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7 MUST-HAVE HOME FEATURES

(Published on - 6/5/2022 6:40:10 PM)

If you have lived in your home for some time or are in search of a new home, you might be out of the loop on the latest features a home can include. From the newest technology to bonus rooms, we will cover a few must-have features to help you maximize convenience and increase your home value.

Smart Technology

Today’s modern home should come with some smart technology with it. This tech can make home living more convenient while keeping you safe.

A must-have home feature, smart technology, is operated from an iPad.

For example, a smart thermostat allows you to adjust or schedule temperature changes through your app. This feature can be convenient by keeping your AC at a higher temperature when you’re not home, then turning it on when you’re heading back to come home to a cool home. In addition, smart thermostats save energy, making the price worth it.

Another instance of smart technology is a home security system, letting you look through your home’s cameras at your convenience. Having this system can keep you safer compared to a base security setup.

Smart technology can also include your wall outlets, which can shut off when not in use. These outlets also come with USB slots, making charging small electronics more accessible.

You can also consider smart appliances, from your fridge to your oven. These appliances can make kitchen work more straightforward and can often keep you up with the news. For instance, smart fridges might have a display that tells you the weather, or a digital grocery list.

Your home probably won’t have every piece of smart tech in existence, so think of the basics and go from there. You can always buy more.

A Spacious Laundry Room

Many homeowners are looking for a laundry room where the appliances can connect. However, most laundry rooms are small and built into another room. One must-have home feature the modern homeowner should pursue is a larger room that makes storing dirty clothes and folding clean ones easier.

If your home doesn’t have a room like this, don’t count it out yet. Homes that have a spacious basement could double as a larger laundry room. As long as you have an area where doing laundry can be more accessible, you’re golden.

A Heated Garage

A heated garage with an organized tool bench.

A garage is essential for a modern homeowner. It lets you store your vehicles and other belongings or act as a hobby room. However, many garages lack heating, which can be a problem. Even though a garage can be warmer than the outside, it can still damage cars and even invite cold air into your home, worsening your heating bill. Portable heaters are usually not powerful enough to warm the entire space, and can pose fire hazards.

A garage with heating built-in can be a valuable solution, keeping every part of your home warm during the winter.

Of course, this feature ultimately depends on the severity of your winters. For example, you might not need this if you live in an area known for its milder winters. However, if you expect plenty of snow, ensure your garage has some heating.

Sensor-Activated Exterior Lighting

Another must-have home feature your property needs is exterior lighting. This type of lighting can include walkway lights or spotlights in your yard. It also emphasizes your yard, making it the envy of everyone who passes by. Many of these lights can be solar-powered, so there is no additional expense on your electric bill.

Sensor-activated lights can come on automatically at night or when someone is walking toward them. Both can work well as security systems, making it easier to see a possible burglar. Well-lit homes are less likely to be targeted.

Walk-In Kitchen Pantry

A walk-in pantry, a must-have home feature.

Another feature that many homeowners should look for is a walk-in pantry. Although most people immediately think of a closet at the mention of walk-in, the pantry is another area that can benefit from additional space. The kitchen can become crowded, particularly if you’re a bulk buyer or have many appliances you use. We recommend storing larger appliances in the pantry to create counterspace. Additional, you can stash non-perishable food in case of an emergency. Overall, a pantry makes storage easier while avoiding clutter in and around your main cooking operations.

A Nice Patio

One feature many future homeowners look for is a suitable patio. The patio is the place where magic can happen. Think of family cookouts or having a deep conversation with your friends at midnight over a few drinks.

The size of the patio can depend on your needs and budget. If you don’t have a large patio, many come with conveniences to give you more room, including built-in fireplaces and grills. Envision how you want to spend your nights on the patio and come up with a design that can suit them.

A Bonus Room

A bonus room downstairs.

When buying a home, having an extra room can be a lifesaver. If your home already has everything you need, you might feel like an extra room is unneeded. But, it’s nice to have some cushion for future changes. What happens if you get into a new hobby like sewing and need extra space for your machine and supplies? What if you want to build an in-home gym? What if you end up having a child?

A bonus room can be a convenient solution when life has a few extra surprises it wants to throw at you. Avoid stress over building a new room or planning an addition to your home by starting with an additional room (if budget allows).

Conclusion

These seven features are what many modern homeowners look for when buying a home. There are many more features that suit individual tastes, and you probably have some must-haves that we missed.

Remember, your home might not have everything on the list, so pick the must-haves you feel are most important to you. You can improve your home over time, meaning that you can eventually have the house that has it all!

