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Tech the Halls: Smart Home Gadgets for a Stress-Free Holiday Season

The holidays are a time for joy, family, and celebration, but they also bring added responsibilities. Between decorating, hosting, and just keeping up with your daily routines, your home can quickly start to feel more like a neverending to-do list rather than your haven. That’s where smart home technology comes in. It can help you streamline holiday tasks to focus on what matters most—spending time with loved ones and enjoying the season's magic. And there are more upsides to upgrading your home tech: doing so can also enhance the overall value and appeal of your property. Current research indicates that 77% of today’s home buyers are interested in smart homes, which results in an up to 5% increase in a property’s resale value! In general, estimates indicate that sellers who invest in smart home technologies realize a 50% return.1 So whether you're thinking about selling in the near future or just want to enjoy your home to the fullest this season, adding smart gadgets is an investment that pays off. Read on for some of the best smart home solutions to simplify your holidays (and just maybe make your home more marketable down the road, too). ENTERTAINING MADE EASY Spending time with friends and family is the highlight of the holiday season—but entertaining can be a lot of work. These tools can help turn any gathering into a celebration to remember without all of the fuss. 1. Make Cooking Easier with Digital Recipe Access Holiday cooking often means late nights and multiple trips to the store. Instead of juggling old recipe cards, let smart-home displays keep you organized with easy menu planning and grocery lists. High-end: Google Nest Hub MaxThis smart display offers an easy-to-use recipe mode with step-by-step guidance from the Google Assistant. It’s like having a sous chef right on your countertop. Mid-range: LG - 27" Smart webOS TV with Countertop DesignThis smart TV can be perched on your kitchen counter or mounted on the wall to watch cooking shows, pull up your favorite recipes, or cast content from your mobile device. Budget pick: Amazon Echo Show 8With a Food Network integration and recipe assistance, this countertop model offers plenty of features in a less-expensive package. 2. Set the Mood with Smart Lighting The right ambiance can elevate any gathering. Control colors, brightness, and temperatures remotely with these smart lighting options. High-end: Philips Hue Play HDMI Sync BoxWatching a holiday movie? Sync your smart lightbulbs to adapt their colors to what’s on the screen for the ultimate festive movie experience. Mid-range: Lutron Caseta Wireless BridgeUse this small internet-controlled device to set up automations for your smart bulbs, so you can dim all your lights at once with a swipe on your smartphone. Budget-friendly: Govee LightbulbsJust getting started with smart bulbs? This affordable option allows you to control color and brightness using your Alexa or Google Home device. 3. Amplify Your Holiday Spirit with Smart Speakers From carols to party playlists, music sets the tone for the holidays. These smart speakers will get everyone in the mood to sing along. High-end: Bose Smart Speaker 500 This powerful speaker delivers room-filling sound—and Google Assistant and Alexa are both built-in. Mid-range: Amazon Echo StudioThe best device for Amazon loyalists who care about sound, music comes through loud and clear on this speaker. Budget-friendly: Google Nest MiniThis diminutive speaker gives you voice-controlled playback at an entry-level price. TRADITIONS WITH A TWIST Decorating your home and popping on a holiday film gets everyone in the holiday spirit. These tech solutions make things easier and give you more time to enjoy the fun. 1. Watch Holiday Favorites in Style Level up your holiday movie traditions with smart projectors that turn any room in your home—or even your backyard—into a movie theater. High-end: Epson Home Cinema LS1100This 4K projector is a serious investment, but it delivers cinema-quality performance and a laser light source that won't require replacement bulbs. It's also easy to set up and adjust. Mid-range: Samsung Freestyle 2nd Gen Smart Portable ProjectorUse this feature-packed, battery-powered projector nearly anywhere—it's designed to level and focus your video automatically and to scale to the size of your space. Budget-friendly: Vankyo Performance V700WThis 1080p projector offers a bright picture, high-quality audio, and the portability to move it from room to room (plus outside). You can cast from your mobile device or plug in a computer or USB. 2. Shine Bright with Smart Plugs Tired of clambering behind furniture to get to a hard-to-reach plug for your decorations? Invest in smart plugs, and you can control all of your electrified holiday decor (plus anything else you might plug in!) easily from your phone. High-end: Meross Smart Power StripThis smart power strip includes four AC outlets plus two USB C and one USB A port. It’s compatible with Apple HomeKit, Amazon Alexa, and Google Home, and each outlet can be operated individually. Mid-range: Enbrighten Wifi Smart 2-Outlet PlugThis smart plug turns one wall outlet into two smart outlets. Control the plug using an app or with Google or Alexa voice assistants. Budget-friendly: Kasa Smart Plug Ultra MiniThese inexpensive plugs are designed to take up minimal wall space yet offer plenty of features. Plus, they’re compatible with Google and Amazon home ecosystems. 