Redfin Blog

6 Reasons Why You Should Remodel Your Kitchen

Tue, 19 Jan 2021 20:06:53 GMT

The kitchen is one of the most important rooms in a home, serving as both a central meeting place for family and a functional area necessary for preparing meals. So it’s easy to understand why a state-of-the-art kitchen is a must-have for millions of homeowners from coast to coast. For those considering home upgrades, the kitchen is a great place to start. A kitchen remodel can add value for current homeowners, and appeal to homebuyers if you’re looking to sell in the near future. Here are the top six reasons you should consider upgrading your kitchen.

A kitchen remodel can increase your home value

For homeowners who plan to sell their homes any time in the future, value is an important point of consideration. A new kitchen can play a significant role in higher than average list price, while an outdated kitchen that doesn’t meet functional needs can deter buyers in any housing market.

Think renovating a kitchen isn’t a big deal for prospective homebuyers? It is. It’s possible to recoup virtually the entire cost of a kitchen upgrade in the purchase price, giving you the opportunity to remodel your kitchen from top to bottom, with less concern for expenses.

Homes with new kitchens are rated number 1 for most valuable home improvement trends. The median list price on homes that have a new kitchen is $14,500 more than those without, and on average, these homes sell for above their list price.

When planning a kitchen remodel, be sure to consider both what makes the most sense to you as well as what will appeal to most homebuyers in your area. For example, if you live in Atlanta, GA, and want to upgrade your countertops, opting for the most valuable trend, quartz, is probably a better option than granite. Someone who specializes in kitchen remodeling can also help you identify regional trends to ensure you make the best possible choice for your home.

Improved lifestyle and convenience

For most homeowners who are planning on remodeling their kitchen space, convenience can be a primary motivator. If your kitchen can’t meet all of your needs, whether it’s too small or situated in an inconvenient manner, an upgrade is a great decision.

As you move forward with your kitchen remodel, determine what you need out of your kitchen and what is required to fulfill those needs. For example, if you need more space to prep and cook, extending your counter or adding an island might be the ideal solution. On the other hand, if you need more storage, an island or hanging cabinets could help you get the extra room to store your pots, pans, and dry goods. If you’re not sure where to start, speak with local kitchen renovation pros to identify the available options for your current kitchen space.

Better design and appearance

Kitchen remodels are often functional, but they can be beautiful, too. Upgrading your kitchen can both expand the area you have for food prep and can become a space you enjoy spending more time in.

If you don’t like the look or feel of your kitchen, a kitchen upgrade can bring your home into the twenty-first century. From counter materials to new cabinets, there are tons of ways to improve the space in your home. Some of the most popular kitchen features we are seeing nationwide include, granite countertops, an eat-in area, stainless steel appliances, and hardwood floors. You can definitely follow your own tastes to create the kitchen of your dreams or enlist the help of a pro to recommend more current trends. Regardless, the right approach to a remodel can guarantee a room that looks amazing and feels great, too.

Create additional space

If you’re tired of cooking and cleaning in a small, cramped space, a new kitchen can make all the difference. Renovating your kitchen can maximize the space you have available, making it much easier to cook meals and spend time with family.

Even small homes can be improved with remodeling opportunities. This can include adding things like extra cabinets or even kitchen islands. If space is really tight, taking down walls or expanding storage – like adding a new pantry or cabinets – into bordering rooms can free up storage options in your kitchen in a way that maximizes functionality.

Improved technology options

Kitchen technology isn’t a one size fits all option. If your 1980s fridge and old school oven can’t meet your needs, it may be time to upgrade. A customized kitchen remodel can also focus on technology. If you’re looking for higher-tech kitchen solutions, upgrading might be required.

Kitchen appliances come in all shapes and sizes, from fridges with Wi-Fi capabilities to ovens that provide quick preheat functionality and will have you ready to cook within minutes. Upgrading your kitchen with the latest and greatest technology can make cooking and preparing meals faster and easier. Start trawling home improvement stores and working with a kitchen renovation contractor that is knowledgeable in high tech options to help you weigh the pros and cons of each new kitchen appliance. No matter what you have in mind, there’s an option out there ideal for you.

Eco-Friendly Upgrades

If climate change or saving money on utilities are concerns for you, your kitchen remodel may be focused on implementing eco-friendly options for more sustainable living.

Appliances that offer great functionality while also reducing waste are available in countless forms, from low-energy refrigerators to microwaves with convection options. Those who want to truly maximize eco-friendly home upgrades may want to go beyond the kitchen alone, but Energy Star appliances can make it much easier to minimize your impact on the environment – and save money.

Remodeling a kitchen is never a requirement, but if you plan to sell soon or aren’t completely satisfied with the cooking space in your current home, a remodel is a great opportunity. Partnering with a kitchen remodeling company can ensure you tick every box, giving you access to pros who can identify needs and provide solutions that meet both functional and fashionable options within your budget. Whether you want more space, better tech, or to sell for more, it’s never too late to upgrade your kitchen.

The post 6 Reasons Why You Should Remodel Your Kitchen appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

Most Popular Home Trends in Texas That Are Worth the Money

Thu, 14 Jan 2021 00:54:36 GMT

In today’s booming housing market, it’s crucial to stand out from the competition and appeal to as many homebuyers as possible. You want your home to sell quickly and for top dollar, right? To help incite multiple offers, and possibly start a bidding war, you may need to do some home upgrades to make your home more desirable than the home listed for sale down the street. But, what sort of home trends and features are most popular in your market with today’s buyers?

From indoor fireplaces to recessed lighting, consumer taste often varies state-by-state, or even by city. Someone living in Seattle won’t desire a backyard pool as much as someone living in Phoenix, after all. So, if you want to get the most bang for your buck, check out these five home remodeling trends that are currently the most popular with homebuyers in Texas.*

What are the most popular home trends in Texas?

1) Walk-In Closet

Once considered a feature only found in luxury homes, walk-in closets have become increasingly popular over the years and have now become one of the more important rooms in any home. In fact, homes in Texas with this feature sell for 99% of asking price. These large closets typically have space for hanging your clothes and shelves for clothes, shoes, and jewelry.

Depending on the size of the closet, they’ll sometimes even have a lounging area. It’s common to see homeowners convert a spare room into a large walk-in closet that is highly functional, practical, and spacious. But, even with the rise in popularity, only about 20% of homes for sale have a walk-in closet. Consider adding a walk-in closet or converting an existing room into a large closet to stand out from other listings.

2) Ceiling Fan

With the Texas climate, it’s no surprise that ceiling fans are ranked as the second most popular home feature with today’s buyers. Still only about 14 percent of homes for sale in Texas have this feature. If you’re looking to attract more potential homebuyers, it might be time to install ceiling fans. They’re useful in keeping homeowners cool in warmer climates, but they also have many other advantages such as energy conservation, versatility, illumination, and year-round value. With ceiling fans, you can also enhance your home’s decor at an affordable price while keeping everyone cool and comfortable.

3) Covered Deck

If your outdoor space doesn’t have a cover, it may be time for an upgrade. Many homeowners in Texas prefer a covered deck or patio so they’re able to enjoy the outdoors all year round, but only about 15% of current homes for sale have one. A covered deck will offer shade so you can relax without being directly exposed to the sun’s rays, rain, or any other outdoor elements. It’s no wonder that outdoor living spaces are all the rage.

4) Security Cameras

Homebuyers nowadays are always looking for a way to boost home security and provide a peace of mind. In fact, listings with security cameras sell for almost 99 percent of list price on Redfin.com. Security cameras can be found all around neighborhoods as the demand for high-tech home security increases. These systems are now more powerful and affordable than ever before. Security cameras can deter crime, lower homeowners insurance, notify of gas or fire problems, offer remote access to your home, and more.

5) Breakfast Bar

A common, and often inexpensive, upgrade homeowners often opt for is adding a breakfast bar in the kitchen. A breakfast bar provides more counter space, additional space to entertain, as well as extra space for eating. Homes with breakfast bars have a median listing price of $364,900, almost $39,000 more than the average list price in Texas.

*Per home listing data on Redfin.com, as of November 2020.

Individual results may vary. This is not intended as a substitute for the services of a licensed real estate agent, or licensed and bonded home services professional or appraiser.

The post Most Popular Home Trends in Texas That Are Worth the Money appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

7 Simple Home Improvements to Beat the Winter Blues

Fri, 08 Jan 2021 22:11:19 GMT

Winter can be a tough time of year for many of us, especially after all the holiday excitement dwindles down. It’s cold. It’s dark. It’s gloomy. And this is when many of us start to feel the winter blues settling in.

But there is good news. By planning out a few simple home improvements you can easily transform your space into a happier and cozier place to be, while also enjoying time spent inside. Sprucing up your home can feel good during any season, but certain projects are perfect for giving you a much-needed mood boost during this time of year.

So, if winter is getting you down, consider these home improvement projects to help you beat those winter blues, no matter how short the days are or how low the temperatures drop.

1. Repaint living spaces

Feeling like your home is in need of a dramatic change? A new coat of paint can be a cheap and effective way to switch things up in no time. During this time when many of us need a mood booster, take a page out of the psychology book, and surround yourself with colors that help you relax and increase happiness. In general, cool colors have a calming effect, while warm colors add comfort and can be invigorating. White can help brighten rooms by reflecting light. It makes a small space feel larger and more open, which can help you feel more energized.

Painting can require some patience, especially if you are considering a brand new color, but it’s easy enough for even a DIY beginner to accomplish. And, with the right attitude and a few friends or even some favorite music, you can make repainting your walls fun, too. If you’re feeling overwhelmed by your painting project, consider hiring a local painting company to tackle it for you.

2. Update your home’s lighting

What better way to brighten and warm your spirits this winter than with the perfect lighting. Not to mention it’s an easy and affordable way to make your home a more comfortable place to spend time.

Instead of sticking with whatever fixtures came in your home when you bought it, you can use the doldrums of winter as an excuse to try this simple home improvement. Light fixtures are affordable and can often be installed without an expert. Whether you repurpose your holiday string lights or invest in a daylight lamp, the options are endless. You can also completely change the ambiance in your home simply by replacing any harsh white bulbs with calming yellow ones.

3. Maximize natural light with windows or skylights

With the shorter days and gloomy weather, one of the main factors leading to winter blues this time of year is the lack of natural light. The best solution for this is to increase the amount of sunlight in your home. If your current windows aren’t letting in enough light or air, it may be time to upgrade.

Skylights can also be an excellent way to improve natural light. This is true even if you live somewhere like Miami, where the sunlight is abundant. Skylights can be installed in many areas of your home, with kitchens and baths being among the most popular choices. Adding more light and sun can go a long way in making the winter darkness a little easier to manage.

4. Install a sound system

There’s nothing like a great song for instantly lifting the spirits. Playing some of your favorite tunes at home is the perfect remedy to help fight your winter blues. It’s a bit less impactful, though, when you’re listening to music through tiny laptop speakers. If you want to really immerse yourself in the sound of your favorite songs, invest in a home sound system.

Setting up a surround sound system or a sound system that plays across multiple rooms is quite simple. Modern technology allows for easy connectivity with Bluetooth, ensuring your home is ready for fun without a costly or complicated setup process.

5. Improve organization

After spending months inside due to the pandemic, followed by the holidays, your home may be overrun by clutter. Think about how good you’ll feel when you’ve cleaned your house, and everything has been put back in its rightful place

Improving the organization of a space can occur in a number of ways, from purchasing storage boxes and bins to custom pieces for the closet. A few simple home improvements can go a long way. Whether that’s just going through old mail, sorting clothing to donate, or filing papers, organizing can help create a nicer living space. If you’re feeling overwhelmed with the process, bring in a professional organizer or declutter to help.

6. Add greenery to beat winter blues

Plants are amazing gifts of nature. In both work and home environments, live plants can boost your mood, productivity, concentration, and creativity. Plants come in all shapes and sizes, from tiny succulents to large potted plants, making greenery a functional and flexible option for everyone. You can choose from flowers, greek plants like ferns, or even herbs to add color and life to any room.

If you have a large living area, potted trees can also be an excellent addition and one of the simplest home improvements you can do. Available from local nurseries and mail order services nationwide, plants make it easy to add a dynamic living focal piece to any room.

7. Create a bedroom sanctuary

There’s nothing quite like having a cozy place to escape to on a cold winter day. From fluffy blankets and bedding to essential oils and warm, ambient lighting, your bedroom can be a place of peace from the moment you walk in. Flannel sheets can keep you nice and warm while a plush rug to sink your toes into will add comfort.

Making it through yet another winter may seem tough, but a few simple home improvements can be just what you need to turn a cold-weather frown upside down. From a little repainting to installing skylights, there’s plenty you can do to increase your happiness and take your home from bland to beautiful this season.

The post 7 Simple Home Improvements to Beat the Winter Blues appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

How to Sell Your House in 2021

Fri, 08 Jan 2021 17:49:15 GMT

So, you’ve evaluated your finances, thought about your lifestyle and made the big decision to sell your home. Maybe you’ve decided to downsize, or you’re moving out of the big city because you can now work remotely, or maybe you just want to live somewhere warmer and bought a house in Phoenix or a condo in San Diego. Whatever your reason, you’re ready to sell. With so many things to consider, selling a house can be an overwhelming process, and this is especially true during a pandemic. Luckily, for you, we put together a comprehensive guide on how to sell your house in 2021.

What to expect from the housing market in 2021

The coronavirus pandemic has had a major impact on our lives – from how we work to how we socialize and travel. It has also affected how we buy and sell homes. So, if you’re planning on selling your house in 2021, it’s important to understand what to expect from the housing market this year and how to best prepare. Luckily, Redfin Chief Economist Daryl Fairweather gives us her keen insights into what to look out for in 2021.

“Typically, the homebuying season starts in late spring, but this year, we expect the homebuying season to begin by late January. That’s because buyers will want to take advantage of record-low mortgage rates before they begin to rise. So if you are thinking about selling this year, you should get your home ready now. Buyers want move-in ready homes because they don’t want to worry about having contractors in and out of their new home during a pandemic. It won’t hurt to list your home early.”

Regardless of if you’re a first-time or seasoned home seller, this step-by-step guide will help you navigate how to sell your house this year.

1) Hire a home inspector

You’re probably thinking, wait, isn’t that the buyer’s responsibility? You’re not wrong. When you’ve accepted an offer, the buyer will most likely request a home inspection of their own. So, why would you have one? First, if a home inspection turns up something that’s in need of repair, wouldn’t you prefer to resolve it before entering into negotiations?

