German Paez
Real Estate Advisor
Get The Active Marketing Plan Today!
My Active Marketing Plan will not only bring in more offers for your home; but, it will also help sell it fast and drive up the final selling price! I will send one today!
Mi Plan de Mercadeo Activo no solo atraerá más ofertas para su propiedad, sino que también ayudará a venderla rápidamente y aumentará el precio de venta final! Yo se lo envio hoy!
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6 Beds7 Baths6,355 SqFt1/52 52Active
5 Beds6 Baths2,329 SqFt1/45 45Active
5 Beds6 Baths3,638 SqFt1/45 45Active
5 Beds6 Baths4,628 SqFt1/68 68Active
6 Beds6 Baths4,532 SqFt1/63 63Active
5 Beds6 Baths4,628 SqFt1/37 37Active
5 Beds5 Baths4,231 SqFt1/64 64Active
4 Beds5 Baths3,294 SqFt1/58 58Active
5 Beds6 Baths4,368 SqFt1/32 32Active
Exclusive Developments in Florida
Sedona Estates
The home of your dreams in Miami Florida. Right in beautiful Miami is the location where you’ll discover the amazing new homes of Sedona Estates . It’s a new construction community with the amenities you could ever need: . It is perfect for the entire family, as well, with public schools nearby. A new home in this brand new community is spacious, with 2086 to 3468 SqFt range, 3 to 5 bedrooms, 2 to 4 bathrooms, and all the common space you’ll require. are the 5 available models, and we encourage you to come see which will be your perfect home. This community offers single family homes. For adventurous home chefs, this modern kitchen showcases a versatile center island to add counter and seating space, complemented by brand-new stainless steel appliances to inspire new recipes. Ready for meals of all occasions and sizes, the dining room can be kept simple for everyday meals or dressed up for celebratory occasions. The family room is the main gathering space in the home, ideal for memorable movie nights, unwinding after a long day and hanging out with loved ones. A tray ceiling and large windows add a sophisticated touch to the spacious owner’s suite, creating an environment ideal for relaxation. Included is a spa-inspired bathroom and oversized walk-in closet. Equally great as a guest bedroom or a custom private office, this bedroom can be furnished in a multitude of ways to suit the needs of homeowner. With a total of three bedrooms, this floorplan is perfect for small or growing families that want to welcome a new member to the home. Plans: 0208 Priced at $698.040 Caraway 29061 SW 169 CT 0209 Priced at $706.090 Edlin 29031 SW 169 CT 0302 Priced at $835.940 Willow 16925 SW 189 TER 0506 Priced at $719.340 Fontana 17058 SW 290 TER 0505 Priced at $737.290 Mulberry 17034 SW 290 TER
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Salerno
Located in splendid Miami, FL in Miami area, Lennar presents the eye-catching Salerno. These amazing new Single Family homes are located in a new construction community and are available in 7 models: . You’ll have all the space you need, with square footage of each new home spanning from 1732 to 2987 sqft, with 3 to 5 bedrooms and 2 to 3 bathrooms. Homeowners have access of an assortment of amazing amenities, including: . 7 models homes are planned for development in this desirable Miami area, and models are priced from $687,990. Explore plans offered at Salerno: Argento Situated among the home’s open design, the kitchen is fully equipped with a multi-use center island, abundant cabinetry room and high-end appliances to whip up delicious meals. The central gathering place, the Great Room offers an ideal space for relaxing with loved ones and watching movies, while effortlessly connecting to the rest of the home. Tucked away in a corner to provide maximum privacy, this owner’s suite showcases a large bedroom with an elegant tray ceiling, a generous walk-in closet and an attached bathroom designed for serenity. Accessible off the foyer, this bathroom comes with a stylish vanity and a combination shower and tub. It also features a door that leads out to the patio. Located at the front of the home is a comfortable bedroom to offer peace and restful nights. It’s perfect for younger family members who have an early start to the day. Versatile in nature, any of the secondary bedrooms can effortlessly function as a private office to conduct at-home work and concentrate on important assignments, as it’s shown here. Centuri This peninsula-style kitchen showcases versatile countertops to add food prep and seating space, complemented by a complete set of stainless steel appliances and designer-selected cabinetry. Tucked to the side of the foyer, this dining room provides an excellent set-up for hosting holiday parties and even the simplest meals. Offering a comfortable location for seamless recreation, relaxation and entertainment, this Great Room also enables residents to venture onto the patio for peaceful outdoor moments. For a relaxing retreat, the owner’s suite showcases a spacious bedroom accented by a grand tray ceiling, an en-suite bathroom and a large walk-in closet. A stylish vanity with dual sinks and plenty of cabinet space optimizes shared living, while a glass-enclosed shower with ceramic tile surround streamlines morning routines Directly across from the other secondary bedrooms, this peaceful retreat is in an ideal location to offer residents more privacy and personal space. At the front of the home are two bedrooms flanking a full-sized bathroom, perfect for residents who share similar nighttime routines. Any of the three secondary bedrooms can be used as a hobby space, guest room or as a home office to concentrate on work, as it’s furnished here.
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Corsica
The Province Collection offers new two-story townhomes for sale with options for families at any stage of life. Located at the Corsica masterplan, just south of the vibrant city of Miami, FL, homeowners will be situated in a convenient location that offers chic shopping, innovative dining experiences and recreational activities such as the Biscayne Coastal Wetlands Preserve and the Cauley Square Historic Railroad Village. Residents can unwind with luxury amenities like a resort-style swimming pool, community clubhouse and even more to discover. 3-5 Bedrooms 2-3 Bathrooms 1,732 ft2 Sqft Garages
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Real Estate Market Updates
HUD Creates New Office for Manufactured Housing
HUD Creates New Office for Manufactured Housing
HUD sees more manufactured housing as part of the nation’s affordable housing solution, and an independent office now reports directly to a top FHA official.
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Property Tax Scam Uses First-Class Mail
Property Tax Scam Uses First-Class Mail
Homeowners are receiving official-looking letters by first-class mail saying they haven’t paid taxes yet. It’s big in Chicago now but appeared in Fla. a few years ago.
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Fla. Amends Do-Not-Call Law to Ease Confusion
Fla. Amends Do-Not-Call Law to Ease Confusion
A change two years ago resulted in more court cases, with many based on questions about texts placed by an “automated system” and Fla. area-code confusion.
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Analysis: U.S. Needs More than 4M Homes
Analysis: U.S. Needs More than 4M Homes
Buyer demand remains high, in part, because so many young adults lived with parents during the pandemic. And due to rising prices, low-income families suffer most.
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Court: Meta Suable for Ad-Tool Discrimination
Court: Meta Suable for Ad-Tool Discrimination
Meta (Facebook) gave RE agents the ability to steer ads in ways that violate the Fair Housing Act, but “the users did it” doesn’t fully protect Meta from lawsuits.
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Another Perk of Homeownership? Lower Inflation
Another Perk of Homeownership? Lower Inflation
While “shelter costs” make up 25% of the Consumer Price Index, the calculation only looks at rising rents. SMR calls that “a major flaw” and developed its own index.
