By Ana Durrani

original article: https://www.realtor.com/advice/home-improvement/refresh-home-for-free/

With so many of us abiding by stay-at-home orders, we’re probably not the only ones who have gotten more than a little bored with our home decor. Staring at the same artwork, armchair, or rug day in and day out might have you thinking it’s time to a major change-up.

Bu there’s good news: An interior overhaul doesn’t mean you have to buy brand-new stuff! There’s plenty you can do with the furnishings you already own.

Take an afternoon to assess your space and put some of the following ideas into practice. You can get creative on your own or enlist your family to help you with the brainstorming. Because they’re around, right?

Declutter

That box full of papers you’ve been meaning to go through isn’t doing your decor—or mindset—any favors. Take some time out of your day to get rid of any extraneous clutter that’s lingering in your home.

“The most important and budget-friendly way to revamp your space is to get rid of unused or overused objects,” says Daniele Busca, creative director and brand ambassador of Scavolini USA in New York.

Experiment with a different layout

Photo by Amanda Steiner Design, LLC

Put your spacial reasoning skills to the test and rearrange your furniture. If your sofa and love seat combo has been in the same L shape for as long as you can remember, consider having the two pieces face each other. Add an armchair and fun coffee table, and you have a whole new living space.

“I’d recommend buying furniture sliders so you can move things around without too much effort and no damage to your floors” says Joel Moss, broker with Warburg Realty Partnership in New York.

Let natural light in

Photo by McCabe House

Natural lighting can help you feel happier, healthier, and more productive. And who doesn’t need that right now?

Look at the room you spend the most time in. If the drapes are heavy, try swapping them out for ones in your house that are lighter in color and texture.

Busca also suggests removing the window treatment altogether if you have an interesting window frame that can stand on its own.

Moss says having natural light in her house is very important. With her former dining room receiving very little natural light, they rarely used it.

“We moved our dining table to an unused space by our sliding glass door. Now it overlooks our gardens and frog pond, gets great light, and we use it for everything,” says Moss.

Switch up your indoor lighting

Photo by Lisa Sherry Interieurs

While nothing beats natural lighting, having strategically placed lamps in a room can also do wonders for the look of your decor.

Swap out the table lamps throughout your home, or move a floor lamp to the other side of the sofa. Don’t be afraid to experiment until you come up with an exciting new layout.

Restyle your bookshelves

Photo by Carol Vaughan-Davis

An organized bookshelf is one of our favorite decor updates. It doesn’t require any heavy lifting, it gives you time to admire and rediscover your collection—and it makes an impact without costing a dime.

Color coordinate your books, and alternate stacks of vertical and horizontal books. If you have some candles, picture frames, or other decorative objects, try interspersing them throughout.

“Placing lamps on shelves between books can give a space a more stylish look,” says Busca.

Create a nook to read or relax in

Photo by KELLY + CO DESIGN

During uncertain times, getting lost in a book can be a welcome escape, so make that reading space a serene one. Make sure you have good lighting—either next to a window or from a lamp—pillows, a blanket, and a side table to place a hot cup of tea on.

Rearrange artwork

Photo by Peruri Design Company

By now you might be rethinking some of your art choices, like that abstract painting you picked up at a flea market. But there’s a fix for that.

Busca suggests switching up your artwork by hanging it on different walls and even in different rooms.

The same sort of swap can be done with wall mirrors, too.

Find new uses for a room

Photo by jennifer rhode design

There are no rules that say the family room must serve only as the TV room. Maximize your space to do double or triple duty.

“We start each day with yoga and have the living room furniture arranged so we can easily push it back and have our own little yoga studio in front of the fire,” says Moss.

She says the bonus is being able to do yoga in front of the fireplace during the winter.

“The double bonus is that morning light floods that room,” Moss says. “What could be more perfect for sun salutations?”

By Margaret Heidenry

original article: https://www.realtor.com/advice/buy/home-buying-faq-purchasing-property-during-coronavirus/

The coronavirus pandemic has thrown millions of people’s financial plans off the rails, and that certainly includes home buying. If you were hoping to purchase a property soon, you no doubt have a lot of questions—about whether it’s possible to buy or tour a house now, COVID-19’s impact on home prices, and more.

We’re already written a guide to home buying in the age of coronavirus to help you navigate this new reality in real estate, but we know there’s a lot you still want to know. So here are the answers to your most pressing questions about buying a home right now. Whether you’re wondering what’s up with home prices or open houses, read on to learn everything you need to know.

1. Is it possible to buy a house now?

While buying a house today may be more challenging due to health and economic concerns, it is certainly possible. In fact, the U.S. Department of Homeland Security has declared that residential and commercial real estate services are an essential service that should be allowed to continue. (State orders, however, may overrule that guidance.)

Furthermore, the real estate industry has quickly adopted new technologies to help home buyers and sellers stay safe for as long as this pandemic lasts.

However, certain aspects of the home-buying process might be restricted or look a bit different these days. For instance, as COVID-19 outbreaks gained momentum, certain hard-hit states (such as New York) banned in-person home viewings. And while home closings typically involve the presence of the buyers, the sellers, their agents, and a notary, some states (such as Florida) loosened restrictions and allowed remote or “curbside” closings, where documents are slipped through car windows to lower the exposure levels of all parties involved.

Aside from federal and local restrictions, a lot will depend on the home sellers’ comfort levels. Some sellers might be fine with your touring their house. But others might not be comfortable letting strangers in their home, even if property tours are allowed in your area.

A local real estate agent will have the best handle on what home buyers can and can’t do in your area, so feel free to consult an agent for the most up-to-date information. Here’s more information to help you answer the question, “Should I buy a house now?“

2. Is now a good time to buy a house, financially speaking?

From a financial perspective, there are certainly some advantages to buying a home right now. For one, mortgage interest rates are historically low, which means your monthly housing payments will be lower, too. And putting a property under contract now and locking in a low interest rate gives buyers more control than living in a rental where rents might go up.

Another big consideration on the financial side of the home-buying equation comes down to competition. The coronavirus has dissuaded some home buyers from home shopping for the time being. So buyers who do venture out face less competition, which could put them in a stronger position to negotiate with sellers.

In addition to surveying the housing market and mortgage rates in your area, you should also take a good, hard look at your personal financial situation. You’ll want to gauge whether now is a good time to buy for you. Are your job and income stable, or are you worried about layoffs or the stock market?

