In September 2024, mortgage applications for new home purchases increased by 10.8% compared to the same month last year, reflecting the ongoing appeal of newly built homes despite fluctuations in market conditions. The Mortgage Bankers Association’s (MBA) Builder Application Survey (BAS) shows that while applications dipped 6% from August to September 2024 (a common seasonal trend), interest in new home sales remains strong. Why New Homes Are Attracting Buyers "Despite a seasonal dip in applications, the year-over-year increase shows the continued interest in new homes," says Joel Kan, MBA’s Vice President and Deputy Chief Economist. He notes that new home sales are particularly attractive now due to lower mortgage rates and an increased inventory of newly constructed homes on the market. First-time buyers remain active, as evidenced by a rise in FHA applications, which nearly reached 29% of total applications. New Home Sales Estimates According to MBA’s data, the seasonally adjusted annual rate for new single-family home sales reached 680,000 units in September 2024—a 12.4% decrease from the August rate of 776,000 units. Unadjusted, MBA estimates indicate around 54,000 new homes sold in September, down from 60,000 in August. Types of Loans and Average Loan Size Breaking down the mortgage applications for new homes, the majority (61.2%) were conventional loans, followed by FHA loans at 28%, VA loans at 9.6%, and USDA loans at 0.4%. Notably, the average loan size for new homes grew slightly from $395,935 in August to $402,658 in September, marking a positive trend for developers and the market as a whole. How the MBA Builder Application Survey Helps the Industry MBA’s Builder Application Survey (BAS) offers valuable insights into application volumes from homebuilders’ mortgage subsidiaries nationwide. This data, combined with market assumptions, provides early estimates of new home sales trends, while official figures come from the U.S. Census Bureau based on contract signings, typically aligned with mortgage applications. For prospective homebuyers, the data reflects continued growth in new home options, with favorable loan programs supporting first-time buyers looking to build their path to homeownership. Source: Mortgage Bankers Association

  When preparing to buy a home, checking your credit report is a key step to ensuring smooth financing. Reviewing your report at least once a year helps keep your credit profile accurate and boosts your chances of qualifying for a mortgage with favorable terms. Understanding Your Credit Report Your credit report is a record of your financial activities, tracking how you handle credit, loans, and payments on accounts like mortgages, rent, utility bills, and credit cards. Banks, lenders, landlords, and even some employers check credit reports to assess financial responsibility. Essentially, they want to know: do you make payments on time, and are there any negative marks like late payments or bankruptcies? The three primary nationwide credit bureaus—Equifax, TransUnion, and Experian—compile and sell these reports. They also generate your credit score, which directly affects loan approval, interest rates, and other factors, such as down payment size. Why Your Credit Report Matters Because so many businesses rely on your credit history, accuracy is crucial. A clean, reliable report can positively impact mortgage approval and insurance premiums, while errors may raise your costs or even result in credit denial. Reviewing it annually, and especially before a major purchase like a home, can help catch inaccuracies early. Key entities that may request your report include: Lenders for mortgages, student loans, and credit cards Government Agencies that verify eligibility for aid programs Employers and Landlords for screening purposes Insurance and Utility Companies to determine rates or deposit requirements How to Access Your Free Credit Report The Fair Credit Reporting Act ensures that you can access a free copy of your credit report from each of the three major bureaus once a year. Staggering your requests (e.g., pulling one report every four months) can help you keep regular tabs on your credit. You can access your reports at AnnualCreditReport.com. What to Expect in Your Credit Report Credit reports from Equifax, TransUnion, and Experian contain: Personal Information: Name, birth date, address history, and sometimes employment data Payment History: Records of how consistently you pay credit cards, loans, and other credit lines Credit Usage: Total credit available, current balances, and usage patterns Debt Collection Details: Unpaid medical debts over a year old and over $500, as well as overdue utility bills Public Records: Bankruptcy filings, if applicable Credit Inquiries: Details on who has requested your report in response to a credit application If you're denied credit or face an “adverse action” based on a credit report, the company that made the decision should inform you and tell you how to obtain the report they used. This gives you a chance to review and dispute any inaccuracies. Final Tips for Prospective Homebuyers Reviewing your credit report annually and before applying for a mortgage or loan can make a difference in getting approved for the best rates. Taking this proactive step also helps protect you from identity theft and ensures that your credit report reflects your financial history accurately. Key Takeaway: Checking your credit report is free, easy, and can prevent roadblocks when you're ready to buy a home. Visit AnnualCreditReport.com to get started.

When it comes to retirement, Florida continues to be a top choice. WalletHub recently ranked four Florida cities—Miami, Orlando, Fort Lauderdale, and Tampa—among the nation’s best places to retire, thanks to low taxes and high-quality healthcare. Why Florida Ranks So High for Retirees Florida attracts everyone from celebrities to everyday retirees, who are drawn by its sunny climate, beautiful beaches, and favorable tax policies. WalletHub’s study compared over 180 U.S. cities using 45 key metrics, from cost of living to healthcare access and recreational opportunities. Florida’s appeal is evident: Orlando claimed the top spot, with Miami, Tampa, and Fort Lauderdale close behind in the top five. St. Petersburg also made it into the top ten, coming in eighth. Here’s a closer look at what each of these cities has to offer: Orlando: Trade Snow Shovels for Sunshine Ranked as the best city to retire, Orlando is a haven for retirees looking for endless recreation. With world-renowned theme parks, vibrant arts and dining scenes, and a wealth of shopping options, Orlando is like a permanent vacation. Average Home Price: $385,207 Cost of Living: 5% higher than the national average, but utility prices are 6% lower, and transportation costs are 4% lower. Healthcare Access: High ranking for gerontologists and home health care facilities per capita. Nearby Retirement Hub: The Villages, a popular 55-plus community, is less than an hour away, offering abundant amenities for retirees. Miami: Sophisticated Sun and Surf Miami ranks second on WalletHub’s list and is known for its cultural vibrancy and high-end lifestyle. While the average home price of $587,252 makes it pricier, the city offers ample activities that appeal to retirees. Volunteer and Leisure Opportunities: Ranks high in adult volunteer activities, art galleries, and fishing facilities. Walkability: Fifth most walkable city in the U.S., with easy access to public transportation. Beaches and Healthcare: Known for beautiful beaches and quality healthcare, Miami is a retiree’s paradise with plenty of outdoor and cultural activities. Tampa: Smooth Sailing into Retirement Tampa previously topped WalletHub’s list in 2023 and remains a popular choice, ranking fourth this year. With a moderate cost of living and rich recreational options, it’s a haven for retirees who enjoy a laid-back coastal lifestyle. Average Home Price: $385,903 Healthcare Excellence: Home to Tampa General Hospital, ranked as one of Florida’s top hospitals. Nearby Communities: Just 30 minutes away, Sun City Center offers a 55-plus community where retirees can enjoy affordable housing and golf-cart access to amenities, shopping, and medical facilities. Fort Lauderdale: Blending Luxury with Relaxation Fort Lauderdale closes out the top five with its blend of luxury and ease. The city offers various housing options, from waterfront homes to high-rise condos, though it has a higher cost of living. Average Home Price: $529,481 Healthcare and Recreation: Known for top-notch healthcare facilities like Holy Cross Health and a variety of marinas, golf courses, and fine dining options. Entertainment and Luxury: Enjoy horse racing at Gulfstream Park, or try your luck at the Seminole Hard Rock Hotel & Casino. Why Florida is a Retiree Hot Spot In addition to its 1,350 miles of coastline and 233 sunny days per year, Florida has no income, estate, or inheritance taxes, making it a financial haven for retirees. The Tax Foundation recently ranked Florida among the top five best states for tax climate, while states like California, New York, and New Jersey lagged behind. For wealthy retirees, Florida’s tax laws offer significant savings on estate taxes, a factor that has attracted high-profile residents like Jeff Bezos, who recently purchased multiple properties in Miami’s prestigious Indian Creek Village. According to WalletHub, while many Americans are concerned about affording retirement, choosing a city with affordable healthcare, recreational options, and opportunities for extra income can help ensure a comfortable and fulfilling retirement. Final Thoughts From low taxes to world-class amenities, Florida’s top cities offer retirees a welcoming, sun-soaked lifestyle with everything they need for a happy, healthy, and active retirement.   Source: WalletHub

  After a hurricane, the stress of dealing with damages is overwhelming—and so is keeping up with mortgage payments. Fortunately, if your mortgage is backed by Fannie Mae, Freddie Mac, or the Federal Housing Administration (FHA), there are programs available to provide relief. However, homeowners must take the first step by contacting their mortgage servicer. How to Find Out Who Owns Your Mortgage The majority of U.S. mortgages are backed by either Freddie Mac, Fannie Mae, or FHA. If you’re unsure who owns your loan, start by reaching out to the company that you make your payments to, known as your mortgage servicer. You can also use online tools to check whether Fannie Mae or Freddie Mac owns your mortgage: Fannie Mae’s Lookup Tool Freddie Mac’s Lookup Tool Mortgage Relief Options After a Disaster Each program offers different forms of assistance, but they all aim to ease the burden on homeowners affected by a disaster. For example, Freddie Mac provides up to 12 months of mortgage forbearance—a temporary pause in payments—without late fees or penalties. Here are the common options available: Reinstatement: This option allows homeowners to make a one-time lump-sum payment to bring their loan current. While this is not required, it’s the quickest way to get back on track if financially possible. Repayment Plan: Homeowners can gradually catch up on missed payments by paying a little extra each month, alongside their regular mortgage payment. Payment Deferral: If homeowners can resume their regular payments, any missed payments are moved to the end of the mortgage term. This option doesn't add interest or penalties. Loan Modification: For homeowners facing a longer-term financial hardship, loan modification reduces the monthly mortgage payment to an affordable amount. Relief for Disaster Zones and Beyond These disaster-relief programs are automatically available to homeowners in FEMA-declared disaster areas. However, even if your home is outside of a designated zone, you may still be eligible for assistance if the hurricane caused significant damage that impacts your ability to make mortgage payments. While you’re in a forbearance plan, foreclosure proceedings and other legal actions are paused, giving you the time to recover and work through your financial situation. Next Steps for Homeowners If you’ve been affected by a hurricane, it’s important to act quickly. Contact your mortgage servicer to discuss the available relief options and start the process as soon as possible. Freddie Mac  Fannie Mae FHA  Being proactive can provide the breathing room you need to recover from the disaster and manage your mortgage payments without additional stress.