In fact, if you end up needing to make repairs that take weeks to fix, you may lose that buyer altogether. Having a home inspection is a proactive approach to getting your home ready to sell. Known as a pre-listing home inspection, you can find out the exact condition of your property, what issues and repairs need to be addressed beforehand, fix them, and then focus on the next task to sell your home fast.

Also, knowing the condition of your property will further assist you during the negotiation phase with potential buyers. As you may already be aware, buyers often use their home inspection as a way of getting concessions from sellers, such as asking you to drop your list price. If you’ve already addressed these repairs, it is less likely that anything new will come up and impact your negotiation. Before hiring an inspector, be sure to inquire about what measures they are taking to protect their customers from COVID-19.

2) Make repairs and small upgrades to your house

After you receive a comprehensive list of repairs you should make, it’s time to get started either making the repairs yourself or contracting out the right person. This may also be a great time to make small upgrades to your home.

Understand what today’s homebuyers are looking for

Due to the pandemic and so much time spent at home, there are certain features that are becoming a necessity for homeowners. For example, homebuyers want a home office. If you don’t have a designated office space, stage a spare bedroom or extra space as a home office. Add a desk, a plant, and a bookshelf to give it a look that will stand out on Zoom calls. Homebuyers are also looking for deluxe kitchens. This is no surprise as so many picked up cooking or baking as a new hobby in 2020. Consider upgrading your kitchen with new appliances and quartz or granite countertops. (Granite countertops are actually one of the top 10 home trends with the highest sale-to-list ratio in the U.S.)

Enhance your outdoor space

When you are selling your house, you want to find ways to make it stand out, and what better way than having the most beautiful entrance and lawn on the block. You don’t necessarily have to paint the exterior of your house to impress homebuyers. Simple things like trimming your hedges and a freshly mowed lawn will go a long way. Even freshly laid beauty bark and newly planted flowers can really make your yard pop. If these improvements seem like too much to handle while you’re trying to prepare your home to sell, look into hiring a landscaper to assist.

Brighten your home

When it comes to first impressions, a poorly lit home is at an automatic disadvantage. Darkness can make a home feel uninviting, dirty, and cramped even when it isn’t. So, before putting your home on the market, you’ll want to find simple ways to brighten your home. These can include painting your ceilings white and choosing a wall color that is brighter and more neutral, adding mirrors, replacing light bulbs, and adding additional light sources.

3) Declutter and prep your house to sell

Decluttering and prepping your house are steps you should make a priority when learning how to sell your house. Renting storage units is becoming an increasingly popular method of decluttering one’s house before selling it. The idea is to limit the amount of stuff in your house so that potential future owners can envision themselves (and their stuff) in that space. Even removing photos is a great way to allow potential buyers to think about what they would hang on those walls. If you’re looking for a quick turnaround, bring in a professional organizer, or schedule a virtual consultation. They can help get your house in order, while also preparing you for a stress-free move.

4) Find a real estate agent

Finding a real estate agent is easy, finding a great real estate agent can be more of a challenge. Getting referrals and reading online reviews is a great way to start narrowing down your options. You’ll want to understand what you’re looking for when hiring a real estate agent to represent your best interests. Here are some questions to consider asking any potential candidate:

How many clients have you served this year?
Has a client ever filed a complaint against you?
What is your fee?
What services do you offer beyond negotiations and escrow?

After you decide on a real estate agent, you and your agent should come up with a plan of action for how to sell your house. It should include a timeline, from the pricing of your house and getting it listed on MLS to personal showings. You and your agent should be on the same page at all times and a plan of action will help ensure that.

5) How to price your house to sell

Now is the time to find out what price you should list your home. You can start by using online tools to help you get an idea of what your home is worth. However, you should never set your sights on a single number and expect it to happen. Market conditions change all the time and so does buyer behavior.

Another option is to conduct an appraisal. Home appraisers are licensed professionals that will assess the value of your house based on the state of your property and overall housing market conditions. They will look at the size of your property, the interior and exterior conditions of your house, any upgrades, additions, or home improvements you’ve done, and then calculate your home’s worth based on the local market conditions.

Looking at comparables of recently sold homes in your area will also help you settle on a price. These homes should be similar in size, location, and sold within the last few months. Furthermore, you want to be strategic about your pricing. Instead of lumping the price of your house in with others in the area, strategize your pricing based on your home’s selling features. In other words, if there are three houses for sale in your area and they are priced at $350,000, you might be able to justify $360,000 or more because you have a larger lot size or maybe you’re located in a popular neighborhood.

6) Stage your home to sell

If you don’t deem yourself a design-minded individual, consider hiring a professional home stager to help. Given the current climate, however, not everyone necessarily wants a professional stager to enter their house. Luckily, many staging services offer virtual consultations as a popular alternative. Regardless if you work with a professional or handle the staging on your own, here is a list of things to consider that will really help you make your house shine:

Clear the clutter: You may have already transferred most of your belongings to a storage unit by this point. Now is the time to focus on cleaning up the clutter on countertops and tables. Put away newspapers, mail, or magazines, or if you have children, help them pick up their toys.
Deep clean your house: Nothing turns off buyers more than an unclean bathroom. That is also true for the rest of your house. Now more than ever is the time to wash your windows, windowsills, and scrub your grimy glass shower doors.
Add white accents: White accents such as flowers or towels in the bathroom create a sense of welcome cleanliness.
Arrange furniture: You don’t have to necessarily rent furniture to stage your home. You can most likely use what you have. The key is to limit the number of furniture pieces in any one room. Then arrange them in a way that’s inviting to people as they enter the room.
Bring in light: Think about removing your curtains or keeping them drawn back to allow as much light into your house as possible. If you have rather large elaborate curtains, consider storing them away until you get to your next home.
Highlight your floors: Floors are a key feature homebuyers are looking at, especially if you have wood floors. Show them off by removing any rugs or unneeded furniture so more of your flooring can be seen. If you have wood floors, think about polishing them to really make them pop.
Organize all closets and drawers: Homebuyers touring your home will most likely look in your closets to determine space and, frankly, to see if their stuff will fit in there. They will also likely open kitchen drawers and cabinets as well, so make sure everything is nice and tidy.
Dust: Concentrate on all the areas that you’ve most likely have turned a blind eye to for some time, like ceiling fans, baseboards, on top of doorways, appliances, etc.

7) Get professional photos taken of your home

Nothing sells a house faster than professional photos. This is especially true now, as many prospective buyers are conducting their home search completely online due to the coronavirus. Put yourself in the buyer’s shoes. They are searching online, looking at every home that comes up for sale within their filtered interests the moment it’s listed. If your house is represented online by poorly shot photography, your listing will see very little traffic. Not to mention, it’s widely observed that houses with professionally shot photos, on average, sell for more money than other listings.

When planning how to sell your house, you should also strongly consider having your home digitally scanned for an online 3D tour. These 3D walkthroughs, where you point and click through a home from your computer, are more than 5 times as popular now as they were before the pandemic. And with more buyers buying from out-of-town, a 3D walkthrough can help out-of-town buyers decide whether to make an offer on your home before they have a chance to see it in person.

Lastly, aerial photography that shows a bird’s eye view of one’s home and its surrounding area has become increasingly popular with buyers looking online. Many agencies include some or all of these services as a component of their overall services to you as a seller. Just remember, the better you represent your house online, the faster it will sell.

8) List your home to sell

Your real estate agent will list your home online on MLS (Multiple Listing Service), in order for it to start showing up on real estate websites for potential buyers. Also, don’t limit the marketing of your house to your real estate agent and online search. Market your house yourself. Spread the word through your family and friends. Share your listing on social media and send out emails asking people to share your listing with others.

9) Have a plan in case your home doesn’t sell quick enough

You and your real estate agent should have already gone over this beforehand, but not every house sells quickly. There are many factors at play and depending on the condition of the housing market for your area, your real estate agent may have to use some other strategies in their arsenal to get your house sold. If it’s lowering the price of your home or holding more tours, you’ll want to agree on what the next steps should be in case your house isn’t seeing any offers.

10) Negotiate the sale price of your home

One thing to consider is that the buyer is trying to get the absolute best price they can, while you’re doing the exact same. There will be multiple factors to consider, as each home sold and purchased is different. For example, if it’s a buyer’s market, that means the buyer has the upper hand because there are multiple listings with fewer offers being made. However, that doesn’t necessarily mean you have to make huge concessions in order to sell your house.

This is where your agent really steps up. They will help you navigate the negotiation process, and will give you their advice on how to proceed when offers are being made. Luckily, you interviewed and hired the right agent, so you know they have your best interests in mind.

11) Sign and close

You and your agent have been working towards this moment. You’ve agreed on a price with the buyers, all inspections and appraisals of your home have been completed, and you are now ready to sign the papers and close. To comply with social distancing guidelines, some states are now allowing completely electronic closings, called eClosings. Once you’ve signed all of the paperwork – congratulations, you’ve sold your house!

The post How to Sell Your House in 2021 appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

8 Major Home Design Trends That’ll Be Big in 2021, According to Redfin and Hunker

Thu, 07 Jan 2021 18:45:36 GMT

This article is a collaboration between Redfin and Hunker

With a new-found love for our homes this past year, it’s likely you’ve racked up a laundry list of ways that you’d love to revamp your space. And what better time to refresh and upgrade your home than the New Year? To help spark some inspiration, we partnered with Hunker to predict which home trends will be big over the next year. So whether you’re looking for kitchen remodel ideas or you’ve set a goal to finally transform that spare room into your dream office, we’ve got you covered. Combining Redfin’s data on the most valuable home trends and Hunker’s design experience, here are the major design trends we expect homeowners to embrace in 2021:

Home Design Trend 1: Designer kitchens fit for a chef

Since many picked up cooking or baking as a new hobby in 2020, it’s no surprise that the kitchen remains the heart of the home. When it comes to kitchen design trends this year, think functional yet stylish. Spacious, open concept kitchens with top-notch stainless steel appliances will continue as a “must-have” for homeowners, but they’re also seeking a beautiful and stylish design.

Home Design Trend 2: Stylish kitchens with contrast

While an all-white kitchen is a classic, expect to see bolder palettes — like blue hues, forest greens, and deep charcoals — on island cabinetry, as a contrasting backsplash, or with kitchen furniture. We’ll see kitchens continue to incorporate luxe statement lighting and sleek hardware, such as gold faucets and cabinet handles.

Home Design Trend 3: Bonus spaces that can double as a home office

Working from home will continue to be a theme in years to come, and many are looking for opportunities to create dedicated workspaces within their homes. Whether it be an ADU, a sun room, an additional guest room, or transforming a shed into an office space — this is one of the major home design trends that’s here to stay.

Home Design Trend 4: Earthy textures with luxury elements

In 2021, look to see more homes incorporating a lot of the colors you typically see in minimalism. You’ll see colors like white, cream, beige, rust, and sage, but layered in with multiple textures. Think a living room that combines jute, oak, and linen with materials that are undeniably luxe, or a kitchen with colored marble countertops and rich velvet banquette seating.

Home Design Trend 5: Quartz countertops

In the war of countertop materials, quartz has risen up through the ranks over the years. Versatile, practical, contemporary and elegant, quartz is basically the full package — and we expect to see more of it moving into 2021. Quartz countertops pair well with both light and dark colored cabinets, making them easy to integrate into any kitchen color scheme.

Home Design Trend 6: Outdoor dining rooms for year-round entertaining

Now, more than ever before, homeowners want to blur the lines between indoor and outdoor in a way that lets them experience the best of both realities. With people less focused on eating out, they’ll be looking to take advantage of outdoor entertaining with spaces that can function as open-air dining rooms — whether that be a deck, a gazebo, or a patio overhang.

Home Design Trend 7: Embracing grandmillennial style

This style slowly began to take off this year, but “grandmillennial” is being embraced with open arms as we enter 2021. This fun and unique design trend is all about appreciating traditional style from a modern point of view. You can expect to see tasteful antique decor — like a vintage statement mirror — plenty of brass and wicker, and varieties of texture. Whether it’s just a fad or a timeless trend here to stay, it’s going to be “in” throughout this next year.

Home Design Trend 8: Floor-to-ceiling windows

If you’re looking for an open, airy, and refreshing space, then floor-to-ceiling windows are the upgrade your home needs. On-trend with indoor/outdoor living, this home design trend lets light pour into your space without the need to actually step foot outside. Although not the easiest home upgrade to make, it’s one we’ll continue to see throughout homes this year.

LEGAL: Individual results may vary. This is not intended as a substitute for the services of a licensed real estate agent, or licensed and bonded home services professional or appraiser.

The post 8 Major Home Design Trends That’ll Be Big in 2021, According to Redfin and Hunker appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

Should You Schedule a Pest and Termite Inspection for the Home You’re Buying?

Wed, 06 Jan 2021 22:04:35 GMT

Whether you’re an aspiring first-time homebuyer and about to make your first offer or you have just purchased your second or third home, you’re probably excited to enjoy your new space. But wait, is that a little critter by the backdoor? Maybe it’s just an ant… nothing to worry about, right? Just to be sure there aren’t any other pests lurking about your new house, you might want to consider getting a pest and termite inspection. Here are five reasons you should schedule a termite and pest inspection before any unwanted visitors wreak havoc on your dream home.

Why should you get a pest and termite inspection?

As a new homeowner, it’s always a good idea to cover all your bases and have a pest and termite inspection performed. Homes in more humid climates – think homes in Miami, FL or houses in Houston, TX – are more susceptible to termite infestations due to the increased moisture in the surrounding environment. If you’ve seen any signs of a termite infestation, it might be a good idea to have a termite inspection. These signs can include buckling floorboards, creaky floors, or damaged wood.

For those still in the homebuying process, if you see signs of termite damage in the house, you should consider adding a termite contingency when making an offer on a home. A termite contingency may give you the option to back out of the sale if there’s been significant damage found. Otherwise, you can try to negotiate with the seller to pay for the repairs.

What if you’re planning on just getting a regular home inspection? Your home inspector likely won’t look for specific types of pest or termite damage. However, if your home inspector does find damage, contacting a pest or termite inspector should be your next step. A pest or termite control specialist can help you determine what the best course of action is, likely scheduling an inspection to determine the extent of the damage.

Is a pest and termite inspection required before closing on a home?

