Falling Mortgage Rates Are Bringing Buyers Back

 
 

If you’ve been hesitant to list your house because you’re worried no one’s buying, here’s your sign it may be time to talk with an agent.

After months of high rates keeping buyers on the sidelines, things are starting to shift. Rates are already coming down due to a number of economic factors. And yesterday the Federal Reserve cut the Federal Funds Rate for the first time since they began raising that rate in March 2022. And while they don’t control mortgage rates, this sets the stage for mortgage rates to fall even further than they already have – especially since more cuts from the Fed are expected into next year. And lower mortgage rates are bringing more buyers back into the market. Lisa Sturtevant, Chief Economist at Bright MLS, says:

“A drop in the cost of borrowing will help fuel more homebuyer demand . . . Falling rates will also bring more sellers into the market.”

The best part? You can take advantage of that renewed buyer interest.

As Rates Fall, Buyer Activity Goes Up

The graph below illustrates the relationship between falling mortgage rates and rising buyer activity. The orange line represents the average 30-year fixed mortgage rate, while the blue line shows the Mortgage Bankers Association (MBA) Mortgage Application Index, which tracks the number of mortgage applications.

As you can see, as mortgage rates (orange) come down, the Mortgage Application Index (blue) rises, showing more people start to re-engage in the process (see graph below):

 
 

What This Means for You

According to the National Association of Realtors (NAR), home sales increased in July, which was a welcome shift after four straight months of declines. If you’re a homeowner thinking about selling, this uptick in buyer activity works in your favor.

More buyers means more competition, which can lead to higher offers and shorter time on the market for your house. And, according to Edward Seiler, AVP of Housing Economics at the Mortgage Bankers Association (MBA), this trend is expected to continue:

“MBA is expecting that slower home-price appreciation, coupled with lower rates, will ease affordability constraints and lead to increased activity in the housing market.”

All in all, the market is becoming more accessible to a wider range of buyers, which could result in even more people looking to purchase a house like yours.

With more buyers entering the market, now’s the time to start getting your house ready to sell.

Bottom Line

The recent decline in mortgage rates is already driving more buyers into the market, and experts project this trend will continue. Work with a local real estate agent to take advantage of this increased buyer demand and get your house ready to sell.

Read more at KeepingCurrentMatters.com

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Pack Your Bags: The Best Fall Destinations to Visit This Season

 
 

Autumn is truly one of the best times of the year for travel.

Airfare has come down from its summer highs, the crowds have thinned, and the weather has mellowed out enough to be blissfully comfortable. Especially if you live in a region that doesn’t usually see much change in the seasons, this is your opportunity to experience fall in all its colorful glory. And if you’re dreaming about a fall getaway this year, now’s the time to start planning.

If you’re not sure where to go for the best autumnal experience, we’ve got you covered. Read on for 12 fall destinations within the U.S. that are absolutely worth a visit this time of year. Pick one (or two!) and start packing that suitcase full of chunky sweaters ASAP.

1. The Berkshires, Massachusetts

Visiting The Berkshires in the fall offers a quintessential autumn experience. Your itinerary might feel like it’s straight out of a Hallmark movie, filled with vibrant fall foliage, trips to pumpkin patches, and apple picking. One of the best ways to enjoy the crisp fall weather and stunning autumn colors is by hiking Monument Mountain, a popular 3.8-mile trail with breathtaking views at the summit. Once you’re exhausted from your trek, head to Hilltop Orchards for a fresh apple cider donut. The Berkshires are surrounded by charming towns like Great Barrington, West Stockbridge, and Williamstown, which are all great for a day trip or a leisurely drive. For an ideal rainy day activity, visit the Massachusetts Museum of Contemporary Art, an incredible museum that’s well worth your time.

2. Savannah, Georgia

While Savannah is stunning year-round, the cooler temperatures make fall the ideal season to visit. You’ll instantly fall in love with the city’s historical charm and cozy ambience. Start your day with breakfast and coffee at Foxy Loxy Cafe before exploring the city. Savannah is best experienced on foot, so you can fully appreciate its beautiful architecture and picturesque parks. Be sure to visit Broughton Street for some shopping, especially at The Paris Market, a two-story shop inspired by France’s open-air markets. Afterward, enjoy a sweet treat at Leopold’s Ice Cream, a beloved local spot since 1919. In the evening, dine at The Olde Pink House, famous for its Southern cuisine. Finish the night off by embracing Savannah’s spooky side with a ghost tour—perfect for getting into the Halloween spirit. The city has no shortage of haunted sites and eerie tales, making it an unforgettable experience for those brave enough to join.

