![]() The 2020 housing market has surpassed all expectations and continues to drive the nation’s economic recovery. The question is, will this positive trend continue throughout the rest of the year, especially given the uncertainty around the current health crisis, the upcoming election, and more? Here’s a look at what several industry-leading experts have to say. Lawrence Yun, Chief Economist, National Association of Realtors
Frank Martell, President and CEO, CoreLogic
Bottom LineMany economists are in unison, indicating the housing market will continue to fuel the economy through the end of the year, maintaining this unprecedented strength. The post Real Estate Continues to Show Unprecedented Strength This Year appeared first on Keeping Current Matters. from https://www.keepingcurrentmatters.com/2020/10/19/real-estate-continues-to-show-unprecedented-strength-this-year/
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![]() The 2020 housing market has surpassed all expectations and continues to drive the nation’s economic recovery. The question is, will this positive trend continue throughout the rest of the year, especially given the uncertainty around the current health crisis, the upcoming election, and more? Here’s a look at what several industry-leading experts have to say. Lawrence Yun, Chief Economist, National Association of Realtors
Frank Martell, President and CEO, CoreLogic
Bottom LineMany economists are in unison, indicating the housing market will continue to fuel the economy through the end of the year, maintaining this unprecedented strength. The post Real Estate Continues to Show Unprecedented Strength This Year appeared first on Keeping Current Matters. from https://www.keepingcurrentmatters.com/2020/10/19/real-estate-continues-to-show-unprecedented-strength-this-year/ The current housing market has many people considering buying or selling a home right now. Maybe you’ve checked to see how much you can afford, and you believe now might be a good time to list your house and upsize to a new one. Or maybe like so many others, your home is already under contract, and it’s time for an appraisal. Whichever the case, being aware of what hurts a home appraisal and how to increase the value of your home is always a great idea. There are many things you can do to ensure your home is worth top dollar. When you’re deciding which improvements to implement, remember some improvements are more costly than others, and all should be weighed against the amount of value you’ll receive in return. To get started, look for any areas of your home that could be improved. The home appraiser will be at your home for about 30 to 60 minutes, so your goal is to make their job easy by shining the brightest light possible on your home’s finest features. You’ll especially want to focus on areas that can hurt your home appraisal, which we have listed 7 of the most common ones below and how to fix them. 1) Poor curb appealHow to Fix It: Trim up bushes and trees so they are tidy and neat. Add annuals or perennials for a pop of color and interest in what can otherwise be a sea of green grass. Having a fresh coat of paint applied to the exterior of your home, your front door and shutters painted in a complementary color, and adding flower boxes to match your new landscape will all set the right tone for your home’s appraisal. Garage doors often comprise a good portion of the front of a house, and updating your garage doors with new ones is almost always a sure bet to increase value. Don’t forget to stage the front porch with a couple of casual chairs and a colorful throw pillow to match the flowers in the yard. 2) Your home’s interior needs a lot of attentionHow to Fix It: The first step toward having a showcase home is to thoroughly declutter and clean every room and closet. Because your goal is to show off your home’s best attributes, be sure to pack away personal items that can be distracting, like family photos and mementos. Hiring a professional organizer or declutterer can make this task a lot less daunting and make the project much quicker and easier. You touched up the exterior paint, don’t forget that painting the interior is one of the easiest and least expensive improvements you can make. Neutral colors will appeal to more homebuyers and those same colors will help brighten any room. What about your blinds and drapes? Are they dark or dated? You may want to invest in some new curtains that are trendy and colorful to bring a more modern look to your space. Are any of the slats in your blinds broken or dirty? Replace those that are damaged and clean any that need it. Mirrors add depth and interest to any living space, indoors or out, and they help redirect sunlight throughout your home. To create a sense of space and openness, consider adding a mirror at the end of a hallway, or on a large living room wall. Does your home have any “hidden” features? Features that might otherwise go unnoticed, such as space above the kitchen and dining room that could be updated for added storage could