Florida Condo Associations Face New Reporting Requirements by December 31, 2024 As the December 31, 2024, deadline approaches, many Florida condo associations are required to complete two key inspection reports that could significantly impact condo buyers, sellers, and current owners. These reports are designed to provide essential information about the long-term costs of ownership and potential structural issues. What Buyers and Sellers Need to Know Condo associations must submit a Milestone Inspection Report and a Structural Integrity Reserve Study to ensure transparency about the structural condition of their buildings. These reports are critical for buyers to assess the true cost of ownership and help sellers comply with new laws before closing a sale. For condo owners, these reports will reveal potential future costs related to structural repairs. Many associations across Florida, particularly those managing buildings that are three stories or higher and over ten years old, must have these reports completed by the year-end deadline. Once received, the reports must be delivered to each condo owner within 45 days and posted on the association’s website, if applicable. Addressing Transparency Issues Historically, access to accurate financial and structural information has been challenging for condo buyers. This new reporting requirement aims to address that lack of transparency, making it easier for potential buyers to understand the true condition of a building and its financial obligations. The reports will provide valuable insight into future costs, helping buyers avoid surprises related to major structural repairs. What the Reports Cover Milestone Inspection: This visual inspection, conducted by a qualified engineer, assesses the structural elements of buildings 30 years or older. If the inspection uncovers significant issues, a more detailed analysis is conducted. The goal is to identify any potential hazards before they escalate. Structural Integrity Reserve Study: This study assesses the remaining lifespan of key building components like the roof, plumbing, electrical systems, and load-bearing walls. It outlines how much the association needs to collect in reserves to cover future repair or replacement costs over the next 10 years. The Importance for Buyers and Sellers Buyers can use the information from these reports to negotiate prices if significant future repairs are identified. Sellers, on the other hand, are now legally required to provide these reports to prospective buyers before closing a sale, ensuring full transparency. If the reserve study indicates high future costs, buyers might find it harder to secure a loan or may need to adjust their offer accordingly. Why This Law Was Passed The reporting requirements were implemented following the tragic collapse of Champlain Towers South in Surfside in June 2021, which claimed the lives of 98 people. The incident highlighted that many older condo buildings were not adequately maintaining their structural integrity or collecting sufficient reserves to fund necessary repairs. As a result, the state legislature enacted stricter safety and financial regulations for condo associations. What Happens If the Deadline Isn’t Met? While the reports are required by the December 31 deadline, there is currently no direct penalty for associations that fail to complete the Structural Integrity Reserve Study on time. However, the lack of a report can still have significant consequences. If a buyer’s lender requests the study and the association cannot provide it, or if an insurance carrier requires it for coverage, transactions could be delayed or fall through. The Future of Condo Buying in Florida These new requirements are designed to make condo buying in Florida more transparent and secure, helping buyers make better-informed decisions. However, some experts believe that additional measures should be taken, such as allowing potential buyers to access these documents before signing a contract, not just after. Overall, the new inspection requirements mark a shift toward greater accountability and transparency in Florida’s condo market, ensuring that both buyers and sellers have a clearer picture of the financial and structural health of condo buildings before moving forward with a sale. What’s Next? While there’s talk of potential extensions to the reporting deadline, especially to ease the financial burden on fixed-income owners, the law currently stands firm. Buyers and sellers alike should prepare by understanding these requirements and ensuring all necessary documents are in place to facilitate smooth real estate transactions. With these new reports, buyers will be more informed than ever before, and sellers can expect smoother, more transparent transactions.   Source: Florida Realtors® & South Florida Sun-Sentinel

Starting October 1, 2024, Florida will implement a new flood disclosure requirement for residential real estate transactions. According to Florida Statute 689.302, sellers must now provide a flood disclosure to potential buyers at or before the time a sales contract is signed.   The flood disclosure will include: Whether the seller has ever filed a claim with their insurance for flood damage on the property. Whether the property has received any federal assistance related to flood damage. For the purposes of this law, “flooding” is defined as a temporary or general condition of partial or complete inundation of a property. Flooding can occur due to: Overflow from inland or tidal waters. Unusual and rapid accumulation of runoff or surface water from established sources, such as rivers, streams, or drainage ditches. Prolonged periods of standing water caused by rainfall. One important detail to note is that Florida courts are divided on whether a property's tendency to flood is considered "readily observable." If it is, sellers may not be legally required to disclose this information. However, for buyers unfamiliar with an area, flooding risks—especially seasonal ones—may not be obvious, making this disclosure vital. Additionally, the Federal Emergency Management Agency (FEMA) designates certain homes as "severe repetitive loss properties." These are homes that have either flooded twice with damages equal to the property’s value or flooded four times with damages exceeding $5,000 each time. There are approximately 45,000 such properties in the U.S., with about 3,100 located in Florida. FEMA shares flood history only with the property owner if they hold an active flood insurance policy. This means prospective buyers may not have access to this information prior to closing, highlighting the importance of the new flood disclosure requirement. Lastly, standard homeowners' insurance policies typically do not cover flood damage, so buyers should consult with their insurance agents about obtaining separate flood insurance. This new disclosure requirement provides buyers with essential information, ensuring greater transparency in real estate transactions and helping them make more informed decisions before signing a contract. As always, my team is here to answer any questions you have and help navigate the everchanging market with you!   Source: Florida Realtors®

As the year progresses, positive trends have emerged in the real estate market, particularly with interest rates hitting their lowest levels in over a year. This has sparked increased activity among homebuyers and homeowners looking to refinance their loans. Interest Rate Drops Fuel Mortgage Applications From August 4th to August 10th, mortgage applications surged by 35%, marking a significant 118% increase from the same period last year. This jump is largely attributed to favorable decreases in both 15- and 30-year fixed mortgage rates. For 30-year fixed-rate loans with conforming balances ($766,550 or less), the rate dropped slightly from 6.55% to 6.54%, with points decreasing from 0.58% to 0.57%. Similarly, the 15-year fixed-rate mortgage saw a dip from 6.03% to 5.96%, with points decreasing from 0.74 to 0.65. Though these changes may seem small, they provide significant savings over time, reducing monthly payments and overall interest paid on home loans. Homeowners are seizing the opportunity to refinance, taking advantage of the lowered rates to improve their financial standing. Impact on Refinancing and Purchasing Activity The refinance share of mortgage activity rose sharply to 48.6% from 41.7% the previous week, reflecting growing interest in taking advantage of the lower rates. The Mortgage Bankers Association (MBA) reported a 35% increase in refinance applications—the highest level since May 2022. Home purchases have also seen an uptick, with applications to buy homes rising 3% between July 28th and August 10th. However, overall purchase activity is still 8% lower than this time last year, indicating that buyers remain cautious due to high home prices and limited supply. Market Outlook Although the market is showing positive signs, many buyers are still waiting, anticipating further rate drops. Current economic conditions, including inflation and other monthly expenses, continue to play a role in the decision-making process for homebuyers. Mortgage rates may fluctuate further depending on upcoming economic reports, particularly the consumer price index (CPI). For now, the favorable mortgage environment presents an excellent opportunity for homeowners to refinance and for potential buyers to consider entering the market. However, the overall impact of these changes remains dependent on future rate movements and market conditions.   Source: CNBC and Mortgage Bankers Association(MBA)

  Florida's property insurance market is showing promising signs of improvement, thanks to recent reforms and initiatives aimed at reducing costs and expanding coverage for homeowners. For first-time homebuyers and homeowners in Broward County, this news is especially relevant as it impacts both affordability and stability in the market. One key development is the introduction of the Florida Optional Reinsurance Assistance (FORA) program, designed to help insurance companies purchase reinsurance at more favorable rates. This initiative aims to stabilize the cost of homeowners' insurance, with 12 companies already filing for rate decreases that will affect 1.8 million policies statewide. Additionally, companies like Progressive, State Farm, and new entrant Trident Reciprocal Exchange are working closely with Florida's Office of Insurance Regulation (OIR) to offer more competitive rates. The OIR has reported a significant drop in rate requests for 2024, with the current 30-day average at just 0.5%, compared to 7.6% last year. This shift reflects broader positive trends, including a decrease in reinsurance costs and increased participation in the Citizens Property Insurance Corporation Depopulation Program, which has removed over 132,000 policies from state-backed insurance. These developments signal a strengthening property insurance market in Florida, offering a more stable and affordable environment for homeowners and potential buyers alike. The continued collaboration between state regulators and national insurers is expected to further benefit Floridians, ensuring better protection against risks while making homeownership more accessible.   Source: Florida Realtors® and Reinsurance News

