Realty Executives Midwest
Before you buy a home, it’s important to plan ahead. While most buyers consider how much they need to save for a down payment, many are surprised by the closing costs they have to pay. To ensure you aren’t caught off guard when it’s time to close on your home, you need to understand what closing costs are and how much you should budget for.
People are sometimes surprised by closing costs because they don’t know what they are. According to Bankrate:
“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 . . .”
In other words, your closing costs are a collection of fees and payments involved with your transaction. According to Freddie Mac, while they can vary by location and situation, closing costs typically include:
Understanding what closing costs include is important, but knowing what you’ll need to budget to cover them is critical, too. According to the Freddie Mac article mentioned above, the costs to close are 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 cover your closing costs.
Let’s say you find a home you want to purchase for the median price of $366,900. Based on the 2-5% Freddie Mac estimate, your closing fees could be between roughly $7,500 and $18,500.
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.
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.”
Work with a team of trusted real estate professionals to understand exactly how much you’ll need to budget for closing costs. An agent can help connect you with a lender, and together your expert team can answer any questions you might have.
It’s important to plan for the fees and payments you’ll be responsible for at closing. Work with a local real estate professional who can help you feel confident throughout the process.
Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
No matter how the housing market changes, there are some things about owning a home that never change—like the personal benefits it can provide. When you own your home, you likely feel a sense of attachment because of the comfort it gives and also because it’s a space that’s truly yours.
Over the last few years, we’ve fully embraced the meaning of our homes as we spent more time than ever in them. As a result, the emotional benefits our homes provide have become even more important to us.
As the most recent State of the American Homeowner from Unison puts it:
“. . . one thing has stayed the same: the home continues to be of the utmost importance and a place of security and comfort.”
The same study from Unison notes:
It’s no surprise this study also reveals that homeowners now love their homes even more as our attachments to them have grown:
The National Association of Realtors (NAR) also explains:
“In addition to tangible financial benefits, homeownership brings substantial social benefits for [households], communities, and the country as a whole.”
In other words, not only does owning a home build your net worth over time, but it also gives you and your loved ones a place to thrive. And by living near people with shared experiences, homeownership helps you connect with your community and contribute meaningfully.
Whether you’re thinking of buying your first home, moving up to your dream home, or downsizing to something that better fits your changing lifestyle, a local market expert is the key to unlocking a home you can truly fall in love with.
Source: https://www.keepingcurrentmatters.com/2023/02/14/why-its-easy-to-fall-in-love-with-homeownership-1
Go bold in your home! Brighter color combos and loud wallpaper designs are dressing up interiors, but this attention-grabbing trend is being mixed with toned-down natural materials and accents. Houzz, a home renovation and design website, offers its predictions for the home styles likely to have a big impact this year.
Homeowners are rethinking synthetic materials like engineered quartz, which has dominated kitchen renovations in recent years. Instead, owners are gravitating toward natural materials that they believe add more character and authenticity to a space, Houzz notes. More designers report installing quartzite and other natural stone countertops, as well as marble tile and wood cabinets and vanities—notably in white oak.
Showers are getting softer edges. For example, designers may run mosaic tile flooring continuously through the entire bathroom, including the curbless shower area. “This approach further enhances the sleek, streamlined effect of a curbless shower design, extends the nonslip surface and helps a small space appear larger than it is,” Houzz notes.
Though all-white bathroom finishes remain popular, more homeowners are incorporating hints of dark, contrasting colors. For example, 7% of homeowners installed blue vanities, according to the 2022 U.S. Houzz Bathroom Trends Study. Jet black vanities and other black bathroom accents—set against crisp, white backdrops—also are trending. “The white finishes keep things light and airy, while the black creates a touch of drama,” the Houzz report notes. “Brass details and wood-look tile flooring help add warmth to this classic palette.”
Homeowners have been craving greater ties to their outdoor spaces: 20% have renovated their kitchens to open it more to the outside, according to the 2022 U.S. Houzz Kitchen Trends Study. Sliding glass doors are among the top features on home buyers’ wish lists, as well as large windows to maximize outdoor views and bring in more natural light. Further, a focus on natural materials and colors, as well as nature-themed wallpaper prints, is helping homeowners feel connected to the outdoors.
In living rooms, natural materials are dominating, too. This is prompting a modern rustic style that channels both a rugged and cozy look. “Natural stone fireplaces and surrounds, wood beams and off-white walls mix with comfortable furnishings in organic whites, browns and beiges to create an updated look that feels anchored to a rural past,” Houzz notes.