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Featured Stories
Stage to Sell: 7 Proven Steps to Attract Buyers and Boost Offers
Selling your home quickly and at the right price takes more than just listing it online. To draw in potential buyers and secure top offers, your home needs to stand out. That’s where home staging comes in. By strategically preparing your home—through redecorating, repairing, and making it look its best—you can make a lasting impression and significantly increase its appeal.The numbers speak for themselves: according to the National Association of Realtors, 81% of buyers’ agents report that staging makes it easier for potential buyers to envision themselves living in a home. Moreover, 44% of buyers’ and sellers’ agents say that staging can increase a home’s sales price, and 48% of sellers' agents agree it shortens the time a house spends on the market.1 You can choose to stage your home yourself with advice from your real estate agent or work with a professional stager. Whichever route you take, here are seven essential strategies to transform your home into a buyer’s dream. Step #1: Declutter and DepersonalizeThe first step in staging is to declutter and depersonalize your home. A recent survey of real estate agents found that this simple step can increase your home’s sale price by 3-5%.2Ideally, you want to create a clean, neutral canvas where potential buyers can imagine their own lives. Remember that staging isn’t interior design—the goal isn’t to add personal, homey touches but to take them away.3 While you may love having plenty of comfy furniture, family photos, and unique knick-knacks, these items can distract potential sellers and make your home feel smaller.4 Be especially mindful to remove children’s toys and pet items. The task can feel overwhelming, but consider it a head start on packing for your move — and an opportunity to clear out things you no longer need. If you have a lot of belongings, renting a storage unit might be a smart way to keep things tidy while your home is on the market. Step # 2: Deep Clean and RepairA sparkling clean home leaves a fantastic first impression. Deep clean every room, paying special attention to areas that are often overlooked, like baseboards, windows, and appliances. Even minor smudges, scrapes, or signs of pet hair can put off some buyers. Your goal? Make it look like no one has ever lived there!5 Minor repairs are equally important. Fix slight imperfections like chipped paint, regrouting tiles, and replacing worn hardware. These easy cosmetic updates make a big difference in how buyers perceive your home’s value. For example, refinishing hardwood floors can offer a 147% return on investment.6Need help getting your home spic-and-span? Let us recommend a professional who can help. Step #3: Pick Up a PaintbrushWhile buyers may repaint after they move in, the color and condition of your walls still have a big impact on their impression of the home as a whole. Neutral tones like beiges and off-whites appeal to the widest range of buyers—and to the friends and relatives who are also weighing on purchasing decisions.7If your home features bold colors or striking wallpaper, consider a repaint before you list. When choosing paint colors, make sure to think about how they’ll appear in listing photos and videos. Light, neutral shades can make rooms look brighter and more spacious.Repainting is especially important in high-traffic areas like the kitchen. Painting outdated cabinets in white or a soft gray can also modernize your space.8 Step #4: Enhance Curb AppealFirst impressions matter, and your home's exterior is the first thing buyers will see. That’s why 98% of agents believe that curb appeal is crucial to attracting a buyer.9 Boost your home’s curb appeal by power-washing the exterior and touching up your deck’s varnish.5 You might also consider repainting your front door. Research shows that a freshly painted front door in a classic shade like black or terracotta can increase offers by thousands of dollars.10And don’t forget landscaping! Keep your lawn tidy, remove dead or dying plants, and consider adding seasonal flowers. Even standard lawn service can lead to a 217% return on investment.9 If you need assistance, we’re happy to offer a referral to landscapers in our area. Step #5: Stage Key RoomsWhen staging, concentrate on the rooms that matter most to buyers: the living room, primary bedroom, and kitchen. These spaces have the greatest influence on a buyer’s decision.1 If you’re working with a professional stager, they may bring in furniture and decor.3 If not, make the most of what you have, and don’t worry about how you’d arrange furniture in real life. This is just about showing off the space. Arrange furniture to create an open, inviting flow.5 Use large rugs to make rooms appear bigger and ensure artwork complements rather than overwhelms the space.7 Add pops of color with fresh flowers or simple decor like pillows to bring warmth without personalizing the space too much. Step #6: Put Your Home in Its Best LightLighting is key to creating a welcoming atmosphere in your home. Natural light in particular makes any room feel more airy and spacious, so it’s essential to make the most of it. First, remove heavy curtains or blinds — if a room feels bare without a window treatment, hang sheer curtains or light-filtering shades to invite the outdoors in. Next, take a look at the landscaping surrounding your home. If overgrown hedges or trees block windows, especially on the ground floor, consider cutting them back or removing them entirely to let in the sunshine. Of course, homes need more than just natural light — and it’s important to use a combination of types of lighting to suit different uses and moods. Experts recommend that each room have three light sources: ambient lighting (think ceiling lights or chandeliers), task lighting (like lamps or under-cabinet lights), and accent lights (like track lighting and picture lights).11 If needed, replace outdated fixtures with more modern options.12 Even swapping out lightbulbs can make a difference—opt for warm, 2700k bulbs to create an inviting glow.7Have hard-to-reach windows or need help installing new lighting fixtures? We’re happy to refer a professional who can help. Step #7: Show Off Your Work with PhotographyThese days, most buyers will first see your home online, making high-quality photos essential. According to the National Association of Realtors, 89% of agents agree that professional photos are critical to marketing a listing.1 Depending on your home and market, you may also benefit from marketing your property with videos, virtual tours, and even virtual staging, where photo editors swap out furniture and colors to show how your home would look with different decor.Talk to your agent about what makes sense for your situation, and work with them to hire professionals who can capture your staged home in its best light. When it comes time, treat the photo shoot like an open house—everything should be spotless, well-lit, and arranged to show off your home’s best features. BOTTOMLINEWhether or not staging is worth the investment depends on your home’s condition, your desired sale timeline, and your local market. Before committing to professional help or cosmetic upgrades, reach out for a free consultation. We can help you assess the best path forward and connect you with the best professionals to make it happen. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs. References: National Association of Realtors - https://www.nar.realtor/sites/default/files/documents/2023-profile-of-home-staging-03-30-2023.pdf Homelight - https://www.homelight.com/blog/how-to-clean-out-a-house-to-sell/ National Association of Realtors - https://www.nar.realtor/blogs/styled-staged-sold/6-things-home-stagers-wish-real-estate-pros-knew-about-staging Coldwell Banker - https://blog.coldwellbanker.com/home-staging-mistakes-to-avoid/ Zillow - https://www.zillow.com/learn/how-to-stage-house-to-sell/ NAR - https://www.nar.realtor/magazine/real-estate-news/stub-for-148394 House Beautiful - https://www.housebeautiful.com/design-inspiration/real-estate/a61712558/how-to-make-your-house-sell-over-asking-according-to-professional-home-stagers/ HGTV - https://www.hgtv.com/lifestyle/real-estate/15-secrets-of-home-staging-pictures National Association of Realtors - https://cdn.nar.realtor//sites/default/files/documents/2023-03-remodeling-impact-outdoor-features-03-17-2023.pdf Zillow - https://www.zillow.com/learn/what-color-paint-front-door/ Martha Stewart - https://www.marthastewart.com/2126982/how-to-layer-your-lighting Martha Stewart - https://www.marthastewart.com/outdated-lighting-trends-8421744
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Top 4 Factors to Consider When Choosing Your Mortgage
