After almost two years of pandemic life, homeowners understand the significant value of having a yard. Here are 8 ideas for getting creative with outdoor space.

©Trevor Tinker - Getty Images

by Barbara Ballinger

Spending time outdoors at the height of the pandemic was a way to get fresh air, exercise safely, and expand living quarters. Now, nearing two years later, an outdoor retreat has become even more sought after, causing homeowners and design professionals to get creative in maximizing square footage.

Whether homeowners have a big suburban yard, rural acreage, or a small urban balcony, there are multiple ways to take advantage of the space, even in winter. They can pile on layers or follow the Swedish mantra of Friluftsliv, which translates to “open-air living and the value of spending time in remote locations for spiritual and physical well-being.”

The key isn’t the size of their space, or which activities homeowners do, but taking advantage of Mother Nature’s gifts—air, sky, clouds, sun, and greenery.

Millennials and other new homeowners have become particularly adept at using their yards for almost everything—from camping out with a tent and fire pit to organizing a staycation, or setting up an alternative office when they need a break from their indoor space, says Kris Kiser, president and CEO of TurfMutt Foundation, the education arm of the Alexandria, Va.-based Outdoor Power Equipment Institute, which encourage enjoyment of nature.

Kiser says there’s even a new term for this trend, which doesn’t need translation: Backyarding!

©AleksandarNakic - Getty Images

Here are eight ideas to help make the right investments in furnishings, landscaping, appliances, and more for your yard.

1. Link the indoors and outdoors by blurring lines. The most common way to do this is to add more windows and doors to connect the spaces and make the glazing bigger to achieve better views. It can also be done by using more colors and textures found in nature inside the home and bringing in plants. Homeowners can also decorate outdoors as they do inside, according to the online design resource, Houzz. The company’s search data shows that people want their backyards to be relaxing extensions of their interiors, which can be handled with stylish, durable materials, as well as by adding a fireplace or fire pit, outdoor TV, sound system, and comfortable seating, pillows, and rugs.

2. Set up an outdoor office. Many people made do with cramped makeshift offices during the pandemic. Others created separate indoor spaces but working outdoors can literally offer a breath of fresh air to ramp up creativity. Flowers, bushes, and trees can become the living backdrop on conference calls instead of the kitchen counters or office bookcases. Essentials to make it work include strong Wi-Fi, an electrical outlet or two for equipment that’s not wireless, a sturdy table for a laptop, a comfortable chair, lighting for night-time work, and a rug to add warmth underfoot. Some may want a small portable generator to keep power running, Kiser says.

3. Dine al fresco. Homeowners shouldn’t limit themselves to only eating dinner outdoors. Any meal—breakfast, brunch, lunch, cocktails, and snacks—can be enjoyed plein air. They should have a nice flat area, whether a balcony, terrace, or deck, to set up a table and chairs with enough space to navigate around them. Homeowners also should choose a material that won’t need frequent repainting—many closely resemble real wood and stone and are sustainable. Add the right equipment—a grill, pizza oven, running water from a spigot that won’t freeze (or a sink), and firepit—to make the experience more enjoyable. They can hang some lights, maybe a curtain, and if there’s room and funds, construct a pergola for an overhead cover. If the homeowners like the sound of running water, they can add a recirculating fountain so the water won’t freeze in the winter.

4. Add entertainment. All work and no play isn’t fun, and the outdoors is a perfect place for classic games like croquet and badminton, and board games such as Monopoly and Clue, or jigsaw puzzles. Many families are also investing in large-screen outdoor TVs and movie projectors. And then there are all the pools being built. If there is no room or funds, they might consider a less costly above-ground pool or smaller hot tub. Suggest they position it close enough to the house so they’re not trekking far in the cold or snow.

5. Establish a wildlife habitat. Attract pollinators such as bees, butterflies, and birds by planting the right flowers and plants. Add a greenhouse if there’s room, which will allow homeowners to garden all year. A birdhouse and feeder or two, are great additions; even a chicken coop is becoming more commonplace.

6. Make a yard pet friendly. Dog owners could add a fence of some type, maybe a sandpile for digging, a doghouse that’s large enough so Fido doesn’t feel cramped, and perhaps an agility course so he or she gets good exercise. Hardscape like bricks, concrete pavers, or stone can be an alternative spot to urinate that won't ruin your lawn. Also, homeowners can consider some faux lawn choices—many look authentic—and avoid planting things that are toxic to dogs and people, according to The Spruce.

7. Store neatly. Even outdoor spaces can become cluttered. A shed or closet in a garage can be set up with shelves, bins, and hooks to hang rakes, bicycles, helmets, and more. This will also keep tools out of reach of young children, and provide a place to store fuel safely, too, says Kiser.

8. Create some privacy. While homeowners may want to have a friendly relationship with their neighbors, they may also want some privacy at times, especially when working from home or throwing parties. Fences work well, but so can living screens of greenery—rows of trees, bushes, or vines. They should choose native materials that don’t require a lot of watering and consider materials that provide color or texture year-round. Start small with plantings that will grow over time, which is less costly than investing in big, mature plants.

While many of the tips on this list can be undertaken by a skilled DIYer, homeowners should also consider contacting a contractor, landscape designer, or architect sooner rather than later since many are booked far in advance.

 

Courtesy REALTOR® Magazine; Barbara Ballinger is a freelance writer and the author of several books on real estate, architecture, and remodeling

 

January is a slow time for real estate sales, but things were really slow last month. Only 870 homes were sold in New Hampshire, a 15.5 percent fewer Granite State homes were sold than January 2021, according to the latest data from the NH Realtors Association.

by Bob Sanders

Yet, prices rose 14.2 percent from a year ago, although the median price of a single-family home dipped to $399,700 from December 2021, only the second time since last May that the median has dipped below $400,000.

Condos? Pretty much the same thing. Sales went down 17.2 percent, but the median unit price rose 18.8 percent, to $300,000.

As usual, the problem was not the lack of buyers but a lack of sellers. Those homes that do go on sale are on the market for an average of 33 days. There were only 931 homes for sale in January, a 35.4 percent decrease from the previous year, and there were 706 new listings, a 25.3 percent decrease.

Homes were selling for 1.4 percent more than the asking price, the Realtors said.

Homes in Carrol County appreciated the most, at a median price of $445,000, a 33.9 percent increase from a year ago.  Rockingham County homes sold for a median $540,000, a 17.4 percent increase.  The biggest slowdown in sales came in Sullivan, where 28 homes were sold, – a 47.2 percent decrease from 2021.

-------------------

As inventory continues to sink, what next?

Housing remains scarce, and it continues to hit new lows. 

“In terms of inventory, it has been the lowest and it certainly feels that way,” said Adam Gaudet, president of the New Hampshire Association of Realtors board of directors and founder of 603 Birch Realty in Concord.

No crystal ball

Observers and stakeholders say the end of New Hampshire’s housing market spike is impossible to predict. 

The Realtors Association uses one metric above others when assessing the health of the housing market, Director of Communications Dave Cummings said. That measurement is the time it would take to sell all of New Hampshire’s housing inventory if no new houses came on the market. The hypothetical number – which factors in both inventory and demand – can speak volumes, Cummings said. A healthy market would take six months to sell all houses. Currently, New Hampshire sellers would take only 26 days. 

But Cummings argued it was only a matter of time before the pattern must reverse, if only because the state’s housing stock can’t get much lower.

“You know, we’re still just seeing it level, level, level out,” he said. “It can’t get too much lower, because essentially you’d have zero inventory.”

Contributor Ethan Dewitt , New Hampshire Bulletin

 

Attention Sellers!!!

When you list your property with our team of agents, you are provided with professional, courteous service from beginning to end. These services include, but are not limited to:

A free current market analysis: Determining the value of your property based on other properties, similar in nature that have sold or are currently on the market.

Listing your property: Entering the property in our MLS system, marketing through window displays, local and regional advertisements and various online media sources.

Representing your property personally: Having an agent from our office present at ALL showings.

Negotiating and closing the deal: Representing your requirements in the purchase and sale, while maintaining courteous representation throughout the closing.

 

So, if you're thinking about selling your home, give us a call at

603-569-4488

At Melanson Real Estate, we'll be happy to assist you with all your real estate needs.

 

 

 

 

You might be thinking about getting your house’s air ducts cleaned after watching a TV commercial that flashes pictures of dusty, moldy, dirty vents. It’s definitely enough to make you wonder what’s lurking in your ductwork. But is it worth it?

Photo: Nataliia / Adobe Stock

Written by Dawn M. Smith

The average amount to clean your air ducts is $370 

The typical cost to get air ducts cleaned is between $270 and $490.  But, depending on the duct’s condition, fees can climb to $1,000.

Is Air Duct Cleaning Worth It?

When you search the pros and cons of hiring a local air duct cleaners, you’ll find conflicting advice. 

The Environmental Protection Agency (EPA) says that from their studies, standard duct cleaning does not prevent health problems or reduce dust levels in your home. But they do recommend professional cleaning if there is visible (and confirmed by a lab) mold growth inside the vents or within the heating and cooling system. Wet insulation is a typical cause of a mold outbreak.

They also recommend cleaning your ducts if they’re infested with rodents and insects or clogged with excessive amounts of dust and debris that hampers your HVAC system and blows nasty particles through your home. If you have asthma or other respiratory issues, you might breathe better with clean ducts. You’ll have to think about your health situation to decide if you need air duct cleaning and if it's worth your money.

How Much Does It Cost To Clean Air Ducts?

Air duct cleaning costs an average of $400. But the price is affected by several factors like the size of the house, the total number of ducts, and how complicated the ducting system is. You could pay between $700 and $1,000 for a large home. 

The good news is you only need to have your ductwork cleaned every two to seven years unless you notice an issue with pests, allergenic mold reactions, or have breathing problems that improve after a cleaning.

Correct Air Duct Cleaning Costs More 

The air duct cleaning company you hire should spend between three and four hours inspecting and cleaning all system parts, including the heat exchanger, blower, drain pan, plenum, and coils. Be cautious of companies that finish fast, especially if you chose a discount special. They may only clean some of the vents for a low price. 

Be sure to ask if they use outdoor vented equipment. Most top air duct cleaning companies use this equipment, so all of the debris they capture is vented and contained outside the house. Inferior techniques used by cost-cutting companies could worsen the situation by damaging the ductwork or setting off more dust and dirt into the air inside your home. 

Don’t be surprised if your vetted professional suggests repairs or upgrades to your furnace or blower motor. It’s common to find other issues during the cleaning process. 

Here’s an idea of the costs of common repairs.

• Furnace repairs: $130–$500

• AC repairs: $160–$550

 

What Factors Influence The Cost to Clean Your Air Ducts? 

