#Bismarck Mandan realtor

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How to Enhance Your Life and Home With Lighting

Article From HouseLogic.com By: John Riha Published: February 06, 2014

Your home's interior lights want to help you have fun, feel better, and save energy. Will you let them?

It used to be we'd walk into a room and flip on the light switch, maybe slide the dimmer up or down a bit to change the brightness.

But that's so old school. Instead, press a tab marked "Cooking" on a wall-mounted panel to let all kitchen task lights come up to full brightness while lights in the family room dim so the kids can play video games.

Or hit the button marked "Romance," and the lights throughout the house go out while the lights in the bedroom ebb to a soft glow that turns a sultry blue.

Household technology is undergoing a transformation that'll make lighting more integral to our everyday lives. Not only will we see better, but we'll use light to alter our moods, protect our well-being, safeguard our houses, and save bunches of energy.

"Home lighting today is about lifestyle enhancements," says Paul Nagel, technical adviser and consultant for Oquirrh Ventures in Sandy, Utah. "We want to know how to control light to create environments we're comfortable in, and have energy efficiency while we do it."

Lighting Our Homes With a Purpose

Today's progressive lighting schemes aren't about turning lights on and off; they're about being partners in your lifestyle. The concept is simple: Imagine all your home's light fixtures as a single system that can be programmed into a variety of zones. Each zone is dedicated to particular task or mood, and can be controlled by wall switches, a master wall panel, or a smartphone app.

So in addition to "Cooking" and "Romance" zones, you might have buttons for:

• Outdoor entertaining - Patio and walkway lights illuminate. • Coming home - Triggered by a timer or a smartphone, the porch, entry hall, and kitchen lights come on. • Nighty-night - Lights in kids' rooms slowly fade out as they fall asleep. • Vacation - Lights turn on and off in random patterns. • Panic mode - All lights in the house flash on and off.

If walking over to a wall panel is too much effort at the end of a long day, you can call up an app on your smartphone or tablet and control zones while curled up on the couch. If your app is voice-activated, you won't even have to swipe a finger.

Easing the Fear of Lighting Technology

Do your eyes glaze over at the thought of yet another layer of high tech added to your everyday life? Fear not: In the hands of a pro, zone lighting systems are relatively easy to install. Home automation companies and lighting contractors can retrofit your house with a single-zone system in half a day or, with more time, install a whole-house system.

You'll get an easy-to-understand central control unit that "talks" with new switches, light fixtures, and bulbs that are specially made to receive wireless signals. You decide on your zones and, once everything's set up, have the light throughout your house change intensity and color on command.

DIYers Can Zone Out, Too

Relatively low-cost mini-systems are coming to market that'll let you install your own zones, even if your geekability quotient is near zero.

Philips Hue smart light starter kits feature smart LED bulbs, the Hue Bridge, and a variety of smart accessories to help you easily set up a smart lighting system. Screw in your light bulbs, plug the Hue Bridge into your Wi-Fi router, and download the Hue app. Add your lights to your system and you're ready to go. The system works with either Bluetooth or the Bridge.

No Dim Bulbs Here

Other DIY smart bulbs are on the market. They're made to replace any screw-in type of lightbulb. All you need is a free app you download to your phone so you can dim lights, change colors, and turn individual lights on and off.

(FYI: Smart bulbs also work via conventional on/off wall switches; you're not locked into controlling them with an app.)

ilumi bulbs come in different strengths including the A19 Color Bulb800+ Lumens (60-watt incandescent equivalent) for lamps and sconces, and the indoor BR30 Color 1100+ Lumens (85-watt incandescent equivalent) for down lighting. You can download the ilumi app, connect the bulbs with your iOS or Android device via Bluetooth, and enjoy smart lighting throughout your home with no hub or bridge. You'll need to have your smartphone within range of ilumi bulbs (meaning within 100 feet) so that your phone's Bluetooth network, with its short-range capability, can talk to them.

LIFX has created smart lights that do more than illuminate, according to its owner, Buddy Technologies. LIFX Clean can be scheduled to emit high energy visible wavelengths that can eliminate bacteria in your home. And LIFX Nightvision can be set to emit infrared wavelengths that boost your security camera's ability to see in the dark.