If your own financial future is uncertain, you might want to take more of a wait-and-see approach to home buying. Or consider buying a home well under what you can afford just in case the coming months throw you a curveball.

3. How has the coronavirus affected home prices?

The coronavirus has the world economy in turmoil. But so far at least, this does not mean that home prices have plummeted across the board or that buyers can lowball their way to a bargain. Instead, in most real estate markets, home inventory remains very tight.

“I don’t expect the slowdown to be like the last recession where prices fell,” says realtor.com chief economist Danielle Hale. “There are more than enough buyers out there to keep home sales from slowing in any major way.”

Some sellers have pulled their listings as they wait for better market conditions. On the flip side, a home seller who doesn’t have the luxury of time is facing a smaller buyer pool, due to safety concerns and limited physical access to touring homes. So buyers could have the upper hand for a short period when it comes to homeowners who need to sell.

The only way to test a seller’s level of motivation is to make an offer. But play it safe. Buyers should not assume that because of the pandemic they can automatically lowball a seller—this could turn the seller off. You might want to try offering a modest discount below asking price to simply start a dialogue.

Here’s a breakdown of how to negotiate an offer on a home in the age of coronavirus.

4. Is it safe to buy a house now?

While no one can guarantee you won’t catch the coronavirus, the real estate industry has worked to prioritize buyers’ and sellers’ health by eliminating personal interactions almost entirely during the pandemic. Even as different states reopen, you can still do most aspects of the home-buying process remotely, or at a safe social distance, when it comes to your home search that you may not have considered doing in the past.

First, you can find local real estate agents online and interview them virtually. While showings may not be easy to arrange because of shelter-in-place orders or continuing health concerns, most real estate listings now offer virtual tours.

When possible, video chats allow agents to walk through a prospective home while you watch from the safety of your current residence. Virtual tours may not be as good as walking through a home, but they can give you a good idea of whether or not you want to see the house in person when it’s possible. And it’s also a great way to pare your options and skip visiting some homes.

When it comes to the financial aspect of home buying, many lenders had already made the entire mortgage process digital long before anyone heard of social distancing.

Another new term? “Desktop appraising,” which allows the appraiser to stay home and review available data that allows lenders to approve mortgages remotely.

And in many states, drive-through or even video closings are temporarily permissible during the pandemic.

Remember, whether all of the above is available depends on your area, so always consult with your agent each step of the way. And read more on whether or not it’s safe to buy a house now.

5. Are open houses or home showings allowed?

Whether open houses are allowed in your area all comes down to how local authorities enforce their lockdowns. Under many quarantine orders, such as in Los Angeles and New York City during the height of the pandemic, open houses have been completely banned. Other states currently allow open houses as long as capacity allows for social distancing. The National Association of Realtors® offers guidelines on open houses, recommending that they be limited to fewer than 10 people, if they’re hosted at all.

In general, in areas where open houses aren’t allowed, individual home showings with just a buyer and an agent are OK. Keep in mind that even if showings are allowed, agents and home sellers must all be willing to make them happen. Check with your agent and local government for more information, and know that what’s permissible could change as this pandemic progresses.

If you do choose to attend an open house or tour a home, here’s what you can do to stay safe:

• Don’t touch anything in someone else’s home. Ask that the owners open cabinets and closets prior to a showing.
• Stay six feet away from your real estate agent at all times. If the home is small, ask your agent to open the front door for you and wait in the kitchen while you tour the house on your own. You can ask questions via cellphone as you look around.
• Wear protective booties; agents generally provide these even in normal times. Carefully throw them away when you’ve finished touring.
• Wash your hands thoroughly with soap after you leave the home.

Or instead of attending an open house or private tour, you can conduct a virtual house hunt. You can also drive through a neighborhood and check out the area from the safety of your car. Here’s more on how to stay safeduring your house hunt.

6. Should I buy a house sight unseen?

While buying a house sight unseen has long been the only option for people relocating due to a new job or military service, the trend has been on the rise for more and more folks. In fact, according to a realtor.com survey of 1,300 consumers during the week of April 5, 24% (or 1 in 4) said they’d be willing to buy a home without seeing it in person.

Buyers who consider buying a house sight unseen generally have some comfort level with the neighborhood and know the market. And according to realtor.com senior economist George Ratiu, the comfort level of buying a house sight unseen may come down to age.

“Younger cohorts are more inclined to rely on detailed photos, virtual tours, or live video instead of an in-person visit, with 31% indicating they would be willing to buy sight unseen,” says Ratiu.

Even if you’re buying blind, you shouldn’t operate completely in the dark. Here are some features that buyers find most helpful in such a home search.

• The ability to take a virtual tour of the home
• Listing and neighborhood information that is accurate and detailed
• Plentiful, high-quality listing photos that show the property’s interior and exterior
• An agent or landlord who can walk a buyer through the property via video chat

Check out more advice on how to buy a home sight unseen before you commit to a purchase.

7. Can I buy a house if I’m unemployed?

Generally speaking, if you are recently unemployed you should think twice about buying right now. But there are some ways you can proceed, albeit with caution.

For instance, home buying is possible when you’re between jobs if you have enough money in the bank to make an all-cash offer—due to a previous home sale or inheritance—and can skip the mortgage process entirely.

If you do need a mortgage, you’ll need not only a high credit score and a low debt-to-income ratio, but also a source of funds to prove to lenders you can make your monthly mortgage payments. If you are a dual-income family with a spouse or significant other still working, that person could apply for a mortgage. Many lenders also allow for a monetary gift to home buyers from relatives. Sometimes a sizable gift satisfies lenders’ application requirements even if the borrower is currently unemployed.

Here’s more on how rising unemployment may affect the housing market.

8. How long will it take to close on a house?

Yes, the length of time from an accepted offer to home closing during the height of the pandemic is taking longer. Closing times used to average about 26 days in January, then hit 43 days in February, and shot up to 60 days in March. They’re likely to take longer still in the coming months.

The simple fact is lenders are buried under paperwork as refinancing applications skyrocketed due to the historically low mortgage interest rates.

In addition to lender backlogs, social distancing and shelter-in-place orders have complicated the home closing process. While home inspections and appraisals are possible, everything is just taking longer during the pandemic. Here’s more on the home closing process.