Don’t expect your costs to add up exactly like your neighbor's, even if they let you use their coupon. In addition to the size of the house and the number of vents, several other factors impact your final invoice.

The Number of Vents 

Vent cleaning costs can be broken down in various ways by your service provider. If the contractor charges per vent, expect to pay about $25 to $50 per vent. Other companies charge a flat fee in addition to the cost per vent. 

To total the average amount, count your vents, grab your calculator, and multiply by $35. This figure takes into account that each vent connects to the central system through each room and the amount of work it takes to clean.

The Appearance of Rodents 

There’s not much you can do to avoid air duct cleaning fees if you have rodents. This is one scenario where the EPA says to seek help from professionals because droppings in the ductwork can cause breathing problems. Note, you’ll probably have to hire an exterminator first. Extermination costs run between $150 to $500. No doubt, it’s money well spent for a peaceful night’s sleep. 

Vent and Duct Accessibility

If your home has hard-to-reach crawl spaces and attics to access your central HVAC system, you could pay more for the extra work involved. Your cleaning crew will let you know of their additional fees. 

Mold and Mildew Removal

Another situation where the EPA recommends duct cleaning is after you’ve verified mold growth. Although mold removal in your ductwork costs more money, likely between $600 and $2,000, it could save you thousands if you stop the mold before it spreads further. Depending on the level of contamination, there’s a good chance your contractor will suggest a mold specialist do the cleanup if it's out of their realm of expertise. 

Custom Designed Ducts

Cleaning and repairing custom ductwork is typically more expensive because the specific sizing is challenging to work with, and it’s harder to find replacement parts. After the initial inspection, your air duct cleaning contractor will tell you to either clean or replace the air ducts. If your pro has to work longer or hire a bigger crew to do custom work, expect to pay 25% to 30% more.  

 

The turbocharged housing market is hurting middle-class homebuyers stymied by a double whammy of fast-rising prices and a dearth of properties for sale.

(Getty Images)

By Clare Trapasso 

The analysis looked at how affordable homes listed for sale are for prospective buyers with different household incomes. It also looked at the number of homes for sale.

“In a highly competitive real estate market, the best areas for buyers are areas that have relatively more home available. But in order to truly be available, the home has to be for sale and affordable,” says Realtor.com Chief Economist Danielle Hale. “A homebuyer needs to ask themselves: ‘With my income and what’s on the market right now, where do I have the best shot from an availability perspective?'”

Buyers with a household income between $75,000 and $100,000 could afford only about 51% of the homes listed for sale. (Households include all adults living together, such as spouses and partners, extended families, and roommates.) That was compared with 58% in 2019. Those buyers are competing for just 245,300 homes nationally that are within their budgets.

Meanwhile, there were just 165,280 homes across the country that buyers could afford with household incomes between $50,000 and $75,000.

Even in the few places where housing became cheaper during the pandemic—such as the bigger, more expensive cities that became less desirable over the Past few years—the lack of homes for sale has made it harder for buyers to get an edge.

“Due to rising home prices and the ongoing inventory shortage, homeownership attainment will become especially challenging for middle-class buyers unless significantly more entry-level housing units become available,” Nadia Evangelou, NAR’s senior economist and director of forecasting, said in a statement. “Otherwise, the wealth gap between middle-income and upper-income households may grow even further.”

The 10 best metropolitan areas for buyers with household incomes between $75,000 and $100,000 were mostly in the South in less expensive areas that have had more new construction. These places all had more homes for sale at the right price for these buyers.

Deltona, FL, topped the list, followed by Des Moines, IA; Augusta, GA; Atlanta; McAllen, TX; Baton Rouge, LA; Miami; Virginia Beach, VA; Youngstown, OH; and Scranton, PA. (Metros include the main city and surrounding towns, suburbs, and smaller urban areas.)

“Homes are priced a bit lower so that your housing dollars stretch further,” says Hale. Also, “construction has done a better job of keeping up with demand.”

 

Clare Trapasso is the deputy news editor of Realtor.com where she writes and edits news and data stories. She previously wrote for a Financial Times publication, the New York Daily News, and the Associated Press. She also taught journalism courses at several New York City colleges.

Yes, it may still be winter but the home buying and selling season has already begun. If you're thinking of putting your home on the market, now's the time to whip it into shape.

Below are the top preparations to address... why not start now!

Update your home

With asking prices at an all-time high, most of today's buyers are looking for turnkey, not a project. You know, all those things you wanted to change in your home but never got around to doing! Well, here's your chance. Consider giving your home a refresh, with new countertops, appliances, and flooring. Change out vanities and plumbing fixtures in your bathrooms and if your cabinets are dated, it might be time to have them painted or refaced along with new hardware. Not only will this give your listing some appeal, it may also aid in increasing what goes in to your pocket.

Declutter, Organize, and Clean

No one wants a messy home. If you're serious about selling this year, now is the time to get rid of any unwanted or unused items sitting around the house taking up valuable storage space. Remember, the goal is to show how much space your home has not how cluttered it feels. You want buyers to be able to come through and focus on the space and not the stuff in it!

Windows and Screens

When was the last time you had the windows and tracks cleaned both inside and out? Are there any windows that appear clogged or are difficult to open and close? Very few sellers take the time to check their windows and screens. So to get a leg up on your competition, by cleaning, repairing and making all of them look and work great, will help you justify asking top dollar.

Landscaping

Overgrown bushes, trees and old plants can hide a homes exterior and make it look tired and unnecessarily worn. Don't forget to give your home as much attention on the outside as you do on the inside. Now is the time to have bushes and trees cut back or removed altogether. And when the weather permits, don't forget to freshen up your ground cover as well with new mulch, pine straw or river rock. In the meantime...

Call us

We offer free market analysis of your home. It will determine the value of your property based on other properties, similar in nature that have sold or are currently on the market. 

List with us 

Our team of agents provide professional, courteous service that you can rely on from beginning to end. We look forward to hearing from you!

Melanson Real Estate

Office: 603-569-4488

Mobile: 603-651-7228

 

Pandemic-related factory closures, transportation delays and port-capacity limits have stymied the flow of many goods and materials critical for home building.

(Brandon Thibodeaux for The Wall Street Journal)

By Nicole Friedman

Supply-chain backlogs are roiling the new home market, upending efforts to accelerate construction, limiting home-buyer choices, and causing some new owners to move into unfinished homes.

Home builders have increased activity in the past year in response to robust home-buying demand and a shortage of homes in the existing-home market. In many cases, the surge in demand in late 2020 and early 2021 overwhelmed builders, forcing many to halt sales in some markets while they caught up.

Now the industry is struggling with global supply-chain woes. Pandemic-related factory closures, transportation delays and port-capacity limits have stymied the flow of many goods and materials critical for home building, including windows, garage doors, appliances and paint. Freezing weather and power outages in Texas in February led to a shortage of resin, which is used in many home-building products.

While supply-chain delays for some products showed signs of easing at the end of last year, builders say it is still taking weeks longer than normal to finish homes. About 90% of home builders surveyed by housing-market research firm Zonda in November said they were experiencing supply disruptions, up from 75% in January 2021.

Delivery delays can cause a domino effect of rescheduling work crews, which is worsened by a shortage of skilled tradespeople in many markets.

Many builders so far have been able to pass increased material costs along to home buyers. But with home prices higher than ever—the median price of a newly built home in November rose 18.8% from a year earlier to a record $416,900—some builders are concerned about pricing out potential buyers.

Coby and Tierrah Finger recently moved into a housing development in Fresno, Texas. (Brandon Thibodeaux for The Wall Street Journal)

Builders are scrambling to find new suppliers, stock up on building products and use substitute materials. Some are scouring retail big-box stores for products they can’t find through the normal supply channels.

That was the case with builder Epcon Communities in Dublin, Ohio, which bought metal shower grab bars online because they weren’t available through its typical commercial suppliers, said Stew Walker, Epcon’s vice president of construction. The company’s electrical subcontractor resorted to buying electrical boxes in hardware stores, he said.

“From one week to the next, the only thing we know is that we’re going to get notified of something else that is unavailable,” Mr. Walker said.

Epcon sold some homes last year without gutters and downspouts, then installed those features after buyers had already moved in, Mr. Walker said.

Homes by WestBay LLC in Riverview, Fla., has started ordering windows six months in advance, up from the typical 60 days of lead time, said President and CEO Willy Nunn. The company’s homes are 30 to 60 days behind their normal schedule.

“About the time we’re getting ready to pave streets in a new subdivision…we’re ordering windows for 100 homes,” Mr. Nunn said.

The Fingers signed a contract with their builder in January 2021 but were unable to move in until December. Building-supply issues forced the couple to select brick three times. (Brandon Thibodeaux for The Wall Street Journal)

Many builders are selling houses later in the construction process, when they can better predict their costs and schedule, said Ali Wolf, chief economist at Zonda. Some are limiting options for floor plans or design features.

“In the home-building industry, timeline is king, because there are so many moving parts,” Ms. Wolf said.

California-based Williams Homes Inc. planned to build about 500 homes last year but only completed 400 due to supply-chain constraints, said Chief Executive Lance Williams.

“It was spotty and across the spectrum—just hiccups in the supply chain that we just historically haven’t seen,” he said. A shortage of garage doors, in particular, prompted the company to “scour the Western United States” to find more, he said.

Garage-door delays in Sacramento, Calif., prompted city officials in November to establish a provisional policy allowing builders to close homes with temporary garage doors.

The delays are causing havoc for buyers who are planning moves. And if mortgage-interest rates continue rising, buyers might face higher borrowing costs if their home closings are delayed.

Coby and Tierrah Finger signed a contract with M/I Homes Inc. to build a new home in the Houston suburbs in January 2021 and expected it to be completed by August or September. That was convenient because their apartment lease was up at the end of September, and Mrs. Finger was due with their second child in October.

But construction was delayed by city permits, freezing weather in Texas and materials shortages. M/I Homes asked the Fingers to choose new exterior bricks three times, because the options they had selected were no longer available. The family moved in with Mr. Finger’s parents after their lease ended and were living there when their baby was born.

“It was incredibly frustrating,” Mr. Finger said. They closed on their home purchase Nov. 29.

M/I Homes said it faced similar supply-chain issues to those of other builders in the Houston market, and it has been upfront with buyers about delays.

Home builders have built up a huge backlog of uncompleted homes. The number of single-family homes currently under construction surged 28.3% in November from a year earlier to the highest seasonally adjusted level since 2007, according to the Commerce Department.

Homes by WestBay’s Mr. Nunn expects demand in his market to stay robust as more remote workers relocate to Florida. “This is a terrific environment for us long-term, but we have to get through this supply chain unraveling,” he said.