Purchasing your first home is a significant milestone, but it can also feel overwhelming. By taking the right steps and working with professionals, you can approach the process with confidence. Here's a deeper look at essential tips for first-time homebuyers in Broward County. 1. Establish Your Budget and Understand the Full Costs Before starting your home search, it’s crucial to set a clear budget. While your mortgage payment is the largest monthly cost, it’s important to account for other expenses like property taxes, homeowners insurance, maintenance, utilities, and possible Homeowners Association (HOA) fees if you're considering a condo or townhome. These additional costs can add up, so working closely with a local Realtor® can help you get a realistic picture of what you can afford. Additionally, you’ll need to budget for upfront costs such as a down payment, closing costs, and reserves for emergency repairs or home improvements. Our team can guide you through these considerations to ensure you’re financially prepared for homeownership. 2. Get Preapproved for a Mortgage Securing preapproval is an essential step before you begin house hunting. Preapproval helps you understand exactly how much you can borrow, giving you a clear budget and showing sellers that you're a serious and qualified buyer. To get preapproved, you'll need to gather important documents like proof of income, tax returns, and information on debts or loans. Your lender will also check your credit, so it's a good idea to review your credit score beforehand. A strong credit score can lead to better loan terms, lower interest rates, and reduced private mortgage insurance (PMI) requirements. If your credit needs improvement, your lender or Realtor® can help you create a plan to increase your score before you apply. 3. Manage Debt and Improve Credit Lenders will evaluate your debt-to-income ratio (DTI), which is a critical factor in mortgage approval. Ideally, your DTI ratio, including the future mortgage payment, should be below 36%, though some lenders allow up to 43%. To improve your chances of qualifying for a mortgage with favorable terms, focus on paying down credit card balances and reducing outstanding loans. Additionally, regularly check your credit report for any errors and dispute inaccuracies with credit bureaus. Improving your credit score by lowering credit card utilization and managing debt responsibly can significantly impact your ability to secure a good mortgage. 4. Research Neighborhoods and Property Types Broward County is home to a wide range of neighborhoods and housing options, including single-family homes, townhomes, and condominiums. Each option has its own set of advantages and costs. For example, while single-family homes offer more privacy, they may come with higher maintenance costs and property taxes. Condos and townhomes can be more affordable, but they often come with monthly HOA fees to cover shared amenities and maintenance. Your Realtor® will be instrumental in helping you evaluate neighborhoods based on factors like school districts, walkability, access to transportation, and proximity to recreational areas. It’s important to visit potential neighborhoods at different times of the day to get a feel for the community and assess traffic, noise levels, and overall convenience. 5. Compare Mortgage Rates and Loan Options While it may be tempting to go with the first lender you meet, shopping around for mortgage rates can save you thousands of dollars over the life of your loan. Different lenders offer varying interest rates and fees, so it’s essential to compare offers from several institutions. Beyond interest rates, be sure to review closing costs, points, and any additional fees that might be involved. Our team has fantastic lender recommendations and they can help you explore different types of loans—such as FHA, VA, or conventional loans—and determine which is best for your situation. They also have programs available that may help with closing assistance or interest rate buyouts. In some cases, putting down a larger down payment can help you avoid PMI and lower your monthly mortgage payment. Our mortgage professionals can guide you through these options to find the best loan for your needs. 6. Narrow Your Search and Stay Realistic Once you have your preapproval in hand and a clear budget in mind, it’s time to start looking at homes. It’s important to stay realistic about your expectations. You may not find a home with every feature on your wishlist, but prioritizing your must-haves will help you focus on what matters most—whether that’s location, size, or specific amenities. Your Realtor® can help you filter through the vast inventory of homes available in Broward County, focusing on those that meet your criteria. They’ll also help with evaluating potential homes for hidden costs, like property taxes and maintenance expenses, and assist with negotiating offers and navigating the closing process. 7. Prepare for the Long-Term Homeownership comes with responsibilities beyond just the financial aspect. Once you purchase a home, you’ll need to stay on top of regular maintenance, repairs, and other homeowner duties. It's wise to set aside an emergency fund to cover unexpected expenses like appliance repairs, roof replacements, or plumbing issues. Having a couple of months’ worth of mortgage payments in savings can help cushion against financial strain if an unexpected situation arises. By following these steps and partnering with a knowledgeable Realtor® and mortgage professional, you'll be better equipped to make informed decisions and find a home that fits both your lifestyle and budget. Broward County offers a diverse range of housing options, and with careful planning, you'll be on your way to making your first home purchase a successful and enjoyable experience.   Source: Forbes and Florida Realtors®

A recent survey found that more than half (52%) of American homeowners have a renovation project planned this year.1 If you’re among them, you know that embarking on home improvements can be both exciting and daunting. According to the survey, the median renovation budget is around $15,000, so you're probably investing a significant amount—and you'll want to ensure your project’s success.1   One of the most critical decisions you'll make is choosing the right contractor to bring your vision to life. However, many homeowners fall into common pitfalls during this process, leading to stress, financial strain, and subpar results.   In this guide, we'll explore seven mistakes to avoid when hiring a contractor to ensure your project runs smoothly from start to finish.     SKIPPING THE RESEARCH PHASE   A common mistake homeowners make is rushing into hiring a contractor without proper research. But to ensure the success of your renovation, it’s crucial to take time to meet with multiple candidates and educate yourself on best practices surrounding your project.   If you bypass the interview process, you miss the opportunity to evaluate different approaches, pricing, and expertise. This can result in overpaying or hiring someone whose skills and vision do not align with your needs.   Neglecting to research the processes and steps involved can also leave you vulnerable. Not only does it make it more difficult to ask the right questions, but you also risk hiring unqualified professionals or settling for subpar work.   What To Do Instead:   Educate Yourself — Read up or watch YouTube videos to gain a better understanding of best practices surrounding your project.   Interview Multiple Contractors — Search for and interview at least three contractors who specialize in the type of work you need.   Ask Specific Questions — Inquire about the processes and materials each candidate will utilize.   Seek Recommendations — Get referrals from trusted sources like friends, neighbors, and real estate professionals. We’d be happy to share a list of referrals!     CHOOSING BASED SOLELY ON PRICE   Once you’ve interviewed candidates and reviewed their proposals, it’s time to choose your favorite. But don’t make the mistake of rushing to the lowest bid.   While it's natural to want to save money, selecting a contractor based entirely on price can be a costly mistake. Extremely low bids may indicate cut corners, subpar materials, or hidden costs that will surface later.   According to the National Association of the Remodeling Industry, when evaluating bids, make sure you’re comparing “apples” to “apples” and considering factors like quality, timeline, and scope.2 Are they fully licensed and insured? How long have they been in business? Do they warranty their work?   What To Do Instead:   Consider Overall Value — In addition to price, look at experience, reputation, and quality of work.   Ask for Detailed Breakdowns — Understand what's included and what's not in each bid.   Be Wary of Low Bids – Bids that are significantly lower than others may be too good to be true.   Invest in Quality — Remember that quality work comes at a fair price, and investing in a reputable contractor can save you money in the long run by avoiding costly mistakes or repairs.     NEGLECTING TO CONFIRM CREDENTIALS & INSURANCE   When you’ve established a good rapport with a contractor, it’s natural to want to believe the best in them. But neglecting to check references and verify licensing and insurance could come back to haunt you.3   Hiring an untrained or unlicensed contractor puts you at risk for safety and code violations, not to mention shoddy workmanship. Without proper insurance, you could be left footing the bill for costly repairs, legal issues, or even medical bills if someone gets hurt on the job.4   Skipping out on a reference check can be equally problematic. It’s your best opportunity to ensure that their promises and your expectations line up with reality.   What To Do Instead:   Verify Licensing and Insurance — Confirm that the contractor is licensed according to local requirements and verify insurance, including general liability and workers' compensation coverage.   Check Reviews — Read online reviews and confirm that the business is in good standing with the Better Business Bureau and other relevant trade groups.   Call References — When contacting references, ask questions and request to see photos of the contractor's completed projects.   Visit Job Sites — If possible, visit a current job site to observe the contractor's work in progress and interaction with clients.     PROCEEDING WITHOUT A WRITTEN AGREEMENT   A handshake deal might seem friendly and straightforward, but it's a recipe for misunderstandings and potential legal issues. Verbal agreements are difficult to enforce and leave room for miscommunication about project scope, timelines, and costs.5   Instead, you should have a signed contract in place before any work begins.3 Paperwork can be tedious, but don’t skip the important step of carefully reading over your contract, asking questions, and pushing back on any terms that make you uncomfortable.   Don’t forget to ask for payment receipts and document any change orders or issues that arise throughout the project, as well.   What To Do instead:   Insist on a Written Contract — Outline all aspects, including scope, materials, timeline, payment schedule, warranty information, and a process for handling change orders.   Understand and Agree — Don't sign anything until you fully understand and agree to all terms.   Keep Documentation — Once you’ve made your final payment, request a lien waiver or receipt marked “Paid in Full” to keep on file for legal and tax purposes.6     PAYING TOO MUCH UPFRONT   Another common misstep is paying a large sum upfront or the full cost of the project before the work is completed. This can leave you vulnerable if the contractor fails to complete the work or disappears with your money.   According to the home services platform Angi, deposits typically range between 10% and 33% of the total project cost.7 The remaining payments should be tied to progress milestones outlined in your contract.   Construction attorneys caution against paying a greater share of the project cost than the percentage of the work that’s been completed.3 If you end up dissatisfied with the outcome, you’ll have much less leverage if you’ve already paid.   What To Do Instead:   Be Cautious — Avoid contractors who demand large upfront payments or cash-only deals.   Establish a Payment Schedule — Tie payments to project milestones and stick to them.   Pay Only Upon Completion — Never pay in full until the project is completed to your satisfaction and all required inspections have been passed.     FAILING TO GET NECESSARY PERMITS   Skipping the permit process might seem like a way to save time and money, but it can lead to serious consequences. Without the proper permits, you risk running afoul of local building codes and regulations, which could result in fines, forced removal of work, or even legal action.8   Additionally, unpermitted work might compromise the safety and structural integrity of your home, potentially leading to hazardous conditions or diminished resale potential. Homeowners may also find themselves without recourse if issues arise later, as insurance companies often exclude coverage for unpermitted renovations.8   If your community has a homeowners association (HOA), don’t forget to check their requirements, as well. You may need prior approval to make modifications to your home or yard. HOAs have the power to enforce these restrictions with fines, and they can even put a lien on your home—so don’t skip this important step.9   What To Do Instead:   Discuss Permits — Talk about permits and HOA requirements with your contractor before work begins.   Include Permits in the Contract — Ensure that obtaining necessary permits and approvals is part of your contract.   Verify Inspections — Make sure all required inspections are completed during the project.   Keep Records — Keep copies of all permits, HOA approvals, and inspection reports for your records.     IGNORING RED FLAGS AFTER THE PROJECT HAS STARTED   Sometimes a contractor can check all the right boxes—until the work begins. Unfortunately, red flags that are spotted mid-project can be especially challenging to address.   If you’ve already paid a substantial amount or had a portion of your home demolished, you may feel trapped in a bad situation. However, if there are major problems that the contractor is unwilling to address, ignoring them can make things exponentially worse.   Don’t be afraid to seek legal or professional advice if issues persist. Taking immediate, informed, and decisive action is crucial to safeguarding your investment and ensuring the project's ultimate success.10   What To Do Instead:   Review Your Contract — Make sure you thoroughly understand your rights and the agreed-upon terms.   Document Issues — Keep detailed records, including dates, descriptions of problems, photographs of subpar work or materials, and any communications with the contractor.   Communicate Professionally — Arrange a meeting to discuss your concerns, ensuring you remain calm and professional while clearly expressing your expectations.   Request a Resolution Plan — Ask for a plan to address the issues, set a timeline for resolution, and put everything in writing to ensure you’re both on the same page.   Seek Advice — If the contractor is uncooperative or dismissive, consider seeking advice from a legal professional. You could also contact your local licensing board or consumer protection agency for guidance.     BOTTOMLINE   Hiring the right contractor is crucial to the success of your home improvement project. By avoiding these common mistakes, you can significantly increase your chances of a smooth and successful renovation experience.   Remember, taking the time to thoroughly vet contractors, communicate clearly, and plan carefully will pay off in the long run. Your home is likely your most significant investment, and it deserves the care and attention that comes with making informed, thoughtful decisions about who works on it.   If you’d like help finding a contractor or want to know how planned improvements could impact your home’s resale potential, reach out for a free 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: USA Today -https://www.usatoday.com/money/homefront/moving/home-renovation-statistics/ National Association of the Remodeling Industry -https://remodelingdoneright.nari.org/Homeowner-Resources/Questions-to-ask/How-to-select-a-remodeler The Washington Post -https://www.washingtonpost.com/home/2024/07/08/how-to-find-good-honest-contractor/ MarketWatch -https://www.marketwatch.com/guides/insurance-services/home-insurance-during-renovations/ LegalZoom -https://www.legalzoom.com/articles/oral-contracts-do-they-carry-any-weight Better Business Bureau -https://www.bbb.org/all/home-improvement/your-home-improvement-contract Angi -https://www.angi.com/articles/how-much-should-i-pay-general-contractor-prior-starting-job.htm Bob Vila -https://www.bobvila.com/articles/remodel-without-permit/ Bankrate -https://www.bankrate.com/real-estate/hoa-homeowners-association-rules/ Angi -https://www.angi.com/articles/how-complain-contractors-effectively.htm