also add value to your home. Make sure they are accessible and that the appraiser is aware of them. 3) Your kitchen and bathrooms are outdatedHow to Fix It: Kitchens and bathrooms are oftentimes what hurts a home appraisal but are also great places where value can be added to a home. In the kitchen, you can freshen things up by refacing cabinets and replacing outdated pulls, light fixtures, and countertops. Swapping out old appliances for energy-efficient appliances and updating your sink and faucet with a more modern one could be just what your kitchen needs. You can even install recessed lighting under the cabinets which is not only functional but gives the kitchen a finished look. In your bathrooms, cabinets can be updated with paint. If you have a builder’s grade mirror, give it a new look by adding a wooden frame around it. The frame can also be painted to match the cabinets. Install a new faucet and light fixture and include a bright shower curtain to add a splash of color. 4) Your bedrooms and laundry room are dark and smallHow to Fix It: Bedrooms will look cleaner and brighter with clutter removed and a fresh coat of paint. Replace any curtains that are too dark and add a closet organization system to your bedroom closets to make the most of the space available. To open up small bedrooms, you can strategically place an appropriately sized mirror in a corner or forgo a headboard on the bed. Instead, hang two complementary pictures above the bed where the headboard would typically be. Survey your laundry room. Because these rooms are often smaller than other rooms in the house, walls painted a bright, snow-white help add a sense of openness and airiness. Adding storage bins or shelves if there are none will help reduce the clutter, make the space more organized, and keep laundry detergents and fabric softeners out of sight. 5) Your basement is unfinishedHow to Fix It: Too often basements are unfinished spaces used only for storage. To increase the value of your home, store items elsewhere, and turn the basement into usable living space which will add to your home’s total square footage. By adding walls, an acoustic drop tile ceiling, and flooring you’ve got the beginnings of a second living room, children’s play area, exercise area, or even a media room. You can also customize the space to fit your current needs. Adding square footage and livable space to your home is one of the easiest ways for increasing your home’s value. 6) You home systems need replacingHow to Fix It: Big-ticket items can be costly to update, but they often have a good return on investment. Examples of big-ticket items are replacing the roof, installing a new HVAC system, updating windows with new energy-efficient ones, and installing or replacing exterior siding, which eliminates the need to scrape and paint every few years. If your home needs to have the electrical system updated, it would be beneficial to make the change before listing the house, since an inspection would likely point out the need for it, and you could delay, or worse, lose a sale as a result. The same goes for any plumbing issues you may have been experiencing recently. If you’ve noticed a leak, make sure it’s repaired, and that stains are appropriately cleaned and concealed. 7) Your home has no outdoor living spaceHow to Fix It: Patios and decks create additional gathering spaces for grilling, relaxing, or entertaining. If you have a patio or deck that’s cracked or uneven, consider hiring a professional to replace or repair your outdoor living space. Value can also be added to your home by installing a deck if you don’t already have one. Maybe your deck is in good shape structurally but doesn’t look as good as it once did. In that case, consider refinishing it using either paint or stain. Both help to extend the life of the wood and look beautiful once the job is done. You want the appraisal process to go smoothly and provide the most value for your house. As you can see, making a few improvements here and there can go a long way toward adding value to your home. The post What Hurts a Home Appraisal? And 7 Things You Can Do to Fix Them appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More. from https://www.redfin.com/blog/what-hurts-a-home-appraisal/ ![]() Some Highlights
The post How to Prepare for a Bidding War [INFOGRAPHIC] appeared first on Keeping Current Matters. from https://www.keepingcurrentmatters.com/2020/10/16/how-to-prepare-for-a-bidding-war-infographic/ Home upgrades are always a great way to give your home a fresh new look and feel. They can introduce new functionality, make your home look newer, and improve your quality of life. While major remodeling can sometimes be expensive and time-consuming, making smaller upgrades can be much more cost-efficient. Consider these 8 home upgrades that can help breathe new life into your home. 1. Update your lightingReplacing your existing lighting for something newer can make a huge difference in your home. They can reduce your electric bill, make your space look better, and