“It was incredibly frustrating,” Coby Finger said of the construction delays on the family’s new home. (Brandon Thibodeaux for The Wall Street Journal)

 

By Nicole Friedman, writer for REALTOR.com®

 

Learn what factors are at play that will influence real estate sales in the year ahead.

©Urupong - Getty Images

by Rose Morrison

The housing market is a complicated machine with close connections to the U.S. economy. Changes in one will affect the other, and vice versa. Because these two entities are connected so closely, even the slightest shift can have far-reaching implications for home buyers and real estate agents.

Looking for patterns and understanding the relationships between different economic factors can help real estate professionals anticipate where the housing market may go next. As the new year approaches, here’s what experts are saying.

The Housing Market Now

Coinciding with the pandemic in early 2020, supply chain shortages and underbuilding across the nation made it increasingly difficult for Americans to find new homes. Underbuilding has been a growing problem for years, as construction companies have faced more restrictions and obstacles on how they can build.

COVID-19 has compounded this issue and impacted spending and production. Building materials were bought up early in the pandemic as eager homeowners used their extra time for home renovations. Meanwhile, new products could not reach stores—either because they weren’t being produced or because of backups in the supply chain. 

This lack of supply was exacerbated by a rise in demand for homes over 2020 and 2021. Many people changed their lifestyles and moved outside the city. Low supply and high demand created a strong seller's market, which led to higher prices. Even though houses cost more, bidding wars broke out as buyers tried to secure a residence.

High competition meant homes were selling in a matter of days or even hours, giving sellers the upper hand and reducing room for any negotiation from buyers. However, homebuyers kept engaging with the market since lower mortgage rates and remote work made homeownership a possibility for many.

The Future of the Housing Market

Experts agree that the housing market will continue to favor sellers for some time, possibly for years, but with slower growth in home prices and decelerating inflation. The large discrepancy between supply and demand for new homes will take a while to balance out, and the supply chain will need to work smoothly for some time before things can settle.

Market Competition

Although many other factors also create a seller’s market, the power dynamic between supply and demand is the main predictor of how things will turn out. Except in extreme cases, buyers and sellers can reach their goals regardless of who has the upper hand. However, sellers will get a better deal overall.

Seasonally, competition for homes and bidding wars tend to slow down in the winter. However, because competition has been so high overall, lowered levels this season are still high compared to years before the pandemic. Prices are expected to keep rising, so finding a home over the winter is probably wiser than waiting until spring.

Interest Rates

Another factor predicted to cause major shifts moving forward is the adjustment of interest rates by the Federal Reserve. The American housing market is sustained through a complex system of loans and interest rates, flowing down from the federal level. When inflation is high, the Federal Reserve raises interest rates, which affects loans like mortgages in an aim to prevent further growth.

Higher mortgage rates mean buyers will have to pay more for homes, which could slow down the housing boom by discouraging some people. However, investors will benefit from these higher rates since they’ll be making back larger amounts of money from banks and homeowners.

Financial Security

After the pandemic caused many people to lose their jobs and experience financial insecurity, the government and banks responded with loan forbearance programs to protect individuals from being evicted or going into foreclosure. However, most of these will come to an end in early 2022, so experts like National Association of REALTORS® Chief Economist Dr. Lawrence Yun predict some stimulation to the housing market as more homes come up for sale.

Consumer Confidence

Another factor that affects the housing market is consumer confidence. When people are optimistic about the future, they spend more and invest in long-term goals like houses. The early months of the pandemic caused a lot of uncertainty about the future and made many people question their goals and financial stability.

However, according to Kuba Jewgieniew, CEO of Realty ONE Group, consumer confidence and investments are growing as the pandemic era evolves. Looking forward, people will likely continue to move out of high-population areas because they’re seeking more space and homes with a smaller environmental impact.

Supply and Demand

Experts expect demand for homes to outpace supply for some time, so high competition and rising prices will continue to factor into buyers’ decisions. Rising interest rates may preclude some people from buying, which could tone down high competition rates. However, as incomes increase and employment rates move back to normal levels, the market should begin to balance out.

Changes in economic conditions are already affecting buyers. For instance, in 2021, lumber prices skyrocketed as demand for this building material outpaced supply. However, according to Kuba, lumber prices are expected to stabilize over the next year. This will make building new homes a more affordable option for many people. 

Zoom RVs

With the ability to work remotely, some would-be homeowners have decided to hit the road in their RVs, using Zoom to connect to work along the way. This trend could potentially continue due to a combination of the challenging housing market and remote work becoming normal for many people and industries, according to Kuba.

The COVID-19 pandemic has led to a seismic shift in how individuals relate to their jobs. It’s allowed many home buyers to move farther away from their offices. While some companies may decide to bring their employees back to the office, others will likely establish remote work as a permanent option.

Many people are thriving with the increased flexibility, lack of commute, and control over their work environment. The Zoom RV craze may eventually calm down, but working from home will continue to impact real estate in unprecedented ways for years to come.

The Housing Market in 2022 and Beyond

The housing market has been dynamic over the last two years. The pandemic highlighted how even small changes can have a ripple effect on the opportunities available to home buyers and investors.

However, the market’s close connection with the economy also offers hope as 2022 approaches. Over time, supply and demand will balance out, and the tides will eventually turn to favor buyers again in the future. In the meantime, sellers can make the most of this time in history.

 

Rose Morrison is the managing editor of Renovated, a home living site where she shares the latest home renovation news and market trends. Throughout her writing career, Rose has been a regular contributor to a number of sites, such as the National Center for Construction Education & Research, the American Society of Home Inspectors, and the International Code Council. 

The homebuying and selling season typically kicks off right now. Will the newest stage of the COVID-19 pandemic wreck the market? Here’s the scoop.

(Realtor.com / Getty Images)

By Janet Siroto

Omicron has indisputably put a damper on early 2022 and as COVID-19 infection rates continue to climb, many may wonder whether we’re headed toward another nationwide shutdown of schools, businesses, and other #lifegoals that may have just begun sputtering back to life.

Meanwhile, homebuyers who’ve vowed that this is the year they’ll finally buy a house might feel as if a wrench the size of a Mack truck was thrown into their plans. Will open houses even be allowed? Will home sellers pull their listings, thinking it’s not worth the risk?

In an effort to shed some light on the year ahead, we surveyed real estate experts on what homebuyers and sellers should expect in the coming weeks and months.

How omicron will affect the housing market

Before the omicron variant of COVID-19 appeared on the scene, the 2021 housing market was rebounding healthily from previous waves of the pandemic and turned downright bullish as the end of the year approached. In spring 2021, a Realtor.com® survey found that only 10% of homeowners planned to sell within 12 months. By fall, that number had ballooned to 26%.

These factors had portended a tidal wave of home sales in the new year. And then the new omicron strain hit in November, followed by a December dip in new listings.

Was this sudden drop due to omicron, or just the typical holiday season lull?

George Ratiu, manager of economic research at Realtor.com, isn’t sure, but feels optimistic that omicron won’t halt the housing market’s momentum, particularly since this variant appears milder than its predecessors.

“We are not through it yet, but so far, this virus seems to be a lot more contagious, but also a lot less negatively impactful in terms of sickness and death,” Ratiu says. He also points out that data from epidemics in 1918 and the 1950s have also shown that viruses become more contagious but less severe over time.

Indeed, indications from South Africa, where the COVID-19 strain was first detected, showed a steep surge in cases followed by a rapid decline. So there’s some reason to expect that this latest wave of the pandemic in the U.S. will follow suit.

Omicron doesn’t seem to have hit the economy as hard as previous waves, either.

“The GDP and economy have survived fairly well,” Ratiu explains. “We’re seeing housing weather the variant so far. Retail sales, consumer confidence, and other indicators show guarded optimism in the road ahead.”

Bottom line: Even as COVID-19 infection rates climb, most experts aren’t bracing for a shutdown like we saw during the first wave of the pandemic in spring 2020.

“I do not believe that omicron will have much impact on the selling season,” says Cara Berkeley, a personal financial expert at Penny Polly. “The delta variant did not seem to slow things down here [in Tennessee], so omicron should not either. The number of homes sold in Nashville in November of this year was higher than the number sold in November of last year. The upwards trend both in sales and in the median price per home is continuing.”

Why omicron isn’t stopping home sellers from listing today

Even in the face of high COVID-19 infection rates, many home sellers are still eager to list in the new year because, frankly, they’ve been waiting long enough.

“My husband is already retired, and we’ve been dreaming of moving to Maine for a while,” says Meg Rooney, 63, of Fairfield, CT. “But we’ve felt paralyzed by the pandemic. The time didn’t feel right in the middle of the crisis. But I think omicron will be the last surge, and our real estate agent says people are ready to tour and buy despite this current uptick in cases. So we’ll finally put our house on the market.”

Most listing agents we spoke to see no shortage of buyers in their respective markets—particularly with more people taking on remote jobs than ever before.

“There continues to be huge pent-up demand,” says Tami Bonnell, co-chair of EXIT Realty Corporate International.

The take-home lesson for sellers: Those who list should expect plenty of offers—although only time will tell whether we’ll see a repeat of the frenzied bidding wars of 2021.

Why omicron isn’t scaring off homebuyers

Meanwhile, omicron doesn’t seem to be deterring homebuyers much.

“I will be hitting the open houses hard this month,” says Alison Levine, a mom of a toddler and a 6-year-old in Cleveland. “I know how high the infection rates are. But the pandemic has also shown me that our apartment is too small for remote learning plus working from home—and I need a backyard.”

Many of today’s homebuyers, much like Levine, have put their house hunts on hold for the past two years of the pandemic. By now, they’ve had it with their cramped quarters, and are willing to take a few calculated risks to upgrade to a place that better fits their lives today.

“Younger parents may be having a first or second child and need a bigger house, or a different school district,” explains Ratiu. “I see a bright future for the suburbs in 2022.”

In addition to outgrowing their homes, homebuyers have another urgent reason to hazard some home tours right now even with omicron lurking: Mortgage interest rates are expected to rise soon.

“Buyers are acutely aware that the current mortgage rates are just above 3%,” says Ratiu. “While they have been flat, rates are expected to rise, so people are in a hurry to capitalize on this.”

Homebuyers this year should brace themselves for plenty of competition.

“There is huge demand, [but] there’s still short inventory,” says Bonnell. “I believe the first half of the year will be tighter with more bidding wars than the second half.” 

One reason omicron likely won’t slow down homebuyers is that so much of home touring today is happening virtually rather than in person. In 2020 during the first wave of COVID-19, video and virtual tours were more of a novelty that certain buyers and sellers resorted to when in-person viewing wasn’t safe. By now, though, virtual tours have matured into a far more sophisticated and commonplace experience

“We’ve had a year and a half to practice virtual tours and marketing,” says Norman Miller, a real estate and finance professor at the University of San Diego. “We’ve taken some of the fear out of the process.”

