Since the pandemic began, Americans have reevaluated the meaning of the word home. Thats led some renters to realize the many benefits of homeownership, including the feelings of security and stability and the financial benefits that come with rising home equity. At the same time, many current homeowners have decided their house no longer meets their needs, so they moved into homes with more space inside and out, including a home office for remote work.However, not every purchaser has been able to fulfill their desire for a new home. Here are two obstacles some homebuyers are facing: The ability to save for a down payment The ability to qualify for a mortgage at the current lending standards This past week, both of those challenges have been mitigated to some degree for many purchasers.... 12/17/2021

Having space within the home is important to most homeowners. If everything is too small and cluttered, it can make an otherwise charming home seem claustrophobic and unpleasant. With that said, adding space to your home can be a significant ordeal that comes with a lot of cost; at the very least, adding space means a major remodeling project even if you don’t have to make major modifications like taking out a wall.It’s often possible to create the illusion of space without actually making modifications to the home, though. The available options will depend on the layout of your house and a few other factors, of course. If you want to make your home seem a lot more open without making major changes or sinking a lot of money into remodeling, here are a few ideas to get you started.Keep I... 12/16/2021

Last week, the average 30-year fixed mortgage rate from Freddie Mac inched up to 3.1%, and experts project rates will continue rising through 2022:The 30-year fixed-rate mortgage was 2.9% in the third quarter of 2021. We forecast mortgage rates to increase slightly through the remainder of the year and reach 3.0%, rising to 3.5% for full year 2022.If you're thinking of buying a home, here are a few things to keep in mind so you can succeed even as mortgage rates rise. Taking Time Off Can Be CostlyMortgage rates play a significant role in your home search. As rates go up, your monthly mortgage payment increases if you're buying a home, directly affecting how much you can afford. And even the smallest increase can have a large impact on your monthly payment (see chart below):With mortgage... 11/29/2021

Having access to a sink when you need one is a great convenience. Most people are used to having sinks in their kitchen and bathrooms, but there are other locations where a sink can come in handy as well. Installing a utility sink in these areas can make tasks such as laundry and cleaning easier, while also keeping you from having to dump things like cleaning wastewater into your kitchen or bathroom sink.Installing a utility sink in places like your laundry room, basement, or mudroom can be a great idea, especially if there aren’t any other sinks convenient to those locations. Depending on how your home is laid out, though, it might also be a significant undertaking. If you’re thinking about adding a utility sink, here are some things to keep in mind.What Is a Utility Sink? If you aren’... 11/21/2021

In todays housing market, the number of homes for sale is much lower than the strong buyer demand. As a result, homeowners ready to sell have a significant advantage. Here are three ways todays low inventory will set you up for a win when you sell this season.1. Higher PricesWith so many more buyers in the market than homes available for sale, homebuyers are frequently getting into bidding wars for the houses they want to purchase. According to the latest data from the National Association of Realtors (NAR), homes are receiving an average of 3.7 offers in todays market. This buyer competition drives home prices up. As a seller, this certainly works to your advantage, potentially netting you more for your house when you close the deal.2. Greater Return on Your InvestmentRising prices mea... 11/18/2021

Many people have questions about home prices right now. How much have prices risen over the past 12 months? What's happening with home values right now? What's projected for next year? Here's a look at the answers to all three of these questions.How much have home values appreciated over the last 12 months?According to the latest Home Price Index from CoreLogic, home values have increased by 18.1% compared to this time last year. Additionally, prices have gone up at an accelerated pace for each of the last eight months (see graph below):The increase in the rate of appreciation that's shown by CoreLogic coincides with data from the other two main home price indices: the FHFA Home Price Index and the S&P Case Shiller Index.The last year has shown tremendous home price appreciation, which ... 11/16/2021