Are you a dedicated member of our community workforce in Florida? Dreaming of owning a home? The Florida Hometown Heroes Housing Program is returning on July 1st, 2024 to turn your dreams into reality by making homeownership more affordable than ever for eligible community heroes like you! Empowering Community Heroes to Become Homeowners This remarkable program is designed specifically to help first-time, income-qualified homebuyers purchase their primary residence in the very communities where they work and serve. If you’re looking to buy your first home and meet the eligibility criteria, the Hometown Heroes Program could be your key to a new home with financial benefits that make the buying process easier and more accessible. Why Choose the Hometown Heroes Housing Program? Competitive Mortgage Rates: Enjoy lower than market interest rates on FHA, VA, RD, Fannie Mae, or Freddie Mac first mortgages. This means lower monthly payments so you can invest in your future without the financial strain. Financial Assistance: Receive up to $35,000 in down payment and closing cost assistance. Enabling borrowers to come to closing with less than the cost of 1st, last, and security on a rental this is significant support that can makee the difference between renting or owning your own home!  Additional Savings: Benefit from reduced upfront fees, and say goodbye to origination points and discount points, lowering your overall borrowing costs. Flexible Repayment: The down payment and closing cost assistance comes in the form of a 0%, non-amortizing, 30-year deferred second mortgage. This loan only becomes repayable under certain conditions like selling your home or refinancing, providing peace of mind and financial flexibility. Are You Eligible? To qualify, you must be a full-time workforce member employed by a Florida-based employer. Originally just for teachers, firefighters, healthcare workers and law enforcement officers, in 2023 this program expanded to all Florida employees working in their communities. Take the Next Step Today Owning a home in the community you serve not only enriches your life but also strengthens the bonds within your community. Don’t miss this chance to make homeownership a reality. If you're ready to explore how the Florida Hometown Heroes Housing Program can help you, or if you have questions about your eligibility, reach out to our team today. Our experienced professionals are dedicated to guiding hometown heroes like you through every step of the home-buying process. Looking for more in depth information check out the Frequently Asked Questions . Contact our team of experienced professionals now to find out how you can benefit from the Florida Hometown Heroes Housing Program. We’re here to help you navigate the process, ensuring a smooth and rewarding journey to homeownership. Start your journey home with us – because everyone deserves a home!     Save as Draft  

