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Spring Home Maintenance We talked before about getting your home ready for winter—now it’s time to shift gears. Spring has arrived, and with it comes the perfect opportunity to clean, inspect, and refresh your home. Whether you’re planning to sell this season or just want to stay on top of upkeep, these spring home maintenance tasks will help you protect your investment and boost curb appeal. Let’s start outside. Exterior Must-Dos Inspect the RoofAfter wild winter weather, take a good look at your roof. Replace any missing or damaged shingles, and continue checking after storms. Clean Gutters and Trim TreesClear leaves and debris from your gutters for proper drainage. While you’re up there, trim back any tree limbs that hang near the roof to prevent future damage. Did you know that if you are selling a home, shrubs or trees touching the home will not pass an FHA or VA appraiser inspection. The lender will require these to be remedied. Better to tackle it before you even put the house on the market. Check for Wood Rot and Peeling PaintExamine trim and siding for signs of rot or chipped paint. Catching these early helps avoid more costly repairs later. Repair and Restain the FenceFix broken boards and touch up the stain if it’s faded. This simple step extends the life of your fence and boosts the look of your yard. Power Wash the ExteriorDirt, dust, and pollen build up fast in spring. Power wash siding, patios, walkways, and decks to instantly refresh your home’s appearance. Inspect Outdoor Faucets and SprinklersFreezing temps are tough on rubber and plastic parts. Test outdoor faucets and sprinkler systems to catch leaks early and avoid wasting water—or money. Clean Windows and ScreensBrighten up your home by washing windows inside and out. Don’t forget the screens—clean screens let in more sunlight and fresh air. Tidy Up the YardTreat for weeds and restart regular mowing and edging. If you're selling, plant fresh flowers, lay new mulch, and rake leftover leaves for a polished look. Update or Replace House NumbersFaded house numbers are more than an eyesore—they're a safety concern. Plus, it helps your food delivery driver find the right house faster. Win-win. Interior Essentials Change HVAC FiltersSpring allergies are no joke. Swap out your filters more often this time of year to improve air quality. Schedule HVAC MaintenanceBook your spring HVAC check-up. Regular servicing—ideally twice a year—keeps your system running efficiently and extends its life. In the spring they will service the AC and then in the fall they will make sure your furnace is working properly. Test Smoke and Carbon Monoxide DetectorsCheck all alarms and replace batteries. It’s quick, easy, and can save lives. Bonus Tip: Declutter and Deep CleanSpring is also a great time to go through closets, drawers, and storage areas. If you’re planning to list your home soon, this will also make staging much easier. Closets that are overflowing give the impression that the home does not have enough storage. Plus, if you get rid of things now, it is less to move later! Spring is the perfect time to give your home a little TLC. These small steps not only help maintain your home’s value, but also make it feel fresher, safer, and more comfortable. And if you’re planning to sell, tackling this list now means your home will show its best when buyers come calling. Want help getting your home ready for the market? Let’s chat—I’d love to help you make the most of this spring season!

The Latest on the Luxury Home Market Luxury living is about more than just stunning views and cutting-edge smart home technology—it’s about elevating your lifestyle. And if you’re in the market for a million-dollar home, now is an excellent time to explore the thriving luxury market. Here’s why. The Number of Luxury Homes Is Growing The top of the market, or luxury homes, can mean different things depending on where you live. But in general, these are homes that are in the top 5% price range in any area. According to a recent report from Redfin, the average value of those homes has risen to over one million dollars: “The median sale price for U.S. luxury homes, defined as the top 5% of listings, rose 9% year-over-year to a record $1.18 million during the second quarter.” That same report goes on to show the percentage of homes valued at a million dollars or more has risen to an all-time high (see graph below): That means, if this is your desired price range, you have options to choose from, each with different features and styles. Whether you’re looking for the latest designs, like modern kitchens with high-end appliances, exclusive amenities, or enhanced privacy and security, the market that fits this lifestyle is growing. Your Luxury Home Is an Investment In addition, a luxury home could help you build significant long-term wealth. As the Redfin quote mentioned earlier says, luxury home prices are rising. That may be the reason there are a lot of people investing in luxury real estate right now. According to the August Luxury Market Report: “By the end of July, the overall growth in the volume of sales in 2024 stood at 14.82% for single-family homes and 11.35% for attached homes compared to the same period in 2023.” Bottom Line With more million-dollar homes on the market and prices going up, you have luxury options to choose from and a chance to build significant long-term wealth. Want to see the best homes in our area? Let’s get in touch today.