Rents have increased significantly this year. The latest National Rent Report from Apartmentlist.com shows rents are rising at a rate much higher than the three years leading up to the pandemic:Since January of this year, the national median rent has increased by a staggering 16.4 percent. To put that in context, rent growth from January to September averaged just 3.4 percent in the pre-pandemic years from 2017-2019.Looking back, we can see rents rising isn't new. The median rental price has increased consistently over the past 33 years(see graph below):If you're thinking of renting for another year, consider that rents will likely be even higher next year. But that alone doesn't paint the picture of the true cost of renting.The Money Renters Stand To Lose This YearA homeowners monthly ... 11/12/2021

With forbearance plans coming to an end, many are concerned the housing market will experience a wave of foreclosures similar to what happened after the housing bubble 15 years ago. Here are a few reasons why that wont happen.There are fewer homeowners in trouble this timeAfter the last housing crash, about 9.3 million households lost their homes to a foreclosure, short sale, or because they simply gave it back to the bank.As stay-at-home orders were issued early last year, the fear was the pandemic would impact the housing industry in a similar way. Many projected up to 30% of all mortgage holders would enter the forbearance program. In reality, only 8.5% actually did, and that number is now down to 2.2%.As of last Friday, the total number of mortgages still in forbearance stood at 1,2... 11/09/2021

In general, people tend to think about air conditioners as a way to keep a home cool and heating units as a way to keep it warm. There’s nothing wrong with this line of thinking, of course. If you’re only relying on heaters and air conditioners to maintain the temperature, though, then you may be spending way more than you need to keep your home comfortable.One key part of controlling your home’s heating and cooling costs that you might be ignoring is the humble ceiling fan. By using ceiling fans effectively, you can keep your home at more consistent temperatures throughout the year while spending a lot less on heating and cooling. If you like the thought of staying comfortable while spending less, here’s what you need to know about using your ceiling fans effectively.Ceiling Fans Save ... 10/24/2021

Even in a hot sellers market like todays in which homes are selling so quickly, its still important to make a good first impression on potential buyers. Taking the time upfront to prep your house appropriately can bring in the greatest return on your investment.Here are four simple tips to make sure you maximize the sale of your house this fall.1. Price It RightOne of the first things buyers will notice is the price of your house. That's why its important to price it right. Your goal in pricing your house is to draw attention from competing buyers and let bidding wars push the final sales price up. Pricing your house too high to begin with could put you at a disadvantage by discouraging buyers from making an offer.Your trusted real estate advisor can help you find the price for your hom... 10/23/2021

Homeownership is still a crucial part of the American dream. For those people who own a home (and those looking to buy one), its clear that being a homeowner has considerable benefits both emotionally and financially. In addition to long-term stability, buying a home is one of the best ways to increase your net worth. This boost to your wealth comes in the form of equity.Equity is the difference between what you owe on the home and its market value based on factors like price appreciation. The best thing about equity is that it often grows without you even realizing it, especially in a sellers market like were in now. In todays real estate market, the combination of low housing supply and high buyer demand is driving home values up. This is giving homeowners a significant equity boost.A... 10/03/2021

 Some Highlights When deciding whether you should rent or buy, make sure you're considering these factors. Buying a home means consistent monthly payments. Homeownership also helps to build your wealth. And owning a home gives you greater flexibility than renting. If you're ready to take advantage of the perks of homeownership, lets connect to explore your options.    10/02/2021

If you're a renter with a desire to become a homeowner, or a homeowner whos decided your current house no longer fits your needs, you may be hoping that waiting a year might mean better market conditions to purchase a home.To determine if you should buy now or wait, you need to ask yourself two simple questions: What will home prices be like in 2022? Where will mortgage rates be by the end of 2022? Lets shed some light on the answers to both of these questions.What will home prices be like in 2022?Three major housing industry entities project continued home price appreciation for 2022. Here are their forecasts: Freddie Mac: 5.3% Fannie Mae: 5.1% Mortgage Bankers Association: 8.4% Using the average of the three projections (6.27%), a home that sells for 350,000 today would be valued at 3... 09/26/2021