To succeed in early 2022, buyers will need to bring their A-game and start preparing now. This means making sure you have a current mortgage pre-approval (they expire over time), watching interest rates closely, and getting ready to pounce once your dream house appears.

“My agent and I frequently text about what she’s seeing in the market, things like how quickly things are selling and where the winning bid is compared to the asking price,” says Levine. “That way, I know how high to bid.”

Real estate in the wake of omicron: What’s ahead?

While many experts anticipate that omicron will be more of a blip than a bomb on this year’s real estate forecast, the one real wild card is whether more variants are on the horizon.

“It’s hard to project, but on broad balance, we’re likely to see continued variants in 2022,” says Ratiu.

Yet putting our lives on hold forever just isn’t something humans are meant to do, a fact that homebuyer Levine keeps in mind as she forges ahead.

“Omicron isn’t softening things so far,” she says. “So I am getting my ducks in a row.”

 

Janet Siroto is a journalist, editor, and trend tracker. Her work has appeared in Cosmopolitan, Good Housekeeping, and other publications.

Keep your house warm and damage-free all winter with these tips. Whether it's for your primary residence or a second home you're leaving vacant, here are tips for winterizing your house. 

Getty Images

By Devon Thorsby

Extreme winter weather can leave neighborhoods and communities without power or other public services for long periods of time, the U.S. Department of Homeland Security warns.

With the risk of damage to your property or personal injury, it's a smart idea to prepare your home for such winter weather emergencies as well as cold weather throughout the season that can cause minor issues or even evolve into larger problems.

Whether it's for your primary residence or a second home you're leaving vacant, here are tips for winterizing your house:

Prepare Your Plumbing

Ensure your plumbing is set up to withstand the cold, and consider utilizing sensors to let you know when there's a problem. "Burst pipes have become one of the most common issues experienced by homeowners in the winter months, and can be very costly to repair due to the extent of water damage that can occur," wrote Steve Wilson, senior underwriting lead for insurance company Hippo, which is headquartered in Palo Alto, California, in an email.

In Northern states where freezing temperatures are expected during a portion of the year, housing codes require insulation and for pipes to be properly protected from the cold. Places that don't see regular frost, however, won't always have a basement for plumbing to stay warmer or effective insulation to keep heat from escaping. As a result, a day or week of freezing temperatures in parts of North Carolina, Georgia and even Texas can cause a lot of damage, says Anne Cope, chief engineer at the Insurance Institute for Business and Home Safety in Richburg, South Carolina. 

If your plumbing runs through a crawl space, consider insulating the pipes or the crawl space itself. "It can be a do-it-yourself project, or it can be a hire-a-handyman project," Cope says.

Wilson also stresses the importance of draining and disconnecting hoses on the exterior of your house to avoid freezing there. "You can purchase a cover for your exterior faucets inexpensively from your local hardware store," he says.

For additional protection, you can get water-leak and pipe-temperature sensors. The former will let you know if pressure inside the pipe suddenly decreases, indicating a burst pipe, while the latter will notify you of dangerously cold pipes so you can prevent a burst pipe.

Additionally, automatic water shutoff valves are becoming more popular in homes. They stop the flow of water should a pipe freeze and burst to reduce the amount of damage to the home.

If the house is vacant: If your home will be vacant for a long period of time, sensors and a remote water shutoff valve could help prevent damage in the house before you can get there.

Clean Out Gutters and Clear the Roof

Leaves, sticks and other bits of nature make their way onto your roof and into your gutters during the fall. Before the first heavy snowfall, be sure to clear debris from your roof and gutters to prevent a buildup of ice and snow, also known as an ice dam, that can get under shingles and cause leaks and water damage inside your house. 

Preventing ice dams and other issues on the exterior of your home should be periodically checked throughout winter as well, Wilson says.

If the house is vacant: Clear as much debris as you can before you close up the house for the winter, but you may need to have a local friend or contractor finish the job when you're away.

Insulate the Attic

Another way to reduce the chances of an ice dam forming is to insulate your attic floor. This helps keep the living areas of your house warmer, Cope explains.

Cope recommends going up
to your attic before the winter weather sets in to examine attic vents, check for leaks and get a look at the insulation. "If your insulation looks terrible, now is a great time of year to get that taken care of," she says.

If the house is vacant: Insulation will help you avoid hefty heating bills during the months that you're not staying in the house. Good insulation that leads to lower heating and cooling bills can also be a plus when you sell the house.

Have Your Heating System Serviced

Have your heating and ventilation system checked and cleaned before the weather gets too cold. If you wait until the first cold snap or snowstorm of the season, many service professionals will be overbooked.

Beyond keeping you warm, a functioning HVAC during the coldest days of the year is key to avoiding frozen pipes, which can burst inside your walls and cause significant damage.

If the house is vacant: Having your HVAC system serviced before you leave for the season is important so cold temperatures don't cause a bigger issue like a burst pipe.

You may be tempted to turn off utilities like gas, power and water if you plan to be away for months at a time. However, a home left to the elements can sustain a lot of damage that you may not see right away. If any water is left in the plumbing, for example, it can easily freeze and cause problems when you return to the home and turn on the utilities, so you would have to be sure all plumbing is thoroughly drained.

Adjust Your Thermostat

The cost of your heating and cooling bills often plays a part in the temperature you stick with during summer and winter – in summer, you may be willing to keep your house at 72 degrees or higher, while in winter you may lower the target temperature to 68 degrees. However, make sure the interior of your home doesn't get too cold as exterior temperatures drop – at the very minimum, the heat should kick on before it dips to 50 degrees Fahrenheit inside.

If the house is vacant: It's important to keep a vacant house at a temperature well above freezing; the standard is between 50 and 60 degrees Fahrenheit.

Call a Chimney Sweep

Whether you have a wood-burning or gas fireplace, make an appointment for your chimney to be inspected annually to see if cleaning or repairs are necessary, according to the Chimney Safety Institute of America. In wood-burning fireplaces, a professional will clean out creosote buildup, which comes from burning wood and can cause a fire hazard inside the chimney if it's not cleaned. In any fireplace, it's important to clear animal nests that might be blocking the chimney and to check for issues in the masonry.

If the house is vacant: Be sure to close the chimney flue as well as any hearth doors. That way you'll keep cold drafts from making your furnace work harder and prevent animals from entering through the chimney and getting into other parts of the house.

Check for Drafts

As the weather cools, walk around the house and check for drafts or air leakage, particularly around windows and doors. Use caulk to seal cracks and weatherstripping to help insulate around door and window frames.

If the house is vacant: Checking for drafts and leakage will help cut down on the work your furnace has to do by keeping cold air out.

Keep Rodents Out

The National Pest Management Association reports that rodents get into an estimated 21 
million U.S. homes each winter. Your work to seal holes and weatherstrip around doors and windows will also help eliminate points of entry for small animals or insects.

Move any upholstered furniture from your patio or garage into the house to keep them from becoming rodent nests. Firewood should be kept elevated and away from the exterior walls of your home.

If your house is vacant: Be sure you've removed all food from your pantry before vacating the place, so pests don't have something to feed on if they do get inside. If you have a friend or hired help checking on the property while you're gone, he or she should check for signs of pests inside your home during visits and contact an exterminator if any are found.

Have a Friend on Call

If you go away for vacation or on a business trip, it's good to have a friend, relative or neighbor on call for your temporarily vacant house. Especially if a winter storm occurs while you're gone, this person can make sure your power stays on and even shovel the sidewalk to prevent slipping hazards.

If the house is vacant: Your HVAC may be in perfect condition with everything insulated, but you still shouldn't leave the house unchecked for the entire winter.

"I wouldn't want someone to think that a property can sit vacant for months at a time without someone coming to check on it. You wouldn't do that with your car," Cope says.

If you have friends or relatives nearby who can check on the house every few weeks, ask them to do so. Otherwise, hire a local handyman to regularly check in and ensure the heat continues to work, the power stays on and no critters manage to break their way into the living space. Even if you have security cameras and sensors, line up someone who can come by on short notice.

Move Plants Elsewhere

If you have outdoor potted plants, fall is a good time to bring them inside if you want to keep them alive during the colder months.

If the house is vacant: Any houseplants you want to keep alive should come with your, unless you're planning to have someone visit the house often enough to water them.

Have Monitoring Devices Installed and Updated

Water-leak sensors and automatic water shutoff can help save your house from massive damage due to a burst pipe, but there are plenty of other tools to help monitor your home to keep it running right throughout the season.

"In the winter months, smart devices will serve as your best friend to ensure your home is adequately protected from intruders and that all systems are working properly while you're away," Wilson says. "Some of the most common smart home devices today can track movement, water leaks, smoke alarms and temperature shifts in and outside the home."

If the house is vacant: Make sure any devices you have installed will be able to continuously monitor for long periods of time. "Before leaving your property, ensure you've checked and changed the batteries in your devices, including smoke alarms," Wilson says.

 

Devon Thorsby is the Real Estate editor for U.S. News & World Report, and has worked for the company since 2015, reporting and editing on all manner of real estate topics, from homebuying and selling to home improvement, mortgages, tenant rights and the housing market. 

Updated on Nov. 30, 2021: This article has been updated with new information.

If you’re selling your home right now—or thinking about doing it soon—you should know that today’s housing market is unlike anything we’ve seen or experienced lately, maybe ever.

Getty Images

In the past, home sellers might have waited weeks or months to get an offer that might not be as high as they’d hoped. Buyers may have lowballed, or driven a hard bargain asking sellers to make certain repairs or other concessions before closing the deal.

Today, however, many of these realities are no more: In many areas of the country, homes are getting snapped up fast, sometimes within days of going on the market. Buyers mired in bidding wars are pushing their offers over asking price, and often waiving inspections and other demands to sweeten their offer.

In general, this is all good news for sellers—but it also means that it’s more important than ever to understand the market and play your cards carefully to fetch the best offer and terms for you. Here’s what sellers need to know about the real estate landscape today.

How the COVID-19 pandemic is affecting the housing market today

The COVID-19 pandemic has changed so much of our lives, and real estate is no exception.

“We’ve all been through a hopefully once-in-a-lifetime experience that dramatically changed the way we lived, worked, and went about our daily lives,” says Realtor.com Chief Economist Danielle Hale. “Even as we move forward and get back to living the way we used to, it’s likely that these experiences will stick with us and shape the way we make decisions for years into the future.”

For one, pandemic lockdowns made many people realize that their current living spaces just aren’t working for them anymore.

“One of the major motivations of homebuyers is the desire to have a larger, more functional home,” says Jason Gelios, a real estate agent with Community Choice Realty in Southeastern Michigan.

