BY NATHALIE KIRBY

original post: https://www.housebeautiful.com/home-remodeling/a35430444/easy-repairs-to-sell-your-house/

DON MASON

Thinking about moving? While the selling process can sometimes be long and complicated, there are ways to not only increase the speed at which your home sells, but also increase its value. And the best part? Most of these fixes are pretty simple! Things like painting the walls, pulling weeds out of the garden, and just giving your home an extra-thorough cleaning could actually make a difference in your sale.

But before you jump into repairs, determine how much you’re willing to spend and where you want to spend that money. A good place to start is by looking at other local listings. Daryl Fairweather, chief economist at Redfin, suggests seeing what improvements neighbors have made and how much they were able to sell their homes for. She also points out that you want to be careful not to over-improve. “A luxury home in a normal neighborhood doesn’t make sense,” she says.

So how much should you spend? While this largely depends on your area, Brett Jennings, owner and founder of The Real Estate Experts, says that the average homeowner in California spends between $10,000 and $30,000 preparing their home for market, though some spend up to $100,000. (Bear in mind, however, that the price of real estate in California tends to trend higher than in most other areas of the country, so these averages are likely lower elsewhere.) Although this might seem like a lot of money, Jennings argues that it’s worth it. “If you don’t do home improvements, don’t expect your home to sell at the price other homes are selling for,” he says. “Most people think that if your home is worth $500,000 and you spend $10,000 on improvements, you’ll really only be getting $490,000. The reality is that you’ll likely double or triple your investment when you bring it to market.” Fairweather adds, “People want move-in-ready homes, especially now.”

Of course, it pays to be smart about where those investments are going. “Kitchens and bathrooms sell homes,” states Karen Swanson of New England Design Works. “And with all the home improvement shows out there,” she continues, “buyers are savvy about the work involved. So the nicer these spaces can look, the better.” That’s not to say you need a total gut renovation, but small swaps could make all the difference. From minor repairs to slightly more involved projects, read on for everything you should do to prepare your home to sell.

Paint

Painting your home before putting it on the market can undeniably help your sale. Jennings says it’s actually the most important improvement you can make. Both Jennings and Dolly and Jenny Lenz of Dolly Lenz Real Estate agree that painting provides one of the best returns on your investment, since it’s relatively low-cost, especially if you can do it yourself. “New paint can rid your home of old odors, cover all those dings and fingerprints, and provide a fresh canvas that piques the buyer’s imagination,” says the Dolly Lenz team.

And new paint isn’t limited to the walls. Painting the home’s cabinets could also have a positive impact on a sale, though Jennings recommends steering clear of daring colors and opting instead for a hue that’s on-trend. Swanson adds that paint color preferences are often regional. “In terms of the Northeast, people love their white kitchens, so that’s usually a safe bet,” she suggests.

Replace Hardware and Light Fixtures

If paint is the outfit of a home, consider hardware and light fixtures the accessories. Both have the ability to dress up a home, and without them, a space can feel boring. Often, lighting and hardware can make the difference between a good and a great home for potential buyers, meaning it’s worth your while to swap out dated pieces for more contemporary counterparts. Jennings even goes so far as to state that these seemingly minor repairs could get you double or even triple what you invested. After all, first impressions are major when it comes to making a sale, according to Jenny and Dolly Lenz, so it’s important to invest in areas that might influence that impression.

As with paint, preferences for hardware and lighting fixtures vary, so it’s useful to research what’s trending in your area and what’s most likely to sell. Need a suggestion? Swanson says, “Aged brass is very popular, so choosing this and perhaps adding an inexpensive pendant light also in aged brass would likely make a big impact.”

Landscaping

Potential buyers want to be able to envision themselves living in the home they’re looking at. Pulling up to a yard full of weeds risks clouding that vision. As Dolly and Jenny Lenz point out, “A lack of effort can kill your sales process before it begins.” They add, “You want those people to stop and get out of their car, not keep driving by.” Easy fixes like pulling out weeds in flower beds or putting down wood chips in muddy spots could make all the difference for a potential buyer who’s imagining pulling up to the house every day.

