Real Estate

How Changing Mortgage Rates Impact You [INFOGRAPHIC]

How Changing Mortgage Rates Impact You [INFOGRAPHIC]

Some Highlights
* If you’re looking to buy a home, it’s important to know how mortgage
rates impact what you can afford and how much you’ll pay each month.

* That’s because even a small change in mortgage rates can have a big
impact on your purchasing power.

* The best way to navigate changing mortgage rates and make an
informed buying decision is to rely on the expertise of a local real
estate professional and mortgage lender.

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Is Home Staging Actually Worth It?

Sellers interested in listing their homes have one thing in mind — getting a solid home offer. Of course, this means their homes need to appeal to buyers. Home staging has become standard in the selling process. You can showcase your home’s potential by rearranging and swapping out furniture, making minor home improvements, deep cleaning and creating a space where buyers can see themselves living. Sellers might hesitate to hire a staging company for various reasons and you may get away with doing it yourself. So, is home staging really worth it if you want to sell your house? Here’s a closer look at the advantages, downsides and possible DIY alternatives.What Are the Benefits of Staging a Home?Home staging is a marketing strategy to showcase the best parts of your home to prospective buyers. It entails refitting your space — furniture, art and other decorative pieces — to elevate your house, create greater functionality and highlight its strengths. Professional stagers may use some of the furniture you already have or bring in their own. The biggest advantage is a higher market value. According to the National Association of Realtors, buyers offered a 1%-5% higher dollar value for homes with staging compared to those without. Twenty-seven percent of seller’s agents say homes spend less time for sale when staged well.Professional stagers know what buyers want, paying close attention to the latest trends. For instance, there’s been a 144% increase in Google searches for “English country kitchens” in 2024. As such, stagers might highlight warm metallics, rustic finishes and natural wood.Additional benefits of home staging include:Broadening your home’s appeal to numerous buyer preferences.Making rooms look and feel more spacious than they are.Creating a more inviting, comfortable atmosphere.Helping modernize your decor to today’s design standards.Depersonalizing your home without making it look not-lived-in.Professional home staging also improves high-quality listing photos. Considering most buyers shop for homes online, you want your home’s pictures to be as visually appealing as possible to draw people in.Costs of Home StagingStaging your home isn’t without costs. You might pay anywhere from $782-$2,841 for staging services without the expense of renting furniture. Suppose you need to rent furniture at $1,500 for five months until you sell — it’ll cost you over $7,500 with the service fees. There may be additional expenses for add-ons, such as repainting certain areas or professional photography. Some companies may charge you for outdoor staging, too.There are no guarantees staging will help you sell your home quickly and at a higher price than you’re asking. As a result, many homeowners hesitate to spend so much money on staging. Possible Drawbacks of Staging Your HomeWhile staging your home could benefit you, some drawbacks exist. Aside from the cost, homeowners have to do their part to declutter, deep clean and repair anything broken. Staging may also bring out wide-ranging emotions during the selling process. Living among furniture and artwork you don’t own could make you feel detached from your space before you’re ready. Likewise, you might feel insulted your design choices aren’t up to par with buyers’ preferences. Of course, staging is nothing personal against you — you only want your home to appeal to the masses. Additionally, you must maintain your staged home, ensuring it remains pristine until you sell. This is often stressful for sellers with young families and busy schedules. Setting aside time each evening to tidy up from the day ensures your home is ready for the next round of potential buyers. Also, a once-over before you leave for work ensures the pillows are perfectly fluffed, linens aren’t crinkled and things are in the right place.What to Consider Before Investing in Home StagingThere’s much weighing on your decision to stage your home to sell. The potential to earn a higher return on investment is always there — but without guarantees, you might wonder if it’s worth hiring professionals to do it right.Ask yourself the following questions to determine if home staging is the best option for you as you prepare to sell your house:What is your budget and can you afford to hire a home stager?What is your timeline for moving? Do you have a window to get a home staging company into your house?What are the current market conditions?Does your style align with today’s buyers’ preferences?If you’re unsure whether to pursue professional home staging services, speak directly with your realtor or a staging company. They can offer insights for making a sounder decision. How to DIY Home StagingHiring a professional is always your best chance at reaping the benefits of home staging. However, there are several minor adjustments you can make to your house on your own to improve your selling experience, such as the following:Putting away some of your personal effects and decluttering surfacesRemoving bulkier furniture pieces Optimizing lighting, including natural lightHanging mirrors in smaller rooms for the illusion of a bigger spaceAdd some greenery or floralsIncorporate fresh linens in the bedrooms and bathroomsReplace dirty welcome mats, bathroom mats, runners and throw rugsPainting dark walls a lighter, neutral colorAccording to a 2022 Zillow survey, 27% of homeowners paint before listing their home, while 74% agree these improvements help them sell.Ultimately, you want your home to shine. Buyers will notice if you deep clean the entire house, including vents, fans and millwork. Finding ways to create roominess in tight places, removing stains and scratches and eliminating foul odors are other ways to prepare your home to sell.Is Staging Your Home the Right Move?Home staging is always a good idea if you plan to sell your house. However, whether you hire a professional staging company or choose to stage it yourself is something to consider. Inquiring with experts and factoring in budget and market trends is essential to making the right choice. At the end of the day, you want the biggest bang for your buck.

