If you’re looking to buy a home, your down payment doesn’t have to be a big hurdle. According to the National Association of Realtors (NAR), 38% of first-time homebuyers find saving for a down payment the most challenging step. But the reality is, you probably don’t need to put down as much as you think:

Data from NAR shows the median down payment hasn’t been over 20% since 2005. In fact, the median down payment for all homebuyers today is only 15%. And it’s even lower for first-time homebuyers at 8%. But just because that’s the median, it doesn’t mean you have to put that much down. Some qualified buyers put down even less.

For example, there are loan types, like FHA loans, with down payments as low as 3.5%, as well as options like VA loans and USDA loans with no down payment requirements for qualified applicants. But let’s focus in on another valuable resource that may be able to help with your down payment: down payment assistance programs.

First-Time and Repeat Buyers Are Often Eligible

According to Down Payment Resource, there are thousands of programs available for homebuyers – and 75% of these are down payment assistance programs.

And it’s not just first-time homebuyers that are eligible. That means no matter where you are in your homebuying journey, there could be an option available for you. As Down Payment Resource notes:

“You don’t have to be a first-time buyer. Over 39% of all [homeownership] programs are for repeat homebuyers who have owned a home in the last 3 years.”

The best place to start as you search for more information is with a trusted real estate professional. They’ll be able to share more information about what may be available, including additional programs for specific professions or communities.

Additional Down Payment Resources That Can Help

Here are a few down payment assistance programs that are helping many of today’s buyers achieve the dream of homeownership:

• Teacher Next Door is designed to help teachers, first responders, health providers, government employees, active-duty military personnel, and veterans reach their down payment goals.
• Fannie Mae provides down-payment assistance to eligible first-time homebuyers living in majority-Latino communities.
• Freddie Mac also has options designed specifically for homebuyers with modest credit scores and limited funds for a down payment.
• The 3By30 program lays out actionable strategies to add 3 million new Black homeowners by 2030. These programs offer valuable resources for potential buyers, making it easier for them to secure down payments and realize their dream of homeownership.
• For Native Americans, Down Payment Resource highlights 42 U.S. homebuyer assistance programs across 14 states that ease the path to homeownership by providing support with down payments and other associated costs.

Even if you don’t qualify for these types of programs, there are many other federal, state, and local options available to look into. And a real estate professional can help you find the ones that meet your needs as you explore what’s available.

Bottom Line

Achieving the dream of having a home may be more within reach than you think, especially when you know where to find the right support. To learn more about your options, let’s connect.

There’s no denying mortgage rates and home prices are higher now than they were last year and that’s impacting what you can afford. At the same time, there are still fewer homes available for sale than the norm. These are two of the biggest hurdles buyers are facing today. But there are ways to overcome these things and still make your dream of homeownership a reality.

As you set out to make a purchase this season, you’ll want to be strategic. This includes taking a close look at your wish list and considering what features you really need in your next home versus which ones are nice-to-have. This will help you avoid overextending your budget or limiting your pool of options too much because you’re searching for that perfect home.

Danielle Hale, Chief Economist at Realtor.com, explains:

“The key to making a good decision in this challenging housing market is to be laser focused on what you need now and in the years ahead, . . . Another key point is to avoid stretching your budget, as tempting as it may be . . .”

To help identify what you truly need, make a list of all the features you’ll want to see. From there, work to break those features into categories. Here’s a great way to organize your list:

• Must-Haves – If a house doesn’t have these features, it won’t work for you and your lifestyle (examples: distance from work or loved ones, number of bedrooms/bathrooms, etc.).
• Nice-To-Haves – These are features you’d love to have but can live without. Nice-to-haves aren’t dealbreakers, but if you find a home that hits all the must-haves and some of these, it’s a contender (examples: a second home office, a garage, etc.).
• Dream State – This is where you can really think big. Again, these aren’t features you’ll need, but if you find a home in your budget that has all the must-haves, most of the nice-to-haves, and any of these, it’s a clear winner (examples: a pool, multiple walk-in closets, etc.).

If you’re only willing to tour homes that have all of your dream features, you may be cutting down your options too much and making it harder on yourself (and your budget) than necessary.

While you’d love to have granite countertops or a pool in the backyard, those are both things you could potentially add after you move. Instead, it may be best to focus on finding the things that you can’t change (like location or a certain number of rooms). Then, you can upgrade or add some of the other features or finishes you want later on.

Sometimes the perfect home is the one you perfect after buying it.

Once you’ve categorized your list in a way that works for you, discuss your top priorities with your real estate agent. They’ll be able to help you refine the list further, coach you through the best way to stick to it, and find a home in your area that meets your top needs.

Bottom Line

With the current affordability challenges and limited housing supply, you’ll want to be strategic so you can find a home that meets your needs while staying within your budget. Let’s connect to make that possible.

If you’re considering buying a home or selling your current one to find something that better suits your needs, you may have questions about what’s happening with home prices today. Here’s what you need to know.

There’s still a lot of confusion and misinformation out there. So, no matter what you may have heard, the national data shows they’ve actually been climbing again (see graphs below):

As you can see, in the first half of 2022, home prices went way up. Those increases were dramatic and unsustainable. So, in the second half of 2022, prices adjusted. Those dips were small and didn’t last very long. Still, the news made a big deal about these slight declines, which may have made you worry.

But what’s important to know is that, in 2023, prices are going up again, and this time it’s at a more normal pace. The fact that all three reports now show more typical price increases this year is good news for the housing market.

Home Prices Are Rising Across the Top Cities in the U.S.

After seeing steady home price growth at the national level for the last several months, you may wonder if prices are going up in your local area, too. Know this: while this will vary from one area to the next, home prices are appreciating in these top cities Case-Shiller reports on in their monthly price index (see chart below):

That’s why so many experts are able to forecast home prices will end the year in the positive and continue going up in 2024.

Here’s How This Affects You

• For Buyers: If you’ve been waiting to buy a home because you were concerned it might lose value, the fact that home prices are going up should ease your worries. Buying a home before prices climb higher can be a smart move since home values typically appreciate over time.
• For Sellers: If you’ve been postponing selling your house because you were worried about how changing home prices would affect its value, now might be a good time to work with a real estate agent to put your house on the market. You don’t have to wait any longer because the data shows home prices are in your favor.

Bottom Line

If you delayed moving because you were concerned home prices would drop, don’t worry – the numbers show they’re going up nationally. To better understand how home prices are changing in your local area, let’s connect.