3. Create a Winter Wonderland with Smart Outdoor Lighting Whether you want to wow the neighborhood with an eye-catching display or simply add a touch of outdoor holiday charm, setting up lights doesn’t have to be a daunting task. Smart outdoor lighting makes it simple to illuminate your home’s exterior with minimal effort or planning. High-end: Govee Permanent Outdoor LightsInstall these permanent outdoor lights on your home and celebrate year-round with app-controlled color and effects options for every holiday you can think of. Mid-range: Twinkly Icicle LightsDrape your home in any color you can think of with these easy-to-use, app-controlled icicle-style lights. True to the name, there are plenty of twinkling options to choose from! Budget-friendly: Brizled Smart Christmas LightsString up these indoor-outdoor lights wherever you’d like to enjoy customizable colors and effects, or sync the bulbs with music for a truly eye-catching outdoor display. SIMPLIFIED HOME MANAGEMENT There’s plenty to manage at the holidays as it is—make things easier for yourself by automating some basic home tasks and functions. Less time spent on tedious chores means more time making memories with your family. 1. Keep Your Home Spotless with Robot Vacuums The holidays can create a lot of mess — stay on top of it with smart vacuums that clean up all of those cookie crumbs and bits of wrapping paper for you. High-end: Roomba Combo J9 PlusSay goodbye to vacuuming and mopping with this high-tech robot, which comes complete with AI obstacle avoidance to keep it from banging into your furniture. Mid-range: Roborock Q5 Max+This powerful robot vacuum is highly customizable—use the app to set up cleaning preferences like a second pass through high-traffic rooms or to block off areas you’d like left alone. Plus, it empties its own bin! Budget-friendly: Shark IonThis robot vacuum may not come with all the bells and whistles, but it does a great job keeping dirt and pet hair off the floor. You can control it with Amazon Alexa or the Google Assistant in addition to a dedicated app. 2. Manage Deliveries and Greet Guests with Smart Doorbells The holidays tend to bring a lot more people than usual to your door. Keep track of who’s coming and going, and keep your home safe with smart video doorbells. High-end: Eufy Dual+ Security Video DoorbellThis large video doorbell offers a much wider field of view than most competitors, plus high resolution and night vision. It’s compatible with both Amazon Alexa and Google Home devices and can be set up wired or wireless. Mid-range: Google Nest Doorbell CameraThis sleek doorbell camera is easy to set up and control from a distance and offers fast notifications and the ability to respond by voice or with preset messages. Advanced features include package detection and facial recognition. Budget-friendly: Arlo Video DoorbellThis doorbell offers a wide field of view, high-resolution images, and the ability to zoom in, and is compatible with multiple smart-device ecosystems. However, some of its features, like recordings, require a monthly subscription. 3. Protect Your Home While You Travel Unfortunately, the holidays tend to bring higher rates of home break-ins. Whether you’re traveling or staying local, these tech solutions can help keep your home and family safe. High-end: Ring Alarm ProRing is well-known for video doorbells, but they also offer full home security systems, complete with professional monitoring (for a monthly fee). With high-performing devices and a built-in router to ensure working wifi, this system lets you keep an eye on things no matter where you are. Mid-range: Abode Smart Security KitThis kit is designed to work with all of the major smart home ecosystems, allowing you to connect as many devices as you’d like for a seamless experience. It includes a hub device, a door/window sensor, and a motion sensor, and you can easily add on from there to customize a system to your needs. Budget-friendly: August WiFi Smart LockLots of visitors coming and going this holiday season? This smart lock upgrades your existing deadbolt, allowing you to give access to trusted family and friends. Best of all, it attaches to the lock on the inside of your door, so it won’t impact your curb appeal or draw unwanted attention. ENJOY A BETTER HOLIDAY SEASON WITH SMART HOME TECH Incorporating smart home technology can help make this holiday season more relaxing—and it can also be a great investment that adds value to your property in the long run. From energy-efficient lighting to reassuring security systems, these gadgets do more than just make life easier; they enhance your home’s appeal to future buyers. If you're curious about how upgrading your home’s tech might impact its value, we’d love to help. Reach out for a free consultation to learn more about the latest trends in smart home technology and how it can align with your real estate goals. Whether you’re looking to sell soon or simply upgrade your lifestyle, we're here to guide you every step of the way. Sources National Association of Realtors -https://www.nar.realtor/blogs/emerging-technology/smart-homes-can-help-you-grow-your-business-heres-how
Multigenerational Home Buying: How to Find a Home That Fits Your Whole Family

