New Year, New Home: Resolutions for Homebuyers and Sellers

Photo Credit: Unsplash As many of us are reflecting on the previous year and looking forward to the next with our goals and ambitions in full focus, the new year seems like the perfect time to turn a new leaf. Life brings about change in many ways and a new calendar year marks the beginning of what could be. Whether you’re a first-time homebuyer, looking to combine households, and everything in between, join us as we delve into the resolutions that will pave the way for a successful and fulfilling real estate journey in the coming year.   Homebuyer’s Resolutions: Create your budget. Begin your homebuying journey by taking a close look at your financial situation. Evaluate your monthly income and expenses, and give yourself a general budget for your future home. Begin saving for a down payment. Establish a clear savings goal for your future down payment. Try making a dedicated savings account and calculating what amount works for you to put aside each month. Look for opportunities to increase your savings through additional income or strategic budgeting. Get pre-approved for a mortgage. Navigate the mortgage process with confidence by researching different lenders and gathering necessary financial documents. Then, go to your chosen lender and obtain a pre-approval, giving you a clearer picture of your budget. Create a must-haves and a nice-to-have list. Imagine your dream home and write down what features are must-haves, and which would be nice to have as added amenities. Make sure to take into account your future needs, whether it’s more space for new additions to the family or a neighborhood with a good school district.  Hire a real estate agent. Research and interview potential agents, and make sure they understand your budget, preferences, and timeline for a seamless homebuying experience. When choosing a real estate agent, it is helpful to look at previous client's testimonials to ensure you will have a positive experience.    Sellers Resolutions: Begin preparing your home for sale. Set aside time in the new year to begin enhancing your home's curb appeal and overall presentation. Consider taking on repairing minor issues, repainting, and decluttering to make your property more attractive to potential buyers. Set realistic goals and timelines. Define clear and achievable goals for selling your home, and write down action items you can do to ensure that you reach these goals. Set a general timeline for selling your home, and make sure to leave a little room for unexpected challenges.  Choose your real estate agent. When choosing your agent, start by asking friends, family, and colleagues for recommendations. Personal experiences can provide valuable insights. Use online platforms and reviews to research agents in your desired area. Make sure the agent you choose has extensive local market knowledge and experience.  Declutter and stage your home. With the previous steps completed, you can get your home ready for photos and open houses by beginning to declutter, remove personal touches, and stage the home if needed. 

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The Future of Real Estate: Emerging Trends to Watch

Photo Credit: Doug Petersen As the new year begins, real estate continues to change and evolve to fit with technological advancements and shifting societal norms. From sustainable living to virtual tours, several trends are shaping the future of housing. Let's explore these emerging trends that are expected to leave a lasting impact on how we buy, sell, and live in our homes.   Home Efficiency: Photo Credit: David FishEnvironmentally friendly living is taking center stage in the real estate landscape. As sustainability becomes sought after by buyers, “green homes” are gaining popularity. These houses incorporate eco-friendly practices, such as energy-efficient appliances, solar panels, and energy-efficient windows. These homes not only positively impact the environment, but also can lead to lower energy bills for the homeowners.    Smart Features: Photo Credit: David Fish The integration of smart technologies is revolutionizing the way we interact with our living spaces. Smart homes with connected devices and automation systems offer enhanced security, energy efficiency, and convenience. These high-tech devices include thermostats that can be set on your phone, security systems that can be controlled remotely, and smart lighting throughout the house. These devices add convenience to our homes and buyers are prioritizing homes with tech built in. The future holds the promise of even more sophisticated and interconnected smart home solutions, making our living spaces comfortable and intelligent.   Home Office Space: Photo Credit: Doug Petersen The rise of remote work has changed what homebuyers are looking for in their ideal homes. With an increasing number of people working from home, homebuyers now prioritize dedicated office space. The real estate industry is adapting to this shift, with builders and developers incorporating flexible and multifunctional spaces to accommodate these needs. The home is transforming from a living space to a versatile place that supports both life and work, a lingering change from the pandemic.   Smaller Single Family Homes, More Townhomes, Larger Condos: Photo Credit: Tony Moody Higher mortgage interest rates and a shift in lifestyle have placed emphasis on smaller single family homes with less bedrooms. The National Association of Home builders says that the median square footage of new single family homes is 2,261, a little more than 200sf smaller than in 2015.. At the same time, renters are seeking more space to accommodate changes in remote work and more luxury amenities. Demand for luxury apartments remains intact heading into 2024, especially in retirement areas like Florida and Arizona.    Natural and Native Landscaping: Photo Credit: Doug Petersen Concerns over climate change and resource availability is forcing homeowners to reconsider whether the grass is greener on the other side. Yards consisting of native/drought-tolerant plants, rock, and other hardscape are being prioritized over lush, water hungry lawns. In desert climates like Idaho, Arizona, and California, xeriscaping has been popularized and is becoming more accepted by HOAs. Rising Home Prices and Less Inventory: As demand for housing continues to surge, the real estate market is grappling with rising home prices and dwindling inventory. The National Association of Real Estate predicts home prices to rise by 2.6% in 2024. The competitive market will force buyers to act swiftly, while sellers enjoy the benefits of increased property values.

