Real Estate Market Update • March 29, 2024

12 Things To Do After Closing On A House | Next Steps 2024

by Robin Milton

After you finish signing at the closing of your new house, you’re handed the keys and the house is officially yours. But there some things you should do to make sure your transition from your old place to your new address goes as smoothly as possible.

Every area of the country is different, which can mean different protocols and rules to follow. Hopefully, your real estate agent can help you with a list of to do’s after your closing for that particular area. But no matter where you live, here are a few important things to do after you get possession of your house.

Check your home buying eligibility. Start here (Mar 29th, 2024)

Hire a pest control company

“If you are in an area such as southwest Florida and other warm climates, we have lots of ants, cockroaches and other bugs. The northern states have issues with mice,” says Terry Records, broker/owner of Records Results Real Estate in Cape Coral, Fla. “If you don’t spray your yard now, these bugs will visit you inside your house.”

Change your driver’s license

“I got in trouble with this one. I waited too long when I moved and got a ticket,” Records says.

Every state is different, but some states require a change of address on your license within 10 days of moving. If you are new to a state, you may have to take a written exam and possibly even a driving test.

Secure closing papers & other documents

If you haven’t done so already, get a safe deposit box at your bank or purchase a fireproof safe. Put all your closing papers inside it, along with your passport, birth certificate, Social Security card, and other official papers for safekeeping.

Check with your auto insurance

Insurance companies are picky about where you live, and prices do change from place to place. Records has moved to many states through the years including North Dakota, Minnesota, California and Florida. She was caught off-guard when Florida required that her car insurance be from a Florida company.

Check your mortgage rates. Start here (Mar 29th, 2024)

Contact government officials about homesteading

You can get a reduction in your assessed value by thousands of dollars – which gives you a discount on your property taxes – by just filling out a form saying you occupy the home you just bought. Some counties give other homestead exemptions like for senior citizens or returning veterans. “This doesn’t happen automatically,” Records says. “You have to tell them you live there. It all depends on your city or your county of what type of homestead credit is available.”

Clean the gutter

Who knows how long it’s been since the previous owners did this dirty chore. But if leaves and other gunk are blocking the flow of rain, you could have problems such as water leaking into the house if you don’t keep them free flowing.

Meet your neighbors & others in the community

This can be hard for some, but you really should get to know your neighbors by introducing yourself. Records says she has moved many times in her lifetime and has found that joining groups on Meetup.com helps you connect with other new residents in your area who have the same interests.

Check your home buying eligibility. Start here (Mar 29th, 2024)

Hire a fireplace expert

Whether it’s a wood-burning or gas fireplace, get a professional to check it out. With thumbs up from the expert, you can then enjoy cozy nights near the warmth of the fire.

Change furnace filters

It’s best if you make sure to replace the furnace and air conditioner filters every three months. There are lots of options out there when choosing air filters for different seasons. Choosing the right filter can not only save money by letting your furnace and air conditioner work more efficiently, but it also improves air quality, removes odors, and even prevents the growth of antimicrobial particulates.

Find the main water shutoff

You never know when you will need to shut off the water because of a broken water pipe. So, find the shutoff and test it to see if it works.

Change every lock

You never know who the former owners gave a house key to. A locksmith can rekey your locks if they are expensive ones, and some stores can also rekey certain brand-named locks, which can be done quite inexpensively.

You can also choose to get four-digit keyless locks. That can be a great option, especially with kids who lose their keys all the time anyways. Also, don’t forget to reset a garage door keypad from the outside of your garage. There are great instructions online on how to do it, or call a garage door company for assistance.

Cover the windows

The former owners might have taken all the curtains and blinds with them. So before your neighbors get to know you real well because they can see through your windows, purchase coverings to give yourself some privacy.

Then it’s time to relax and enjoy the home of your dreams.

Check your mortgage rates. Start here (Mar 29th, 2024)

Source: https://mymortgageinsider.com/things-you-need-to-do-after-closing-on-your-house/

Real Estate Market Update • March 25, 2024

What Every Homebuyer Should Know About Closing Costs

by Robin Milton

Before making the decision to buy a home, it’s important to plan for all the costs you’ll be responsible for. While you’re busy saving for the down payment, don’t forget you’ll want to prep for closing costs too.

Here’s some helpful information on what those costs are and how much you should budget for them.

What Are Closing Costs?

A recent article from Bankrate explains:

“Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it’s being financed . . .”

Simply put, your closing costs are the additional fees and payments you have to make at closing. According to Freddie Mac, while they can vary by location and situation, closing costs typically include:

Government recording costs
Appraisal fees
Credit report fees
Lender origination fees
Title services
Tax service fees
Survey fees
Attorney fees
Underwriting Fees

How Much Are Closing Costs?