If you’ve already purchased your home, then you didn’t miss out on any required inspections. For most homebuyers, termite and pest inspections are not required before closing on a home. However, certain types of loans such as FHA and VA loans may require you to pay for a pest inspection before your mortgage approval, so it’s best to check with your mortgage lender or real estate agent. Your real estate agent will also know if your particular state or county requires a pest inspection before purchasing a home.

5 benefits of having a termite or pest inspection

There are several benefits of having your home inspected for termites or pests.

1) Negotiating power. If the home you’re looking to buy ends up having damage from termites or pests, you’ll likely have better negotiating power. Your real estate agent can help you decide what negotiations to make. These negotiations may include asking the seller to reduce the price so you can pay for pest control services or asking the seller to pay for any repairs or fumigation services before you close on the home.

2) Peace of mind. These inspections will be able to tell you if there’s any structural damage from pests or termites. Your inspector will disclose any issues they find. Then you’ll have an idea of what kind of maintenance you might need as the home’s future owner.

3) Save money. Moving into a new home can feel like the dream, but it’s always a good idea to know what you’re getting yourself into. Without a pest or termite inspection, you may be foregoing a critical type of home inspection that may end up costing you more money down the road if a problem is left untreated.

4) Prepare for future expenses. If your pest or termite inspector finds certain types of pests in the home you’ll have a better idea of what to look out for as a homeowner. That way, you will know if your new home or the area you’ve moved to is susceptible to specific pests. It will also help you to plan ahead for any costs associated with keeping these pests away.

5) Find a local pest control company. Say your home is more susceptible to termites because you’re buying a house in a more humid area, or that spiders or mice are more common in your county. The good news is you’ve found a local pest control company to help you schedule regular maintenance. You’ll know just who to call for help if any critters start appearing in your house.

What to expect during a pest inspection

The inspection will take roughly 30 minutes but can vary based on the size of the home and whether there’s a basement, crawl space, or any extra areas. The inspector will examine the interior and exterior of the home for any signs of damage, infestation, or specific areas that might be more susceptible to pests. They’ll check for any signs of moisture. Damaged wood or buckled paint indicate the presence of wood-destroying insects like termites. They are more likely to be found in these areas vulnerable areas.

The inspector will check for a variety of different bugs such as carpenter ants, fleas, mosquitos, and moths, among others. Where you are located may also play a role in the types of pests your inspector will look for. Some pests are more likely to be found in certain areas or are local to your region. If these types of local pests are found during the inspection, your pest inspector may recommend regular pest control to keep these critters at bay.

The post Should You Schedule a Pest and Termite Inspection for the Home You’re Buying? appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

Building a House? A Simple Guide to the Home Building Process

Wed, 06 Jan 2021 18:46:48 GMT

If you’ve been searching the real estate market for the perfect home and just haven’t found the one for you, building a house can be the best possible way to guarantee the house of your dreams. Building a house offers the ultimate flexibility, giving you the freedom to take your vision and bring it to life.

However, managing the construction process isn’t always easy. Building a house from the ground up takes a lot of coordination, financial resources, and professional assistance. Here is what you need to know about the home building process.

Secure Financing

Unless you have a lot of cash on hand, you’re likely going to need some sort of third-party financing to afford the cost of construction on a new home. Luckily, lending is available to homeowners for construction in a similar way to securing a mortgage for an existing home.

It’s important to note that construction-related loans may be slightly harder to secure than a traditional mortgage. FHA first-time homebuyer loans are limited as well for new construction, so those without a strong credit history are advised to do research to ensure adequate financing is available.

For homeowners who are confident in the construction process and are able to hold to a set timeline, construction-to-permanent loans can be an excellent option. This kind of loan allows property owners to pay contractors and other construction professionals as the work is done. That cost is then converted to a mortgage when construction is finished. Construction-to-permanent loans allow for a set interest rate at closing and consistent fixed payments.

Plan Your Home

Before moving forward with buying land and starting construction, you need to know what kind of home you want to build. A small plot of land may not accommodate your mansion dreams, while lots in subdivisions may have restrictions related to size and style. When planning your home, consider points like:

Number of bedrooms
Number of bathrooms
Home layout, like a one-story home versus one with multiple floors
Appearance preferences, like siding material and color
Storage needs, including basement and attic spaces
Open concept versus segmented rooms
Outdoor space and landscaping
Potential extras, like solar panels, sunlights, fireplaces, or anything else that may affect the construction process

Did you know that homes with hardwood floors consistently sell for over list price? Consider the most popular and valuable home trends across the country before building a house.

Be aware that compromise may be part of the process. It’s not unusual for plans to change as building gets underway for cost or logistical reasons.

Purchase a Lot to Build a House on

Once you have financing secured and know what kind of final product you want, you’ll need to choose a place to build your home. Since you’re building a house you can buy land anywhere, maybe you have your sights somewhere outside of Atlanta, GA or Dallas, TX? The options are endless. Parcels of land designated for new construction may be available in numerous locations, including underdeveloped suburban areas, rural areas, and as a part of subdivision development.

In some cases, where you buy can determine things like sewer, water, and electricity. In subdivisions, these details are usually completed when land parcels are listed for sale, but in less developed areas, this may be the responsibility of the property owner. Note that more rural land not protected by the subdivision development process or city law may require title insurance.

Handle Permits and Adhere to Regulations

Home construction is a highly regulated process. It’s not possible to just purchase property and start building. All construction projects need to adhere to local zoning laws and proceed under the proper permits.

Working with the right professionals can alleviate much of this burden. Contractors and construction companies will know what kind of permits are necessary to start the building process and ensure construction follows all regulations. The lead on your project can work with you to file papers and ensure you’re prepared to move forward in a safe, legal manner.

Hire Professionals

You may be handy with a hammer, but home construction really requires a professional team to guarantee a great final outcome. In order to bring your dreams to life, you will need to hire professionals for this process. This may include:

- Land grading company: They have extensive knowledge on issues such as how to properly work with various types of soil and plants, and can advise you on the best methods for removing obstacles, and what kinds of structures can be placed in certain areas.
- Architect: They see the big picture. Creating the complete look of your home, interiors and exteriors, that satisfy functional needs and are exciting spaces to live in.
- Custom home builders: A custom home builder will guide you through each phase of the home building process. They will work with you to coordinate costs and design your ideal home, inside and out. This will likely involve working with an architect, interior designer, and landscape specialists.
- Construction company: A construction company will handle everything from building the foundation to the final framing of the home.
- Electricians: They’ll make sure any fixed appliance that requires electricity, as well as any electrical outlets, will have the necessary electrical wiring installed. The electrician will run cables and wires to all switches, outlets, appliances and lighting fixtures throughout your home.
- Plumbers: A plumber will install all plumbing fixtures, septic tanks and sewer lines in the home.
- HVAC professionals: They will install all climate control systems in the home.
- Interior Designers: Hiring an interior designer early in the home building process can be helpful for everything from furniture placement to planning for special finishes to determining locations of electrical outlets and plumbing fittings.

The specifics of hiring will vary from one property to another. For example, land sold as part of a subdivision development may not require grading, but rural land purchased outside city limits might.

Hiring the Right Team

Land excavators, contractors, architects, and construction companies come in all shapes and sizes, and some are better than others. Instead of hiring the first names you come across online or in the phone book, be sure to do your due diligence on both reputation and abilities.

In some cases, like some government lending programs, including the USDA, approval of a particular builder or contractor is required to secure financing. Under these circumstances, it’s extremely important to pick competent, qualified professionals that can exceed expectations.

When evaluating professionals to work on your home, be sure to keep the following points in mind:

Work experience; a competent team should have several years minimum of experience in single-family home construction, including homes in the size and style you have in mind.
Adequate commercial liability insurance of $50,000 or more
Proper contractor or construction licensing and any other permits required to operate legally
Reference checks that include verification of quality service from previous clients

Many professionals provide free or affordable quotes and estimates as well. Seek pricing options from all your top candidates to best guide the decision-making process. Be aware that estimates can move and change as building progresses, so choosing a team at the very top of your budget could lead to potential problems should issues arise.

Oversee Building

Once you have secured financing, purchased land, arranged for all necessary permits according to local law, and hired the best possible professionals to help, the building process can get underway. This process can be quite fast using modern technology, but will still require numerous steps to complete.

Land Preparation: Before breaking ground, construction teams will need to make sure the land is ideal for construction. This can mean clearing and grading the area, digging trenches, and confirming utility installation.
Foundation and Footings: Once the land is ready, construction crews will build a foundation. Foundations may be slab, crawl space, or full basement, depending on region and land type, and will involve poured concrete with reinforced steel rods for security and stability.
Framing: When the foundation is firmly in place, construction workers will build the frame, or the skeleton of the house. This can include subfloors, joists, trusses, and studs. If construction occurs during a high precipitation time of year, windows and roofing may also be installed during framing to prevent weather damage.
Utility Installation: After completion of the core of a home, contractors can install electricity, water, plumbing, and HVAC systems. All of these installations should be approved by an inspector after completion.
Insulation and Drywall: Insulation will be added to all exterior walls, floors, and ceilings and covered with drywall. Options include fiberglass, foam, and cellulose insulation. Drywall will also be hung on interior walls and primed with paint.
Interior and Exterior Finishes: Once the basics are more or less complete, crews will install interior finishes, like molding, baseboards, doors, counters, cupboards, and other essentials. Contractors may also tackle things like driveways, walkways, and other landscaping requirements at this time.
Flooring and Fixtures: The last interior step generally involves installing flooring and all other fixtures, like faucets, light switches, tubs, toilets, and heat register covers.
Final Inspection: Once all features of a home have been built out, a final inspection is advised. Home inspections are a good idea for a new property as well as existing property, ensuring all elements of a home are in good working order and up to code. If builders made any mistakes in the process, an inspection can bring this to light so that repairs can be made before final project completion.

Building a house can be a stressful process, but there’s no better way to ensure your new house meets your every expectation. With a thorough understanding of the home building process, you can approach the construction of your dream home with care and confidence.

The post Building a House? A Simple Guide to the Home Building Process appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

7 Home Updates to Improve Your Home Safety and Security

Thu, 10 Dec 2020 21:13:56 GMT

Living alone can definitely have its perks, like having all of the fridge space to yourself, and being able to choose what you watch on television. But if you currently live alone or are planning to move into a home by yourself, it’s understandable if you feel a bit frightened by the possibility of intruders. Don’t stress about what could happen, instead take steps towards making your home safer so you can feel more secure. The secret to feeling safer when you live alone is planning ahead and taking home safety into your own hands. We’ve put together a home safety checklist to use if you want to feel safer at home.

1. Invest in a home security system

Did you know, according to a recent study, a burglar strikes every 25.7 seconds in the US, adding up to more than two burglaries every minute and over 3,300 burglaries per day. A home security system may be one of the best investments you can make when it comes to protecting yourself and your home. Most burglars are attracted to homes that do not have a security system installed, putting you at higher risk if you don’t have one. In addition to protecting you and your home, home security systems have many other benefits. Some of these benefits include the ability to monitor your home with indoor and outdoor cameras from anywhere and the ability to alert authorities if you are in danger. Depending on the home security system you choose, you may also see a discount on your home insurance. Some home security systems can even remotely shut off lights and appliances. A home security system might be just what you need to put your mind at ease and feel more safe while you’re at home.

2. Install more lights to increase your home safety

In addition to a security system, motion-detecting lights are a great way to deter potential burglars or other intruders. The sensor can pick up anyone walking around your home that shouldn’t be and will illuminate them in the spotlight. Installing these types of security lights around each entry point of your home is an inexpensive and easy way to feel more protected. You can also use smart devices to put your interior and exterior lights on timers. If you’re going away for a few days, put timers on your lights so it always looks like someone is home and awake. If you live in an area like Seattle, WA where the winters are a bit darker than somewhere like Sacramento, CA, these lights are a great way to know what’s going on outside your home.

3. Upgrade to a smart doorbell and smart locks

A smart doorbell is a web-connected, intercom system for your home. However, unlike a standard system, these doorbells also send notifications straight to your mobile devices, showing you a live video feed of whoever is waiting on your doorstep. Having a smart doorbell can help prevent theft from happening on your front porch, as well as allow you to view a person knocking at your door before having to open it. These devices can give you added peace of mind and up your home’s safety.

A smart lock is a Wi-Fi or Bluetooth-enabled smart home device that can allow you to leave your house keys behind, by locking and unlocking doors with the tap of a finger or a simple voice command. Having smart locks can eliminate the fear that others have one of your keys or someone has found your spare. You can even set some smart locks to automatically lock the door after a set amount of time passes, or when your cell phone isn’t on the premises. Both of these smart home devices are great options for added home safety and security while adding to your smart home ecosystem.

4. Get to know your neighbors

You don’t have to become best friends with your neighbors, but taking the time to introduce yourself and become acquaintances can be valuable and can offer you an extra line of defense from intruders. Your neighbors can warn you if they are seeing any suspicious activity whether you are home or not. Knowing your neighbors and being able to recognize them will also make you more aware of strangers in your neighborhood.

5. Close curtains and blinds at night

Once the sun goes down and you turn your interior lights on, it’s very easy for others to see inside your home and difficult for you to see them. If there is someone lurking outside your home they are able to see just about everything you are doing. To ensure others aren’t watching you from a distance, make it a habit of closing your curtains and blinds every evening for added home safety. Additionally, intruders will often observe homes before planning a break-in. They look for signs that signal a home is empty. Don’t get in the habit of shutting curtains only when you are leaving, and having them open when you are home. This will be a sure sign that closed blinds mean you are away. If you don’t have blinds or curtains, consider investing in some new high-quality ones to provide you with more security.

6. Buy a security door

A security door adds another layer of safety to your home’s entrance. A security door acts as another barrier between your front door and front porch. They have their own lock and are usually made of a metal screen or thick glass, allowing you to see and hear the person outside without allowing them a way to enter your home. These doors offer another level of home safety and security and can deter intruders from attempting to break into your home. If you don’t want to install a smart doorbell these doors also offer a great alternative to feeling more safe when a stranger knocks on your door.

7. Strengthen your windows

If all other areas of your home are locked and secure, the only option an intruder would have is to break a window to enter your home. Glass can be easy to break, which is why windows are considered one of the weakest aspects of home security. If you want to strengthen your windows and increase the time it would take for someone to break them, invest in window security film. This is a clear film that is placed over your windows that is built to keep glass together in the event of breakage. This can buy you time to react and call for help if you hear someone struggling to break in.