Lower Your Interest Rate and Save on Your Mortgage Buying a home can be expensive. You can lower your mortgage payment with a rate buydown. In this blog, we explain what rate buydowns are and how they work. What Is a Rate Buydown? A rate buydown lets you pay extra upfront to lower your mortgage rate. You pay additional money at closing, often called “points.” Each point lowers your rate by a fixed amount. For example, one point may reduce your rate by 0.25%. This saving lowers your monthly payments. Types of Rate Buydowns There are two main types of rate buydowns: temporary and permanent. Temporary Buydown: This option keeps your rate low for a few years. After that period, your rate resets to its original level. You enjoy lower payments early on. Permanent Buydown: This option lowers your rate for the life of your loan. You pay more upfront. Then you benefit from a lower rate and lower monthly payments. How Do Rate Buydowns Work? You pay extra money at closing, usually in points. Each point reduces your interest rate by a set amount. As a result, your monthly payments drop. You save money every month. A mortgage lender can walk you through all your options though so that you are well informed. The actual cost of the points and the rates vary depending on the market and a buyers qualifications. Benefits of Rate Buydowns Rate buydowns offer clear benefits. They lower your monthly payment and improve your cash flow. A lower rate can boost your purchasing power. You may qualify for a larger loan and can afford your dream home more easily. For many, the rate buy down was the only way for them to afford a home! Market Perks: Let the Seller Pay In today’s market, I have negotiated seller credits for almost all my buyers over the last three years. If the seller provides a credit, you can use this to help pay for the cost of buying down the rate. Moreover, some builders offer to pay for rate buydowns. I know of builders offering rates as low as 4.5%. I can help you negotiate these perks or introduce you to builders with these incentives! Bottom Line Rate buydowns can lower your monthly mortgage payments and save you money. They come in both temporary and permanent forms. In today’s market, sellers and builders often help reduce your costs. If you need help with your rate buydown, let’s connect. I can guide you to the best option for your financial goals.

Why Pre-Approval Should Be at the Top of Your Homebuying To-Do List Since the supply of homes for sale is growing and mortgage rates are coming down, you may be thinking it’s finally your moment to jump into the market. To make sure you’re ready, you need to get pre-approved for a mortgage. That’s when a lender looks at your finances, including things like your W-2, tax returns, credit score, and bank statements, to figure out what they’re willing to loan you. After that process, you’ll get a pre-approval letter to show what you can borrow. Here are two reasons why this is essential in today’s market. Pre-Approval Helps You Know Your Numbers While home affordability is finally starting to show signs of improving, it’s still tight. So, it’s a good idea to talk to a lender about your loan options and how today’s changing mortgage rates will impact your monthly payment. The pre-approval process is the perfect time for that. In addition to determining the maximum amount you can borrow, pre-approval also helps you understand this piece of the puzzle. As Investopedia says: “Consulting with a lender and obtaining a pre-approval letter allows you to discuss loan options and budgeting with the lender; this step can clarify your total house-hunting budget and the monthly mortgage payment you can afford.” You should use this information to tailor your home search to what you’re actually comfortable with budget-wise. Since mortgage rates have inched down some lately, you may find you’re able to afford a bit more than you’d expect for your monthly payment, but you still want to avoid overextending. As CNET explains: “In many cases, a lender may preapprove you for more than you need to spend on a home. And while it can be tempting to look at houses outside your budget, it won’t help you in the long run. Before you start touring homes, figure out how much you can realistically afford and stick to your budget.” Pre-Approval Makes Your Offer More Appealing And once you do find a home you want in your budget, pre-approval has another big perk. It not only makes your offer stronger, it also shows sellers you’ve already undergone a credit and financial check. When a seller sees you as a serious buyer, they may be more attracted to your offer because it seems more likely to go through. As Greg McBride, Chief Financial Analyst at Bankrate, says: “Preapproval carries more weight because it means lenders have actually done more than a cursory review of your credit and your finances, but have instead reviewed your pay stubs, tax returns and bank statements. A preapproval means you’ve cleared the hurdles necessary to be approved for a mortgage up to a certain dollar amount.” As mortgage rates trend down, more buyers are going to be ready to jump back into the market. And while demand is still limited right now, there’s the potential for competition to pick back up, especially in hot markets. So, why not stack the deck in your favor and make sure you’re putting yourself in the best position possible when you find a home you love? Bottom Line If you’re planning on buying a home, don’t forget to get pre-approved early in the process. It can help you get a more in-depth understanding of what you can borrow and shows sellers you mean business.