3. Telluride, Colorado

If you’re looking to spend some time in the great outdoors this fall, look no further than colorful Colorado. The mountain town of Telluride is especially gorgeous this time of year and the perfect spot to see fall color on full display. There are tons of trails in the area if you’re into hiking or mountain biking; otherwise, a ride on the (free!) gondola is a spectacular way to take in the scenery. Just keep in mind that the gondola only runs through mid-October, so plan your getaway in early autumn so you don’t miss this attraction. Spend the rest of your days strolling and shopping through the picturesque Mountain Village, trying out all the amazing dining options, or sipping cold beer brewed using Rocky Mountain snowmelt at Telluride Brewing Company

4. New York, New York

“Don’t you love New York in the fall? It makes me want to buy school supplies.” There’s a reason this classic line from the movie You’ve Got Mail still hasn’t gotten old after 25 years. New York City in the fall is simply the best. Plan a visit for mid-to-late October, when you can wander around the Upper East and West Side and take in the beautiful brownstones decked out for Halloween. Pop downtown and spend a leisurely Saturday or Sunday morning searching for treasures at the Chelsea Flea Market. Tour the Met for an afternoon, and then take a walk in Central Park while enjoying the sound of leaves crunching underfoot. Cap off the weekend with drinks at one of these Instagram-famous West Village hotspots: Dante, Bar Pisellino, or Boucherie.

5. Hot Springs, Arkansas

If you want a fall getaway with equal parts beautiful scenery and small-town charm, Hot Springs, Arkansas is the trip for you. While in town, don’t miss the Garvan Woodland Gardens, a botanical garden that’s home to the Anthony Chapel, a stunning architectural gem you may have seen on Pinterest, and the Bob & Sunny Evans Treehouse, a unique structure unlike anything else. After spending some time in nature, stroll down Bathhouse Row to explore a collection of bathhouses built in the late 1800s and early 1900s. These bathhouses were constructed over natural hot springs, where the water was pumped into soaking tubs for therapeutic baths. Many of the bathhouses have been converted into shops and restaurants, but The Buckstaff still offers the traditional bathing experience. If you’re not in the mood to soak, enjoy a beer at Superior Bathhouse Brewery instead, or make your way to the Hot Springs Mountain Tower for incredible 360-degree views of the town. For a casual dinner, grab a slice at Deluca’s Pizza, often touted as “the best in Arkansas.”

6. Charlottesville, Virginia

Though it’s best known as home to the University of Virginia, Charlottesville is way more than just a college town. If you’re a wine lover, this city should be high on your list of fall destinations. Among the many wineries nearby, some favorites include Barboursville Vineyard, Pippin Hill Farm, and Bold Rock Carter Mountain (perfect for fans of cider). When you return to town, take some time to explore the UVA grounds. Even if your college days feel like a distant memory, you’ll love wandering around this scenic campus. Then, grab a bagel from Bodo’s and head to the Downtown Mall, a pedestrian mall with shops and restaurants galore. On your way out of town, drive over to Shenandoah National Park, where you can take in beautiful foliage and snag some postcard-worthy photos.

7. Philadelphia, Pennsylvania

Philadelphia is an often-overlooked destination that’s totally worth a visit when fall arrives. Home to landmarks like Independence Hall and the Betsy Ross House, Philly is chock-full of history. Simply wander the streets of Old City, and you’ll practically be able to taste the 18th-century charm. Wander down Elfreth’s Alley, which dates back to 1703 and features 32 delightfully colorful homes and a small museum. The street looks even more stunning with autumn leaves on the ground. Foodies won’t want to miss Reading Terminal Market, an expansive indoor farmer’s market offering all kinds of culinary creations. Afterward, head to the Philadelphia Museum of Art, where you’ll find the famous “Rocky Steps.” For dinner, the White Dog Cafe in University City—a sophisticated, dog-themed restaurant—is a can’t-miss. Be sure to order the pretzel bread!