This is particularly true for people who started working remotely during the pandemic—who, after cramming their desks into dining rooms, “cloffices,” and other corners, are ready to upgrade to a bigger house so they can work at home with more privacy and comfort.

“This allows for people who are permanently remote-working to be more productive in their home,” explains Gelios.

And since remote workers may no longer need to commute to the office often or at all, many are now house hunting in areas that they hadn’t previously considered.

“With remote work flexibility becoming the new normal, buyers sought out areas like South Florida where they could enjoy the outdoors, extra space, and the tax benefits that come with living here,” says Chad Carroll with The Carroll Group at Compass, in South Florida.

Home inventory is low

Although buyers are out in droves, there are many fewer homes on the market than usual—which is creating a highly competitive market for buyers nationwide.

“Sellers are benefiting from the historically low inventory levels and record demand,” Carroll says. “This combination has fueled bidding wars and led to properties going under contract at an insane velocity.”

These low-inventory conditions may improve somewhat over the next year. But Hale warns, “the market is so out of balance that even with improvement, the number of homes for sale will remain low.”

Home prices are high

With fewer homes and high demand for them, many sellers are seeing multiple offers that, in turn, are driving up prices.

“The ongoing increase in housing prices makes it a great time for a home seller to cash out on their homes now,” says Beatrice de Jong, consumer trends expert at online real estate transaction company Opendoor.

Often, buyers are making offers above the listing price.

“Faced with few homes available for sale, buyers intent on owning are pulling out all the stops,” says Hale.

However, this highly beneficial market for sellers comes with a big caveat if selling means you’ll need to buy a new home yourself.

“Sellers searching for their next home will face the same fierce competition,” warns de Jong.

What’s more, home prices are seeing some early signs of leveling off—or at least not be rising at the breakneck pace of the past. So if you want to sell at the top of the market, it may pay to list sooner rather than later.

Interest rates are at record lows

Even though home prices are high, mortgage interest rates have hit record lows. And since even a 1% lower interest rate could lower monthly mortgage payments by up to 20%, it make homes more affordable for buyers, which is driving them into this competitive market.

“While the cost of a home is on the higher side, the cost to obtain the financing is much lower and oftentimes offsets the higher price, spurring a huge demand for buyers to go out and shop for homes,” Gelios says.

It’s a seller’s market

“There are many ways to define a seller’s market,” says Hale. “But a few key hallmarks are limited availability of homes for sale, fast-selling homes, rising home prices, and competitive buyer offers such as offers over asking price, waiving contingencies, and flexible closing terms.”

All that said, most buyers are looking for a new home because it’s the right time for them—not because of market conditions.

“They’re getting married, moving in with a partner, expanding their family or planning to do so,” Hale explains.

And the same wisdom applies to deciding whether to sell your house: Even though market conditions are in your favor, you should make sure it’s the right time to sell your house for you. Weigh your own personal circumstances, including any current or upcoming life changes such as a new job, retirement, the arrival or departure of family members within the home, and more.

 

Courtesy 

 

People love to dole out unsolicited advice. Some of it is actually useful. Other tips you hear, though, may do more harm than good—particularly when it comes to your credit score.

(Getty Images)

By Erica Sweeney | Nov 16, 2021

Establishing credit and maintaining a good credit score (also known as a FICO score) is essential if you hope to get a mortgage to buy a home someday.

“Good credit proves to lenders that you’re a reliable and trustworthy person who will pay back the money you owe,” says Ace Watanasuparp, national director of strategic sales at Citizens Home Mortgage.

Having good credit helps you not only get a mortgage, but one with a low interest rate, which will lower your monthly payments and the overall amount you pay for the home. And even if your credit score isn’t stellar right now, Watanasuparp says it’s never too late to start repairing it.

Yet this is where bad advice from uninformed yet well-meaning friends and family could lead you astray. Want some guidance separating fact from fiction? Here’s a look at some of the worst credit-building advice floating around out there that actually isn’t true.

1. To build credit, you’ve got to use credit—lots of it!

Many may insist that the only way to establish good credit is to use it—liberally. While it’s true that utilizing some level of credit is important, more is definitely not better.

“Carrying a high balance on your credit card has the potential to hurt your score,” says Stephen Rosen, head of sales at the mortgage company Better. “And on top of that, you will end up paying more each month, due to interest.”

Credit utilization, or the amount of credit you’re using, makes up 30% of your FICO score. The higher your credit card balance, the higher your utilization rate, which hurts your credit score. So pay as much as you can on your credit card bill each month.

That said, keeping a modest credit card balance can help, Watanasuparp says. A good rule is to use only 30% to 40% of your maximum credit line. So, for a credit card with a $10,000 limit, keep the balance to no more than $3,000 or $4,000.

2. Close your credit cards once you pay them off

Closing a credit card once you’ve paid it off may seem like a logical thing to do—that way, no more debt! Yet in reality, closing cards is a bad idea.

“Closing recently paid off accounts can shorten your credit history, especially if it’s one of your oldest accounts to date,” Rosen says.

Credit history, or how long you’ve had credit accounts, makes up about 15% of your credit score.

Instead of closing the cards, Watanasuparp suggests keeping them open and using them from time to time—and always paying off the balance whenever possible.

3. The occasional late or missed payment is no big deal

Late or missing bill payments happen to just about everyone, and therefore may seem like NBD. On the contrary! Paying your bills on time has a huge effect on your credit, accounting for 35% of your FICO score.

It doesn’t matter how much credit you have, as long as you can manage it, meaning you have enough money to pay your bills and that you’re paying them on time, Watanasuparp says.

“It becomes a problem when you are not able to responsibly manage these lines of credit, and you start falling behind on payments, and you no longer have the funds to back your credit,” he says.

Consistently paying late or not at all suggests that you might not be able to make your mortgage payments either, so it could be tough to get a home loan. Setting up automatic payments or calendar reminders will help you avoid missing payments.

4. You can boost your credit score by adding your spouse to your accounts

If your spouse has excellent credit—but yours is subpar—you may have heard that adding your upstanding partner to your own credit accounts will help raise your own score. Sorry, but it’s not that simple.

Credit scores are unique to each individual, Rosen says, so merging accounts won’t boost your credit. However, there isone way a high-scoring partner does work in your favor.

“When it comes to applying for new credit with your partner, such as filling out a joint application for a mortgage, each partner’s credit score is taken into consideration by the lenders,” he says.

Lenders will often average out a couple’s scores to determine your overall creditworthiness as a team. So in this sense, your partner could help you get a loan with good terms.

Once you’ve got a loan together—and if it gets paid on time—this will start reflecting positively on both your credit reports. This takes time, however, so don’t expect any miracles overnight.

5. You should constantly check your credit report

These days, sites like CreditKarma.com make it easy (and free) to check your credit score and report on a daily basis. But that doesn’t mean you should.

Watanasuparp says you only need to check your credit score and report once a year—or every three to six months before getting a mortgage—to make sure there are no errors or late payments that you’re not aware of.

6. Getting a credit report will lower your score

The good news is that checking your credit yourself through an official report from one of the primary reporting agencies is a soft inquiry, which won’t affect your credit score.

However, loan applications for new credit cards or mortgages are considered hard inquiries, and will show up and stay on the report for up to two years, briefly lowering your score.

“My advice is to avoid loan applications for at least six months before you apply for a mortgage. This will ensure your best possible credit score is on file,” Rosen says.

Then, you can shop around with multiple lenders to find the one offering the best rate.

7. You need to hire a credit repair agency to clean up your credit

Credit repair agencies promise to repair your credit for a fee, by checking your credit report for errors and disputing them for you. However, it’s usually unnecessary.

You can dispute information on your credit report yourself for free, using AnnualCreditReport.com, a federally authorized site.

Furthermore, no one can remove accurate information, such as a history of late payments, from the report, Rosen says.

“There’s nothing that a credit repair company can do for you that you can’t do yourself,” he says. “The only legitimate way to enhance your credit score is to practice good credit management.”

 

Erica Sweeney is a writer whose work has appeared in the New York Times, Parade, HuffPost, Business Insider, Money, and other publications.

A well-designed work area can improve your mental and physical health. Here’s how to create your best office space.

by Melissa Dittmann Tracey

Could an inviting workspace make you feel better and work smarter? Jessica Shaw, interior design director of Turett Collaborative, believes it can. She offers steps to practice “design therapy” for your office space, factoring in colors, layout, lighting, and more.

Shaw draws from “neuro-architecture,” which explores how art, color, lighting, and design in your office space can affect a person’s mood, productivity, and health.

She offers the following tips for creating an office that boosts mental and physical health, whether it’s your work-from-home area or in-person workplace.

1. Use color smartly.

Color can potentially affect a person’s mood, emotions, concentration, and even physical health, according to a body of science called color psychology. Draw from some of these insights to outfit your workspace.

• When to use brighter hues: For example, bold, bright colors like yellow have been linked to boosting positive thoughts and sparking creativity. Red can stimulate and energize. For detail-oriented work, you may benefit by adding red accessories to keep you focused, Shaw says.

©Turett Collaborative

• When to use softer colors: Lighter shades of blue and green can bring a sense of calmness to a space. These colors tend to work best in lounge spaces and break areas, Shaw says.

• When to use white: Use white sparingly in furnishings and accent pieces. Too much white can make a space feel cold and uninviting. Use white more as an accent color or within a more monochromatic color scheme, Shaw recommends. She suggests reserving white for more serious spaces in a workplace, such as conference or meeting rooms.

©Turett Collaborative

A balanced composition of white and color brings visual harmony to the Turett Collaborative’s Civic Hall lounge area.

Use the color wheel for inspiration for the color of your workspace, Shaw suggests.

• Choose analogous colors: Groups of three colors beside one another on the color wheel (e.g. blue, blue-green, and green)—to create harmony in your office.

• Reserve complimentary colors: Opposite hues on the color wheel—for a bolder look (e.g. yellow and purple or orange and blue).

• Consider triadic colors: Three colors equally spaced on the color wheel—for a more energetic, personality-filled space (e.g. red, blue, and yellow). 

• Use color with intention: Pops of red energize this office space.

©Turett Collaborative

Also, Shaw recommends strategically using different hues, tints, tones, and shades to draw attention to certain objects within the workspace.

©Turett Collaborative

An energizing palette of triadic colors adds an element of contrast to the Turett Collaborative Civic Hall dining area.

2. Don’t play it too safe.

You want your workspace to have a sense of harmony, but you also don’t want it to bore you, your agents, or staff. When using interior elements that are too similar, your space can appear dull. But you want a workspace that will visually stimulate. To do that, bring together pieces that juxtapose one another in color, form, or aesthetic to liven up the workspace, Shaw says.

“To break up the rigidity of a grid-based layout often seen in traditional offices, try incorporating organic, soft shapes to add a layer of dimension, dynamism, and visual complexity,” Shaw says. “Balancing masculine and feminine pieces is a great example of creating tension to achieve a cohesive, yet elevated look.”