potentially reduce heat-related risks that are common with old-fashioned light bulbs. LED lightsReplacing generic light bulbs with LED lights can improve the feeling and appearance of your home, inside and out. Switching from an incandescent to a high-quality LED light bulb will create a noticeable difference in your home lighting. This enhanced ambient lighting can give your home a more polished appearance instantly. Additionally, LED bulbs are more energy efficient and last longer than regular bulbs. Recessed fixturesRecessed lighting is an excellent home upgrade that can improve the look of a room in many ways, and can also make your space more efficient and functional. Recessed lighting fixtures in your ceiling will help provide soft, uniform lighting throughout any room. These fixtures can also be outfitted with a dimming feature, giving you even more control over the indoor lighting levels. 2. Replace or refinish flooringYears of use can fill your beautiful hardwood floors with dents, scratches, and other signs of wear. Restoring your flooring to its former glory can help improve the look of your interior. There are two options you can take when updating your flooring, one is to completely replace your hardwoods, and the other is to have them refinished. While replacing your floors can be more expensive, it offers an unbeatable look and greater longevity. If you choose to go the route of refinishing, you’ll save some money and still have your floors looking great. A good refinishing job followed up by routine maintenance can provide you with a beautiful floor for years to come. If you are thinking about replacing or finishing your floors, call in a professional to help with the project so you can avoid any DIY flooring mistakes. 3. Add new cabinetryNew cabinets are an excellent home upgrade whether you live in a condo in Miami or a mansion in Atlanta. If your existing cabinets are dated or don’t quite match the design of your home, this is the perfect opportunity to have new ones installed, or your old ones refaced. Updating your cabinets is a great way to spruce up your kitchen or give it a whole new look. If you intend to sell your home in the future, new cabinets can also increase your home value. Since the kitchen is one of the most important rooms in your home, it can make an especially great impression on prospective buyers. 4. Apply new paintA fresh coat of paint is one of the easiest ways to upgrade your home. Whether you have a new design idea, or you simply want to make a room shine like it used to, new paint is the way to go. Opt for neutral colors on walls, trim, and baseboards. Colors such as light grey, cream, and other soft neutrals are ideal. If you have children and their rooms are all shades of bright green, blue, and pink consider painting those to match the rest of your home. Having this neutral base will make your home easy to design and give it that updated sophisticated look. Consider hiring a professional to help with this project. Painting can be difficult and hiring a professional will ensure it looks great when it’s finished. 5. Upgrade your bathroom with mini-renovationsThere are countless affordable bathroom renovation ideas that can make your bathroom feel new. While a major remodel can cost tens of thousands, small renovations to your bathroom can make all of the difference without the added costs. Simple bathroom upgrades such as replacing your flooring or tile, installing a new faucet, painting, purchasing a new bathroom vanity, or refreshing bathroom cabinets with new hardware can give your bathroom a completely upgraded look. 6. Organize and cleanHome organization is a great way to make your living areas less cluttered and open up your space. After you’ve been living in your home for an extended period of time, your belongings will begin to add up and overtake areas they shouldn’t be. Go room by room and get rid of things you no longer use and add organizational storage to give those items you do use a proper home. Hiring a professional organizer or declutter can make this process much easier and more efficient. An old-fashioned deep cleaning is also one of the best home upgrades you can make. It’s ideal to have your home deep cleaned by a professional at least once a month, but if you haven’t had your home deep cleaned in a while it’s a must. Dirt, stains, and dust aren’t just eyesores, after all. Dust buildup can become noticeable to the point it reduces air quality in your home. Having all surfaces wiped down, getting underneath the couch, around the frames, and making your home shine is worthwhile – your home will look better and you’ll feel better living in it. 7. Replace outdated window treatmentsIf your window treatments are outdated, dirty, or old, consider replacing them as an easy home upgrade. Window treatments play an important role in the design of a room by adding softness to the hard edges of the room, managing light control, and much more. Window treatments can hide many problems a room may have, or emphasize the focal points. They