November 2023 Newsletter Blog
Walkability Is Keeping Pace With Other Amenities Many of today's home buyers aren't just counting bedrooms and bathrooms — they're also counting steps to the nearest coffee shop. There's been a noticeable trend in prioritizing pedestrian-friendly communities, as home buyers seek not just homes but lifestyles centered around accessibility and walkability. In fact, the walking distance to certain amenities like stores, restaurants and parks might just make or break a deal. While open floor plans and energy efficiency are still high on the list for many buyers, some — especially millennials — place a premium on walkability. Living in a walkable neighborhood means you don't need your car for every errand. Historically characteristic of urban areas like New York, Chicago or San Francisco, numerous suburban communities are now adapting to the need for a more pedestrian-friendly model.Buyers prioritizing walkability may need to make a few compromises. Larger properties, while offering more space, are frequently found in neighborhoods that are dependent on their cars. Conversely, walkable areas tend to have smaller homes in more established areas, and these residences often command higher prices — almost 25% higher on average, according to industry experts.However, these elevated costs can be partially recouped as residents of accessible communities use cars less frequently, saving on gas and general maintenance. Additionally, buyers looking for walkability may find unexpected benefits, including improved health and more opportunities for social interaction with neighbors. If this concept appeals to you, explore neighborhoods by getting out of your car and taking a walk. Perhaps the perfect iced cappuccino, California roll or pistachio gelato is just around the corner. Housing Trends of the Future The Home Improvement Research Institute (HIRI) recently identified trends expected to impact the housing market in the coming years. Here's what you can expect to see.MinimalismA buzzword for simple living and design, minimalism is attractive to homeowners who desire optimized, uncluttered spaces.Small Geographical CommunitiesMany local governments as well as developers are advocating for community-centered living as an alternative to busy city neighborhoods. These walkable areas promote stronger connections among residents.Connected HomesAccording to HIRI, from 2020 to 2025, the smart-home market will have increased by more than 185%. Connected homes help to consolidate and systematize household chores and routines.Outdoor Spaces Well-planned outdoor living areas can add substantial value to a property. An increasing number of people are extending their living and socializing spaces beyond the walls of their homes.Minimal UpkeepHomeowners are investing more in maintenance-free products like wood-look flooring, composite decking, non-porous countertops, vinyl siding, and fiberglass-framed windows. 3 Housing Market Predictions: 2024 and Beyond Predicting the future housing market is not a simple task, but industry experts are examining past and current trends to make informed forecasts. Here are three to consider.First-Time Buyers Make a ComebackBefore the pandemic, first-time buyers accounted for 45% of all home purchases. This fell to 26% in 2022, but experts foresee a return to previous levels by 2024–2025.Young Professionals Heading OutWith the popularity of remote work, young professionals are considering smaller towns near large cities. The affordability of the Midwest, South and Sunbelt is particularly attractive to these buyers. Joint Real Estate Purchases RiseSharing home-buying expenses can lower the cost for each person involved. In 2024, many buyers will explore creative financing to increase their purchasing power in a competitive market. Digital DIY: Apps for Your Next Home Project Are you ready for a room refresh but don't know where to begin? Picturing the perfect revamp or renovation can be a challenge, but mobile apps make it easier than ever to imagine the possibilities. Consider one of these apps for your next DIY project.Simply photograph a space in your home and start designing with Homestyler. Select paint colors or drag and drop furniture and decor from its image library. The app offers a free basic plan and is a great starting point for novices.Budding interior designers can harness the power of artificial intelligence to turn ideas into reality with Renovate AI. Snap a picture of your remodeling project and receive immediate design suggestions. Products are available for purchase within the app.With ideas created by real interior design professionals, Room Planner helps you easily redesign everything from living rooms to landscapes. Select from ready-made ideas or craft your own for free. Then, use the 3D modeling feature to take a look at the big picture. What's a Reverse Housewarming Party? Most people are familiar with housewarming parties — when friends and family members shower the new homeowners with gifts. However, a reverse housewarming party turns this traditional idea on its head. Before you list your property, throw a party and let your guests help themselves to all of your unwanted items. Whether you want to pass along sentimental objects or clear out things you no longer need, a reverse housewarming party allows you to bless your guests and give your house one last hurrah. Once the party's over, you'll have less stuff to pack as you prepare to sell. Your newfound spaciousness will make it easier for buyers to envision their own belongings in the space. As an added bonus, you'll have a lot less to move when the time comes.