A growing share of home buyers and sellers sat on the sidelines last year as the pace of home sales continued its downward trajectory.1 In fact, since the Federal Reserve began its series of interest rate hikes in 2022, the combination of higher borrowing costs and record-high home prices has fostered the steepest real estate market slowdown since the 2008 recession.2 Priced out of the market, a generation of would-be buyers has been forced to delay their plans for homeownership.3 At the same time, current owners—reluctant to give up their pandemic-era mortgage rates—are waiting to sell, which has resulted in a sharp drop in listings.4 But there may be some relief in sight: In December, the Fed signaled that it was done raising interest rates—and suggested that it could cut rates by 0.75% over the coming year. While mortgages don’t directly follow the federal funds rate, they typically move in tandem—so cheaper home loans may finally be on the horizon.5 Lower mortgage rates should bring some much-needed movement back into the real estate sector. But with a market this fluid, the home buyers and sellers with an edge will be those who proactively leverage a real estate agent’s on-the-ground expertise and stay flexible so that they can quickly adapt to changes. What does that mean for you? Read on to learn more about the current state of the U.S. housing market, the potential opportunities for buyers and sellers, and economists’ predictions for the year ahead.   HOME PRICES WILL REMAIN RELATIVELY STABLE Not even 8% mortgage rates could bring home prices crashing down in 2023, as some prospective home buyers may have hoped. In fact, on average, U.S. property values ended the year higher—with declines in some areas of the country offset by appreciation in others.6 Prices typically fall when rising interest rates drive down demand. So what’s keeping home values high? Mike Simonsen at Altos Research points to a nationwide housing shortage: “Declining home prices probably require that supply-and-demand imbalance, and what we have is really a balance. There's a balance between low demand and low supply.”7 Analysts expect that equilibrium to continue to prop up home prices in 2024, although the specific forecasts vary. For example, economists at Realtor.com predict that the median home price will fall slightly, by 1.7%, while those at Fannie Mae project modest price growth of 2.8%.6,8 However, experts widely agree: Mortgage rates will be the largest driver of property values. If rates fall faster than expected, more buyers will enter the market—which could send home prices soaring higher. What does it mean for you? There’s no evidence that home prices are headed for a major decline. So if you’re ready and able to afford a home, this is a great time to test the waters. The best bargains are often found in a slower market, like the one we’re experiencing right now. Contact us to discuss your goals and budget. We can help you make an informed decision about the right time to buy.   And if you’ve been waiting to sell your home, this could be your year. Price growth has slowed, so now is the time to maximize your equity gains while minimizing your competition. Contact us for recommendations and to find out what your home could sell for in today’s market.     MORTGAGE RATES SHOULD FINALLY TREND DOWN The best news we've got incoming for 2024? The extra-high mortgage rates that have weighed heavily on the real estate market may finally be headed south. At its December meeting, the Fed signaled that the worst is likely behind us and that it expects to cut its overnight rate in 2024. Analysts predict that mortgage rates will fall in lockstep.5 “Given inflation continues to decelerate and the Federal Reserve Board’s current expectations that they will lower the federal funds target rate next year, we likely will see a gradual thawing of the housing market in the new year,” said Freddie Mac’s Chief Economist Sam Khater following the announcement.9 The average 30-year fixed mortgage rate has already declined from an October high of around 8%, and analysts at Fannie Mae, the Mortgage Bankers Association, and Realtor.com all forecast that rates will trend down this year, ending 2024 closer to 6%.7 However, it’s not all good news: It appears that the days of 3% mortgage rates are firmly behind us. “As long as the economy continues to motor along, the new normal of higher rates is here to stay,” explains Greg McBride, chief financial analyst for Bankrate.4 So, when it comes to a home loan, borrowers may need to adjust their expectations. What does it mean for you? If you're a prospective home buyer, declining mortgage rates could give you the opportunity to lock in a more affordable monthly payment. And if you purchase before the market reheats, you could secure an especially good deal. To find the lowest rate, it pays to compare lenders. Ask us to refer you to a mortgage broker who can help you shop around for the best option.   Sellers also have reason to celebrate buyers' lower interest rates: As the barriers to entry to the housing market decline, they could enjoy more or better offers. Reach out to discuss how we can help you maximize your home’s sales potential.     LOWER RATES WILL BRING SOME BUYERS AND SELLERS BACK TO THE MARKET Over the past couple of years, higher mortgage rates have cooled home buyer demand. They’ve also delayed the plans of many home sellers, who have been reluctant to trade in their current mortgages for loans that are several points higher. With so many market participants playing the waiting game, the real estate sector has slowed significantly. National Association of Realtors (NAR) Chief Economist Lawrence Yun estimates that the number of existing home sales fell by 18% last year following a 17% decline in 2022.10 However, as financing costs tick down, sales volume is expected to rise. “Lower mortgage rates would help spur home sales activity, which [is] expected to increase in 2024 compared to 2023,” explains Selma Hepp, chief economist at CoreLogic. “Declines in mortgage rates will drive more sellers to trade their existing home and help add much-needed inventory to the market, leading to more transactions.”4 There’s also evidence that the patience of holdout home buyers may be waning, despite higher borrowing costs. A recent survey by Bank of America found that the number who are willing to wait for prices or mortgage rates to decline before making a purchase fell from 85% to 62% in just six months.11 “When it comes down to it, if buying a home is your goal and within your budget, the best time to buy is when you're ready financially and you can find a home that fits your needs,” Matt Vernon, head of consumer lending at Bank of America, advised in a recent release. “Even in the current interest rate environment, there are clear benefits to purchasing a home and beginning to build equity.”11 What does it mean for you? If you’ve been waiting to buy a home, you might want to consider purchasing before the competition picks up. Pent-up demand could bring a flood of buyers back into the market as mortgage rates decline. Contact us if you’re ready to begin your home search.   If you’re hoping to sell this year, you may also want to act fast. An increase in listings will make it harder for your home to stand out. We can help you chart the best course to maximize your profits, starting with a professional assessment of your home’s current market value. Reach out to schedule a free consultation.     THE HOUSING SUPPLY SHORTAGE WILL PERSIST Will home buyers who are eager for options have more homes to choose from this year? Yun thinks so. He believes sellers will soon grow weary of waiting to list. “Pent-up sellers cannot wait any longer. People will begin to say, ‘life goes on,’” the NAR economist speculated at a November conference. “Listings will steadily show up, and new home sales will continue to do well.”10 But not everyone agrees. Economists at Realtor.com forecast that inventory could drop by as much as 14% this year. The decline in existing homes for sale has been compounded by a persistent shortage of new construction, with single-family housing starts falling 10.3% in 2023 and 11.2% in 2022.6 Even so, newly-built homes are playing an increased role in easing the supply crunch, accounting for around one-third of all homes for sale in 2023—which was twice the historical average.12 But new construction alone isn’t expected to fill the inventory gap. According to First American Financial Corporation’s Chief Economist Mark Fleming, the U.S. currently has a shortfall of around one million homes, and conditions won’t ease until individual owners re-enter the market. “Only when more homeowners decide to sell, and then buy again, will housing supply and the pace of sales return to anything resembling normal.”13 What does it mean for you? Inventory remains tight, but buyers can benefit from the search expertise of a real estate professional. We can tap our extensive network to access off-market and pre-market listings while helping you explore both new construction and existing homes in our area.   While sellers will continue to benefit from the low-inventory environment, they should be prepared to compete against brand-new homes. We can help you prep your property for the market and highlight the features most likely to appeal to today’s buyers.     WE'RE HERE TO GUIDE YOU While national real estate forecasts can give you a “big picture” outlook, real estate is local. And as local market experts, we know what's most likely to impact sales and drive home values in your neighborhood. As a trusted partner in your real estate journey, we'll keep our ears to the ground so that 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 professionals for advice regarding your individual needs.   Sources: CNN - https://www.cnn.com/2023/10/19/homes/existing-home-sales-september/index.html Goldman Sachs - https://www.gspublishing.com/content/research/en/reports/2023/10/23/2d814362-a656-4cb3-8586-bea8591188e3.html ABC News - https://abcnews.go.com/US/millennials-priced-homeownership-feeling-pressure/story?id=105032436 Bankrate - https://www.bankrate.com/real-estate/housing-market-2024/ CBS News - https://www.cbsnews.com/news/interest-rates-are-paused-heres-why-thats-good-news-for-homebuyers/ Realtor.com - https://www.realtor.com/research/2024-national-housing-forecast NerdWallet - https://www.nerdwallet.com/article/mortgages/2024-homebuying-trends-property-line-november-2023 Fast Company - https://www.fastcompany.com/90991612/home-price-2024-outlook-fannie-mae Freddie Mac - https://freddiemac.gcs-web.com/news-releases/news-release-details/mortgage-rates-drop-below-seven-percent National Association of Realtors - https://www.nar.realtor/newsroom/nar-chief-economist-lawrence-yun-forecasts-existing-home-sales-will-rise-by-15-percent-next-year Bank of America - https://newsroom.bankofamerica.com/content/newsroom/press-releases/2023/12/bofa-report-shows-fewer-prospective-homebuyers-willing-to-wait-f.html Marketplace - https://www.marketplace.org/2023/11/27/mortgage-rates-new-home-sales/ First American - qhttps://blog.firstam.com/economics/whats-the-outlook-for-the-housing-market-in-2024  