If you live alone, feeling safe and secure is a must. Although it may cost you a bit more and take a little extra time to increase your home safety, it’s worth taking the necessary precautions to protect your home and yourself.

The post 7 Home Updates to Improve Your Home Safety and Security appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

U.S. Housing Market Will Withstand a Wave of Foreclosures When Forbearance Ends

Mon, 07 Dec 2020 15:00:19 GMT

Investors and first-time homebuyers will quickly buy up an impending wave of foreclosures from homeowners saddled with debt during the pandemic

More than 3.3. million of U.S. homeowners will be on the hook for delinquent payments when mortgage forbearance ends. While some of those homeowners who are overleveraged or unaware of their options will contribute to a wave of foreclosures, most will be able to work with their lenders to either refinance their mortgage or sell to cash in on rising home values. American homeowners have gained $2 trillion dollars in home equity since the beginning of the pandemic alone, thanks to double-digit price growth driven by soaring homebuyer demand as the supply of homes for sale fell to historic lows. And an impending wave of foreclosed homes will only make a small dent in the inventory drought. First-time homebuyers and investors will likely quickly buy up any foreclosed homes, leaving the larger housing market unimpacted. While this is good news for the housing market and economy, it highlights a growing inequality between Americans who have suffered deeply during the pandemic recession and Americans who have been largely unaffected or have even become wealthier.

At the peak of the foreclosure crisis in 2010, the national average loan-to-value ratio was 94%, meaning the average homeowner owed her lender nearly as much (94%) as the value of her home. As a result, many financially stressed homeowners couldn’t even afford to sell their home after paying agent fees of 6% and closing costs, so they often ended up in foreclosure. Currently the average loan-to-value ratio, among metros that report data, is 70%, meaning that the average homeowner has built 10% additional equity beyond an initial 20% down payment.

Currently the metro with the highest loan-to-value ratio is Virginia Beach at 86.2%, but that is likely due to the high volume of low-downpayment mortgages for local veterans. But because military employment has been unaffected by the pandemic, just 0.3% of homeowners say they are somewhat likely or very likely to be in foreclosure in the next two months, according to the Census Household Pulse Survey (see table below for data on each metro). The metro with the next highest loan-to-value is St. Louis at 78.1%, which is low enough that most homeowners could refinance their mortgage or sell to pay off delinquent mortgage payments. This explains why only 1.8% of St. Louis feel they are somewhat likely or very likely to face foreclosure, even as 9.2% of homeowners are not current on their mortgage payments.

Las Vegas has the highest unemployment rate at 14.8%, but Las Vegas homeowners have plenty of equity with an average loan-to-value ratio of 67.9%. As a result, many Las Vegas homeowners are tapping their home equity and downsizing. New listings are up 6.9% from last year, but for every seller there are buyers moving in, which has kept the housing market strong — home sales are up 9.3% from last year.

“I’ve worked with some people who are downsizing, finding something that fits their new budget,” said Redfin Las Vegas Agent Marco Di Pasqualucci. “Many have lost a job and aren’t sure if or when it’s going to come back. The common plan for these people is to take the equity out of their current home and rent something very affordable for a while. For some people, it’s a move for survival.”

Homeowners in forbearance have options to avoid foreclosure

Atlanta has the highest share of homeowners reporting they feel they are very or somewhat likely to face foreclosure in the next two months at 3.8%, and the fourth highest share of homeowners behind on mortgage payments at 13.5%.

“There was a misunderstanding in Atlanta for what the different options are for people in forbearance,” said Atlanta Redfin agent Ronisha Carson. “People didn’t know they could refinance, do a prorated monthly payment or tack it on to the end of their loan.”

“In my experience selling foreclosed properties, some people don’t take advantage of forbearance because they aren’t educated on what it entails,” said Redfin agent Gina Sapnar. “There are people who are in forbearance who don’t understand how repayment works. For some people payments are tacked on to the end of the loan, but for others it may be a large payment due immediately at the end of forbearance as a lump sum, which could be very tough for people to repay. Some homeowners are underwater because they took on more debt than they could handle. I know of a restaurant owner who took equity out of his home to pay his workers during the pandemic. There are people suffering who have depleted their entire life savings, are drowning in debt and they aren’t paying their mortgages. But even those people have options. The lenders are really trying to work with occupants and educate them on how to avoid the scarlet letter of a foreclosure.”

Fannie Mae and Freddie Mac will allow borrowers in forbearance to defer repayment until the time the home is sold or refinanced. With record-low mortgage rates, homeowners behind on payments could theoretically refinance their mortgage debt into monthly payments lower than before the pandemic began. And if a borrower is in severe debt she may still be able to do a short sale or take advantage of cash-for-keys, where borrowers get a one-time payment to vacate their home.

Homebuyers and investors will snatch up foreclosed homes because of the shortage of homes for sale

Even if there is a wave of foreclosures, those foreclosed properties will have little impact on the overall housing market because there is a shortage of homes for sale — the total number of homes for sale is at a record low.

“There are investors just waiting to buy distressed properties,” continued Sapnar. “I have one investor constantly reaching out, they are even looking for off-market homes because once a distressed home hits the market it gets multiple offers.”

And it’s not just investors who could benefit from a surge in foreclosures. Fannie Mae’s First Look program renovates distressed homes and offers them first to buyers who will occupy the home.

“The First Look program is great for first-time homebuyers who don’t want to compete with investors,” continued Sapnar.

Percent of Homeowners Deferring Mortgage Payments by Metro

Metro	Average Loan to Value (LTV)	Average Home Value Appreciation (Annualized)	New Listings YoY Growth	Median Sale Price YoY Growth	Unemployment Rate	Pct Homeowners Very or Somewhat Likely to Foreclose in the next two months	Pct Homeowners with Household Income Loss	Pct Homeowners Not Current on Mortgage Payments
Virginia Beach, VA	86.2%	17.3%	23.2%	12.8%	7.1%	0.3%	32.6%	6.4%
St. Louis, MO	78.1%	7.0%	-28.9%	14.1%	5.5%	1.8%	36.2%	9.2%
Baltimore, MD	77.7%	18.8%	22.0%	14.3%	6.5%	0.6%	33.8%	10.5%
Pittsburgh, PA	76.8%	13.2%	-0.8%	17.6%	7.8%	0.6%	41.3%	3.9%
Oklahoma City, OK	75.9%	9.7%	0.6%	18.1%	4.9%	1.3%	38.8%	7.5%
Columbus, OH	75.8%	10.2%	4.9%	16.3%	7.5%	1.5%	41.8%	8.1%
Cincinnati, OH	74.8%	10.4%	17.3%	19.2%	6.9%	1.5%	41.8%	8.1%
Washington, DC	74.8%	17.6%	35.7%	11.6%	6.7%	0.4%	33.1%	9.5%
Cleveland, OH	74.4%	11.7%	5.9%	12.7%	9.9%	1.5%	41.8%	8.1%
Minneapolis, MN	74.3%	12.5%	18.2%	12.5%	5.9%	0.4%	38.0%	6.6%
Denver, CO	73.6%	14.4%	19.7%	12.2%	6.5%	0.8%	41.6%	6.0%
Chicago, IL	73.1%	17.1%	14.4%	14.4%	10.5%	3.0%	40.6%	13.6%
Portland, OR	72.9%	11.9%	29.8%	10.6%	7.7%	0.7%	38.0%	4.2%
Nashville, TN	72.3%	12.2%	-7.7%	12.0%	5.9%	1.3%	43.8%	12.5%
Warren, MI	72.2%	15.0%	0.6%	12.4%	9.8%	0.7%	47.0%	8.4%
Charlotte, NC	71.8%	13.3%	-21.0%	14.2%	7.0%	0.8%	34.8%	8.7%
Sacramento, CA	71.8%	13.5%	32.8%	17.1%	8.9%	1.7%	45.9%	9.6%
Philadelphia, PA	71.3%	20.6%	14.4%	19.7%	7.9%	1.1%	46.4%	10.0%
Riverside, CA	71.3%	20.2%	10.7%	14.0%	10.4%	1.5%	50.0%	11.1%
San Diego, CA	71.3%	19.6%	15.5%	11.9%	9.0%	1.7%	45.9%	9.6%
Montgomery County, PA	70.9%	19.1%	22.2%	15.9%	7.9%	0.6%	41.3%	3.9%
Detroit, MI	70.5%	17.5%	-5.4%	14.3%	9.8%	1.5%	52.1%	12.0%
Oakland, CA	70.1%	13.6%	41.4%	9.8%	8.6%	1.7%	45.9%	9.6%
Jacksonville, FL	69.6%	16.0%	0.9%	10.0%	5.1%	2.0%	46.1%	8.6%
Seattle, WA	69.6%	13.1%	37.8%	13.4%	7.4%	0.7%	39.9%	8.7%
Newark, NJ	69.2%	17.3%	25.6%	23.5%	9.5%	2.2%	45.0%	13.3%
Orlando, FL	68.1%	11.9%	0.5%	10.5%	9.8%	2.0%	46.1%	8.6%
Los Angeles, CA	68.0%	18.0%	25.1%	14.0%	13.6%	2.7%	49.2%	13.4%
Las Vegas, NV	67.9%	14.0%	6.9%	9.3%	14.8%	2.9%	51.0%	10.8%
Providence, RI	67.7%	18.7%	14.6%	15.5%	10.0%	2.5%	41.2%	14.8%
Atlanta, GA	67.3%	16.0%	-1.2%	16.3%	6.7%	3.8%	37.5%	13.5%
Tampa, FL	66.5%	14.1%	6.6%	14.9%	6.1%	2.0%	46.1%	8.6%
New York, NY	66.2%	14.4%	40.6%	10.0%	9.5%	0.9%	45.9%	9.4%
Milwaukee, WI	65.8%	11.7%	13.6%	11.4%	6.0%	0.6%	34.1%	6.3%
Phoenix, AZ	64.3%	22.0%	10.8%	17.3%	6.3%	3.4%	40.2%	9.2%
San Jose, CA	64.2%	10.0%	48.6%	15.7%	7.1%	1.7%	45.9%	9.6%
Anaheim, CA	62.5%	17.6%	28.9%	12.0%	13.6%	1.7%	45.9%	9.6%
Fort Lauderdale, FL	61.1%	15.1%	-2.5%	11.5%	10.1%	2.0%	46.1%	8.6%
Miami, FL	60.8%	13.5%	-10.0%	12.9%	10.1%	2.3%	47.5%	15.4%
San Francisco, CA	56.6%	4.5%	40.5%	0.0%	8.6%	0.4%	40.3%	5.0%
West Palm Beach, FL	53.5%	14.1%	-2.8%	19.3%	10.1%	2.0%	46.1%	8.6%
Boston, MA	52.6%	12.6%	17.2%	13.4%	9.2%	2.1%	42.5%	8.9%
Nassau County, NY	40.4%	16.3%	20.6%	15.2%	9.5%	0.6%	44.6%	7.9%
Austin, TX	n/a	n/a	12.6%	13.2%	6.4%	2.3%	40.6%	11.3%
Dallas, TX	n/a	n/a	0.4%	12.4%	7.5%	1.7%	44.7%	11.3%
Fort Worth, TX	n/a	n/a	-4.5%	9.6%	7.5%	2.3%	40.6%	11.3%
Houston, TX	n/a	n/a	13.6%	10.9%	9.6%	1.3%	45.9%	8.8%
Indianapolis, IN	n/a	n/a	2.4%	15.8%	6.0%	2.9%	39.0%	10.9%
Kansas City, MO	n/a	n/a	-37.4%	15.2%	4.9%	1.8%	36.2%	9.2%
San Antonio, TX	n/a	n/a	-5.8%	11.6%	7.8%	2.3%	40.6%	11.3%

Sources: “Share Homeowners with Deferred Mortgage Payments” and “Share Homeowners with Household Income Loss” is from the 10/12/2020 Census Household Pulse survey on homeowners with a mortgage, “Unemployment Rate” is from the September BLS report, “Average Loan to Value” is from 2020 county records, “Average Home Value Appreciation (Annualized)” is calculated from the Redfin estimate and public records of sales in 2020, “Home Price Volatility (Annual)” is from FHFA HPI through Q2 of 2020 and is the standard deviation of annual appreciation, “New Listings YoY Growth” and “Median Sale Price YoY Growth” is from MLS and county records as of October 2020.

The post U.S. Housing Market Will Withstand a Wave of Foreclosures When Forbearance Ends appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

Negotiating After the Home Inspection: 8 Tips to Get the Best Deal

Fri, 04 Dec 2020 19:06:42 GMT

Once you’ve had your offer accepted, the home inspection is one of the final steps to navigate before you can close and move into your new home. It also represents an opportunity to confirm you’re buying the quality of house you expected, and negotiate to make sure you’re still getting the best deal. And good on you for including an inspection contingency in your offer. Despite popular belief, data shows that waiving a home inspection doesn’t significantly improve the odds that your offer will be accepted. So what’s next? Reviewing the inspection report and negotiating with the seller, and here are 8 tips to help you get the best deal.

1. Plan your strategy

As with any negotiation, it’s to your advantage to enter the fray with a plan. A thorough home inspection should equip you with the information you need to be confident that you’re buying a house that’s in acceptable condition, and avoid overpaying for a property that’s going to need expensive repairs.

2. Determine your goal

The core of your strategy when negotiating after a home inspection is to figure out your goal and keep it front-of-mind throughout the negotiation. For example, let’s assume the home inspector discovered that the water heater and the heating/AC compressor are functional but out of warranty, and will probably need replacement in the next three years. The estimated cost to replace both is $15,000, so an understandable goal is to have the seller provide a credit to cover two-thirds of that replacement cost.

Or, let’s say the report surfaced an almost comical number of minor problems that would take a handyman a few weeks to address. Your goal could be to get a $10,000 concession that will cover your cost to remedy those before moving in.

3. Prioritize the issues

The home inspection report will summarize issues ranging from major concerns that need to be addressed right away (possibly by a specialist) to smaller items that you simply need to monitor. The inspector will classify the severity of each issue, which will help you order the items from most important to least important. A well-organized outline will let you prioritize the problems for the negotiation and determine your goal.

Questions you should ask yourself about expected home repairs:

What repairs do you need to make before you can actually live in the house?
Can you occupy part of the house while doing repairs on the rest?
Were you already planning on replacing the aging appliances or plumbing fixtures?