For many homebuyers, multigenerational living used to be considered an option of last resort: it was a route families took only when they needed to ride out a financial storm or care for ailing family members. But that mindset is on the decline: A growing number of families now say that they are embracing multigenerational living and moving in together by choice. In fact, research by the National Association of Realtors (NAR) found that the share of multigenerational home buyers rose to 14% in 2022––close to an all-time high.1 Buyers cite a multitude of reasons for choosing a multigenerational home, including saving money on living expenses, pooling resources, taking care of very young or aging relatives, and spending more time with family. "Multi-generational home buying is a way for families to care for one another, support one another, and often buy a home that may have been previously out of reach," writes Deputy Chief Economist Jessica Lautz in a blog post about the trend.1 Living with extended family has become especially popular in recent years as younger generations face higher home costs and seniors embrace aging in place. According to Pew Research, the number of Americans living in a home with at least two generations of adults has more than quadrupled since the 1970s.2 For many families, the benefits are substantial. Research shows that people who live in multigenerational homes are healthier and tend to live longer. They also enjoy more financial security. Plus, research by Pew found that people who live with relatives are more likely than not to say that it has been a positive experience.2,3 That's not to say that multigenerational living is easy: It can also be stressful––especially if you choose a home that isn't suited for a larger family. The key to making it work is to pick a home that can accommodate young and old alike without requiring you to sacrifice comfort or privacy.2,4 Here's a closer look at multigenerational living, along with tips for finding a home that's suitable for a diverse group. WHAT TO CONSIDER BEFORE SHOPPING FOR A MULTIGENERATIONAL HOME Before starting your house hunt, take the time to discuss your house plans as a family so that you're all on the same page. Have you hashed out what you're looking for in a new home? Can you agree on potential compromises? Are there any unaddressed concerns about the move? You may also find it helpful to articulate your "why" for buying a multigenerational home and how each of you might benefit. For some families, multigenerational living is all about caring for relatives and sharing responsibilities. But for others, the goal is to pool resources so that you can purchase a more desirable property or cut down on expenses, like childcare or senior living. For homeowner Jian Huang, she initially bought a multigenerational home to help her aging mother. But she says the purchase also helped her family save a lot of money on expenses––as much as $25,000 to $40,000 a year. “It makes so much sense financially and emotionally that we would not have it any other way,” commented Huang to Apartment Therapy.5 In addition to talking over your short-term wants and needs, you'll also want to weigh long-term issues that could crop up in the future, like accessibility or money concerns. For example, if some family members are nearing retirement, accessibility issues (such as extra-steep stairs or a narrow hallway) could become a problem over time. Similarly, a more luxurious home with extra amenities like a pool may appeal to buyers who have gathered a lot of cash upfront, but it may also require a bigger long-term budget for maintenance and supplies. If you haven't had these discussions yet, set a date in your calendar so that you can talk it over as a group. We can help by interviewing family members individually and advising you on what you can realistically find in today's housing market. WHAT TO LOOK FOR IN A MULTIGENERATIONAL HOME Once you've settled on what you want and need from a new home, your next step should be to jointly draft a budget so that you'll know what you can afford. To ensure that no one in your family gets accidentally overextended, think holistically when planning your new housing budget and determine what you would need to buy the home––and maintain it. In addition to budget, you'll also want to consider a home's size and what kind of layout you might need. In general, homes that offer ample space for solitude and privacy are thought to be more practical for multigenerational living––especially if there will also be young children.4 However, the ideal layout for your family and the amount of square footage you'll need to be happy long-term will also depend, in part, on family members' personalities. Some people don't mind sharing a bathroom or having bedrooms situated close to one another. But others may find that they need something more separate to relax. Different housing options to consider include: A large home with plenty of rooms and at least one or more ensuite bathrooms. A home with an accessory dwelling unit (ADU), such as a basement apartment. A multifamily unit, such as a duplex. For home buyers looking to age in place, a home that offers a separate ground-floor unit, such as a backyard ADU, could be the most comfortable (and the most practical) option, says author Sheri Koones. “It’s a way for many older people to avoid having to go into an expensive assisted living or other facility as they age,” said Koones in an interview with Realtor Magazine.6 Another possibility to consider would be a home you could add onto or retrofit into multiple units. However, building a