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First-Time Homebuyers Checklist

Photo Cerdit: Unsplash Buying a home can seem like a daunting task, which is why we made this straightforward checklist of the steps you will follow when buying your first home! Gather up financial information and meet with a lender: Before you start the search for your dream home, take the time to gather essential financial information and meet with a reputable lender. This crucial first step ensures you know your budget and sets the stage for a successful home buying experience. Information needed by a lender may include credit history, proof of income, debt information, and assets and savings.    Create your wants/needs list: With your financial foundation in place, the next step is to consider the features and characteristics you want in your future home. Consider your needs, non-negotiable elements that are necessary for your daily life, and your wants, desirable amenities that would enhance your life but may not be essential. Consider your future needs as well as your present ones, and make sure these are prioritized on your list.   Work with a realtor: As you begin your journey in finding your future home, working with a seasoned realtor can make all the difference. Realtors offer invaluable experience and knowledge in local markets, access to listings, skill in negotiating, insightful advice, and guidance through the buying process. Working with a real estate agent will ensure you get the best price and house for your needs.   Start a home search: When beginning your home search, keep your list of wants and needs at the forefront. Use online resources as well as your real estate agent to find houses for sale, and attend open houses when offered. Make sure to share your thoughts on different houses with your agent so they can tailor further showings to your preferences.    View homes, keep notes: When you are viewing multiple homes, it is easy to get mixed up with the layout, location, and amenities each home offers. Taking photos and notes when viewing a home is crucial when you are comparing and looking back on houses later. Consider noting the layout, condition, outdoor spaces, neighborhood, recent renovations, and anything else worth remembering about the home!   Write an offer: Once you found a home you can envision yourself living in, it’s time for the next step. Crafting a compelling and well structured offer is vital for securing your dream home. Your realtor is invaluable at this time, so consult with them to determine an offer price that is reasonable and competitive. An offer typically includes contingencies on home inspection, appraisal, and financing, and a closing date.    Inspection: Once your offer is accepted, the next step is to get your future home inspected. Work with your realtor to find a qualified home inspector, and attend your home inspection to ask questions and get details on the home’s condition. Once completed, you will review your inspection report with your realtor, who can offer insight on which repairs will need to be done and at what price. If the inspection reveals significant issues in the home, you may have to adjust your offer or walk away from the home in extreme circumstances.    Appraisal: The next step after inspection is getting the home appraised (if getting a home loan), which is typically initiated by the lender. The purpose of the appraisal is to ensure the property’s value is significant enough to support the loan amount. The lender will select a licensed appraiser to provide an unbiased assessment of the property's value. The appraised value will then be used to finalize financing of the home.    Closing day: Closing day is the highly anticipated day where you finally become the official owner of your new home. Coordinate with your real estate agent in reviewing the closing disclosure, which outlines the final terms of your mortgage, and conducting a final walk through on closing day or the day before. Make sure you are aware of any closing costs included in your closing disclosure, such as fees for appraisal, title search, or attorney fees. During closing, you will sign a series of documents including the mortgage note and deed of trust. Make sure you read through these thoroughly and do not hesitate to ask questions. After documents are signed and the deed is transferred, you will receive your keys and own the home!  Pro Tip: arrange for utilities and internet to be set up prior to your move-in day to ensure continuous service. Call ahead of the closing day and coordinate timing to be on our after the closing day, but before your actual move in date.   Moving day: Congratulations, you are a homeowner! The last and final step in buying your first home is moving into it. Prepare for the move by coordinating with movers or creating a moving plan, and make sure to label boxes well! Ensure that you set up utilities ahead of time so that you have water and electricity. Also make sure to change the locks so only you have the key to your new home. Pro Tip: change your locks as soon as you receive the keys to your new home.

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