With home prices and rates still relatively high, securing a mortgage can feel daunting––even to the most experienced borrowers. But don't let that deter you: If other homebuyers' experiences are any indication, odds are you'll eventually find a home loan that works well for you. In fact, most U.S. homeowners say they're satisfied with the mortgage they received, according to a recent Bankrate survey. The vast majority of the surveyed homeowners (69%) said they'd buy their current home again if they had a do-over.1 The key to finding the right home loan for you is to look for one that you’ll feel comfortable with long after you've closed on your new property. In addition to comparing term lengths and mortgage rates, also consider how the loan will fit your daily life and preferences. For example, we recommend asking yourself questions such as: Are you a natural risk taker, or do you prefer firm plans and predictability? Can you afford a bigger mortgage payment if interest rates increase, or are your anticipated home expenses already stretching your monthly budget? To help you get started, we've rounded up four of the most important factors to consider when narrowing your list of potential mortgage options. 1. Your Credit Score That three-digit number that credit scoring companies like VantageScore and FICO assign not only influences your interest rate, but it also helps determine the type of mortgage you can get. To secure a conventional mortgage from a major bank or credit union, you'll typically need a FICO score of at least 620. But some mortgage types require even higher credit scores.2 For example, to qualify for a U.S. Department of Agriculture (USDA) loan to buy a qualifying rural property, you'll need a minimum FICO score of 640. Or, if you're seeking a supersized loan, such as a jumbo mortgage (which are home loans above $766,500 to $1,149,825, depending on where you buy the home), you may need a FICO score of at least 700 or more.2 You still have options, though, if your credit score is lower. You may be able to get a Federal Housing Administration (FHA) loan with a 580 credit score if you have enough cash saved for at least a 3.5% down payment. And if you have at least a 10% down payment, you may qualify even if your score is in the 500 to 579 range. Alternatively, if you're a military service member, veteran or spouse, you may be able to get a U.S. Department of Veterans Affairs (VA) loan with little or no money down with a credit score in the 580 to 620 range.2,3 Some regional banks and credit unions may also be more flexible than others with minimum required credit scores.4 But if you can afford to wait, you may be better off paying down your debt first so your score can improve. The interest you save with a more competitively priced loan could enable you to buy a more desirable home. 2. Your Income and Expenses The amount of money you make, as well as how much you owe, will also influence your mortgage options. Lenders like to see that you still have plenty of income left over after paying your expenses and generally prefer that you spend no more than 28% of your income on housing, or a maximum of 36% (which is the cap that federally-sponsored lenders Fannie Mae and Freddie Mac advise).5 A mortgage lender will also compare your expected income to the total amount of debt you'll carry once you've bought the home.6 This is called your debt-to-income (DTI) ratio, and lenders consider it a key indicator of whether you can afford a particular mortgage. In fact, research by NerdWallet found that a high DTI ratio is the most common reason mortgage applications get rejected.6 In addition to outstanding debts, lenders factor in other expenses unique to a home, such as property taxes, homeowners insurance, and homeowner association fees. Your approval odds will be higher if you have a DTI ratio below 36%.7 But if you have great credit and ample cash, you may still be able to get a conventional loan with a DTI ratio in the 45% to 50% range.8 If not, you will likely need to look to other “non-conforming” loan types, such as government-backed mortgages. With a FHA loan, for example, you may be able to get away with a DTI ratio of 43% to 57%, depending on your credit history and savings. Similarly, if you qualify for a VA loan, you may be able to get one with a DTI ratio of 41% or more. USDA loans, on the other hand, are a bit stricter. To get approved, your DTI ratio can't be higher than 41% and your income must be below a certain threshold for your family type.6 3. Your Expected Down Payment The size of your down payment will also impact the type of mortgage you can get. You don't have to put down 20% to qualify for a conventional mortgage, but you will need a significant amount. According to the National Association of Realtors, the median down payment amount in 2023 was 14%. For younger buyers under the age of 33, it was 8%.9 In some cases, a larger down payment may also help you qualify for loans you might not otherwise. For example, it can be tough to get a mortgage when you're self-employed. But some conventional lenders may be willing to work with you if you put down more than 20%.10 If your cash reserves are slim, then you may want to consider an FHA loan instead, which only requires 3.5% down.11 Or, if you qualify for a USDA or VA loan, you may be able to skip the down payment altogether and buy your home with no money down except for a small funding fee.11 Keep in mind, though, that a smaller down payment will likely mean a larger monthly payment. Plus, you'll not only pay more interest overall and be responsible for a larger principal, you'll also need to take out mortgage insurance. Conventional loans require private mortgage insurance (PMI) if your down payment is below 20%, while FHA loans always require insurance.12 How much you spend on mortgage insurance will also vary, depending on the size and type of loan you choose, as well as your credit score and other factors. For example, FHA mortgage insurance premiums (MIPs) are generally more expensive than PMI and also require an upfront payment at closing on top of annual premiums.12 Insurance for adjustable rate mortgages (ARMs) also tends to be on the higher side.13 4. Your Lifestyle and Risk Tolerance In addition to your budget, one of the most important factors to consider when comparing mortgage options is your temperament. For most Americans, a mortgage is a decades-long commitment. So it's important to find one you can happily live with—and comfortably repay—for the long haul. Most fixed rate mortgages, for example, are designed to last anywhere from 15 years to three decades or more, with 30-year mortgages being the most popular option.14 When you spread out your repayment over such a long period, monthly payment amounts are smaller, so you can slowly chip away at your debt at a leisurely pace. The catch is you also pay more in interest. With a shorter mortgage term, by contrast, you pay less overall. But your monthly payment amount will also be much higher.15 For some homeowners, the long-term savings are worth it. But if keeping up with your mortgage requires significant lifestyle adjustments, then you may come to regret it. Another way to lower your monthly payment in the short term is to choose an adjustable-rate mortgage (ARM) that offers a low fixed APR for a lengthy period (typically five, seven or 10 years) before changing to a variable rate.16 This can be an especially useful loan type if you only plan to stay in the home for a relatively short period. But buyer beware: ARMs can be risky if you don't plan ahead for a higher interest rate.17 BOTTOMLINE Regardless of the loan you choose, it pays to shop around and carefully compare terms. According to research by LendingTree, most homebuyers risk leaving money on the table by sticking with the first lender that they meet.18 Fortunately, we have a vetted list of mortgage professionals who can explain your options, answer your questions, and help you find the best loan to meet your needs. We can also develop a custom plan for securing a great home that fits your budget. Reach out when you're ready to get started. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs. Sources: Bankrate - https://www.bankrate.com/mortgages/home-affordability-report/ Bankrate - https://www.bankrate.com/real-estate/what-credit-score-do-you-need-to-buy-a-house/ U.S. News & World Report - https://money.usnews.com/loans/mortgages/va-loans Newsweek - https://www.newsweek.com/vault/mortgages/bank-vs-credit-union-for-mortgages/ Bloomberg - https://www.bloomberg.com/news/articles/2024-05-17/how-much-income-do-you-spend-budget-for-home-mortgage-in-us NerdWallet - https://www.nerdwallet.com/article/mortgages/debt-income-ratio-mortgage Bankrate - https://www.bankrate.com/mortgages/why-debt-to-income-matters-in-mortgages/ Bankrate - https://www.bankrate.com/mortgages/how-interest-rates-are-set/ National Association of Realtors - https://www.nar.realtor/sites/default/files/documents/2023-home-buyers-and-sellers-generational-trends-report-03-28-2023.pdf Bankrate - https://www.bankrate.com/mortgages/self-employed-how-to-get-a-mortgage/ Bankrate - https://www.bankrate.com/mortgages/no-down-payment-mortgage/ CFPB - https://www.consumerfinance.gov/ask-cfpb/what-is-mortgage-insurance-and-how-does-it-work-en-1953/ Bankrate - https://www.bankrate.com/mortgages/basics-of-private-mortgage-insurance-pmi/ MPA Magazine - https://www.mpamag.com/us/mortgage-industry/guides/the-7-most-popular-types-of-mortgage-loans-for-home-buyers/255499 Investopedia - https://www.investopedia.com/articles/personal-finance/042015/comparison-30year-vs-15year-mortgage.asp NerdWallet - https://www.nerdwallet.com/article/mortgages/adjustable-rate-mortgage-arm Federal Reserve Bank of St. Louis - https://www.stlouisfed.org/on-the-economy/2024/feb/which-households-prefer-arms-fixed-rate-mortgages LendingTree - https://www.lendingtree.com/home/mortgage/shopping-around-survey/