In todays sellers market, standing out as a buyer is critical. Multi-offer scenarios and bidding wars are the norm due to the low supply of houses for sale and high buyer demand. If you're buying this fall, you'll want every advantage, especially when you've found the home of your dreams.Below are five things to keep in mind when its time to make an offer.1. Know Your BudgetKnowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. As Freddie Mac puts it:This pre-approval allows you to look for a home with greater confidence and demonstrates to the seller that you are a serious buyer.Showing sellers you're serious can give you a competitive edge. It enabl... 09/20/2021

Day to day life has a lot of moving parts. Unfortunately, this sometimes makes it a little too easy to misplace some of those things that we use every day. This can be a real hassle, causing you to spend time looking for the various things you need instead of using them. Most smartphones come with a “find my phone” feature, so wouldn’t it be great if everything else had a similar function?With the advent of smart tags, this is actually possible. These tags make it easy to locate lost items around the home and can even provide extra security against theft or loss while you’re out and about. The specific features and functions depend on the brand of smart tags that you use, but regardless of brand you’ll find that there are some features that are universal.How Do Smart Tags Work? Smart ta... 09/15/2021

Even though experts agree there's no chance of a large-scale foreclosure crisis, there are a number of homeowners who may be coming face-to-face with foreclosure as a possibility. And while the overall percentage of homeowners at risk is decreasing with time (see graph below), that's little comfort to those individuals who are facing challenges today.If you haven't taken advantage of the forbearance period, it may be time to research and understand your options. It starts with knowing what foreclosure is. Investopedia defines it like this:Foreclosure is the legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property. Typically, default is triggered when a borrower misses a specific number of monthly pa... 09/14/2021

One of the major story lines over the last year is how well the residential real estate market performed. One key metric in the spotlight is home price appreciation. According to the latest indices, home prices are skyrocketing this year.Here are the latest percentages showing the year-over-year increase in home price appreciation: The House Price Index (HPI) from the Federal Housing Finance Agency (FHFA): 18.8% The S. National Home Price Index from S&P Case-Shiller: 18.6% The Home Price Insights Report from CoreLogic: 18% The dramatic increases are seen at every price point and in all regions of the country.Increases Are Across Every Price PointAccording to the latest Home Price Index from CoreLogic, each price range is seeing at least a 19% increase year-over-year:Increases Are Across... 09/13/2021

As rent prices continue to soar, many renters want to know what they can do to get ready to buy their first home. According to recent data from ApartmentList.com:The first half of 2021 has seen the fastest growth in rent prices since the start of our estimates in 2017. Our national rent index has increased by 11.4 percent since January . . . .Those rising rental costs may make it seem impossible to prepare for homeownership if you're a renter. But the truth is, there are ways you can and should prepare to purchase your first home. Here's some expert advice on what to do if you're ready to learn more about how to escape rising rents.Start Saving Even Small Amounts NowExperts agree, setting aside what you can even smaller amounts of money into a dedicated savings account is a great starti... 09/08/2021

There are many headlines about how housing affordability is declining. The headlines are correct: its less affordable to purchase a home today than it was a year ago. However, its important to give this trend context. Is it less expensive to buy a house today than it was in 2005? What about 1995? What happens if we go all the way back to 1985? Or even 1975?Obviously, the price of a home has appreciated dramatically over the last 45 years. So have the prices of milk, bread, and just about every other consumable. Prices rise over time we know it as inflation.However, when we look at housing, price is just one component that makes up the monthly cost of the home. Another key factor is the mortgage rate at the time of purchase.Lets look back at the cost of a home over the last five decades ... 08/18/2021

In April, the National Association of Home Builders (NAHB) posted an article, Home Buyers Preferences Shift Towards New Construction, which reported:60% of people who were looking to buy a home in 2020 said they’d prefer new construction to an existing home.However, it seems buyers are now shifting their preferences back to existing homes. The latest Consumer Confidence Survey reveals the percentage of Americans planning to buy a home in the next six months is virtually the same as it was back in March. However, the percentage that plan to buy a newly constructed home is lower for that same period.NAHB confirms this sentiment in their latest Housing Trends Report. The organization explains that existing homes are now the top preference among todays buyers. Here's a breakdown of those fi... 08/10/2021