Using Light to Alter Moods and Stay Healthy

If you're feeling blue, it may be the light. Light can affect our moods and, ultimately, our health. Just ask anyone with seasonal affective disorder, a type of depression characterized by low energy and poor concentration. MedlinePlus estimates that 10 million Americans have SAD. The therapy is exposure to more daylight or to artificial lights that mimic the properties of natural light.

The health- and mood-altering properties of light haven't been lost on lighting manufacturers, who've come up with a variety of new home lighting products that claim to have health benefits. Although clinical proof can be hard to come by, the products are intriguing.

Dynamic lights vary between warm white (2600K) and cool light (5600K) so that the natural rhythms of daylight are reproduced indoors. That helps keep you happy during the depths of winter. Several manufacturers make dynamic lightbulbs, also called full-spectrum bulbs.

The Withings Sleep Tracking Mat can be installed with a one-time setup under the mattress, and the pad is compatible with most mattresses. The mat tracks sleep metrics including duration and onset; deep, light, and REM phases; continuous and average heart-rate; and snoring duration. On top of that, you can control lights and temperature by getting into and out of bed.

LEDs -- The Energy-Sipping Superstar of Home Lighting

LED lights (which stands for light-emitting diode) point the way for the future of home lighting. Why? LEDs:

• Use only 3% of the energy of an incandescent bulb • Last from 50,000 to 100,000 hours • Have no restrictions on number of times they're turned on and off • Save energy and replacement costs, though more expensive initially

LEDs can be made small -- really small. In fact, some lights are no bigger than the point of a pencil. That's going to change how we illuminate our homes. For example, hundreds of tiny LEDs can be embedded in sheets of drywall to create walls and ceilings that glow.

Mixing Light and Home Automation

Lighting solutions can be standalone projects, but they're often paired with other home automation features to create a holistic home environment that's controlled by a single wall panel and app. For example, press that "Relax" button on your scheme choices, and as the lights dim, you're surrounded by the soothing sounds of jazz.

Lights are essential components of home security systems, too, teaming up with video cameras, alarms, and motion sensors to keep your house safe, whether or not you're there.

Another advantage of automated energy management systems is that they combine smart thermostats, Energy Star appliances, and lighting schemes to trim energy costs across the board, and that's a future we can all live with.

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New Post has been published on Website Design Naples Florida Webmaster

New Post has been published on https://vinbo.com/announcing-idx-service-for-bismarck-mandan-board-of-realtors/

Announcing IDX Service for Bismarck-Mandan Board of Realtors

We’re pleased to announce iHomefinder IDX products are now available to members of Bismarck-Mandan Board of REALTORS in Bismarck, North Dakota. Learn more about iHomefinder IDX service for Bismarck-Mandan Board of REALTORS.

Original source: https://www.ihomefinder.com/announcing-idx-service-for-bismarck-mandan-board-of-realtors/

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The Two Big Issues the Housing Market’s Facing Right Now

The biggest challenge the housing market’s facing is how few homes there are for sale. Mark Fleming, Chief Economist at First American, explains the root causes of today’s low supply:

“Two dynamics are keeping existing-home inventory historically low – rate-locked existing homeowners and the fear of not finding something to buy.”

Let’s break down these two big issues in today’s housing market.

Rate-Locked Homeowners

According to the Federal Housing Finance Agency (FHFA), the average interest rate for current homeowners with mortgages is less than 4% (see graph below):

But today, the typical mortgage rate offered to buyers is over 6%. As a result, many homeowners are opting to stay put instead of moving to another home with a higher borrowing cost. This is a situation known as being rate locked.

When so many homeowners are rate locked and reluctant to sell, it’s a challenge for a housing market that needs more inventory. However, experts project mortgage rates will gradually fall this year, and that could mean more people will be willing to move as that happens.

The Fear of Not Finding Something To Buy

The other factor holding back potential sellers is the fear of not finding another home to buy if they move. Worrying about where they’ll go has left many on the sidelines as they wait for more homes to come to the market. That’s why, if you’re on the fence about selling, it’s important to consider all your options. That includes newly built homes, especially right now when builders are offering concessions like mortgage rate buydowns.

What Does This Mean for You?

These two issues are keeping the supply of homes for sale lower than pre-pandemic levels. But if you want to sell your house, today’s market is a sweet spot that can work to your advantage.