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7 Weekend Projects to Boost Your Property Value
Whether you’re putting your home on the market in a few weeks or a few years, strategic upgrades can make all the difference. But you don't have to embark on a major remodel to make a significant improvement.Even minor updates can have a big impact on your home’s aesthetic, and certain renovations can even boost its future sale price.From curb appeal to interior updates, here are seven weekend projects that will enhance your home’s current charm and long-term value. 1. Freshen Your Front DoorIs your front door looking a little tired? A new coat of paint can make your home more inviting to today’s guests and tomorrow’s buyers.But before you grab that paintbrush, think carefully about your choice of hue. According to a recent study, the color of your front door can boost—or lower—your home's sale price by thousands of dollars.1Cement gray, for instance, was found to decrease purchase offers by an average of $3,365.Going too bold can also deter home shoppers. The safest bets? Classic black or a mid-tone brown are proven winners. 1Need help choosing the perfect paint or stain for your front door? We'd be happy to offer advice or refer you to a design professional for assistance. 2. Upgrade Your Hardware and LightingIt's easy to overlook dated cabinet pulls or dingy light switches in your own home. But those seemingly minor details can leave a bad impression on visitors.Swapping out old hardware for modern alternatives can easily and affordably elevate your space. New cabinet handles, for example, are relatively inexpensive and require just a few minutes and a screwdriver to install. To maximize the longevity of your update, consider classic shapes and finishes like brass knobs or nickel cup pulls.2Take a look at your light fixtures, too. Try replacing an out-of-style chandelier with a more contemporary option. Even just updating your lampshades and lightbulbs can create a brighter, more welcoming space. Additionally, many experts agree that high-quality lighting can show off your property’s best features when it comes time to sell.3Uncomfortable changing a light fixture yourself? Contact us for a referral to a licensed electrician for help. 3. Update Your Bathroom FixturesBathrooms can show their age quickly, but a few inexpensive updates can take years off in just a few hours. And since many buyers will be more drawn to a home that feels clean and modern, even small changes can make a big difference. According to one study, for every dollar you spend on minor cosmetic upgrades—like swapping out the bathroom mirror, upgrading hardware, or refinishing cabinets—you’ll see a $1.71 increase in your home’s value.4 Bathroom hardware is a great place to start. Consider updating your faucets and showerheads (we recommend lower-flow options to save money and the environment), and don't forget about towel racks, toilet paper holders, and any other fixtures that look worn or discolored.5 If you want to stay on-trend, the most popular faucet finishes are currently black, nickel, and pewter. Spa-like upgrades, like steam showers and rain showers, are also in high demand.5,6If your existing vanity is in poor condition, installing a new one is a slightly bigger project, but it has a huge impact on the look and feel of the room. Reach out for a list of retailers who carry high-quality but affordable prefabricated options. 4. Give Your Kitchen Cabinets a MakeoverThe kitchen is often referred to as the heart of the home, so it's no surprise that an updated kitchen is a top priority for current homeowners and potential buyers alike.7,8 If your kitchen cabinets are from another era, that’s probably the first place you’ll want to start.Fortunately, you don’t need to commit to the hassle and expense of installing new cabinets if your current ones are in good shape. Instead, consider painting them. Not only is it more affordable and eco-friendly than replacement, but Better Homes and Gardens reports that this option typically offers a greater return on investment.9 When it comes to choosing the right color, warm neutrals and shades of green and blue are especially on-trend.10Thinking about painting your cabinets yourself? Be sure to plan in advance and block out at least a couple of days for the project. You’ll need to take off all your cabinet doors and hardware and thoroughly cover your kitchen appliances and counters. You’ll also need to wait for the doors to dry before reassembling your kitchen.11 If you’re not confident in your painting skills, hiring a professional will still be far less expensive than installing new cabinets. We’re happy to refer you to capable painters in our network. 5. Look at Your LandscapingFirst impressions matter, and putting some work into your home’s exterior can make a big difference in how your guests and neighbors view it. Curb appeal can also make or break a potential buyer’s perception of your home—and significantly impact their offer. According to HomeLight, buyers will pay 7% more, on average, for a home with good curb appeal. And in some areas, the return on investment for improvements can exceed 300%.12 One of the best ways to improve curb appeal is through landscaping—and it doesn’t have to be elaborate. First and foremost, focus on keeping things neat, tidy, and welcoming. Mow your lawn, refresh any mulch, prune overgrown shrubs, and add pops of color with flowers. To take things up a notch, add outdoor lighting and plant perennial flowers along the sides of your walkway. When you’re ready to get started, reach out for a list of our favorite local garden centers where you can find all the necessary supplies. 6. Refinish Your Wood FloorsFor many buyers, wood floors are a huge selling point. Unfortunately, they also tend to get scuffed and worn over time, especially if you have kids or pets. The good news? If your wood floors could use a touch-up, it’s well worth the time and cost. According to the National Association of Realtors, it’s the project that pays off the most in terms of resale value, with an average 147% return on investment.13If you have a few days to devote to your floors, you can rent the necessary equipment from a local hardware store. While you’re there, pick up some basic supplies, like a putty knife, paintbrushes, sandpaper, and stain.14 And if you want to modernize your space, opt for a lighter wood tone, which is the current trend.15Of course, we’re also happy to provide the names of trusted professionals who can tackle the work for you. 7. Clean or Replace Your GroutLet’s face it: Whether it’s on a kitchen floor or a bathroom wall, grout gets grimy over time, even with regular cleaning. Fortunately, refreshing your grout is a relatively simple and affordable project that can yield impressive results.According to Apartment Therapy, grout that’s in poor condition is often one of the first things a potential buyer notices when they tour a bathroom.16 Fresh, clean grout, on the other hand, makes your bathroom sparkle—and that can pay off in a big way in terms of buyer’s perceptions. If your grout is simply stained, a focused cleaning session can make a big difference. Try a specialized product or a simple mix of baking soda, water, and hydrogen peroxide.16 If the grout is cracked, crumbling, or stained beyond repair, it’s time to replace it. Luckily, the right tools make that a very doable DIY project, even if it can get messy—and it’s a lot easier and less expensive than retiling.17No time to tackle it yourself? Reach out for a recommendation of a pro who can help. CHOOSING THE PROJECT THAT’S RIGHT FOR YOUEmbarking on home improvements can be exciting, but it's essential to choose projects that align with your goals, budget, and skill level. Whether you're preparing to sell your home or simply want to enhance its value, there are projects to suit every homeowner. If you're unsure where to start, don't hesitate to reach out for personalized advice and recommendations. With the right approach, you can unlock your home's full potential and enjoy the rewards for years to come. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs. Sources: Zillow - https://www.zillow.com/learn/what-color-paint-front-door/ Martha Stewart - https://www.marthastewart.com/kitchen-hardware-trends-8563764 The Spruce - https://www.thespruce.com/expert-home-lighting-tips-8302722 Zillow - https://www.zillow.com/learn/roi-for-bathroom-remodel/ Forbes - https://www.forbes.com/home-improvement/bathroom/easy-quick-bathroom-updates/ Real Simple - https://www.realsimple.com/nkba-bathroom-design-trends-2024-8403788 Houzz - https://www.houzz.com/magazine/2024-u-s-houzz-and-home-study-renovation-trends-stsetivw-vs~174492310 National Association of Realtors - https://www.nar.realtor/magazine/real-estate-news/survey-buyers-judge-a-home-by-its-kitchen Better Homes and Gardens - https://www.bhg.com/kitchen/remodeling/planning/kitchen-upgrades-cost-value/ House Beautiful - https://www.housebeautiful.com/room-decorating/colors/g46105350/kitchen-paint-color-trends-2024/ HGTV - https://www.hgtv.com/design/rooms/kitchens/best-way-to-paint-kitchen-cabinets Homelight - https://www.homelight.com/blog/what-upgrades-increase-home-value/ National Association of Realtors - https://www.nar.realtor/magazine/real-estate-news/stub-for-148394 Architectural Digest - https://www.architecturaldigest.com/story/refinishing-hardwood-floors Houzz - https://www.houzz.com/magazine/5-new-trends-in-flooring-for-2024-stsetivw-vs~173560747 Apartment Therapy - https://www.apartmenttherapy.com/outdated-bathroom-features-37131219 Better Homes and Gardens - https://www.bhg.com/how-to-regrout-tile-7554710
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Mid-Year Market Update for 2024: What Buyers and Sellers Need to Know
Last December, when the Federal Reserve projected a series of benchmark rate cuts in the coming year, some analysts speculated that mortgage rates—which had recently peaked near 8%—would fall closer to 6% by mid-2024.1,2,3 Unfortunately, persistent inflation has delayed the central bank’s timeline and kept the average 30-year mortgage rate hovering around 7% so far this year.2 While elevated mortgage rates have continued to dampen the pace of home sales and affordability, there have been some positive developments for frustrated homebuyers. Nationwide, the inventory shortage is starting to ease, and an uptick in starter homes coming on the market has helped to slow the median home price growth rate, presenting some relief to cash-strapped buyers.4 There are also signs that sellers are adjusting to the higher rate environment, as a growing number list their properties for sale.4 Still, economists say a persistent housing deficit—combined with tighter lending standards and historically high levels of home equity—will help keep the market stable.5 What does that mean for you? Read on for our take on this year's most important real estate news and get a sneak peek into what analysts predict is around the corner for 2024. MORTGAGE RATE CUTS WILL TAKE LONGER THAN EXPECTED At its most recent meeting on May 1, the Federal Reserve announced that it would keep its overnight rate at a 23-year high in response to the latest, still-elevated inflation numbers.6 While mortgage rates aren’t directly tied to the federal funds rate, they do tend to move in tandem. So, while expected, the Fed’s announcement was further proof that a meaningful decline in mortgage rates—and a subsequent real estate market rebound—is farther off than many experts predicted. “The housing market has always been interest rate sensitive. When rates go up, we tend to see less activity,” explained Realtor.com chief economist Danielle Hale in a recent article. “The housing market is even more rate sensitive now because many people are locked into low mortgage rates and because first-time buyers are really stretched by high prices and borrowing costs.”7 Many experts now speculate that the first benchmark rate cut will come no sooner than September, so homebuyers hoping for a cheaper mortgage will have to remain patient. “We’re not likely to see mortgage rates decline significantly until after the Fed makes its first cut; and the longer it takes for that to happen, the less likely it is that we’ll see rates much below 6.5% by the end of the year,” predicted Rick Sharga, CEO at CJ Patrick Company, in a May interview.8 What does it mean for you? Mortgage rates aren’t expected to fall significantly any time soon, but that doesn’t necessarily mean you should wait to buy a home. A drop in rates could lead to a spike in home prices if pent-up demand sends a flood of homebuyers back into the market. Reach out to schedule a free consultation so we can help you chart the best course for your home purchase or sale. BUYERS ARE GAINING OPTIONS AS SELLERS RETURN TO THE MARKET There is a silver lining for buyers who have struggled to find the right property: More Americans are sticking a for-sale in their yard.9 Given the record-low inventory levels of the past few years, this presents an opportunity for buyers to find a place they love—and potentially score a better deal. In 2023, inventory remained scarce as homeowners who felt beholden to their existing mortgage rates delayed their plans to sell. However, a recent survey by Realtor.com shows that a growing number of those owners are ready to jump in off the sidelines.10 While the majority of potential sellers still report feeling “locked in” by their current mortgage, the share has declined slightly (79% now versus 82% in 2023). Additionally, nearly one-third of those “locked-in” owners say they need to sell soon for personal reasons, and the vast majority (86%) report that they’ve already been thinking about selling for more than a year.10 Renewed optimism may also be playing a part. “Both our ‘good time to buy’ and ‘good time to sell’ measures continued their slow upward drift this month,” noted Fannie Mae Chief Economist Doug Duncan in an April statement.11 However, the current stock of available homes still falls short of pre-pandemic levels, according to economists at Realtor.com. “For the first four months of this year, the inventory of homes actively for sale was at its highest level since 2020. However, while inventory this April is much improved compared with the previous three years, it is still down 35.9% compared with typical 2017 to 2019 levels.”4 What does it mean for you? If you’ve had trouble finding a home in the past, you may want to take another look. An increase in inventory, coupled with relatively low buyer competition, could make this an ideal time to make a move. Reach out if you’re ready to search for your next home. If you’re hoping to sell this year, you may also want to act now. If inventory levels grow, it will become more challenging for your home to stand out. We can craft a plan to maximize your profits, starting with a professional assessment of your home’s current market value. Contact us to schedule a free consultation. HOME PRICES ARE RISING AT A MORE MANAGEABLE PACE Homebuyers struggling with high borrowing costs have something else to celebrate. The national median home price has remained relatively stable over the past year, due to sellers bringing a greater share of smaller, more affordable homes to the market.4 In addition to offering cheaper homes, a recent survey found that home sellers are also adjusting their expectations when it comes to pricing. In many regions, just 12% anticipate a bidding war (down from 23% last year) and only 15% expect to sell above list price (versus 31% in 2023).10 But buyers shouldn’t expect a fire sale. According to Realtor.com’s April Housing Market Trends Report, “On an adjusted per-square-foot basis, the median list price grew by 3.8%, as homes continue to retain their value despite increased inventory compared with last year.”4 Dr. Selma Hepp, chief economist for the data firm CoreLogic, projects that home prices will keep rising at a gradual pace through the rest of 2024. “Spring home price gains are already off to a strong start despite continued mortgage rate volatility. That said, more inventory finally coming to market will likely translate to more options for buyers and fewer bidding wars, which typically keeps outsized price growth in check.”12 What does it mean for you? An increase in more affordable housing