The Surprising Amount of Home Equity You’ve Gained over the Years There are a number of reasons you may be thinking about selling your house. And as you weigh your options, you may find you’re unsure how you’re going to deal with one thing about today’s housing market – and that’s affordability. If that’s your biggest concern, understanding how much equity you have in your house could help make your decision that much easier. Here are two key factors that have a big impact on your equity. How Long You’ve Been in Your Home First up is homeowner tenure. That’s how long homeowners live in a house, on average, before selling or choosing to move. From 1985 to 2009, the average length of time homeowners stayed put was roughly six years. But according to the National Association of Realtors (NAR), that number has been climbing. Now, the average tenure is 10 years (see graph below): Here’s why that’s such a big deal. You gain equity as you pay down your home loan and as home prices climb. And when you combine all of your mortgage payments with how much prices have gone up over the span of 10 years, that adds up. So, if you’ve lived in your house for a while now, you may be sitting on a pile of equity. The ownership time may also be an indication that many people are living in homes that no longer fit their needs. How Home Prices Appreciate over Time To help show how much the price appreciation piece adds up, take a look at this data from the Federal Housing Finance Agency (FHFA) (see graph below): Here’s what this means for you. While home prices vary by area, the typical homeowner who’s been in their house for five years saw it increase in value by nearly 60%. And the average homeowner who’s owned their home for 30 years saw it more than triple in value in that time. Whether you’re looking to downsize, relocate to a dream destination, or move so you can live closer to friends or loved ones, your equity can be a game changer. Bottom Line If you want to find out how much equity you’ve built up over the years, let’s connect. Maybe it can even get you into a new home!

What’s Really Happening with Home Prices If you’re wondering what’s going on with home prices lately, you’re definitely not the only one. With so much information out there, it can be hard to figure out your next move. As a buyer, you might be worried about paying more than you should. And if you’re thinking of selling, you might be concerned about not getting the price you’re aiming for. So, here’s a quick breakdown to help clear things up and show you what’s really happening with prices—whether you’re thinking about buying or selling. Home Price Growth Is Slowing, but Prices Aren’t Falling Nationally Throughout the country, home price appreciation is moderating. What that means is, prices are still going up, but they’re not rising as quickly as they were in recent years. The graph below uses data from Case-Shiller to make the shift from 2023 to 2024 clear: But rest assured, this doesn’t mean home prices are falling. In fact, all the bars in this graph show price growth. So, while you might hear talk of prices cooling, what that really means is they’re not climbing as fast as they were when they skyrocketed just a few years ago. What’s Next for Home Prices? It’s All About Supply and Demand You might be curious where prices will go from here. The answer depends on supply and demand, and it’s going to vary by local market. Nationally, the number of homes for sale is going up, but there still aren’t enough of them to meet today’s buyer demand. That’s keeping upward pressure on prices – even though recent inventory growth has caused that home price appreciation to slow. Danielle Hale, Chief Economist at Realtor.com, said: “. . . today’s low but quickly improving for-sale inventory has ushered in more market balance than would otherwise be expected . . . This should help home prices maintain a slower pace of growth.” And here’s one other thing you may not have considered that could play a role in where prices go from here. Since experts say mortgage rates should continue to decline, it’s likely more buyers will re-enter the market in the months ahead. If demand picks back up, that could make prices climb a bit further. Why You Should Work with a Local Real Estate Agent While national trends give a big-picture view, real estate is always local – especially when it comes to prices. What’s happening in your neighborhood might be different from the national average based on what supply and demand look like in your market. That’s why it’s crucial to get local insights from a knowledgeable real estate agent. As your go-to source for everything related to home prices, a local agent can provide the most current data and trends specific to your area. So, if you’re planning to sell, they can help you price your house accurately. And when you’re ready to buy, they can find the right home that fits your budget and your needs. Bottom Line Home prices are still rising, just not as quickly as before. Whether you’re thinking about buying, selling, or just curious about what your house is worth, let’s connect so you have the personalized guidance you need.