Be sure to work with a local real estate professional to explore the options you have right now, which could include leveraging your current home equity. According to ATTOM:

“. . . 48 percent of mortgaged residential properties in the United States were considered equity-rich in the fourth quarter, meaning that the combined estimated amount of loan balances secured by those properties was no more than 50 percent of their estimated market values.”

This could make a major difference when you move. Work with a local real estate expert to learn how putting your equity to work can keep the cost of your next home down.

Bottom Line

Rate-locked homeowners and the fear of not finding something to buy are keeping housing inventory low across the country. But as mortgage rates start to come down this year and homeowners explore all their options, we should expect more homes to come to the market.

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Is It A Good Time To Buy?

Each month, Fannie Mae surveys Americans to gauge how they feel about the housing market. Survey respondents are asked whether they think it's a good time to buy or sell a home, where they think mortgage rates and home prices are headed, and how they're doing financially. The results make up Fannie Mae's monthly Home Purchase Sentiment Index. In January, the index rose for the third consecutive month. Despite the gains, though, it still remains below its pre-pandemic highs. Respondents say they believe home prices will fall over the next 12 months and mortgage rates will climb. The share who say it's a good time to buy a house remains low, but potential sellers are feeling more optimistic. Doug Duncan, Fannie Mae's senior vice president and chief economist, says affordability is key to where the market goes from here. “Although 'good time to sell' sentiment ticked upward this month, it's still much lower than it was a year ago ...” Duncan said. “Until we see improvements in affordability via lower home prices and mortgage rates, we expect home sales to remain muted in the coming months.”

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What You Should Know About Closing Costs

Before you buy a home, it’s important to plan ahead. While most buyers consider how much they need to save for a down payment, many are surprised by the closing costs they have to pay. To ensure you aren’t caught off guard when it’s time to close on your home, you need to understand what closing costs are and how much you should budget for.

What Are Closing Costs?

People are sometimes surprised by closing costs because they don’t know what they are. According to Bankrate:

“Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it’s being financed . . .”

In other words, your closing costs are a collection of fees and payments involved with your transaction. According to Freddie Mac, while they can vary by location and situation, closing costs typically include:

Government recording costs

Appraisal fees

Credit report fees

Lender origination fees

Title services

Tax service fees

Survey fees

Attorney fees

Underwriting Fees

How Much Will You Need To Budget for Closing Costs?

Understanding what closing costs include is important, but knowing what you’ll need to budget to cover them is critical, too. According to the Freddie Mac article mentioned above, the costs to close are typically between 2% and 5% of the total purchase price of your home. With that in mind, here’s how you can get an idea of what you’ll need to cover your closing costs.

Let’s say you find a home you want to purchase for the median price of $366,900. Based on the 2-5% Freddie Mac estimate, your closing fees could be between roughly $7,500 and $18,500.

Keep in mind, if you’re in the market for a home above or below this price range, your closing costs will be higher or lower.

What’s the Best Way To Make Sure You’re Prepared at Closing Time?

Freddie Mac provides great advice for homebuyers, saying:

“As you start your homebuying journey, take the time to get a sense of all costs involved – from your down payment to closing costs.”

Work with a team of trusted real estate professionals to understand exactly how much you’ll need to budget for closing costs. An agent can help connect you with a lender, and together your expert team can answer any questions you might have.

Bottom Line

It’s important to plan for the fees and payments you’ll be responsible for at closing. Let’s connect so I can help you feel confident throughout the process.

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Will The Market Favor Buyers Or Sellers In 2023?

It's been a long time since home buyers had much negotiating power. Conditions have favored sellers for years now. But a combination of rising inventory and higher mortgage rates began to turn some markets last year. Now, it's 2023, and one new analysis says home buyers may gain some ground by year's end. The analysis – which looked at the 100 largest housing markets in the country to determine which favor buyers, which favor sellers, and which are neutral – found a rising number of markets where buyers are seeing improved conditions. Overall, 13 markets favored buyers, 43 were neutral, and 44 favored sellers. But, if things play out as expected, those numbers will change even further by summer. Expectations are that the spring market will remain challenging, with inventory still low and buyer activity increasing. But, as the year goes on and the number of homes for sale rises, home buyers will find more favorable conditions, particularly into summer and early fall. By the end of the year, 34 markets are forecast to be buyers' markets.

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Experts Forecast a Turnaround in the Housing Market in 2023

The housing market has gone through a lot of change recently, and much of that was a result of how quickly mortgage rates rose last year. Last fall buyers hesitated and took a break from the market.

