If you are in the process of or preparing to buy a home, you’ll want to read this post from realtor.com, “Home Buyers’ 7 Biggest Regrets: How Many Will Haunt You?,” and heed the warnings of home buyers that have come before you. In the post, they share seven tales that feature stories of home buying remorse.

#1. Putting off house hunting until the last minute

#2. Overlooking schools, even if you don’t have kids

#3. Caving to a seller’s every demand

#4. Buying too big

#5. Overlooking small details

#6. Skimping on the number of bedrooms you actually need

#7. Underestimating walkability

Remember these stories when searching for your next home, or first home. No matter the market, you’ll want to make sure you end up with a treat; rather than the trick of regrets.

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Moving can be stressful, a fact that everyone understands; but what is the effect of a move on pets? Sure they aren’t helping pack their toys and store their beds until move-in day, however, they are still affected by the energy and chaos a move brings. So how can you make a time of transition as safe and easy as possible for your pets? For some helpful tips, we turned to the ASPCA (American Society for the Prevention of Cruelty to Animals®), an organization that specializes in the respectful treatment of animals. 

In a pet care post, they cover this very topic. While this article is focused on furry friends, cats and dogs, some of the tips could apply to any beloved animal. The ASPCA suggests the following:

Packing up your home: Bring in moving boxes early so your pet considers them part of the space; and save their favorite room or spot to pack last. This will ensure they are as comfortable as possible while you are filling boxes.  

Planning your road trip: Many pets do not spend time in a crate or car. Whether you are moving near or far, you can prepare them for this part of the move by adding car time to their routine; as well as crate time both in the house and out and about.

Pet-proofing your new home: Get your new home ready for your pet. Hide electrical cords, cover nooks where they could get stuck, make sure window screens are secure, and confirm nothing poisonous to pets has been left in or around the house, like pest-control traps or plants.

Settling in: Your new, unfamiliar space, can be overwhelming to a pet. Introduce them to their new home gradually, one room at a time. The process may be slow but helping them feel comfortable is the ultimate goal. 

After reading the ASPCA article, the key takeaways were:

• Stick to your pet’s routine, and
• Make your pet as comfortable as possible. 

Hopefully these tips from the ASPCA help you do just that, and your move goes smoothly for the new homeowners, both furry and not so furry!

Photo by Andrew S on Unsplash

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With interest rates remaining high and inventory low, many who were considering selling and then buying, are now considering staying in place. That doesn’t mean their current home is everything they need it to be, however; maybe more space is needed. So, what are the options? This is a question my family has been pondering while the real estate market has been in flux. We’ve contemplated every type of home addition or renovation, mainly looking at the return on investment if/when we decide to sell.

In comes a recent Realtor.com video, “Out of Space-and Out of Your Mind?” Yes!! This video looks at different building options, and the value that is gained for specific rooms. Here’s a summary:

First, the post looks at what the building options are? Option one is to build outward. This would add square footage to your existing space, and can be less expensive than building up. You’ll want to consider your yard and if you can part with the outdoor space you’ll lose when adding on. Generally the cost for building outward is around $60,000-80,000, for a 400 square foot addition.

Second, is the option to build upward. If you don’t have the space to build out, this may be your best option; especially if you have a smaller lot. However, consider that removing the roof, or adding or renovating stairs can quickly add up. If you live in an older New England home, like we do, you also need to think about the age of the home and what added costs may come when deconstructing. The average cost for a 400 square foot addition going up can range from $72,000-100,000. 

Next the realtor.com video looks at adding specific rooms; starting with a bathroom. Often this is a big want, particularly in one-bath homes. If you are hoping to add a bathroom, you’ll want to think about plumbing, fixtures, tile, labor, etc. When adding a bathroom it can cost around $20,000-90,000, depending on your selections. The return on investment, however, can be around 53 percent.

Another room many homeowners think about adding is a bedroom. Number of bedrooms matters, especially when listing a home for sale. This was our biggest need when considering our addition. Our now teenage boys are sharing the smallest room in our house… time for their own space. We know adding a true third bedroom to our home will bring value when selling so this is the room we were focused on having. According to realtor.com, while a bedroom addition can cost $50,000, it can bring over 54 percent return.