Buying a new home is one of the most exciting experiences in life. And if you’re like most homebuyers, you’ll be planning your furniture placement and decor before the ink dries on your offer letter.

 

But before you run to the nearest home goods store, take a deep breath. First, you’ll need to delay any major purchases before you close on your new home. A large outlay or additional line of credit could lower your credit score and, thus, impact your mortgage terms.1   Second, moving and closing costs can add up quickly, so it’s important to be strategic with your remaining budget. But don’t worry! There are plenty of ways to save on home essentials, and I’ve rounded up some favorites to share with you.

 

PRIORITIZE WHAT YOU REALLY NEED BEFORE YOU START SHOPPING

 

According to Home Advisor, the national average cost to furnish a new house is $16,000, but it can easily soar higher.2   That’s why I  recommend starting with a thorough assessment of what you already have and what you actually need to start life in your new place. Here are some steps to help you prioritize your purchases and keep spending in check.

 

• Make a list of everything you need. Going room by room could help you brainstorm—for example, you might list items ranging from a mattress to blackout curtains for your new primary bedroom.
• Inventory what you already have. Cross the big (dining table) to the small (kitchen knives) off your list as you go.
• Divide the remaining items into three groups: things you need right away (a mattress), items you’d like to have in the near future (a coffee table for your living room), and pieces that can wait (an area rug).
• Calculate your budget. Figure out how much money you’ll have available for immediate purchases after the sale has closed, and start researching the items on your priority list to understand how they’ll fit into your budget.
• Don’t rush the process. Bringing older items to your new space doesn’t mean you need to keep them forever. Consider hanging onto pieces that can tide you over for a year or two until your bank account has recovered from the costs of a home purchase.

 

Before you start shopping, make sure you know which appliances and fixtures are included with your home purchase. I can inform you of the standard contract terms when you’re making an initial offer and note any additional items that you would like to request.

 

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TIME YOUR PURCHASES TO MAKE THE MOST OF SEASONAL SALES

 

Did you know that some home items predictably go on sale at certain times of the year? If you can wait to buy these pieces when prices are lower, you could save significantly. Here are some of the best times to buy household essentials:3,4

 

• Bedding and linens: January TVs: Black Friday/Cyber Monday and late January (before the Super Bowl)
• Furniture: February and August, as well as Black Friday, Memorial Day, and Labor Day
• Large appliances: Labor Day through October
• Small kitchen appliances: May
• Mattresses: Holiday weekends, especially Memorial Day, Labor Day, and 4th of July
• Vacuum cleaners: April
• Tools: June
• Outdoor furniture: August through October Generally speaking, holiday weekends (as well as Black Friday and Cyber Monday) tend to be great times to find deals.

 

If the item you’re looking for is seasonal—like patio furniture or holiday decorations—waiting until the end of that season usually pays off.

 

 

FIND ALTERNATIVE SHOPPING SOURCES

 

Can’t wait for a sale? It’s time to think outside of the box (the big-box stores, that is). There are plenty of surprising places to find great furniture and houseware deals.

 

• Check out overstock and liquidation stores. These stores purchase items other retailers haven’t sold and offer them at a steep discount. The inventory can be hit or miss, but you can often get a great deal if you find what you’re looking for.5
• Try private membership/warehouse stores. Retailers like Costco and Sam’s Club often have great deals on home goods. If you’re not already a member, ask family or friends if they are willing to take you to look around before you commit.
• Consider open-box items. When buyers return items like furniture or electronics, retailers can’t always sell them as new, even if they haven’t truly been used. Look online for open-box deals from retailers like Wayfair and Amazon Warehouse or visit local retailers to see what they have in stock.
• Give scratch-and-dent appliances a chance. These appliances are brand new but sold at deep discounts because their external packaging was damaged. Typically, this means that flaws are purely cosmetic—but it’s always possible that the merchandise has suffered more serious damage. So, be sure to check out the appliances carefully and ask about included warranties.6
• Expand your window treatment search. Window treatments can be surprisingly expensive, but it’s often possible to save by buying off-the-shelf offerings in standard sizes. If you need a custom size or material, consider ordering online from a discount supplier and installing them yourself.
• Shop secondhand. In addition to thrift stores and garage sales, Facebook Marketplace, NextDoor, and Craigslist are all great places to find deals in your area. Are alternative shopping sources still a stretch for your budget? Check out local Freecycle or “Buy Nothing” groups, which are often hosted on Facebook. Participants offer big and small items they no longer need—everything from furniture to clothing hangers—for free to other members.7,8

 

DON’T BE AFRAID TO NEGOTIATE FOR A BETTER DEAL

 

Many people don’t realize that prices for home goods, from furniture to appliances, are often negotiable. While asking for a discount can be intimidating, it’s common practice in many industries, although more so at independently-owned stores than chains. Here are a few tips:9,10

 

• Comparison shop before you walk into a store. If you can find a lower price for the same item elsewhere, many retailers will match it.
• Ask the store associate or manager for the best price available. They may be able to offer additional discounts or coupons.
• If you can pay in cash, ask if you can get a discount for doing so. The seller may be happy to offer a small price reduction to avoid paying processor fees.
• Call ahead to ask about applicable discounts. Some retailers offer price reductions for active military, veterans, teachers, first responders, or senior citizens on certain days or times of the year.
• Point out scratches or dings to the sales associate. They may be willing to offer a discount to compensate for the imperfection.
• Ask about floor models. Many stores offer these pieces at a lower price, even if they’re in like-new condition.

 

After you’ve negotiated a killer deal, don’t forget to ask for free or discounted delivery! Sometimes furniture and appliance stores will offer complimentary delivery or installation if you spend a certain amount or purchase multiple items.

 

 

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MAKE THE MOST OF REWARD PROGRAMS AND COUPONS

 

Every penny counts when you’re on a budget—and spending a little extra time maximizing reward programs and discounts is usually worthwhile.

