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Home Projects That Boost Value Whether you’re planning to move soon or not, it’s smart to be strategic about which home projects you take on. Your time, energy, and money matter – and not all upgrades offer the payoff you might expect. As U.S. News Real Estate explains: ". . . not every home renovation project will increase the resale value of a home. Before you invest in a swimming pool or new addition, you should consider whether the project will pay itself off by getting prospective buyers in the door when it’s time to sell. " That’s why, before you pick up a power tool or call a contractor, your first step should be talking to a local agent. Planning Ahead Pays Off If you plan to move relatively soon, you’ll want to get a jump start on your to-do list. And even if moving isn’t on your radar yet, life can change quickly – and a new job, a growing family, or shifting priorities can fast-track your plans. You don’t want to be scrambling to fix up your home if your timeline changes. Smart updates now = fewer headaches later. By planning ahead, you can spread out the work over time, which is easier on your wallet and your stress levels. Plus, you’ll get to enjoy the upgrades while you’re still living there and have the peace of mind your house is ready to impress when it's time to list. What Buyers Want (and What’s Actually Worth Doing) If you’re not sure which projects are worth your time and money – here's some information that can help. A study from the National Association of Realtors (NAR) shows which upgrades typically offer the best return on your investment (ROI) (see graph below): If an update you're already thinking about overlaps with those high-ROI upgrades, great. Odds are it'll improve your quality of life now and your home’s value later. But don’t take this list as law. This is based on national data and is the sort of thing that's going to vary based on what’s most sought-after where you live. That’s where your agent comes in. As an article from Ramsey Solutions says: “ The best way to gauge what you can expect in terms of resale value on home improvements—especially if you’re planning to sell soon—is to talk to a real estate agent who is an expert in your market. They’re sure to know the local trends, and they can show you how other homes with the features you want to add are selling. That way, you can make an educated decision before you start ordering lumber and knocking down walls.” You'll just want to make sure you don't overdo it. Too many high-end updates can make your home the priciest in the neighborhood. That might sound great, but it can actually turn buyers away if it's outside their expected price range for the area. The right agent will help you make smart updates that buyers will love, without going overboard. Whether the project is big or small, it pays to be strategic. And an agent is a key piece of that strategy. Bottom Line It doesn’t matter whether you plan to move soon or not, it can still pay off to make strategic updates that’ll help you love your home now and stand out later. What’s one upgrade you’ve been thinking about – and wondering if it’s worth it? Let’s make sure it’ll pay off when the time comes.

Once your offer is accepted, an inspector will assess the condition of the house, including things like the roof, foundation, plumbing, and more. That information is incredibly important and paves the way for you to re-negotiate with the seller, as needed. So, you don’t want to skip this step. An inspection is your chance to avoid costly headaches and get peace of mind. Let’s connect to talk about other ways to make your offer stand out.

Housing Market Forecasts for the Second Half of the Year From rising home prices to mortgage rate swings, the housing market has left a lot of people wondering what’s next – and whether now is really the right time to move. There is one place you can turn to for answers you want the most. And that’s the experts. Leading housing experts are starting to release their projections for the rest of the year. These insights will give you clarity – and a little more optimism than you might expect. Business Insider sums up the forecasts (and why they’re good news for you): “As mortgage rates go down this year, affordability may improve slightly for homebuyers. Inventory is also expected to grow, which should help moderate price growth and make finding a home easier.” Let’s break it down. 1. Mortgage Rates Should Come Down (Slightly) While a major drop isn’t on the table, forecasters are calling for a modest decline in rates in the months ahead as the economic outlook becomes more certain. Based on the information we have right now, here’s a look at where they say rates should be by year-end (see graph below): Even this slight decrease is a welcome change. A seemingly small decline can still help bring down your future mortgage payment and give you a bit more breathing room in your budget. Just remember, everything from inflation to employment and broader economic shifts will have an impact on where rates go from here. So, don’t try to time the market. And do expect some volatility along the way. 2. Inventory Will Continue To Grow Inventory has already improved a lot this year. A big portion of the growth the market has already seen is because homeowners are getting tired of sitting on the sidelines. They’ve tried the wait and see approach with rates, and it hasn’t really paid off. And at a certain point, you need to move no matter what the market is doing. This is one reason more homes have been listed lately. And experts say that should continue. As Lance Lambert, Co-founder of ResiClub, says: “The fact that inventory is rising year-over-year . . . strongly suggests that national active housing inventory for sale is likely to end the year higher. ” If rate forecasts pan out as the experts say, that could be enough to tip some more sellers off the fence and back into the market – giving you even more options for your move. 3. Home Prices Are Moderating As more homes hit the market, there will also be less upward pressure on home prices . Expert forecasts are still calling for growth, but the pace of that growth is slowing down as inventory climbs. The average of all 7 forecasts shows prices will rise about 2% this year (see graph below): That means you could finally get a little bit of relief from rapidly rising home prices . When you combine the forecast for healthier price growth with projections for slightly lower mortgage rates, that could mean more buying power in the months ahead. Keep in mind, though, the housing market is hyper-local. So, this is going to vary by area. Some markets will see prices climbing higher. And some may even see prices dip a little if inventory is up significantly in that location. So, lean on a local agent for insights into what’s happening in your area. Bottom Line So, if you want or need to move this year, know that the experts say things should start looking up. Let’s connect so you can take advantage of any market shifts that work in your favor.