Now, as we move through 2023, there are signs things are finally going to turn around. Home price appreciation is slowing from the recent frenzy, mortgage rates are coming down, inflation is easing, and overall market activity is starting to pick up. All of that’s great news for the housing market this year. Here’s what experts are saying.

Cristian deRitis, Deputy Chief Economist, Moody’s Analytics:

“The current state of the housing market is that it is certainly in transition.”

Susan Wachter, Professor of Real Estate and Finance, University of Pennsylvania’s Wharton School:

“Housing is going to ease up. I think 2023 will be a turnaround year.”

Lawrence Yun, Chief Economist, National Association of Realtors (NAR):

“Mortgage rates have fallen in the recent past weeks, so I’m very hopeful that the worst in home sales is probably coming to an end.”

Robert Dietz, Chief Economist and Senior Vice President, National Association of Home Builders (NAHB):

“. . . it appears a turning point for housing lies ahead. In the coming quarters, single-family home building will rise off of cycle lows as mortgage rates are expected to trend lower and boost housing affordability.”

Bottom Line

I’m expecting a robust spring market with more buyers coming back into the market. If you’re thinking about making a move this year, let’s connect to talk about the latest trends and a good strategy for you in Bismarck and Mandan.

#bismarck housing market #bismarckndrealtor #buyahouse #bismarck north dakota #bismarckrealtor #Bismarck Mandan homes #Bismarck Mandan realtor #bismarck #bismarcknd #buy a home #realestateagent #remax #REALTOR #rebeccasabot #findndhomes

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Home Price Data Shows Slower Annual Gain

The S&P Case-Shiller Home Price Index is among the most closely watched measures of U.S. home prices. The index, which tracks both monthly and annual changes in home values, has been collecting data for nearly 30 years. According to the most recent release, home prices continue to slow in metro areas across the country. Craig J. Lazzara, managing director at S&P, says November marked five consecutive month-over-month declines. “November 2022 marked the fifth consecutive month of declining home prices in the U.S.,” Lazzara said. “ These declines, of course, came after very strong price increases in late 2021 and the first half of 2022. Despite its recent weakness, on a year-over-year basis the National Composite gained 7.7 percent, which is in the 74th percentile of historical performance levels.” Regionally, year-over-year gains were not evenly distributed, with West Coast cities seeing smaller increases than cities in the South where prices continue to see double-digit gains from year-before levels.

#bismarck north dakota #Bismarck Mandan homes #bismarck housing market #Bismarck Mandan realtor #realtorinbismarck #bismarckrealtor #moving to bismarck

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Should You Rent Your House or Sell It?

If you’re a homeowner ready to make a move, you may be thinking about using your current house as a short-term rental property instead of selling it. A short-term rental (STR) is typically offered as an alternative to a hotel, and they’re an investment that’s gained popularity in recent years. According to a Harris Poll survey, 28% of homeowners have considered using a rental service to temporarily rent out their home for additional income.

Owning a short-term rental can be a tempting idea, but you may find the reality of being responsible for one difficult to take on. Here are some of the challenges you could face if you rent out your house instead of selling it.

A Short-Term Rental Comes with Responsibilities

Successfully owning and renting a house takes work. Think through your ability to make that commitment, especially if you plan to use a platform that advertises your rental listing. Most of them have specific requirements hosts have to meet, and it takes a lot of work. A recent article from Bankrate explains:

“Managing a rental property can be time-consuming and challenging. Are you handy and able to make some repairs yourself? If not, do you have a network of affordable contractors you can reach out to in a pinch? Consider whether you want to take on the added responsibility of being a landlord, which means screening tenants and fielding issues, among other responsibilities, or paying for a third party to take care of things instead.”

Not only is there the upfront time and cost of owning a short-term rental, but there are also risks that could come up for you down the road. Investopedia warns:

“Risks of hosting include renting your place to rude guests, theft or damaged property, complaints from neighbors, and potential regulatory violations depending on your location.”

There’s a lot to consider before taking the leap and converting your house into a short-term rental. If you aren’t ready for the work it takes, it could be wiser to sell instead.