stock is great news, especially for first-time buyers. And with home values expected to keep rising, an investment in real estate could help you build wealth over time. Reach out to discuss your goals and budget, and we can help you decide if you’re ready to take your first step on the property ladder. DESIRE TO OWN PERSISTS, BUT AFFORDABILITY REMAINS AN OBSTACLE Surveys show that the American dream of homeownership is alive and well, despite the financial challenges. In fact, a recent poll by Realtor.com found that 55% of Millennial and 40% of Gen Z respondents believe that now is a good time to buy a home.13 According to Fannie Mae Chief Economist Doug Duncan, buyers are starting to adapt to the new economic reality. “With the historically low rates of the pandemic era now firmly behind us, some households appear to be moving past the hurdle of last year’s sharp jump in rates, an adjustment that we think could help further thaw the housing market. We noted in our latest monthly forecast that we expect to see a gradual increase in home listings and sales transactions in the coming year." The Realtor.com study also revealed that even a small drop in mortgage rates could give a big boost to homebuyer demand and affordability. In fact, 40% of the buyers polled would find a home purchase attainable if rates fall under 6%, and an additional 32% plan to enter the market if rates dip below 5%.13I But waiting for rates to drop isn’t the only approach that Americans are using to afford a home. A survey by U.S. News & World Report found that determined homebuyers are employing a variety of strategies, including shopping multiple lenders (52%), purchasing discount points to lower their rates (36%), and opting for adjustable-rate mortgages (36%). More than three-quarters of today’s buyers also hope to refinance to a lower rate in the future.14 Despite the obstacles, these respondents remain steadfast in their desire to own a home, listing financial benefits, stability, and more space as their top motivations for wanting to buy.14 What does it mean for you? If you’re dreaming of a new home, let’s talk. We can help you evaluate your options and connect you with a mortgage professional to discuss strategies you can use to make your monthly payments more affordable. And remember, in many cases, you can refinance if rates drop in the future. If you have plans to sell, it will be crucial to enlist the help of a skilled agent who knows how to maximize your profit margins and draw in qualified buyers. Reach out for a copy of our multi-step Property Marketing Plan. WE'RE HERE TO GUIDE YOU While national housing reports can give you a “big picture” outlook, much of real estate is local. And as local market experts, we know what's most likely to impact sales and drive home values in your particular neighborhood. As a trusted partner in your real estate journey, we can guide you through the market's twists and turns. If you’re considering buying or selling a home in 2024, contact us now to schedule a free consultation. Let’s work together and craft an action plan to meet your real estate goals. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate for advice regarding your individual needs. Sources: CBS News -https://www.cbsnews.com/news/federal-reserve-rate-decision-pause-december-13/ Bankrate -https://www.bankrate.com/mortgages/historical-mortgage-rates/ Fannie Mae - https://www.fanniemae.com/media/50096/display Realtor.com -https://www.realtor.com/research/april-2024-data/ Bankrate -https://www.bankrate.com/real-estate/is-the-housing-market-about-to-crash/ NPR -https://www.npr.org/2024/05/01/1248454950/federal-reserve-inflation-interest-rates Realtor.com -https://www.realtor.com/news/trends/will-the-fed-cut-interest-rates-2024-housing-market/ The Mortgage Reports -https://themortgagereports.com/32667/mortgage-rates-forecast-fha-va-usda-conventional Fast Company -https://www.fastcompany.com/91106568/housing-market-inventory-rising-across-country-maps Realtor.com -https://www.realtor.com/research/2023-q1-sellers-survey-btts/ Fannie Mae -https://www.fanniemae.com/research-and-insights/surveys-indices/national-housing-survey CoreLogic -https://www.corelogic.com/press-releases/corelogic-us-annual-home-price-growth-slows-still-up-by-over-5-february/ Realtor.com -https://www.realtor.com/research/america-dream-survey-feb-2024/ US News & World Report -https://money.usnews.com/loans/mortgages/articles/2024-homebuyer-survey
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The Ultimate Relocation Guide: From Finding a House to Feeling at Home
The peak moving season is upon us. In fact, according to Move.com, almost 70% of U.S. moves occur between May and September.1 And while the percentage of Americans who move each year has declined, the desire to relocate remains strong.2,3In fact, Architectural Digest recently declared “Americans are restless” after a survey found that 55% of adults “are moving, plan to move, or want to move” in 2024. The top reasons included: increased affordability; desire for safety; and closer proximity to work, family, or friends.3If you’re one of those millions of Americans yearning for a change, this guide is for you.Sure, moving can feel overwhelming, and it’s notoriously stressful. But, we’ve outlined six steps to make your move easier. Our hope is to alleviate some of the hassle of relocating—so you can focus on the adventure ahead! 1. CHOOSE A COMMUNITYWhen planning a relocation, one of the first things you’ll need to decide is where you want to live. This could be as broad as an area of town, or you might narrow it down to a specific neighborhood.Depending on your priorities, you may want to start with communities that are close to work, friends, family and/or your preferred schools. If you commute, map out the route and check on the availability of public transportation, if you plan to use it. Then, if possible, try out the commute during rush hour to see what it’s like.Next, it’s crucial to consider housing prices and cost of living so you don’t set your sights on an area that you can’t realistically afford. Don’t forget to look up local crime statistics to ensure the community is safe. Finally, visit any neighborhoods you’re considering to gauge the vibe and observe characteristics, like pedestrian accessibility, retail offerings, and population density.Researching the ins and outs of various communities can be a time-consuming and sometimes difficult process, but we’re here to help! Give us a call to discuss your needs and aspirations, and we’d be happy to provide our recommendations of neighborhoods that may be a good fit for you. 2. FIND YOUR NEW HOMEOnce you’ve chosen an area to settle, the next decision you’ll need to make is whether you want to rent or buy a home. Renting can be a good option if you’re new to town, especially if you’re still saving up for a downpayment or you’re not ready to commit to a permanent location. Benefits include flexibility, less maintenance, and lower upfront costs.But, if you want to avoid multiple moves—and you’re financially able—there’s no reason to delay the benefits of buying a home. Not only has homeownership been shown to increase your quality of life, but it’s also one of the best ways to protect and grow your wealth.4The value of real estate will typically appreciate over time, and owners can build equity as they pay down their mortgage. Homeowners can also receive federal income tax deductions for mortgage interest and property taxes.But, perhaps most importantly, homeownership offers stability. Property owners aren’t subject to the mercy of their landlords each year. According to Statista, average U.S. rental prices have risen more than 42% in the past 10 years.5 In contrast, a fixed-rate mortgage payment doesn’t rise at all.If you decide to purchase a home and you choose us to represent you, you can rest easy knowing that we will be there for you throughout the entire journey, working hard to make the experience as easy and enjoyable as possible. Or, if you’re moving to a new area, we can refer you to a local agent in our network who shares our commitment to client service.For more information about buying a home and a timeline of the home buying process, reach out to request a free copy of our Home Buyer’s Guide. 