 

• Sign up for a change of address kit with the United States Postal Service. You’ll need to do anyway to forward mail to your new address, and it comes packed with valuable coupons.11
• Make sure you never miss a sale. Sign up for your favorite retailers’ email lists and follow them on social media for discounts and sale alerts.
• Take advantage of loyalty programs. If you’re making a big purchase or getting multiple items from one store, ask about free loyalty programs. Signing up often comes with an introductory coupon.
• Consider store credit cards (carefully). Store credit cards can offer significant discounts—but only charge items you can pay off right away to avoid interest, and never open new lines of credit until your home purchase is complete, since it can affect your credit score.
• Enroll in coupon and cashback programs. When you’re shopping online, programs like Rakuten and Honey can help you find coupon codes and give you cash back on purchases. While you’re at it, why not set up a housewarming registry?12 You can share the link with family and friends if they ask what you need—and you can also use it to score discounts. Many stores offer a percentage off to help you buy unpurchased items on your registry.

 

 

GET CREATIVE

 

If you want to avoid a cookie-cutter home aesthetic—and save a few bucks—try reimagining your existing furniture and how it could fit into your new space. Here are a few of our favorite strategies.

 

• Repurpose what you have. Instead of buying a new item to fit a specific purpose, ask yourself if you can use what you have in a different way. For example, repurpose an old dresser as a television stand or use a mismatched dining chair in your home office.
• Upgrade existing items. Sometimes, a new coat of paint or varnish, or simply swapping out drawer pulls and handles, can lend a new lease on life to an old piece of furniture. You can also keep this strategy in mind if you see second-hand items that would be just right if they were a different color or had nicer fixtures.
• Reupholster instead of buying new. If you have a tired-looking sofa or chair that’s still comfortable and stable, think about getting it reupholstered in new fabric instead of replacing it.
• Get handy. Building furniture is certainly not for everyone, but with some basic tools and help from the internet, you may find that simple items like headboards are well within your grasp. You might also be able to repair pieces you already have and avoid shopping altogether.

 

Do-it-yourself projects can be fun, but they aren’t for everyone. If you’d like some professional help, reach out for a list of our recommended service providers.

 

 

I AM HERE TO HELP

 

I know budgeting for a new home can be overwhelming, and I want to make the process easier for you. If you’re considering a home purchase, I can advise you on a realistic budget and help you review your options. I can also offer insights on other financial considerations and programs and incentives that can help make homeownership more attainable. Reach out for a complimentary consultation.

 

The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

 

 

Sources:

 

Bankrate – https://www.bankrate.com/mortgages/avoid-mortgage-closing-missteps/

Furniture Bank – https://www.furniturebank.org/how-much-does-it-cost-to-furnish-an-apartment/

US News – https://money.usnews.com/money/personal-finance/saving-and-budgeting/articles/the-best-time-of-year-to-buy-everything

NerdWallet – https://www.nerdwallet.com/article/finance/wht-to-buy-every-month

Business Insider – https://www.businessinsider.com/personal-finance/strategies-to-save-money-on-furniture-for-my-new-home?r=US&IR=T

CNET – https://www.cnet.com/home/kitchen-and-household/buy-scratch-and-dent-appliances/

Real Simple – https://www.realsimple.com/home-organizing/green-living/buy-nothing-groups

Freecycle – https://www.freecycle.org/

Consumer Reports – https://www.consumerreports.org/cro/magazine/2013/08/how-to-bargain/index.htm

Realtor.com – https://www.realtor.com/advice/home-improvement/furniture-stores-money-saving-tricks/

The Krazy Coupon Lady – https://thekrazycouponlady.com/tips/money/usps-moving-coupons

Taste of Home – https://www.tasteofhome.com/article/housewarming-registry/

If the thought of investing your money into brick and mortar—or perhaps some stylishly-painted siding—excites you, join the club.

 

Investing in real estate has long been one of Americans’ favorite ways to grow their wealth. In fact, over 70% of single-family rental properties are currently owned by individual investors rather than corporations, according to Census data.¹

 

Moreover, a decade’s worth of Bankrate surveys has found that Americans often prefer real estate for long-term wealth building over other investments. According to Bankrate’s latest survey, for example, Americans have historically embraced real estate, in part, because of the strong return on investment it can offer—especially to investors willing to stick with a property over time.² It’s also a popular way to hedge against inflation since both rental income and property values tend to rise in tandem with overall prices.³

 

Now, as higher interest rates continue to push priced-out homebuyers to the sidelines, a new crop of “mom and pop” investors are eyeing the mushrooming rental market as a potential goldmine.⁴ Interest in buying a home to both live in and rent is also on the rise, especially amongst cash-strapped buyers looking to supplement their mortgage payments.⁵

 

But how do you know if you’re well-suited to take advantage of these real estate investment opportunities? Here are three signs that owning a rental property could be right for you.

 

 

1. YOU’RE A HOMEBUYER WHO WANTS HELP COVERING THE MORTGAGE

 

If you’re looking for a creative way to buy a home without overspending, “house hacking” could be the answer. Increasingly popular with first-time homebuyers and budget-conscious investors, house hacking simply means buying a home that you intend to live in while renting out a portion of it to one or more tenants.⁵

 

House hacking also tends to be easier to break into than traditional real estate investing since you don’t need as high a credit score or as large a down payment to qualify for a mortgage. In fact, some government-backed mortgage programs will let you buy a primary residence with little to no money down.⁶ Buying a home you don’t plan to live in, by contrast, may require you to put down as much as 15% to 25% to qualify for a loan.⁷

 

If you house hack, the money you collect for rent each month can help cover your mortgage and other homeownership expenses. Depending on your setup, you may also be able to save on utility bills by splitting them with your tenant or tacking a portion onto their monthly rent. Another major advantage of house hacking is that it entitles you to certain tax benefits and deductions available only to landlords.⁸

 

When it’s time to start your search, we can help you find a property that’s ideal for house hacking, such as a house with a walkout basement, a multifamily unit, or a home with enough outdoor space to build an accessory dwelling unit or garage apartment.

 

2. YOU’RE AN INVESTOR LOOKING FOR STEADY AND RELIABLE INCOME

 

If you’re not crazy about the idea of a live-in tenant but still desire an additional stream of income, a dedicated long-term rental property could be a better option for you. Besides the monthly proceeds, purchasing a rental home can also add diversity and long-term stability to your investment portfolio and help you build wealth over time.⁹

 

According to data from the Federal Reserve, real estate owners have historically prospered. In early 2020, for example, the median home was worth almost triple what it was 30 years prior. Then, during the pandemic-era real estate boom, average home prices grew at an especially frenzied clip, climbing by nearly 50%, on average, in just two and a half years.¹⁰

 

However, the rate of appreciation can be hard to predict, so it’s prudent to invest in a property that also offers positive cash flow, which means the rent you take in exceeds your expenses. This strategy helps to ensure that you’ll put money in your pocket each month, even if the property’s value takes time to grow.