Repair Anything That’s Broken

While this might seem obvious, you’d be surprised at how much gets overlooked. Dolly and Jenny Lenz say, “No one wants to walk into a house with lights that don’t turn on, shades that can’t be opened, or doors that are stuck. As an owner, you may not even know that something is broken, but a discerning buyer will certainly zero in on your home’s imperfections. Put yourself in the buyer’s shoes and go room to room looking for issues. Fixing any obvious defects can pay dividends in the future.”

Flooring

OK, so this one might not be as easy as getting out the paint roller or doing an afternoon of gardening, but it could make a pretty major difference in your sale, according to Jennings. Along with painting, flooring is another improvement that can maximize your return on your investment. Scratched, dated floors might not seem like a big deal to you, but for a buyer, it’s just another thing they would need to fix upon moving in. At the very least, get an estimate for the work to pass along to your buyer if you can’t do the repairs yourself.

By Ana Durrani 

original article: https://www.realtor.com/advice/buy/signs-ready-to-be-a-homeowner-nothing-to-do-with-money/

here comes a time in renters’ lives when they ask the age-old question: Should I become a homeowner? Obviously, finances have a lot to do with the decision whether to rent vs. buy.

But there’s more to it than just credit ratings and cash reserves—homeownership is a lifestyle change that you have to be willing to take on.

“People mostly talk about buying and selling a home from a financial perspective,” says Andy Piper, founder and CEO ofthe Piper Partners Real Estate Team at Keller Williams Realty in Ann Arbor, MI.

“But when you dig deeper, you find out the real reasons people want to buy a home relate to the pride of ownership, self-expression, connecting in a community, and providing for their family.”https://b2c-banner.marketing.moveaws.com/welcome/banner/WSJ/wsj300x450.php

Are you mentally ready to take on homeownership and all the obligations that come with it? Here are a few pointers that will help you assess whether you’re ready to become the master of your own domain.

1. You’re ready for home maintenance and upkeep

As a renter, you’re used to putting in a service request to your property manager or calling the maintenance supervisor to come fix the dishwasher when it breaks down. But owning a home means you’re now responsible for making repairs—or hiring and paying someone to take care of them.

“So many renters tell me they want to plant a garden, or rake leaves,” says Piper. “The natural pull of wanting to plant your feet on your own piece of ground and get your hands in the dirt is huge.”

Just being willing to shoulder home maintenance could indicate you’re ready to take the home-buying plunge.

2. You’re ready to settle down and stay put 

Many of us test-drive a few different cities before landing on a place where we’d like to put down roots. If you’ve found an area where you’d like to live for a significant period of time, homeownership is a worthy consideration.

Experts say a home is an investment that is likely to increase in value as long as you hold onto it for a few years.

“Buyers should plan to stay in their home for at least three years. If possible, seven to 10 years is a better time horizon, because it is roughly one full cycle of the housing market,” says Piper.

3. You’re itching to make home upgrades

Do you fantasize about putting in wood floors or tearing out that laminate countertop and replacing it with elegant, durable quartz? If your lack of control over the interior design of your home is too much to bear, you’re probably motivated to buy property you can customize to your heart’s content.

Nancy Beck, an agent with Century 21 in San Diego, also points out that homeowners can “make homes more functional for their needs.”

For example, if you work from home, you may need to build out a workspace in a nook or closet.

Alternatively, if you or a family member is disabled, you may need to make specific modifications that’ll make life easier, like lowering the countertops or building an accessible shower.

4. You want more privacy and control over your living space

Sick of your landlord coming into your apartment, or hearing your neighbors arguing, loud music blasting, or footsteps tramping up and down the stairs? Homeownership can give you the privacy and peace that you crave.

Animal lovers will be happy to have a place of their own where they don’t need to pay an extra fee, or ask a landlord for permission to house their four-legged friends.

5. You want your home sweet home

You can make any rented space a home. But as sweet as that space may be, it’s still not yours. And putting hundreds—or thousands—of dollars a month toward housing that you don’t actually own can weigh heavy on your mind.

“The personal satisfaction and sense of accomplishment achieved through homeownership can enhance psychological health, happiness. and well-being for homeowners and those around them,” says Piper.