8. Salem, Massachusetts

Do you go wild for Halloween? Then Salem is most definitely the place to be during spooky season. Known for the 1692 witch trials, Salem is still associated with all things supernatural and scary. You can even take Hocus Pocus-themed tours, as the city is home to several filming locations. Or get your shopping on at the Essex Street Pedestrian Mall, which resembles a cross between Boston’s Newbury Street and Harry Potter’s Diagon Alley. Note that things tend to get ultra-busy in October—no surprise there!

9. Woodstock, Vermont

We couldn’t make a list of dreamy fall destinations without touching on glorious Vermont. The town of Woodstock is located about two hours away from Vermont’s largest city of Burlington. Known as one of the prettiest towns in the U.S., Woodstock is the perfect place to kick back and enjoy classic fall activities like apple picking, hiking, maple syrup tasting, and more. And no trip to Vermont is complete without a stay at a cute B & B. Fortunately, there are plenty to choose from in the Woodstock area!

10. Portland, Maine

I went to college in central Maine, so I will 100 percent be the first to admit that I have a bias toward New England in the fall. If you’ve never been to Maine, I suggest taking a fall trip to Portland. The downtown area is absolutely delightful and filled with all kinds of bars, restaurants, vintage shops, and museums. If you love eating, drinking, and art, it’s the ideal city for you! Pay a visit to the Portland Museum of Art, grab dinner at Duckfat (known for its crispy, fried-in-duck-fat Belgian fries), and cap off the night at Blyth & Burrows. If you have access to a car, drive over to the Portland Head Light—the quintessential lighthouse you often see in Maine photos—and grab some snaps as you take in the fall foliage.

11. Washington, D.C.

If you haven’t spent time in Washington, D.C., since that eighth-grade field trip, it’s time to return. I grew up in the D.C. area and spent five years living in the city after college, so I can attest that there is so much more to see and do than what you hear about in school. In the fall, I love strolling through Georgetown and nearby Old Town Alexandria, where the Halloween decorations are top-notch. Both neighborhoods also offer ghost tours, if that’s your thing!

If you’re looking for a more small-town feel, stay at a bed-and-breakfast like the Tabard Inn. Located in the buzzy Dupont Circle neighborhood, the hotel offers a delicious selection of food and drink. (Don’t miss their chocolate chip pancakes in the morning.) For a touristy activity that’s a bit off the beaten path, check out the Hillwood Estate. Arrive with a picnic lunch in tow (from Foxtrot Market, Tatte, or Call Your Mother Deli), and enjoy a meal on the Hillwood grounds, which are particularly stunning in autumn.

12. Asheville, North Carolina

Located in the North Carolina mountains, Asheville is a charming town. It’s home to the gorgeous Biltmore Estate, which was built by George Vanderbilt and is considered America’s largest home. The estate offers tons of activities, including indoor tours, gardens, a winery, and more. So you’ll want to carve out a decent amount of time to explore this fascinating place. If you’re less into wine and more into beer, Asheville has breweries galore. Enjoy a pint or two, and then cap off your visit at the Asheville Pinball Museum, which boasts over 75 pinball machines plus other games.

Read more at TheEveryGirl.com

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As Featured in West + Main Home Magazine: From Inspiration to Renovation

 

West + Main Agent Michelle Henderson

My style has definitely evolved over the years and now embraces more color and quirk while keeping the bones classic
— Michelle Henderson

West + Main agent Michelle Henderson’s stunning Oklahoma home is filled with color and style, and we can’t get enough!

"My style has definitely evolved over the years and now embraces more color and quirk while keeping the bones classic,” said Michelle. “We have reno- vated several and built several homes and I played it much safer at all of our previous projects. This time, I really wanted to lean in to what I wanted without resale value in mind. And of course, this is my favorite project yet!"

Benjamin Moore Yarmouth Blue is a go-to for Michelle, because the color can be a neutral and this is the perfect example...it goes with anything!

"I am really into European sources right now,” shared Michelle. “Places like Alice Palmer & Co. and Matilda Goad. Etsy is a great place to source vintage and unique items like art, rugs and lighting. I also mix in things from places like Ballard Designs and CB2."