brand-new accessory unit or renovating an existing space can be pricey. When visiting a property, we'll help you weigh potential costs and estimate whether it's a good investment. We can also connect you with a trusted contractor who specializes in renovations. HOW TO BUY A MULTIGENERATIONAL HOME Buying a home with family can be complicated––especially if you plan to jointly apply for a mortgage. However, depending on your financial resources, you may be surprised to find that it's sometimes easier to qualify for certain mortgages as a group than if you tried to go it alone.7 Talk it over with a mortgage lender or broker and ask for advice on what's best for your situation. We'd be happy to connect you with a professional who understands the nuances of co-buying. Technically, there's no limit to the number of co-borrowers you can have, but some lenders may be more lenient with their lending requirements than others. For example, most conventional lenders will only work with a maximum of four borrowers for a single loan. If you want to buy a home with a larger number of co-borrowers, you may have to look to an alternative lender.7 Your credit will also be an important factor in determining your mortgage qualifications and what you can buy, so have everyone check it as soon as possible. Pulling your credit reports and scores will not only tell you where you stand. It will also alert you to correctable issues with your credit, such as mistakes on your credit reports or too much debt on your cards.8 As you discuss your homebuying budget and strategy, jointly consider the following: Who will be on the mortgage? What about the title? Would including everyone on the mortgage be beneficial for your mortgage rate? For those who don't qualify for the mortgage or have a lower credit score, can you make other arrangements so that they can still financially contribute? Next, consider potential tax and estate planning implications of your home purchase and what might happen if some family members later decide to drop out of the arrangement.9 To ensure you make an informed decision, it's best to speak with a licensed professional. Ask us for a referral to a legal professional or an accountant who can advise you. BOTTOM LINE Multigenerational home buying has grown more popular for a reason: it's a great way to combine resources and buy a supportive home for more than just your immediate family. It can also be a smart lifestyle choice, helping reduce loneliness and promote health and well-being.10 If you're wondering whether multigenerational living is right for you, call us for a consultation. We'd be happy to walk you through potential options and help you envision your own full house. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs. Sources: National Association of Realtors - https://www.nar.realtor/blogs/economists-outlook/all-in-the-family-multi-generational-home-buying Pew Research Center - https://www.pewresearch.org/social-trends/2022/03/24/financial-issues-top-the-list-of-reasons-u-s-adults-live-in-multigenerational-homes/ SSM - Population Health -https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5769098/ Better Homes and Gardens - https://www.bhg.com/what-to-look-for-in-a-multigenerational-home-8409277 Apartment Therapy - https://www.apartmenttherapy.com/multigenerational-homes-37412085 Realtor Magazine - https://www.nar.realtor/magazine/real-estate-news/home-and-design/all-under-one-roof-trends-in-multigenerational-living Bankrate - https://www.bankrate.com/mortgages/how-many-names-can-be-on-a-mortgage/ Experian -https://www.experian.com/blogs/ask-experian/what-credit-score-do-i-need-to-buy-a-house/ Kiplinger - https://www.kiplinger.com/retirement/estate-planning-for-multigenerational-living-arrangements Institute for Family Studies - https://ifstudies.org/blog/multigenerational-living-is-it-a-solution-for-our-aging-population
Stage to Sell: 7 Proven Steps to Attract Buyers and Boost Offers

Want your home to fly off the market? 🚀 Home staging is your secret weapon! Check out our latest article for a checklist of staging steps to help win over potential buyers. 81% of buyers’ agents report staging helps buyers envision themselves living in a home.[1] Selling your home quickly and at the right price takes more than just listing it online. To attract buyers and secure top offers, your property needs to stand out. That’s where home staging — the process of strategically preparing a home for sale — comes in. Research shows that it can both increase a home's sale price and shorten the time it spends on the market. As a seller, you can choose to stage your home yourself or to work with a professional stager. Whichever option you choose, the goal is to show off your home’s best qualities and make a lasting impression. Getting ready to list your home? Here are seven essential strategies to turn it into a buyer’s dream. Declutter and DepersonalizeCreate a clean, neutral space by removing personal items, family photos, and excess furniture. Consider renting a storage unit if needed to keep things tidy while your home is on the market. Deep Clean and RepairA sparkling clean home leaves a lasting impression. Deep clean every room, paying special attention to areas like baseboards, windows, and appliances. Fix minor imperfections like chipped paint, loose tiles, and worn hardware. Pick Up a PaintbrushRepaint walls in neutral tones like beiges and off-whites to appeal to the widest range of buyers. Consider repainting outdated cabinets in white or soft gray for a modern and updated look.