 

While today’s higher mortgage rates can make it more challenging for landlords to turn a profit, investment opportunities aren’t reserved for cash buyers. In fact, currently, almost 60% of real estate investors take out a loan to finance their purchase, according to Thomas Malone, an economist at the real estate data firm CoreLogic.⁴  He also notes that more small investors are stepping in to meet demand for rental housing, which has grown since many would-be buyers remain priced out of the purchase market.⁴

 

If you want to explore opportunities for a residential rental property that’s good for your wallet and attractive to renters, we can help. Reach out with questions or to schedule a complimentary consultation.

 

 

3.  YOU’RE AN EXPERIENCED INVESTOR LOOKING TO MAXIMIZE YOUR POTENTIAL RETURNS

 

Another increasingly popular way to draw income from an investment property is to convert it to a short-term vacation rental. But beware: This strategy can be riskier as some municipalities have tightened rental restrictions and others are suffering from market oversaturation.^11,12

 

With that said, if you’re an experienced investor who can afford to take on some uncertainty, then investing in a short-term rental could make sense for you.

 

If you find the right property, for example, you could earn significantly more renting it short-term on a platform like Airbnb than if you rented the home to a long-term tenant.¹¹

 

The key is to keep it occupied as much as possible at a premium nightly rate. To do that, you’ll need some marketing savvy, hospitality skills, and business acumen. Of course, you can always hire a professional property manager, but you’ll need to factor the cost into your budget.

 

The vacation rental market enjoyed a boom during the pandemic, and some inexperienced investors are finding they bit off more than they can chew. As a result, there’s an opportunity to snap up some of these properties, but you’ll need some cash on hand and a willingness to learn the business.¹²

 

I can help you scout opportunities in our local market or, if you’re interested in investing in another area, I can refer you to an agent there for assistance.

 

 

BOTTOMLINE

 

Investing in real estate can be a great way to build your wealth long-term and earn some extra income. But to make the most of your investment, it pays to be strategic.

 

Call me for a consultation so we can discuss your goals and budget. I’ll help you discover neighborhoods with the best income potential, point out the homes most suited to renting, and help you brainstorm the best investment strategy for you.

 

 

Before you take the plunge, make sure you can answer “YES” to these three questions:   Are you ready to be a landlord?   Owning a rental property can take a lot of time and energy. You’re not just buying passive income, you’re also building sweat equity since the time you spend maintaining, marketing, and managing your rental can add up quickly. So be prepared to do some soul-searching to ensure you’ll not only flourish as a landlord, but actually enjoy it.   If you want to invest in real estate but aren’t prepared to put in the day-to-day effort required, we can refer you to a property management service for help.   2. Can you afford to invest in real estate?   The last thing you want is to get over-extended with your new real estate venture. Besides the cost of purchasing the property, you’ll need to consider additional expenses, like property taxes, insurance, administrative costs, and maintenance and repairs. You will also need a cash reserve for unexpected issues or potential vacancies.   I can help you run the numbers to determine whether you can charge enough rent to offset your expenditures.   3. Have you found the right income property? Even if you’ve got your finances in order and are emotionally ready to invest, your success as a landlord will also depend on the property you buy. The criteria for a good rental home and a good family home are often different, so it’s important to lean on professionals for advice.   I can help you find an ideal rental property, taking into account your budget, risk appetite, and investment goals. If you decide to invest in a different area, I’ll connect you with an agent who’s more plugged into that community. Reach out today to schedule a complimentary consultation.

 

 

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

 

Sources:

 

1. PR Newswire – https://www.prnewswire.com/news-releases/census-data-show-individuals-continue-to-own-largest-share-of-single-family-rental-homes-301725024.html
2. Bankrate –
   https://www.bankrate.com/investing/survey-favorite-long-term-investment-2022/
3. Forbes –
   https://www.forbes.com/sites/forbesbusinesscouncil/2022/04/14/why-income-generating-real-estate-is-the-best-hedge-against-inflation/?sh=1081ce921746
4. MarketWatch –
   https://www.msn.com/en-us/money/realestate/another-challenge-for-homebuyers-more-investors-are-snapping-up-homes-and-40-of-them-are-using-cash/ar-AA1foWSB
5. com – https://www.realtor.com/advice/buy/on-the-house-house-hacking-your-way-into-your-first-home/
6. NerdWallet –
   https://www.nerdwallet.com/article/mortgages/government-home-loans
7. LendingTree –
   https://www.lendingtree.com/home/mortgage/down-payment-for-rental-property/
8. Quicken Loans –
   https://www.quickenloans.com/learn/house-hacking
9. Investors Business Daily – https://www.investors.com/etfs-and-funds/personal-finance/rental-properties-investing-experts/
10. Louis Fed FRED Economic Data –
    https://fred.stlouisfed.org/series/MSPUS
11. Story by J.P. Morgan – https://story.jpmorgan.com/real-estate-news/thinking-about-investing-in-short-term-rentals-heres-what-to-know

Skift –
https://skift.com/2023/07/21/short-term-rental-saturation-leads-to-a-correction-and-lots-of-home-sales/

Not long ago, home sellers were in their heyday, as historically-low mortgage rates triggered a real estate buying frenzy. However, the Federal Reserve shut down the party when it began raising interest rates last year.¹

 

Now, it’s not as simple to sell a home. While pandemic-era homebuyers were racing the clock—trying to lock in a low mortgage rate and gain a foothold in the market—current buyers are more discerning. Higher prices and mortgage rates have pushed their limits of affordability, leading them to prioritize cost, condition, and overall value.²

 

The reality is, home inventory remains low, so most properties will still sell with some basic prep, the right price, and a good real estate agent. But owners who go the extra mile are more likely to sell faster and for a higher amount.

 

If you have plans to sell your home and want to net the most money possible, this list is for you. Here are my top seven strategies to attract the best offers and maximize your real estate returns.

 

 

1. UNDERGO A PRE-LISTING INSPECTION

 

Many homebuyers hire a professional to complete a home inspection before they close. But did you know that a seller can order their own inspection, known as a pre-listing inspection, before they put their home on the market?