According to the same Freddie Mac article mentioned above, they’re typically between 2% and 5% of the total purchase price of your home. With that in mind, here’s how you can get an idea of what you’ll need to budget.

Let’s say you find a home you want to purchase at today’s median price of $384,500. Based on the 2-5% Freddie Mac estimate, your closing fees could be between roughly $7,690 and $19,225.

But keep in mind, if you’re in the market for a home above or below this price range, your closing costs will be higher or lower.

Make Sure You’re Prepared To Close

Freddie Mac provides great advice for homebuyers, saying:

“As you start your homebuying journey, take the time to get a sense of all costs involved – from your down payment to closing costs.”

The best way to do that is by partnering with a team of trusted real estate professionals. That gives you a group of experts to help you understand how much you’ll need to save and what you’ll want to be prepped for. It also means you have go-to resources for any questions that pop up along the way.

Bottom Line

Planning for the fees and payments you’ll need to cover when you’re closing on your home is important. Partnering with a local real estate professional can give you the guidance and confidence you need throughout the process.

Real Estate Market Update • March 18, 2024

The Latest National Trends in Housing

by Robin Milton

New Listings

Month-Over-Month Change
⬆️ 15%

While inventory is still low, more people are selling their houses. If you’re looking to buy, this gives you more options for your search.

Home Prices

Month-Over-Month Change
⬆️ 1.5%

But even with that growth, there aren’t enough homes to go around. And that keeps upward pressure on home prices.

Time on Market

Month-Over-Month Change
⬇️ 8 Days

Since supply is too low for the number of buyers out there, houses are selling fast and getting multiple offers.

There are more buyers than there are homes available, so each home that comes on the market becomes more of a hot commodity than it might if there were more options to choose from.
-Bankrate

What This Means for You

For Buyers
You may have more options, but you’ll still want to move fast and come in with a strong offer.

For Sellers
Your house should still stand out and may get multiple offers, if you price it right.

If you want to know more about what’s happening in our area, let’s connect.

Sources: Realtor.com, Bankrate

Senior Real Estate Resources • March 11, 2024

The Benefits of Downsizing When You Retire

by Robin Milton

If you’re taking a look at your expenses as you retire, saving money where you can has a lot of appeal. One long-standing, popular way to do that is by downsizing to a smaller home.

When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.com shares:

“A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something smaller.”

That windfall is thanks to your home equity. If you’ve been in your house for a while, odds are you’ve built up a considerable amount of equity. And that equity is something you can use to help you buy a home that better fits your needs today. Daniel Hunt, CFA at Morgan Stanley, explains:

“Home equity can be a significant source of wealth for retirees, often representing a large portion of their net worth. . . . Retirement planning can be complex, but your home equity shouldn’t be overlooked.”

And when you’re ready to use that equity to fuel your next move, your real estate agent will be your guide through every step of the process. That includes setting the right price for your current house when you sell, finding the home that best fits your evolving needs, and understanding what you can afford at today’s mortgage rate.

What This Means for You

If you’re thinking about downsizing, ask yourself these questions:

Do the original reasons I bought my current house still stand, or have my needs changed since then?
Do I really need and want the space I have right now, or could somewhere smaller be a better fit?
What are my housing expenses right now, and how much do I want to try to save by downsizing?

Then, meet with a real estate agent to get an answer to this one: What are my options in the market right now? A local real estate agent can walk you through how much equity you have in your house and how it positions you to win when you downsize.

Bottom Line

Want to save money in retirement? Consider downsizing – it could really help you out. When you’re ready, let’s connect about your goals in the housing market this year.

Real Estate Market Update • March 11, 2024

The Spring Market Is a Sweet Spot if You’re Looking To Sell

by Robin Milton

Wondering if now’s a good time to sell your house?

Short answer: it is. Here’s why.

… the number of homes for sale and new listing activity continues to improve compared to last year. However the inventory of homes for sale still has a long journey back to pre-pandemic levels.
Realtor.com

Inventory Is Rising, but It’s Still Low
As Compared to the Same Time in Previous Years (as of March 1st)

Based on how many homes are on the market, there are two big reasons why this spring is looking so good for sellers.

Reason #1
Thanks to an uptick in inventory over last year. you’ve got more options as you search for your next home.

Reason #2
But there are still fewer homes for sale than there’d normally be. That means your house should stand out and get a lot of attention from buyers.

If you want to sell your house, this spring is the sweet spot. When you’re ready, let’s chat to get the ball rolling.