3. SELL OR RENT OUT YOUR CURRENT HOMEIf you already own a home, you’ll also need to start the process of either selling it or renting it out. We can help you evaluate your options based on current market conditions.In many cases, our clients choose to sell so that they can use the equity in their current home to make a downpayment on their next one. But selling your home while simultaneously buying a new one can feel daunting to even the most seasoned homeowner.Here are some of the most frequent concerns we hear from clients and our tips for addressing them: What will I do if I sell my house before I can buy a new one? Check out furnished apartments, vacation rentals, and month-to-month leases. You may even find that a short-term rental arrangement can offer you an opportunity to get to know your new neighborhood better. What if I get stuck with two mortgages at the same time? Ask us about contingencies that can be included in your contracts. For example, it’s possible to add a contingency to your purchase offer that lets you cancel the contract if you haven't sold your previous home. We can discuss the pros and cons of these types of tactics and what’s realistic given the current market dynamics. What if I mess up my timing or burn out from all the stress? Enlist support as early as possible. It's our job to guide you and advocate on your behalf, so don't be afraid to lean on us throughout the process. We’re here to ease your burden and make your move as seamless and stress-free as possible.In addition to answering your questions, we’ll give you an idea of how much equity you have in your current home so you know how much you can afford to spend on your new one. Part of that process will include a plan to maximize your current home’s sale price. We utilize a proven strategy that’s designed to achieve an efficient sale while boosting your profits.For a thorough breakdown of the technologies and marketing activities we use to get you the most money for your home sale, ask us for a copy of our Property Marketing Plan. 4. PLAN YOUR DEPARTUREPreparing for a move can be both exhilarating and exhausting. Fortunately, you don’t have to do everything in a day. You don’t have to do it all alone, either. When you work with us, we’ll be there every step of the way to help you navigate this process with ease. To that end, here are some of our top tips to help you plan for your departure.If you have children, we typically advise that you start by sharing news about the move in an age-appropriate way. If possible, take them on a tour of your new home and neighborhood. This can alleviate some of the mystery and apprehension around the move. Don’t forget to contact their current and future schools, as well, to arrange for transfer and enrollment.Next, you’ll want to start packing. To maintain order and make unpacking easier, we recommend packing one room at a time. Clearly label each box with its contents and the room it belongs to. And remember, there’s no use taking extraneous items with you. Use this opportunity to purge or donate possessions that you no longer need.If you will be using a moving company, start researching and pricing your options. Make sure you’re working with a reputable service, and try to avoid paying a large deposit before your belongings are delivered. Once you have a moving date scheduled, you should arrange to have your utilities turned off or, if possible, transferred into the new homeowner’s name.Finally, if you will be leaving friends or family behind, schedule get-togethers before your departure. The last days before moving can be incredibly hectic, so make sure you block off some time in advance for proper goodbyes.Parting with a home and community you love can be hard, so try to stay focused on the exciting opportunities ahead. Feel free to reach out for referrals to moving companies, packing services, housekeepers, or any other resources that will make your move easier. We’d love to help. 5. PREPARE FOR YOUR ARRIVALWhile it’s tempting to get wrapped up in the departure details, don’t forget to plan ahead for your arrival at your new home. To make your transition go smoothly, you should start preparing well before moving day. Here are a few pro tips to help you get started.First, think about the utilities that will need to be turned on, especially essentials like water, electricity, and gas. Be sure to notify any relevant parties—banks, credit cards, subscriptions, etc.—about your change of address so you don’t miss any important bills, notices, or deliveries. You’ll also want to notify the postal service and submit a mail forwarding request.If you plan to remodel, paint, or install new flooring, it’s often easier to have it done before you bring in all of your belongings. You may also want to have the house professionally cleaned before moving in.Don’t forget about the items you’ll need (think toothbrush, towels, bedsheets) to make it through the first night in your new home. Designate some boxes with “Open Me First!” labels. (Pro tip: Keep a tool kit front and center for all that reassembling.)Finally, create a list of all the restaurants you want to try and places you want to visit around your newly purchased home. Having a to-explore list keeps everyone’s spirits high and gives you starting points to settle into the neighborhood. If you’re relocating to our area, we can help! Reach out for a list of recommendations. 6. GET SETTLED IN YOUR NEW SPACEStudies show that moving can lead to feelings of loneliness and depression.6 However, there are ways to combat these negative effects. Here are a few strategies to help you and your family get settled in the new space.If you have children, start by unpacking their rooms first. Seeing familiar items will help ease their transition and establish a “safe zone” where they can hang out away from the chaos of moving day. If possible, let them have a say in how their room is decorated.Pets can also get overwhelmed by a new, unfamiliar space. Let them adjust to a single room first, which should include their favorite toys, treats, food and water bowl, and a litter box for cats. Once they seem comfortable, you can gradually introduce them to other rooms in the home.Don’t forget to take care of yourself, too. Try to schedule breaks to get out of the house and investigate your new area. If you travel by foot or bicycle, you’ll gain the mood-boosting advantages of fresh air and exercise.You can combat feelings of isolation by making an effort to meet people in your new community. Find a local interest group, take a class, join a place of worship, or volunteer for a cause. Don’t wait for friends to come knocking on your door. Instead, go out and find them.To that end, make an effort to introduce yourself to your new neighbors, invite them over for coffee or dinner, and offer assistance when they need it. Once you’ve developed friendships and a support system within your new neighborhood, it will truly start to feel like home. LET’S GET MOVINGWhile moving is never easy, these steps offer an action plan to get you started on your new adventure. With a little preparation—and the right team of professionals to assist you—it is possible to have a positive relocation experience.We specialize in assisting home buyers and sellers with a seamless and “less-stress” relocation. Along with our referral network of moving companies, contractors, cleaning services, interior designers, and other home service providers, we can help take the hassle and headache out of your upcoming move. Give us a call or message us to schedule a free, no-obligation consultation! The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.Sources: Moving.com - https://www.moving.com/tips/12-tips-for-moving-during-peak-moving-season/ Moving.com - https://www.moving.com/tips/moving-trends-predictions-for-2024/ Architectural Digest - https://www.architecturaldigest.com/reviews/moving/moving-trends-survey National Association of Realtors - https://www.nar.realtor/infographics/the-benefits-of-homeownership Statista - https://www.statista.com/statistics/200223/median-apartment-rent-in-the-us-since-1980/ Psychology Today - https://www.psychologytoday.com/us/blog/is-where-you-belong/201607/why-youre-miserable-after-move
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6 Strategies to Save on Home Insurance Premiums