 

Having a pre-listing inspection on hand and ready to share shows interested buyers that you’re committed to a transparent transaction. This can help you market your home, strengthen your negotiating position, and minimize roadblocks to closing.³

 

Of course, it’s always possible that a pre-listing inspection—which looks at the home’s major systems and structures, among other things—could turn up a significant problem. This does carry some risk, as you’ll be required to either fix or disclose any issues to potential buyers. However, in most cases, it’s better to know about and address deficiencies upfront than to find out mid-transaction, when it could cost you more in the form of concessions, a delayed closing, or a canceled sale.

 

I can help you decide if a pre-listing inspection is right for you. And if it identifies any concerns, I can advise on which items need attention before you list your home.

 

 

2. CONSIDER STRATEGIC UPGRADES

 

Embarking on major renovations before putting your home on the market doesn’t always make financial (or logistical) sense. However, certain upgrades are more likely to pay off and can help elevate your home in the eyes of buyers.

 

For example, refinishing hardwood floors results in an average 147% return on investment at resale and new garage doors typically pay for themselves.⁴  Similarly, research shows that professional landscaping can boost a home’s value by as much as 20%.⁵

 

Often, even simpler and less expensive fixes can make a big difference in how your home comes across to buyers. A fresh coat of paint in a neutral color, modern light fixtures and hardware, and new caulk around the tub or shower can help your property look its best.⁵ 

 

But before you make any changes to your home, reach out. I know what buyers in your neighborhood are looking for and can help you decide if a particular investment is worthwhile.

 

 

3. HIRE A HOME STAGER

 

To get standout offers, you need potential buyers to fall in love with your home—and they’re much more likely to do so if they can envision themselves in the space.

 

That’s where home staging comes in. Staging can include everything from decluttering and packing away personal items to bringing in neutral furniture and accessories for showings and open houses.

 

According to the National Association of Realtors, home staging can both increase the dollar value of home offers and help a property sell faster. In fact, 53% of seller’s agents agree that staging decreases the amount of time a home spends on the market, and 44% of buyer’s agents see higher offers for staged homes.⁶

 

There’s plenty of strategy and research behind the process, so it’s smart to consider a professional. Reach out for a connection to one of my recommended home stagers who can help your property show its full potential.

 

 

4. EMPLOY A COMPETITIVE PRICING STRATEGY

 

While it’s tempting to list your property at the highest possible price, that approach can backfire. Homes that are overpriced tend to sit on the market, which can drive away potential buyers—and drive down offers.⁷ 

 

Alternatively, if you price your home competitively, which is either at or slightly below market value, it can be among the nicest that buyers see within their budgets. This can ultimately lead to a higher sales price and fewer concessions.

 

To help you list at the right price, I will do a comparative market analysis, or CMA. This integral piece of research will help us determine an ideal listing price based on the amount that comparable properties have recently sold for in your neighborhood.

 

Without this data, you risk pricing your home too high (and getting no offers) or too low (and leaving money on the table). Combined with our local market insights, I’ll help you find that sweet spot that will attract the best offers while maximizing your profit margin.

 

 

5. OFFER BUYER INCENTIVES

 

Sometimes, sweetening the deal with buyer incentives can help you get the best possible offer. Incentives are especially helpful in the current market, when many buyers are struggling with affordability and concerned about their monthly payments.

 

Options that can pay off include:

• Buying down their interest rate – You can pay an upfront sum to reduce the buyer’s mortgage rate. This approach can save far more than that cost over the life of the loan, meaning it’s worth more to the buyer than a simple price reduction.⁸
• Offering closing cost credits – You might pay a set amount or a certain percentage of the buyer’s closing costs.
• Paying HOA costs – You could cover homeowner association or condominium fees for a set period of time.
• Including furniture or appliances in the sale – If your buyer is interested, throwing in the furniture or appliances that they want and need can make your property more appealing.

 

Buyer incentives vary and valuing them can get complicated. I’m happy to talk through the options that might make sense for you.

 

 

6. USE A PROVEN PROPERTY MARKETING PLAN

 

Gone are the days when it was enough to put a “for sale” sign in your yard and place a listing on the MLS. A strategic marketing plan is now essential to get your home in front of as many interested and qualified buyers as possible.

 

The truth is, buyers who don’t know about your house can’t make an offer. That’s why I utilize a multi-step approach to marketing that starts with identifying your target audience, effectively positioning your home in the market, and communicating its unique value.  Then I use a variety of distribution channels to connect with potential buyers and performance-based metrics to monitor and improve our campaign results.

 

Windermere’s proven approach can have a big impact on the success of your sale. Reach out to learn more about my multi-step marketing plan and discuss how I use it to generate interest and offers for your home.

 

 

7. WORK WITH AN AGENT WHO UNDERSTANDS YOUR AREA

 

To get the best offers possible, you need a real estate agent who knows your area inside and out.

 

Any agent can pull comparable sales data, but in a quickly-evolving market, even the latest comps can lag the current market reality. I have our fingers on the pulse of the local market because I’m working directly with sellers like you. I also represent local buyers who are active in the market, searching for homes like yours.

 

That puts me in an ideal position to help you price your home for a quick sale and maximum profit. And since I hear first-hand what local buyers want, I can help you prep your home to broaden its appeal and highlight its most-coveted features. Additionally, I can use our extensive network of local agents to solicit feedback and get your home in front of more potential buyers.

 

All of these factors can add up to a significant difference in your profit: In 2021, the typical home sold by owner went for $225,000 compared to a median price of $330,000 for agent-assisted home sales.⁹

 

 

LET’S GET MOVING

 

Are you ready to get a great offer for your home? My multifaceted approach can help you maximize your real estate returns. Reach out for a complimentary home value assessment and customized sales plan to get started!

 

 

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

 

Sources:

1. S. Bank –
   https://www.usbank.com/investing/financial-perspectives/investing-insights/interest-rates-impact-on-housing-market.html
2. National Association of Realtors –
   https://www.nar.realtor/sites/default/files/documents/2023-home-buyers-and-sellers-generational-trends-report-03-28-2023.pdf
3. Bankrate –
   https://www.bankrate.com/real-estate/prelisting-inspection/
4. National Association of Realtors –
   https://www.nar.realtor/sites/default/files/documents/2022-remodeling-impact-report-04-19-2022.pdf
5. Bankrate –
   https://www.bankrate.com/homeownership/landscaping-increase-home-value/
6. National Association of Realtors –
   https://www.nar.realtor/infographics/staged-for-success
7. The Balance –
   https://www.thebalancemoney.com/looking-twice-at-overpriced-homes-1798671
8. S. News & World Report –
   https://money.usnews.com/loans/mortgages/articles/a-guide-to-seller-paid-mortgage-rate-buydowns
9. National Association of Realtors –
   https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics

7 Common Homebuyer Regrets (And How To Avoid Them)

 

To avoid buyer’s remorse, be sure to consider your future self when shopping for a home.