9. Is moving allowed right now?

According to the American Moving & Storage Association, moving has been deemed an essential service by the federal government.

Still, while moving is legal in the big picture, it might not be allowed for your specific circumstances depending on what stage of the pandemic you are in. For instance, during the height of New York City’s epidemic, some apartment buildings decided to ban residents from moving due to safety concerns and shelter-in-place orders.

Check with your local and state governments (and your HOA or condo board, if applicable) before scheduling any move. And if you have to move, read all about how to move safely during the coronavirus pandemic.

10. How can I prepare to buy a house?

You may be interested in buying a home, but simply don’t feel comfortable getting out there and house hunting right now. Luckily there are still things you can do to prepare so you’re ready to spring into action later this summer or whenever you decide you’re ready.

• Check your credit score: The very first step in preparing to buy a home is to check your credit score. Credit scores are what mortgage lenders look at to determine whether you are creditworthy, and will dictate your interest rate. So do everything to protect your score. Many companies—from credit cards to utilities—are working with consumers who can’t make payments. If you are having trouble making payments, don’t just skip them. Call your lender and work out a plan.
• Figure out how much home you can afford: The pandemic has roiled markets and caused tremendous economic uncertainty. So you’ll want to carefully consider how much home you can afford and err on the conservative side. Check an online home affordability calculator, which will help you determine your monthly mortgage payment.
• Secure mortgage pre-approval: Now it’s more important than ever to get pre-approved to show sellers you’re serious when you make an offer. Pre-approval shows how much a lender will loan you, assuring the seller that you’re financially capable of buying a home.
• Avoid any major changes: A major tenet of preparing to buy a home is to not make any major changes in your life or your finances. But with the coronavirus pandemic, some upheaval—such as getting furloughed—may be out of your control. Yet much of it is not. For instance, do not buy a car or pricey new furniture, or apply for a new credit card. All of those can lower your credit rating, meaning you may not be able to qualify for a home loan.
• Check online listings: On real estate sites like realtor.com you can see what properties are available in your area in your price range. And take advantage of the virtual tours many agents are offering to house hunt from your couch.

by: Tara Mastroeni

original article: https://www.forbes.com/sites/taramastroeni/2020/04/22/real-estate-agents-answer-what-do-you-wish-you-could-tell-your-sellers-during-the-coronavirus-crisis/#45d3d3d86825

Coronavirus has made this an uncertain time for many industries and real estate is no exception. In light of that I reached out to real estate agents and asked them to share the one thing that they wish they could tell their sellers in the face of this unprecedented market.

Here’s what they had to say:

Homes are still selling, the industry is just operating differently

“Every state has its own regulations, but in most cases, the homes can still be sold. Video tours are being done to showcase new listings. In some cases, buyers can be shown unocupied properties in-person or FaceTime and Zoom can be used to show an interested buyer the property virtually in real time.

If you’re still interested in selling your home, they are likely options that are available to help you do so.

Ruthie Smythe, Broker of Lois Lane Properties in Charleston, SC

If you’re going to sell now, be flexible and be ready to negotiate

“While spring is the traditional selling time when housing inventory is high and buyers are plentiful, the current market is atypical in so many ways. In the face of market uncertainty, buyers are looking for a ‘bargain’ or discounted price.

What does this mean for sellers? The leverage has shifted to the buyers! Sellers need to be flexible about the price, they need to be patient because the buying process may take longer, and they need to be ready to negotiate with any interested parties.

Suzanne Minken, a Sales Associate with the Maggee Miggins Group with Keller Williams Realty in Short Hills, NJ

It’s also okay to wait to sell

It’s not that we can’t sell your home right now, but you may receive a higher, better price if you wait a little.

Waiting to sell your house can be the difference in working with buyers who are afraid to over spend rather than a buyer who is back to work and feeling a lot more comfortable to make large financial purchases.

Chantay Bridges, Senior Real Estate Specialist with Los Angeles Real Estate Now Los Angeles, California

You can use this time to get your home ready for sale

“Repair what you can. De-clutter and get rid of anything you are not taking with you. Refresh your home by painting, changing old doorknobs, buying new couch pillows. Get busy making that kitchen look amazing because it’s the heart of your home.

Whatever you do, you will always be adding value and putting yourself in a better position for your home to stand out above the rest when the pandemic is over. Use this time wisely to do what you can to get your home ready to hit the market.

GiGi Malek, a Sales Associate with Terrace Sothebys’s International Realty in Forest Hills, NY

Don’t panic, this is only temporary

People always have to move for jobs, schools, growing families, downsizing. The lull in activity is temporary and the market will return.

In this market, I predict that any one-on-one appointments will prove to be more productive. They will bring in serious home buyers who are taking time out of their day to see a property rather than a casual looker strolling into a Sunday open house.

As showings resume, it’s important that you work with your real estate agent to be vigilant about taking the proper precautions when we begin showing homes again – ie. Making sure we have gloves and Purell for anyone who comes in.

Tania Isacoff Friedland, Broker of Warburg Realty in New York, NY

original article: https://therealdeal.com/la/2020/04/24/vanishing-inventory-props-up-socal-home-prices/?utm_medium=social&utm_source=email&utm_campaign=single_content_share

Pricing could start falling if larger economic tumult forces sellers’ hands

A dearth of new home listings has stabilized home pricing in Southern California this month, but that might not last.

New data from Zillow suggests that the coronavirus pandemic and lockdown measures have put Southern California’s housing market in stasis, according to the Los Angeles Times. The number of deals are way down, but pricing hasn’t started to fall yet because fewer homes are coming to the market for the first time. Some sellers are even pulling their listings.

For the week ending on April 19, there were 60 percent fewer contracts in Los Angeles and Orange Counties year-over-year.

Inventory was already falling before the pandemic hit. Just 14,200 homes hit the market in L.A. County in January, 22 percent fewer than January 2019. That led to a rise in pricing.

It remains to be seen how long homeowners can hold on without being forced to put their properties on the market. Another 4.4 million Americans filed for unemployment benefits last week, bringing the total to around 26 million people.

A flood of listings could bring prices down and there’s some indication that pricing is starting to move down in the short term. The median list price for both counties was around $857,000 — roughly 7 percent lower than mid-March, but still 7 percent higher than last year.