From wildfires to floods, the past few years have brought a historic number of devastating climate and weather events to the United States. In 2023 alone, there were 28 individual weather-related disasters that caused at least $1 billion in damages each.1 These events triggered a huge influx of home insurance claims, and analysts expect the increase in both catastrophes and claims to continue. Adding to the problem, construction labor and supply costs have risen, making it more expensive to repair affected homes. Consequently, home insurance rates have surged: In 2024, Bankrate reports, premiums are already up an average of 23%, following double-digit increases the previous year.2,3 In disaster-prone regions, the situation is even more challenging. Some insurers have pulled out of risky areas entirely, and many of those that still offer policies in high-risk areas have doubled or even tripled their premiums.4 For most homeowners, comprehensive home insurance coverage is crucial for financial security—but massive rate increases can turn a once-affordable home into a financial burden. They can also pose a serious challenge for sellers. A home insurance policy is typically required to get a mortgage, and, in some hard-hit regions, we’re seeing sales fall through or homes sit on the market because insurance policies are unattainable or too expensive.5,6 But don’t panic! While these broader trends may be out of your control, there’s still plenty you can do to save. Here are our top six strategies to slash insurance premiums while maintaining the protection you need. 1. SHOP AROUND Getting multiple quotes is a smart move for many major purchases, including home insurance. We recommend reviewing at least three estimates before you commit to a policy. You can get quotes either by reaching out to insurers directly or by working with an independent insurance broker.7 You’ll need to provide detailed information about the property you’re insuring and your claims history. Make sure you read policies carefully before you choose. Sometimes, a policy can look like a better deal at first glance but turn out to have important coverage gaps. Be sure to consider how much the policy will pay out to repair or replace your home and review caps on personal possession and liability claims. It’s also smart to read reviews from policyholders (Trustpilot is a good place to start) and ratings published by organizations like the Better Business Bureau and J.D. Power. For help choosing the right policy, reach out to us for a list of trusted insurance professionals. 📷 2. INCREASE YOUR DEDUCTIBLE The size of your deductible—which is the amount you pay before your insurance coverage kicks in on a claim—is a major factor in your insurance cost. A low deductible, such as $500, comes with higher premiums, while a higher deductible, like $2,500 or even $5,000, costs less on a monthly basis. In some cases, you may be able to customize your coverage further by designating a different deductible for certain kinds of claims, such as those caused by named storms or natural disasters. If you are confident that you have enough in savings to cover that initial outlay if needed, choosing a higher deductible can help you save significantly over the long term. According to Nerdwallet, raising your deductible from $1,000 to $2,500, for example, could save you an average of 11% each year.8 3. BUNDLE MULTIPLE TYPES OF INSURANCE Insurers want to get as much of your business as possible, so most offer significant discounts if you bundle your home and auto insurance, meaning that you package the two policies together. With some insurers, you can get even higher savings by bundling more than home and auto—RV, boat, jewelry, and life insurance are potential options to consider. According to US News and World Report, insurers typically offer customers who bundle home and auto insurance 10-25% savings on monthly premiums. This approach also has other advantages: It cuts down on your paperwork, and in some cases—like if a storm damages both your home and car—you may be able to pay just one deductible instead of two when you file a claim.9 However, before you sign on the dotted line, remember strategy #1 and be sure to shop around. In some cases, bundling isn’t the cheaper option, and bundling deals vary between companies. It’s also critical to carefully check that the bundled coverage offers everything you need. 4. ASK ABOUT AVAILABLE DISCOUNTS Did you know that being a nonsmoker might qualify you for a home insurance discount?8 Some insurers offer some surprising incentives for policyholders who pose a statistically lower risk of filing a claim. In the case of nonsmokers, that’s because of the decreased risk of a home fire. Many carriers also offer discounts to military-affiliated families, homeowners in certain professions, such as teachers or engineers, or recent homebuyers. Sometimes, you can also save by opting for paperless billing or paying your premiums for a full year upfront.10 Since available discounts vary significantly between insurers, the best strategy is to simply ask a representative for the full list of available discounts so you can see what cost savings might be available to you. 5. AVOID MAKING SMALL CLAIMS Worried that your premiums will rise significantly in the future? Try to avoid making a claim unless truly necessary. Many insurers offer discounted rates to policyholders who go a certain number of years without filing a claim, and filing multiple claims typically results in large increases.10 If you file too many, you may even risk nonrenewal of your policy.11 Since the cost of even a small premium increase can add up significantly over time, if you have minor damage to your home—for example, if a few shingles blew off your roof in a windstorm—it may be a wiser long-term financial decision to pay out of pocket instead of filing a claim. If the cost of the repair is less than your deductible, it never makes sense to file, and if it’s just slightly above your deductible, it’s also usually best to pay for the repairs yourself. Additionally, always be sure to review your policy before you make a claim. Even claims that are denied can count against you, so it’s not worth filing if the damage is clearly excluded from coverage.11 If you find yourself in this situation, feel free to reach out for a list of reasonably-priced professionals who can help with home repairs. 📷 6. BE STRATEGIC ABOUT HOME IMPROVEMENTS Insurance premiums alone may not be the deciding factor for a home improvement project, but it’s important to know how renovations could impact your rates—for better or worse. For example, some upgrades and repairs can reduce your premiums by making your home safer or less prone to certain types of damage. These include:12 Upgrading your electrical system Updating your plumbing Installing a monitored security system Adding a fire sprinkler system Replacing the roof On the other hand, some upgrades can raise premiums significantly, either because they increase the value of your home (and therefore the cost to replace it) or because they pose a hazard. These include:12 Installing a swimming pool or other water features Building an extension or expanding your living space Upgrading materials, like flooring or countertops Adding a fireplace or woodstove Whether or not your planned renovations are on either of these lists, it’s wise to inform your insurer about changes you make to your home—otherwise, you may risk gaps in coverage. And you’re always welcome to check with us before you begin any home improvement project to find out how it could impact the value and resale potential of your home. BOTTOMLINE: Protect Your Investment Without Sacrificing Enjoyment of Your Home Getting the coverage you need for financial security without overpaying can be a tricky balance, especially in today’s environment. But remember, while it’s important to find the best deal you can, home insurance isn’t an area to skimp on. For advice on your specific risks and the type of coverage you need, we recommend consulting with a knowledgeable insurance professional. We’re happy to connect you with a trusted adviser in our network. And if you’re considering a home renovation, feel free to reach out for a free consultation on how it might affect your property value (and your premiums). The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, insurance, or tax advice. Consult the appropriate professionals for advice regarding your individual needs. Sources: Climate.gov - https://www.climate.gov/news-features/blogs/beyond-data/2023-historic-year-us-billion-dollar-weather-and-climate-disasters Bankrate - https://www.bankrate.com/insurance/homeowners-insurance/homeowners-insurance-cost/ Policygenius - https://www.policygenius.com/homeowners-insurance/home-insurance-pricing-report-2023/ CNN - https://www.cnn.com/2023/09/20/business/insurance-price-increase-risk-climate-first-street-dg/index.html BBC - https://www.bbc.com/news/business-66367224 US News - https://realestate.usnews.com/real-estate/articles/how-climate-change-could-impact-your-home-value Nerdwallet - https://www.nerdwallet.com/article/insurance/how-to-shop-for-homeowners-insurance Nerdwallet - https://www.nerdwallet.com/article/insurance/save-on-homeowners-insurance US News and World Report - https://www.usnews.com/insurance/homeowners-insurance/how-to-bundle-home-and-auto-insurance Marketwatch - https://www.marketwatch.com/guides/insurance-services/how-to-save-on-homeowners-insurance/ Bankrate - https://www.bankrate.com/insurance/homeowners-insurance/when-to-file-a-home-insurance-claim/#when Bankrate - https://www.bankrate.com/insurance/homeowners-insurance/home-insurance-and-renovations/
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