October 2023 Newsletter Blog
Are the Holidays a Good Time To Sell? If you're thinking of selling your home during the holidays, you might be in for a treat that's sweeter than grandma's famous pumpkin pie. While many homeowners are hesitant to list their property during this busy time of year, it actually offers advantages you won't find at other times. Here are some benefits that can make selling your house during the holidays a recipe for success.Less CompetitionNovember through February typically see fewer homes on the market compared to spring and summer. This scarcity can be beneficial as reduced competition may attract more buyer attention.Serious BuyersDespite fewer buyers overall during winter, those in the market are often more motivated and committed. They might need to relocate quickly due to job changes or other life events.Quicker Decision-MakingWith fewer homes available, buyers tend to make faster decisions. This can expedite negotiation and closing processes.Seasonal AppealMany homes are especially inviting in winter, notably those with cozy features like fireplaces or heated flooring. A few touches of seasonal decorations, such as wreaths, string lights or candles, can create a warm ambience that resonates with potential buyers.Tax ConsiderationsSome buyers may want to finalize their home purchase to take advantage of year-end tax benefits. For different tax reasons, others may prefer to close right after the new year begins. Luxury Home-Staging Trends Anyone Can Follow Staging your home for resale helps potential buyers imagine themselves living there, which can ultimately lead to a quicker sale. Take staging to the next level with these luxury home ideas from the pros.Mid-century organic elegance brings back vibrant hues, warm tones and natural wood finishes. Add afghans and throw pillows with nostalgic textures to furnishings in living areas and bedrooms.Known for its all-embracing vibe, bohemian design is also making an appearance in luxury home staging. "Boho" decor revolves around nature and soft colors. Invest in decorative items that you can take with you after the sale.There is plenty of room for minimalism in home staging. Fewer decorative elements allow unique home features to stand out. Create open, harmonious buyer experiences by spaciously arranging furniture. As remote work continues in popularity, a nicely staged home office ensures easy move-in transitions. A roomy, comfortable, high-tech workspace with ample lighting underscores adaptability to modern work trends. Understand Your Down Payment Options Turning homeownership goals into reality includes understanding the numerous choices available to you regarding down payments. Here are some programs and options that can help you reach your target, whether you're a first-time buyer or making a move-up purchase.While many traditional mortgage lenders require a 20% down payment, there are options that call for less money down. FHA loan down payments are as low as 3.5%. VA and USDA loans often allow zero money down, but each option does have minimum credit score requirements. Explore state and federal down payment assistance programs. Generous family members can also gift buyers with down payment money, but lenders usually require a gift letter and proof of funds transfer. Discuss these options with your lender. Meanwhile, consider maximizing your savings by setting up automatic transfers from your paycheck directly into your savings account. Look for additional ways to set aside funds for your down payment, including saving a specific portion of pay raises, bonuses or tax refunds. Does Your Home Need an EV Charger? New generations of buyers are reshaping the concept of the ideal home, which might include an electronic vehicle (EV) charger. Consider these facts. Level 1 charging (L1) uses a manufacturer-provided cable and runs through a standard 120V outlet — no installation is required. Level 2 charging (L2) is hardwired to your home or connected to a 240V outlet. Level 3 charging (L3) is currently limited to commercial sites due to high power needs. Aside from the markedly faster charge, if your community lacks public L2 or L3 chargers, installing an L2 is a modest investment and may be attractive to future buyers. Unexpected Things To Look for at an Open House When attending an open house, keep an eye out for some critical — and maybe unexpected — factors that can help ensure you make an informed decision. In general, it's wise to visit a property multiple times at different times of the day or evening. When touring the house, pay close attention to these details.Natural LightingAssess the amount of natural light coming into the house during the timing of your visit.Unusual OdorsDon't overlook unusual or strong odors, such as mustiness, mold, pet smells, or even strong air fresheners that might be masking issues.Noise LevelListen for any noise from the surrounding area, such as traffic, neighbors or other disturbances that might affect your comfort.Gut FeelingTrust your intuition. Take note of how you feel while exploring the house and whether you can envision yourself living there.