4. Empathize with the seller

Take a collaborative approach to negotiating, rather than a winner takes all kind of mentality. Present your requests as solutions that benefit both you and the seller in finalizing the sale transaction, while maintaining focus on your goal.

Also, you may want to consider the experience of the offer process as part of your strategy, a way to learn more about the home seller’s intentions.. For example, if your initial offer was 5% below asking, and the seller countered with a much smaller price reduction or said take it or leave it, they may not be willing to concede much. If you reach an impasse over your goal, that’s when it’s most important to empathize with the seller, ask questions to understand what their objections are, and express appreciation. You may be able to get past this roadblock and still reach a deal.

5. Stay flexible when negotiating after a home inspection

It’s good to come in with high aspirations, but speak with your agent to find out what level of concessions are typical in your local housing market. You may want to compromise on more minor issues, or let some things go in favor of achieving your goal. Your agent can recommend where it’s best to press and what’s realistic to accomplish. For smaller issues, think of some alternatives that would be acceptable to you, such as arranging for the seller to leave certain appliances with the home.

6. Be willing to walk away

Based on what you see in the report, determine whether you should exercise the inspection contingency and walk away from the transaction. Most likely, this would be triggered by serious issues such as wood-destroying pests, a cracked foundation, extensive water damage, or sewer repair. If your home inspection report shows any of those problems, and your offer included an inspection contingency, you should be able to cancel the sale without penalty.

Even if you love the house, it’s not worth moving forward if the inspection uncovers major structural problems. You could also be inclined to walk away if the seller refuses to budge on your high-priority items. Also, if the inspection shows a large number of issues arising from inadequate maintenance, you might want to assume there are other latent problems that even the inspection couldn’t capture, and therefore other costs beyond what you can negotiate for.

On the other hand, if you know the house is a fixer-upper, you should let the inspector know beforehand so they can pay extra attention to areas where you’ll spend more money on home improvements. You’re going to be expecting to see more issues on the inspection report, and it’s especially important to get contractor bids for the work you’re planning, since replacing older systems like plumbing and electrical, or removing hazardous building materials like lead and asbestos, can get quite expensive.

7. Ask for a price concession

The typical approach to a less-than-perfect inspection is to ask the seller for a financial concession, which could be a reduction in the sales price or a credit at closing. In most cases, you’ll want a credit at closing so you’ll have the cash to pay for repairs. Just make sure you check with your lender to confirm that they’ll permit this type of cash-out structure. You may also want to get a bid for the work to ensure that the credit you’re asking for will cover the work required.

8. Get as much information as you can

This applies to every aspect of the negotiation, including gathering info about the local market, the seller’s perspective, and documentation of maintenance and repairs the home has had over the years.

If the home you’re looking at has a septic system or well, you should ask the seller for the most recent maintenance reports. If the seller doesn’t have reports dated during the past few years, you may need to bring in your own septic or well specialist to check the condition. In some areas, an annual inspection of these systems is required, and there will be a copy on file with the county. In others, inspections are optional and you’ll have to ask for any reports that exist. Documentation of this type will also help you with your future maintenance on the house.

Negotiating after the home inspection will help you get the best value for your home investment and earmark funds for any repairs you’ll be making before move-in day. For a smooth and successful process, be sure to plan ahead, focus on your goals, empathize with the seller, and remain flexible. And while entering into another negotiation may be the last thing you want to think about after the long process of touring properties and making offers, you’ll be that much closer to getting the keys and enjoying your new home.

The post Negotiating After the Home Inspection: 8 Tips to Get the Best Deal appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

Prepping Your Home for Sale? Why You Should Hire a Handyman

Tue, 01 Dec 2020 18:51:00 GMT

As you get ready to sell your home, you may discover the need to make a few (or even many) repairs and updates – from touching up paint on walls and replacing hardware to fixing your mailbox or repairing drywall. Sure, there will be home repair projects you can easily complete yourself, but what if you don’t have the time with everything else going on or a repair project is over your head? That’s where hiring a handyman comes in.

Why should I hire a handyman?

Buyers want a house that looks new – no nicks or scuffs on the walls, fresh paint, a fence in good condition, and doors and windows that are free of drafts and leaks. Over time, you may not realize that some of the small damages in your house can add up to an overall impression of neglect. Keeping up with general maintenance and care of your home, such as cleaning the gutters, freshening the paint, and fixing overall wear and tear can help you maintain, if not increase your home value each year. By contrast, not fixing things around the home can reduce your home’s sale value by about 10%.

Here’s where a handyman can help. A handyman is a jack of all trades, capable of many different kinds of home repairs. Some may have plumbing and electrical licenses and certifications, while others are specialists in home carpentry, tile replacement, or laying carpet. Many handyman services offer a wide variety of skills and can complete a multitude of different projects around the house.

A handyman can also find items in the home that you may not realize need repair – anything from faulty or leaking ductwork in your HVAC system to a crack in the foundation.

Also, many homebuyers will conduct their own home inspection before closing on the house, and often, if there are things that need to be fixed, the buyer may ask for concessions or reduce their offer to offset the costs of fixing these things themselves. When you hire a handyman to complete any home improvement project before you sell your home, you can reduce the chances of having concessions or missing out on a potential deal.

Projects your handyman can complete

Your handyman service can complete many different types of projects. Some common ones include:

Fixing a broken garbage disposal
Repairing or calibrating an HVAC thermostat
Replacing a mailbox
Anchoring or installing shelves
Painting walls
Applying wallpaper
Removing wallpaper
Adding locks to the interior or exterior doors
Repairing drywall
Replacing tile or carpet
Cleaning gutters
Power washing brick or siding
Fixing cracks in stucco exteriors
Installing an exterior walkway
And so much more

Some handymen may also be capable of unclogging pipes and drains, installing lighting or ceiling fans, and replacing kitchen sinks or toilets. However, depending on where you live, the handyman may need to have a certification for plumbing services, be a licensed electrician, or have undergone formal masonry training, both for foundation work and other types of training. In order to ensure that the repairs are all compliant with local residential building codes, you’ll want to make sure to speak with an expert.

Another thing to consider when determining what kind of repairs your handyman service will complete is whether your home poses a safety risk. Things like broken window panes and loose handrails may jeopardize certain types of home loans, which can limit your buyer pool. For example, The U.S. Department of Housing and Urban Development has certain requirements for a home’s condition before they’ll approve an FHA or VA home loan. The last thing many home sellers wish to have is a deal that falls apart right before closing, so be sure to address any safety issues with your handyman before listing your home.

Should I hire a handyman or a contractor?

You may not always need a residential contractor to complete many of the projects on your home repair list. Oftentimes a handyman can get the job done and they tend to be less expensive than a contractor. They charge by the hour and have their own tools, so while you’ll be responsible for providing the materials for each job, you’ll only have to pay the handyman’s hourly rate.

However, if you need extensive repairs done, or if a home inspector wishes to see receipts or invoices from the job, it’s better to hire a contractor. General contractors often do home renovations and remodeling, while a subcontractor is a professional that specializes in a certain area, such as roofing, plumbing, or electrical work. A contractor will also have a warranty for their work, which you, as a seller, should provide to potential buyers. Contractors also are well-versed in local building codes and will ensure that your repairs are compliant.

Choosing the right handyman to hire

Not all handyman services are created equal, and some have a more comprehensive list of services that they can provide than others. Finding the right handyman can start with getting recommendations from friends or neighbors, or even asking your real estate agent about reliable, talented handyman services in your area. In fact, your real estate agent may be the best source for a reliable handyman, as realtors often have a greater understanding of what it takes for homes to receive top-dollar offers.

Don’t be afraid to interview potential handymen or ask for references and photos of their past projects. You should also ask what kinds of certifications they hold and about their experience. Remember, this is an individual you’ll likely be working closely with, so this must be someone you can work well with.

Regardless if you’re an expert or an amateur in home improvements, hiring a handyman can be extremely helpful when preparing your house to sell. Better yet, you may even find the perfect handyman and want to keep them on-call for any future repairs with your new home.

The post Prepping Your Home for Sale? Why You Should Hire a Handyman appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

10 Ways to Add Architectural Details to Your Home

Mon, 30 Nov 2020 23:40:11 GMT

One of the best perks of becoming a homeowner is making the space your own. From furniture choices, to paint colors and décor – the style options are endless. But what happens if your home is missing some key architectural details to go with the style you have in mind?

Architectural details are small design elements – like a stone fireplace or decorative trim – that have the power to characterize and define your entire home. Choosing the right architectural style for your home may seem overwhelming, but don’t worry – we’re here to help. So, whether you’re living in a new construction home in Sacramento, CA, or a modern condo in Atlanta, GA these 10 ideas will help you add the perfect architectural details to your home.

1) Start with classic crown molding or wainscoting

Crown molding is likely the first architectural style that comes to mind, and for good reason. Details like crown molding or wainscoting are timeless additions to your walls that will stick throughout the years. If you’re into DIY projects, you can install a peel-and-stick crown molding to your walls, or add a faux wainscoting look with a chair rail molding and some paint. For a different take, you can frame your windows with a type of molding called casings. Not a DIY-er? Talk to an architect or licensed contractor who can help design and install crown molding or wainscoting to your home without the hassle.

2) Choose contrasting colors

When deciding on a color palette for your home, choose contrasting colors for added depth. You can easily create contrast throughout your home with stark variations in paint or furniture choices. Think white walls against a black floor or dark-finished cabinets with light-colored countertops.

3) Add textured walls for architectural details

If contrasting colors aren’t your style, consider texture when it comes to your walls. Many painters can add texture to an otherwise plain wall with paint techniques to help add dimension. If texture isn’t your game, think about adding an accent panel using stonework or mosaic tiles.

4) Create a gallery wall or picture rail

Get creative with your photos and art by making a gallery wall. Strategically placing your photos on the wall is an art on its own, one that an interior designer can help you out with. Consider adding a picture rail to your wall if you’re looking for something a little more permanent. That way you can display your art and décor along the walls while also incorporating crown molding. A picture rail will be a statement detail no matter how many times you’ve changed the photos.

5) Hang drapery for high ceilings

One of the easiest ways to add architectural style to your home is by hanging drapery around your windows. By hanging drapes a few inches below the ceiling it will draw your eyes upward, making your walls and ceilings look taller. Bonus, adding drapes will highlight any windows in your room and create a cozy feel no matter the season.

6) Replace the hardware on your cabinets

Another quick DIY home project to change up your interior style is to switch the hardware on your cabinets and drawers. From sleek silver handles to intricate bronze knobs, the options are endless. Replacing the hardware on your cabinets is a quick way to add simple, yet eye-catching architectural details to your home.

7) Incorporate reclaimed wood

If rustic is what you’re looking for to spruce up your home’s character, think about adding reclaimed wood throughout your home. Whether that’s having a contractor or remodeler add wood beams to your ceiling or as simple as a new table, reclaimed wood will give you the architectural style you’ve been looking for. Also, investing in reclaimed wood pieces is a great way to support the environment while achieving your style vision.

8) Get creative with your doors

Upgrading the doors in your home can bring a whole new architectural dimension to your space. For a simple approach, a fresh coat of paint can make a big impact on your home’s style. However, if you’re looking for a larger project, think about having your doors replaced with something more unique. Think reclaimed wood doors, sleek sliding doors, or reused barn doors. These changes will instantly transform the architectural details of your home from the moment you step inside.

9) Natural stone works wonders

If you’re looking to bring a rustic architectural style into your home, incorporating natural stone finishes will do wonders. Think about framing a fireplace with bricks or adding a custom stone design as a backsplash. You can also achieve this rustic feeling by creating a feature wall with faux bricks or a sleek slate.

10) Upgrade or install a fireplace

Adding architectural details to your fireplace will bring warmth – literally and figuratively – to your living space. Spruce up your fireplace’s mantel by painting it a contrasting color to your walls, or frame your fireplace with bricks or natural stone. If your home doesn’t have a fireplace, contact a handyman or contractor who can discuss your options for installing a fireplace in your home. They can also give you advice on what style will work best for your space.

The post 10 Ways to Add Architectural Details to Your Home appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

7 Tips for Selling Your Home During the Holidays

Fri, 27 Nov 2020 20:37:26 GMT

Believe it or not, the holiday season can be a great time to sell your home. It’s true that the housing market typically heats up during the spring. However, the holiday season is often overlooked as a prime time to sell, especially this year.

Why? First of all, there is typically less inventory in the housing market, allowing your home to easily stand out among the available inventory. And though there are technically fewer buyers overall, the homebuyers that are looking are far more serious about finding a home within a specific timeframe. So, make your home warm and inviting and open it up to those looking to buy, because selling your home during the holidays might be your best present this year.

1) Stage for the holidays. Think clean, cozy, simple.

Yes, you should absolutely decorate your home during the holidays even if you are trying to sell it. The real question you should be asking is, how much?

One thing that happens to all homeowners is that we tend to accumulate a lot of stuff. This is especially true of holiday decorations. As you begin decorating, channel your inner stager or designer. This year, for the sake of appealing to the buyers touring your home, use your best decorations as holiday accents without drawing attention away from your home’s best selling features.

Your home may have large windows with a great view or an expansive kitchen fit for a chef. Whatever sold you on your home when you first bought it is most likely the same feature(s) that will sell your home during the holidays. Don’t cover up your view with an excessively large Christmas tree and avoid filling your living room in snow globes, nutcrackers, and a large nativity scene. You want to accentuate your home with holiday decor, not bury it.

Holiday decor can help prospective homebuyers imagine your house as their future home. If you have a fireplace, decorate it with garland and hang stockings from the mantle. Use candles and essential oil diffusers with iconic scents of the season, such as pumpkin spice or balsam and cedar. You especially want to keep your home clutter-free and need to clean it regularly. Belongings can easily begin to pile up during the holidays, so make sure you stay on top of it. Create an environment that makes prospective homebuyers feel comfortable and warm the moment they walk through your front door. You want them to feel at home.

2) Price your home to sell

You and your listing agent will most likely come up with a pricing strategy together based on comparable homes in the area, what the current housing market is doing, and what the demand for housing looks like or is projected to do. Ultimately, several variables go into pricing your home to sell, however, there are a couple of easy tricks that can help attract homebuyers.