Why Some Homes Sell Faster Than Others As you think ahead to your own move, you may have noticed some houses sell within days, while others linger. But why is that? As Redfin says: “. . . today’s housing market has been topsy-turvy since the pandemic. Low inventory (though rising) and high prices have created a strange mix: Some homes are flying off the market, while others sit for weeks .” That may leave you wondering what you should expect when you sell. Let’s break it down and give you some actionable tips on how to make sure your house is one that sells quickly. Homes Are Still Selling Faster Than Pre-Pandemic The first thing you should know is that, in most markets, things have slowed down a little bit. While you may remember how quickly homes sold a few years ago, that’s not what you should expect today. Now that inventory has grown, according to Realtor.com, homes are taking a bit longer to sell in today’s market (see graph below): But before you get hung up on the ten-day difference compared to the past few years, Realtor.com will help put this into perspective: “In April, the typical home spent 50 days on the market . . . This marks the 13th straight month of homes taking longer to sell on a year-over-year basis. Still, homes are moving more quickly than they did before the pandemic . . . ” By this comparison, if your house does take a little more time to sell this year, it’s not really a concern. It’s actually still faster than the norm. Plus, it gives you a bit more time to find your next home, which is welcome relief when you’re trying to move, too. Just remember, some homes sell in less time than this. Some take even longer. So, what’s the real difference? Why do some homes attract eager buyers almost instantly, while others sit and struggle? It comes down to having the right agent and strategy. Here are a few tips you need to know. 1. Price It Right One of the biggest reasons homes sit on the market is overpricing . Many sellers want to shoot for a higher price , thinking they can lower it later – but that backfires by turning buyers away. What to do: Work with an agent to make sure your house is priced right. They’ll analyze recent comparable sales (what other homes have sold for recently in your area), so you know you're pricing appropriately for today’s market and what buyers are willing to pay. As Chen Zhao, Economic Research Lead at Redfin, explains: “My advice to sellers is to price your home fairly for the shifting market; you may need to price lower than your initial instinct to sell quickly and avoid giving concessions." 2. Focus on the First Impression A messy yard or a house that needs paint? It’ll turn buyers off. Since buyers decide within seconds whether they like a home, a good first impression is key. What to do: Outside, clean up your front yard, tidy up your landscaping, power wash walkways, and add fresh mulch. Inside, declutter and depersonalize. And consider minor touch-ups like repainting in a neutral tone. Your agent will offer advice on what to tackle. 3. Strong Marketing & High-Quality Listing Photos If your listing or your photos don’t look professional, you could have trouble drawing in buyers who think you’re trying to cut corners. What to do: Instead, lean on your agent’s skills, expertise, and resources. They’ll help you make sure you have: High-resolution listing photos showing the home in its best light. Detailed descriptions that highlight differentiating features of your house. Your listing on multiple platforms, including major real estate sites and social media. 4. The Location of the Home You may have heard the phrase “location, location, location” when it comes to real estate. And there’s definitely some truth to that. Homes in highly sought-after neighborhoods tend to sell faster. What to do: While you can’t change where your house is located, your agent can highlight the best features of your neighborhood or community in your listing. By showcasing what’s great about your area, they can help draw buyers into what life would look like in your house. Bottom Line Homes that sell quickly don’t necessarily have better features – they have better agents and a better strategy. Are you thinking about selling? Let's talk about how to get your home sold quickly and for top dollar.

