The Unexpected Perks of Buying Off-Season!
You might be thinking, Am I missing out on options if I don’t buy a home during the peak season? While it’s true that spring and summer typically bring an influx of listings, they also bring more competition and, in turn, higher prices. According to the National Association of Realtors (NAR), home sales peak during the warmer months and then decline in the fall and winter. This seasonal shift creates opportunities that most buyers overlook, especially following an election year when market uncertainty begins to settle and activity picks up. Think about it this way: Buying a home in the off-season is like going to an amusement park on a weekday—shorter lines and fewer people. While some buyers wait for the rush of spring, others discover why the quieter months could be the best time to find and buy their dream home. Motivated Sellers Are Open to Negotiation Sellers who list their homes in the off-season often do so out of necessity, such as job relocations or personal circumstances, making them more motivated to sell. This motivation can translate into better deals for buyers, including price reductions, closing cost assistance, or flexible move-in dates. During fall and winter, sellers may be more inclined to negotiate, offering opportunities for lower prices and better terms. See Homes in Their True Light Viewing homes during the off-season allows you to assess how properties perform under harsher weather conditions. You can observe how well a home is insulated, how the heating system functions, and whether there are any issues with drafts or leaks. This insight can be invaluable, ensuring that your new home is comfortable year-round. Potential for Year-End Financial Benefits Purchasing a home before the end of the year can offer tax advantages, such as deductions for mortgage interest and property taxes, which can be beneficial when filing your income tax return. Additionally, builders looking to close out their inventory before the new year may offer incentives on new construction homes. Prices Tend to Rise After Elections Another reason to consider buying in the off-season—especially during an election year—is the potential for home prices to increase after the election period. Historically, the housing market sees a boost in activity once election uncertainty subsides. Data shows that home prices typically experience an upswing after presidential elections (link to this blog, if published). This is because consumer confidence returns and more buyers enter the market. Final Thoughts While the off-season may not be the traditional time to buy a home, it presents unique opportunities that can make your first home purchase more advantageous. By embracing the unexpected perks of off-season buying, you can find the perfect home with less stress and potentially better terms.
From Renter to Homeowner: The 5 biggest Lifestyle Shifts You'll Make
Homeownership is amazing—but it’s also a total lifestyle shift from the rental days. From surprise plumbing issues to finally being able to pick paint colors, there’s a whole lot that changes. If you’re considering making the leap, understanding these shifts can prepare you for what lies ahead and ensure a smoother transition to homeownership. 1. Wealth-Building Equity Owning a home means transitioning from monthly rent payments that don’t contribute to your future to mortgage payments that build equity over time. Equity—the portion of your home that you truly own—can grow as you pay down your mortgage and as your property value appreciates. Fact: According to the National Association of Realtors (NAR) Chief Economist Lawrence Yun, homeowners, on average, have 40 times the net worth of renters due to equity and property appreciation. “Homeowners’ wealth steadily rises while renters’ wealth does not,” Yun said. “If you don’t enter the housing market, you are in the renter class where wealth is not being accumulated. If you want to participate in the housing market, the sooner you get in, the sooner you accumulate wealth.” Tip: Think of your mortgage payment as a long-term investment in your future. Even though owning comes with costs, it also provides the opportunity to grow your wealth. 2. Maintenance: The Buck Stops with You One of the most immediate changes when moving from renting to owning is taking full responsibility for property maintenance and repairs. As a renter, calling your landlord to fix a leaky faucet or broken appliance was likely part of your routine. As a homeowner, you become both tenant and landlord, responsible for everything from HVAC repairs to lawn care. Tip: Start building an emergency fund dedicated to home repairs. Experts recommend setting aside 1-3% of your home’s value annually for maintenance costs. According to a 2023 survey by HomeAdvisor, homeowners spend an average of $3,192 on annual home maintenance and repairs. (source: HomeAdvisor) 3. Customization: Your Space, Your Rules One of the most rewarding shifts from renting to owning is the freedom to customize your space without seeking permission. No more restrictions on painting walls or changing light fixtures; your home is truly yours to personalize. This freedom allows you to create a living space that reflects your taste and needs. Tip: Before diving into major renovations, live in your home for a while to understand how you use the space. This way, any updates you make will be more practical and aligned with your lifestyle. 4. Community Involvement: Becoming a Stakeholder As a homeowner, you may find yourself more invested in your neighborhood. Many new homeowners take an interest in local community boards, homeowner association meetings, and neighborhood events. Unlike renters, homeowners have a vested interest in the property values of their community, so staying involved is beneficial. Tip: Join local community groups or attend neighborhood meetings to stay informed about changes in your area and network with your neighbors. 5. Predictable Payments (Mostly) While property taxes, insurance, and maintenance costs can fluctuate, one of the advantages of owning a home with a fixed-rate mortgage is knowing that your monthly mortgage payment will remain consistent. This stability can be a relief compared to potential rent hikes that come with lease renewals. Stat: A report from CoreLogic found that average year-over-year rent prices increased by 2.4% in October. While rent growth has slowed in 2024, it comes after two years of steep increases. Tip: Keep in mind that while your mortgage payment is fixed, property taxes and insurance premiums can change, so factor this into your budget. Embracing Your New Lifestyle Making the jump from renting to owning is more than just a change in living arrangements; it’s a transformation in how you approach your financial planning, home maintenance, and community involvement. While the responsibilities can be more significant, the benefits of equity, personalization, and stability make homeownership a rewarding journey. Understanding these lifestyle changes before you purchase can help you prepare for what’s to come and make your transition to homeowner status as smooth as possible. With the right mindset and resources, moving from renter to owner is a change worth making.