Appraiser Jonathan Miller of Miller Samuel earlier this week told The Real Deal that he was optimistic current market conditions would yield pent-up demand from buyers and sellers. He compared the frozen market to the early days of the Great Recession. “By February or March 2009, you did have home sales recovering and crowded open houses,” he said. [LAT] — Dennis Lynch

By Ana Durrani 

original article: https://www.realtor.com/advice/buy/test-drive-a-neighborhood-at-home/

When you’re in the market for a new place to live, finding the right neighborhood is everything. But in our current state, with shelter-in-place orders in full effect in many areas (and mere common sense limiting people’s excursions), scoping out a new neighborhood can be a little more challenging. But with some online detective work and the right tools, you can learn a lot about a neighborhood without leaving your home.

That’s because you’re not the first one to consider buying a home without being able to pound the pavement personally.

“As buyer’s agents, we will often shoot video of the neighborhood and/or home for our out-of-area clients,” says Katie Wethman, a real estate agent with the Wethman Group at Keller Williams in McLean, VA. “We also have video streaming apps like FaceTime, Skype, and Zoom to bring them with us.”

Even though you won’t be able to pop in to a local coffee shop or take a leisurely stroll down Main Street, exploring a neighborhood in the time of coronavirus is possible. So let your fingers do the walking—on your laptop—and get to digging. Here’s how to start your research.

1. Check out neighborhood publications and local social media

An active neighborhood community will sometimes have a print publication or local social media groups that connect residents. These can provide information on local events and activities that will give you a better feel for the neighborhood. For example, Carlsbad, CA, has a local publication called Carlsbad Magazine, which covers all of the cultural happenings in North San Diego County, as well as a Facebook page.

Browse Facebook, Twitter, and Instagram for groups or accounts that document what’s going on in the neighborhood where you’re interested in moving. You can even interact with locals in the community who can give you their opinions of their locale.

2. Take a walk with Google

Want to take a stroll around your potential new neighborhood without leaving the couch?

“Google Street View is a great way to ‘walk’ the street and neighborhood virtually,” says Wethman.

Every listing on realtor.com features a link to the Google Street View for that address.

Another way to access Google Street View is to go to google.com/maps, type in the address of the house you’re interested in, and click on the photo of the property in the menu to the left of the map. If Google Street View is available for that address, you should be able to click and drag the image to move down the street.

“Search engines like Google also let you filter for videos when you search the neighborhood name,” says Wethman. “Try adding ‘review’ to your search terms, and also ‘neighborhood association’ or ‘homeowners association’ for better results.”

3. Browse websites with neighborhood data

You want to gather as much information as possible on your next neighborhood, and there are a lot of websites that can help you do that.

City-Data provides detailed city profiles about everything from cost of living to weather to average home prices, and its forums give useful insight from community locals.

Plug in your ZIP code at AreaVibes to get a livability score and help narrow down the best places to live.

Yelp provides not only reviews on local cafes, restaurants, and nightlife, but also unfiltered reviews from local residents.

4. Search other real estate listings

To learn about the typical architectural styles and ages of homes in a neighborhood, browse online listings on sites like realtor.com. Is the neighborhood full of ’50s ranch homes or hundred-year-old Victorians? Looking at the homes for sale will clue you in.

5. Call a real estate agent

It’s also a good idea to get in touch with a tech-savvy real estate agent—and these days, that’s most of them.

“A real estate agent can help by using technology to test-drive the neighborhood for you. This can easily be done by making a video of the neighborhood and sharing it with you,” says John Myers, a real estate agent with Myers & Myers Real Estate in Albuquerque, NM.

Myers says he has helped a lady from New York City purchase a home in Albuquerque by using a video calling app called Duo.

If you’ve identified a home you’re interested in, contact the listing agent for more information about the neighborhood. The pro will be sure to have an insider’s perspective on the area and extensive knowledge on homes there.

6. Investigate schools and educational data

Relocating with your family? Then you will want to research schools in the area. A good resource is GreatSchools, which provides data on K-12 schools and reviews from parents. Areas with great schools typically maintain property values, and its neighborhoods are highly coveted.

And if you want to research education statistics, U.S. News & World Report has rankings of high schools with data on more than 23,000 public high schools in all 50 states.

7. Check crime rates

Safety is a priority for both buyers and renters, and crime rates can give you a picture of how safe or dangerous a neighborhood is. Low crime rates are not only safer but can also help keep property values high.

Websites such as CrimeReports can provide crime data from law enforcement agencies.

To see if there are registered sex offenders living nearby, type the address of your potential new home in the National Sex Offender Registry’s public website.

8. Plan your daily commute

Wethman also suggests getting a feel for the neighborhood by monitoring traffic and your potential work commute.

“I recommend people ‘test-drive’ the commute using commuting tools that predict traffic like Waze or Google Maps,” says Wethman.

These tools will predict the level of traffic during your commute hours and give you an idea of how long it’ll take to get to work. Realtor.com also offers a similar commute time feature on every home listing.

By JiaYing Grygiel

original article: https://www.seattletimes.com/explore/at-home/projects-big-and-small-to-improve-your-home-during-lockdown/

As you spend copious amounts of time in your house, you may find yourself bored and brooding. Instead of looking at social media for the hundredth time, try directing your energy into something productive — like tackling projects around the house that you’ve been putting off forever.

Here are some ideas for easy spruce-ups that you can pull off while social distancing, and a few projects to start planning now to take on in the post-pandemic future.

Projects for now

Yard work: Just in time for spring, do a DIY refresh on the yard. It’s a project you can knock out in a weekend for around $200–$500 — or less depending on your DIY skills. Call your local nursery and see if they’ll do a contact-less pickup. It’s amazing how much nicer the house will look with some fresh mulch and in-season flowers.

Cabinet glam: For a really low-budget refresh, change out the hardware on your cabinets and doors to newer finishes. Matte black and brass are popular now, while brushed silver is classic. The cost will vary depending on the style and finish you choose, but prices start very low — as in $19 for a 20-pack of drawer pulls. “You can get it all on Amazon,” says Diane Lancaster, a real estate broker with Lake & Company in Seattle. “I see it in multimillion-dollar houses all the time.” Order the supplies online and you’ve got a quarantine-friendly mini project.

Paint projects: What will get you the most bang for your buck? “It’s always paint,” Lancaster says. “Putting a fresh coat of paint on things, it’s like night and day. It just changes everything.” Hiring a pro will cost about $400 a room. If you’re patient and have a steady hand, this is a project you could take on yourself.