Stocks May Be Volatile, but Home Values Aren’t With all the uncertainty in the economy, the stock market has been bouncing around more than usual. And if you’ve been watching your 401(k) or investments lately, chances are you’ve felt that pit in your stomach. One day it’s up. The next day, it’s not. And that may make you feel a little worried about your finances. But here’s the thing you need to remember if you’re a homeowner. According to Investopedia: “ Traditionally, stocks have been far more volatile than real estate. That's not to say that real estate prices aren't ever volatile—the years around the 2007 to 2008 financial crisis are just one memorable example—but stocks are more prone to large value swings.” While your stocks or 401(k) might see a lot of highs and lows, home values are much less volatile. A Drop in the Stock Market Doesn’t Mean a Crash in Home Prices Take a look at the graph below. It shows what happened to home prices (the blue bars) during past stock market swings (the orange bars): Even when the stock market falls more substantially, home prices don’t always come down with it. Big home price drops like 2008 are the exception, not the rule. But everyone remembers that one. That stock market crash was caused by loose lending practices, subprime mortgages, and an oversupply of homes – a scenario that doesn’t exist today. That’s what made it so different. In many cases before and after that time, home values actually went up while the stock market went down, showing that real estate is generally much more stable. This graph shows how stock prices go up and down (the orange line), sometimes by more than 30% in a year. In contrast, home prices (the blue line) change more slowly (see graph below): Basically, stock values jump around a lot more than home prices do. You can be way up one day and way down the next. Real estate, on the other hand, isn’t usually something that experiences such dramatic swings. That’s why real estate can feel more stable and less risky than the stock market. So, if you’re worried after the recent ups and downs in your stock portfolio, rest assured, your home isn’t likely to experience the same volatility. And that’s why homeownership is generally viewed as a preferred long-term investment. Even if things feel uncertain right now, homeowners win in the long run. Bottom Line A lot of people are feeling nervous about their finances right now. But there’s one reason for you to feel more secure – your investment in something that’s stood the test of time: real estate.

The 20% Down Payment Myth, Debunked Saving up to buy a home can feel a little intimidating, especially right now. And for many first-time buyers, the idea that you have to put 20% down can feel like a major roadblock. But that’s actually a common misconception. Here’s the truth. Do You Really Have To Put 20% Down When You Buy a Home? Unless your specific loan type or lender requires it, odds are you won’t have to put 20% down. There are loan options out there designed to help first-time buyers like you get in the door with a much smaller down payment. For example, FHA loans offer down payments as low as 3.5% , while VA and USDA loans have no down payment requirements for qualified applicants, like Veterans. So, while putting down more money does have its benefits , it’s not essential. As The Mortgage Reports says: “. . . many homebuyers are able to secure a home with as little as 3% or even no down payment at all . . . the 20 percent down rule is really a myth. ” According to the National Association of Realtors (NAR), the median down payment is a lot lower for first-time homebuyers at just 9% (see chart below): The takeaway? You may not need to save as much as you originally thought. And the best part is, there are also a lot of programs out there designed to give your down payment savings a boost. And chances are, you’re not even aware they’re an option. Why You Should Look into Down Payment Assistance Programs Believe it or not, almost 80% of first-time homebuyers qualify for down payment assistance (DPA), but only 13% actually use it (see chart below): That’s a lot of missed opportunity. These programs aren’t small-scale help, either. Some offer thousands of dollars that can go directly toward your down payment. As Rob Chrane, Founder and CEO of Down Payment Resource, shares : “ Our data shows the average DPA benefit is roughly $17,000. That can be a nice jump-start for saving for a down payment and other costs of homeownership.” Imagine how much further your homebuying savings would go if you were able to qualify for $17,000 worth of help. In some cases, you may even be able to stack multiple programs at once, giving what you’ve saved an even bigger lift. These are the type of benefits you don't want to leave on the table. Bottom Line Saving up for your first home can feel like a lot, especially if you’re still thinking you have to put 20% down. The truth is that’s a common myth. Many loan options require much less, and there are even programs out there designed to boost your savings too. To learn more about what’s available and if you’d qualify for any down payment assistance programs, talk to a trusted lender.

Thanks to recent home price appreciation, homeowners have near record amounts of equity – and you may too. On average, homeowners have $311K worth of equity. Once you sell, you can use it to fund your down payment on your next home or maybe even to buy a smaller house in cash. If you want to find out how much equity you have, let's connect. Because it may make a move a lot more feasible than you'd think.

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