Price your home competitively

If your home looks like all the other homes on the block with similar features, then a lower price point will definitely draw in more traffic than your rivals. However, if your home is the largest one on the block, has more acreage, or a double car garage and pool, you can price your home based on the increased value it provides. Check out online estimates for how much your home is worth and then compare them to other houses in your area.

Use strategic price points when listing your home

Have you ever noticed while you’re grocery shopping that almost all prices end in .99, such as $1.99 or $4.99? This simple manipulation of pricing is called setting strategic price points and actually makes the price of something appear smaller (or cheaper) than it really is. The same exact concept works when pricing your house to sell. For example, if you decide your home could sell for $500,000, pricing it at $499,000 can (theoretically) draw in more traffic and possibly more offers.

3) Make your curb appeal a top priority

Your neighborhood may actually look more appealing to homebuyers during the holiday season. You don’t want to go overboard with your exterior holiday decorations, but you want to make your house shine along with the other homes on your block.

During these winter days, your lawn may not be that lush green it usually is during the summertime and your trees may currently be barren. That’s why making your curb appeal a top priority is necessary when selling your home in winter. Make sure to pick up all the sticks, dead leaves, and any other debris and that your lawn is neatly trimmed. Even during the colder months, a few weeds that poke up from the ground can make your lawn seem neglected. If you have pictures of your home at alternative times of the year when your curb appeal is burgeoning with flora, these may also be a good idea to have available for homebuyers during home tours. This way, instead of homebuyers trying to picture your house in other seasons, they can just see it for themselves.

4) Keeping your property safe for homebuyers

Outside temperatures are well below freezing during the holiday season in most of the United States. Driveways and walking paths are blanketed in snow and ice, and icicles hang from gutters like glass curtains. A legitimate concern for home sellers in one of these colder climates is how to keep your property safe for homebuyers. The only thing you can really do is be proactive and break out that snow shovel and start clearing a path.

If you’re expecting snow on an almost weekly basis, then it might be best to hire out professionals to come by once a day and make sure your driveway, front steps, and any walking paths are cleared for people touring your home.

5) Turn on the (holiday) lights

To complement the coziness of your home, you’ll also want to make it bright. Turn on all the lights in your house during open houses and virtual home tours. It may be the darkest time of year outside but you can make sure it doesn’t feel that way inside your home.

This is a great time to replace burnt out light bulbs and fix light switches that aren’t working. You may also want to consider making all your interior lighting the same color temperature, such as a soft white which brightens rooms without giving you that institutional feel. This will help with consistent lighting throughout your home, creating a balanced feel as potential homebuyers walk through each room.

6) Take professional real estate photos when selling your home during the holidays

The best thing you can do for your house in terms of marketing it to potential homebuyers is getting professional real estate photos taken. In fact, research shows that professional photos can help sell your house faster and for more money. This is the one time you don’t want to have your holiday decor on display. In fact, getting your professional photos taken of your house before you decorate is a must because holiday decorations essentially create a time-stamp of your home.

If you have trouble selling your home during the holidays be sure your house isn’t still rocking holiday lights in the listing photos come February or March, or you risk turning off potential homebuyers. Plan on hiring a professional photographer as soon as possible so you can decorate for the holidays and enjoy the season.

7) Get Santa’s perspective with aerial photography

It doesn’t matter if you live in sunny Tampa, FL, or buried in snow in Minneapolis, MN, consider aerial photography to help make your home stand out this holiday season. If your home has acreage, a view, or any other amenity that cannot be fully captured unless it’s done by air, then aerial photography may be just what you need.

Drone photography offers buyers a unique perspective of your home and can help make your listing stand out among the other homes for sale online. It also gives potential buyers an overview of your neighborhood along with other amenities that may be within walking distance of your home.

The post 7 Tips for Selling Your Home During the Holidays appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

Buying a Home with Well Water? Here’s 5 Ways to Maintain it

Mon, 23 Nov 2020 22:41:40 GMT

If you’re moving out of the bustling city to a more peaceful and quiet countryside home, chances are you’re buying a home that has a well water system. Most homes in cities access their water via traditional municipal sewer systems. However, millions of homes in rural areas across the US housing market rely on well water to keep faucets flowing – over 15 million, according to the Center for Disease Control and Prevention. While using well water may be new for you, there are many upsides to a well water system, including:

Safety: well water, when properly maintained, is perfectly safe to drink and use.
Availability: well water is available anywhere, even in rural areas that don’t have access to a municipal water supply.
Affordability: well water can be cheaper than paying sewer fees. You’re not hooked up to the local water supply, which means no monthly bill.

If you’re buying a home with well water, it’s ultimately up to you to maintain it. So it’s important to have a thorough understanding of how the well water system works and the preventative care necessary to keep your well and your water at an ideal level of quality. Some homeowners don’t know that their water well systems require service and routine maintenance until it’s too late. Add these five tasks to your home maintenance to ensure your water stays safe and usable.

1) Test your well water annually

The quality of well water is always changing. While the government doesn’t require annual testing, it’s important to have your well water tested annually to protect those in your household.

The very nature of well water makes it far more susceptible to contamination. It’s important to make sure your well water is safe to drink and use in cooking, cleaning, and bathing. The testing process looks for things like bacteria, nitrates, iron, water hardness, manganese, and sulfides. If levels are too high or too low, depending on the substance in question, maintenance can be essential to prevent potential health hazards. If you do notice a change in the color, taste, or smell of your water, make sure to get it tested immediately – even if it hasn’t been a year since the last test. And, if you live in an area affected by flooding, you should have your water tested after every major flood in addition to an annual inspection.

The good news is testing water is both easy and affordable. DIY kits are available at most hardware stores. These products allow homeowners to take a water sample and send it to a third-party lab to be analyzed. Once analyzed, the testing company will provide results and, if necessary, guidance on next steps.

Or, you can choose to hire a professional. They’ll collect samples from the well, send them to a lab, and provide you with reports on water quality. This can give peace of mind in knowing your water was tested in a state-certified lab. You’ll also have the opportunity to review the results with an expert who will provide next steps.

2) Get your well water system inspected each year

In addition to testing the quality of the water, you’ll also want the well itself professionally inspected once a year if you’re buying a home with a well. Your well water system plays a key role in keeping water clean and usable. If it’s not operating up to standard, it’s easy for problems to arise.

A professional can determine whether your well and your well pump are working properly and diagnose any problems if present. They’ll look for damage or irregularities – such as signs of cracking or settling – which could allow contaminants into your water. An inspector can assess the damage and help you make the necessary adjustments to keep your well working as it should.

Ignoring issues with your well can result in costly problems down the road, like full system replacements. An annual inspection is relatively affordable and can guarantee peace of mind while helping you save on repair costs.

3) Evaluate your water softener

Water hardness refers to the mineral levels in the water. Hard water has high mineral content, while soft water has low mineral content. Due to the nature of a well, well water tends to be hard. Drinking or using hard water in day-to-day cleaning isn’t dangerous. However, there are still side effects to watch out for, such as:

Build up around faucets and in tubs, sinks, and toilets
Leaving skin dry and itchy
Spots and stains on dishes
Dingy laundry
Slow-draining sinks and tubs
Corroded plumbing
Reduced appliance lifespan, like washers and dishwashers

Most homes with well water likely require a water softener to avoid the challenges of hard water. This equipment uses salt to neutralize the impact of heavy mineral content. However, maintaining a water softener can require regular replacement of a brine tank. Be sure to check salt levels regularly and replace the tank whenever necessary.

4) Prevent hard water stains

If your new home has hard water, you’ve probably noticed the rusty orange stains in your porcelain sink, tubs, toilets, and residue on your laundry and dishes. This is from the high iron content Hard water stains are caused by the high iron content found in well water. And although iron is typically not a safety concern, hard water stains can be a challenge to remove if not addressed immediately.

For those who do not have a water softener, it’s best to prevent hard water stains at the source. After each use, wipe down the surfaces of your tub and shower. Regularly clean sinks and toilets to prevent buildup. If hard water is damaging your clothing, let laundry sit in a vinegar solution prior to washing. Place a cup of vinegar in your dishwasher prior to starting a cycle to avoid hard water stains on your clean dishes. Vinegar and baking soda can work wonders on existing hard water stains, as can numerous hard water-specific cleaning products.

Consider incorporating a water softening system into your home to significantly reduce stains, and perhaps eliminate them altogether.

5) Keep your well water tasting and smelling fresh

Most of the time, wells don’t result in dangerous drinking water, unless bacteria is present, but water can smell or taste different.

A filtration system can eliminate minor impurities, including hydrogen sulfide – a harmless substance with no flavor but can smell like rotten eggs. However, if filtration isn’t keeping water clear and odor-free, there may be larger issues involved with your water well system that a professional will need to address.

If you’re buying a home with well water, be sure to do some research about the water in your area, and any regulations for the area where you’re buying.

The post Buying a Home with Well Water? Here’s 5 Ways to Maintain it appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

What is a Mortgage and How Do They Work?

Wed, 18 Nov 2020 19:04:22 GMT

As a first-time homebuyer, you might be confused or even bewildered by the mortgage process and its many moving parts. Here’s what you need to know about what a mortgage is and how it works for all parties – when you peek behind the curtain, you’ll realize it’s just another tool for purchasing a home.

Whether you are buying a house in Atlanta or a condo in Miami, it is a big decision. From start to finish, it can take a year or more to plan, save for a downpayment, find a lender, and then to find and make an offer on the house you want to buy. But before you get ahead of yourself, first things first, understanding what a mortgage actually is and how it works. In short, a mortgage is a loan from a lending institution to cover a home’s purchase. The bank or lending institution holds the note for the house as collateral for the loan. The mortgage is also called a “lien against property,” or sometimes referred to as a “claim on property.”

You can start by using an online mortgage calculator, or visit with your bank or another mortgage lender so you’ll know what you can afford in terms of a mortgage payment. This will also help you understand how much you may need to save for a downpayment.

A mortgage loan has 3 components:

Principal: The principle is the difference between the home’s final purchase price and the amount of your down payment. For example, if you provide $20,000 as a downpayment for the home you plan to buy for $200,000, your principal loan amount would be $180,000.
Interest: The loan’s interest is what you pay the bank or lender in exchange for providing and servicing the loan. This amount is based on the loan’s interest rate, which will vary depending on the term (length of time) and type of loan.
Downpayment: The downpayment is the amount you pay upfront, at the time of the purchase transaction, as your direct financial interest in the home.

As you make regular monthly mortgage payments, each payment includes the monthly interest on the outstanding loan balance and an amount that pays down the principal. When your principal amount is high at the beginning of your loan, most of your monthly payment goes to paying off interest. If you can, some people pay an additional amount toward the principal in efforts to pay less in interest over the life of the loan.

Additional costs first-time homebuyers often include in a mortgage payment.

As a homeowner, you are responsible for costs in addition to your mortgage payment, such as property taxes, homeowner’s insurance, and possibly private mortgage insurance. Some people choose to tie these payments into their mortgage, rather than make separate payments. The bank then makes an all-inclusive payment to ensure the homeowner stays current on these obligations.

Property taxes: Your county and municipal government assess property taxes on your home and land, which go to fund schools, roads, and other local government services.
Homeowners Insurance: You can purchase homeowner’s insurance through an insurance provider of your choice. This insurance covers most or all of the cost if you experience major property damage or a loss, such as roof damage from a storm or to repair or rebuild after a fire. Your lender will require you to have homeowners insurance.
Private mortgage insurance (PMI): If your down payment is less than 20%, your lender may require you to have private mortgage insurance until you have acquired 20% equity in your home, usually meaning you’ll need to pay off 20% of the original home loan.. This insurance protects the lender in case you default on the loan.

There are many types of mortgage lenders and many types of mortgages.

Know that you have options. You can – and should – shop around for the best rates and payment plans. You may even be able to find programs that eliminate PMI requirements or allow you to purchase the home without a downpayment.

Mortgages fall into two basic categories: Fixed-rate or adjustable-rate.

A fixed-rate mortgage maintains the same payment of principal at an interest rate set for the loan term. Lenders offer these mortgages for either a 30-year term or 15-year term. On a 30-year fixed-rate mortgage, you will pay more over the loan’s lifetime because you will be paying interest for the life of the loan, but the monthly mortgage payment will remain the same as long as you have the loan. On a 15-year fixed-rate loan, your monthly payments will be higher, but more of each payment applies to the principal to pay off the home in 15 years. The total amount of interest you pay will be less.
An adjustable-rate mortgage (ARM) has an interest rate that is subject to change over the loan term. An ARM usually carries a lower interest rate for the first few years but then adjusts after a set period, typically five years, to a new rate tied to market interest rates. A first-time homebuyer may benefit from a lower mortgage payment for the first few years, but faces the risk that the rate will increase when the adjustment date comes around.

Fixed-rate and adjustable mortgages are the basis for specific loan programs.

For borrowers who qualify, a Federal Housing Administration loan or FHA loan allows for a low down payment, typically requiring only 3.5%. This can be a great option for many first time homebuyers or homebuyers that have little in terms of a downpayment. However, because you are not making a standard downpayment of 20%, your lender will require you to pay for PMI.
A Veterans Affairs or VA loan is offered to anyone who served or is currently serving in the U.S. military. You must have served 90 consecutive days during wartime, 180 consecutive days during peacetime, or six years in the reserves to qualify. These loans typically require no down payment and do not carry PMI requirements, and come with a reasonable interest rate.
Buyers in rural areas may qualify for a U.S. Department of Agriculture or USDA loan. These loans also do not require a downpayment. They have reasonable interest rates, and your income and location will determine if you qualify.

Make no mistake, a mortgage is a big commitment. When you understand how it works and what options are available to you, you are in a good position to start talking to lenders as you shop around to find the loan option that best suits your individual circumstances.

The post What is a Mortgage and How Do They Work? appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

Can’t Sell Your House? 6 Mistakes You Might Be Making

Wed, 11 Nov 2020 20:15:01 GMT

In a perfect world, the home selling process would be straightforward and quick. You’d list your home for sale, schedule house tours, receive multiple offers, and sell your home fast and above list price. Unfortunately, selling your house isn’t always that simple and your home could end up sitting on the housing market longer than you anticipated.

As a seller, there are few things more frustrating than your home not selling and having no idea why. Let’s dive in and discuss six likely reasons your home isn’t selling, and address how to fix the problems.