[2] Enhance Curb AppealMake a strong first impression with a well-maintained exterior. Power wash siding and walkways, touch up any chipped paint, and tidy up your landscaping by removing dead plants and adding seasonal color.[3] Stage Key RoomsFocus on the living room, primary bedroom, and kitchen, as these spaces are most important to buyers.[1] Arrange furniture to create an open and inviting flow, and use rugs to define spaces and add warmth. Find Your Best LightMaximize natural light by removing heavy window treatments — use sheer curtains or light-filtering shades for a softer touch. Incorporate a mix of ambient, task, and accent lighting with warm bulbs to create a warm and inviting atmosphere throughout your home.[4] PhotographyHigh-quality photos are essential in today's digital world. Hire a professional photographer to capture your staged home at its best, showcasing its features and potential. Consider using videos or virtual tours to provide an immersive experience for potential buyers. Get Started TodayReady to stage your home for a successful sale? Contact us today for a free, no-obligation consultation! We'll assess your home's unique needs, provide expert advice on maximizing its appeal, and connect you with trusted professionals who can help you achieve your selling goals. Let's work together to make your home stand out and attract the best offers! Sources: National Association of Realtors - https://www.nar.realtor/sites/default/files/documents/2023-profile-of-home-staging-03-30-2023.pdf Zillow - https://www.zillow.com/learn/how-to-stage-house-to-sell/ National Association of Realtors - https://cdn.nar.realtor//sites/default/files/documents/2023-03-remodeling-impact-outdoor-features-03-17-2023.pdf Martha Stewart - https://www.marthastewart.com/2126982/how-to-layer-your-lighting
7 Mistakes to Avoid When Hiring a Contractor

Embarking on home improvements can be both exciting and daunting. One of the most critical decisions you'll make is choosing the right contractor to bring your vision to life. However, many homeowners fall into common pitfalls during this process, leading to stress, financial strain, and subpar results. In this guide, we'll explore seven mistakes to avoid when hiring a contractor to ensure your project runs smoothly from start to finish. SKIPPING THE RESEARCH PHASE If you rush into hiring a contractor without the proper research, you risk overpaying or hiring someone whose skills and vision do not align with your needs. What To Do Instead: Conduct research to gain an understanding of best practices surrounding your project. Interview at least three contractors and ask about the processes and materials they will use. Get referrals from trusted sources. We’d be happy to share a list of recommendations! 2. CHOOSING BASED SOLELY ON PRICE While it's natural to want to save money, extremely low bids may indicate cut corners, subpar materials, or hidden costs that will surface later. What To Do Instead: Consider experience, reputation, and quality of work. Understand what's included and what's not in each bid. Remember that investing in a reputable contractor can save you money in the long run. 3. NEGLECTING TO CONFIRM CREDENTIALS & INSURANCE Neglecting to check a contractor’s references or licensing could put you at risk, and without proper insurance, you may be left footing the bill if something goes wrong.[1] What To Do Instead: Request references from past jobs and call to discuss their experiences. Confirm that the contractor is licensed according to local requirements. Verify insurance, including general liability and workers' compensation coverage. PROCEEDING WITHOUT A WRITTEN AGREEMENT A handshake deal might seem friendly and straightforward, but it’s difficult to enforce and leaves room for misunderstandings about project scope, timelines, and costs.[2] What To Do instead: Have a signed contract in place before any work begins. Outline scope, materials, timeline, payment schedule, and warranty information. Don't sign anything until you fully understand and agree to all terms. 5. PAYING TOO MUCH UPFRONT Paying a large sum upfront or the full cost of the project before the work is completed can leave you vulnerable if the contractor fails to deliver.[3] What To Do Instead: Avoid contractors who demand large upfront payments or cash-only deals. Tie payments to project milestones and stick to them. Never pay in full until the project is completed to your satisfaction. 6. FAILING TO GET NECESSARY PERMITS Skipping the permit process might seem like a way to save time and money, but it can lead to serious consequences, including fines, forced removal of work, or even legal action.[4] What To Do Instead: Talk about permits with your contractor before work begins. Ensure that obtaining necessary permits is part of your contract. Make sure all required inspections are completed during the project. IGNORING RED FLAGS AFTER THE PROJECT HAS STARTED If problems arise during your project and the contractor is unwilling to address them, ignoring the issue can make the situation worse. What To Do Instead: Keep detailed records of problems and any communication with the contractor. Arrange a meeting to discuss your concerns and ask for a resolution plan in writing. Consider seeking advice from a legal professional if the contractor is uncooperative. BOTTOMLINE Hiring the right contractor is crucial to the success of your home improvement project. By avoiding these common mistakes, you can significantly increase your chances of a smooth and successful renovation experience. If you’d like help finding a contractor or want to know how planned improvements could impact your home’s resale potential, reach out for a free consultation! The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs. Sources: MarketWatch LegalZoom The Washington Post Bob Vila