It's the most wonderful time of the year. But for many families with festive plans and hectic schedules, it's also the most wasteful. According to one survey, for example, 60% of respondents admitted to throwing away more than usual during the holiday months as they filled up their trash bins with uneaten food, wrapping paper, gift bags, and commercial packaging.1 The reality is, Americans routinely toss about 25% more trash between Thanksgiving and New Year’s than at any other time of year, according to the U.S. Environmental Protection Agency.2 In fact, we throw away so much ribbon during the holidays—around 38,000 miles’ worth—that the discarded material could easily run more than one and a half times around the Earth.3 As our holiday schedules grow busier, many of us also forget to take simple steps at home to shrink our carbon footprints or prepare for a more energy-efficient winter. Luckily, it’s not that hard to shift our habits and plan for a more sustainable and environmentally-friendly celebration. Here are five ideas for ringing in the holidays this year without overstressing Mother Nature.   1. PREP YOUR HOME FOR WINTER Depending on the amount of time and resources you have available, you could cut your carbon emissions significantly this season just by winterizing your home. Investing in a more sustainable way to warm up your surroundings—such as a geothermal heat pump or solar heating—could be especially impactful if your current HVAC is underperforming and you can afford a more expensive system.4 Replacing old appliances or things like chronically leaking windows with newer, more energy-efficient solutions can also save you money over the long term.5 Plus, you may be able to claim a federal energy-efficient tax credit for up to 30% of your investment.6 You don't necessarily have to spend a lot upfront, though, to prep your home for winter. Even simple tweaks—such as sealing windows and doors or upgrading to more energy-efficient window coverings—can lower your energy consumption and reduce your carbon footprint.7 Incorporating environmentally healthier habits into your routine can also make a meaningful difference. According to the U.S. Department of Energy, for example, dialing back your thermostat by as little as seven to 10 degrees for eight hours a day can trim up to 10% from your bills.8 Consider a home energy assessment to help you pinpoint what needs fixing. Depending on your comfort level, you can audit your home's energy efficiency yourself with the help of the Department of Energy's DIY Guide.9 Or you can hire a professional, such as a home energy auditor or weatherization contractor.10 Call us for a recommendation or personal referral. 2. DECORATE SUSTAINABLY Decking your home's halls is one of the most jolly seasonal activities of all. There's something special about gathering 'round with friends and family and relaxing in the comforting glow of a festively decorated space. But since so much of the holiday-themed decor that's sold in stores is notoriously disposable, it can be a challenge to spruce up your home sustainably. Cheaply produced and rarely recyclable, store-bought decorations are often made with plastic, styrofoam, and other environmentally unfriendly materials that can crowd landfills for generations.2 Luckily, you don't have to trade style for sustainability when making your holiday decor. Thrifting is still in vogue, so consider crafting new and on-trend decorations out of secondhand finds or upcycling items already in your closet. For example, you could transform an ill-fitting sweater into a holiday-themed pillow, turn teacups into candles, or turn leftover shipping boxes into creative decorations. Alternatively, natural decor foraged from your yard—such as dried leaves, flowers, pine cones, and branches—can make for especially beautiful wreaths and centerpieces. If you do purchase store-bought decor, proactively look for the most environmentally friendly options. LED lights are now ubiquitous in stores and use far less energy than incandescent versions.11 Similarly, if you celebrate with a Christmas tree, think twice about choosing an artificial option. Plastic trees may be reusable, but natural trees are generally thought to have a smaller carbon footprint.1   3. CUT BACK ON HOLIDAY SHOPPING Shopping online or at the mall may be convenient, but it can be costly for the environment. The greenhouse emissions from shipping and transportation alone add up fast, as do the emissions that are produced when an item is first made. According to the online consignment and thrift store, thredUp, 4.5 billion pounds of carbon emissions could be saved if every American bought just one used item instead of new this year.12 Splurging on brand-new products also makes it more likely that the gently used but still functional items that you've got at home will wind up in the trash. Rather than buy new, check vintage stores and consignment shops for unique gifts that you and your recipient can both feel good about. According to research by thredUp, most people are open to receiving gently-used presents, especially if they're socially-conscious members of Gen Z.12 Alternatively, consider regifting items that you haven't used, upcycling something you own, or try crafting gifts by hand. Giving away special experiences, such as concert tickets or community memberships, may also be a more eco-friendly option. So is donating to a favorite charity in a gift recipient's name or offering gifts of time, such as promising to help a loved one clean out their garage or fill their freezer with home-cooked meals. Research shows that gift recipients often value thoughtful gifts with sentimental value, especially if they're homemade or nostalgic or will provide them with a unique experience.13 And if you prefer to buy something tangible, look to local businesses that source or manufacture their goods nearby. Craft fairs and community markets are a great place to start. Or, give us a call and we’d be happy to share a list of our favorite local stores, depending on the type of gift and your budget. We make an effort to patronize the independently-owned shops and restaurants around town and would love to share our recommendations.   4. GREEN YOUR HOLIDAY DINNER Do you hail from a family of passionate carnivores? If so, trading your meat for a vegetarian option may seem like a step too far—especially for a holiday dinner. But swapping your meat for beans isn't the only way to “'green” your holiday meal. For example, you can consciously source your meat from ethical sellers, prioritize local producers for seasonal sides, and serve enough filling vegetables to satisfy a large portion of your appetite.14 You can also minimize food waste by planning ahead so that you don't cook more than necessary. Check out the Natural Resources Defense Council's dinner party “Guest-Imator” to help you narrow down how much food you and your guests will actually need.15 In addition, consider using the USDA's FoodKeeper App to help track safety recalls and set up calendar reminders for expired food.16 Once you're finished eating, clear the table immediately and either freeze the leftovers you'd like to keep or send guests home with reusable containers. Or, if you have untouched food that's still whole or in unopened packaging, take it to a local food bank or homeless shelter. We’d be happy to share a list of options in our area.   5. DONATE OR RECYCLE WHAT YOU CAN Once the festivities are over, the real work on behalf of Mother Nature begins. This is the time when taking a few minutes at the end of your holiday celebration to swiftly collect wrapping paper and ribbons, unwanted packaging, and other discarded items can make a real environmental difference by reducing what you send to landfills. Your goal should be to reuse what you can and compost or recycle what's left over. For example, if you upgrade any electronic gadgets over the holidays, you can conserve resources and limit pollution by donating or properly recycling your old versions. The U.S. Geological Survey estimated that recycling a million laptop computers could help save the energy equivalent of 3,500 homes' annual usage of electricity.16 Similarly, the EPA says that recycling one million phones can help salvage 35,000 pounds of copper, 772 pounds of silver, 75 pounds of gold, and 33 pounds of palladium.17 It can also help to reimagine new ways to make old traditions more eco-friendly. For instance, if lighting candles is part of your holiday celebration, consider choosing beeswax candles this year instead of the typical paraffin wax, which is a petroleum derivative. Not only are they cleaner burning and less toxic, but the leftover wax is biodegradable and can be composted, unlike traditional candle wax.18 There are also plenty of earth-friendly ways to dispose of a natural Christmas tree without kicking it to the curb. Trees that are sent to landfills release a potent greenhouse gas called methane.19 So, it’s important to properly dispose of a live tree, if you have one, so it can be recycled or composted. If you’re not sure how, reach out for a list of local options.   BOTTOMLINE We can still celebrate a fun and festive season without draining our community’s resources or sending leftovers to the landfill. And remember, we’re here to lend a helping hand, now or in the new year. This is the perfect time to strategize your next move or set some real estate resolutions with personalized guidance from an expert. Reach out today to schedule a free 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: Eco Watch - https://www.ecowatch.com/sustainable-decor-winter-holidays.html Architectural Digest - https://www.architecturaldigest.com/story/best-holiday-and-seasonal-decor-for-the-environment The New York Times - https://www.nytimes.com/2019/12/18/style/zero-waste-holiday.html Environmental Protection Agency - https://www.epa.gov/burnwise/heat-pumps U.S. Department of Energy - https://www.energy.gov/eere/buildings/articles/appliance-and-equipment-standards-fact-sheet IRS - https://www.irs.gov/credits-deductions/energy-efficient-home-improvement-credit Energy Star - https://www.energystar.gov/saveathome/seal_insulate/sealing_window_door U.S. Department of Energy - https://www.energy.gov/energysaver/programmable-thermostats U.S. Department of Energy - https://www.energy.gov/energysaver/do-it-yourself-home-energy-assessments Kiplinger - https://www.kiplinger.com/slideshow/real-estate/t029-s001-12-ways-to-prepare-your-home-for-winter/index.html U.S. Department of Energy - https://www.energy.gov/energysaver/articles/reduce-waste-and-save-energy-holiday-season# Thred Up - https://newsroom.thredup.com/news/thredup-releases-thrift-for-the-holidays-report-revealing-that-new-waves-of-consumers-are-planning-to-gift-secondhand-this-year The Conversation - https://theconversation.com/the-4-biggest-gift-giving-mistakes-according-to-a-consumer-psychologist-195169 Popular Science - https://www.popsci.com/story/diy/sustainable-holiday-strategies/ Natural Resources Defense Council - https://savethefood.com/guestimator USDA - https://www.usda.gov/media/blog/2018/10/04/usda-updates-foodkeeper-app-include-new-food-items U.S. Environmental Protection Agency - https://www.epa.gov/recycle/electronics-donation-and-recycling CanICompostIt.com - https://canicompostit.com/candle-wax/ CNN - https://www.cnn.com/2022/11/25/us/real-or-artificial-christmas-tree-climate/index.html

To avoid buyer's remorse, be sure to consider your future self when shopping for a home.   Most new homebuyers don't regret becoming homeowners. In fact, according to a survey by LendingTree, 80% of recent buyers who successfully overcame a challenging housing market say they're glad they found their current homes.1 But that doesn't mean newly-minted homeowners don't have any regrets about their buying choices.   On the contrary, research shows that even the most-satisfied homeowners would change some aspects of their home purchase if given the opportunity. According to a recent survey by Anytime Estimate, nearly 3 out of 4 buyers who purchased a home in 2021 or 2022 still have a few regrets.2   Some question their decision to move to a neighborhood they still don't love. Others wish they had been less picky about where they lived so they could have paid less. Many are afraid they overspent or think they sacrificed too much in their rush to buy a home.   Here are some of the most common homebuyer regrets we see, along with our professional advice on how to avoid them.     REGRET #1: Spending More Than Necessary   No one wants to overpay for their new home purchase (and, luckily, with the right guidance, doing so is avoidable). But even if you've secured a winning purchase price, there are still plenty of ways to accidentally overspend.   One of the most common ways to overpay? Choose the wrong mortgage. In fact, in today's higher-rate environment, this can be one of the riskiest mistakes a new buyer can make.   According to a recent survey, for example, nearly three-quarters of homebuyers leave money on the table by not bothering to shop around for the best rate.3 And research by LendingTree suggests that buyers in major metro areas lose an average of $63,151 over the life of their loan just by picking the first mortgage they're offered.4   Lesson Learned:  As long as you stick to what you can afford, buying a home can be a boon for your financial health. The longer you live in it, for example, the more your home is likely to appreciate in value and boost your long-term savings.   But to get the most value from your purchase, it's worth your time to compare financing options and shop around for the best deal. We also recommend getting a mortgage pre-approval before you start your home search so you know what's within reach. We can refer you to one of our trusted lending partners for help.     REGRET #2: Rushing Into a Home Purchase   In a competitive housing market, it's often necessary to act fast to secure a home. But don't let a need for speed tempt you into making an offer before you've thought through or fully vetted a new property.     Rushing into a home purchase isn’t just risky, it's also one of the most commonly cited sources of homebuyer regret. According to Anytime Estimate, for example, more than 1 in 4 homebuyers felt remorse over how quickly they sped through the home buying process.2   Getting swept away by your emotions can also lead to buyer's remorse. If you've found a home you love and are competing with other buyers, it can be tempting to overlook key details or bid more than you can afford. That's one reason it helps to have a skilled professional by your side to calmly guide you through the process and ensure you act with reason, rather than emotion.   Lesson Learned:  Buying a home is exciting. But if you don't keep your emotions in check or act too impulsively, you could make poor choices in the moment that are hard to undo later.   To avoid making last-minute decisions that could backfire, know what you want, what you need, and what you can afford before you start your home search. We can help you set priorities so you’ll be able to move forward with confidence when the time is right.     REGRET #3: Miscalculating the Costs of Homeownership   Though real estate is a great long-term investment, it can be pricey in the short-term, often surprising homeowners who aren't prepared for it. According to some estimates, for example, annual maintenance could cost as much as 1% or more of your home's purchase price.5 Some buyers also forget to factor in additional ownership expenses, such as property taxes, insurance, and repairs.   Failing to think through the costs of homeownership is one of the most common sources of homebuyer regret. According to Anytime Estimate, for example, nearly half of the homebuyers who regret their purchase said they underestimated how much they would spend to live in it.2   However, some homes cost more to live in and maintain than others. So even if you're certain that you can afford the average cost of homeownership, that doesn't necessarily mean that every home in your price range will fit neatly into your budget. For example, very old homes with unique maintenance requirements could be extra pricey to keep up. Similarly, homes with high HOA or condo fees could also eat into your monthly budget.   Lesson Learned:  A home should help you build your wealth, not drain it. So it's important to factor in all the potential costs of living in a home—not just obvious ones like your mortgage payment and taxes. To ensure you don't get overextended, add up your estimated maintenance and repair costs, as well as any miscellaneous expenses that are unique to a particular home.   We can help you with these estimates—and, if needed, present you with some less-costly alternatives.     REGRET #4: Underestimating the Time Required To Maintain or Renovate a Home   One of the most joyful aspects of homeownership is getting to relax in a home that's all your own. But if a home is too high maintenance, then you may not have time to savor it.   Many homeowners love to spend their weekends puttering in their gardens or undertaking home improvement projects. But if that's not you, then you may not like living in a home with a big yard or with high-maintenance features, like a pool.   According to a survey by Hippo, for example, 47% of homeowners who feel some regret about their home purchase complain that too much maintenance and upkeep is required.6   Similarly, buyers who purchase fixer-uppers are often surprised by how much time it takes to rehab their new homes. Although buying a fixer-upper is a great way to save on the purchase price, you could come to resent it if it eats up all your free time.   Lesson Learned:  Renovation and maintenance projects are often time-consuming and stressful. So beware of committing to a property that requires too much of your attention if you don't have the time or patience for it. With that said, home improvement projects can also bring a lot of joy and satisfaction to owners who like rolling up their sleeves.   We can talk through the realities of homeownership with you and help you choose a property that will fit your personality and schedule.     REGRET #5: Ignoring or Skipping a Home Inspection   It’s easy to get swept up in the excitement of buying a home. Sometimes, buyers will agree to skip a home inspection to sweeten their offer in a competitive market. They may also be tempted to pinch pennies since they’re already facing a large outlay. However, if you skip out on a home inspection, you could come to regret it.   When you hire a home inspector, you get a professional, in-depth examination of the property’s structures and systems before you buy it. It’s a worthwhile investment that can save you money in the long run, either by warning you away from a bad purchase or by providing a list of deficiencies you can use to negotiate with the sellers.   But even the most thorough home inspection isn't going to be worth much if you don't take the time to carefully consider it. If at all possible, make sure you’re on-site during the inspection so you can observe and ask questions. And don’t forget to re-evaluate any repairs that the seller agrees to make to ensure they’ve been properly completed prior to closing.   Lesson Learned:  A home inspection can reduce your risk and save you money in the long run. But to maximize its effectiveness, you will need to be an active participant in the process.   We’d be happy to share a list of experienced and trustworthy home inspectors in our area. And when the inspection report is complete, we can help you decide if the purchase is worthwhile and negotiate any relevant seller concessions and repairs.     REGRET #6: Choosing a Home That Doesn't Fit   Homeownership is often a better investment if you’re willing to stay put for at least five years.7 But if your newly purchased home isn’t a good fit, then you may not want to stick around that long.   Many homeowner complaints come down to simple lifestyle issues: Although a mismatch may seem small at first, the problems can magnify if you make so many compromises that they interfere with your quality of life.   Or, sometimes homebuyers can fall in love with a beautiful home and forget about practicalities. For example, a stunning kitchen can’t replace a needed bedroom or bathroom. And a sparkling pool may sit empty if the home requires a lengthy commute to your office.   Make sure you set some guardrails during your home purchase so you don’t over-compromise or accidentally prioritize your wants over your needs.   Lesson Learned:  When you’re dealing with limited inventory or a fixed budget, it may be necessary to sacrifice some items on your home wish list. But if you fail to secure your must-haves, you could come to regret your home choice.   We can help you avoid an ill-fitting home purchase by working with you to set (and stick to) priorities and parameters before you begin your search.     REGRET #7: Purchasing Without Professional Help   Another path to homebuyer regret? Foregoing the expert guidance and market insight that you can only get from a licensed real estate agent.   Buying a home without professional representation can be extremely risky. Therefore, it’s no surprise that 86% of buyers enlist the help of an agent when purchasing a home. And the vast majority find their assistance to be invaluable: 89% say they would use their agent again or recommend them to others.8   Real estate is hyperlocal and extremely fluid—especially these days when the market is in constant flux. So it pays to have a knowledgeable expert by your side who can guide you through an often-complicated process.   We can help you avoid expensive mistakes that could lead to buyer’s remorse, all while making your home purchase as seamless and stress-free as possible. And since the home seller typically pays our commission, there’s no added expense for you!   Lesson Learned:  When you work with a real estate agent, you benefit from a wealth of expertise and on-the-ground insight that you can't get anywhere else. We’ll help you steer clear of the missteps that so many homebuyers make, so you can focus on enjoying your new home instead of questioning your choices down the road.   The best part? Since the majority of home sellers pay us a commission at closing, in most cases, we offer our invaluable guidance and assistance at no additional cost to you!     BOTTOM LINE   No one wants to look back on their home purchase and realize they made a big mistake. We can help you avoid the pitfalls so you can buy with confidence. To learn more about how we work to ensure our clients’ satisfaction, reach out today to schedule a free 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: LendingTree - https://www.lendingtree.com/home/mortgage/homebuying-process-survey/ Anytime Estimate - https://anytimeestimate.com/research/american-home-buyers-2022/ Zillow Home Loans - https://zillow.mediaroom.com/2022-11-18-Prospective-home-buyers-spend-about-as-much-time-researching-new-TVs-as-they-do-mortgage-lenders LendingTree - https://www.lendingtree.com/home/mortgage/mortgage-shopping-study/ CNBC - https://www.cnbc.com/2022/05/01/survey-majority-of-homeowners-have-regrets.html Hippo - https://www.hippo.com/blog/2022-hippo-housepower-report-how-homeowners-are-responding-essential-maintenance-during com - https://www.realtor.com/advice/sell/how-soon-can-you-sell-a-house-after-buying/ National Association of Realtors - https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers#homebuyers