Light it up: Consider changing outdated or builder-grade lighting fixtures. Lowe’s, Home Depot and local hardware stores are still open and have a good selection of fixtures at reasonable prices. The chains also have online shopping.

Curb appeal: If you’re handy and up for a bigger project, consider replacing your front door to give your home a great first impression. A typical front door starts at $500. You can add glass to let light in or switch up the color. “It’s very inviting,” says Marcus Roberts, a real estate broker with The Cascade Team in Seattle. “It’s an easy way to show people take pride in their home from the outside.”

Projects to plan for

With the tight local housing market, many Seattleites are opting to put extra love into their current space instead of trading up to a more expensive home. If that sounds like you, imagine your fantasy home and plan a project that moves your space a bit closer to that level.

Kitchen makeover: “Kitchens, bathrooms — always the best return on your money,” Lancaster says. In Seattle, a kitchen remodel starts at $50,000 and jumps up exponentially from there. When you blow out walls or add windows, you’re changing the structure of the house, and that ratchets up the price tag fast.

It sounds like a ton of money (it is!), but consider this: In modern homes, the kitchen is the most important room in the house. Picture an open-concept kitchen with a big island in the middle, bar seating all around for your friends and family, and a gas range behind you. It’s perfect for anyone who loves to cook and entertain. “Pretty much whatever you do in the kitchen, you’re going to get your money back out of again,” says Ren Chandler, president and founder of Dyna Contracting in Seattle.

If your budget is tight, instead of doing a full-blown kitchen remodel, sand down and repaint your cabinets. Remember 20 years ago, when cherry cabinets and black granite countertops were all the rage? Well, they’re not the rage anymore. A coat of white or light gray paint will give those dated cabinet fronts new life. There are lots of YouTube videos, as well as a Lowe’s tutorial, that give step-by-step instructions.

Replace countertops with butcher block (always in) or quartz (same look as marble, but not as fussy). Or update your appliances: Stainless steel is still in and will run about $3,000–$8,000 per piece for high-end models.

A better bathroom: It’s easy to close the door and try to forget about that ugly bathroom, but an upgrade is a good investment in your house — and your sanity. After all, it’s a place to have at-home spa days and practice relaxing self-care in this stressful time.

The hot look now is a modern twist on classic design — think 5-inch hex tiles and raw-edge cabinets — and everything light and bright. Can you add a skylight? “Anything in the Northwest to bring in light, I swear,” Lancaster says, laughing.

A full bathroom renovation will cost $25,000– $30,000 if you’re just replacing the finishes and not changing the structure. Going big, such as adding a half-bath or an en-suite bathroom to the master bedroom, will raise the cost considerably.

Planning tips: Unless you’re in the biz, you’ll need to hire a contractor for these big jobs. Ask around: Word-of-mouth referrals from your friends and neighbors are your best source of information. Check out the contractor’s references, look at their projects and talk to them about their experience. Ask tough questions: What’s a bad experience you had? What’s your history of sticking to a budget?

But don’t go too far before you pull together a really detailed budget. “I think it’s important to get a real number,” Chandler says. “You’re not going to change the backsplash tile and save $200,000. It’s important to get in the right range so you can make informed decisions.”

by Amy Pawlukiewicz

original article: https://www.homelight.com/blog/buyer-what-to-do-after-buying-a-house/

So you’ve bought a house. Congratulations! You’re done, right?

Buyers — especially first-time buyers — can feel like they’ve just finished running a marathon after buying a house. But it’s not over yet! You still have to move in, customize the house to your needs, and make sure you’re prepared for the rigors of homeownership.

Here’s a complete list of what you need to do after buying your home.

Set up your new address everywhere

Now that you’re in your new digs, people need to be able to find you. Make sure to notify your friends and family. You want to get all your holiday cards, right?

Next is your employer — this one is important and frequently forgotten, so make sure you drop your HR department a line so they can update their records.

Don’t make the mistake of forgetting your creditors! The last thing you want is a ding to your credit score because a bill went to the wrong place.

Finally, the U.S. Post Office needs to know your new address. Set up mail forwarding from your old place to your new home to make sure you don’t miss any important correspondence.

Insurance

You probably set up homeowners’ insurance while you were processing your mortgage paperwork, which is great. But your address can affect your car insurance as well, so make sure to check in with your insurance company to confirm that your car insurance is sufficient.

Talk to your agent about how your big, new asset affects your other insurance products — many agencies offer a bundling discount, so don’t leave money on the table by not bundling all your insurance products.

Do you need flood insurance? Even if FEMA doesn’t require it, it might be a good idea to add it, since floods are the most common natural disaster in the U.S. and cause thousands of dollars in damage every year.

And what about earthquake insurance? If you’re on the West Coast, don’t make the mistake of thinking your homeowners’ policy will cover you in an earthquake — it won’t. The California Earthquake Authority has a premium calculator on their site, although you do have to purchase insurance through a participating insurance company.

Do you need to document your belongings for your new homeowners’ insurance policy? Homeowners’ policies contain a section about insuring the contents of your home, and it’s a good idea to create a home inventory so you know what level of insurance you need. If you’re unsure of where to start, ask your agent about the best way to do this — and make sure you store the documentation somewhere safe.

Home warranties

Are you going to buy a home warranty? Now is the time! Home warranties cover a whole host of things, from air conditioners to plumbing to simply rekeying your house.

Sometimes real estate agents will try to negotiate a home warranty to be paid by the seller for a year or so. “When I write up an offer, I’m always asking the seller to pay for a home warranty,” explains top-selling Charlotte real estate agent Greg Martin. But if that doesn’t happen, it’s a good idea to look into a home warranty yourself.

“If something happens and you call the warranty company, then they will send somebody out. I recommend it for everybody,” continues Martin.

Cleaning and painting

A lot of buyers aren’t organized enough to clean and paint before they move in, but it makes everything easier if you can swing it!

Try to get at least a thorough cleaning done before you move all your stuff in, and if you can, get all your painting done.  It’s much easier to paint an empty room than a room packed with furniture.

Your new home might not have any window treatments; if not, they should be at the top of your list of things to purchase (you don’t want to give your new neighbors a bad first impression, after all).