Real Estate Market Update • March 4, 2024

Why You Want an Agent’s Advice for Your Move

by Robin Milton

No matter how you slice it, buying or selling a home is a big decision. And when you’re going through any change in your life and you need some guidance, what do you do? You get advice from people who know what they’re talking about.

Moving is no exception. You need insights from the pros to help you feel confident in your decision. Freddie Mac explains it like this:

“As you set out to find the right home for your family, be sure to select experienced, trusted professionals who will help you make informed decisions and avoid pitfalls.”

And while perfect advice isn’t possible – not even from the experts, what you can get is the very best advice out there.

The Power of Expert Advice

For example, let’s say you need an attorney. You start off by finding an expert in the type of law required for your case. Once you do, they won’t immediately tell you how the case is going to end, or how the judge or jury will rule. But what a good attorney can do is walk you through the most effective strategies based on their experience and help you put a plan together. They’ll even use their knowledge to adjust that plan as new information becomes available.

The job of a real estate agent is similar. Just like you can’t find a lawyer to give you perfect advice, you won’t find a real estate professional who can either. That’s because it’s impossible to know everything that’s going to happen throughout your transaction. Their role is to give you the best advice they can.

To do that, an agent will draw on their experience, industry knowledge, and market data. They know the latest trends, the ins and outs of the homebuying and selling processes, and what’s worked for other people in the same situation as you.

With that expertise, a real estate advisor can anticipate what could happen next and work with you to put together a solid plan. Then, they’ll guide you through the process, helping you make decisions along the way. That’s the very definition of getting the best – not perfect – advice. And that’s the power of working with a real estate advisor.

Bottom Line

If you’re looking to buy or sell a home, you want an expert on your side to help you each step of the way. Let’s connect so you have advice you can count on.

Real Estate Market Update • February 27, 2024

Why Today’s Housing Supply Is a Sweet Spot for Sellers

by Robin Milton

Wondering if it still makes sense to sell your house right now? The short answer is, yes. And if you look at the current number of homes for sale, you’ll see two reasons why.

An article from Calculated Risk shows there are 15.6% more homes for sale now compared to the same week last year. That tells us inventory has grown. But going back to 2019, the last normal year in the housing market, there are nearly 40% fewer homes available now:

Here’s a breakdown of how this benefits you when you sell.

1. You Have More Options for Your Move

Are you thinking about selling because your current house is too big, too small, or because your needs have changed? If so, the year-over-year growth gives you more options for your home search. That means it may be less of a challenge to find what you’re looking for.

So, if you were holding off on selling because you were worried you weren’t going to find a home you like, this may be just the good news you needed. Partnering with a local real estate professional can help you make sure you’re up to date on the homes available in your area.

2. You Still Won’t Have Much Competition When You Sell

But to put that into perspective, even though there are more homes for sale now, there still aren’t as many as there’d be in a normal year. Remember, the data from Calculated Risk shows we’re down nearly 40% compared to 2019. And that large a deficit won’t be solved overnight. As a recent article from Realtor.com explains:

“. . . the number of homes for sale and new listing activity continues to improve compared to last year. However the inventory of homes for sale still has a long journey back to pre-pandemic levels.”

For you, that means if you work with an agent to price your house right, it should still get a lot of attention from eager buyers and could sell fast.

Bottom Line

If you’re a homeowner looking to sell, now’s a good time. You’ll have more options when buying your next home, and there’s still not a ton of competition from other sellers. If you’re ready to move, let’s connect to get the ball rolling.

Real Estate Market Update • February 19, 2024

It’s Time To Prepare Your House for a Spring Listing

by Robin Milton

If you’re thinking of selling your house this spring, now is the perfect time to start getting it ready. With the market gearing up for its busiest time of year, it’ll be important to make sure your house shines bright among the competition.

Here are some valuable tips you can use to get your house market-ready.

Declutter and Organize

First impressions matter, and if your house is a mess, that can easily turn off potential buyers. Before listing, take the time to declutter and organize each room. Decluttering is about more than just tidying up – it’s about creating a sense of space and openness that allows potential buyers to envision themselves living in your home. According to Moving.com:

“Decluttering and organizing your space will go a long way in appealing to potential buyers. . . .decluttering will help the buyers see themselves living in your home. Less clutter inside a home also helps a place appear larger and cleaner, which should attract more buyers.”

Deep Clean Your Kitchen and Bathrooms

The kitchen and bathrooms are focal points for many buyers, and often influence their overall opinion of the house. Ensure these spaces dazzle by giving them a thorough deep cleaning. Pay attention to details like scrubbing grout lines, polishing fixtures, and decluttering countertops. A sparkling kitchen and bathroom can leave a lasting positive impression on potential buyers.