1. Your home needs improvements

Being a homeowner comes with many responsibilities, including keeping your home and property in good condition. Sure, you might vacuum, dust, and mop regularly – but in today’s market, that sometimes isn’t enough. You may need to put a little time and money into your home so you can receive more offers and sell your house quickly. Furthermore, if you’ve had buyers interested in your home, but maintenance problems are encountered during the home inspection, you could end up losing the sale.

What’s the solution?

Before listing your home for sale, start researching what other similar homes are being sold for. Make sure to only compare homes in close proximity to yours. So, if you live in North Atlanta, GA, only compare your home to others in your neighborhood. If other sellers in your price range have new carpeting, a recently remodeled kitchen or bath, or new flooring throughout, they’ll likely outshine your listing. Research your options and record which home upgrades will give you the most bang for your buck in your market. Hire a professional to avoid any costly DIY mistakes. They can save you time and money, and the end result will likely be just what you were hoping for. Ultimately, working with a professional will reduce your stress and increase your satisfaction with the project.

To avoid hidden problems that may be discovered during an inspection such as foundation damage, rodent activity, or a leaking roof, get a pre-inspection report before putting your home on the market. This will give you time to make the necessary repairs and get your home ready to sell so interested buyers don’t withdraw their offer after they see the inspection report.

2. Your home is priced too high

Pricing a house too high happens more often than you might think. Resisting the urge to overprice your home is never easy. The longer your home stays on the market, the more likely it is that you’ll need to drop the asking price. Typically, if a home sits on the market longer than other homes in your neighborhood, buyers will assume it’s because something is wrong with it.

What’s the solution?

Pricing your home can be complex with several different data points to take into account. Take a look at what similar homes in your area are listed for, research what homes have recently sold for in your neighborhood, and use an online calculator for a home value estimate. Your agent will also be able to work with you to price your home competitively.

3. Your home is cluttered and dirty

It happens to all of us. Your daily mess just becomes junk that you overlook day-by-day. But trust me – the piles of paper, boxes of toys, and mounds of clothes will definitely be noticed by potential buyers. Clutter will distract buyers from your home’s best features and will make the space appear smaller.

Life gets busy, and sometimes you just don’t have time to clean your home between work, picking the kids off from school, and dropping them off at soccer practice. But, deep cleaning your home is an essential step to selling your house.

What’s the solution?

As you’re decluttering, be sure to pack away family photos, excess books, clothes, and knickknacks. Instead of stashing your stuff in closets, box up what you don’t need and consider renting a storage unit to clear out some of your belongings. You can also donate items or dump any damaged or broken belongings to avoid the same stuff piling up at your new home. You may want to work with a professional to help declutter. They will be able to help you make the process much easier and more efficient.

After you’ve decluttered, the next step is cleaning your house from top to bottom. Wipe and dust every surface, decoration, and window inside and out. Mop and vacuum carpets and floors. Pay attention to the smell of your home, and be sure to get a second opinion. Pets, kids, food, and other conditions can make your home smell and discourage potential homebuyers. If you don’t have the time to do it right, hire a professional cleaning service—it will be worth it. They’ll be able to reach every nook and cranny of your home to leave it shining so you can sell your house quickly and for more money.

4. You haven’t staged your home

One great thing about owning a home is being able to show off your personal taste through furniture, paint colors, photographs, and decorations. But even if your taste isn’t overly bold, it still might not sit well with potential buyers. Buyers want to be able to visualize the home as a good fit for themselves. According to a recent survey, 83% of buyers’ agents agreed that a staged home helped their buyer picture themselves living there. Bright paint colors and decoration may have been your style, but when trying to sell your house, the decor should always be neutral. Potential buyers should be able to focus on the features of your home and not your belongings.

What’s the solution?

Presenting a well-maintained home and giving a positive first impression is so important when selling your house. And although staging is optional, it really shouldn’t be. A staging professional’s job is to stage your home in a way that will emphasize the property’s strengths and minimize its weak points. This will allow your home to be shown at its maximum potential. They’ll be able to give your home the final touch it needs to stand out from the competition and appeal to the majority of buyers.

Staging a home can be as simple as rearranging furniture or moving large items into storage. Or, you may prefer to have the staging company bring furniture, artwork, decor, lights, greenery, and area rugs to stage your home. If you’re working with a tight budget, focus on the entryway, living room, kitchen, bathrooms, and master bedroom. It’s also important to create a blank canvas by stowing away family photos and any other personal items.

5. Your listing photos are not professional quality

If your home doesn’t need upgrades and it’s priced appropriately, it may be your listing that is falling short. Photos are the first thing a potential homebuyer will see and may determine whether they request a tour or not. Nowadays, poorly-lit pictures captured on an iPhone won’t bring in potential buyers, and research shows that professional photos can help sell your house faster and for more money. Buyers expect top-notch photos that show off your home’s best features.

What’s the solution?

No matter how great the rest of the listing is, if the photos don’t pique any interest and get buyers excited about touring it, then you likely won’t have any offers. Make your home stand out against the competition with professional photos. Real estate photographers know the correct lighting, angles, and minor details that capture your home’s selling points and will leave a great first impression.

6. Your curb appeal isn’t appealing

Take a walk around your neighborhood and pay attention to the homes that appear inviting and note what about the property makes it that way. Is it the green lawn and the neatly cut hedges? The fresh coat of paint? The stone walkway? Now, walk past your home and try to picture yourself as a potential buyer. What needs work? The first impression your home gets from a buyer is important and it often starts with the exterior of your home. Strong curb appeal has the ability to bring more buyers to your door.

What’s the solution?

Preparing the exterior of your home is just as important as staging the interior. After all, many buyers won’t feel compelled to tour your home if it doesn’t look nice from the outside. A well-maintained exterior, including everything from landscaping to exterior paint, will bring buyers through your door increasing the likeliness of your home selling quickly.

Hire a professional to spruce up the exterior of your home. Your lawn, hedges, trees, and other plants should be neat and there shouldn’t be any visible weeds. Have your windows washed, and consider hiring a power washing company to clean your siding and any walkways. If you can, add an outdoor living space in your backyard, perhaps a deck or patio.

The longer your home sits on the market, the less appealing it will become to buyers. Identify what is preventing potential buyers from making any offers and fix the issues as soon as possible. This way, you can sell your house quickly.

The post Can’t Sell Your House? 6 Mistakes You Might Be Making appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

6 DIY Home Repair Mistakes to Avoid Before Selling Your House

Wed, 11 Nov 2020 17:13:47 GMT

DIY (do it yourself) is a common approach to home repairs for a variety of reasons, from budget to perceived simplicity. For those preparing to sell their home, pinching pennies can be a common motivation for tackling fixes without professional involvement. In some cases, DIY solutions are a great way to save time and money with very little risk, but at times, neglecting the abilities of a pro can cause costly problems.

Hire a Professional for These Home Repairs

Not all home repairs are made equal. Basic home projects, like putting up wallpaper, are relatively low risk and don’t pose the potential for big problems down the line. However, more substantial projects can require a level of expertise above and beyond what the average homeowner can accomplish. When not handled properly, these kinds of DIY fixes can result in serious damage that could cost a small fortune to fix. That’s why we created a list of projects that should be handled by the professionals, rather than doing it yourself.

1. Electrical Work

Dealing with any notable wiring issues throughout a home is best left in the hands of an electrician. While something simple, like replacing a lightbulb, is certainly possible without a pro, anything larger requires someone trained in electrical systems.

Accessing electrical boxes, installing new lighting fixtures, replacing wiring, adding new wiring, or anything else more complicated has the potential to harm both you and your property without proper oversight. Accidents with electrical work can cause electrocution or start fires, putting both your health and your home at risk. Without the expertise of an electrician, there’s no way to know whether the tutorials you’re reading or viewing online are appropriate for your property.

2. Plumbing

Plumbing, like electrical work, can be tricky to get right for those without formal training. It’s not unusual for DIY home repairs to cause burst pipes or leaks, opening the door for potential water damage to your home. When these leaks or broken pipes are found within walls or difficult to detect it can become a serious issue.

Before trying to do something like replacing a pipe or installing new fixtures, contact a plumber to make sure your repairs are appropriate and up to code. It’s cheaper to hire a professional for small tasks from the start than to bring in a plumber once a problem arises. Installing a new faucet is much cheaper than to both install a new faucet and fix the problems caused by a DIY installation gone awry.

3. Full Bathroom Remodels

Bathroom remodeling projects often seem easy, but can actually entail much more than you may think. Oftentimes, these projects can require elements of other kinds of home repairs, like plumbing and electrical work.

Tackling a bathroom from top to bottom can be an excellent way to boost your home’s value before listing it, but approaching a remodel in the wrong way can be disastrous. An error in plumbing, cabinet and counter installation, wiring, or anything else could be more costly than beneficial. When you want your bathroom to look – and function – it’s very best, you will want help from a licensed contractor or remodeler who can adhere to building codes and prevent major problems.

4. Foundation and Crawl Space Repairs

Little foundation fixes or crawl space repairs may look simple on the surface, but these kinds of projects can be serious endeavors and require the training and tools the average homeowner doesn’t have. This is particularly true with foundation repairs, especially if you live in an area with a wet climate like Seattle, WA. Failing to address signs of foundation damage can threaten the stability of your entire home. Additionally, an improper DIY home repair can yield more costly treatments down the road and leave room for much more serious damage.

Identifying and fixing foundation problems can require anything from construction equipment to hydraulic lifts. Instead of taking the easy way out, partner with a professional to make sure these serious repairs are made the right way.

5. Roof Replacement or Repairs

Roofing is both challenging and potentially dangerous, making this a poor choice for a DIY project. Replacing shingles or repairing structural issues can be tempting – roofing prices can be steep – but these kinds of tasks are easy to do incorrectly. When shingles aren’t placed properly, insulation is lacking, chimneys aren’t adequately navigated, and safety precautions aren’t taken, big problems can happen.

Climbing around on the top of your house with tools and heavy materials is a home repair project best left for a professional. The risk for improper insulation, wrong shingle placement, or even slips and falls makes roofing jobs far too challenging for a standard homeowner. Also, having a professional step in for a big project like this will ensure everything is done well and in a timely manner.

6. Replacing Siding

The siding on your home looks deceptively simple, but replacing a whole house worth of siding can be a seriously challenging home repair. This task can take days on end, and placing siding straight and even is a much harder project than it may appear to be on the surface.

It’s also important to remember that siding is more than an aesthetic feature. Siding that’s installed incorrectly can cause water and weather damage, driving increased temperature control costs, the likelihood of pest damage, and potential structural issues. Simply put, if you are planning to replace your siding to increase your home value, make sure a professional is involved in the process.

There’s a lot to be said for the peace of mind that comes from partnering with an electrician, plumber, roofer, remodeling company, or contractor. Before charging ahead with a DIY home repair, make sure you understand the scope of the repairs you are trying to make, any risks, and the potential value of professional involvement.

The post 6 DIY Home Repair Mistakes to Avoid Before Selling Your House appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

Make Your Dream of Homeownership a Reality with Down Payment Assistance

Mon, 09 Nov 2020 18:58:11 GMT

For many potential homeowners, saving enough for a down payment is a major barrier to homeownership. But, it doesn’t have to be. There are thousands of down payment assistance programs available across the country that can help make your dream of owning a home a reality, even if you’re not able to put a significant amount down.

How much do I need for a down payment?

Although the common perception is that you need to have a 20 percent down payment to purchase a home, that’s simply not the case, especially for first-time buyers. Most first-time homebuyers make a down payment of just 6 percent or less. Better yet, you don’t have to come up with all of those funds on your own because there are down payment assistance programs that can help.

What is down payment assistance?

Down payment assistance provides homebuyers with money to cover some or all of their down payment. These programs – more than 2,300 of them – are offered nationwide through a variety of sources, including federal, state, county, or local government agencies, nonprofits, and employers.

In some cases, down payment assistance can be in a form of a grant that you will never have to pay back – basically, free money to get you into homeownership. Most often, the funds come in the form of a loan known as a second mortgage that has low or even no interest. In many cases, you only have to pay back the loan after you sell the home. Sometimes, the loan may be forgiven once you have lived in the home for a required amount of time.

Down payment assistance isn’t just for first-time homebuyers

While homeownership programs are often associated with first-time buyers, there are many programs available for repeat buyers and even current owners purchasing a new home. In fact, 41% of homeownership programs do not have a first-time homebuyer requirement. It’s also important to know that a first-time homebuyer is defined as someone who has not owned a home in the last three years. So if you’ve been renting for the last four years, you’re a first-time homebuyer again.

Who qualifies for down payment assistance?

Down payment assistance programs come in a variety of shapes and sizes. There are programs for veterans, first-responders, first-time homebuyers, educators, and more. The exact requirements will depend on where you live and what programs are available; the most common eligibility requirements include:

You must have a qualifying credit score, typically in the 620-680 range or higher.
You will need to meet income requirements, but they vary and can be generous.
The home you purchase must be your primary residence.
Your mortgage payment combined with other debts will be limited to a certain percentage of your gross income.
You will likely need to complete a homebuyer education course.

Regardless of whether or not you think you will qualify for a down payment assistance program, it’s always a good idea to see what programs are available and apply – you may qualify for more than you expect.

Does down payment assistance limit my mortgage options?

With down payment assistance you’ll need to borrow from a lender that participates in the program. However, those approved lenders generally offer a wide range of conventional loans in addition to ones backed by the government (VA, USDA, or FHA loans). Once you’re approved for a down payment assistance program, you’ll have the flexibility to choose the right mortgage option for you.

How can I find down payment help?

Since there are thousands of down payment assistance programs available, it can be a challenge to know where to start, but Down Payment Resource is here to help. Down Payment Resource is the nation’s only complete database of homeownership programs and they can easily match eligible buyers and properties to available programs.

See what down payment assistance programs are available to you, and take the next step on your path to homeownership!

Find Down Payment Assistance Programs in Your Area

The post Make Your Dream of Homeownership a Reality with Down Payment Assistance appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.

The Ultimate Guide to Home Modifications for Persons with Disabilities

Wed, 04 Nov 2020 13:57:25 GMT

It’s important to ensure that the home environment for those with disabilities provides the support they need to lead safe and happy lives. Though newer homes are often built with home modifications for persons with disabilities, older homes may not have these important and necessary features.

Whether you’re living in an older home in Portland, OR that needs significant changes or you are looking for ways to make your new construction home in Atlanta, GA even more accessible to your needs, this guide is for you. It will cover modifications for every area and room to make your home safer and more accessible. After all, a home is only really a home if it brings comfort and enjoyment to all who live there.

