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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
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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
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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
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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
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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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The Ultimate Relocation Guide: From Finding a House to Feeling at Home
The Ultimate Relocation Guide: From Finding a House to Feeling at Home 07 May 2024 by Jo Schultheiss The peak moving season is upon us. In fact, according to Move.com, almost 70% of U.S. moves occur between May and September.1 And while the percentage of Americans who move each year has declined, the desire to relocate remains strong.2,3In fact, Architectural Digest recently declared “Americans are restless” after a survey found that 55% of adults “are moving, plan to move, or want to move” in 2024. The top reasons included: increased affordability; desire for safety; and closer proximity to work, family, or friends.3If you’re one of those millions of Americans yearning for a change, this guide is for you.Sure, moving can feel overwhelming, and it’s notoriously stressful. But, we’ve outlined six steps to make your move easier. Our hope is to alleviate some of the hassle of relocating—so you can focus on the adventure ahead! 1. CHOOSE A COMMUNITYWhen planning a relocation, one of the first things you’ll need to decide is where you want to live. This could be as broad as an area of town, or you might narrow it down to a specific neighborhood.Depending on your priorities, you may want to start with communities that are close to work, friends, family and/or your preferred schools. If you commute, map out the route and check on the availability of public transportation, if you plan to use it. Then, if possible, try out the commute during rush hour to see what it’s like.Next, it’s crucial to consider housing prices and cost of living so you don’t set your sights on an area that you can’t realistically afford. Don’t forget to look up local crime statistics to ensure the community is safe. Finally, visit any neighborhoods you’re considering to gauge the vibe and observe characteristics, like pedestrian accessibility, retail offerings, and population density.Researching the ins and outs of various communities can be a time-consuming and sometimes difficult process, but we’re here to help! Give us a call to discuss your needs and aspirations, and we’d be happy to provide our recommendations of neighborhoods that may be a good fit for you. 2. FIND YOUR NEW HOMEOnce you’ve chosen an area to settle, the next decision you’ll need to make is whether you want to rent or buy a home. Renting can be a good option if you’re new to town, especially if you’re still saving up for a downpayment or you’re not ready to commit to a permanent location. Benefits include flexibility, less maintenance, and lower upfront costs.But, if you want to avoid multiple moves—and you’re financially able—there’s no reason to delay the benefits of buying a home. Not only has homeownership been shown to increase your quality of life, but it’s also one of the best ways to protect and grow your wealth.4The value of real estate will typically appreciate over time, and owners can build equity as they pay down their mortgage. Homeowners can also receive federal income tax deductions for mortgage interest and property taxes.But, perhaps most importantly, homeownership offers stability. Property owners aren’t subject to the mercy of their landlords each year. According to Statista, average U.S. rental prices have risen more than 42% in the past 10 years.5 In contrast, a fixed-rate mortgage payment doesn’t rise at all.If you decide to purchase a home and you choose us to represent you, you can rest easy knowing that we will be there for you throughout the entire journey, working hard to make the experience as easy and enjoyable as possible. Or, if you’re moving to a new area, we can refer you to a local agent in our network who shares our commitment to client service.For more information about buying a home and a timeline of the home buying process, reach out to request a free copy of our Home Buyer’s Guide. 3. SELL OR RENT OUT YOUR CURRENT HOMEIf you already own a home, you’ll also need to start the process of either selling it or renting it out. We can help you evaluate your options based on current market conditions.In many cases, our clients choose to sell so that they can use the equity in their current home to make a downpayment on their next one. But selling your home while simultaneously buying a new one can feel daunting to even the most seasoned homeowner.Here are some of the most frequent concerns we hear from clients and our tips for addressing them: What will I do if I sell my house before I can buy a new one? Check out furnished apartments, vacation rentals, and month-to-month leases. You may even find that a short-term rental arrangement can offer you an opportunity to get to know your new neighborhood better. What if I get stuck with two mortgages at the same time? Ask us about contingencies that can be included in your contracts. For example, it’s possible to add a contingency to your purchase offer that lets you cancel the contract if you haven’t sold your previous home. We can discuss the pros and cons of these types of tactics and what’s realistic given the current market dynamics. What if I mess up my timing or burn out from all the stress? Enlist support as early as possible. It’s our job to guide you and advocate on your behalf, so don’t be afraid to lean on us throughout the process. We’re here to ease your burden and make your move as seamless and stress-free as possible.In addition to answering your questions, we’ll give you an idea of how much equity you have in your current home so you know how much you can afford to spend on your new one. Part of that process will include a plan to maximize your current home’s sale price. We utilize a proven strategy that’s designed to achieve an efficient sale while boosting your profits.For a thorough breakdown of the technologies and marketing activities we use to get you the most money for your home sale, ask us for a copy of our Property Marketing Plan. 4. PLAN YOUR DEPARTUREPreparing for a move can be both exhilarating and