Your House May Not Be Ideal for Your Rental Goals

Not every house ends up being a profitable short-term rental either. One of the biggest factors is where your home is located. The less likely your neighborhood is to be a travel destination, the fewer requests you should expect from potential renters—and that impacts your bottom line. An article from the National Association of Realtors (NAR) advises:

“When it comes to the viability of profitable STRs . . . consider factors like location, amenities, and whether the property is appealing. Most people seek STRs in locations where they vacation, so proximity to attractions is important. Likewise, the property should cater to a variety of travelers.”

It’s smart to do your homework and learn how much rentals in your area go for, how much business they get throughout the year, and how this compares to your goals.

Bottom Line

Converting your home into a short-term rental isn’t a decision you should make without doing your research. To decide if selling your house is a better alternative, let’s connect today.

#bismarcknd #bismarck north dakota #bismarckndrealtor #sell my house #sellyourhome #sellahome #sell a house #sellmyhome #sellahouse #bismarckrealtor #Bismarck Mandan homes #Bismarck Mandan realtor #bismarck housing market #bismarck #realtor in bismarck

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Lower Mortgage Rates Are Bringing Buyers Back to the Market

As mortgage rates rose last year, activity in the housing market slowed down. And as a result, homes started seeing fewer offers and stayed on the market longer. That meant some homeowners decided to press pause on selling.

Now, however, rates are beginning to come down—and buyers are starting to reenter the market. In fact, the latest data from the Mortgage Bankers Association (MBA) shows mortgage applications increased last week by 7% compared to the week before.

So, if you’ve been planning to sell your house but you’re unsure if there will be anyone to buy it, this shift in the market could be your chance. Here’s what experts are saying about buyers returning to the market as we approach spring.

Mike Fratantoni, SVP and Chief Economist, MBA:

“Mortgage rates are now at their lowest level since September 2022, and about a percentage point below the peak mortgage rate last fall. As we enter the beginning of the spring buying season, lower mortgage rates and more homes on the market will help affordability for first-time homebuyers.”

Lawrence Yun, Chief Economist, National Association of Realtors (NAR):

“The upcoming months should see a return of buyers, as mortgage rates appear to have already peaked and have been coming down since mid-November.”

Thomas LaSalvia, Senior Economist, Moody’s Analytics:

"We expect the labor market to remain robust, wages to continue to rise—maybe not at the pace that they did during the pandemic, but that will open up some opportunity for folks to enter homeownership as interest rates stabilize a bit."

Sam Khater, Chief Economist, Freddie Mac:

“Homebuyers are waiting for rates to decrease more significantly, and when they do, a strong job market and a large demographic tailwind of Millennial renters will provide support to the purchase market.”

Bottom Line

If you’ve been thinking about making a move, now’s the time to get your house ready to sell. Let’s connect so you can learn about what I am seeing with buyer demand here in Bismarck and my prediction for the best time to list your home this years.

#bismarck north dakota #bismarckndrealtor #Bismarck Mandan realtor #Bismarck Mandan homes #bismarcknd #bismarckrealtor #bismarck #bismarck housing market #realestateagent #REALTOR #realtornearme #remax #rebeccasabot #realtorinbismarck

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Home Seller Tenure Remains Near 10-Year Low

Buying a house isn't a short-term living arrangement. Typically, if you're buying, you're planning to stay a while. But how long should home buyers expect to live in the house they purchase? Well, conventional wisdom says you should expect to live in the house you buy for at least five years. Recently, though, Americans have been staying in their homes longer before selling and moving somewhere new. In fact, between 2019 and 2021, the typical homeownership tenure was cited as being somewhere between eight and 13 years. For comparison, in the early 2000s, it got as low as four and a half years. These days, it's getting shorter again. In fact, according to ATTOM Data Solutions, home sellers who sold during the fourth quarter of 2022 had owned their homes an average of 5.85 years. That's the third shortest tenure since 2012 and represents a growing trend, with a majority of metro areas showing tenures down.

#bismarckndrealtor #Bismarck Mandan homes #bismarck north dakota #bismarckrealtor #Bismarck Mandan realtor #realestateagent #REALTOR #realestate #remax #realtorinbismarck #rebeccasabot #real estate agent

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How to Avoid Mortgage Mistakes

Article From HouseLogic.com By: Leanne Potts Published: May 05, 2021

Once you know where the mortgage loan problems are, you can easily get around them.

Mortgages don't have to be scary. After all, they're just business transactions, albeit big ones.