 

Most new homebuyers don’t regret becoming homeowners. In fact, according to a survey by LendingTree, 80% of recent buyers who successfully overcame a challenging housing market say they’re glad they found their current homes.¹ But that doesn’t mean newly-minted homeowners don’t have any regrets about their buying choices.

 

On the contrary, research shows that even the most-satisfied homeowners would change some aspects of their home purchase if given the opportunity. According to a recent survey by Anytime Estimate, nearly 3 out of 4 buyers who purchased a home in 2021 or 2022 still have a few regrets.²

 

Some question their decision to move to a neighborhood they still don’t love. Others wish they had been less picky about where they lived so they could have paid less. Many are afraid they overspent or think they sacrificed too much in their rush to buy a home.

 

Here are some of the most common homebuyer regrets I see, along with my professional advice on how to avoid them.

 

 

REGRET #1: Spending More Than Necessary

 

No one wants to overpay for their new home purchase (and, luckily, with the right guidance, doing so is avoidable). But even if you’ve secured a winning purchase price, there are still plenty of ways to accidentally overspend.

 

One of the most common ways to overpay? Choose the wrong mortgage. In fact, in today’s higher-rate environment, this can be one of the riskiest mistakes a new buyer can make.

 

According to a recent survey, for example, nearly three-quarters of homebuyers leave money on the table by not bothering to shop around for the best rate.³ And research by LendingTree suggests that buyers in major metro areas lose an average of $63,151 over the life of their loan just by picking the first mortgage they’re offered.⁴

 

Lesson Learned:  As long as you stick to what you can afford, buying a home can be a boon for your financial health. The longer you live in it, for example, the more your home is likely to appreciate in value and boost your long-term savings.

 

But to get the most value from your purchase, it’s worth your time to compare financing options and shop around for the best deal. I also recommend getting a mortgage pre-approval before you start your home search so you know what’s within reach. I can refer you to one of our trusted lending partners for help.

 

 

REGRET #2: Rushing Into a Home Purchase

 

In a competitive housing market, it’s often necessary to act fast to secure a home. But don’t let a need for speed tempt you into making an offer before you’ve thought through or fully vetted a new property.

 

Rushing into a home purchase isn’t just risky, it’s also one of the most commonly cited sources of homebuyer regret. According to Anytime Estimate, for example, more than 1 in 4 homebuyers felt remorse over how quickly they sped through the home buying process.²

 

Getting swept away by your emotions can also lead to buyer’s remorse. If you’ve found a home you love and are competing with other buyers, it can be tempting to overlook key details or bid more than you can afford. That’s one reason it helps to have a skilled professional by your side to calmly guide you through the process and ensure you act with reason, rather than emotion.

 

Lesson Learned:  Buying a home is exciting. But if you don’t keep your emotions in check or act too impulsively, you could make poor choices in the moment that are hard to undo later.

 

To avoid making last-minute decisions that could backfire, know what you want, what you need, and what you can afford before you start your home search. I can help you set priorities so you’ll be able to move forward with confidence when the time is right.

 

 

REGRET #3: Miscalculating the Costs of Homeownership

 

Though real estate is a great long-term investment, it can be pricey in the short-term, often surprising homeowners who aren’t prepared for it. According to some estimates, for example, annual maintenance could cost as much as 1% or more of your home’s purchase price.⁵ Some buyers also forget to factor in additional ownership expenses, such as property taxes, insurance, and repairs.

 

Failing to think through the costs of homeownership is one of the most common sources of homebuyer regret. According to Anytime Estimate, for example, nearly half of the homebuyers who regret their purchase said they underestimated how much they would spend to live in it.²

 

However, some homes cost more to live in and maintain than others. So even if you’re certain that you can afford the average cost of homeownership, that doesn’t necessarily mean that every home in your price range will fit neatly into your budget. For example, very old homes with unique maintenance requirements could be extra pricey to keep up. Similarly, homes with high HOA or condo fees could also eat into your monthly budget.

 

Lesson Learned:  A home should help you build your wealth, not drain it. So it’s important to factor in all the potential costs of living in a home—not just obvious ones like your mortgage payment and taxes. To ensure you don’t get overextended, add up your estimated maintenance and repair costs, as well as any miscellaneous expenses that are unique to a particular home.

 

I can help you with these estimates—and, if needed, present you with some less-costly alternatives.

 

 

REGRET #4: Underestimating the Time Required To Maintain or Renovate a Home

 

One of the most joyful aspects of homeownership is getting to relax in a home that’s all your own. But if a home is too high maintenance, then you may not have time to savor it.

 

Many homeowners love to spend their weekends puttering in their gardens or undertaking home improvement projects. But if that’s not you, then you may not like living in a home with a big yard or with high-maintenance features, like a pool.

 

According to a survey by Hippo, for example, 47% of homeowners who feel some regret about their home purchase complain that too much maintenance and upkeep is required.⁶

 

Similarly, buyers who purchase fixer-uppers are often surprised by how much time it takes to rehab their new homes. Although buying a fixer-upper is a great way to save on the purchase price, you could come to resent it if it eats up all your free time.

 

Lesson Learned:  Renovation and maintenance projects are often time-consuming and stressful. So beware of committing to a property that requires too much of your attention if you don’t have the time or patience for it. With that said, home improvement projects can also bring a lot of joy and satisfaction to owners who like rolling up their sleeves.

 

I can talk through the realities of homeownership with you and help you choose a property that will fit your personality and schedule.

 

 

REGRET #5: Ignoring or Skipping a Home Inspection

 

It’s easy to get swept up in the excitement of buying a home. Sometimes, buyers will agree to skip a home inspection to sweeten their offer in a competitive market. They may also be tempted to pinch pennies since they’re already facing a large outlay. However, if you skip out on a home inspection, you could come to regret it.

 

When you hire a home inspector, you get a professional, in-depth examination of the property’s structures and systems before you buy it. It’s a worthwhile investment that can save you money in the long run, either by warning you away from a bad purchase or by providing a list of deficiencies you can use to negotiate with the sellers.