Ultimately, buying a home is an investment in your own future, and, if you’re financially and mentally prepared, homeownership can give you a feeling of security and stability.

by: Kelsey Pudloski

original post: https://www.livabl.com/2021/01/la-housing-market-gained-value-2020.html

Photo by Dillon Shook on Unsplash

Home to America’s most expensive residential listing and scores of other exorbitantly-priced spec mansions, it’s no surprise that Los Angeles is one of the highest-valued real estate markets nationwide.

As home prices jumped 9.3 percent in 2020, the value of LA’s housing stock increased by $262 billion, more than any of the country’s 50 largest metropolitan areas. That’s according to a new Zillow analysis measuring US housing market gains, which found that Los Angeles-area homes are now worth a total of $2.8 trillion. Between 2011 and 2020, its valuation surged by $1.36 trillion.

LA is the second most valuable residential real estate market overall, falling behind the New York metropolitan area, worth an estimated $3.1 trillion. The gap between these two high-priced metros is narrowing, however. In 2020, The Big Apple’s housing stock captured only $57 billion in combined value. Seven metros, including comparatively smaller markets like Boston, Washington, D.C. and Seattle, recorded higher gains than New York last year.

At the state level, California accounted for more than a fifth of the country’s total housing value, representing $7.8 trillion. The Golden State is home to four out of the 10 highest-valued metropolitan areas in the United States — Los Angeles, San Francisco, San Jose and San Diego.

“To put that $7.8 trillion statewide total in perspective: It’s about the same amount as the total market cap of the British and European stock exchanges (London and Euronext),” wrote Zillow Economist Treh Manhertz.

Looking at the US market as a whole, the housing stock gained $2.5 trillion last year. Appreciation of existing homes equaled $2.2 trillion, while new construction homes contributed $274 billion.

Record-low mortgage rates and changing lifestyle needs prompted millions of Americans to search for a new home, sending prices skyward amid declining inventory levels. To help meet the demand, homebuilders ramped up construction to the highest pace in over 14 years.

“Add that together and you see why the housing market gained more than in any year since the Great Recession,” concluded Manhertz.

ByBrittany Martin

original post: https://www.lamag.com/digestblog/women-restaurant-owners-reher/

Local chefs, entrepreneurs, and other women in food are collaborating to help each other survive the pandemic and thrive in the industry

The pandemic has decimated the hospitality industry across the board, and small businesses owned by women have taken an even greater hit. In one survey conducted by the U.S. Chamber of Commerce last year, the rate at which female business owners reported fearing for the solvency of their enterprises amid the pandemic was more than double that of male business owners.

Now a group of women restaurant owners and other hospitality businesses in L.A. are getting together to help each other address the crisis at hand–and prepare to bounce back even stronger. Together, they’ve formed RE:Her, a charitable organization to support women in the field though mentorship, resource sharing, and small business grants.

“Over the last nine-plus months, we’ve witnessed the total inaction on the part of national leadership to provide meaningful support for independent restaurants, coupled with the outsized negative impact that COVID-19 has had on women in the workforce,” says Lien Ta, owner of All Day Baby and RE:Her’s committee lead. “We created RE:Her to not only drive business for participating restaurants during a historically slow period, but also to funnel cash, via a grant program, directly to women operators across town who are struggling to keep their businesses afloat.”

The organization is launching with a festival in Los Angeles running January 21 to 30, including online conversations, classes, and experiences featuring culinary luminaries. The festival also includes dozens of special menus and dishes at local restaurants available to order for takeout.

Over 100 local restaurants are participating in the event. Chef Ria Barbosa of Petite Peso has scaled down the traditional Filipino Kamayan meal to a two-serving version for the stay-at-home era. XELAS owner Corissa Hernandez has assembled takeout packs of beers from local women craft brewers. Laverne Smith, the “Queen of Oxtails” and owner of Little Belize in Inglewood, is offering a special edition of her signature dish.