Check to see if the house has horizontal and vertical blinds, and make sure you like the style. If not, make a list of all the windows that need treatments and the measurements of those windows so you have it handy at the hardware store or when you’re ordering online.

Get to know your new home

In case of emergency, you definitely need to know where everything is in your new home!

First, the main water shut-off valve — sometimes this is in the garage. Sometimes it’s in the basement or crawl space. Make sure you know how to shut off your water in case a faucet breaks or a sink starts leaking.

Next, find the circuit box and make sure your fuses or switches are well-labeled. Nothing is more frustrating than blowing a fuse and having to check each one individually because nothing is labeled. And you might be surprised — sometimes fuses from different parts of the house are tied together on one switch, so do your homework early and don’t be left scratching your head during an outage.

Find the gas shut-off valve, if applicable. During a natural disaster, the first directive is often to shut off the gas, so it’s super important to know where the gas shutoff valve is. If at some point you smell gas in the house and need to shut it off, you don’t want to have to go searching for the valve while your house fills with gas.

If you have a sump pump, make sure to test it. Sump pumps are amazing if they’re used correctly, but if not, they can lead to thousands of dollars worth of damage. They are located in the basement or crawl space of a home, and they ensure that if there is standing water in your home, it is pumped out into your storm sewer or a containment pond.  The Roto Rooter website has some great step-by-step videos for checking your sump pump and maintaining it properly.

In the United States, more than 20% of homes rely on a septic system for treating wastewater. If you fall into this category, you’ll need to perform regular maintenance on your septic tank to make sure you don’t end up with a malfunction.

It’s a good idea to hire a professional to inspect your septic system, if you didn’t do so during closing of your loan. Septic tanks need to be pumped every three to five years, so make sure you have all the details on when maintenance was last performed on your system. There are different types of septic systems and several variables that can affect how they function, so hiring a professional in this case is probably your best bet.

Security

Make sure that before you move into your new home, you change all the locks, garage codes, and security codes. You don’t want the previous homeowners (or their friends) to have access to your house because you forgot this important step.

If you are putting this off, check for hidden spare keys on the property in places like the tops of door frames and under rocks on the porch. (But your best bet is to change the locks ASAP.)

Have extra keys made so you can get in if you’re locked out! You don’t want to have to chance breaking one of your new screens or windows by crawling through when you’re stuck outside. You can get hide-a-key rocks and figurines online, so hide one in your yard or garden and ensure you’re never locked out.

Reset any security codes — garage, alarms, even locks sometimes have security codes, so make sure you change all of the codes before settling into your new digs.

Safety

Water in your new house running too hot or too cold? Check the heat on your water heater and reset it if you aren’t comfortable with the temperature setting.

Make sure your smoke and carbon monoxide detectors are working. Carbon monoxide is called “the quiet killer” for a reason — it is odorless, colorless, and leaks are soundless, so there is no way to know if it’s in your house unless you have a working carbon monoxide detector. Replace the batteries in all smoke and carbon monoxide detectors around your new home to make sure they’re in working order.

Place fire extinguishers in the house — there should be one in the kitchen and one on each floor of the house. And set up an emergency kit and place it somewhere you’ll remember, making sure to check it every six months for expired products. Emergency kits should include items like:

• A three day supply of non-perishable food (don’t forget pet food, too)
• One gallon of water per person per day, and more if you have pets
• A battery powered or hand-crank radio
• A first aid kit
• Flashlight
• Batteries
• A manual can opener
• Prescription and non-prescription medications
• Cash, preferably in small bills
• A change of clothing for each person
• Matches
• Fire extinguisher
• Feminine supplies

You can tailor your emergency kit, so sit down and make a list of those day-to-day items your family needs.

Living

Once you’re in your new home, set up your utilities, including gas, water, electric, Internet, and cable/television. Then, set up autopay everywhere you can to keep your credit pristine and avoid missing any utility payments. Check all the lights in your new house and replace any bulbs that are out.

Make a maintenance plan

Your new house requires maintenance not included in everyday cleaning and tidying up. These duties include:

• Dryer hose and vent: Your dryer can become a fire hazard if the vents and duct are not cleaned often enough. Make sure you check your dryer at least once a year to make sure everything is working properly — more often if there’s a problem.
• HVAC filters and maintenance: HVAC filters are fairly easy to change, once you know where they are, and should be swapped out every one to three months. Some air conditioning and furnace systems have a washable filter that you can take out and rinse off, so make sure you check to see what you have when you move into your new home.
• Refrigerator: Simple maintenance can significantly increase the life of your refrigerator. Empty your ice bins monthly. Every three months, clean the condenser coils and inspect the door gasket. Newer fridges have insulated coils, so cleaning won’t be necessary. Every six months, replace the water filter and clean the drain hole, if applicable.
• Water heater: Once a year, drain your water heater and rinse out any sediment that has collected in it. If you have a tankless water heater and live in an area with hard water, think about having a pro come out once a year and descale it.
• Gutters: Make sure to clean your gutters at least once a year — more frequently if you have trees on your property.  Not cleaning your gutters can lead to serious damage to your home, including mold and even ruining the foundation.

Introduce yourself to the neighbors

Go and say hello to your new neighbors! Neighbors can be an incredible resource for the goings-on in the neighborhood, and can also give recommendations for handymen, landscaping, and so on.

Does your neighborhood have a neighborhood watch? Are there neighborhood meetings you should be attending? Does the neighborhood have an annual block party or barbecue? NextDoor, a social network specifically for your neighborhood, is also a great way to stay informed about events, sharing safety tips, and even finding babysitters/house sitters.   If you’re unsure about how to introduce yourself, a small party can be a great icebreaker for meeting your neighbors as well.

Documents

First and foremost, if you don’t have a fireproof file box, get one to store your important documentation in. Make sure you have copies of your mortgage documents and insurance documents stashed somewhere safe (like in the fireproof box).

Do you have a will? If you don’t, you probably should now that you have a large asset. If you do have a will or any other inheritance documents, be sure to have your lawyer rewrite it to include your new home.

Homesteading

Homesteading, in basic terms, is a commitment to self-sufficiency, and it has become a popular trend in recent years. It can encompass growing your own food, raising animals, and producing your own energy, among other things.

If you’re interested in homesteading, be sure to see if there’s an opportunity in your county, and fill out any paperwork necessary to get you started.