can also block out an unattractive view or make up for a lack of privacy. There are so many stylish options when it comes to window treatments, find what works best for your space. Completing upgrades on your home every few years is great for keeping your home’s resale value high, as well as keeping your home looking its best. These upgrades can be simple and inexpensive and make all the difference in the look and feel of your home. The post 7 Home Upgrades to Transform Your Space Without Remodeling appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More. from https://www.redfin.com/blog/home-upgrades-to-transform-your-space/ ![]() Earlier this year when the nation pressed pause on the economy and unemployment rates jumped up significantly, many homeowners were immediately concerned about being able to pay their mortgages, and understandably so. To assist in this challenging time, two protection plans were put into place to help support those in need. First, there was a pause placed on initiating foreclosures for government-backed loans. This plan started on March 18, 2020, and it extends at least through December 31, 2020. Second, homeowners were able to obtain forbearance for up to 180 days, followed by a potential extension for up to another 180 days. This way, there is a relief period in which homeowners have the opportunity to halt payments on their mortgages for up to one year. Not Everyone Understands Their OptionsThe challenge, according to Matt Hulstein, Staff Attorney at non-profit Chicago Volunteer Legal Services, is, “A lot of homeowners aren’t aware of this option.” There’s definitely traction behind this statement. In a recent survey by The National Housing Resource Center, housing counselors from across the country noted that many homeowners really don’t know that there is help available. The following graph indicates the reasons why people who are in this challenging situation are not choosing to enter forbearance:
Clearly, a more focused effort on education about forbearance and relief programs may make a big difference for many people, and a clear understanding of their options is mission-critical. Some communities, however, have been impacted by the economic challenges of the pandemic more so than others, further confirming the need to deliver education more widely. The Urban Institute also indicates:
Options AvailableIt’s important to note that any homeowner experiencing financial hardship has the right to request forbearance. If you’re unfamiliar with the plans available, contact your mortgage provider (the company you send your mortgage payment to each month) to discuss your options. It is a necessary next step, as you may qualify for mortgage relief options or forbearance. One option many homeowners may not realize they have is the ability to sell their house in this time of need. With the growing equity that homeowners have available today, making a move might be the best option to protect your financial future. Bottom LineIf you need additional information on your options, you can review the Protect Your Investment guide from the National Association of Realtors (NAR) and the Homeowner’s Guide to Success from the Consumer Financial Protection Bureau (CFPB). For the majority of people, our home is the most important asset we have, and you should use all the help available right now to be able to preserve your investment. The post Do You Need to Know More about Forbearance and Mortgage Relief Options? appeared first on Keeping Current Matters. from https://www.keepingcurrentmatters.com/2020/10/15/do-you-need-to-know-more-about-forbearance-and-mortgage-relief-options/ ![]() Many industries have been devastated by the economic shutdown caused by the COVID-19 virus. Real estate is not one of them. Mark Fleming, Chief Economist for First American, just reported:
Buyer demand is still strong heading into the fall. ShowingTime, which tracks the average number of buyer showings on residential properties, just announced that buyer showings are up 61.9% compared to the same time last year. They went on to say:
There Is One Big ChallengePurchaser demand is so high, the market is running out of available homes for sale. Just last week, realtor.com reported:
The National Association of Realtors (NAR) revealed that, while home sales are skyrocketing, the inventory of existing homes for sale is dropping dramatically. Below is a graph of existing inventory (September numbers are not yet available):
What does this mean for sellers?Anyone thinking of putting their home on the market should not wait. A seller will always negotiate the best deal when demand is high and supply is limited. That’s exactly the situation in the real estate market today. Next year, when the pandemic is hopefully behind us, there will be many more properties coming to the market. Don’t wait for that increase in competition in your neighborhood. Now is the time to sell. Bottom LineReach out to a local real estate professional today to get your house on the market at this optimal time to sell.