©Turett Collaborative

Interior designer Jessica Shaw creates a bold, yet balanced atmosphere with the use of complementary reds and greens in her personal home office.

3. Go abstract with your art.

Abstract artwork could make you feel more creative and spur more innovation in the workplace. “Art is an incredibly influential aspect in impacting moods and the feel of an environment,” Shaw says. “In a sense, it can be a reflection and extension of your company or individual brand.”

©Turett Collaborative

The colorful artwork on the wall of Turett Collaborative’s Civic Hall aim to project visual complexity and stimulation. Large abstract prints can command attention and make a statement.

©Turett Collaborative

A gradient tile art piece of geometric patterns composed of sage greens and blues adds texture to the space.

4. Maximize the light.

Factor in sunlight when determining the optimal layout for the office. Brighter work environments with natural lighting can help make workers feel more productive, according to a 2018 study conducted by Cornell University Professor Alan Hedge. Natural light also can help reduce eyestrain, drowsiness, and headaches, and even elevate a person’s mood.

Try to locate desks near windows to gain the benefits of natural light, Shaw says.

©Turett Collaborative

5. Section off with the flooring.

The flooring can greatly enhance the overall look of a room. “Carpeting provides a softer feel to a space while hardwood floors create a strong, polished look,” Shaw says.

In the workplace particularly, different flooring can help section off spaces in the absence of walls. Use a variety of flooring as an alternative to physical dividers like cubicles. It can keep the space feeling more open, too.

“Lines also encourage movement; our eyes are trained to follow lines in the direction they flow,” Shaw says. “For instance, vertical lines promote movement and mobility, whereas horizontal lines create a grounded, secure feeling.”

Try vertical running wood or carpeting along hallways to bring about movement and then use horizontal lines in spaces for relaxation and lounging, Shaw recommends.

©Turett Collaborative

Opposing carpet patterns can liven up a monochromatic scheme for a hallway while also creating the perception of two work zones.

6. Minimize visual and noise distractions.

The more objects and items on display on a desk, the more visual and informational processing a person has to do. That can make it difficult to concentrate on work.

Visual clutter hampers organization and productivity. Noisy offices also can be a detriment to your mental health. This also applies to those who work from home, who may face noisy pets or neighborhood construction.

Consider furniture and design elements that can absorb sounds, such as carpeting, acoustic wall paneling, or drapery.

©Turett Collaborative

Pullout drawers allow for discrete organization, keeping the office of this apartment clean and uncluttered. Carpeting provides sound absorption.

7. Follow the principles of proxemics.

Let the law of proxemics be your guide to designing your office space. It states that various distances can serve different forms of interaction.

For example, a distance of 1.5 feet to 4 feet best facilitates friendly, casual conversation, while distances less than 1.5 feet promote a stronger connection between individuals.

“It is important to design a work environment that allows for these varying degrees of physical separation to help promote both individual work and collaborative efforts,” Shaw says. “Alleviating stress and fostering a safe environment contribute to employees’ overall well-being and comfort.”

This may be even more important as more people prepare to return to the workspace after working from home during the pandemic. Open hallways and additional spacing between workstations reduce visual congestion and naturally create social distancing and separation for employees who prefer that, Shaw says.

Turett Collaborative’s Civic Hall design layout includes both up-close and distanced working arrangements to suit the needs and comfort levels of all workers.

©Turett Collaborative

 

Melissa Dittmann Tracey is a contributing editor for REALTOR® Magazine. 

No, you're not seeing things—dust really does seem to build up faster on recently wiped-down surfaces. Here's how to slow the course.

CREDIT: VADIMGUZHVA / GETTY IMAGES

By Lauren Wellbank

If you examine your freshly dusted furniture, electronics, and knick-knacks a day after you clean, you might notice some residual debris. You didn't miss a spot: According to Vera Peterson, the president of Molly Maid, dust moves that fast. "On freshly clean, beautiful surfaces, you're more likely to notice dust when it accumulates," she notes. "However, if your dusting method isn't efficient, you might be stirring up more dust than you are trapping." Ahead, her best tips for removing this household nuisance—and keeping it at bay for longer.

To prevent more dust, change your cleaning method and use the right tools. 

The most efficient way to dust is with a top-down approach, notes Peterson. "When dusting, work from top to bottom—dust first, then vacuum, " she says, to prevent having to vacuum twice (before and after you dust). And while feather dusters were once a popular tool to sweep a variety of surfaces, a microfiber cloth is best: "This will gather the dust, instead of just pushing it around," she explains. Working with a cloth will also cut down on the amount of particulate you kick up and into your home—which tends to land on your freshly cleaned tables and appliances, leading to faster accumulation.

Identify any dust-enhancing culprits. 

If you have noticed that your home seems dustier than it should, there may be a surprise culprit: your HVAC filter. "An electrostatic-charged furnace filter attracts and captures dust particles which reduces the amount of dust floating in your home," Peterson explains. "Also, be sure you're dusting and vacuuming often (that's a given!) and regularly grooming your pets."

Dust often. 

Maintaining a dust-free space is so much easier than doing a deep clean after waiting too long. "If you really want to keep your home dust-free, dust at least twice per week, especially if you suffer from allergies," says Witulski. "That's not always feasible for everyone, so at least hit the areas you touch most (like furniture, remotes, and household technologies) once a week. Then, you can focus on those often-overlooked areas (think your ceilings, blinds, and doorways) less frequently. Aim to reach those about once a month!" 

Turn to microfiber. 

Forget that old school feather duster—it only pushes dust around. A simple microfiber cloth and water will get the job done and won't introduce any unnecessary chemicals into your home. Thanks to the cloth's unique structure, fibers are able to grab onto dust, trapping it instead of swirling it around your surfaces. For light dust, you can use a dry cloth; if it's stubborn, a damp rag will work better, especially on glass.

Dust from top to bottom. 

"Always dust your room from top to bottom," adds Witulski. "This seems obvious, but many people forget this step which ultimately duplicates your work (or leaves your home dusty)." First, hit the ceiling, corners, molding, and light fixtures. Can't reach those high-up areas? Wrap a flat-top mop with your microfiber cloth "to get into those high crevices," she explains.

As you work your way down the walls, wipe down any décor or frames before moving on to lampshades, furniture, and objects (be sure to move furniture and objects around so you're getting to untouched areas, such as the space under your television or couch). Don't forget to dust past the edge of a surface as well, if the cloth stops on the edge it will leave a line of dust. Finally, it's time to vacuum. At this point, most of the dust has either been picked up by your microfiber towel or fallen to the floor, which is why you should vacuum last. Take your time, and make sure to move your machine in more than one direction to pick up all of the dust and dirt.

Focus on prevention. 

Want to dust less? Don't let it into the house in the first place. "Most dust is brought into your home through the front the door. Place a wipe-off mat at the entrance of your home to trap the dust before it spreads. These mats should be cleaned or shaken out once a week," says Witulski. "Besides dusting regularly, remove your shoes when you enter your home and change your vacuum bag and filter regularly. But do this outside, so you don't spread more dust!"

Call in the pros if you need to. 

While most homeowners are able (and willing) to stay on top of the maintenance that lowers the amount of dust and debris that accumulates on your furniture, electronics, and knick-knacks, nothing will beat the clean a true professional can provide, says our expert. They can target high-touch areas (which tend to be the dirtiest) and provide you with a fresh canvas. After all, keeping your home tidy and dust-free is a lot easier when you're simply touching up hot spots, as opposed to tackling deep cleans.

 

Lauren is a freelance writer for MarthaStewart.com.

Older buyers seeking smaller or easier-to-maintain homes are crashing into younger buyers in a housing market where the competition is fierce.

(Getty Images / Realtor.com)

By Julia Carpenter | Nov 1, 2021

Soaring home prices and new construction favoring bigger builds have interrupted traditional patterns of homeownership for buyers across the country. Smaller houses, desired by aging seniors and young couples alike, are among the toughest to find. The supply of homes up to 1,400 square feet is near a five-decade low, according to data from Freddie Mac.

In 2020, about 28% of real-estate transactions could be characterized as downsizing, said Lawrence Yun, chief economist at the National Association of Realtors. The majority of these transactions are made by buyers 55 or older.

“We have a housing shortage,” Mr. Yun said. “Clearly from the age patterns, young people want to upsize, and the older generation is looking to downsize, but not greatly—only 100 or 200 square feet smaller than where they’d been living.”

The typical housing cycle for many families—kids go off to school, household sizes shrink, empty-nesters hand off their family homes to new households raising their own children—has been disrupted in recent years, said Len Kiefer, deputy chief economist at the mortgage giant Freddie Mac. The large baby boomer population outnumbers the rising Gen X-ers, who would be the ones to traditionally take over the family homes.

Many boomers want to “age in place,” meaning living in their original home independently into their later years. A 2018 survey of 2,287 adults from the AARP shows seniors would prefer to stay in the communities where they already live.

“They like their grocery store, they like their doctor, they like their local options,” said Karan Kaul, senior research associate at the Urban Institute.

Once they decide to move to a smaller home, they end up competing with first-time buyers and limited supply, Mr. Kiefer said. Price growth has been strongest for smaller, less-expensive homes. “That works against you in terms of what you can get for your buck,” Mr. Kiefer said.

If they haven’t paid off their mortgage, older buyers might find they could sell their current home at a high price but then pay more in mortgage payments on a smaller place. The share of older homeowners with debt has steadily increased over the past decade, rising to 55.4% in 2019 from 33.2% in 2007. This rise is driven in large part by mortgage debt, according to data from the Urban Institute.

After retiring from working at the New York Department of Education for 33 years, Enid Maldonado-Salgado started to make a plan to move from her current home in Flushing, in New York City’s Queens borough, to further east on Long Island, where she and her husband can be closer to family.

The 60-year-old worked with a Realtor for a year before retirement. Ms. Maldonado-Salgado said her goal was to find a home valued at 80% of her current home’s worth. She found the house-hunting process difficult, even with the money she had saved from refinancing her existing home and the substantial profit she expects from selling it.

For Ms. Maldonado-Salgado, downsizing meant finding an affordable home that wouldn’t require too much maintenance or upkeep. She wanted the freedom to travel and to be closer to her grandchildren.

Ms. Maldonado-Salgado is now in the process of closing on a new house in Smithtown. The new house is nearly equal in square footage to her house in Queens.

“It wasn’t about finding something smaller, it was about finding something that benefited my budget,” she said. “We wanted to make things simpler for ourselves.”

 

Courtesy: 

It could become a lot more challenging to buy a home in the coming months—or it may have just gotten a whole lot easier.