The final room the video looks at is a sunroom. This can be a great space for gathering, and enjoying the sun. Plus, staged correctly, sunrooms always look great in listing photos. Average cost is between $8,000-80,000; this all depends on the existing structure of the home and selections. A sunroom can bring in a return on investment of 49 percent, according to realtor.com.  

Ultimately, we decided to build out. We had the yard space, and the addition will actually afford us more privacy in our backyard. What are we adding on? A master bedroom; although we are holding off on finishing the bathroom until costs come down a bit. In the end, it wasn’t exactly what we had envisioned when starting this process but it will give us the necessities – a space for everyone that is more functional. It will also increase the value of our home when it’s time to move. 

If this is a decision you’ve been thinking about because of the current real estate market, you’ll want to watch the video from realtor.com. You’ll also want to talk to contractors and even a local real estate professional to figure out what is best for you, and what will give you the best return. 

Photo credit: Davizro, iStock

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To answer these questions, we turned to Realtor.com’s new News & Insights section: Living. With great tips for updating your home and the latest housing trends, this page is a great resource for ideas. Recently they’ve had several posts focusing on outside living, including:

Is it Worth Adding a Deck?

While relaxing on an outside deck is at the top of many peoples’ summer to-do list, decks are not for everyone and require work. This article focuses on those pros and cons and whether a deck adds value during a potential home sale. Considering decking out your home? You’ll want to read this post.

Should I Add an Outdoor Kitchen: Pros and Cons? 

Outdoor kitchens have been trending since COVID, when people were looking to expand their living space. This article looks at what makes up a true outdoor kitchen – hint, it’s not just a grill! It also looks at some pros and cons that come along with planning, paying for and adding this space. Think high cost without a huge return on investment, particularly in New England with our short summers. Love entertaining outside and dreaming of an outdoor kitchen, read this post as your decision simmers.

Is Adding a Pool Worth It?

Prior to COVID, a pool wasn’t considered of really any value, particularly in New England. The pandemic brought a demand for pools. The main reason for this: it gave a homeowner a swimming hole in their own backyard, when they couldn’t go anywhere else. With increased demand came higher prices and long waiting lists for installation, so it is still important to weigh the decision before diving into the deep end. One big consideration – the appraised value of the pool will not be equal to the cost of the pool. With this in mind, think about how long you plan to stay in your home and enjoy the pool. After that, read this post for yourself and consider the pros and cons carefully.

Photo by Im3rd Media on Unsplash.

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In the early 1900s, before brokers and agencies existed, buyers interested in a particular home would come out when homes were “open for inspection.” These viewings were similar to the open houses of today in many ways. They took place on the weekends, but would often last days or weeks with a house often being open from 9 a.m. to 9 p.m., according to a recent Realtor.com post. The post, “A Brief History of Opening Our Homes to Total Strangers (aka the Open House),” looks back at the early days of real estate and how we got to where we are today.

The post notes that in these early days there was a real “Wild West” vibe to the industry. With no license laws, anyone could claim they were an agent. Yards were often littered with signs for different “agents” hoping to find the right buyer and make the sale. Therefore, anyone could reap the benefits of a home sale as long as they were picked by the buyer.

This scenario made it hard for individuals who were serious about being real estate professionals. They sought ways to separate themselves from those looking to make a quick dollar. From this, local and national associations, brokerages that employed multiple agents, and exclusive contracts were born. All this provided some much needed structure to the industry. Looking at the timeline in the Realtor.com post, you’ll see not much has changed since the early 1950s. Why? Because it worked!

Okay, there’s been minor adjustments. We now hold Open Houses which tend to be shorter, allowing agents to represent multiple listings. Marketing has also evolved with the Internet and social media. Finally, if you check out the listing from 1917 in the post, you’d probably add that prices have definitely changed. At its core, however, the concept of buying and selling hasn’t changed too much over the last century or so. From browsing listings, to open houses and agents, to buyers and sellers, we are enamored with real estate!

Photo by Maria Ziegler on Unsplash (cropped from original size).