One of the key themes of the festival is collaborations between women restaurant owners, chefs, and beverage experts who work for different local businesses. Highlights include June Kasama of OTUS Thai Kitchen teaming up with Jill Bernheimer of DomaineLA for a natural wine-pairing menu, Chef Nyesha Arrington cooking hoppin’ john alongside Roni Cleveland of Post & Beam, and a three-course dinner combining the talents of Mary Sue Milliken and Susan Feinger of Socoalo, Sandra Cordero of Gasolina Cafe, and Valerie Gordon of Valerie Confections.

Orders can be placed via OpenTable. Supporters who download a “passport” and get stamps from ten participating restaurants when picking up their orders will get a special gift bag.

by Aly J. Yale

original article: https://www.fool.com/millionacres/real-estate-investing/articles/flipping-houses-in-2021-keep-these-5-home-renovation-trends-on-your-radar/

If home flips are on your radar for the new year, then take note: Home design trends are changing.

ccording to predictions from Houzz and the National Kitchen and Bath Association, 2021 should usher in new trends in color, home technology, and even tile — and if you want your flips to align with buyer preferences, you’ll want to study up.

Here’s a look at some of the larger trends the two industry players forecast for the new year:

1. Open floor plans will be out

They used to be all the rage, but open floor plans are no longer in high demand. With so many Americans now working from home, people are looking for properties with more privacy, like areas for family members to work, hop on a video call, or take virtual classes in peace.

According to Houzz, providing this space can be done in several ways, including creating dedicated home offices, carving out small work nooks in existing rooms, or even adding sliding doors and partitions to close off spaces that are open. Accessory dwelling units (ADUs) and backyard cottages are also a good option for those looking for additional work space.

2. Added automation

NKBA’s pros say more automated features will be in demand in 2021, particularly in the kitchen and bathroom. At the top of the list are things like motion-sensor lighting, voice-activated or hands-free faucets (no germs!), self-closing blinds, and automated temperature control.

3. Lighter paints and materials

Both reports note a trend toward lighter hues next year. Houzz calls out beige, sand, and taupe as top colors to expect, while previously popular greys will start to fade out. NKBA even predicts the light-hue trend to trickle down to materials, including kitchen countertops. The organization expects light-colored quartz to be a top trend in the new year.

4. Oversized tile

This one’s interesting. According to Houzz’s design pros, 2021 will be the year of oversized tile — particularly rectangular-shaped options. “Fewer grout lines means less cleaning and less visual clutter,” the report reads. “Plus, the large-format tile can help visually expand a small space.” Apparently, herringbone, stacked, and brick patterns are on trend with this tile.

. More kitchen work areas

The “multi-zone kitchen” will be the No. 1 trend of the year, according to Houzz. Consumers are increasingly wanting more than just the traditional fridge-sink-range triangle. They’re requesting dedicated areas for prep work, chopping, baking, etc. Some even want “stations,” which can be used for drinks, work, snacking, and more.

The bottom line

If you want to ensure your home flips are marketable and command top dollar, then staying on top of current design trends is key. Want even more help selling that flip for a profit? Focus on these high-ROI projects and try these marketing tips on for size.

original post: https://www.point2homes.com/news/us-real-estate-news/new-year-new-homeowner-10-habits-to-ditch-in-2021.html

Postponing Maintenance

Every season, draw out a list of the maintenance tasks you need to perform. Ensure that your home is well insulated by fixing any gaps and holes. Clean out your gutters and fireplace. Check your plumbing for any clogging or leaks. Keep your yard tidy and trim any trees and hedges that are overgrown. The list goes on.

Keeping on top of seasonal maintenance work may cost you time and a few hundred dollars, but it can save you a costly repair later on.

Making Unnecessary Upgrades

Repainting a room or replacing an old kitchen appliance are sound investments. However, an in-ground swimming pool or walk-in closet could leave you with a hole in your budget and not much to show in terms of added home value. Before making any home improvements, always take a moment to ask: will this increase the value of your home? Is it something you can afford at the moment? And most importantly, is it actually needed?

Going for the Cheapest Option

Cutting down on costs when you’re renovating or doing home maintenance projects is always a sensible thing to do. However, cheap appliances and materials are cheap for a reason. And before you know it, you will need to either replace them, or fix the damage done when they break. Instead, rethink your budget for home projects and allow yourself to spend a bit more on a quality product that will also last longer.

