Realty Executives Midwest
Buying your dream home is a significant accomplishment, and you need to protect your investment. While there is no way you can control severe weather, you can do many things to prevent possible damage to your home and protect your family.
Here are tips you should remember when gearing up your home for an upcoming weather event.
Inspect your home and resolve issues like peeling roof shingles, loose fence boards, and rattling windows to prevent costly damage. Dealing with damages head-on can save you from expensive repairs after damage from severe weather events. For instance, if a shingle is damaged, it will likely get loose during a storm. If it is missing, reinstall or replace it immediately.
Keep an eye on potential hazards surrounding your home. Here is how you can implement basic outdoor maintenance before a weather condition.
A spare power source can keep your essential appliances and lights on, especially in brutal weather conditions. In some cases, intense storms can cut power sources for more than a day. On average, United States customers experienced more than seven hours of electric power interruptions in 2021.
A backup generator delivers power instantly during a blackout, maintaining safety and comfort during emergencies. It also protects the home from voltage surges and fluctuations when power is back. This equipment is especially useful during winter storms, as you want to keep your home warm enough to prevent property damage like frozen pipes and ensure your family is safe.
If you anticipate harsh weather, consider investing in a backup generator to keep your power on in the event your local grid goes down.
Extreme weather conditions remain a common reason behind property damage in the U.S., with damages reaching $121.4 billion between 2017 and 2021. You should ensure your insurance policy covers the losses you may incur after a natural disaster.
Damages caused by earthquakes, flooding, and hurricanes are commonly not covered, so you may need to invest in additional insurance, especially if you live in an area prone to natural disasters. Create a list of your belongings as documentation for the insurance company and keep it somewhere safe and dry.
An extensive roof inspection before an anticipated severe weather event can protect your home, especially thunderstorms, when wind gusts of 75 miles per hour can easily remove roofing tiles.
If you have a roof that is five or more years old, look for loose nails and shingles and replace them. A visual inspection from the ground can be beneficial for spotting small issues, but you may want to have a professional come out to do a more thorough inspection. This way, you can learn of any notable concerns and manage them as necessary.
Pay extra attention to your home’s doors and windows to maximize protection against brutal storms. Here are some things you can do:
Whether you are anticipating a severe rainstorm or a possible hurricane, you can combat the effects of natural disasters on your home in many ways. Start with these preventive measures to protect your home and your family, and you will be ready for all types of weather.
Source: Realty Executives
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
As you think about the year ahead, one of your big goals may be moving. But, how do you know when to make your move? While spring is usually the peak homebuying season, you don’t actually need to wait until spring to sell. Here’s why.
Last October, the 30-year fixed mortgage rates peaked at 7.79%. In January, they hit their lowest level since May. That means you may not feel as locked-in to your current mortgage rate right now. That downward trend in rates has made moving more affordable now than it was just a few months ago.
Another reason today’s rates make now a good time to sell? More buyers are jumping back into the market. Many had been waiting on the sidelines for rates to fall, but now that that’s happening, they’re eager and ready to buy. That means more demand for your house. According to Sam Khater, Chief Economist at Freddie Mac:
“Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market.”
Right now, there are still more people looking to buy a home than there are houses for sale, which puts you in a great position. But keep in mind, with the recent uptick in new listings, we’re seeing more sellers may already be re-entering the market.
Listing your house now helps you beat your competition and makes sure your house will stand out. And if you work with an agent to price it right, it could sell fast and get multiple offers. U.S. News explains:
“When there is low housing inventory, sellers could get top dollar for their homes.”
Experts forecast home prices will keep going up this year. What does that mean for you? If you’re ready to sell your current house and plan to buy another one, it may be a good idea to think about moving now before prices go up more. That would give you the chance to buy your next home before it gets more expensive.
Homeowners today have tremendous amounts of equity. In fact, a recent report from CoreLogic says the average homeowner with a mortgage has more than $300,000 in equity.
If you’ve been waiting to sell because you were worried about home affordability, know your equity can really help with your next move. It might even cover a big part, or maybe all, of the down payment for your next home.
If you're thinking about selling your house and moving to another one, connect with a local real estate agent to get the process started now so you can get a leg up on your competition.
Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
If you’re looking to buy a home, the recent downward trend in mortgage rates is good news because it helps with affordability. But there’s another way this benefits you – it may inspire more homeowners to put their houses up for sale.
Over the past year, one factor that’s really limited the options for your move is how few homes were on the market. That’s because many homeowners chose to delay their plans to sell once mortgage rates went up. An article from Freddie Mac explains:
“The lack of housing supply was partly driven by the rate lock-in effect. . . . With higher rates, the incentive for existing homeowners to list their property and move to a new house has greatly diminished, leaving them rate locked.”