(Getty / Realtor.com)

By Sharon Lurye for Realtor.com | Nov 3, 2021

After hitting historic lows, mortgage interest rates are creeping up. The U.S. Federal Reserve’s announcement on Wednesday that it will taper its purchases of bonds and mortgage-backed securities is expected to keep pushing mortgage rates higher.

Those higher rates could indeed make homebuying more expensive for many as their monthly mortgage payments get bigger. But in this paradigm-breaking market, higher rates could also prove to be a boon for buyers in some markets by keeping prices in check and lessening competition. That could make homebuying less expensive if buyers aren’t spending as much on their homes and engaging in crazy bidding wars—possibly a welcome lifeline for many first-time buyers who’ve been barred from homeownership by record-high prices.

Confused? Well, today’s COVID-19-fueled housing market is like nothing the U.S. has seen before. There is a dire housing shortage, builders haven’t been able to ramp up, and a massive generation of millennials is champing at the bit to become homeowners. And so depending on a variety of factors, these rising rates could be either a blessing or a curse for prospective homebuyers.

How can you tell which side of the equation you’ll wind up on?

Higher mortgage rates could hurt buyers struggling with high home prices

For some, higher interest rates are a double whammy of bad news. Home prices in most competitive housing markets will still remain high. And after buyers purchase homes, they will be paying more in interest. So buying a home will be more expensive all around.

“It’s going to be less affordable a year from now than where we are today,” warns Leonard Kiefer. He is the deputy chief economist at Freddie Mac, the government-backed organization that helps support the U.S. housing market.

His team forecasts that mortgage rates will reach 3.2% by the end of the year, and go up to 3.7% by the end of 2022 for 30-year fixed-rate loans. At the same time, housing prices will go up 7% in 2022, according to Freddie Mac’s price index—although that’s still better than the explosive 16.9% growth of 2021.

Low rates, which bottomed out at just 2.65% in the first week of January for 30-year fixed-rate loans, helped to fuel the explosion in home prices in the early days of the coronavirus pandemic. Homes could cost more, while monthly mortgage payments stay the same as they were a few years ago when rates were higher.

For example, the monthly mortgage payment on a median-priced home of $380,000 with a 2.65% mortgage rate would be $1,225 a month on a 30-year loan. That payment goes up about $80 a month with a 3.14% rate. Over 30 years, that can equal nearly $29,000. (This is for buyers who have a 20% down payment. It does not include property taxes, home insurance, or homeowners association fees.)

Rates averaged 3.14% in the week ending Oct. 28, according to Freddie Mac data.

But, historically speaking, rates even in the 3% range are still very low. It’s less than the current rate of inflation (5.4% in September, according to the Consumer Price Index). This means that banks aren’t even charging enough in interest to make up for the value that money loses over time due to inflation. With such low rates, there will still be plenty of buyers who want to jump in on a mortgage.

Plus, the majority of millennials are now in their 30s, the prime age to buy a first home. And they are the largest demographic group in the country. But instead of more housing going up to accommodate them, the number of available homes has shrunk with construction declining and investors turning single-family homes into rentals.

That will keep competition high as will the dearth of homes for sale.

“We are living in an unprecedented housing market,” says Jodi Hall, president of Nationwide Mortgage Bankers, a lender. “Housing prices will continue to rise because of the shortage of housing, specifically homes for first-time homebuyers.”

Higher mortgage rates could keep rising home prices in check

Other experts take a sunnier view. They argue that higher mortgage rates will finally cool down some of the cutthroat competition over housing and—eventually—help push down sale prices.

“Prospective homebuyers should actually be praying for rates to start creeping up,” says Katie Gatti, a personal finance consultant and founder of the Money with Katie blog.

The big picture suggests price increases will at least have to slow down. Median incomes have barely grown since 2000—while housing prices have skyrocketed. That means “price growth will almost certainly have to slow,” says Gatti. There just aren’t enough people who can afford current prices.

“As the prices get higher, that potential buyer pool shrinks,” says Gatti. “Simply put, our economy—and the average income— can’t support the cost of a home in most cities.”

Ultimately, homebuyers may still be out of luck if they want to see home prices actually go down.

“With how hot the market is, the rising rates will only slightly affect housing prices,” says Khari Washington, owner of 1st United Realty and Mortgage in Riverside, CA.

Price growth may slow down, meaning prices are still increasing, but at a more gradual, manageable pace. Offers over asking could also decrease, which would help buyers’ bottom lines.

Why mortgage rates matter to homebuyers

Mortgage rates aren’t just an esoteric statistic about the real estate industry. For most Americans, they determine how much it costs to own a home. Rates have been falling in the U.S. since the1980s. But when the pandemic hit, they became almost absurdly low thanks, in part, to the Federal Reserve’s purchases of mortgage-backed securities.

When lenders make mortgages, they typically bundle up the loans into these securities, otherwise known as mortgage bonds, and sell them on the secondary market to investors. This frees up money to make new loans.

When the pandemic struck the nation in March 2020, the Fed announced it would buy bonds to help stabilize the economy and the housing market. That led to a surge in demand, which pushed mortgage interest rates down to record lows. When the bond market is strong, mortgage rates fall.

As a result of these early pandemic moves, the average interest rate for a 30-year fixed-rate mortgage fell below 3% for the first time in July 2020.

Now that the economy has rebounded and unemployment has dropped, the Fed is diminishing its bond purchases. This weakening bond market should lead to rising mortgage rates.

Mortgage rates aren’t the only big factor driving the housing market. The main problem is a lack of homes for sale. Historically low rates encouraged more people to go out and buy a house. But the number of homes for sale, already well below what was needed, dried up even further. And the residential construction industry hasn’t caught up.

Freddie Mac estimates the U.S. needs 3.8 million more homes to fix this shortage. While an average of 418,000 new starter homes a year went up in the 1970s, that number plummeted to just 65,000 in 2020.

“Is there going to be relief? Probably not for some time,” says Freddie Mac’s Kiefer. “Fundamentally, the issue for the housing market is lack of supply. We just haven’t built a lot.”

 

Sharon Lurye is a freelance journalist based in New Orleans. She graduated from Columbia Journalism School in 2018.

 

If you struggle with seasonal depression, these simple indoor winter decorating ideas can lighten your home and mood.

 

By Katie Holdefehr | Updated October 13, 2021

As the days get shorter and our homes get darker, it's easy for the dim light and cold weather to put a damper on our moods. If you're determined to beat the fall and winter blues this year, there are some scientifically-backed methods to try, and you can also adjust your home decor to make your space a cheery oasis. 

While there are only so many days you can spend snuggled up on the sofa before you start wishing for springtime, these easy decor tricks will make your home a lighter, brighter, and cozier retreat this winter. According to designer Nicole Gibbons, all it takes is a fresh coat of paint, some carefully chosen window treatments, and a few live plants. Even a simple swap like changing the light bulbs in a room can make your space feel cheerier. Here are five designer-approved ways to design a home that will help you fight the fall and winter blues.

1 Brush on a Bright, Warm Paint Color

Consider the paint color on the walls in the spaces you tend to hang out the most in the winter, like the living room or kitchen. Before winter really hits, think about painting the room a neutral color with warm undertones, like Timeless from Clare. "It will bring a clean, bright feeling to your space and the cozy, almost ivory winter white look adds a soft and relaxed warmth to your home," Gibbons says. If you and your family hang out all winter in the kitchen, this creamy white will make the room feel less sterile and more inviting.

And if you're craving a little more color? "I also love vibrant hues that brighten and uplift a space during a cold, dreary winter and also look great year-round. A bright, airy color like Headspace will reflect light and help open up a room," Gibbons explains.

2 Introduce Live Plants

Even if the trees outside your window are bare, you can still bring leafy greenery into your home this winter. Plants not only add color and life to a room, but Gibbons points out that studies have shown that the presence of nature may lower blood pressure and reduce anxiety. Our advice: start out with some easy-to-care-for house plants so you can get the full stress-busting benefits—without worrying about keeping your new plant babies alive.

3 Switch Out the Light Bulbs

Less hours of sunlight and cloudier skies are a big factor contributing to the fall and winter blues. To make the inside of your home feel bright and sunny, Gibbons suggests switching to LED light bulbs, which emit the most light while using the least amount of energy (bonus: you'll also save money on your utility bill). Look for LED bulbs in soft white, which will brighten the room, without making it look too stark.

4 Let the Light In

Since there's less natural light streaming in the windows in the winter, make sure your decor maximizes what little sunlight there is. Gibbon's recommendation: Opt for sheer curtains that won't block the light, as well as stylish pullbacks. When installing a curtain rod or brackets, make sure to set them slightly outside the window frame, so that when the curtains are pulled open, they won't block the sides of the window.

Check: is there anything blocking the windows, like plants, furniture, or lamps? Relocate these items to let more light in.

5 Add Bursts of Color

When it comes to winter decor, we naturally think of darker, moodier hues. But Gibbons recommends trying something new this year. "Bring in fun pops of color in your throws and pillows to help brighten your space even more," she says. Warm red throw pillows or dish towels will add energy to the space—and a sense of playfulness will make you smile more than decor that takes itself a little too seriously. Buy inexpensive throw pillow covers you can swap out whenever you're craving a change of scenery.

 

Katie Holdefehr is a senior editor at RealSimple.com, where she writes about everything from decor ideas to dryer balls. 

You’re probably aware that you have to disclose any known physical issues with your house when you’re selling it—such as termites or a cracked foundation. But did you know you might have to disclose spiritual problems, as well?

(DNY59/iStock)

By Warren Christopher Freiberg

In New York’s Stambovsky v. Ackley (commonly known as the “Ghostbusters” ruling), the court decided that if homeowners have claimed publicly that their home is haunted, they can’t turn around and deny that it’s haunted when they try to sell it.

The bottom line? Be careful if you go mouthing off about things that go bump in the night. Joking or not, you might have to disclose it to prospective buyers—or risk losing the deal or—worse—getting sued. Yes, you can get sued over ghosts... Scary!

Here’s what you need to know about how to make sure you’re legally covered when selling a home you think might just be haunted.

1. Make sure you really live in a haunted house

Naturally, when you tell people your home is haunted, there are going to be some different reactions.

Some people will think you’re nuts. Others will be intrigued and will want to hang out at your place to see if the walls bleed or your refrigerator houses an ancient demon. 

So, if you like company, advertising your home as haunted can actually be a plus.

But more likely, you’re heading down a rabbit hole that’s probably best avoided. Before you start spouting off to friends, family, and random strangers on the street about your place being haunted, rule out every other reasonable possibility first.

News flash: Just because lights turn off and on by themselves, that doesn’t mean you have a ghost.