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A recent Realtor.com blog post quotes Casey Ames, Owner and CEO of Taylor Jene Homes in Boise, ID, who notes, “The key to buying a house on the cheap is knowing how to balance achieving your dreams while staying within your budget.”

The blog goes on to discuss options for down payment assistance to help alleviate some of the cost when buying a home in today’s market. These tactics include:

1. Get a low-down payment—or no-down payment—loan
2. Look into down payment assistance programs
3. Use a family down payment gift
4. Consider auctions, short sales, and more

While these options may not work for all of those in the market for a new home, they are worth exploring to see if they can help you. This is definitely a leave no rock unturned real estate market, so make sure you do your research when it comes to financing, buying and/or selling; and be sure to schedule some time with a local mortgage expert and real estate agent. They can help you best understand your options.

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With the current state of the market and the high rate of inflation over the past year, it is imperative now more than ever that you know what you want and what you are willing to take on when buying or selling a home. This will include your needs now and in the future. First step is always to write things down; think pros and cons list but this time you’ll be answering specific questions to help you define your goals.

A blog post from Keeping Current Matters from January 2^nd of this year highlights the key questions you should be asking yourself if you plan to enter the housing market in 2023. These include:

• What’s Motivating You?
• What Does Your Next Home Look Like?
• How Ready Are You To Buy?

Go ahead; answer these questions. Even with uncertainty in the market, you’ll know for certain what you are looking for. Once you have that piece, local experts from mortgage professionals to realtors are ready to step in and help you reach your goals.

The post Your Housing Market Goals in 2023 appeared first on Laffely Real Estate Associates.

A recent article posted on Bankrate notes that 2023 will be a transitional year with several factors creating uncertainty. The article looks at each of these factors in depth, calling on industry experts for their predictions. We’ve summarized here, but the full article is worth a read.

Mortgage and Interest Rates

With continued inflation, many experts believe rates will continue to rise for some, if not all, of 2023. The experts cited in the article all see interest rates in the 8 percent range at some time during the year. However, predictions are mixed on whether they remain there or stabilize toward the end of the year.

Housing Sales

The consensus here is that the market will cool down. Higher interest rates will lead to a drop in home sales. Experts also believe that average days on the market will increase in 2023, as buyers are more hesitant to jump into a purchase situation.

Home Values

Experts are split on where home values will land in 2023. Some believe home values will remain steady due to low inventory; while others suggest that home values could see a decline based on higher rates and more patient buyers.

Buyer’s or Seller’s Market

We’ve been in a steady seller’s market for the past few years, and many experts see this shifting slightly. One expert notes it will vary nationally, however. Markets with more demand could continue to favor the seller. That said another expert believes the sides may be on more even terms overall in the year ahead.

Housing Inventory

Low inventory has fueled the housing frenzy over the past few years. Experts believe this will not change; mainly due to the fact that homeowners won’t be willing to trade in their low interest rate mortgages for a higher rate loan. However, there are some that believe housing inventory could increase based on demand throughout the year.

Affordability

Experts do agree that home prices will not waiver significantly. We may see prices lower slightly, but any shift in prices will be cancelled out by rising interest rates. Some experts believe that in certain cases this could make homes seem even less affordable due to high interest rates and the amount they add to a monthly payment.

As with any forecast, no one can predict the future. We can only wait and see how the year unfolds, and remember that local experts and agents can provide the best insight into the market in your area. They are the best resource if you are looking to buy or sell in 2023.

For a deeper dive into the housing market in 2023 and these topics, you’ll also want to look at Realtor.com’s predictions.

The post What’s Ahead for the Housing Market in 2023 appeared first on Laffely Real Estate Associates.

If any of you reading this are like me, you’ve put off a lot of cleaning, organizing and decluttering tasks to enjoy the summer. As we wrap up the month of August and kids return to school, it’s the perfect time to revisit these chores and get ready for fall.

A recent Real Simple article, 10 Things to Declutter Before September, covers this topic and provides the perfect list to get you (and me!) started. They suggest having four boxes or bins, labeled Keep, Trash, Recycle and Donate. Their list is just a starting point, you obviously don’t need to tackle all these items or you may have other areas you want to focus on, so feel free to edit.

