Real Estate Blog Roundup May 2022

This month’s Real Estate Blog Roundup has a variety of articles. Plenty of excellent tips and info for both buyers and home sellers.

It’s officially mid-year and mortgage rates are yet to stabilize. Last week’s increase of three-quarters of a percent was not only the highest since 1994, it jerked the real estate market into shock.  

Buyers continue losing out on opportunity

Low inventory continues to maintain a market more favorable for sellers.  Now escalating home prices aren’t the only thing knocking buyers out of homeownership contention.  They’ve been trying to outpace the rising prices by writing offers that are at the least questionably risky.  At the most, non-contingent and without inspections are without question hazardous to their future finances.

Consequently, buyers who haven’t been able to purchase a home due to multiple offers are now completely out because of the rate increases.

Interest Rates and Inflation

The Washington Post: For 40 years, the formula for U.S. economic growth has been the same: cheap money. Consumers could borrow easily to buy homes and cars.

The federal government is working on taming inflation by using higher mortgage rates.  With all of the uncertainty in the world, including concerns over food shortages, higher gas prices, world war, higher rates may totally squash the market.  It’s certainly a test of whether or not consumers will tolerate higher borrowing costs. 

The Housing Market and the Economy

The Congressional Research Service (CRS) explains,”Real estate and the housing market play an important role in the U.S. economy. At the individual level, roughly 65% of occupied housing units are owner occupied, homes are often a substantial source of household wealth in the United States, and housing construction provides widespread employment. At the aggregate level, housing accounts for a significant portion of all economic activity, and changes in the housing market can have broader effects on the economy.”

No matter the side you are on, check out the Real Estate Blog Roundup of May 2022 to get an idea of what’s currently trending in real estate. 

What should you do after closing?

Getting keys to your first house is one of the biggest achievements in life. But what comes after that?

Most people don’t think past the closing. It’s enough time and emotion just to get there.  Who thinks about what to do afterwards?

Signing on the dotted lines isn’t the end of the journey but rather the start of the critical steps in homeownership.

Real Estate Blog article knowing the priority tasks to complete after closing makes your home ownership journey less stressful. Additionally, completing these tasks within the first week of closing prevents uncalled-for surprises as Luke Skar writes. Testing all the smoke detectors in the house and updating your contact information are a couple of the crucial things to do after closing, among others.

Current kitchen and bathroom trends

The kitchen and bathroom are the greatest selling points in any house, especially for buyers with big families. It’s a pity that some builders and sellers don’t pay attention to these areas.

Even though the covid-19 pandemic has been significantly contained in many regions of the country, a lot of people have chosen to continue to work from home.

Since not everyone is willing to visit commercial spas, there’s an increased demand for bathrooms that offer the same level of comfort and ambiance. Home owners are looking for designs that feature modern and spacious kitchens and bathrooms.

My real estate blog highlights the current kitchen and bathroom trends builders and homeowners need to focus on to make their homes more marketable in line with the current needs and preferences of buyers.

The cost of owning a container home

Homeownership is the ultimate goal for many Americans. However, changing economic times call for adjustments, especially for young people saving for their first home.

Buying a home is one of the most expensive investments in this country which has led to the invention of alternatives. One of the best alternatives to a traditional home is a container home. Nonetheless, building a container home isn’t always cheaper than traditional homes.

In his real estate blog, Bill Gassett breaks down the costs ranging from shipping the containers and building to the costs associated with the location.

Some lenders finance container homes which is an excellent option. Even though a container home is one of the most affordable housing options there could be cost overruns. Thus, research thoroughly beforehand to prepare for possible challenges in the future.

How are monthly mortgage payments determined?

Budgeting is a crucial aspect of building wealth. Failure to budget can easily leave you bankrupt, especially when purchasing expensive assets.

Since buying a home is a costly undertaking, rigorous planning and budgeting are a necessity. Ensuring you don’t overstretch your financial capabilities is emphasized if you are getting a mortgage to fund the purchase.

The total monthly mortgage you have to pay should guide you in picking a home. Interest rates greatly affect monthly mortgage payments hence the need to understand how much interest you’ll have to pay -before signing the contract.

Lenders offer a fixed-rate mortgage or an adjustable-rate mortgage plan. As Paul Sian explains, in his real estate blog, each option has its pros and cons and it’s upon the buyer to determine what works for him/her in long.

Is selling what you don’t need before a big move worth it?

Clutter accumulates over time hence the need for frequent decluttering sessions. However, not everyone does this hence the reason many realize how much unnecessary stuff they have when it’s time to move.

You may donate, discard, or sell anything you don’t need when moving. Get rid of the things that are beyond salvageable but sell anything that is in a good condition. Selling what you don’t need before a big move, as Danny Margagliano explains, has many benefits like bringing in extra cash and also leaving you with fewer items to insure during the move. Additionally, the fewer items you have during the move the lower the transportation costs. 

Cleaning before moving in

It’s always a good idea to clean a new home before moving in even if the seller has previously done it. Sellers usually do a general cleaning; however, there’s usually a need for a deep clean.

If you suffer from allergies you can’t afford to ignore a deep clean when moving into a new house. Deep cleaning will greatly improve the air quality.

Some of the other things you should complete in the process include changing the air filters, cleaning the carpets, and removing harsh chemicals.

It’s much easier and faster to clean the house while it’s empty compared to doing so after you have already moved in. Conor MacEvilly highlights  the benefits of cleaning a home before moving in as well as how to do it properly in his real estate blog.

How you can enhance curb appeal

The first impression buyers get upon walking to a property stays with them and has a big influence on their purchase decisions.

Additionally, as you know, curb appeal also has an impact on the value of the property. Therefore, sellers need to work on curb appeal before putting a property on the market to increase the probability of landing a buyer faster.

The good news is that there are many ways to increase curb appeal. Sharon Paxson’s real estate Blog highlights some of the more inexpensive ways to enhance your home’s curb appeal. They include planting a garden, cleaning, decluttering, etc.

You can take pictures of the before and after to document your progress. Remember that upgrading curb appeal is an ongoing process.  If you’re thinking of selling, getting started sooner rather than later.

Dealing with real estate encroachment

Real estate encroachment cases take a long time to settle, not to mention how tiresome they are. Thus, you ought to be cautious about encroachments when buying real estate.

Before purchasing a property, research potential or actual encroachment. Most encroachment cases are minor but some are serious enough to affect your property value.

Kevin Vitali explains the different types of encroachment and how this differs from easements. Also, he highlights the impact encroachment has on property value as well as the actions you should take if you are facing this dilemma.

I hope you’ve enjoyed this month’s real estate blog roundup!