These homeowners decided to stay put and keep their current lower mortgage rate, rather than move and take on a higher one on their next home.
According to the latest data from Realtor.com, there were more homeowners putting their houses up for sale, known in the industry as new listings, in December 2023 compared to December 2022 (see graph below):
Here’s why this is so significant. Typically, activity in the housing market cools down in the later months of the year as some sellers choose to delay their moves until January rolls around.
This is the first time since 2020 that we’ve seen an uptick in new listings this time of year. This could be a signal that the rate lock-in effect is easing a bit in response to lower rates.
While there isn’t going to suddenly be an influx of options for your home search, it does mean more sellers may be deciding to list. According to a recent article from the Joint Center for Housing Studies (JCHS):
“A reduction in interest rates could alleviate the lock-in effect and help lift homeowner mobility. Indeed, interest rates have recently declined, falling by a full percentage point from October to November 2023 . . . Further decreases would reduce the barrier to moving and give homeowners looking to sell a newfound sense of urgency . . .”
And that means you may see more homes come onto the market to give you more fresh options to choose from.
As mortgage rates come down, more sellers may re-enter the market – that gives you an opportunity to find the home you’re looking for. Connect with a real estate agent so you’ve got a local expert on your side who’ll help you stay on top of the latest listings in our 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
Buying a home is a powerful decision, and it remains at the heart of the American Dream. Unlike renting, owning a home means more than just having a place to live – it offers a sense of belonging, stability, and freedom. According to Nicole Bachaud, Senior Economist at Zillow:
“The American Dream is still owning a home. There’s a lot of pent-up demand for ownership; that isn’t going to go away.”
Let’s explore just a few of the reasons why so many Americans continue to value homeownership.
One possible reason homeownership is viewed so highly is because owning a home is a significant wealth-building tool. That may be why Jessica Lautz, Deputy Chief and VP of Research at the National Association of Realtors (NAR), says:
“Homeownership is the number one way to build wealth in America.”
Over time, owning a home not only helps boost your own net worth, but it also sets future generations up for success as you pass that wealth down. Habitat for Humanity explains:
“Overall, homeownership promotes wealth building by acting as a forced savings mechanism and through home value appreciation. Homeowners make monthly payments that increase their equity in their homes by paying down the principal balance of their mortgage. . . . In addition, owning a home promotes intergenerational homeownership and wealth building. Children of homeowners transition to homeownership earlier — lengthening the period over which they can accumulate wealth . . .”
It can also provide meaningful financial stability compared to renting. When you buy with a fixed-rate mortgage, you can lock in your monthly housing payments for the length of your home loan.
But, owning a home offers more than just financial benefits—it benefits you socially and emotionally too. Your home provides feelings of achievement, responsibility, and more. In a recent survey, Fannie Mae outlines just a few of these more emotionally-driven benefits, including:
“The top three were having control over what you do with your living space (94%) to having a sense of privacy and security (91%) and having a good place for your family or to raise your children (90%) . . .”
If your idea of the American Dream involves greater freedom, security, and prosperity, homeownership could be a key player in bringing that dream to life. And with mortgage rates now on a downward trend, it might be a good time for you to consider making a move.
If you’re ready and able to buy, know that there are incredible benefits waiting at the end of your journey. You’ll gain more than just a home – it’s a place to grow your wealth and call your very own. Like Ksenia Potapov, Economist at First American says:
“…homeownership remains an important driver of wealth accumulation and the largest source of total wealth among most households.”
Buying a home is a powerful decision and the cornerstone of the American Dream. If finding a place to call your own is part of your dream for this year, connect with a local real estate advisor to start the process today.
Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
It may surprise you, but some of the most spectacular home renovations are valueless in the eyes of buyers. What you might consider luxury, another might see as a waste of time, money, and space.
One of homeowners’ biggest home renovation mistakes is adding unnecessary features to their homes. Others make undesirable changes, turning off prospective buyers from putting in an offer. Whether you plan to live in your house a bit longer or plan to list it soon, you should protect your home’s value by avoiding these 10 renovations.
You may dream of a lavish primary bedroom but connecting two rooms for one larger one significantly reduces your home’s value. Potential buyers with children will want enough bedrooms for everyone to have their own, even if they are smaller.
Nowadays, families need extra bedrooms to accommodate parents and grandparents, too. Generations United says 1 in 4 Americans live in multigenerational households — a jump from 7% to 26% from 2011 to 2021.