Helpful Negotiation Tactics for Today’s Housing Market If you haven’t already heard, homebuyers are regaining some negotiating power in today’s market . And while that doesn’t make this a buyer’s market, it does mean buyers may be able to ask for a little more. So, sellers need to be ready for that possibility and know what they’re willing to negotiate. Whether you’re looking to buy or sell a house, here’s a quick rundown of potential negotiations that may pop up during your transaction. That way, you’re prepared no matter which side of the deal you’re on. What Can You Negotiate? Most things in a home purchase are on the negotiation table. Here’s a list of just a few of those options, according to Kiplinger and LendingTree: Sale Price: The most obvious is the price of the home. And that lever is being pulled more often today. Buyers don’t want to overpay when affordability is already so tight. And sellers who aren’t realistic about their asking price may have to consider adjusting their price. Home Repairs: Based on the inspection, a buyer is within their rights to ask the seller to make reasonable repairs. If the seller doesn’t want to do that, they could offer to reduce the home price or cover some closing costs, so the buyer has the money to take them on themselves. Fixtures: Buyers can also ask for appliances or furniture to convey when the house changes hands. Having the seller throw in the washer and dryer cuts down on expenses the buyer would have when moving in. As the seller, you could leave your existing ones behind to sweeten the deal for your buyer, and get yourself new ones for your next place. Closing Costs: Closing costs typically run about 2-5% of the home’s purchase price. Buyers can ask the seller to pay for some or all of these expenses to offset the cash the buyer has to bring to the table. Home Warranties: Buyers can also ask the seller to pay for a home warranty . This is great for buyers worried about the maintenance costs that may pop up after taking possession of the home. And since this concession usually isn’t terribly expensive for the seller, it can be a good option for both parties. Closing Date: Buyers can ask for a faster or extended closing window based on their own timetable. The seller can also advocate for what they need based on their move to find the right compromise. One thing is true whether you’re a buyer or a seller, and that’s how much your agent can help you throughout the process. Your agent is your go-to for any back-and-forth. They’ll handle the conversations and advocate for your best interests along the way. As Bankrate says: “Agents have expert negotiating skills. Without one, you must negotiate the terms of the contract on your own.” They may also be able to uncover what the buyer or seller is looking for in their discussions with the other agent. And that insight can be really valuable at the negotiation table. Bottom Line Buyers are regaining a bit of negotiation power in today’s market. Buyers, knowing what levers you can pull will help you feel confident and empowered going into your purchase. Sellers, having a heads up of what they may ask for gives you the chance to think through what you’ll be willing to offer. Want to chat more about what to expect and the options you have? Let’s connect.

The Great Wealth Transfer: Empowering the Next Generation We’re seeing a major shift in wealth distribution across generations. This is becoming known as the Great Wealth Transfer. In the past, wealth passed between generations slowly, often involving smaller inheritances or family savings. Today, we are seeing a much more drastic change. Bankrate notes: “The biggest wave of wealth in history is about to pass from Baby Boomers over the next 20 years. Called The Great Wealth Transfer, $84 trillion is poised to move from older Americans to Gen X and millennials. If managed wisely, this wealth can grow and ensure financial security.” As Baby Boomers retire, sell businesses, or downsize their homes, they’re passing substantial assets to younger generations. This shift is creating a ripple effect that will continue for decades. The graph below, using data from Merrill and Cerulli Associates, shows just how much wealth will change hands by 2045: Impact on the Housing Market This wealth transfer is already affecting the housing market. Recently, home affordability has been a major concern, especially in more popular, high-demand areas. However, increased generational wealth is helping to ease these challenges. It is giving future homeowners more financial resources. Subsequently, as wealth passes down, more buyers can afford homes. Merrill highlights this benefit in a recent article: “While millennials face steep barriers . . . to buying a first home in many markets, ‘that’s a for-now story, not a forever story’ . . .The Great Wealth Transfer should enable more of them to become homeowners — or trade up or add a second home — either through inherited property or the funds for a down payment.” Impact on the Economy Additionally, the Great Wealth Transfer is fueling entrepreneurial growth. Those looking to start a business can use inherited funds as capital to launch new ventures. This transfer supports the next generation of innovators and business owners, helping them bring their ideas to life. Bottom Line Ultimately, today’s housing market may present affordability challenges, but the Great Wealth Transfer is unlocking new opportunities. As wealth moves down and gets put to use, it’s breaking down barriers to homeownership and fueling entrepreneurial endeavors. If you are considering homeownership in your future, let’s connect.