Yet, a survey by mortgage website Freeandclear.com found that 75% of home loan applicants compared the mortgage loan process to an annual physical or a dentist visit. Yep, a credit check and a ton of paperwork scared them as much as flu shots, dental drills, and lectures on flossing.

We asked for confidence-building advice from a couple of mortgage lenders: Manny Delgadillo, manager of the Wells Fargo Home Mortgage Center in Los Angeles, and Evan Geiselhart, president of Midwest Home Trust Mortgage in Schaumburg, Ill. They described how to bypass some of the mortgage mistakes they're seeing.

#1 Communicate With All Parties

This deal involves several people: you, the seller, your agent, the seller's agent, and the lender. Keep everyone in the loop on every bit of information, or your closing could get delayed. Geiselhart tells of a home sale where the buyer and the seller had agreed on a credit, but neither had told their agents or the lender. That oversight meant the credit they had sealed with a handshake didn't make it into the paperwork. And if something isn't on paper, it's not happening. "Be transparent about everything," Geiselhart says. "There's no such thing as too much communication."

#2 Have Enough Money to Pay Closing Costs

Of course, you'll need to pay closing costs -- thousands of dollars for an appraisal, credit check, and title search. Closing costs are usually 2% to 5% of the amount you're borrowing. If you don't have enough money, there are a few ways to work around the problem.

• Look for assistance programs that cover some of the closing costs. Wells Fargo has a program that gives first-time home buyers $750 toward closing costs if they take an online course about owning a home, Delgadillo says. In addition, Geiselhart notes that "some cities, counties, and states have programs that give money to borrowers to cover closing costs and down payments. In fact, there are more than 2,000 down payment and closing cost assistance programs across the country, typically run by state and local governments or local nonprofits. What you're eligible for depends on where you live. Ask your lender about programs you might quality for. You can also check the U.S. Department of Housing and Urban Development for a state-by-state list of assistance programs. • Call a relative and ask for a gift. If you're fortunate enough to have relatives who are both generous and flush with cash, ask them for the money, Geiselhart says. "Call Grandma. See if she can help out. It's a nice, easy solution and doesn't affect your credit rating." • Negotiate with the seller to have them pay the closing costs. Ask your agent to help you strike the deal, Geiselhart says. To motivate the seller, you'll need to be willing to pay the full asking price, close quickly, and accept the house as is. "Once a seller understands they're getting the same net money for the house, they're usually willing to deal on the closing costs," he adds.

#3 Unfreeze Your Credit

Buyers may have placed a security freeze on their credit, which restricts access to their reports. This can prevent identity thieves from opening new accounts in their name, but can cause trouble when they're applying for a mortgage. Head off problems as soon as you begin mortgage shopping. Log into your online accounts at the three credit reporting agencies and unfreeze your credit. If you forget your password or get locked out of your account, you'll have to reset it by snail mail. "It can take 10 to 14 days to unfreeze your credit that way," Delgadillo says. This delay could force a rescheduling of the closing.

#4 Steer Clear of Big Purchases After Mortgage Pre-approval

Your lender will check your credit twice: when you apply for the mortgage and days before you close on the house and get the keys. In the interim, if you buy a houseful of furniture, you could delay your close or even cause it to fall through. "We had a guy go out and buy a Mercedes a couple of days before closing," Geiselhart says. "It was a real heart thumper at the last minute for my staff. We had to recheck to make sure he still qualified for the loan or if he was going to have to pay a higher interest rate." Fortunately, he had enough money to cover the giant car payment and his mortgage payment, so the rate and the deal held. "But we had to do a lot of last-minute scrambling." Even applying for a credit card or car loan can affect your mortgage rate. To get the information it needs, the lender will request your credit file from the credit bureaus. That results in a "hard inquiry" that shows up on your credit report and may affect your credit rating, according to Experian. Let's say you had a 740 credit rating and you shopped for a car, Geiselhart says. "If three dealers pulled a credit report on you and those inquiries resulted in your score falling to 699, it could raise your rate at the last minute."

#5 Expand Your Employer's Contact Information

Many more people are now working from home, making it tougher for lenders to do routine employment verification. "We have to call their boss or their company's HR department," Delgadillo says. No one may immediately answer at the phone numbers borrowers provided. To prevent loan approval delays, Delgadillo suggests getting emails and home or cell phone numbers for your employer.