You may have dabbled in home improvements, but anything more than a touch-up of paint or caulk is best left to the pros. Small mistakes can lead to disastrous effects that can be costly and dangerous. For example, even the slightest millimeter off using a fastener can result in uneven load distribution. Eventually, the pieces might loosen and come apart. At worst, it could cause injury.
DIY projects are certainly more budget-friendly than calling a professional, but prospective buyers will notice subpar work. These mistakes could lead to a decreased home value and expensive repairs.
Stepping down on soft, warm carpeting in the wintertime might feel nice under your feet, but homebuyers would much rather see wood flooring, particularly in the common living areas.
Carpets contain more than 91,000 colony-forming units — about 30.2 times more germs than refrigerator handles and 5.7 times more germs than toilet seats.
You can expect only a 25% to 40% return on investment (ROI) by replacing carpeting with more carpeting. Conversely, hardwood floors have a 70% to 80% ROI in the current market.
A swimming pool has one of the worst ROIs unless you live in a warmer climate or upscale neighborhood. Potential buyers have little enthusiasm for maintenance and operational costs.
Filtration may run about $725 to $1,525 without installation costs. Of course, you might also spend between $230 and $1,600 for upkeep and chemical treatments. Even if you decide not to maintain it yourself, you will need to pay someone to do it for you.
Homebuyers look for a well-kept home with easy, low-cost maintenance — especially younger, cost-conscious buyers. A swimming pool is less likely to deliver.
Converting your garage into extra living space may or may not increase your home value. The additional space is invaluable for some current homeowners and potential buyers, especially if another person is moving in.
However, many agree an attached garage is more valuable in urban areas. City dwellers park their cars in garages to avoid having to find street parking. Additionally, 85% of homeowners deem garages essential or desirable for storage.
Patterned floor tiles and backsplashes are a playful way to incorporate your design tastes. For instance, you can add Mediterranean flair behind the stovetop or lay an intriguing farmhouse pattern on your bathroom floor. However, the less personalization, the better.
Not every prospective buyer walking through your home will share your design preferences or vision. All they might foresee is the cost to demo and replace the upgrades you made, bringing down your home’s value.
Consider using a traditional white subway tile backsplash or something neutral in the bathroom. These plainer styles will always stay in style, regardless of market trends.
According to a 2023 Neighbor.com survey, 25% of people need or want more space in their homes. Perhaps more surprisingly, 1 in 4 homeowners outgrow their square footage in two years.
Eliminating storage throughout the house will reduce your home’s value. Avoid getting rid of closet space for whatever reason. Instead, optimizing closet space for better storage or converting a closet to a pantry is best.
You might view built-in aquariums as a luxury item in your home, or you may just like fish. Either way, a built-in aquarium is not a home upgrade you should consider.
Most potential buyers are uninterested in built-in aquariums for the upkeep and maintenance costs. It is also expensive to have it removed from the home. If you must have fish, opt for a standalone fish tank, which you can easily assemble and disassemble.
Adding a sunroom to your home might seem like a value-boosting luxury, but it has less ROI than you would think. The only way to potentially make back your money is to turn the space into a four-season room, which costs more.
A four-season sunroom is most expensive at $25,000 to $85,000, depending on its size, insulation, heating, and cooling. However, this type of sunroom adds square footage since it is usable year-round.
About 57% of homeowners will own smart home technology by 2025. Nowadays, smart televisions, thermostats, speakers, lighting, alarm systems and at-home personal assistants are staples in most households.
A McKinsey study also reports a whopping 50 billion devices will connect to the Internet of Things by 2025, amounting to another 79.4 zettabytes of information annually.
Technology is advancing quickly — perhaps too quickly for home integration. Home devices will likely become outdated shortly after you install them into your home. Therefore, it is best to avoid investing in built-in home automation. Instead, focus on integrating energy-efficient appliances and features to accrue savings.
Some home improvements are nice to have. However, if you are considering moving soon, you will want to upgrade your home with buyers in mind. Weigh the project costs against the potential ROI to decide if it is worth doing.
Realty Executives agents are real estate experts. They have the education and expertise you need to navigate through the process of buying or selling a home. From listing at the right price to making the best offer, our Executives have witnessed the best - and most regrettable - decisions homeowners and homebuyers can make. Every day, they are immersed in every aspect of real estate that includes comparable home price analysis, property surveys, credit reports, open houses, HOA agreements, lenders, title companies, homeowners’ insurance, walk-throughs, terms of sale or purchase, repairs, concessions and closing documents. Let our accomplished Executives help navigate you through the process of buying or selling a home.