Start saving for emergencies

Now that you’ve got your dream home, the last thing you want is to be hit with an emergency that you’re not financially prepared to cover. Try to put away at least 1% of your paycheck, more if you can, so you’re not in trouble if problems do pop up.

Whether you’re a first-time homebuyer or buying your second or third home, these are the steps you should take after buying a new home. If you’re looking for more guidance, check out HomeLight’s article on settling into your new home.

Header Image Source: (Nate Embry/ Death to the Stock Photo)

original article: https://www.henleystandard.co.uk/news/property/150523/estate-agents-top-tips-for-getting-your-home-ready-for-the-spring-market.html

SPRING is traditionally a popular time for buying and selling houses, and people looking to sell must present their homes in the best possible way.

Lauren Scott, the president of the National Association of Estate Agents, said: “With housing market activity on the rise during February and March, it’s important to take every step to make your property stand out above the competition.”

NAEA Propertymark has the following tips for sellers, to help ensure that buyers see their homes in the best light possible during viewings.

First impressions

If your front door is looking a little shabby, buy a new doorknob, a brass letterbox or a stainless-steel house number — these small touches can instantly make your home feel more welcoming.

Spring cleaning

A spring clean is essential before a seasonal sale. Make sure any old winter grime is removed from the property, give old carpets a deep clean, and thoroughly clean all curtains, or upholstery that attracts extra dust.

It’s also a good idea to deep clean all carpets before putting your house on the market as well to ensure the whole house feels clean and fresh.

Kitchens and bathrooms

Kitchens and bathrooms can make or break a sale, so make sure yours look their best. Give tired-looking bathrooms a makeover by hiding any unappealing pipework and fixing up any worn tiling. Tidy away bathroom clutter such as toiletries and cleaning products. In the kitchen, replace any worn work surfaces and cabinet doors if possible.

Lighting

A dark room is not ideal — the easiest way to brighten a room is to maximise natural daylight as much as possible by opening curtains and blinds and cleaning the windows.

Minimal decoration

Potential buyers must be able to picture themselves living in the home they are viewing, so if you are redecorating before selling, it’s best to keep the decor simple and colours neutral.

Flowers

Keeping fresh flowers on display is a welcoming touch that will make your home appear well kept. Flowers can play a vital role in giving rooms a lift and create a clean fragrance to greet a buyer.

Remove pets

If you have pets, air out the property in advance of any viewings, light a freshly scented candle to mask any lingering smells and consider leaving your pet with a friend or family member for the duration of the viewing.

By Dan Nosowitz

original article: https://www.bhg.com/news/low-mortgage-rates/

Over the past month, mortgage rates in the United States have dropped to truly astounding numbers. According to some sources, 30-year fixed mortgages can now be found at less than 3%. In fact, MoneyWise, a digital personal finance publication, says that mortgage rates are at their lowest in nearly half a century. So what does it mean for potential home buyers?

FEVERPITCHED/GETTY IMAGES

Some economists have pegged the rapid spread of COVID-19 as a primary cause of low mortgage rates. Since the first case of coronavirus was reported in December 2019, mortgage rates have dropped precipitously. And huge stock market sales have prompted lenders to lower interest rates to try to rescue their monthly figures.

But that isn’t the full story. For one thing, this phenomenon isn’t exactly new, despite the impressive lows. “In general, since the [2008] financial crisis, we’ve been in a low-interest-rate environment,” says Melissa Stegman, a senior policy counsel at the Center for Responsible Lending, which focuses on mortgage issues. “It’s not like suddenly rates are low. They’ve been low.”

Mortgage rates in 2000 were at an annual average of more than 8%, according to Freddie Mac. Following the financial crisis in 2008, they swung lower; in 2012, rates were hardly higher than they are today. These mortgage rates are closely tied to movement in the bond markets; in brief, when the stock market falls, panicked investors pile into bonds, which are more secure. But bonds and mortgages compete for the same investors, which means that as bonds rise, mortgage rates fall.

But while that’s led us to today’s shockingly low mortgage rates, it doesn’t necessarily mean that more people will be able to buy homes. “Even if mortgage rates are low, from our perspective and the research that we’ve done, mortgage credit availability is very constrained,” says Stegman. Low inventory and strict rules have made it very difficult for those with less-than-perfect credit to get mortgages. Mortgage availability is up since the dog days after the 2008 crisis, but they’re still low comparatively.

Low inventory and strict rules have made it very difficult for those with less-than-perfect credit to get mortgages.

Stegman described many rejected mortgage-seekers as presenting an “acceptable” amount of risk. These are prospective homeowners who would have gotten mortgages, no problem, 20 years ago. Now? Not so much.

That means that the people who are really going to benefit from these new record-low mortgage rates aren’t those who are seeking to buy their first home: it’ll be homeowners looking to refinance. In fact, refinance situations are expected to double this year. The industry is even struggling to keep up with requests to refinance. At some banks, there are hours-long waits to even talk to a loan officer.

It’s really important for the borrower to make sure the lender has run the numbers on the different scenarios and make sure that refinancing is really a benefit to the homeowner.

– MELISSA STEGMAN

For current homeowners, now is a great time to investigate a refinanced mortgage, but that doesn’t mean that refinancing will work for everyone. “It’s really important for the borrower to make sure the lender has run the numbers on the different scenarios and make sure that refinancing is really a benefit to the homeowner,” says Stegman. Interest, for example, is front-loaded in a mortgage, meaning that if you refinance, you might end up paying off interest for a few years before you even hit the capital.

There are also lots of fees associated with refinancing, and with a new craze for refinancing, those fees could be rising. Before refinancing, consider how long it’ll take to pay off those fees, which can sometimes be thousands of dollars. “Just the fact that there’s a lower interest rate might not in and of itself make it worth it,” says Stegman. 

If you’re thinking about buying a new house (or refinancing an existing mortgage), compare choices and thoroughly vet the numbers.

Most importantly, and despite the long waits you might encounter, be sure to shop around. Different lenders will present you with different options, and some might be better than others. So if you’re thinking about buying a new house (or refinancing an existing mortgage), compare choices and thoroughly vet the numbers. It could save you money in the long run. FIND YOURDecorating StyleSTART NOW

By Jeff Andrews

original article: https://www.curbed.com/2020/3/6/21163523/coronavirus-economic-impact-housing-market

Few homes look their best in the dirty grays of late winter, which is, in part, why homebuying season coincides with the arrival of spring. This year, however, the crocuses that can make a house look that much nicer are showing up alongside the less reassuring news of a virus circling the globe.