Not long ago, home sellers were in their heyday, as historically-low mortgage rates triggered a real estate buying frenzy. However, the Federal Reserve shut down the party when it began raising interest rates last year.1     Now, it’s not as simple to sell a home. While pandemic-era homebuyers were racing the clock—trying to lock in a low mortgage rate and gain a foothold in the market—current buyers are more discerning. Higher prices and mortgage rates have pushed their limits of affordability, leading them to prioritize cost, condition, and overall value.2   The reality is, home inventory remains low, so most properties will still sell with some basic prep, the right price, and a good real estate agent. But owners who go the extra mile are more likely to sell faster and for a higher amount.   If you have plans to sell your home and want to net the most money possible, this list is for you. Here are our top seven strategies to attract the best offers and maximize your real estate returns.   1. UNDERGO A PRE-LISTING INSPECTION   Many homebuyers hire a professional to complete a home inspection before they close. But did you know that a seller can order their own inspection, known as a pre-listing inspection, before they put their home on the market?   Having a pre-listing inspection on hand and ready to share shows interested buyers that you’re committed to a transparent transaction. This can help you market your home, strengthen your negotiating position, and minimize roadblocks to closing.3   Of course, it’s always possible that a pre-listing inspection—which looks at the home’s major systems and structures, among other things—could turn up a significant problem. This does carry some risk, as you’ll be required to either fix or disclose any issues to potential buyers. However, in most cases, it’s better to know about and address deficiencies upfront than to find out mid-transaction, when it could cost you more in the form of concessions, a delayed closing, or a canceled sale.   We can help you decide if a pre-listing inspection is right for you. And if it identifies any concerns, we can advise on which items need attention before you list your home.     2. CONSIDER STRATEGIC UPGRADES   Embarking on major renovations before putting your home on the market doesn’t always make financial (or logistical) sense. However, certain upgrades are more likely to pay off and can help elevate your home in the eyes of buyers.   For example, refinishing hardwood floors results in an average 147% return on investment at resale and new garage doors typically pay for themselves.4  Similarly, research shows that professional landscaping can boost a home’s value by as much as 20%.5   Often, even simpler and less expensive fixes can make a big difference in how your home comes across to buyers. A fresh coat of paint in a neutral color, modern light fixtures and hardware, and new caulk around the tub or shower can help your property look its best.5    But before you make any changes to your home, reach out. We know what buyers in your neighborhood are looking for and can help you decide if a particular investment is worthwhile.   3. HIRE A HOME STAGER   To get standout offers, you need potential buyers to fall in love with your home—and they’re much more likely to do so if they can envision themselves in the space.   That’s where home staging comes in. Staging can include everything from decluttering and packing away personal items to bringing in neutral furniture and accessories for showings and open houses.   According to the National Association of Realtors, home staging can both increase the dollar value of home offers and help a property sell faster. In fact, 53% of seller’s agents agree that staging decreases the amount of time a home spends on the market, and 44% of buyer’s agents see higher offers for staged homes.6   There’s plenty of strategy and research behind the process, so it’s smart to consider a professional. Reach out for a connection to one of our recommended home stagers who can help your property show its full potential.   4. EMPLOY A COMPETITIVE PRICING STRATEGY   While it’s tempting to list your property at the highest possible price, that approach can backfire. Homes that are overpriced tend to sit on the market, which can drive away potential buyers—and drive down offers.7    Alternatively, if you price your home competitively, which is either at or slightly below market value, it can be among the nicest that buyers see within their budgets. This can ultimately lead to a higher sales price and fewer concessions.   To help you list at the right price, we will do a comparative market analysis, or CMA. This integral piece of research will help us determine an ideal listing price based on the amount that comparable properties have recently sold for in your neighborhood.   Without this data, you risk pricing your home too high (and getting no offers) or too low (and leaving money on the table). Combined with our local market insights, we’ll help you find that sweet spot that will attract the best offers while maximizing your profit margin.   5. OFFER BUYER INCENTIVES   Sometimes, sweetening the deal with buyer incentives can help you get the best possible offer. Incentives are especially helpful in the current market, when many buyers are struggling with affordability and concerned about their monthly payments.   Options that can pay off include: Buying down their interest rate – You can pay an upfront sum to reduce the buyer’s mortgage rate. This approach can save far more than that cost over the life of the loan, meaning it’s worth more to the buyer than a simple price reduction.8 Offering closing cost credits – You might pay a set amount or a certain percentage of the buyer’s closing costs. Paying HOA costs – You could cover homeowner association or condominium fees for a set period of time. Including furniture or appliances in the sale – If your buyer is interested, throwing in the furniture or appliances that they want and need can make your property more appealing.   Buyer incentives vary and valuing them can get complicated. We’re happy to talk through the options that might make sense for you.   6. USE A PROVEN PROPERTY MARKETING PLAN   Gone are the days when it was enough to put a “for sale” sign in your yard and place a listing on the MLS. A strategic marketing plan is now essential to get your home in front of as many interested and qualified buyers as possible.   The truth is, buyers who don’t know about your house can’t make an offer. That’s why we utilize a multi-step approach to marketing that starts with identifying your target audience, effectively positioning your home in the market, and communicating its unique value. We then use a variety of distribution channels to connect with potential buyers and performance-based metrics to monitor and improve our campaign results.   Our proven approach can have a big impact on the success of your sale. Reach out to learn more about our multi-step marketing plan and discuss how we can use it to generate interest and offers for your home.   7. WORK WITH AN AGENT WHO UNDERSTANDS YOUR AREA   To get the best offers possible, you need a real estate agent who knows your area inside and out.   Any agent can pull comparable sales data, but in a quickly-evolving market, even the latest comps can lag the current market reality. We have our fingers on the pulse of the local market because we’re working directly with sellers like you. We also represent local buyers who are active in the market, searching for homes like yours.   That puts us in an ideal position to help you price your home for a quick sale and maximum profit. And since we hear first-hand what local buyers want, we can help you prep your home to broaden its appeal and highlight its most-coveted features. Additionally, we can use our extensive network of local agents to solicit feedback and get your home in front of more potential buyers.   All of these factors can add up to a significant difference in your profit: In 2021, the typical home sold by owner went for $225,000 compared to a median price of $330,000 for agent-assisted home sales.9     LET’S GET MOVING   Are you ready to get a great offer for your home? Our multifaceted approach can help you maximize your real estate returns. Reach out for a free home value assessment and customized sales plan 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: S. Bank - https://www.usbank.com/investing/financial-perspectives/investing-insights/interest-rates-impact-on-housing-market.html 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/real-estate/prelisting-inspection/ National Association of Realtors -https://www.nar.realtor/sites/default/files/documents/2022-remodeling-impact-report-04-19-2022.pdf Bankrate -https://www.bankrate.com/homeownership/landscaping-increase-home-value/ National Association of Realtors -https://www.nar.realtor/infographics/staged-for-success The Balance -https://www.thebalancemoney.com/looking-twice-at-overpriced-homes-1798671 S. News & World Report -https://money.usnews.com/loans/mortgages/articles/a-guide-to-seller-paid-mortgage-rate-buydowns National Association of Realtors -https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics

If the thought of investing your money into brick and mortar—or perhaps some stylishly-painted siding—excites you, join the club.   Investing in real estate has long been one of Americans' favorite ways to grow their wealth. In fact, over 70% of single-family rental properties are currently owned by individual investors rather than corporations, according to Census data.1   Moreover, a decade's worth of Bankrate surveys has found that Americans often prefer real estate for long-term wealth building over other investments. According to Bankrate's latest survey, for example, Americans have historically embraced real estate, in part, because of the strong return on investment it can offer—especially to investors willing to stick with a property over time.2 It’s also a popular way to hedge against inflation since both rental income and property values tend to rise in tandem with overall prices.3   Now, as higher interest rates continue to push priced-out homebuyers to the sidelines, a new crop of “mom and pop” investors are eyeing the mushrooming rental market as a potential goldmine.4 Interest in buying a home to both live in and rent is also on the rise, especially amongst cash-strapped buyers looking to supplement their mortgage payments.5   But how do you know if you’re well-suited to take advantage of these real estate investment opportunities? Here are three signs that owning a rental property could be right for you.     YOU'RE A HOMEBUYER WHO WANTS HELP COVERING THE MORTGAGE   If you're looking for a creative way to buy a home without overspending, “house hacking” could be the answer. Increasingly popular with first-time homebuyers and budget-conscious investors, house hacking simply means buying a home that you intend to live in while renting out a portion of it to one or more tenants.5   House hacking also tends to be easier to break into than traditional real estate investing since you don't need as high a credit score or as large a down payment to qualify for a mortgage. In fact, some government-backed mortgage programs will let you buy a primary residence with little to no money down.6 Buying a home you don't plan to live in, by contrast, may require you to put down as much as 15% to 25% to qualify for a loan.7    If you house hack, the money you collect for rent each month can help cover your mortgage and other homeownership expenses. Depending on your setup, you may also be able to save on utility bills by splitting them with your tenant or tacking a portion onto their monthly rent. Another major advantage of house hacking is that it entitles you to certain tax benefits and deductions available only to landlords.8   When it's time to start your search, we can help you find a property that's ideal for house hacking, such as a house with a walkout basement, a multifamily unit, or a home with enough outdoor space to build an accessory dwelling unit or garage apartment.     YOU'RE AN INVESTOR LOOKING FOR STEADY AND RELIABLE INCOME   If you’re not crazy about the idea of a live-in tenant but still desire an additional stream of income, a dedicated long-term rental property could be a better option for you. Besides the monthly proceeds, purchasing a rental home can also add diversity and long-term stability to your investment portfolio and help you build wealth over time.9   According to data from the Federal Reserve, real estate owners have historically prospered. In early 2020, for example, the median home was worth almost triple what it was 30 years prior. Then, during the pandemic-era real estate boom, average home prices grew at an especially frenzied clip, climbing by nearly 50%, on average, in just two and a half years.10   However, the rate of appreciation can be hard to predict, so it’s prudent to invest in a property that also offers positive cash flow, which means the rent you take in exceeds your expenses. This strategy helps to ensure that you’ll put money in your pocket each month, even if the property’s value takes time to grow.   While today’s higher mortgage rates can make it more challenging for landlords to turn a profit, investment opportunities aren’t reserved for cash buyers. In fact, currently, almost 60% of real estate investors take out a loan to finance their purchase, according to Thomas Malone, an economist at the real estate data firm CoreLogic.4  He also notes that more small investors are stepping in to meet demand for rental housing, which has grown since many would-be buyers remain priced out of the purchase market.4   If you want to explore opportunities for a residential rental property that's good for your wallet and attractive to renters, we can help. Reach out with questions or to schedule a free consultation.     YOU'RE AN EXPERIENCED INVESTOR LOOKING TO MAXIMIZE YOUR POTENTIAL RETURNS   Another increasingly popular way to draw income from an investment property is to convert it to a short-term vacation rental. But beware: This strategy can be riskier as some municipalities have tightened rental restrictions and others are suffering from market oversaturation.11,12   With that said, if you're an experienced investor who can afford to take on some uncertainty, then investing in a short-term rental could make sense for you.   If you find the right property, for example, you could earn significantly more renting it short-term on a platform like Airbnb than if you rented the home to a long-term tenant.11   The key is to keep it occupied as much as possible at a premium nightly rate. To do that, you’ll need some marketing savvy, hospitality skills, and business acumen. Of course, you can always hire a professional property manager, but you’ll need to factor the cost into your budget.   The vacation rental market enjoyed a boom during the pandemic, and some inexperienced investors are finding they bit off more than they can chew. As a result, there's an opportunity to snap up some of these properties, but you'll need some cash on hand and a willingness to learn the business.12   We can help you scout opportunities in our local market or, if you’re interested in investing in another area, we can refer you to an agent there for assistance.     BOTTOM LINE   Investing in real estate can be a great way to build your wealth long-term and earn some extra income. But to make the most of your investment, it pays to be strategic.   Call us for a consultation so we can discuss your goals and budget. We'll help you discover neighborhoods with the best income potential, point out the homes most suited to renting, and help you brainstorm the best investment strategy for you.        Before you take the plunge, make sure you can answer “YES” to these three questions:     Are you ready to be a landlord?   Owning a rental property can take a lot of time and energy. You're not just buying passive income, you're also building sweat equity since the time you spend maintaining, marketing, and managing your rental can add up quickly. So be prepared to do some soul-searching to ensure you’ll not only flourish as a landlord, but actually enjoy it.   If you want to invest in real estate but aren’t prepared to put in the day-to-day effort required, we can refer you to a property management service for help.   Can you afford to invest in real estate?   The last thing you want is to get over-extended with your new real estate venture. Besides the cost of purchasing the property, you’ll need to consider additional expenses, like property taxes, insurance, administrative costs, and maintenance and repairs. You will also need a cash reserve for unexpected issues or potential vacancies.   We can help you run the numbers to determine whether you can charge enough rent to offset your expenditures.   Have you found the right income property? Even if you’ve got your finances in order and are emotionally ready to invest, your success as a landlord will also depend on the property you buy. The criteria for a good rental home and a good family home are often different, so it’s important to lean on professionals for advice.   We can help you find an ideal rental property, taking into account your budget, risk appetite, and investment goals. If you decide to invest in a different area, we'll connect you with an agent who's more plugged into that community. Reach out today to schedule a free 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:   PR Newswire - https://www.prnewswire.com/news-releases/census-data-show-individuals-continue-to-own-largest-share-of-single-family-rental-homes-301725024.html Bankrate - https://www.bankrate.com/investing/survey-favorite-long-term-investment-2022/ Forbes -https://www.forbes.com/sites/forbesbusinesscouncil/2022/04/14/why-income-generating-real-estate-is-the-best-hedge-against-inflation/?sh=1081ce921746 MarketWatch -https://www.msn.com/en-us/money/realestate/another-challenge-for-homebuyers-more-investors-are-snapping-up-homes-and-40-of-them-are-using-cash/ar-AA1foWSB com - https://www.realtor.com/advice/buy/on-the-house-house-hacking-your-way-into-your-first-home/ NerdWallet - https://www.nerdwallet.com/article/mortgages/government-home-loans LendingTree - https://www.lendingtree.com/home/mortgage/down-payment-for-rental-property/ Quicken Loans - https://www.quickenloans.com/learn/house-hacking Investors Business Daily - https://www.investors.com/etfs-and-funds/personal-finance/rental-properties-investing-experts/ Louis Fed FRED Economic Data - https://fred.stlouisfed.org/series/MSPUS Story by J.P. Morgan - https://story.jpmorgan.com/real-estate-news/thinking-about-investing-in-short-term-rentals-heres-what-to-know Skift - https://skift.com/2023/07/21/short-term-rental-saturation-leads-to-a-correction-and-lots-of-home-sales/