Boost Your Home's Appeal with These Afordable Upgrades
When it comes to selling your home, making a great first impression is crucial. But what if you don't have the budget for a major renovation? Luckily, new data from Zillow and Thumbtack reveal that you don't need to break the bank to boost your home's appeal. "Certain low-lift projects can deliver a high payof because they elevate a home in the mind of a buyer," said Amanda Pendleton, Zillow's home trends expert. Here are the Top 10 no-Demo renovation projects of 2024 that can make your home a stand out in the market and attract more buyers. #1 The Window Box Whoi doesn't love a pop of color and greenery? Window boxes are a classic way to enhance your home's curb appeal. These charming containers for flowers, plants, or herbs can be installed just below the window sill, instantly bringing new life to your home's exterior. Zillow Stats: homes with window boxes recieve 49% more saves and 52% more shares per day compared to similar homes without this feature. Average National Cost: $100-$150 for Professional installation and $15-900 for materials. #2 Open Shelving Open shelving has become a hot trend in home decor, with closet systems and shelving installations up 31.5% year over year according to Thumbtack. It's a great way to display your favorite items while creating an airy and modern look. This project can be a DIY endeavor or you can hire a professional for a custom built-in. Zillow Stats: Homes with open shelving receive 37% more saves and 45% more shares per day compared to similar homes without this feature. Average National Cost: $275 for professional intallation (excluding cost of shelves) #3 Painted Brick If you have brick exterior, consider giving it a fresh coat of paint. A new color can completely transform the look of your home and increase its curb appeal. Zillow Stats: Painted brick homes recieved 31% more saves and 39% more shares per day compared to similar homes without fresh paint. Average National Cost: $4600-7600, including labor, materials, and equiptment #4 Vintage Charm Vintage elements can add a unique touch to your home. Think about incorporating vintage light fixtures, hardware, or even furnature. Not only does it add character, but it can also save you money compared to buying brand new items. Zillow Stats: Homes with Vintage touches recieve 28% more saves and 31% more shares per day on Zillow compared to similar homes without them. Average National Cost: Vintage decor cost vary, but you can find great peices for less that $100. Vintage crown molding, for example, cost between $2-$50 per linear foot and can make ceilings appear higher while adding architectural interest. #5 Outdoor TV An outdoor entertainment area can significantly boost your home's value. One easy way to create this space is with an outdoor TV. Installations have risen 12.7% year over year, making it a popular addition for many homeowners. Zillow Stats: Homes with an outdoor TV get 28% more saves and 26% more shares per day than those without. Average National Cost: $175-$200 (this canb increase depending upon electrical capabilitiesand weatherproofing #6 Picket Fence It may be part of "The American Dream" stereotype, but a white picket fence is a timeless feature that continues to boost curb appeal. Added bonus: it provides a fenced-in yard for pets, a feature many buyers appreciate. Zillow Stats: Homes with a picket fence recieve 27% more saves and 31% more shares per day than yards without a fence. Average National Cost: $7-$45 per linear foot #7 Pergola As outdoor living becomes more important, adding a pergola can provide much needed shade and a stylish gathering space. Zillow Stats: Homes with a pergola get 20% more saves and 24% more shares per day than those without Average National Cost: $3600 for a 10 by 10 foot pergola, including labor and materials #8 Fire Pit A fire pit can make your backyard a cozy retreat for summer nights. This DIY-friendly project can be completed at a low cost, providing an inviting outdoor feature. Zillow Stats: Homes with fire pits see 19% more savdes and 23% more shares per day than those without. Average National Cost: Under $1000 (depending upon the kit purchased) #9 Outdoor Sound System A sound system is another way to start and outdoor entertainment area. A little music can help set the tone for any type of gathering. If you bundle this project with a TV, it could help you save on labor cost, as they can be setup at the same time. Zillow Stats: Homes with this feature see 18% more saves and 19% more shares per day. Average National Cost: $500-$2000 depending upon the system #10 Smart Lighting Upgrade your home's lighting with smart technology. This modern feature can make your home more attractive and functional. Zillow Stats: Homes with smart lighting get 18% more saves and 23% more shares per day than those without National Average Cost: $308 for installation Conculsion These projects can make a significant impact on your home;s appeal and market value. The best part NO-DEMO Renovation "These features bring a wow factor to a home or they serve as a signal that a home is up-to-date, well maintained or move in ready," said Pendleton. "When it's time to sell, these features may ultimately help a home sell faster or for more money, because there will likely be more competition for that among home buyers." Whether you're looking to sell soon or just want to enjoy some new features, these upgrades are worth considering. Remember, small changes can make a big difference!
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