The rapid spread of COVID-19—more commonly referred to as coronavirus or novel coronavirus—has claimed more than 3,000 lives. Conferences and sporting events are being canceled, Americans are stockpiling groceries in preparation for the worst, and the stock market has dropped almost 10 percent since February 24.

If you’re in the market for a house, all this uncertainty might have you worried about the housing market. Will it suffer a swoon similar to Wall Street? There are a few ways the virus could effect the housing market that you should be aware of—but before we get into the details, you can breath a sigh of relief, because a housing catastrophe on the scale of the 2008 financial crisis is almost certainly not going to happen.

There are over 300 cases currently confirmed in the United States. The countries where the virus has hit the hardest—namely China, where nearly 80,000 cases have been documented—are global manufacturing hubs that corporations use as suppliers. China’s economy has been brought to a standstill as a result of the virus, and if that continues it could lead to further economic fallout.

However, historically low inventory, a humming economy, and rock-bottom mortgage rates are setting the stage for a highly competitive homebuying season.

Coronavirus already pushing mortgage rates lower

The current dip in the stock market is being caused by the possibility that the new coronavirus will disrupt global supply lines, damage corporate earnings, and thus make companies less valuable. But it will take some time for all of that to shake out and to see what the actual effect of the outbreak is on business.

But what matters more for housing is bonds, the price of which affect mortgage rates. When investors start thinking the stock market is too risky—like right now—they sell their stocks and buy bonds. The increased demand pushes the price of bonds higher. The higher the price of bonds, the lower the interest payment—called the yield—is relative to the price. When bond yields are lower, mortgage rates are lower, too.

This is why mortgage rates have dropped as a result of coronavirus. Rates are down to around 3.5 percent, and the Federal Reserve announced earlier this week that it was cutting its target interest rate by a half percentage point, which typically would cause mortgage rates to fall even further.

However, mortgage rates are already at three-year lows, and it’s an open question how low mortgage lenders are willing to go, regardless of whether the Federal Reserve cuts its target rate.

Where the housing market currently stands

The housing market is, in a word, tight. Consider Seattle, where home prices have risen dramatically as it has become one of the country’s leading tech hubs. And while the nation as a whole is suffering from housing shortages, Seattle’s available homes for sale dropped a dramatic 27.6 percent year-over-year in January.

The housing market in other cities isn’t much better off: supply is at near record lows nationwide, and demand is near an all-time high. This combination means home prices are also near all-time highs in most cities as many potential buyers are bidding on a limited supply of homes for sale.

At the end of 2019, the number of houses for sale dropped even lower, particularly on the West Coast. Compared to a year ago, some cities saw double-digit percentage decreases in available homes for sale, although that is partly a function of there having been a supply spike in the second half of 2019, so the decrease looks more stark than it otherwise would.

But the supply spike was short lived. “It’s actually back down near record lows in terms of the level of inventory for many markets and the country as a whole,” says Jeff Tucker, an economist with Zillow.

On the demand side, key indicators suggest there will be a lot of buyers in the market. Low unemployment, solid wage growth, and low mortgage rates are all signals of high demand. Todd Teta of ATTOM Data Solutions, a real estate data provider, says they’ve seen unusually high web traffic to real estate portals like Zillow and Redfin.

“We look at the portals, and traffic was way up relative to seasonality than what you saw in January of 2019,” he says. “All those indicators are looking pretty strong.”

It’s hard to forget the recent history, but while the 2008 financial crisis saw both the housing and stock markets drop in tandem, this was an aberration in so many ways; the housing market crash was ultimately the cause of the stock market crash. Typically the housing market isn’t tied to swings in the stock market, because people don’t buy houses purely as an investment. Housing is a basic need, and the decision to buy one is usually prompted by entering a new stage of life.

A newly married couple is moving in together and is buying a house. A couple is having a kid and needs more space to accommodate the baby so they buy bigger house. Empty nesters have more house than they need after their kids go to college, so they downgrade to a smaller house.

A stock market correction doesn’t change these circumstances for people. Even in full-blown recessions, the housing market is incredibly durable. In some previous recessions home prices have actually gone up.

Are homebuilder supply lines being disrupted by coronavirus?

The short answer is yes. Nearly a third of home building material inputs come from China, according to the National Association of Home Builders, not to mention more finished products like bathtubs, sinks, appliances, and more.

This could delay home construction at a time when it has finally picked back up. Since the financial crisis, home building has struggled to keep pace with demand because of the cost of construction material construction cost material, lack of available land, and a construction labor shortage.

However, home builder confidence has skyrocketed in recent months, according to the NAHB. This signals that builders are more inclined to start construction on homes. To wit, new home sales—largely dependent on how many homes are built—have spiked dramatically in recent months, as have construction starts.

But if supply lines are disrupted, it could dampen the pace of home building and contribute to inventory shortages.

“Low interest rates help support demand, and consumer confidence readings in the coming months will be key, but the virus does heighten some of the longer-term challenges on the supply side in terms of housing supply,” says Robert Dietz, an economist with NAHB.

So how should I approach things heading into the spring homebuying season?

The conditions are set for the spring being an incredibly competitive housing market. Inventory is low, demand is high, and mortgage rates are low. If you already own a home, you might consider refinancing while rates are this low; other homeowners are already jumping at the chance.

However, it’s worth taking recent housing market history into consideration. Two years ago, similar conditions existed in the market and one realtor told Curbed that we were entering “the most competitive housing market in recorded history.”

That market didn’t materialize. Instead, home prices hit an affordability ceiling that kept many buyers out of the market. Eager sellers who listed their homes in hopes of taking advantage of the favorable conditions saw their homes linger on the market, leading to an inventory pile up not seen since the 2008 housing crash, particularly on the West Coast.

Home prices are still very high. If the same conditions existed and home prices were a little undervalued, it would likely create rapid home-price appreciation. But with prices already maxed out, it remains to be seen whether current market conditions cause prices to break even higher or hit a ceiling.

The wild card in the housing market is coronavirus. If its impact is prolonged and induces even a minor recession, it could put a damper on demand—which would actually be welcome for buyers in particularly competitive markets. Still, don’t expect home prices to drop. It would likely just slow down the pace at which they are rising.