Mortgage Rates Down a Full Percent from Recent High Mortgage rates have been one of the hottest topics in the housing market lately because of their impact on affordability. And if you’re someone who’s looking to make a move, you’ve probably been waiting eagerly for rates to come down for that very reason. Well, if the past few weeks are any indication, you may be getting your wish. Mortgage Rates Trend Down in Recent Weeks There’s big news for mortgage rates. After the latest reports on the economy, inflation, the unemployment rate, and the Federal Reserve’s recent comments, mortgage rates started dropping a bit. And according to Freddie Mac, they’re now at a level we haven’t seen since February. To help show the downward trend, check out the graph below: Maybe you’re seeing this and wondering if you should ride the wave and see how low they’ll go. If that’s the case, here’s some important perspective. Remember, the record-low rates from the pandemic are a thing of the past. If you’re holding out hope to see a 3% mortgage rate again, you’re waiting for something experts agree won’t happen. As Greg McBride, Chief Financial Analyst at Bankrate, says: “The hopes for lower interest rates need the reality check that ‘lower’ doesn’t mean we’re going back to 3% mortgage rates. . . the best we may be able to hope for over the next year is 5.5 to 6%.” And with the decrease in recent weeks, you’ve got a big opportunity in front of you right now. It may be enough for you to want to jump back in. The Relationship Between Rates and Demand If you wait for mortgage rates to drop further, you might find yourself dealing with more competition as other buyers re-ignite their home searches too. In the housing market, there’s generally a relationship between mortgage rates and buyer demand. Typically, the higher rates are, the lower buyer demand is. But when rates start to come down, things change. Buyers who were on the fence over higher rates will resume their searches. Here’s what that means for you. As a recent article from Bankrate says: “If you’re ready to buy, now might be the time to strike. Home prices have been rising primarily because of a longstanding shortage of homes for sale. That’s unlikely to change, and if mortgage rates do fall below 6%, it’s possible buyers would enter the market en masse, further pushing up prices and resurrecting bidding wars.” Bottom Line If you’ve been waiting to make your move, the recent downward trend in mortgage rates may be enough to get you off the sidelines. Rates have hit their lowest point in months, and that gives you the opportunity to jump back in before all the other buyers do too. If you’re ready and able to start the process, reach out and let’s get started.

How To Determine if You’re Ready To Buy a Home If you’re trying to decide if you’re ready to buy a home, there’s probably a lot on your mind. You’re thinking about your finances, today’s mortgage rates and home prices, the limited supply of homes for sale, and more. And, you’re juggling how all of those things will impact the choice you’ll make. While housing market conditions are definitely a factor in your decision, your own personal situation and your finances matter too. As an article from NerdWallet says: “Housing market trends give important context. But whether this is a good time to buy a house also depends on your financial situation, life goals and readiness to become a homeowner.” Instead of trying to time the market, focus on what you can control. Here are a few questions that can give you clarity on whether you’re ready to make your move. 1. Do You Have a Stable Job? One thing to consider is how stable you feel your employment is. Buying a home is a big purchase, and you’re going to sign a home loan stating you’ll pay that loan back. That’s a big commitment. Knowing you have a reliable job and a steady stream of income coming in can help put your mind at ease when making such a large purchase. 2. Have You Figured Out What You Can Afford? If you have reliable paychecks coming in, the next thing to figure out is what you can afford. That’ll depend on your spending habits, debt, and more. To be sure you have a good idea of what to expect from a number’s perspective, start by talking to a trusted lender. They’ll be able to tell you about the pre-approval process and what you’re qualified to borrow, current mortgage rates and your approximate monthly payment, closing costs to anticipate, and other expenses you’ll want to budget for. That way you can make an informed decision about whether you’re ready to buy. 3. Do You Have an Emergency Fund? Another key factor is whether you’ll have enough cash left over in case of an emergency. While that’s not fun to think about, it’s an important thing to consider. You don’t want to overextend on the house, and then not be able to weather a storm if one comes along. As CNET says: “You’ll want to have a financial cushion that can cover several months of living expenses, including mortgage payments, in case of unforeseen circumstances, such as job loss or medical emergencies.” 4. How Long Do You Plan To Live There? It was mentioned above, but buying a home involves some upfront expenses. And while you’ll get that money back (and more) as you gain equity, that process takes time. If you plan to move too soon, you may not recoup your investment. For example, if you’re looking to sell and move again in a year, it might not make sense to buy right now. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains: “Five years is a good, comfortable mark. If the price of your home appreciates considerably, then even three years would be fine.” So, think about your future. If you plan to transfer to a new city with the upcoming promotion you’re working toward or you anticipate your loved ones will need you to move closer to take care of them, that’s something to factor in. 5. Above all else, the most important question to answer is: do you have a team of real estate professionals in place? If not, finding a trusted local agent and a lender is a good first step. The pros can talk you through your options and help you decide if you’re ready to take the plunge or if you have a few more things to get in order first. Bottom Line If you want to have a conversation about all the things you need to consider to determine if you’re ready to buy, let’s connect.