exhausting. Fortunately, you don’t have to do everything in a day. You don’t have to do it all alone, either. When you work with us, we’ll be there every step of the way to help you navigate this process with ease. To that end, here are some of our top tips to help you plan for your departure.If you have children, we typically advise that you start by sharing news about the move in an age-appropriate way. If possible, take them on a tour of your new home and neighborhood. This can alleviate some of the mystery and apprehension around the move. Don’t forget to contact their current and future schools, as well, to arrange for transfer and enrollment.Next, you’ll want to start packing. To maintain order and make unpacking easier, we recommend packing one room at a time. Clearly label each box with its contents and the room it belongs to. And remember, there’s no use taking extraneous items with you. Use this opportunity to purge or donate possessions that you no longer need.If you will be using a moving company, start researching and pricing your options. Make sure you’re working with a reputable service, and try to avoid paying a large deposit before your belongings are delivered. Once you have a moving date scheduled, you should arrange to have your utilities turned off or, if possible, transferred into the new homeowner’s name.Finally, if you will be leaving friends or family behind, schedule get-togethers before your departure. The last days before moving can be incredibly hectic, so make sure you block off some time in advance for proper goodbyes.Parting with a home and community you love can be hard, so try to stay focused on the exciting opportunities ahead. Feel free to reach out for referrals to moving companies, packing services, housekeepers, or any other resources that will make your move easier. We’d love to help. 5. PREPARE FOR YOUR ARRIVALWhile it’s tempting to get wrapped up in the departure details, don’t forget to plan ahead for your arrival at your new home. To make your transition go smoothly, you should start preparing well before moving day. Here are a few pro tips to help you get started.First, think about the utilities that will need to be turned on, especially essentials like water, electricity, and gas. Be sure to notify any relevant parties—banks, credit cards, subscriptions, etc.—about your change of address so you don’t miss any important bills, notices, or deliveries. You’ll also want to notify the postal service and submit a mail forwarding request.If you plan to remodel, paint, or install new flooring, it’s often easier to have it done before you bring in all of your belongings. You may also want to have the house professionally cleaned before moving in.Don’t forget about the items you’ll need (think toothbrush, towels, bedsheets) to make it through the first night in your new home. Designate some boxes with “Open Me First!” labels. (Pro tip: Keep a tool kit front and center for all that reassembling.)Finally, create a list of all the restaurants you want to try and places you want to visit around your newly purchased home. Having a to-explore list keeps everyone’s spirits high and gives you starting points to settle into the neighborhood. If you’re relocating to our area, we can help! Reach out for a list of recommendations. 6. GET SETTLED IN YOUR NEW SPACEStudies show that moving can lead to feelings of loneliness and depression.6 However, there are ways to combat these negative effects. Here are a few strategies to help you and your family get settled in the new space.If you have children, start by unpacking their rooms first. Seeing familiar items will help ease their transition and establish a “safe zone” where they can hang out away from the chaos of moving day. If possible, let them have a say in how their room is decorated.Pets can also get overwhelmed by a new, unfamiliar space. Let them adjust to a single room first, which should include their favorite toys, treats, food and water bowl, and a litter box for cats. Once they seem comfortable, you can gradually introduce them to other rooms in the home.Don’t forget to take care of yourself, too. Try to schedule breaks to get out of the house and investigate your new area. If you travel by foot or bicycle, you’ll gain the mood-boosting advantages of fresh air and exercise.You can combat feelings of isolation by making an effort to meet people in your new community. Find a local interest group, take a class, join a place of worship, or volunteer for a cause. Don’t wait for friends to come knocking on your door. Instead, go out and find them.To that end, make an effort to introduce yourself to your new neighbors, invite them over for coffee or dinner, and offer assistance when they need it. Once you’ve developed friendships and a support system within your new neighborhood, it will truly start to feel like home. LET’S GET MOVINGWhile moving is never easy, these steps offer an action plan to get you started on your new adventure. With a little preparation—and the right team of professionals to assist you—it is possible to have a positive relocation experience.We specialize in assisting home buyers and sellers with a seamless and “less-stress” relocation. Along with our referral network of moving companies, contractors, cleaning services, interior designers, and other home service providers, we can help take the hassle and headache out of your upcoming move. Give us a call or message us to schedule a free, no-obligation 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: Moving.com –https://www.moving.com/tips/12-tips-for-moving-during-peak-moving-season/ Moving.com –https://www.moving.com/tips/moving-trends-predictions-for-2024/ Architectural Digest –https://www.architecturaldigest.com/reviews/moving/moving-trends-survey National Association of Realtors –https://www.nar.realtor/infographics/the-benefits-of-homeownership Statista –https://www.statista.com/statistics/200223/median-apartment-rent-in-the-us-since-1980/ Psychology Today –https://www.psychologytoday.com/us/blog/is-where-you-belong/201607/why-youre-miserable-after-move
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Heather Hernandez
Jo was absolutely amazing to work with, she made our home buying journey easy as possible. Considering everything we had to go through to get we are now, she was perfect for us. She is persistent, which is what you will need! We were thankful we chose her as she gets the job done and has the right expertise. Thank you Jo for all your dedication and can’t wait until our next venture with you! Highly recommend!!