when planning an outdoor project. You don’t want to be working in intense heat, but you don’t want your fingers going cold and numb as you handle power tools, either. The ideal temperature is a moderate one during spring or fall. Make sure that you’re also paying attention to things like humidity, windchill, and air quality; these can be just as significant as the numbers on the thermometer.
Weather You should always consider the weather when tackling outdoor renovation projects, but you’ll need to watch out for more than just extreme temperatures. Spring and summer storms can be volatile, bringing wind, rain, and hail that delays your roof work. You might also have to deal with things like unexpected heat waves softening your shingles or warping their adhesives.
Environmental Conditions Winter is a dangerous time for roof replacement since ice and snow can make things slippery on top of your home. The colder temperatures can also create icicles and ice dams, and these are more than just eyesores; they’re genuine health hazards that can cause bodily injury. Summer can also be dangerous with the possibility of everything from heatstroke to sweaty hands dropping tools. Spring storms are a menace, too. Fall is the clear victor in terms of the best time for roof replacement.
Professional Availability If you’ll be calling in the experts to help you with your roof, you should think about their availability. Home renovation companies tend to be high in demand in the spring and summer months. They might also need time to order and arrange supplies, especially if you’re opting for something like a solar roof, which can push your project from one season to the next. It’s best to contact them directly when working out a timetable for your roof work.
These are just a few things to keep in mind when you’re thinking about replacing your roof. It might not be an easy task, but it doesn’t have to be overly difficult, especially if you make efficient plans at the right time of year. The specific time, of course, will be up to you.
Kara Masterson is a freelance writer from Utah. She enjoys playing tennis and spending time with her family.
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M&R Realty Best Realtor in Lexington SC West Columbia
The asphalt economy is incredibly fascinating and sustainable. As of December 2021, asphalt is the most recycled material on Earth and can be used for roadways, parking lots, roof shingles, and more. With the current state of climate change and efforts to become more sustainable, asphalt recycling matters now more than ever. The United States is already heavily involved in the asphalt industry. In 2019, the U.S. produced 420 million tons of asphalt, housed more than 3,600 asphalt production sites, and owned 36 billion barrels of bitumen deposits.
What is asphalt? Asphalt, which is also referred to as bitumen, is a refined, solid-state petroleum made from distilling crude oil. Asphalt is a 100% renewable construction resource. Composed of five major elements, carbon, hydrogen, oxygen, nitrogen, and sulfur, asphalt is prized for its binding capabilities, structural strength, and temperature resistance. It is used to create many different types of surfaces; namely, roadways, waterproof surfaces, parking lots, and roof shingles.
Understanding the sustainability of the asphalt economy is important. Asphalt has a circular lifestyle, meaning it has a sustainable life process. Roughly 99% of all asphalt pavement is recovered every year, protecting people, property, and our planet. Recycling companies subject the material to a process that extracts usable asphalt from extraneous waste, then recovered materials are resold to providers for paving, shingling, waterproofing, and more. Finally, once the asphalt has reached the end of its life it’s picked up by a recycling company, and the entire process is repeated.
Asphalt Recycling benefits everyone. The asphalt recycling industry has both environmental and financial benefits. In terms of the environment, asphalt recycling prevents 2.4 metric tons of CO2e from entering the atmosphere, which is up to a 61% reduction in greenhouse gasses. It also prevents 11 tons of shingle waste from entering the landfill. The financial impacts are both country-wide and individual. Recycled asphalt saves American taxpayers more than $1.8 billion. Additionally, asphalt recycling reduces the United States’ dependence on foreign oil sources by up to 7.86 million barrels per day.
Today, the asphalt recovery market is a $7.1 billion industry. Shingle recovery has become a booming business; currently, there are more than 50 roofing recovery sites in more than 20 states. Asphalt shingles are recycled in a closed loop recycling process. Bitumen is pulled from the shingle using a specialized solvent. First, the asphalt is ground into chunks to remove nail debris, then single chinks are mixed with the special solvent to dissolve the bitumen. During this process, the solid waste sinks to the bottom of the tank while the bitumen and rest of the solvents rise to the surface. The remaining solution is heated to separate the solvents from the bitumen oil, which is then packaged.
Demands for asphalt have been increasing, and the asphalt recycling industry has modified to adapt to this new demand. Asphalt demands in the United States are projected to rise 3% year over year. Recycling programs are now available for both hot and cold mix asphalt. These sustainable programs reduce binder manufacturing costs by 35%. 95% of the asphalt and bitumen recovery allows for the resale of asphalt, asphalt granules, and bitumen oil. The asphalt economy isn’t the future; it’s already here.
rce: InvestSkyQuarry.com Brian Wallace is the founder and president of NowSourcing, a infographic design agency based in Louisville, Ky., and Cincinnati, Ohio, and works with companies that range from small business to Fortune 500. Wallace also runs a local event to make the Louisville/Cincinnati region more competitive (#thinkbig).
http://genebrazzell.com/wp-content/uploads/2017/02/Gene-Brazzell-MR-Realty-Real-Estate-Lexington-SC-300x139.png00Phil Whiteheadhttp://genebrazzell.com/wp-content/uploads/2017/02/Gene-Brazzell-MR-Realty-Real-Estate-Lexington-SC-300x139.pngPhil Whitehead2022-06-06 12:40:222022-06-06 12:40:24Understanding the Asphalt Economy for the Roofing Industry