Source: Realty Executives

Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com


Work With a Real Estate Professional if You Want the Best Advice

(Published on - 5/29/2022 5:37:35 PM)

Work With a Real Estate Professional if You Want the Best Advice

Because buying or selling a home is such a big decision in our lives, the need for clear, trustworthy information and guidance is crucial. And while no one can give you perfect advice, when you align yourself with an expert, you’ll get the best advice for your situation.

An Expert Will Give You the Best Advice Possible

Let’s say you need an attorney, so you seek out an expert in the type of law required for your case. When you go to their office, they won’t immediately tell you how the case is going to end or how the judge or jury will rule. What a good attorney can do, though, is discuss the most effective strategies you can take. They may recommend one or two approaches they believe will work well for your case.

Then, they’ll leave you to make the decision on which option you want to pursue. Once you decide, they can help you put a plan together based on the facts at hand. They’ll use their expert knowledge to work toward the resolution you want and make whatever modifications in the strategy necessary to try and achieve that outcome.

Similarly, the job of a trusted real estate professional is to give you the best advice for your situation. Just like you can’t find a lawyer to give you perfect advice, you won’t find a real estate professional who can either. They can’t because it’s impossible to know exactly what’s going to happen throughout your transaction. They also can’t predict exactly what will happen with conditions in today’s housing market.

But an expert real estate advisor is knowledgeable about market trends and the ins and outs of the homebuying and selling process. With that knowledge, they can anticipate what could happen based on your situation and help you put together a solid plan. And 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 an expert real estate advisor.

Bottom Line

If you want trustworthy advice when buying or selling a home, contact a local real estate professional.

Source: Keeping Current Matters

Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com


INTEREST RATES WENT UP. WHAT DOES THAT MEAN FOR THE HOUSING MARKET

(Published on - 5/22/2022 6:15:18 PM)

After months of anticipation, the Federal Reserve last week raised interest rates. The move was not a surprise – persistently high inflation and a strong labor market have monetary policymakers anticipating six rate increases over the course of 2022.

Amid a strange, hard-to-predict economy, rising interest rates add yet another unique variable. And compared to other industries, real estate stands to be strongly affected by rising interest rates.

Put simply, rising interest rates make it more expensive to buy a home. Rising interest rates mean rising mortgage rates, and rising mortgage rates mean that buyers have to shell out more to pay off their mortgage every month.

How will rising interest rates affect the housing market? What outcomes should agents anticipate when advising leads and clients about rising rates in 2022?

  1. Home prices may taper, fall, or continue to rise
  2. Millennial home buyers could struggle or power the market
  3. Some buyers may be incentivized to enter the market

1. Home Prices Could Fall – Or Not

It’s been the biggest point of discussion in the housing market for nearly two years, and rising interest rates will only fan the conversational flames: Are home prices going to stop rising?

Traditionally, rising interest and mortgage rates tamped down home prices, as competition for homes decreased because of higher borrowing costs. Some experts think that will be the case in 2022, but others aren’t sold.

Just consider:

If general consumer prices continue to rise, home prices are unlikely to fall. And without many homes on the market, people may be willing to buy a home at its listing price, even as mortgage rates increase.

2. Millennial Home Buyers Are the X Factor

Research indicates that a median first-time home buyer is in his or her early thirties. Millennials, who make up a plurality of the American population, are the generation that currently occupies this cohort. As interest rates rise, the home buying behavior of millennials will indicate the broader health of the housing market.

On one hand, many millennials may not be able to enter the housing market as interest rates rise. Millennials already hold less wealth relative to other generations, since they came of age during the Great Recession and are disproportionately burdened by student debt.

On the other hand, one result of the 2008 housing crash was the underbuilding of new homes. So, the number of millennials who make a good salary and are at the age to buy a home may not meet the supply of available properties. Despite higher interest rates, these millennials may power a housing market that remains robust, at least until the supply of homes meets or exceeds their demand.

3. Rising Interest Rates Could Cause Some Buyers to Enter the Market

Rising interest rates mean rising mortgage rates. Is it possible that rising mortgage rates are, for now, actually heating up the real estate market?

The answer is maybe. Remember that last week’s interest rate hike was the first of six scheduled for this year. Mortgage rates are currently rising but still may be at their lowest point for the foreseeable future.

Home buyers are not unreasonable to think that buying conditions are better now than they will be in a year. If some home buyers determine that rising interest rates will make the market even more challenging in the future, they may act to buy now. Buyers deciding to enter the market while they still can may maintain or even raise the price of homes and the negotiating leverage of home sellers.