Questions to Consider

You may have recently acquired your new ability status, moved into a new home that needs updates, you’re planning to age in place, or simply noticed an opportunity to make your home more easily accessible. Whatever the case, there are important questions you should ask yourself to figure out what home modifications will best suit your needs:

Are exterior walkways and entrances well-lit and free of tripping hazards?
Is there at least one entrance into the home without steps?
Do the exterior doors have good lighting?
If it’s a multi-story home, does the ground floor have a bedroom, full bathroom, and kitchen?
Are staircases well-lit, guarded by handrails on both sides, and equipped with light switches at both the top and bottom?
Are cabinets and shelves throughout the home within easy reach from your height and easily accessible for you?
Does the kitchen have a work surface you can use while sitting?
Is there a fire extinguisher within reach of the stove and/or oven?
Are area rugs secured to the floor or lined with non-slip grips?
Are there smoke and carbon monoxide detectors on each floor of the home that are able to be heard in all bedrooms?
Can these changes increase your home value?

You should inspect the exterior of your home and examine each room of your house with each of these questions in mind. Consider the most extreme situations when deciding what changes should be made, and remember, your disability may present new challenges over time that you’ll want to be prepared for.

Exterior Home Modifications

Start your exterior assessment at the curb — is your address easily visible from the street? What about in the dark or in inclement weather? It’s important that emergency personnel can find your house quickly when summoned, so consider all conditions.

Next, move up your driveway and along any walkways to ensure you can get to your front door without encountering any obstacles. Be mindful of cracks that could cause a walker or wheelchair to get caught and put you at risk of a fall.

At least one exterior entrance should have either a flat threshold or a ramp with a railing along both sides and landings at the top and bottom. If your home has stairs to the front or back entrance and you are in a wheelchair, walker, or planning on growing old in your home, it’s important to have a ramp installed. Ideally, ramps and pathways are slightly textured to reduce water accumulation and increase traction for shoes, walkers, and wheelchairs. If you live in an area prone to snow, like Boulder, CO, keep ice melt handy during the winter.

Consider putting in light-motion sensors. These sensors have excellent benefits as they ensure a well-lit pathway, cut down on energy costs by only activating when needed, and even act as a level of home security since potential thieves won’t appreciate a sudden spotlight.

Doors, Hallways, and Stairs

One of the most important factors in keeping your home safe is ensuring that there is sufficient lighting in all areas. Hallways and stairwells often don’t have windows and lack natural light, so make an effort to light them properly. Long hallways should have light switches at both ends, as should the bottom and top of a staircase.

In general, it’s better to keep your home free from area rugs and runners since they can pose a tripping hazard. If you prefer to have them in your home, secure them with carpet tape or skid-resistant lining. For a disability-conscious home, never include a rug on the stairs or located directly at the top or bottom of stairs, even if it’s secured.

If you have limited mobility in your hands or wrists, make sure the doors in your home have handles instead of knobs. You could even consider having power doors installed in the most-used rooms of your house. Be certain they can be operated manually in case of a power outage. Your front door should include a peephole at a comfortable height, as well as a chain that allows you to speak with a visitor without fully opening the door and leaving yourself vulnerable.

The Bathroom

The bathroom can be a dangerous place for anyone — in fact, the CDC reported that each year about 235,000 people ages 15 and over visit the emergency room due to a bathroom-related injury. That means that as a person with a disability, attempting to use a bathroom that doesn’t accommodate your needs can be extremely risky.

The toilet is another area that will require a personal assessment to determine your personal needs. If it’s too low for you to easily transfer to and from, an elevated seat is an easy fix. Some come with arms or guard rails for additional support. There are even those that have adjustable heights to accommodate evolving needs.

Your bathing area is especially important to get right since water will add extra risk. Shower stalls with curtains, roll-in accessibility, and a seat are the safest option even if you don’t use a wheelchair. Eliminating the need to step over a ledge or tub wall greatly reduces your risk of falling. And even with grab bars within the stall, it’s best to give yourself the option of an adequately-sized seat. Ideally, your shower grab bars run the length of the tub and an additional one is placed at the end opposite the drain to make a transfer as easy as possible. A non-slip mat or pads should line the bottom to provide better traction inside, and your bath mat outside should have a non-slip bottom as well.

The sink area can often go overlooked when it comes to accessibility, but it’s an important spot to consider. Countertop sinks are the safest option for support and access. If your sink is free-standing, reinforce it with an “L” bracket into a wall stud so there isn’t any danger when leaning on it. It can also be a struggle to reach the medicine cabinet or see the mirror from a lower angle. You can use a wall mirror instead, or take off the medicine cabinet mirror and either lower it or readjust it at an angle to improve visibility. For extra storage, pull-out shelves can be installed in the space between the sink and where your legs rest. Don’t forget to insulate any exposed plumbing to prevent burns.

The Kitchen

Your kitchen should have at least one easily-accessible workspace that you can access while sitting. It can be a small dining or breakfast table, or a fold-down table securely hinged to the wall — just be sure it’s sturdy enough to bear a fair amount of weight.

The sink will also need to be accessible from a seated position. Even if it’s low enough to accommodate this need, it’s better to create leg space underneath as you did with your counter workspace so you have a more direct angle. You should be able to approach the sink straight forward so you don’t have to come at it parallel. This would result in the need to twist your body sideways, straining your back, neck, and arms.

The stove can be an especially tricky area to make accessible and is certainly one of the most dangerous spots in the kitchen if home modifications aren’t made. Controls should all be on the front of the appliance to prevent having to reach across hot burners. Glass cookware can allow you to keep an easier eye on cooking food, but a less-expensive option may be to attach a removable mirror at an angle to the wall behind the cooktop for better visibility. There should be at least two feet of heat-resistant countertop next to the range to permit sliding hot utensils off a burner without the danger of lifting heavy, heated pots.

Even mindful organizing can make your kitchen a more accessible place. Heavy cooking utensils, dishes, and canned foods should be kept on bottom shelves. Boxes, drinking glasses, small items, and anything not used on a regular basis can go on top shelves. You can even use clear plastic shelving to easily see what’s on higher-level shelves. Lazy susans are a helpful addition to any cabinet or refrigerator to make it easier to grab items in the back, and BBQ tongs or extension grippers can be kept around the kitchen to help with reaching.

The Living Room and Bedroom

Living rooms should have plenty of space to move around easily. Though laminate and tile flooring tend to be better options for hallways, kitchens, and bathrooms, most people appreciate the soft and inviting feel that carpet can add to rooms meant for relaxing, like living rooms and bedrooms. It’s important to choose the right kind, so keep in mind that plush and textured carpet can be difficult to move a wheelchair through and can trip up the legs of a walker or cane. To satisfy both mobility and a feeling of warmth, go for low-pile carpeting, typically 1/4 inch thick. Commercial grade carpet tends to be not only more stain-resistant, but it’s also more durable against the wear and tear of wheelchairs and walkers.

Space your furniture so that you have adequate room to move around. Keep electrical cords and wires tucked behind furniture or mounted along baseboards to keep them free of your path. If your bed frame, coffee or end tables, or any other furniture in your home have sharp corners, it may be a good idea to pad them to avoid painful run-ins. Be sure that any bed skirts, comforters, or furniture slipcovers don’t hang too far to the floor in a way that could create a tripping hazard.

You may want to have a grab bar installed near the head of your bed for easier transfer. If you opt to use a bedside table to aid you, it should be securely mounted into a stud in the wall. Make sure you have a landline accessible from your bedside or an outlet where you can charge your mobile phone overnight so that you can immediately contact help in the event of a nighttime emergency.

You could make some of these adjustments yourself, but always be sure to consult a professional contractor when it comes to mounting grab bars and other furniture to the wall, or any other maintenance projects. Have a two-way dialogue when determining what home modifications to make and exactly how they’re made. Never get talked into anything you’re not comfortable with. When in doubt, get a second opinion. Professionals can be your guide to safety, but it’s important for you to have input on what will make your living arrangements comfortable and accessible.

Buying a Home

The Fair Housing Act makes it illegal to discriminate against potential homebuyers based on a disability. In addition, a lender cannot discourage an applicant from applying for a loan based on a disability, nor can they alter the terms or conditions of a loan for this reason, such as increasing an interest rate. Fortunately, there are many organizations and programs who can help people with disabilities who want to buy a home. Check out our guide on down payment assistance programs to learn more about your rights and the resources available to you.

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7 Home Buying Tips Every Veteran Needs to Know

Tue, 27 Oct 2020 20:27:26 GMT

For most people, buying a home is an exciting and emotional milestone. This can be especially true for veterans, who have likely spent years traveling between bases, and are looking for a place to finally call their own.

While the home buying process can be overwhelming, there are many resources available to make it simpler and more affordable for those who have served in the military. If you’re a veteran or active military personnel and you’re starting the quest for your new home, be sure to first consider these seven important home buying tips.

1. Understand the VA home loan

Most veterans are eligible for a VA home loan, which is provided by private lenders but backed by the U.S. Department of Veterans Affairs. A mortgage that requires $0 down, VA loans are a competitive and affordable way for veterans laying down roots to save. VA loans are perfect for veteran first-time homebuyers who do not have enough money for a down payment. Credit requirements are looser than traditional mortgages as well – a bonus for those who don’t have a long credit history. Further, VA loans don’t require private mortgage insurance (PMI) – a typical form of insurance for those who can’t put down 20 percent.

Funding fees are required with VA loans, which are not generally included in standard mortgages. However, the fees serve a good purpose as they go directly to the Department of Veterans Affairs to pay the costs of the program. In 2020, the funding fee is 2.3 percent of the total loan amount for the first use and 3.6 percent for additional uses. You can pay for this fee upfront or roll it into the loan. Before moving forward, be sure to review the VA loan requirements and ensure you’re eligible.

Understanding the basics of a VA home loan and how to properly use your military benefits are just small pieces of the mortgage process. To better understand how to maximize the use of your benefits, speak with a qualified mortgage lender to discuss what works best for you.

2. Explore all of your lending options

VA loans are great for those who are looking for a loan with no down payment and limited closing costs. However, there may be instances where other loan options are a better fit. Additional lending options include:

FHA loans: Like VA loans, an FHA loan allows veterans to buy a home without the need for great credit and a large down payment. FHA loans are especially geared toward first-time homebuyers. While FHA loans have some cost-saving advantages, they usually can’t match those of a VA loan. However, if your credit score is in the 500s, you likely won’t qualify for a VA loan. In this case, an FHA loan is a great option.
USDA loans: If you’re looking to buy a home in a non-urban area of the U.S., you may qualify for a zero-down loan backed by the U.S. Department of Agriculture. USDA home loans allow buyers to secure these mortgages as long as the property is within a qualified area. If you qualify as low- to moderate-income and can’t qualify for VA loan, consider a USDA loan instead.
Conventional loans: These are the most common type of home mortgages for the general public. Unlike an FHA or a VA loan, conventional loans are not backed by the government. Credit requirements and financial standards for conventional loans tend to be more limited. However, those with excellent credit and stable assets can often get great rates and terms.
Native American Direct Loans: This program is specifically for qualifying Native service members to use VA loan benefits for housing on federal trust lands. Veterans who are not Native American, but who have a Native American non-military spouse, may also be eligible for a loan under this program. Unlike the traditional VA loan, NADLs come straight from the government and don’t involve a third-party lender.

3. Focus on credit

VA loans have looser credit requirements than traditional mortgages, but this doesn’t mean veterans can ignore one of the most important home buying tips. Homebuyers need a credit history of some sort with more positive than negative indicators. Check your credit score regularly to ensure your current actions are building and not hurting your credit. You can get one free copy of your credit report every 12 months at AnnualCreditReport.com.

4. Look into other financial resources

There are a number of other home buying grants and programs offering financial resources to veterans, including:

Dream Makers Program: This program provides qualified veterans and active duty service members grants for down payments and closing costs. The Dream Makers grant is based on a 2-to-1 match of what the homebuyer contributes towards the purchase.
Adapted Housing Grants: These grants can help veterans with permanent and total service-connected disabilities purchase or build an adapted home. They can also be used to modify an existing home to accommodate a disability.
State and Local Programs: There are also numerous state and local programs that provide housing grants for veterans in their area. Once you know the location of your new home, you can also check the VA’s National Resource Directory for more location-specific housing assistance.

5. Maintain your employment

Stability, employment, and income show the lender how much house you can afford and are important indicators for qualifying for any mortgage, including a VA loan. So, if possible, keep your employment consistent throughout the home buying process. Quitting your stable job, even if you have another one lined up, raises red flags for lenders of all kinds. This implies that your income may not be on par with the terms upon which your loan offer was made.

Even if you signed the paperwork, your loan isn’t guaranteed until the closing process is complete. So if you change jobs during any part of the process, your loan eligibility could be withdrawn. This also goes for big purchases. You should, of course, still make necessary purchases, but anything extraneous and large that can wait, should.

6. Don’t forget about closing costs

Limited closing costs is one of the great benefits of a VA loan. While the loan has closing costs, the government doesn’t allow veterans to pay many of them. These non-allowable costs can include escrow or settlement fees, processing, underwriting, and document fees. The lender may charge a one percent origination fee in lieu of these closing costs, meaning one percent of the loan amount is due instead.

So what fees will need to be paid? Veterans will pay for a credit report, appraisal, title insurance, recording fees, and a survey. Over the life of the loan, there may be other recurring charges that veterans will be responsible for, such as hazard insurance. Keep in mind that the types of fees and their amounts vary greatly by state. Your lender should provide you with a loan estimate, which outlines the exact fees you’ll need to pay at closing. You can also negotiate these costs, as the seller could pay for some of them.

7. Use the right real estate agent

If you plan to take advantage of veteran home buying programs, choose a realtor who is experienced with veterans. The differences between VA loans and other mortgage options can be vast, so working with a professional who fully understands the buying process is one of the top home buying tips for veterans.

Consider searching through online directories to find veteran-friendly agents or speaking with other veterans who have made successful purchases in your housing market. If you feel that your agent can’t properly guide you through the process, don’t be afraid to make a switch at any time.

Buying a house as a veteran can be a major decision, especially for those newly out of the service. However, the right information and preparation can make the process significantly easier. From reviewing all of your lending options to understanding closing costs, these seven veteran home buying tips can help make the process of homeownership as exciting and seamless as possible.

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