“Flickering lights can be an electrical problem and potential fire hazard,” says Bonnie Vent, a medium who runs a website with listing of purportedly haunted homes. “I always recommend that a homeowner have an electrician come out and do a full inspection. Electric gates opening and closing by themselves can be a faulty sensor.”

If you’ve had the house inspected and still notice seemingly paranormal activity, Vent recommends keeping a log of it. After a while, you might recognize a pattern that can establish whether something paranormal is really occurring.

2. Keep your mouth shut

Let’s say you keep a record of the weird happenings in your home, and you’re pretty darn sure you have a spirit.

Remember this: Much like the existence of your stockpile of signature edition “Golden Girls” collector plates, there’s no reason to actually tell other people about it.

The reason why the buyer prevailed and was able to back out of the contract in Stambovsky is because the owners had bragged about their home’s supernatural reputation in Reader’s Digest and local newspapers.

Had the owners kept any paranormal happenings to themselves, the buyer would have had to prove in court that the house was haunted and that the sellers knew at the time of closing. You think that’s easy? That’s not easy.

In fact, most judges would have probably laughed that case out of the courtroom. Stambovsky wasn’t really so much about the existence of ghosts, but the importance of disclosing the reputation of a home when selling it.

“In no way does the law make a decision on haunted or not haunted,” Vent says. “It is about the reputation of the property and the potential buyer’s right to know.”

3. Then again, it could be a selling point

If you truly think your house is haunted, but you’re worried that disclosing that fact might kill the deal, keep this in mind: It could work in your favor.

Maybe your prospective buyer ain’t afraid of no ghosts. You could tell them they’re moving into the next Amityville Horror house, and they might laugh it off and move right in. A lot of buyers are just looking to save money, regardless of a home's reputation.

“I would say in New York City, it happens fairly often—anything prewar, and especially downtown in the Village,” says Mike Fabbri, a licensed real estate agent in Manhattan. “[It’s] more just a vibe or energy that can be felt. But I’d say it’s never usually a deterrent.”

In fact, Fabbri (who has a “personal fear of the paranormal”) even refers his clients to a spiritual healer who does sage cleansings of their new homes.

You might ask your real estate agent what reaction they’ve gotten in response to haunted houses in the area. If you’re in an area with a big market for old homes, buyers might accept a little hauntings as part of the deal. It’s important to stay informed and team up with the right agent. Here’s how to find a real estate agent in your area.

4. Deaths on the property have different legal implications

Realistically, few of us will probably ever deal with the issue of buying or selling a haunted home, but that doesn’t mean that the reputation of a home is never an issue in a sale.

The law recognizes “stigmatized properties”—homes where murders, suicides, or criminal activities have occurred in the past.

In some states, such as Alaska and South Dakota, a seller must disclose if a homicide or suicide has occurred in a home in the 12 months prior to sale. California requires disclosing if any deaths occurred in a home within three years of the sale.

Other states, such as Arizona and Indiana, have specific statutes on the books that don’t require the seller to disclose anything about whether the property is stigmatized. The best option? Check with a Realtor® in your state if you’re unsure about what you need to tell prospective buyers about a home’s history.

And leave the lights on tonight. Just in case.

 

Warren Christopher Freiberg is an attorney and freelance writer living in Chicago. He has previously written for Den of Geek US, TechnoLawyer, and Hustler.

Refinancings have kept lenders busy as homeowners have arranged lower mortgage rates to lessen their monthly mortgage payments. But as the 30-year fixed-rate mortgage rises above 3%, lenders are shifting their focus to compete for more home buyers as refinancings slow down.

© Vertigo3d - E+/Getty Images

Courtesy of REALTOR® Magazine | October 20, 2021

In the third quarter, purchase mortgages comprised nearly half of the loans packaged into government-backed securities and sold to investors, the highest share since prior to the pandemic, according to Inside Mortgage Finance, as reported by The Wall Street Journal.

The refinance surge has largely ended as mortgage rates have increased. Applications to refinance a home loan fell by 7% last week and are 22% lower than a year ago, the Mortgage Bankers Association reported Wednesday.

“Refinance applications declined for the fourth week as rates increased, bringing the refinance index to its lowest level since July 2021,” says Joel Kan, the MBA’s associate vice president of economic and industry forecasting.

But the home purchase market remains hot, even as rates have inched up. The 30-year fixed-rate mortgage averaged 3.05% last week, according to Freddie Mac.

As refinancing activity declines, home buyers may find themselves better positioned to negotiate a lower interest rate, Sam Polland, a loan officer at Intercoastal Mortgage LLC in Potomac, Md., told The Wall Street Journal.

Lenders refocusing on the home purchase market are thriving. U.S. Bancorp says that in the first half of 2021, about half of its mortgages went to buyers. It originated more than $28 billion in the third quarter, up 11% from a year ago, according to Inside Mortgage Finance data.

 

Source: “Rising Mortgage Rates Shift Lenders' Focus to Home Buyers,” The Wall Street Journal (Oct. 17, 2021) [Log-in required.] and “Weekly Mortgage Demand Drops Over 6% After Interest Rates Move Even Higher,” CNBC (Oct. 20, 2021)

Looking for something fun and different to do this weekend? This fun-filled two-day event takes place on beautiful, historic Wolfeboro Bay in Wolfeboro, New Hampshire.

The event is presented by the New Hampshire Boat Museum and is sanctioned by the Vintage and Historic Division of the American Power Boat Association (APBA). This biennial event is a favorite for visitors to watch and for drivers to show off their spectacular vintage race boats dating from the 1920s – 1980s.

Vintage Boat Race Regatta

When: Friday, September 17, 2021 & Saturday, September 18, 2021

Time: 8:30 am  - 5:00 pm

Where: Wolfeboro Town Docks, Wolfeboro Bay

For more information:
Telephone: 603-569-4554
Web: www.nhbm.org/regatta

   

It’s no secret that today’s seller's market is wilder and more competitive than it’s been in years, fueling sellers’ hopes of major profits if they list their own home, too. All of which could be true—but only if you gauge your market carefully, and handle your sale with care.

Getty Images

By Erica Sweeney | Aug 19, 2021

You’ve heard the stories: Maybe your neighbors sold their fixer-upper as is for $100,000 over asking price. Or your friends were deluged with crazed homebuyers engaged in a bidding war within 24 hours of putting their house on the market.

“The biggest issue I’m having when I talk to sellers is, they’re seeing stuff in the papers or hearing from their neighbors, ‘Oh, this house just got this absolutely crazy price, or this guy flipped a property for a huge profit,’” says Liz Hogan, vice president of luxury sales at Compass in South Florida. “Those stories are circulating because they’re the anomalies. Nonetheless, a lot of that chatter has made sellers think that even their home—which may just be a regular home and not a super spectacular listing—is going to get some crazy price. That’s not necessarily going to happen.”

For one, this strong seller’s market has started to show signs of softening, with fewer buyers and lower prices. This means sellers may need to reset their expectations.

To help home sellers separate fact from fiction, here’s a look at four myths you’ve probably heard about selling a home today, and why they might not be true for you. Plus, we’ve got some tips to adjust your strategies for the realities of today’s market so you can up the odds that your home actually does become the next success story on the block.

1. ‘You don’t need to renovate—buyers will take anything’

In such a hyperactive market, sellers may get lazy and expect to get a high price for their homes without making any repairs or upgrades. But Jason Gelios, a real estate agent with Community Choice Reality in Southeastern Michigan, says this could set you up for failure.

“Home sellers looking to get top dollar should not sell a home as is, even in this seller’s market,” he says.

Despite the limited housing inventory, high-priced homes that need too much work are a turnoff, since many of today’s buyers expect homes to be mostly move-in ready.

“Buyers today still want to walk into a clean home, one that has nice paint on the wall, that doesn’t have chipped-up countertops or banged-up refrigerators and toilets that aren’t working,” Hogan says.

The truth of the matter is this: A fresh coat of paint, tidying up the landscaping, and a good scrub-down are inexpensive upgrades that bring a return on investment of thousands of dollars when you sell. And don’t neglect minor things like replacing lightbulbs and fixing broken doorknobs. They count.

2. ‘You can price your house sky high and get that amount’

It’s true that home prices have been going up. According to the National Association of Realtors®, the average home price was $363,300 in June (the latest month data is available), 23% higher than a year earlier. That’s quite a rise, but don’t let those dollar signs get to your head.

“The market is hot, which makes sellers think they can just ask for whatever price they want and get it,” says Ruthie Assouline, a real estate broker with Compass in New York City and Miami. “That’s a myth, because it’s all supply and demand.”

Homes need to be priced realistically in line with what the market is asking, the type of home it is, and its condition.

“Just throwing something online and asking for a ridiculous price—you probably have to have the crème de la crème to be able to pull that off,” Assouline says.

Pricing too high also means the home could sit on the market for a while. Plus, Hogan says she’s starting to see buyers push back on the high prices by delaying their home search or not making offers, forcing some sellers to reduce their asking price.

3. ‘Sellers don’t need to market their listing much—it will sell’

Recently, Hogan says a client was interested in a multimillion-dollar home in Miami, but the listing featured only one smartphone photo of the exterior. She called the listing agent to ask if more images would be added; the agent said the owner said they didn’t need more photos since they were certain the home would sell fast.

“I’m like, for a $10 million home, you can’t spend $500 to take professional photos?” she says. “It’s crazy.”

This is a common sentiment these days. Some sellers think putting a lot of effort into online marketing is pointless, since the home is bound to sell quickly regardless of what they do. But consider this: Most homebuyers start their search online—so if your listing falls short, you just won’t get much attention.

Plus, Hogan says sellers aren’t always selling to local buyers who can drive by or are familiar with the area.

“Homes hitting the market without professional pictures, additional pertinent information, and other appealing amenities that could sway a buyer to choose their property is a huge error,” Gelios says.

Photos, videos, floor plans, 3D tours, and other details help homebuyers decide if a home is right for them and if they want to see it in person.

4. ‘In a bidding war, it’s a no-brainer to just pick the highest offer’

Bidding war are common these days, with sellers receiving multiple offers with some over the asking price. Accepting the highest offer may be tempting, but it’s not always the best move.

“It’s terms versus price,” Hogan says. “A smart seller may take a little bit lower price to get much better terms.”

A lower offer that’s all cash, for instance, may be more attractive, since it eliminates the financing hurdle and could mean a quick closing. Or you may need extra time to stay in the home until you find somewhere to move.

Sellers should examine all factors of every offer, including a buyer’s finances, and not focus solely on price, Gelios says.

“Many home sellers have other motivators that could sway them toward choosing an offer,” he explains. “These could include longer occupancy, more flexible closing terms, or other outside-of-the-box offerings, like a credit toward the seller’s moving costs.”

 

Erica Sweeney is a writer whose work has appeared in the New York Times, Parade, HuffPost, Business Insider, Money, and other publications.