Source: Homesnap

Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com


Your House Could Be Closer to List-Ready Than You Think

(Published on - 5/15/2022 6:31:21 PM)

Your House Could Be Closer to List-Ready Than You Think

One of the biggest concerns for a homeowner looking to sell is the time they’ll have to put in before listing their house. If that’s the case for you, you should know – your home might be closer to list-ready than you think in today’s housing market. A survey of recent sellers from realtor.com finds that many were able to get their house ready in less than a month. It says:

“With many homeowners expecting a quick sale, and in many cases a lack of contingencies, the preparation process took less than a month for over 50% of home sellers this past year, with 20% completing it in less than two weeks.

Those sellers expecting to sell quickly are following recent buyer trends. With mortgage rates and home prices rising, buyers in today’s market are serious about finding a home quickly. But with the limited number of homes for sale, there are very few options for those buyers to choose from. That means many may be willing to take on projects after they purchase.

Because of this, you may be able to focus on less time-consuming tasks before putting your house on the market. According to the survey mentioned above, some of the top things recent sellers completed before listing over the past year include landscaping, making minor cosmetic updates, and touching-up paint (see image below):

Your House Could Be Closer to List-Ready Than You Think | Keeping Current Matters

A Real Estate Advisor Will Help Streamline the Process and Keep You Focused

Of course, each situation is different, and knowing what repairs or updates your house needs to stand out in your local area is critical. That’s where a trusted real estate professional comes in. In a recent article, NextAdvisor explains:

“. . . Real estate can be hyper-local, and demand can vary from one neighborhood to the next. It’s a good idea to work with a local real estate professional to determine an ideal listing price and if any improvements or repairs need to be completed before putting your home on the market.”

Your trusted real estate advisor knows the ins and outs of the market in your specific area. They’ll help you identify the places where you should and shouldn’t spend your time and money – and that can enable you to list quickly.

Bottom Line

If you’re ready to take advantage of the incredible conditions for sellers in today’s real estate market but are worried about the time it’ll take to get your home ready, you might be closer than you think. Partner with a local real estate advisor to see what you need to do before listing your house 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


WILL THE HOME PRICES FALL THIS YEAR?

(Published on - 5/10/2022 1:38:12 PM)



Will Home Prices Fall This Year? Here’s What Experts Say.

Many people are wondering: will home prices fall this year? Whether you’re a potential homebuyerseller, or both, the answer to this question matters for you. Let’s break down what’s happening with home prices, where experts say they’re headed, and how this impacts your homeownership goals.

What’s Happening with Home Prices? 

Home prices have seen 121 consecutive months of year-over-year increases. CoreLogic says:

Price appreciation averaged 15% for the full year of 2021, up from the 2020 full year average of 6%.”

So why are prices climbing so much? It’s because there are more buyers than there are homes for sale. This imbalance is expected to maintain that upward pressure on home prices because homes for sale are a hot commodity in today’s low-inventory housing market.

Where Do Experts Say Prices Will Go from Here?

Experts say the housing market isn’t set up for a price decline due to that ongoing imbalance between supply and demand. In the latest home price forecasts for 2022, they’re calling for ongoing appreciation throughout the year (see graph below):

Will Home Prices Fall This Year? Here’s What Experts Say | Keeping Current Matters

While the experts are forecasting more moderate price appreciation, the 2022 projections show price gains will remain strong throughout this year. First American explains it like this:

While house price growth is expected to moderate from the rapid pace of 2021, strong home buyer demand against a backdrop of historically tight inventory of homes for sale will likely keep appreciation positive in the coming year.”

What Does That Mean for You?

The biggest takeaway is that none of the experts are projecting depreciation. If you’re a homeowner thinking about selling, the higher price appreciation over the last two years has been great for your home’s value, but it’s also something you should factor in when planning your next steps. If you’ll also be buying a home after selling your current house, you shouldn’t wait for prices to fall. Waiting will only cost you more in the long run because climbing mortgage rates and rising home prices will have an impact on your next home purchase. Freddie Mac says:

“If you’re thinking about waiting until next year and that maybe rates are higher, but you’ll get a deal on prices – well that’s risky. It may be more advantageous to purchase this year relative to waiting until 2023 at this time.”

Bottom Line

If you’re thinking of selling to move up, you shouldn’t wait for prices to fall. Experts say prices will continue to appreciate this year. That means, if you’re ready, buying your next home before prices climb further may make the most financial sense. Partner with a real estate professional to begin the process of selling your current home and looking for your next one before prices rise higher.

Resource of article: Keeping Current Matters


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