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What Type of Property Is Right for Me?

Owning real estate means committing to the property and everything that comes with it over the long term. Properties come in all shapes, sizes and price ranges. There is much to consider and a lot on the line, so getting it right from the start is essential.If this is your first time venturing into buying or investing in a house, it’s normal to feel overwhelmed by the process. Here’s what you should know. Determining Which Property to Buy or Invest InOnce you’ve decided to own real estate, the first step is determining what property is best for you. This involves doing some research to understand what drives the housing market relative to the current state of the economy. For example, supply and demand dynamics determine what properties are available and how much you’ll likely pay. Having established availability, you must evaluate other critical considerations. Location Check out the area where the house is located. What’s the neighborhood like? What is the condition of the other properties on the street? Are there public amenities like schools and hospitals nearby? Researching the location gives you a good idea of the type of area you’re buying into, as well as an indication of the house’s potential. If you’re investing, consider the property in context. A spectacular vacation home in an area people hardly visit will not have good returns. Remember, there’s a lot you can do to improve the property itself, but you can’t improve the location. Pros and Cons of Different Home Types Different types of properties suit buyers with various lifestyles. Picking the right house can be as important as choosing the best location. You’ll need to weigh the advantages and drawbacks unique to each property type. For example, a condo might have pet restrictions or limited parking compared to a townhouse. Some properties are more expensive than others, so it also depends on your financial capacity. Consider these questions to help you make an informed decision: How much space do I need? Single and multifamily homes are your best bets if you need a property with lots of room to accommodate a growing family. Do I want the freedom to renovate? Generally, you have much more flexibility to spruce up a single-family house than other residential properties. Apartments and condos might be the most difficult to personalize as the rules tend to be stricter. Am I willing to pay additional fees? Depending on the HOA regulations in co-ops, condos and townhouses, you might have to pay a monthly fee to cover services like landscaping, garbage disposal, playground maintenance and other amenities. Will I want to refinance in the future? Refinancing lets you take advantage of lower interest rates, which translates into lower mortgage payments. Co-op properties are typically more challenging to refinance as they require additional steps, such as obtaining approval from the board and finding a lender that offers co-op refinance loans. Property ValuationBefore purchasing a house, you must ascertain its actual market value. This ensures you’re paying a fair price for the property. Different valuation methods are available, but the most common revolves around comparing the sales of properties with similar characteristics in the area. This provides a suitable benchmark for assessing how much homes go for in that location.Current ConditionEvaluate the condition of the property you want to purchase. Search for homes that look like they’ve been well-maintained over the years so you can save on maintenance and repair costs down the road. You’re more likely to get tenants if you plan on renting out the property, as most people don’t want a run-down house. However, if you’re looking to buy a property to flip, a home in poor condition makes more sense. Similarly, you might be in the market for a fixer-upper. In these instances, assessing how much work is required to restore the house to a livable condition is important. The 1% RuleThis rule only applies to properties that you buy for the sole purpose of making rental income. It considers the upfront purchase cost, including repair or renovation expenses, and calculates 1% of the figure to determine the estimated rent. Can you charge renters that amount in that area? If yes, then the property will likely be a good investment. If not, there’s no reason to dig any deeper.Decide on Property Ownership The next step is to decide on the proprietorship details. This is an important consideration because it determines who takes over the property if the owner passes away or cannot handle the responsibilities. There are different types of real estate ownership, each with unique characteristics. For example, tenancy by entireties is only available to married couples, whereas joint tenancy allows two or more individuals to share a unified interest in the property. Take the time to understand the available options and select the one best suited for your situation. Financing Your Real Estate PurchaseBuying a property is a significant investment and vital to determine how much house you can afford before diving into the real estate market. Your credit score, debt-to-income ratio and how much down payment you can put up will determine your financial readiness. For instance, taking out a conventional mortgage requires at least a 3% down payment and a minimum 620 credit score. However, anything less than 20% will incur private mortgage insurance. The type of property can also determine what kind of financing to choose. For example, you can only use an FHA loan for primary residence purchases. If you want to buy an investment property or vacation home, you’re better off obtaining a jumbo loan. Of course, you can always pay in cash if you have the liquidity. Mortgage debt in the U.S. reached over $11 trillion as of 2022. Cash is the way to go if you don’t want to worry about making loan repayments or monitoring interest rates.  Lastly, consider the ongoing costs of owning real estate. These include property taxes, maintenance expenses, utilities, HOA dues and more. Include these in your budget and ensure your finances are healthy enough to carry them. Choose the Right Property for YouIt takes a lot of research to select the ideal real estate to buy or invest in. You can find a house that meets your expectations and preferences by considering factors like location, property valuation and financial readiness.