Michelle is always itching for her next project, and as this issue is going to print, it’s listed for sale and she’s ready to take on her family’s next dreamy home remodel in their same neighborhood!

 

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Minnesota Fall Leaves Drive Guide

 
 

NORTH SHORE OF LAKE SUPERIOR

Route: HWY. 61, Duluth to Grand Portage
Peak Color: Mid-Sept. to early Oct.

This route along America's largest Great Lake is known for its great fall color and lake views, making it very popular with leaf peepers. Yellow aspen and birch hug the shoreline, while scarlet maples line inland forest roads. Make sure you have a reservation for a place to stay, and try planning midweek trips to avoid the busiest travel periods. This has been designated as an "All American Drive," one of only 15 routes in the country so noted for their outstanding scenery. For an inland view, take Hwy. 1 through the colors of the Superior National Forest to Ely.

IRON RANGE LOOP

Route: HWY. 169 from Virginia to Tower, HWY. 135 through Biwabik back to Virginia
Peak Color: Mid-Sept. to early Oct.

There's a beautiful mix of color on this circle drive, and plenty of other highlights as well: Birding at the Sax-Zim Bog, two major golf courses at Giants Ridge (The Legend and The Quarry), ATVing at the Iron Range Off-Highway Vehicle Recreation Area and the U.S. Hockey Hall of Fame at Eveleth. At Virginia, there's an overlook of the area's deepest open pit mine and the popular Mesabi Bike Trail.

EDGE OF THE WILDERNESS

Route: HWY. 38, Grand Rapids to Bigfork
Peak Color: Mid-Sept. to early Oct.

This super scenic byway winds over hills through the colorful mix of pine and hardwoods of Chippewa National Forest. Return via Co. Rd. 7 and make a side trip to beautiful Scenic State Park. Or take one of the back roads through the forest, with stops at lakes and hiking trails along the way.

MISSISSIPPI HEADWATERS

Route: HWY. 71 between Park Rapids and Bemidji, plus numerous other roads around these towns
Peak Color: Mid-Sept. to early Oct.

Itasca State Park, the source of the mighty Mississippi River, is the star attraction on this route. Lake Bemidji State Park, with its birch and pine, is another highlight. There's a paved bike trail in Itasca, and mountain bike trails in Bemidji State Park. You'll also find scenic biking along the nearby Heartland State Trail.

OTTER TAIL COUNTY

Route: HWYS. 108 and 78, and numerous county roads
Peak Color: Late Sept. to early Oct.

The rolling countryside between Fergus Falls and Perham is a blend of wooded hills, lakes and farmland. Highlights include Glendalough State Park, the historic Phelps Mill, and the view from Inspiration Peak State Wayside- link opens in new tab. off Co. Rd. 38.

BRAINERD LAKES & MILLE LACS

Route: HWY. 371 and 6, and the county roads between them, plus HWY. 169
Peak Color: Late Sept. to early Oct.

Gull, Pelican and Cross Lakes and the Whitefish Chain of Lakes sparkle amid woods of maple, oak, birch and aspen. Mille Lacs Kathio State Park is an expanse of colorful forest at the edge of Mille Lacs. Fishing, boating, golfing and biking the Paul Bunyan State Trail are favorite activities in this lake country.

ST. CROIX RIVER VALLEY

Route: HWY. 95 from Taylors Falls to Afton
Peak Color: Late Sept. to mid-Oct.

The scenic St. Croix River winds through wooded hillsides and sheer cliffs. Wild River and William O'Brien state parks feature great river views. The charming towns of Stillwater, Taylors Fallsand Afton have numerous antique and gift shops. Boat excursions on the river are a great way to see the fall color. This drive is very popular in the fall; consider a midweek visit to avoid weekend traffic.

TWIN CITIES TOURING

Route: Parkways around Minneapolis lakes, along Minnehaha Creek, Mississippi and Summit Avenue
Peak Color: Late Sept. to mid-Oct.

Few major cities can boast such beautiful drives, all of which are even prettier in the fall. Circle Lake of the Isles and Bde Maka Ska, Harriet and Nokomis Lakes, and visit Minnehaha Falls. They're all along the Grand Rounds Scenic Byway. The Lake Street Bridge and Ford Parkway Bridge have great views of the Mississippi bordered by colorful, wooded hillsides. St. Paul's tree-lined Summit Avenue is bordered by stately homes.