Bright and bold colors are one of interior designers’ favorite emerging trends. “The shift away from mostly neutrals and whites is something many pros attribute to the pandemic,” Houzz notes. “These days, homeowners seem more adventurous and willing to take a chance on creating brighter, more vibrant spaces.” To help achieve these more colorful backdrops, owners are turning to wallpaper and embracing eclectic patterns. Houzz data shows searches are up for “paintable wallpaper” (93%), “chinoiserie wallpaper” (71%), “floral wallpaper” (52%), “ceiling wallpaper” (40%), “Art Deco wallpaper” (33%) and “dog wallpaper” (46%).
While design pros say a desire for bold color is extending into kitchens, they also say more homeowners are asking for a warm and soft style that’s restful and relaxing. To pull off this look, they’re using greige or off-white cabinets, light woods, muted tile, subdued patterns and warm bronze and brass finishes in the kitchen.
“Layered texture” is buzzing in home design. Textures are being added throughout a home via the decor, wallpaper, materials and accessories. “We’re seeing a lot of designers layer wood, rattan, stone, metal finishes, concrete and various textural fabrics in one room to create a dynamic style that’s full of visual and tactile interest,” Houzz notes.
From brighter colors to wild wallpaper and layered looks, maximalist decor styles are taking hold. For instance, combine “vintage pieces with lots of upbeat pattern and wall coverings” to perk up a traditional look, Houzz notes. “Think of it as a traditional style returning in a fun way.” Some professionals say ongoing supply chain issues gave rise to this trend by forcing homeowners to look locally for antiques and recycle, repurpose or reupholster pieces “with whimsical details and a pretty patina.”
Kitchen islands are being made with seating top of mind. “While the traditional seating arrangement has typically been a row of stools on one side facing the cooking area, some homeowners on Houzz are seeking alternative setups to accommodate a variety of needs, such as the ability to sit face-to-face with guests or sit at a standard dining table height,” Houzz notes. “We’re seeing a lot of islands with creative seating arrangements, like two-tiered designs with seating for 10 people and dropped-down or raised-up areas for various needs.”
Source: National Assoocation of Realtors
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
The housing market has gone through a lot of change recently, and much of that was a result of how quickly mortgage rates rose last year.
Now, as we move through 2023, there are signs things are finally going to turn around. Home price appreciation is slowing from the recent frenzy, mortgage rates are coming down, inflation is easing, and overall market activity is starting to pick up. All of that’s great news for the housing market this year. Here’s what experts are saying.
“The current state of the housing market is that it is certainly in transition.”
“Housing is going to ease up. I think 2023 will be a turnaround year.”
“Mortgage rates have fallen in the recent past weeks, so I’m very hopeful that the worst in home sales is probably coming to an end.”
“. . . it appears a turning point for housing lies ahead. In the coming quarters, single-family home building will rise off of cycle lows as mortgage rates are expected to trend lower and boost housing affordability.”
If you’re thinking about making a move this year, a turnaround in the housing market could be exactly what you’ve been waiting for. Work with a local real estate professional to learn about the latest trends in your area.
Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
Spring is usually the busiest season in the housing market. Many buyers wait until then to make their move, believing it’s the best time to find a home. However, that isn’t always the case when you factor in the competition you could face with other buyers at that time of year. If you’re ready to buy a home, here’s why it makes sense to move before the spring market picks up.
In most years, the housing market goes through predictable seasonal trends in activity. Winter is typically a quiet point in the year, while spring sees a surge of buyers begin their search. And experts project that this year will be no exception.
Right now, buyer demand is low due to a combination of normal seasonal trends and a reaction to last year’s rise in mortgage rates. But rates have started to come down since last November, which has more and more potential buyers planning to jump into the market. That means right now is a sweet spot if you’re in a good position to buy, before more buyers reappear. Affordability is beginning to improve, but demand is still low — for now. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), shares:
“. . . expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.”
If you’re ready to buy a home, right now is the best time to do so before your competition grows and more buyers enter the market.
Low demand from buyers often means sellers are more motivated to work with you, and that can set you up to buy a home on your terms. In fact, sellers have been more willing to negotiate this winter because there are fewer buyers in the market. According to a recent article from Forbes:
“. . . sellers gave concessions to buyers in 41.9% of home sales in the fourth quarter of last year.”
But keep in mind, the advantages buyers have this winter won’t last forever. The competition you face could be greater if you wait until spring to make a move, and increased buyer demand means sellers will have less motivation to negotiate with you. Be sure to work with a trusted real estate professional to learn what you can expect in your local market right now.
If you’re in a position to buy a home, it may make sense to move before spring. Working with your team of expert real estate advisors is the best way to learn about the current market and what it means for you. Connect with a professional today to determine the best plan to achieve your homebuying goals.
Original Source: https://www.keepingcurrentmatters.com/2023/01/26/why-it-makes-sense-to-move-before-spring/
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