Storing Items You Don’t Need

Nobody likes clutter, but tucking everything away in drawers, cabinets and wardrobes won’t make it go away. One way to make sure that your home isn’t filled with items you don’t need or use is to make a habit of regularly sorting through them. Every month, make a list of any items you haven’t used and are unlikely to use, and either donate or sell them.

Taking Long, Hot Showers

We’re sure that everyone enjoys a long, relaxing soak in a hot shower. Your home, however, does not. On one hand, long showers will result in a large water and heating bill. On the other hand, the moisture building up inside the bathroom will increase the risk of mold and mildew, especially if you don’t have proper ventilation. Keep your showers short and cool. In the long run, it’s better for your house, the environment, and even your skin.

Indiscriminate Flushing

Many products have ‘flushable’ on the label, yet that doesn’t mean that they should go down the toilet. The truth is that seemingly harmless items such as flushable wipes, paper towels and even hair are top culprits for clogged plumbing. And that’s not even counting disposable diapers or pads. So unless you want to become thoroughly acquainted with your plumber in 2021, tossing them in a bin is the best choice.

Unplugging a Power Plug by Its Cord

There are two reasons why this is a bad habit. For starters, pulling the cord of a device can cause the wires inside to strain and break, which can result in an electrical fire. Also, pulling the cord puts a strain on the wall socket, which can not only come off the wall, but also result in torn wires and, again, the risk of fire. Instead, unplug your electrical devices by pulling the plug.

Forgetting to Change Filters

Here’s a quick mental exercise: how many filters are there in your home? If you can’t name them all, there’s a good chance you already forgot to change some of them. From HVAC and heating, to water and lint filters, all of them need to be changed regularly. Checking the lint filter in your dryer is especially important, because it is one of the main causes of home fires.

Wearing Shoes Indoors

This bad habit can damage your flooring in time, as well as make it difficult to keep your floors clean. Not to mention the fact that the soles of your shoes carry thousands of bacteria into your home on a daily basis. Simply leave your outside shoes on a mat by the door and put on some fluffy slippers: they’re not only cleaner, but also infinitely comfier.

Dismissing Home Security

Many of us have worked from home in 2020, so it’s tempting to be complacent with home security. However, simply installing a security camera above your door, or even in your doorbell, can bring you a lot of peace of mind. This way, you can also keep track of parcels and other deliveries.

By Michael Juliano

original article: https://www.timeout.com/los-angeles/news/7-things-we-can-actually-look-forward-to-in-los-angeles-in-2021-122120?utm_source=BenchmarkEmail&utm_campaign=NEW_MONDAY_Client_NEWSLETTER_Dec_28&utm_medium=email

A major movie museum, a pair of famous portraits and, you know, doing stuff indoors.

After a year full of cancellations and closures, betting on a bunch of things to still happen in 2021 might seem like tempting fate. But barring insert your favorite natural or political catastrophe of choice here, we truly believe that we’ll be able to enjoy these seven Los Angeles openings.

There are a lot of things we’d love to include in our list but simply can’t quite yet. Maybe Primavera Sound and Virgin Fest will make their L.A. debuts after having to call off their 2020 editions? And what about Coachella and its promised Rage Against the Machine reunion? Will there be dueling Pride Parades? Will we be able to step foot inside of Made in L.A. and all of the city’s other never-opened art exhibitions before they have to move on?

There’s one common theme in our list that we can commit to with some confidence, though: doing stuff indoors again. Restaurants, bars, movie theaters, museums—we don’t know quite when or in exactly what form our favorite pastimes will return, but all indications point to their re-arrival at some point later in 2021. 

Sundance is bringing a bunch of drive-in screenings to L.A.

You won’t need to take a road trip to Utah this winter to see Sundance’s slate of future hits and indie darlings. Instead, the mostly-online fest, which runs from January 28 to February 3, is taking some of its only in-person events pair of SoCal drive-ins: the Mission Tiki Drive In Theatre in Montclair and at the Rose Bowl, which has operated an occasional drive-in at its parking lot since the summer. Expect tickets for the 70-plus-film festival to go on sale January 7.