September 2023 Newsletter Blog
Selling Inherited Property Millennials are currently on the receiving end of the greatest wealth transfer in American history — $68 trillion by 2030. Much of that wealth is in the form of property, and more than 75% of parents plan to leave their home to their children. Yet, 70% of those who expect to inherit a home from their parents plan to sell. Here are a few reasons why younger generations are choosing to let go of inherited property. Listing a property that is likely mortgage free might be too good to pass up, despite any sentimental value. Beneficiaries can use the proceeds to secure their own finances or boost retirement savings. Millennials tend to carry more debt, making cash appealing. Recent studies indicate 60% of Americans are living paycheck to paycheck. That number for millennials is 73%. Insurance, taxes, repairs, and upkeep can make carrying inherited property difficult. Buying out other stakeholders could require financing, and if home prices or mortgage rates are high, it can become impractical. However, options are available, such as probate loans or cash-out refinancing. A probate loan borrows against the value of the estate with a cash advance from a lender. A cash-out refinance allows borrowers to withdraw a lump sum from the built-up equity in an inherited home. Cash-out lenders typically require 20% equity in the property. Vacation homes in desirable locations seem to be an exception, as they are more likely to be kept by heirs for at least a few years. What About the Taxes on Inherited Property?Recent changes in the tax basis of inherited property make it critical to consult an attorney knowledgeable in elder law and estate planning for more information. The Benefits of a Final Walkthrough The final walkthrough is a critical step in the home-buying process, providing you with the opportunity to ensure everything is in order before closing. If a problem is found, it's essential to address it promptly and properly. Document EverythingMake a detailed list of any concerns you discover. Take photos or videos as visual evidence.Request Repair or CreditDepending on the issue, you may be able to ask the seller to make repairs. If not, you can request a credit at closing to cover the cost of handling the repairs yourself.Negotiate With the SellerIf the problems are significant, your real estate agent can facilitate negotiations with the seller to find a mutually acceptable resolution. Remember, collaboration with your agent is crucial in resolving any issue that are discovered during the final walkthrough. Fall Breeze & Autumn Leaves Home Maintenance Tips Whether you're doing general maintenance or planning to put your house on the market this fall, consider these strategies to ensure your property is safe and inviting. Clear gutters and downspouts of debris. Prune branches away from the house. Inspect roof for leaks and missing, loose or damaged shingles. Flush sprinkler system. Reverse ceiling fans to rotate clockwise. Check fire extinguisher expiration date. Change batteries in smoke and carbon monoxide detectors. Flush hot water heater. Have HVAC system serviced. Buying a Property With Siblings Whether you're purchasing an income property or a shared vacation home, siblings can make great real estate purchasing partners. Consider these steps to make sure your investments — and your relationships — stay solid.Prioritize what's important. Get on the same page about what you're looking for in a house, and have realistic conversations about each person's financial contributions. Seek out professionals. An experienced real estate agent should be your first contact. Your agent can connect you with attorneys, lending professionals and financial advisers to ensure all aspects of the process are covered. Create an exit strategy. Since no one can predict the future, it's important to engage an attorney to draw up contingency plans. Are 3D-Printed Houses Right Around the Corner? If you think 3D-printed houses are futuristic, think again. As this technology evolves and becomes more widely adopted, 3D-printed houses have the potential to significantly increase low-cost housing availability. When it comes to using 3D-printing technology as a construction method, one distinct advantage is speed. In fact, large-scale 3D printers can fabricate a small house in a matter of weeks. This efficient process is a staggering departure from the months it can take to build a house conventionally and may be helpful in meeting affordable housing demands for first-time buyers.Besides being eco-friendly, using 3D-printing technology can also reduce construction costs. Printing a home with meticulous precision requires fewer materials, which minimizes expenses and maximizes the potential to make homeownership more accessible to a broader range of would-be buyers.
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