January 8, 2025

Sam Kornick

Colorado, Minnesota, National, North Carolina, Oklahoma, Oregon

Mortgage Forbearance: A Helpful Option for Homeowners Facing Challenges

January 8, 2025

Sam Kornick

Colorado, Minnesota, National, North Carolina, Oklahoma, Oregon

Let’s face it – life can throw some curveballs. Whether it’s a job loss, unexpected bills, or a natural disaster, financial struggles can happen to anyone. But here’s the good news. If you’re a homeowner feeling the squeeze, there’s a lifeline that many people don’t realize is still available: mortgage forbearance.

What Is Mortgage Forbearance?

As Bankrate explains:

“Mortgage forbearance is an option that allows borrowers to pause or lower their mortgage payments while dealing with a short-term crisis, such as a job loss, illness or other financial setback . . . When you can’t afford to pay your mortgage, forbearance gives you a chance to sort out your finances and get back on track.”

A common misconception is that forbearance was only accessible during the COVID-19 pandemic. While it did play a significant role in helping homeowners through that crisis, what many people don’t know is that forbearance is still a tool to support borrowers in times of need. Today, it remains a vital option to help homeowners in certain circumstances avoid delinquency and, ultimately, foreclosure.

The Current State of Mortgage Forbearance

Forbearance continues to serve as a valuable safety net for homeowners facing temporary financial challenges. While the overall rate of forbearance has seen a slight increase recently, it’s important to understand what’s driving this change and how it fits into the broader picture.

According to Marina Walsh, VP of Industry Analysis at the Mortgage Bankers Association (MBA):

“The overall mortgage forbearance rate increased three basis points in November and has now risen for six consecutive months.”

While the share of mortgages in forbearance has significantly declined since its peak in mid-2020, there has been a slight but notable increase in recent months. This uptick is largely tied to the effects of two recent hurricanes - Helene and Milton.

Natural disasters like these often create temporary financial hardships for homeowners, making forbearance a crucial safety net during recovery. In fact, 46% of borrowers in forbearance today cite natural disasters as the reason for their financial struggles.

Even with the most recent uptick, the share of mortgages in forbearance is nowhere near pandemic levels, and, thankfully, reflects a very small portion of homeowners overall.

Why Forbearance Matters

Forbearance can help borrowers avoid the spiral of missed payments and foreclosure. It provides breathing room to address challenges and plan next steps. And while most homeowners today are not in a position to need forbearance, thanks to strong equity and foundations of the current housing market, it is an option for the few who do need it.

If you or a homeowner you know is facing financial difficulties, the first step is to contact your mortgage lender. They can walk you through the forbearance process and help you understand your options. Keep in mind that forbearance is not automatic — you need to apply and discuss the terms with your lender.

Bottom Line

In tough times, knowing your options can bring peace of mind. Forbearance isn’t just a financial tool — it’s a lifeline. And while the recent increase in forbearance rates might make headlines that give you pause, the truth is this option is working exactly as it should: helping those who need it most get through difficult moments without losing their homes.

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January 6, 2025

West + Main Homes

Colorado, National, Oklahoma, Colorado Springs, Mountains, Minnesota, North Carolina

As Featured in West + Main Home Magazine: Vintage Vibe to Inspired Design

January 6, 2025

West + Main Homes

Colorado, National, Oklahoma, Colorado Springs, Mountains, Minnesota, North Carolina

West + Main agent Jessie Matteson

“We fell in love with the vision of what the space could be”

— Jessie Matteson

When West + Main Agent Jessie Matteson and her family bought their off-market home two years ago, they saw potential where others might have seen only orange shag carpeting, outdated windows, and mechanicals begging for an upgrade. But instead of being overwhelmed, Jesse and her family dove headfirst into what would become a major labor of love.

“We fell in love with the vision of what the space could be,”

says Jesse, who didn't shy away from doing much of the work herself. In fact, the family tackled the entire demo by hand. With the help of her handy father-in-law and dad, the Mattesons opened up the main level, knocking down walls to create a kitchen and dining area perfect for entertaining.

“We wanted a space that felt warm and inviting,” Jessie explains. “We went big with the kitchen island to make it a spot for friends and family to gather. It’s the main hangout spot in our home, so we made sure it was both pretty and practical.” The kitchen, with its massive island, quickly became the heart of the house. “We spend a lot of time around that island, whether it's hosting, working from home, or just living life.”

One of Jessie’s favorite features is the flooring, which was lovingly laid by her husband. “It adds such a cozy feel to the whole house,” she says, reflecting on the warmth and comfort it brings to the space.

The remodel also boasts a custom railing, adding a playful transition from the kitchen to the lower-level living room. And though the basement still awaits its full makeover, Jessie says, “The main floor is mostly finished, and it feels so good to see our hard work finally pay off.”