Agents: Check out our LIVE webinar on How to Solve the Inventory Crisis & Get More Listings to learn how you can bring more listings to market by educating sellers on the crucial opportunities available this fall. The post The #1 Reason Not to Wait to List Your House for Sale appeared first on Keeping Current Matters. from https://www.keepingcurrentmatters.com/2020/10/14/the-1-reason-not-to-wait-to-list-your-house-for-sale/ ![]() One of the biggest misconceptions for first-time homebuyers is how much you’ll need to save for a down payment. Contrary to popular belief, you don’t always have to put 20% down to buy a house. Here’s how it breaks down. A recent survey by Point2Homes mentions that 74% of millennials (ages 25-40) say they’re interested in purchasing a home over the next 12 months. The study notes, “88% say they have significantly less savings than the average national down payment amount, which is $62,600.” Thankfully, $62,600 is not the amount every buyer needs for a down payment in the United States. There are many different options available, especially for first-time homebuyers (millennial or not). That amount can also be significantly less, depending on the purchase price of the house. According to the National Association of Realtors (NAR), “The median existing-home price for all housing types in August was $310,600.” (These are the latest numbers available). NAR also indicates that:
Knowing there are also programs like FHA where the down payment can be as low as 3.5% of the purchase price for a first-time buyer, that up-front cost could be significantly less – as little as $10,871 for the same home noted above. There are also other programs like USDA and loans for Veterans that waive down payment requirements. The Point2Homes study also shares how much millennials have indicated they’ve saved for a down payment. As we can see in the graph below, 39% have already saved enough for a down payment on a median-priced home. Another 47% are close to reaching that goal, depending on the purchase price of the home. Bottom LineBe careful not to let big myths about homebuying keep you and your family out of the housing market. Meet with a local real estate professional who can help you better understand and plan for your options today. The post Do You Have Enough Money Saved for a Down Payment? appeared first on Keeping Current Matters. from https://www.keepingcurrentmatters.com/2020/10/13/do-you-have-enough-money-saved-for-a-down-payment/ Buying a new home is an exciting moment in anyone’s life — whether you’re finally ready to make the leap from renter to homeowner or you’re an experienced buyer. However, even if this isn’t your first rodeo, the homebuying process can be complex. From navigating the mortgage approval process to the possibility of a bidding war, it can be tricky to go at it alone. The good news is, your homebuying journey can be smooth sailing if you have an experienced and talented “team” to guide you through the process. So, if you’re planning on buying a new home in the near future, make sure you have these 8 people on your side to make your homebuying experience quicker, simpler, and less stressful. 1. Real estate agentBuying a new home can be confusing and overwhelming, regardless of whether it’s your first time purchasing a home or your second or third. However, the process will feel less daunting with an experienced real estate agent by your side. From finding the ideal home in your price range to knowing how much to offer on a house, your real estate agent is there to make your homebuying experience as smooth as possible. After all, this is what they do best. Because your real estate agent plays such an important role in your homebuying process, you should do your research and make sure you’re choosing an agent you trust. Make sure they’re knowledgeable about your local real estate market and the neighborhoods you’re looking to purchase a home in. 2. Mortgage lenderDeciding on how to finance your home — and with whom — is an important decision. And with a handful of loan types and mortgage lenders out there, you’ll want to thoughtfully choose the company you work with. It’s recommended to begin looking for a mortgage lender before you submit an offer on a home. While an online mortgage calculator is a great way to get an estimate for your potential mortgage payment, a mortgage lender will let you know how much you can afford and the loan amount you qualify for. This way you can get pre-approved to show sellers that you’re a qualified and serious buyer, and you’ll know exactly how much you can afford. The mortgage lender you choose to work with plays a critical role when buying a new home, so you should meet with multiple mortgage lenders before deciding who you’ll want on your team. 3. Financial advisorBuying a new home is a huge financial decision and long-term obligation. That’s why it’s a good idea to speak with a financial advisor prior to making such an important decision. While it’s likely that your real estate agent and mortgage lender have helped you determine how much house you can afford, a financial advisor will look at the bigger picture of your finances. They’ll assess your financial situation and help you determine if now is the right time for you to buy a new home. If it is, they can also help you budget for expenses that come with homeownership. 