Maintain Your Yard

Your home’s exterior is the first thing potential buyers see, so it’s important to make a good impression from the moment they arrive. A well-maintained yard not only enhances curb appeal, but also shows buyers the home has been well taken care of.

Take the time to spruce up your yard by mowing the lawn, trimming bushes, and clearing away any debris or dead plants. Remember, the goal is to create a welcoming environment that entices buyers to step inside and imagine themselves living there. U.S. News says:

“A beautifully landscaped front yard can elevate an ordinary house into a charming home and will help homes sell faster and for more money.”

Find a Listing Agent

A skilled listing agent is your partner in minimizing stress when selling your home. Lean on your agent for advice on decluttering, staging, and enhancing your home’s appeal to potential buyers. Their insights into market trends and recommendations for reliable contractors and stagers are invaluable. As Realtor.com says:

“A good listing agent will help you price your home . . . recommend a photographer and stager to make it look its best, and put your home on the multiple listing service.”

Bottom Line

By decluttering, deep cleaning, and tidying up your house, you can create a welcoming environment that resonates with buyers and increases your chances of a successful sale. Let’s connect on what you need to do to get your house ready to sell this spring.

Real Estate Market Update • February 13, 2024

Home Equity Can Be a Game Changer When You Sell

by Robin Milton

Are you on the fence about selling your house? While affordability is improving this year, it’s still tight. And that may be on your mind. But understanding your home equity could be the key to making your decision easier. An article from Bankrate explains:

“Home equity is the difference between your home’s value and the amount you still owe on your mortgage. It represents the paid-off portion of your home.

You’ll start off with a certain level of equity when you make your down payment to buy the home, then continue to build equity as you pay down your mortgage. You’ll also build equity over time as your home’s value increases.”

Think of equity as a simple math equation. It’s the value of your home now minus what you owe on your mortgage. And guess what? Recently, your equity has probably grown more than you think.

In the past few years, home prices skyrocketed, which means your home’s value – and your equity – likely shot up, too. So, you may have more equity than you realize.

How To Make the Most of Your Home Equity Right Now

If you’re thinking about moving, the equity you have in your home could be a big help. According to CoreLogic:

“. . . the average U.S. homeowner with a mortgage still has more than $300,000 in equity . . .”

Clearly, homeowners have a lot of equity right now. And the latest data from the Census and ATTOM shows over two-thirds of homeowners have either completely paid off their mortgages (shown in green in the chart below) or have at least 50% equity (shown in blue in the chart below):

That means roughly 70% have a tremendous amount of equity right now.

After you sell your house, you can use your equity to help you buy your next home. Here’s how:

Be an all-cash buyer: If you’ve been living in your current home for a long time, you might have enough equity to buy your next home without having to take out a loan. If that’s the case, you won’t need to borrow any money or worry about mortgage rates. Investopedia states:

“You may want to pay cash for your home if you’re shopping in a competitive housing market, or if you’d like to save money on mortgage interest. It could help you close a deal and beat out other buyers.”

Make a larger down payment: Your equity could also be used toward your next down payment. It might even be enough to let you put a larger amount down, so you won’t have to borrow as much money. The Mortgage Reports explains:

“Borrowers who put down more money typically receive better interest rates from lenders. This is due to the fact that a larger down payment lowers the lender’s risk because the borrower has more equity in the home from the beginning.”

The Easy Way To Find Out How Much Equity You Have

To find out how much equity you have in your home, ask a real estate agent you trust for a Professional Equity Assessment Report (PEAR).

Bottom Line

Planning a move? Your home equity can really help you out. Let’s connect to see how much equity you have and how it can help with your next home.

Real Estate Market Update • February 12, 2024

Winning Plays for Buying a Home in Today’s Market

by Robin Milton

Build Your Team
Make sure you have trusted professionals on your side, including your local real estate agent and lender. The pros have the skills you need to move quickly and efficiently.

Make Strategic Plays
Careful budgeting and planning for your down payment are key. Think about your wish list and prioritize what you need.

Consider What’s In and Out of Bounds
Figure out if you want to stay in the same area or branch out to new communities. Make a list of neighborhoods you’d like to live in.

Stand Out from the Crowd
Get pre-approved to show you’re a serious and qualified buyer.
Lean on your team’s expert advice to draft your strongest offer.

In today’s housing market, you can still be the champion if you have the right team and strategy. Let’s connect today to make your game-winning play.