MISSISSIPPI RIVER VALLEY

Route: HWY. 61 between Red Wing and La Crescent
Peak Color: Mid-Oct.

Charming river towns and wooded bluffs border the Mississippi River on this colorful route, characterized by steep hillsides dressed in brilliant autumn hues of red, russet and gold. Several scenic overlooks, including those at Frontenac and Great River Bluffs state parks, are must-stops. You'll also find several roadside apple stands for a tasty afternoon snack. This is a popular fall drive, so book your stay ahead of time.

MINNESOTA RIVER DRIVE

Route: Co. Rd. 6 and HWY. 93 from Belle Plaine to Le Sueur, then HWY. 169 to Mankato, then HWY. 68 to New Ulm
Peak Color: Late Sept. to mid-Oct.

Follow the bend in the river, and the ribbon of yellow and gold hardwoods that borders the Minnesota River. Along the way, you'll find riverside parks in Le Sueur, St. Peter, Mankato and New Ulm, as well as bluff-top overlooks in New Ulm.

Read more at exploreminnesota.com

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What To Know About Closing Costs

 
 

Now that you’ve decided to buy a home and are ready to make it happen, it’s a good idea to plan ahead for the costs that are a typical part of the homebuying process.

And while your down payment is probably the number one expense on your mind, don’t forget about closing costs. Here’s what you need to know.

What Are Closing Costs?

Simply put, your closing costs are the additional fees and payments you have to make at closing. And while they’ll vary based on the price of the home and how it’s being financed, every buyer has these, so they shouldn’t be a surprise. It’s just that some people forget to budget for them. According to Freddie Mac, this part of the homebuying process typically includes: 

  • Application fees

  • Credit report fees

  • Loan origination fees

  • Appraisal fees

  • Home inspection fees

  • Title insurance

  • Homeowners insurance

  • Survey fees

  • Attorney fees

 Some of these are one-time expenses that are baked into your closing costs. Others, like homeowners’ insurance, are initial installment payments for ongoing responsibilities you’ll have once you take possession of the home.

How Much Are Closing Costs? 

The same Freddie Mac article goes on to say: 

“Closing costs vary greatly depending on your location and the price of your home. Typically, you should be prepared to pay between 2% and 5% of the home purchase price in closing fees.”

With that in mind, here’s how you can get an idea of what you’ll need to budget. Let’s say you find a home you want to purchase at today’s median price of $422,600. Based on the 2-5% Freddie Mac estimate, your closing fees could be between roughly $8,452 and $21,130.

 But keep in mind, if you’re in the market for a home above or below this price range, your numbers will be higher or lower.

Tips To Reduce Your Closing Costs

If you’re wondering if there’s any way to inch that down a little bit, NerdWallet lists a few things that could help: 

  • Negotiate with the Seller: Some sellers are willing to cover part or all of these expenses — especially since homes are staying on the market a bit longer now. Sellers may be more motivated to compromise, and you’ll find you have a bit more negotiation power. So don’t hesitate to ask them for concessions like paying for the home inspection or giving you a credit toward closing costs.

  • Shop Around for Home Insurance: Since rising home insurance is a challenge in many areas of the country right now, take the time to get a clear picture of all your options. Each insurance company offers their own policies and coverage, so get multiple quotes and see how they compare. Choosing a policy that provides reliable coverage at a competitive rate can make a difference.

  • Look into Closing Cost Assistance: Just like there are programs out there to help with your down payment, options exist to get support with closing costs too. While they’ll vary by area, there are programs for various income levels, certain professions, and specific towns or neighborhoods too. If you want to learn more, Experian says:

“Your real estate professional should be able to steer you toward applicable programs, and the U.S. Department of Housing and Urban Development (HUD) maintains a helpful resource for finding homebuying assistance programs in every state.”

Bottom Line

Planning for the fees and payments you'll need to cover when you're closing on your home is important – and it doesn’t have to be a big surprise. For more tips and expert advice, partner with a team of trusted real estate professionals, including a trusted agent and lender.

Read more at KeepingCurrentMatters.com

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