4. Home inspectorA home inspection is a crucial step in the home buying process, so having a knowledgeable home inspector on your team is key. As a homebuyer, you’ll want to cover your bases and protect yourself from any future issues or expenses for major repairs. So before signing on the dotted line, you’ll want to hire a home inspector to thoroughly inspect the home — there may be hidden issues that only a professional home inspector can uncover such as structural issues. Depending on the age and condition of the home, consider also hiring inspectors that specifically inspect for radon, mold, lead paint, or asbestos. Depending on the results of the home inspection report, you may have more negotiating power than before. If you’ve included an inspection contingency in your offer, you may be able to get the seller to cover the costs of certain repairs that come up in the inspection. 5. Home appraiserA home appraisal is an unbiased and professional evaluation of a home’s value — and is required by lenders before issuing a mortgage. Typically, the appraisal occurs once the seller has accepted your offer. Factors like the size of the home, quality, condition, and presence or absence of key features impact the home’s value. Hiring an experienced and credible appraiser is important to know the accurate value of the home and to ensure you are not over-paying above the fair market value. 6. Title officerYour title company plays an important role in your homebuying process. The title officer will thoroughly examine public records to ensure the legality of the title. They will also make sure that there are not any outstanding mortgage payments, liens, etc. before ownership is transferred from the seller to you. After this, they’ll issue a title insurance policy to protect you as the buyer, as well as your lender. When it comes time for closing, your title officer will be there to make sure the new title, deed, and other necessary documents are correctly filled out and recorded. While your lender or real estate agent may have a title officer and company they’ve used in the past, it’s ultimately up to you. And since your title officer is such a crucial member on your real estate team, you’ll want to make sure you choose the right one for you. 7. Real estate lawyerFor a smooth home purchase and to help mitigate risk, hiring a real estate attorney can be well worth it. Whether you legally need a lawyer depends on the property you’re purchasing and where you live. Some states require that a real estate lawyer is present at closing, while others do not. However, a real estate lawyer can be particularly important to help you navigate documents or resolve any disputes that arise. Let’s say the home you’re purchasing was a part of someone else’s estate or the property is owned by the bank. These situations can be complex and best dealt with by a knowledgeable real estate lawyer. But even if you’re not dealing with a tricky situation or a real estate lawyer isn’t required in your state, having an attorney on your team can ease your mind when it comes to buying a new home. 8. Home insurance companySince buying a new home is likely one of the biggest purchases you’ll ever make, you’re going to want financial protection. Home insurance typically protects your home and personal property if it’s damaged by fire and other natural disasters, as well as theft. Most standard home insurance policies include four essential protections: structural coverage, personal belongings coverage, liability protection, and coverage for additional living expenses (ALE). The coverage you’ll need will depend on the location of your home, it’s age, and condition. The post Buying a New Home? Here’s 8 People You Need on Your Team appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More. from https://www.redfin.com/blog/buying-a-new-home-who-you-need-on-your-team/
Many of us dream of getting rich quick! We dream of hitting a big deal or an amazing opportunity falling into our lap that makes us a ton of money. Or maybe, we do nothing at all and a rich uncle we never knew leaves us his fortune! Wouldn’t that be amazing? However, the reality ... Read more
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