 

But even the most thorough home inspection isn’t going to be worth much if you don’t take the time to carefully consider it. If at all possible, make sure you’re on-site during the inspection so you can observe and ask questions. And don’t forget to re-evaluate any repairs that the seller agrees to make to ensure they’ve been properly completed prior to closing.

 

Lesson Learned:  A home inspection can reduce your risk and save you money in the long run. But to maximize its effectiveness, you will need to be an active participant in the process.

 

I’d be happy to share a list of experienced and trustworthy home inspectors in our area. And when the inspection report is complete, I can help you decide if the purchase is worthwhile and negotiate any relevant seller concessions and repairs.

 

 

REGRET #6: Choosing a Home That Doesn’t Fit

 

Homeownership is often a better investment if you’re willing to stay put for at least five years.⁷ But if your newly purchased home isn’t a good fit, then you may not want to stick around that long.

 

Many homeowner complaints come down to simple lifestyle issues: Although a mismatch may seem small at first, the problems can magnify if you make so many compromises that they interfere with your quality of life.

 

Or, sometimes homebuyers can fall in love with a beautiful home and forget about practicalities. For example, a stunning kitchen can’t replace a needed bedroom or bathroom. And a sparkling pool may sit empty if the home requires a lengthy commute to your office.

 

Make sure you set some guardrails during your home purchase so you don’t over-compromise or accidentally prioritize your wants over your needs.

 

Lesson Learned:  When you’re dealing with limited inventory or a fixed budget, it may be necessary to sacrifice some items on your home wish list. But if you fail to secure your must-haves, you could come to regret your home choice.

 

I can help you avoid an ill-fitting home purchase by working with you to set (and stick to) priorities and parameters before you begin your search.

 

 

REGRET #7: Purchasing Without Professional Help

 

Another path to homebuyer regret? Foregoing the expert guidance and market insight that you can only get from a licensed real estate agent.

 

Buying a home without professional representation can be extremely risky. Therefore, it’s no surprise that 86% of buyers enlist the help of an agent when purchasing a home. And the vast majority find their assistance to be invaluable: 89% say they would use their agent again or recommend them to others.⁸

 

Real estate is hyperlocal and extremely fluid—especially these days when the market is in constant flux. So it pays to have a knowledgeable expert by your side who can guide you through an often-complicated process.

 

I can help you avoid expensive mistakes that could lead to buyer’s remorse, all while making your home purchase as seamless and stress-free as possible.

 

Lesson Learned:  When you work with a real estate agent, you benefit from a wealth of expertise and on-the-ground insight that you can’t get anywhere else. I’ll help you steer clear of the missteps that so many homebuyers make, so you can focus on enjoying your new home instead of questioning your choices down the road.

 

 

BOTTOMLINE

 

No one wants to look back on their home purchase and realize they made a big mistake. I can help you avoid the pitfalls so you can buy with confidence. To learn more about how I work to ensure my clients’ satisfaction, reach out today to schedule a complimentary consultation.

 

 

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

 

Sources:

1. LendingTree –
   https://www.lendingtree.com/home/mortgage/homebuying-process-survey/
2. Anytime Estimate –
   https://anytimeestimate.com/research/american-home-buyers-2022/
3. Zillow Home Loans – https://zillow.mediaroom.com/2022-11-18-Prospective-home-buyers-spend-about-as-much-time-researching-new-TVs-as-they-do-mortgage-lenders
4. LendingTree –
   https://www.lendingtree.com/home/mortgage/mortgage-shopping-study/
5. CNBC –
   https://www.cnbc.com/2022/05/01/survey-majority-of-homeowners-have-regrets.html
6. Hippo – https://www.hippo.com/blog/2022-hippo-housepower-report-how-homeowners-are-responding-essential-maintenance-during
7. com –
   https://www.realtor.com/advice/sell/how-soon-can-you-sell-a-house-after-buying/
8. National Association of Realtors – https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers#homebuyers

Does your current home no longer serve your needs?

 

If so, you may be torn between relocating to a new home or renovating your existing one. This can be a difficult choice, and there’s a lot to consider—including potential costs, long-term financial implications, and quality of life.

 

A major remodel can be a major commitment. From hiring contractors to selecting materials to managing a budget, it can take a tremendous amount of time and energy—not to mention the ordeal of living through construction or relocating to a temporary residence.

On the other hand, moving is notoriously taxing. In fact, in one survey, 40% of respondents viewed buying a new home as ”the most stressful event in modern life.”¹

So which is the better option for you? Let’s take a closer look at some of the factors you should consider before you decide.

 

 

What Are Your Motivations for Making a Change?

 

It’s possible that some of the limitations of your current home can be addressed with a renovation, but others may require a move.

 

Renovate

Certain issues, like dated kitchens and bathrooms, are fairly easy to remedy with a remodel—and the results can be dramatic. In many cases, a relatively minor renovation can significantly increase your enjoyment of your home.

 

Other shortcomings can be more challenging to fix but are worth exploring so that you know your options. For example, if your home feels cramped or it lacks certain rooms, you might be able to make changes like installing an extra bathroom, adding a dedicated office, or finishing an attic or basement. You may even be able to build an accessory dwelling unit or extension to accommodate a multi-generational family.

 

In fact, many Americans have remodeled their homes to meet changing needs since the start of the pandemic. According to the National Association of the Remodeling Industry, 90% of their members reported increased demand for renovations starting in 2020, and 60% reported that the scale of remodeling projects has grown.²

 

However, the feasibility and cost of these larger changes will depend on factors ranging from zoning and permitting to your home’s current layout. Speaking with an architect or a contractor can help you make an informed decision. Let us refer you to one of our trusted partners to ensure you receive the best possible service.

 

Relocate

Of course, sometimes, even rebuilding your home from the ground up wouldn’t solve the problem. For example, moving may be the only solution if you’ve switched jobs and now face a lengthy commute or if you need to live closer to an aging family member.

 

Conversely, if the shift to remote work has opened up your location options, you may wish to seize the opportunity to relocate to a new locale. A 2022 study found that nearly five million Americans had already moved since the start of the COVID-19 pandemic due to increased flexibility from remote work, and nearly 19 million more were planning to move in the near future for the same reasons.³

 

Moving may also be the best option, even when you’re happy with your geographic location. A local move may make sense if you’re looking for a larger backyard or significantly more space. Similarly, some frustrations—like living on a busy street or a long way from a grocery store—can’t be addressed with a renovation. We are well-versed in this area and can help you determine whether another neighborhood might suit you and your family better.