Remarkably, the family didn’t work with an architect or designer for the project. Instead, inspiration came from nearby neighbors who had tackled similar renovations.

“Once we saw that what we were thinking was possible, I started designing the kitchen layout myself,” Jessie explains.

As foster parents, they wanted flexible, cozy spaces that could evolve with each child. “We used furniture that was my grandmother’s and some refinished pieces my mom redid. A mix of new and old makes a space feel cozy and lived in.”

Renovations, of course, come with their share of challenges. But for Jessie, the highlight was working alongside her dad and father-in-law. “It’s the third home renovation we’ve done, and I love the extra time I get to spend with them. There’s a lot of problem-solving and brainstorming – it’s always fun, though sometimes stressful!”

As for advice for others thinking of doing their own remodel? “Things won’t always go as planned, and that’s okay. For design, don’t overthink it. Often, the first thing that catches your eye is what you’ll come back to. And know your limits—it’s important to hire out when you need to.”

For Jessie, the remodel has been more than just an aesthetic transformation. “This house has been a real labor of love,” she says. And with the warmth and care woven into every detail, it’s easy to see why.

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January 6, 2025

Sam Kornick

Colorado, Minnesota, National, North Carolina, Oklahoma, Oregon

What’s Motivating More Buyers To Choose a Newly Built Home?

January 6, 2025

Sam Kornick

Colorado, Minnesota, National, North Carolina, Oklahoma, Oregon

Planning to buy a home soon? Why not go for something brand-new? Because data shows a lot more buyers are seeing the appeal of new home construction these days – and you may find out it’s what you want too.

The National Association of Realtors (NAR), explains that newly built homes accounted for 15% of all homes sold last year. That’s a significant increase, and is actually the highest percentage in 17 years.

To get a closer look at why so many people are opting for a brand-new home, NAR surveyed recent buyers. And here are the top reasons why new builds gained so much popularity:

Avoiding Renovations or Problems with Plumbing or Electricity

According to buyers, the number one benefit is the peace of mind that comes with getting brand-new everything. Because let’s face it, buying a home right now is pricey. And with inflation also putting a pinch on your wallet, you want to do everything you can to cut down on any additional costs. Enter new builds.

A home that was just built is less likely to have unexpected repairs, and that means less maintenance you’ll need to budget for upfront. Plus, since many builders include warranties on their homes, that’s an added layer of protection for your wallet on some of the home’s major systems.

Ability To Choose and Customize Design Features

You may also get the chance to personalize parts of the build to your unique tastes. That can be as small as which knobs go on the cabinets and which light fixture goes in the dining room to as big as floor plans and siding color. So, if you’re not finding a home you like, it may be time to build one.

The Amenities of New Home Construction Communities

Many new developments also offer amenities like parks, pools, fitness centers, and community spaces. These features could help you feel more connected to your neighborhood and can be a great perk for your lifestyle.

Lack of Inventory of Previously Owned Homes

Since the supply of existing homes (homes that were previously lived in) is still lower than the norm, more people are asking their agents if they can see what builders have available – and builders aren’t disappointing. Right now, new builds make up a larger portion of the homes available for sale than the norm. So, checking out these homes can really open up your pool of options. And don’t worry – builders are not overbuilding. They’re just catching up after years of underbuilding.

Energy Efficiency

Not to mention, newly built homes usually have the latest energy-efficient materials and technologies. This not only feels good, but can also lead to lower utility bills and a reduced environmental footprint. In a U.S. News Real Estate interview with Kevin Morrow, Senior Program Manager at the National Association of Home Builders (NAHB), this topic came up:

“The more energy-efficient mechanics of the house also help reduce utility bills for new home buyers . . . Newly-constructed homes often include green systems and appliances—like high efficiency stoves, refrigerators, washing machines, water heaters, furnaces, or air conditioning units—that homes built years ago might not.”

Smart Home Features

And last on this list is the integration of smart technologies. Tech-savvy buyers often want the latest and greatest advancements – and new home construction usually delivers.

The Importance of Using Your Own Agent

Newly built homes are becoming a top pick for buyers these days, and it’s easy to see why. If you’re feeling motivated to see what’s out there, just remember you need to have your own real estate agent.

Builder contracts often have some complex terms and complicated fine print. If you bring your own agent, you’ll have someone to advocate for you, make sure you’re getting quality construction, and guide you through the process from start to finish.

Bottom Line

Imagine skipping the hassle of renovations and having the freedom to pick out the exact design features you want. If this sounds good to you, connect with a local agent to make sure you’ve got an expert on your side to help you negotiate with the builder so you can buy a new home with confidence.