Real Simple’s author suggests the following:

• Outdoor and Water Toys
• Summer Shoes and Clothes
• School Supplies
• Papers, Books and Magazines
• Garden Tools and Supplies
• Towels and Linens
• Skin Care Products
• Grilling Tools
• Canned Goods and Spices
• First Aid Products

When you finish an area, don’t just put the boxes aside. Put things away you plan to keep, drop them off at a donation spot, or put them in the trash or recycling. You’ll feel like you’ve accomplished something this summer, and you’ll have more time to enjoy the fall.

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Calmer Market Ahead

Expect some easing in sales, though prices will continue to inch higher

By Lawrence Yun (originally printed in the Spring 2022 issue of Realtor Magazine)

The past two years have been quite exceptional for real estate. Home sales boomed. Home prices rose at the fastest rate in modern times. However, such a strong housing market created growing pains. Inventory shrank to its lowest count ever. Even through the recent winter months, the inventory that has made it onto the market has typically attracted multiple bidders—and, increasingly, investors offering cash. Twenty-two percent of recent transactions were investor purchases, up from 15% a year ago, and 27% of transactions were cash-only deals, up from 19% a year ago. That’s putting a strain on first-time buyers. Moreover, mortgage rates are notably higher as the Federal Reserve moves from a quantitative easing monetary policy, quickly buying up mortgages, to what is in essence a quantitative squeezing that does the opposite. With all this in mind, what’s ahead?

Let’s begin with the jobs picture. Although the unemployment rate is back to normal at 4%, the economy is still short by nearly 3 million jobs compared to before the pandemic. But that hasn’t held back housing sales. Existing-home sales reached 6.12 million in 2021, the best since 2006. The median home price reached an all-time high of $347,100, a one-year gain of 16.9%.

A few states actually have more jobs now than before the COVID-19 days. They are Utah, Idaho, Texas, Arizona, Georgia, and Montana in order of performance. Those are also the states experiencing extra strong real estate activity, both in residential and commercial markets. Jobs are important.

What now, given the diminishing pandemic— fingers crossed—and rising mortgage rates? Office workers will need to get back to the office. Maybe the new work model will be some form of hybrid, with a few days each week spent in the office. This still means locational choices do not have to be inherently dependent on big-city downtowns. It’s fine to live farther from the city, given less time spent on the commute. Higher mortgage rates, though, will lock out some would-be buyers. In very high-cost areas, the increase means about $500 more in monthly mortgage payments for the typical borrower. Consequently, home sales will come down 2% to 4% in 2022. If inflation remains stubbornly high and the Fed is forced to be even more aggressive, then home sales could fall by as much as 10%.

Prices will keep rising, though, since getting to a balanced market will take time. The turnaround may occur by the middle of the year. Expect calmer home price gains of 3% to 6% per year in 2022 and 2023.

Reprinted from REALTOR® Magazine by permission of the National Association of REALTORS®. Copyright 2022. All rights reserved.

Photo by Sonja Langford on Unsplash

About the Author: Lawrence Yun
Chief Economist and Senior Vice President of Research at the National Association of REALTORS®

Yun oversees and is responsible for a wide range of research activity for the association including NAR’s Existing Home Sales statistics, Affordability Index, and Home Buyers and Sellers Profile Report. He regularly provides commentary on real estate market trends for its 1.3 million REALTOR® members.

Dr. Yun creates NAR’s forecasts and participates in many economic forecasting panels, among them the Blue Chip Council and the Wall Street Journal Forecasting Survey. He also participates in the Industrial Economists Discussion Group at the Joint Center for Housing Studies of Harvard University. He appears regularly on financial news outlets, is a frequent speaker at real estate conferences throughout the United States, and has testified before Congress. Dr. Yun has appeared as a guest on CSPAN’s Washington Journal and is a regular guest columnist on the Forbes website and The Hill, an “inside the beltway” publication on public affairs.

Dr. Yun received his undergraduate degree from Purdue University and earned his Ph.D. from the University of Maryland at College Park.

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