Desert X takes over the Coachella Valley

What better way to ease back into the art world than with a desert-spanning biennial that’s largely based in outdoor, open spaces? For its third iteration, Desert X will once again stage site-specific installations across 40 miles of the Coachella Valley. Though we don’t know exactly what to expect from the 2021 edition, we do know this: It’ll run from February 6 to April 11, admission will be free and there’ll be an emphasis on visitor safety (it’s worth noting that the regional stay-at-home order currently bans non-essential travel and museums, but the event should hold up to the sort of slightly less strict orders we saw previously in the fall).

Hamilton and a bunch of other musicals will return

Before the world turned upside down, the hip-hop history of Alexander Hamilton’s life was just about to return to the Pantages Theater for a planned run through the fall. But its opening just so happened to coincide with California’s ban on large events. Cue a whole bunch of delays and extensions, the latest of which has the show back in Hollywood from April 6 through June 27, followed by October 12 through January 2, 2022 (The Lion King and Mean Girlswill be occupying the theater over the summer).

But as that once-sure spring date is starting to look a little fuzzier, it might be worth noting that Center Theatre Group, which also planned on relaunching in April, has bumped its season at the Ahmanson Theatre back to August, and is kicking it off with two new additions: Rodger’s and Hammerstein’s Oklahoma! (which was previously slated for the Dolby Theatre) and A Christmas Carol.

The Crenshaw Line is set start service

Its opening date has kept slipping, but Metro’s newest light rail line is expected to debut in 2021 (when the agency is also set to unveil more info about its proposal for free fare). Once completed, the route will link the E Line stop on the border of West Adams and Leimert Park with the C Line stop by LAX (which will see a people mover extension in 2023), with stops in Inglewood along the way. But already, you can see test runs from trains on tracks along Crenshaw Boulevard—the first time trains have rolled down that street since the 1950s. Look out for an update on the line in January, when hopefully we’ll find out what its letter name will be.

The Academy Museum of Motion Pictures is finally opening

Sure, this is the third time the upcoming movie museum has made one of our year-ahead lists, but barring some 2020-sized curveball we think this one will stick. For starters, we stepped inside of it last winter and can vouch that yes, it’s indeed real—and the museum has also posted some installation progress images on its Instagram. Earlier slated for April but now pushed back to September 30, the Miracle Mile institution will open with a Hayao Miyazaki retrospective that dives into 11 films from the Studio Ghibli animator and director.

The Obama portraits are coming to town

Most presidential portraits offer sober, boring reproductions of the county’s former leaders, but that’s certainly not the case for this pair of paintings. Two paintings of Barack and Michelle Obama, created by Kehinde Wiley and Amy Sherald, respectively, will leave their home in the Smithsonian’s National Portrait Gallery in Washington, D.C., and embark on a five-city tour. Exhibition slates have obviously been shaken up over the past year, but we checked in with LACMA and the original dates—November 5, 2021 to January 2, 2022—are still on the schedule.

Vidiots is reviving an old movie theater in Eagle Rock

Speaking of cinema, cult-favorite movie rental store Vidiots, which shuttered its decades-old Santa Monica shop in 2019, is rehabbing a 90-plus-year-old theater on Eagle Rock Boulevard (not too far from the slick new restaurant Chifa). The restored 200-seat Yosemite Theatre will screen repertory titles, new independent releases and hard-to-find and beloved classics, on both digital and 35mm. Plus, Vidiots will once again offer its 50,000-film-strong archive for rentals. The theater was slated to open this past fall, but it’s now eyeing 2021.

original post: https://www.mykcm.com/2020/12/23/did-you-outgrow-your-home-in-2020/

It may seem hard to imagine that the home you’re in today – whether it’s your starter home or just one you’ve fallen in love with along the way – might not be your forever home.

Many needs have changed in 2020, and it’s okay to admit if your house no longer fits your lifestyle. If you’re now working remotely, facilitating virtual school, trying to exercise at home, or simply just spending more time in your own four walls, you may be bursting at the seams in your current house.