 

 

Which Option Makes the Most Financial Sense?

 

Renovating and relocating both come with costs, and it’s wise to explore the financial implications of each choice before you move forward.

 

Renovate

The costs of a renovation can vary widely, so it’s vital to get several estimates from contractors upfront to understand what it might take to achieve your dream home.

 

Be sure to consider all of the potential expenditures, from materials and permits to updates to your electrical and plumbing systems. It’s also prudent to add 10-20% to your total budget to account for unexpected issues.⁴  If you plan to DIY all or part of your renovation, don’t forget to factor in the value of your time.

 

Renovations can also come with hidden expenses. These might include:

• Additional home insurance
• Short-term rental or hotel if you need to move out during the renovation
• Storage unit for possessions that need to be out of the way
• Dining out, laundry service, and other essentials if you can’t access appliances at home

 

Remodeling choices can also impact the long-term value of your home. Some projects may increase your home’s value enough to outweigh your investment, while others could actually hurt your home’s resale potential.

 

For example, although you may enjoy the additional living space, garage conversions aren’t typically popular with buyers.⁵ Refinishing hardwood floors, on the other hand, brings an average return of 147% at resale.²  The specific impact of a renovation will depend on a number of factors, including the quality of work, choice of materials, and buyer preferences in your area. We can help you assess how a planned project is likely to affect the value of your home.

 

Relocate

The cost of a new home, of course, will vary significantly depending on the features you’re seeking. However, you may find that it’s cheaper to move to a home that has everything you want than it is to make major changes to your existing one.

 

For example, adding a downstairs bedroom suite or opening up a closed floor plan could cost you more than it would to buy a home that already has those features. On the other hand, simpler changes and updates probably won’t outweigh the expense of a relocation.

 

If you’re considering a move, speak with a real estate agent early in the process. We can assess your current home’s value and estimate the price of a new home that meets your needs. This will help you set an appropriate budget and expectations.

 

It’s important to remember that the cost of buying a new home doesn’t end with the purchase price. You’ll also need to account for additional expenditures, including closing and moving costs and the fees involved with selling your current home. And don’t forget to compare current mortgage rates to your existing one to understand how a different rate could impact your monthly payment.

 

However, keep in mind that the interest rate on a mortgage is typically lower than the rate on other loan types—so you could pay less interest on a new home purchase than you would on remodel.⁶ We’re happy to refer you to a lending professional who can help you explore your financing options.

 

 

Which Option Will Be the Least Disruptive to Your Life?

 

A final—but critical—consideration is the time and hassle involved with each option since both renovating and relocating involve a significant amount of each.

 

Renovate

Don’t underestimate the time and effort involved in a large-scale renovation, even if you choose to hire a general contractor. You will still need to consider and make a number of decisions. For example, even a fairly basic kitchen remodel can involve a seemingly-endless selection of cabinets, tile, countertops, paint colors, fixtures, hardware, and appliances.

 

And don’t assume that you will get out of packing and unpacking if you stay in your current home. Most renovations—from kitchens to bathrooms to flooring replacement—require you to remove your belongings during the construction process.

 

The time frame for a remodel is another consideration. High demand for contractors and ongoing material shortages can mean a long wait to get started. And once the project is in progress, you can expect that it will take a couple of weeks to several months to complete.⁷

 

Contemplate whether you will be able to live in your home while it’s being renovated and how that would impact your routine. For example, being without a functional kitchen for months can be frustrating, inconvenient, and expensive (since you’ll need to purchase prepared food). Remember that delays are inevitable with construction, and consider what additional challenges they could present.

 

Relocate

Of course, finding a new home and selling your current one also takes a significant amount of time and energy. According to the National Association of Realtors’ 2022 Profile of Home Buyers and Sellers, the average buyer searched for 10 weeks and toured a median of five homes.⁸

 

However, in many cases, the timeline can still be shorter than a major renovation. Once you find a home that works for you, it typically takes between 30 and 60 days to close if you’re taking on a mortgage—and the process is even faster if you’re paying with cash.⁹  Plus, you can look for your dream home without the inconvenience of living in a construction zone.

 

However, a move comes with its own stress and disruptions. If you’re selling your current home, you’ll need to prep it for the market and keep it ready and available for showings. Once you’ve found a place, the packing and moving process takes time and work, as does settling into a new home—especially if it’s in a different neighborhood.

 

Fortunately, I am here to help make the moving process as easy as possible, if you choose to pursue that route. I can help you find a property that meets all your needs, sell your current one for top dollar, and refer you to some excellent moving companies that can help pack and transport your belongings.

 

 

WHATEVER YOU DECIDE, I CAN HELP

 

The decision to renovate or relocate can be overwhelming—but this choice also presents a powerful opportunity to improve your quality of life.

 

There’s a lot to consider, from how renovations could impact your home’s resale value down the road to your neighborhood’s current market dynamics. I’m happy to help you think through your options. Get in touch for a complementary consultation!

 

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

 

Sources:

1. HousingWire –
   https://www.housingwire.com/articles/46384-americans-say-buying-a-home-is-most-stressful-event-in-modern-life/
2. National Association of the Remodeling Industry –
   https://cdn.nar.realtor//sites/default/files/documents/2022-remodeling-impact-report-04-19-2022.pdf?_gl=1*3pfs0m*_gcl_au*NTU2MDQ0MzAyLjE2ODMyMzgzMTY
3. Business Insider –
   https://www.businessinsider.com/5-million-people-moved-because-of-remote-work-since-2020-2022-3
4. Forbes –
   https://www.forbes.com/home-improvement/contractor/home-renovation-costs/
5. S. News & World Report –
   https://realestate.usnews.com/real-estate/articles/10-home-renovations-that-can-decrease-the-value-of-your-home
6. Bankrate –
   https://www.bankrate.com/mortgages/mortgage-vs-home-equity-loan/#differences
7. House Beautiful –
   https://www.housebeautiful.com/home-remodeling/a25588459/home-renovation-timeline/
8. National Association of Realtors –
   https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers
9. Forbes –
   https://www.forbes.com/advisor/mortgages/how-long-does-it-take-to-close-on-a-house/