Top 4 Factors to Consider When Choosing Your Mortgage

Securing a mortgage can feel daunting––even to the most experienced borrowers. But don't let that deter you: If other homebuyers' experiences are any indication, odds are you'll eventually find a loan that works well for you.[1] The key to finding the right mortgage is to look for one that you’ll feel comfortable with long after you've closed on your new property. In addition to comparing term lengths and interest rates, also consider how the loan will fit your daily life and preferences. For example, we recommend asking yourself questions such as: Are you a natural risk taker, or do you prefer firm plans and predictability? Can you afford a bigger mortgage payment if interest rates increase, or are your anticipated home expenses already stretching your monthly budget? To help you get started, we've rounded up four of the most important factors to consider when narrowing your list of potential mortgage options. 1. Your Credit Score To secure a conventional mortgage, you'll typically need a FICO score of at least 620, but some mortgage types require even higher credit scores.For example, to qualify for a U.S. Department of Agriculture (USDA) loan on a qualifying rural property, you'll need a minimum score of 640. Or, if you're seeking a jumbo mortgage (home loans above $766,500 to $1,149,825, depending on where you buy), you may need a score of at least 700 or more.[2] You still have options, though, if your credit score is lower. You may be able to get a Federal Housing Administration (FHA) loan with a score as low as 500 if you have at least a 10% down payment. Some regional banks and credit unions may also be more flexible with their requirements.[3] 2. Your Income and Expenses When evaluating your creditworthiness, a lender will compare your income to the total debt you'll carry once you've bought the home.[4 This is called your debt-to-income (DTI) ratio, and it’s considered a key indicator of whether you can afford a particular mortgage. Your approval odds will be higher if you have a DTI ratio below 36%. But, if you have great credit and ample cash, you may still be able to get a conventional loan with a DTI ratio in the 45% to 50% range.[5] If not, you may need to look to other “non-conforming” loan types, such as government-backed mortgages. Lenders may also take into account other expenses unique to a home, such as property taxes, insurance, and homeowner association fees. In general, they prefer that you spend less than 28% of your income on housing or a maximum of 36% (which is the cap that federally-sponsored lenders advise).[6] 3. Your Expected Down Payment You don't have to put down 20% to qualify for a conventional mortgage, but you will need a significant amount. According to the National Association of Realtors, the median down payment amount in 2023 was 14%.[7] If your cash reserves are slim, then you may want to consider an FHA loan, which only requires 3.5% down. Or, if you qualify for a USDA or VA loan, you may even be able to buy your home with no money down except for a small funding fee.[8] Keep in mind, though, that a smaller down payment could mean a larger monthly payment. Plus, you'll not only pay more interest overall and be responsible for a larger principal, you'll also need to take out mortgage insurance. Conventional loans require private mortgage insurance (PMI) if your down payment is below 20%, while FHA loans always require insurance.[9] 4. Your Lifestyle and Risk Tolerance For most Americans, a mortgage is a decades-long commitment. So it's important to find one you can happily live with—and comfortably repay—for the long haul. Most fixed rate mortgages, for example, are designed to last anywhere from 15 to 30 years or more.[10] When you spread out your repayment over such a long period, monthly payment amounts are smaller, but you also pay more in interest. Another way to lower your monthly payment in the short term is to choose an adjustable-rate mortgage (ARM) that offers a low fixed APR for a lengthy period (typically five, seven, or 10 years) before changing to a variable rate. This can be especially beneficial if you only plan to stay in the home for a short period. But buyer beware: ARMs can be risky if you don't plan ahead for a higher interest rate.[11] BOTTOMLINE Regardless of the loan you choose, it pays to shop around and carefully compare terms. Fortunately, we have a vetted list of mortgage professionals who can explain your options, answer your questions, and help you find the best loan to meet your needs. We can also develop a custom plan for securing a great home that fits your budget. Reach out when you're ready to get started. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs. Sources: Bankrate Bankrate Newsweek NerdWallet Bankrate Bloomberg National Association of Realtors Bankrate CFPB Investopedia
Mid-Year Market Update for 2024: What Buyers and Sellers Need to Know