According to the latest Home Price Insights from CoreLogic, prices have appreciated 7.3% year-over-year. At the same time, the National Association of Realtors (NAR) reports that inventory has dropped 22% from one year ago.These two statistics are directly related to one another. As inventory has decreased and demand has increased, prices have been driven up.

This is great news if you own a home and you’re thinking about selling. The equity in your house has likely risen as prices have increased. Even better is the fact that there’s a large pool of buyers out there searching for the American dream, and your home may be high on their wish list.

Bottom Line

If you think you’ve outgrown your current home, let’s connect to discuss local market conditions and determine if now is the best time for you to sell.

original post https://activatedagent.com/homeowner-equity-increases-an-astonishing-1-trillion/

In a year that was financially devastating for many Americans, some good news for most homeowners is the dramatic gain in home equity over the last twelve months. Last week, CoreLogic released its 2020 3rd Quarter Homeowner Equity Insights report, which reveals four major findings:

1. U.S. homeowners with mortgages have seen their equity increase by a total of $1 trillion since the third quarter of 2019.
2. The average homeowner gained approximately $17,000 in equity over the past year.
3. This is a 10.8% increase in equity over last year.
4. The average household with a mortgage now has $194,000 in home equity.

This has given many homeowners the ability to redesign their homes to meet their changing needs. Frank Martell, President and CEO of CoreLogic, explains in the report:

“The housing market has remained a strong pillar in an otherwise tumultuous economic year. A sharp rise in demand, spurred by record-low interest rates, continues to bolster homeowner equity. And with many people now spending more time than ever before at home, some homeowners have tapped into their strengthening equity to fund renovations.”

This build-up in equity also gives more options to homeowners who have been financially impacted by the pandemic. Today, homeowners with substantial equity are in a much better position to work out a deal with their lender if they cannot pay their mortgage. Alternatively, they also have the power to sell and walk away with their equity in the form of cash or as a down payment toward a more affordable house. Frank Nothaft, Chief Economist for CoreLogic, addresses the issue in the report:

“Over the past year, strong home price growth has created a record level of home equity for homeowners…This provides an important buffer to protect families if they experience financial difficulties and is one reason for the generational-low in foreclosure rates reported.”

Here’s a map showing equity gains by state:This gain in home equity is a blessing for homeowners in these trying times, and it seems that the next two years will continue to reward those who own a home.

Last week, the National Association of Realtors (NAR) held their 2020 Real Estate Forecast Summit. At the summit, they shared the results of a recent survey of 23 economic and housing market experts. The median forecast among the experts called for home values to increase further by 8% in 2021 and 5.5% in 2022.

Bottom Line

In a year that has many of us reevaluating what “home” really means, those who own their homes have been rewarded with a financial windfall that averages $17,000 individually and totals $1 trillion nationally.

original post: https://www.mykcm.com/2020/12/15/the-holidays-arent-stopping-homebuyers-this-year/

Black Friday and Cyber Monday are behind us, yet finding the perfect holiday gifts for friends and family is certainly still top of mind for many right now. This year, there’s another type of buyer that’s very active this holiday season – the homebuyer.

Each month, ShowingTime releases their Showing Index which tracks the average number of appointments received on active U.S. house listings. The most recent index notes:

“The Showing Index reported a 60.9 percent jump in nationwide showing traffic year over year in October, the sixth consecutive month to see an increase over last year.”

Here’s the breakdown of the latest activity by region of the country compared to this time last year:

• The Northeast increased by 65.5%
• The West increased by 64.7%
• The Midwest increased by 55.7%
• The South increased by 54.7%

Why is the traffic so active?

The health crisis definitely put homebuying plans on pause for many earlier this year. Buyers, however, are in the market and making moves well past the typical busy homebuying seasons of spring and summer.

One of the main reasons buyer traffic has continued to soar in the second half of 2020 is how dramatically mortgage rates have fallen. According to Freddie Mac, the average mortgage rate last December was 3.72%. Today, the rate is a full percentage point lower.

Bottom Line

There are first-time, move-up, and move-down buyers actively looking for the home of their dreams this winter. If you’re thinking of selling your house in 2021, you don’t need to wait until the spring to do it. Your potential buyer is very likely searching for a home in your neighborhood right now.