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OPEN HOUSE Savona Homes in Oakland Park Fl 3/3 Fee Simple

Welcome to your beautiful townhome, crafted by an esteemed Oakland Park
developer. Each unit offers a spacious layout that exudes the comfort of a
single-family residence, complete with generously sized bedrooms,
bathrooms, and living areas. You’ll relish in the privacy of your own
backyard, complete with an oversized 2-car garage and top-of-the-line
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Down Payment Assistance Programs Can Help Pave The Way To Homeownership

Down Payment Assistance Programs Can Help Pave the Way to Homeownership

Down Payment Assistance Programs Can Help Pave the Way to HomeownershipIf you’re looking to buy a home, your down payment doesn’t have to be a big hurdle. According to the National Association of Realtors (NAR), 38% of first-time homebuyers find saving for a down payment the most challenging step. But the reality is, you probably don’t need to put down as much as you think:

Data from NAR shows the median down payment hasn’t been over 20% since 2005. In fact, the median down payment for all homebuyers today is only 15%. And it’s even lower for first-time homebuyers at 8%. But just because that’s the median, it doesn’t mean you have to put that much down. Some qualified buyers put down even less.For example, there are loan types, like FHA loans, with down payments as low as 3.5%, as well as options like VA loans and USDA loans with no down payment requirements for qualified applicants. But let’s focus in on another valuable resource that may be able to help with your down payment: down payment assistance programs.First-Time and Repeat Buyers Are Often EligibleAccording to Down Payment Resource, there are thousands of programs available for homebuyers – and 75% of these are down payment assistance programs.And it’s not just first-time homebuyers that are eligible. That means no matter where you are in your homebuying journey, there could be an option available for you. As Down Payment Resource notes:“You don’t have to be a first-time buyer. Over 39% of all [homeownership] programs are for repeat homebuyers who have owned a home in the last 3 years.”The best place to start as you search for more information is with a trusted real estate professional. They’ll be able to share more information about what may be available, including additional programs for specific professions or communities. Additional Down Payment Resources That Can HelpHere are a few down payment assistance programs that are helping many of today’s buyers achieve the dream of homeownership:Teacher Next Door is designed to help teachers, first responders, health providers, government employees, active-duty military personnel, and veterans reach their down payment goals.Fannie Mae provides down-payment assistance to eligible first-time homebuyers living in majority-Latino communities.Freddie Mac also has options designed specifically for homebuyers with modest credit scores and limited funds for a down payment.The 3By30 program lays out actionable strategies to add 3 million new Black homeowners by 2030. These programs offer valuable resources for potential buyers, making it easier for them to secure down payments and realize their dream of homeownership.For Native Americans, Down Payment Resource highlights 42 U.S. homebuyer assistance programs across 14 states that ease the path to homeownership by providing support with down payments and other associated costs.Even if you don’t qualify for these types of programs, there are many other federal, state, and local options available to look into. And a real estate professional can help you find the ones that meet your needs as you explore what’s available. Bottom LineAchieving the dream of having a home may be more within reach than you think, especially when you know where to find the right support. To learn more about your options, let’s connect.

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