Last December, when the Federal Reserve projected a series of benchmark rate cuts in the coming year, some analysts speculated that mortgage rates—which had recently peaked near 8%—would fall closer to 6% by mid-2024.1,2,3 Unfortunately, persistent inflation has delayed the central bank’s timeline and kept the average 30-year mortgage rate hovering around 7% so far this year.2 While elevated mortgage rates have continued to dampen the pace of home sales and affordability, there have been some positive developments for frustrated homebuyers. Nationwide, the inventory shortage is starting to ease, and an uptick in starter homes coming on the market has helped to slow the median home price growth rate, presenting some relief to cash-strapped buyers.4 There are also signs that sellers are adjusting to the higher rate environment, as a growing number list their properties for sale.4 Still, economists say a persistent housing deficit—combined with tighter lending standards and historically high levels of home equity—will help keep the market stable.5 What does that mean for you? Read on for our take on this year's most important real estate news and get a sneak peek into what analysts predict is around the corner for 2024. MORTGAGE RATE CUTS WILL TAKE LONGER THAN EXPECTED At its most recent meeting on May 1, the Federal Reserve announced that it would keep its overnight rate at a 23-year high in response to the latest, still-elevated inflation numbers.6 While mortgage rates aren’t directly tied to the federal funds rate, they do tend to move in tandem. So, while expected, the Fed’s announcement was further proof that a meaningful decline in mortgage rates—and a subsequent real estate market rebound—is farther off than many experts predicted. “The housing market has always been interest rate sensitive. When rates go up, we tend to see less activity,” explained Realtor.com chief economist Danielle Hale in a recent article. “The housing market is even more rate sensitive now because many people are locked into low mortgage rates and because first-time buyers are really stretched by high prices and borrowing costs.”7 Many experts now speculate that the first benchmark rate cut will come no sooner than September, so homebuyers hoping for a cheaper mortgage will have to remain patient. “We’re not likely to see mortgage rates decline significantly until after the Fed makes its first cut; and the longer it takes for that to happen, the less likely it is that we’ll see rates much below 6.5% by the end of the year,” predicted Rick Sharga, CEO at CJ Patrick Company, in a May interview.8 What does it mean for you? Mortgage rates aren’t expected to fall significantly any time soon, but that doesn’t necessarily mean you should wait to buy a home. A drop in rates could lead to a spike in home prices if pent-up demand sends a flood of homebuyers back into the market. Reach out to schedule a free consultation so we can help you chart the best course for your home purchase or sale. BUYERS ARE GAINING OPTIONS AS SELLERS RETURN TO THE MARKET There is a silver lining for buyers who have struggled to find the right property: More Americans are sticking a for-sale in their yard.9 Given the record-low inventory levels of the past few years, this presents an opportunity for buyers to find a place they love—and potentially score a better deal. In 2023, inventory remained scarce as homeowners who felt beholden to their existing mortgage rates delayed their plans to sell. However, a recent survey by Realtor.com shows that a growing number of those owners are ready to jump in off the sidelines.10 While the majority of potential sellers still report feeling “locked in” by their current mortgage, the share has declined slightly (79% now versus 82% in 2023). Additionally, nearly one-third of those “locked-in” owners say they need to sell soon for personal reasons, and the vast majority (86%) report that they’ve already been thinking about selling for more than a year.10 Renewed optimism may also be playing a part. “Both our ‘good time to buy’ and ‘good time to sell’ measures continued their slow upward drift this month,” noted Fannie Mae Chief Economist Doug Duncan in an April statement.11 However, the current stock of available homes still falls short of pre-pandemic levels, according to economists at Realtor.com. “For the first four months of this year, the inventory of homes actively for sale was at its highest level since 2020. However, while inventory this April is much improved compared with the previous three years, it is still down 35.9% compared with typical 2017 to 2019 levels.”4 What does it mean for you? If you’ve had trouble finding a home in the past, you may want to take another look. An increase in inventory, coupled with relatively low buyer competition, could make this an ideal time to make a move. Reach out if you’re ready to search for your next home. If you’re hoping to sell this year, you may also want to act now. If inventory levels grow, it will become more challenging for your home to stand out. We can craft a plan to maximize your profits, starting with a professional assessment of your home’s current market value. Contact us to schedule a free consultation. HOME PRICES ARE RISING AT A MORE MANAGEABLE PACE Homebuyers struggling with high borrowing costs have something else to celebrate. The national median home price has remained relatively stable over the past year, due to sellers bringing a greater share of smaller, more affordable homes to the market.4 In addition to offering cheaper homes, a recent survey