#6 Ask Questions So Your Lender and Agent Can Help

There are no dumb questions. Lenders and agents are there to help you, so pick their brains. For example, ask if they know of home loan programs to help you get into a home and how to access them. See about getting the seller to pay closing costs. Check on anything you don't understand. "More people can get down payment and closing cost assistance now than ever before," Delgadillo says. "There's a lot of help out there to get into your first home, and interest rates are low. We want to help you get into a home. It's why we're here."

Taking these simple actions can keep your home loan application on track. And that means fewer hassles and less stress for you.

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Why It Makes Sense To Move Before Spring

Spring is usually the busiest season in the housing market. Many buyers wait until then to make their move, believing it’s the best time to find a home. However, that isn’t always the case when you factor in the competition you could face with other buyers at that time of year. If you’re ready to buy a home, here’s why it makes sense to move before the spring market picks up.

Spring Should Bring a Wave of Buyers to the Market

In most years, the housing market goes through predictable seasonal trends in activity. Winter is typically a quiet point in the year, while spring sees a surge of buyers begin their search. And experts project that this year will be no exception.

Right now, buyer demand is low due to a combination of normal seasonal trends and a reaction to last year’s rise in mortgage rates. But rates have started to come down since last November, which has more and more potential buyers planning to jump into the market. That means right now is a sweet spot if you’re in a good position to buy, before more buyers reappear. Affordability is beginning to improve, but demand is still low — for now. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), shares:

“. . . expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.”

If you’re ready to buy a home, right now is the best time to do so before your competition grows and more buyers enter the market.

Today’s Sellers Are Motivated

Low demand from buyers often means sellers are more motivated to work with you, and that can set you up to buy a home on your terms. In fact, sellers have been more willing to negotiate this winter because there are fewer buyers in the market. According to a recent article from Forbes:

“. . . sellers gave concessions to buyers in 41.9% of home sales in the fourth quarter of last year.”

But keep in mind, the advantages buyers have this winter won’t last forever. The competition you face could be greater if you wait until spring to make a move, and increased buyer demand means sellers will have less motivation to negotiate with you. Be sure to work with a trusted real estate professional to learn what you can expect in your local market right now.

Bottom Line

If you’re in a good position to make a move, it may make sense to move before spring. Working with your team of expert real estate advisors is the best way to learn about the current market and what it means for you. Let’s connect today to determine the best plan to achieve your homebuying goals.

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Want To Sell Your House? Price It Right.

Last year, the housing market slowed down in response to higher mortgage rates, and that had an impact on home prices. If you’re thinking of selling your house soon, that means you’ll want to adjust your expectations accordingly. As realtor.com explains:

“. . . some of the more prominent pandemic trends have changed, so sellers might wish to adjust accordingly to get the best deal possible.”

In a more moderate market, how you price your house will make a big difference to not only your bottom line, but to how quickly your house could sell. And the reality is, homes priced right are still selling in today’s market.

Why Pricing Your House Appropriately Matters

Especially today, your asking price sends a message to potential buyers.

If it’s priced too low, you may leave money on the table or discourage buyers who may see a lower-than-expected price tag and wonder if that means something is wrong with the home.

If it’s priced too high, you run the risk of deterring buyers. When that happens, you may have to lower the price to try to reignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag by some buyers who will wonder what that means about the home.

To avoid either headache, price it right from the start. A real estate professional knows how to determine that ideal asking price. They balance the value of homes in your neighborhood, current market trends, buyer demand, the condition of your house, and more to find the right price. This helps lead to stronger offers and a greater likelihood your house will sell quickly.

The visual below helps summarize the impact your asking price can have:

Bottom Line

Homes that are priced at current market value are still selling. To make sure you price your house appropriately, maximize your sales potential, and minimize your hassle, let’s connect.

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The 3 Factors That Affect Home Affordability

If you’ve been following the housing market over the last couple of years, you’ve likely heard about growing affordability challenges. But according to experts, the key factors that determine housing affordability are projected to improve this year. Selma Hepp, Executive, Deputy Chief Economist at CoreLogic, shares:

“. . . with slowly improving affordability and a more optimistic economic outlook than previously believed, the housing market could show resilience in 2023.”

The three measures used to establish home affordability are home prices, mortgage rates, and wages. Here’s a closer look at each one.

