A lot of people think the best time to buy a house is during the Spring market.
And, it is…
…in the sense that more houses are listed for sale in the Spring. But, there’s also a heck of a lot more buyers trying to buy those listings.
The thing is, some of the houses listed back in the Spring don’t end up selling. (Usually just because they were overpriced.)
Now, it isn’t like new listings don’t happen in the Fall. There’s always new listings coming on the market. But it’s not like, just because it’s Fall and not Spring, prices are necessarily going to fall. In other words, new listings aren’t likely to list for a lot lower than you would have seen in the Spring.
However, the homeowners who did list back in the Spring, are much more likely to be anxious (perhaps even desperate) to sell their home. They’ve created their own problem…they missed the boat by pricing too high.
Which is great news for you, if you’re looking to buy a home:
- Less competition. (Many buyers stop looking at this time of year…for no good reason.)
- Motivated sellers. (They’re sick of being on the market, and wondering why nobody bought their house.)
But it isn’t always easy to find those listings. They don’t wave a white flag, or lower their price to some ridiculous amount everyone would notice. If only it were that easy…
Just because someone listed their home back in the Spring doesn’t mean they’ll be all that negotiable.
There are certain things a great real estate agent will know to look for.
And I love rolling up my sleeves and finding the ones we can most...
Has your air conditioner ever failed on a hot summer day? It's a struggle no homeowner wants to deal with. When you own a home it's important to budget annually for repairs that might be needed and anticipate when things might need to be replaced.
If you take care of your home, your appliances and fixtures should last longer. This means keeping them clean, performing regular maintenance and preventing unnecessary wear. Even the most well-kept homes will need repairs at some point and it helps to know how long you should expect your items to last. We've put together a list of how long certain household fixtures and appliances should hold up.
Check out each of the rooms below, or click here to see the full infographic.
Fixtures outside your home can suffer the most wear and tear of anything you own because they are constantly exposed to the elements. However, they are usually some of the most sturdy and are typically built to last. These are the items you will likely have to pay more for but luckily not as often.
- Window Unit Air Conditioner: 10 Years
The typical window unit air conditioner can last anywhere from 8–12 years depending on how much it's used and how well it's taken care of. Be sure to turn the unit off when it's not needed and clean the air filter often.
You can expect 10–15 years of reliable service from a garage door depending on how often it's used. To prolong its life,...
Spring is in full swing, and you know what that means: the days are getting longer, the temperatures are rising, and in just a few short weeks we'll be heading into the warmer months of summer. Summer is one of the best times of year; children are out of school, it's the perfect time to explore the great outdoors, and of course, everyone's favorite: good ol' summer vacation. After the freezing temperatures of winter and the unpredictability of spring, you and your family are probably more than ready for the warm, summer weather. But the question is: is your home? Here are 5 tips to get your home ready for warmer weather:
1. Get your A/C checked
The summer heat is great for beach days and splashing in the pool. But when you're done enjoying the sunshine, you'll want to open the door to a nice, cool interior. But if your air conditioner isn't working properly, you can quickly find yourself with no escape from the rising temperatures. The best time to get your air conditioning in working order is before summer hits. Start by changing out the filters. Dirty filters make it harder for your A/C unit to do its job, lower the efficiency of your air conditioning system and waste energy. After you replace the filters, let your air conditioning system run for an hour or so to see how its cooling; a test run will give you insight into any potential problems you need to have serviced. You should have an HVAC professional service your air conditioning system once a year. Even if you don't notice any obvious problems, servicing your A/C annually will keep it running better for longer. Spring is the best time of year to get your A/C service; once summer hits, most HVAC companies are booked solid through the summer months, and the last thing you want...
Buying a home is about to get a lot more expensive.
According to a recent report from Freddie Mac, mortgage interest rates are predicted to rise in 2018. The rate for a 30-yr fixed-rate mortgage was 3.9% in Q4 of 2017, and it is forecasted to jump an entire percentage point to 4.9% by the end of 2018.
A percentage point might not seem like much, but it makes a huge difference in how much you'll pay for your home over the length of your mortgage.
If you took out a $350,000 30-yr fixed rate mortgage, your monthly payment at 3.9% would be $1650.84. At 4.9%, it would be $1857.54 - and you'd pay a whopping $74.413.73 more in interest over the course of the loan. If you're thinking about buying, now is the time to do it. If you push off buying a home until later in the year, you're likely going to face significantly higher mortgage rates - and end up paying tens of thousands (or even hundreds of thousands) of dollars more for your home than you would if you made the purchase today.
According to a recent study by Zillow, owning a home is more affordable than renting in most metro markets across the United States. According to the study, renters pay an average of 29.1% of their household income towards rent, while homeowners only pay an average of 15.4% towards their mortgages. This means renting eats up nearly twice as much of your income as owning a home.
Data Source: Zillow
Thanks to rising rents, homeownership is becoming a more sensible option across the nation, and renters are taking notice. According to the National Association of Realtors' Realtors Confidence® Index, 39% of homebuyers from October 2016 to November 2017 were renting at the time of their purchase, which means that 39% of buyers made the transition from renter to homeowner. And many of them did so without breaking the bank on a down payment. In fact, 61% of first-time buyers made a down payment of 6% or less.
If you're currently renting, it's time to reevaluate your situation. Why throw away nearly 30% of your income on rent when you can spend almost half as much and have a home to show for it?