found that home sellers are also adjusting their expectations when it comes to pricing. In many regions, just 12% anticipate a bidding war (down from 23% last year) and only 15% expect to sell above list price (versus 31% in 2023).10 But buyers shouldn’t expect a fire sale. According to Realtor.com’s April Housing Market Trends Report, “On an adjusted per-square-foot basis, the median list price grew by 3.8%, as homes continue to retain their value despite increased inventory compared with last year.”4 Dr. Selma Hepp, chief economist for the data firm CoreLogic, projects that home prices will keep rising at a gradual pace through the rest of 2024. “Spring home price gains are already off to a strong start despite continued mortgage rate volatility. That said, more inventory finally coming to market will likely translate to more options for buyers and fewer bidding wars, which typically keeps outsized price growth in check.”12 What does it mean for you? An increase in more affordable housing stock is great news, especially for first-time buyers. And with home values expected to keep rising, an investment in real estate could help you build wealth over time. Reach out to discuss your goals and budget, and we can help you decide if you’re ready to take your first step on the property ladder. DESIRE TO OWN PERSISTS, BUT AFFORDABILITY REMAINS AN OBSTACLE Surveys show that the American dream of homeownership is alive and well, despite the financial challenges. In fact, a recent poll by Realtor.com found that 55% of Millennial and 40% of Gen Z respondents believe that now is a good time to buy a home.13 According to Fannie Mae Chief Economist Doug Duncan, buyers are starting to adapt to the new economic reality. “With the historically low rates of the pandemic era now firmly behind us, some households appear to be moving past the hurdle of last year’s sharp jump in rates, an adjustment that we think could help further thaw the housing market. We noted in our latest monthly forecast that we expect to see a gradual increase in home listings and sales transactions in the coming year." The Realtor.com study also revealed that even a small drop in mortgage rates could give a big boost to homebuyer demand and affordability. In fact, 40% of the buyers polled would find a home purchase attainable if rates fall under 6%, and an additional 32% plan to enter the market if rates dip below 5%.13I But waiting for rates to drop isn’t the only approach that Americans are using to afford a home. A survey by U.S. News & World Report found that determined homebuyers are employing a variety of strategies, including shopping multiple lenders (52%), purchasing discount points to lower their rates (36%), and opting for adjustable-rate mortgages (36%). More than three-quarters of today’s buyers also hope to refinance to a lower rate in the future.14 Despite the obstacles, these respondents remain steadfast in their desire to own a home, listing financial benefits, stability, and more space as their top motivations for wanting to buy.14 What does it mean for you? If you’re dreaming of a new home, let’s talk. We can help you evaluate your options and connect you with a mortgage professional to discuss strategies you can use to make your monthly payments more affordable. And remember, in many cases, you can refinance if rates drop in the future. If you have plans to sell, it will be crucial to enlist the help of a skilled agent who knows how to maximize your profit margins and draw in qualified buyers. Reach out for a copy of our multi-step Property Marketing Plan. WE'RE HERE TO GUIDE YOU While national housing reports can give you a “big picture” outlook, much of real estate is local. And as local market experts, we know what's most likely to impact sales and drive home values in your particular neighborhood. As a trusted partner in your real estate journey, we can guide you through the market's twists and turns. If you’re considering buying or selling a home in 2024, contact us now to schedule a free consultation. Let’s work together and craft an action plan to meet your real estate goals. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate for advice regarding your individual needs. Sources: CBS News -https://www.cbsnews.com/news/federal-reserve-rate-decision-pause-december-13/ Bankrate -https://www.bankrate.com/mortgages/historical-mortgage-rates/ Fannie Mae - https://www.fanniemae.com/media/50096/display com -https://www.realtor.com/research/april-2024-data/ Bankrate -https://www.bankrate.com/real-estate/is-the-housing-market-about-to-crash/ NPR -https://www.npr.org/2024/05/01/1248454950/federal-reserve-inflation-interest-rates com -https://www.realtor.com/news/trends/will-the-fed-cut-interest-rates-2024-housing-market/ The Mortgage Reports -https://themortgagereports.com/32667/mortgage-rates-forecast-fha-va-usda-conventional Fast Company -https://www.fastcompany.com/91106568/housing-market-inventory-rising-across-country-maps com -https://www.realtor.com/research/2023-q1-sellers-survey-btts/ Fannie Mae -https://www.fanniemae.com/research-and-insights/surveys-indices/national-housing-survey CoreLogic -https://www.corelogic.com/press-releases/corelogic-us-annual-home-price-growth-slows-still-up-by-over-5-february/ com -https://www.realtor.com/research/america-dream-survey-feb-2024/ US News & World Report -https://money.usnews.com/loans/mortgages/articles/2024-homebuyer-survey

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