1. Mortgage Rates

Mortgage rates shot up to over 7% last year, causing many buyers to put their plans on hold. But things are looking different today as rates are starting to come down. George Ratiu, Senior Economist at realtor.com, explains:

“Let’s celebrate some good news. . . . mortgage rates are down. With inflation showing a tangible slowdown, I do expect mortgage rates to follow suit in the months ahead.”

Even a small change in rates can impact your purchasing power. Nadia Evangelou, Director of Forecasting for the National Association of Realtors (NAR), gives this context:

“With a 6% rate instead of 7%, buyers pay about $2,700 less every year on their mortgage. As a result, owning a home becomes affordable to about 1.4 million more renters and 4.3 million more homeowners.”

If 7% rates paused your homebuying plans last year, this could be the opportunity you need to get back in the game. Be sure to work with a team of experts who know the latest on mortgage rates and can give you the best advice for the current market.

2. Home Prices

The second factor at play is home prices. Home prices have made headlines over the past few years because they skyrocketed during the pandemic. When discussing home prices in 2023, Lawrence Yun, Chief Economist at NAR, says:

“After a big boom over the past two years, there will essentially be no change nationally . . . Half of the country may experience small price gains, while the other half may see slight price declines.”

So, while prices will likely be flat this year in some markets, others could see small gains or slight declines. It all depends on your local area. For insight into what’s happening in your market and how prices are impacting affordability, reach out to a trusted real estate professional.

3. Wages

The final component in the affordability equation is wages. The graph below uses data from the Bureau of Labor Statistics (BLS) to show how wages have increased over time:

When you think about affordability, remember the full picture includes more than just mortgage rates and prices. Wages need to be factored in as well. Because wages have been rising, many buyers have renewed opportunity in the market.

While affordability hurdles are not completely going away this year, based on current trends and projections, 2023 should bring some sense of relief to homebuyers who have faced growing challenges. As Mike Fratantoni, Chief Economist at the Mortgage Bankers Association (MBA), says:

“Rates are expected to move lower for the year, and home price growth is expected to cool, both of which will help affordability challenges.”

Bottom Line

If you have questions, let’s connect. You’ll also want to make sure you have a trusted lender so you can explore your financing options. You may be closer to owning a home than you think.

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Prioritizing Your Wants and Needs as a Homebuyer in Today’s Market

There’s no denying mortgage rates are higher now than they were last year. And if you’re thinking about buying a home, this may be top of mind for you. That’s because those higher rates impact how much it costs to borrow money for your home loan. As you set out to make a purchase this winter, you’ll need to be strategic so you can find a home that meets your needs and budget.

Danielle Hale, Chief Economist at realtor.com, explains:

“The key to making a good decision in this challenging housing market is to be laser focused on what you need now and in the years ahead, . . . Another key point is to avoid stretching your budget, as tempting as it may be given the diminished purchasing power.”

In other words, it’s important to be mindful of what’s a necessity and what’s a nice-to-have when searching for a home. And the best way to understand this is to put together a list of desired features for your home search.

The first step? Get pre-approved for a mortgage. Pre-approval helps you better understand what you can borrow for your home loan, and that plays an important role in how you’ll craft your list. After all, you don’t want to fall in love with a home that’s out of reach. Once you have a good grasp of your budget, you can begin to list (and prioritize) all the features of a home you would like.

Here’s a great way to think about them before you begin:

Must-Haves – If a house doesn’t have these features, it won’t work for you and your lifestyle (examples: distance from work or loved ones, number of bedrooms/bathrooms, etc.).

Nice-To-Haves – These are features that you’d love to have but can live without. Nice-To-Haves aren’t dealbreakers, but if you find a home that hits all the must-haves and some of the these, it’s a contender (examples: a second home office, a garage, etc.).

Dream State – This is where you can really think big. Again, these aren’t features you’ll need, but if you find a home in your budget that has all the must-haves, most of the nice-to-haves, and any of these, it’s a clear winner (examples: farmhouse sink, multiple walk-in closets, etc.).

Finally, once you’ve created your list and categorized it in a way that works for you, discuss it with your real estate advisor. They’ll be able to help you refine the list further, coach you through the best way to stick to it, and find a home in your area that meets your needs.

Bottom Line

Putting together your list of necessary features for your next home might seem like a small task, but it’s a crucial first step on your homebuying journey today. If you’re ready to find a home that fits your needs, let’s connect.

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