February 15, 2024

West + Main Homes

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

Home Exterior Projects That Scream Spring

February 15, 2024

West + Main Homes

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

Spring brings new beginnings and a fresh start to everything around us.

It’s the perfect time to give your home exterior some much-needed attention and do some upgrades to enhance its beauty and functionality. Whether you want to increase your curb appeal or make your outdoor living spaces more comfortable and inviting, there are plenty of home exterior projects that can help you achieve your goals. Below are some home maintenance projects highlighting some of the top things you can do to make your home scream spring this year.

Landscaping
One of the easiest and most effective ways to refresh your home exterior for spring is to invest in some landscaping projects around the property. You can start by cleaning up your yard, such as removing any dead branches, leaves, or debris from the ground that may have accumulated over the winter months. Then, consider planting some colorful flowers, shrubs, or trees to add some vibrancy and life to your yard. You may also want to add mulch or rocks to your landscaping beds to create a more polished and finished look that complements your home’s architectural style. You can also look around for more serious fixes for your yard, whether that means you need a tree removed or a path installed.

Exterior Painting
A fresh coat of paint is a surefire way to transform your home’s exterior and make it look brand new. Choose a color that complements your home’s design and surrounding landscape, and go for high-quality paint that will last for many seasons to come. You can also paint your front door, shutters, or trim to add some contrast and enhance your curb appeal. If you’re not confident in your painting skills, consider hiring a professional painter who can do the job for you.

Outdoor Lighting
Outdoor lighting can make a huge difference in how your home looks and functions at night. Install some subtle yet effective lighting fixtures around your pathways, driveway, porch, or patio to increase safety and add some ambiance to your outdoor spaces. You can also accentuate your landscaping features, such as trees or water features, with strategically placed lights that highlight their beauty and create a dramatic effect.

Deck or Patio Remodeling
If you love spending time outdoors, investing in a deck or patio remodel can greatly increase your home’s value and enjoyment. Consider adding some comfortable seating, an outdoor dining area, a built-in grill or fire pit, and some plants or flowers to create a cozy and inviting atmosphere that everyone will love. Make sure to choose durable and weather-resistant materials that can withstand the elements and stay looking great for years to come.

Roof Repair or Replacement
Last but not least, don’t forget to take care of your home’s roofing system this spring. Winter weather, especially snow and ice, can take a toll on your roof’s integrity and lead to leaks, cracks, or other damage that can compromise your home’s safety and comfort. Hire a professional roofing contractor to inspect your roof and recommend any necessary repairs or replacements. You can also consider upgrading to a more energy-efficient and durable roofing material that can save you money on utility bills and increase your home’s resale value.

Transforming your home exterior for spring is a fun and rewarding project that can greatly enhance your home’s aesthetics, functionality, and value. Whether you choose to invest in landscaping, painting, lighting, outdoor living spaces, or roofing, make sure to choose high-quality materials and work with trusted professionals who can help you bring your vision to life. With the right upgrades and maintenance, your home can look and feel amazing all year round.

New Student Loan Repayment Plan Could Make It Easier For Borrowers to Become Homeowners

February 15, 2024

West + Main Homes

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

A new, more affordable repayment plan for federal student loan borrowers may come with another advantage: It could make it easier to become a homeowner.

The Saving on a Valuable Education, or SAVE plan, can cut borrowers’ monthly payments in half, and leave many people with a $0 bill. The Biden administration officially rolled out “the most affordable repayment plan yet” over the summer.

“Switching to a repayment plan that has a lower monthly payment can help a borrower qualify for a mortgage,” said higher education expert Mark Kantrowitz.

Half of student loan borrowers — including 60% of millennial borrowers — who haven’t yet purchased a home say their education debt is delaying them from doing so, according to a 2021 report by the National Association of Realtors.

Here’s how the SAVE plan could soon change that, experts say.

Smaller payments can help prospective homebuyers

Your debt-to-income ratio, which is usually calculated by dividing all your monthly debts by your monthly income, is a key factor in mortgage underwriting, said Christelle Bamona, a senior researcher at the Center for Responsible Lending.

“Those eligible for SAVE will experience reduced payments, which will in turn lower their debt-to-income ratio,” Bamona said. Most borrowers should qualify for the SAVE plan as long as their loan is in good standing.

Borrowers making payments on their student debt who enroll in SAVE could see their ratio fall somewhere between 1.5% to 3.6%, according to a new report by the Center for Responsible Lending.

Here’s how that happens.

For one, the SAVE plan increases the income exempted from your payment calculation to 225% of the poverty line, from 150%. As a result, the first roughly $33,000 of your income won’t be factored into your monthly obligation, up from around $23,000 on the other income-driven repayment plans. These numbers represent single individuals. More income is protected as family size increases.

Starting in July, an even bigger perk of the plan will be available.

Instead of paying 10% of your discretionary income a month toward your undergraduate student debt under the previous Revised Pay As You Earn Repayment Plan, or REPAYE, borrowers will be required to pay just 5% of their discretionary income. The SAVE plan has replaced REPAYE.

Kantrowitz provided some examples of how much borrowers could see their bills drop.

Previously, someone who made $40,000 a year would have a monthly student loan payment of around $151. Under the SAVE plan, their payment would fall to $30.

Similarly, someone who earned $90,000 a year could see their monthly payments shrink to $238 from $568, Kantrowitz said.

In the past, most mortgage lenders assumed that a borrower’s monthly student loan payment was a certain percentage of their loan balance, even if the actual payment was lower, Kantrowitz said.

Fortunately, he said, “They now base it on the actual loan payment.”

There’s one catch: Many mortgage lenders won’t use a $0 monthly student loan payment in their underwriting process, which the SAVE plan could leave many borrowers with. In such cases, lenders may still calculate your monthly obligation as a share of your total debt.

The Center for Responsible Lending wants to see this change.

“By not counting their monthly payments as $0 in the underwriting process, lenders are artificially inflating consumers’ monthly debt obligation,” Bamona said. This could potentially prevent millions of low-income Americans from getting a mortgage, she added.

Saving for a down payment may be easier under SAVE

The SAVE plan may also help more people get in financial shape to buy a house, experts say. That’s because a smaller monthly payment could enable them to direct more cash to their savings, and reach their down payment goal faster.

Student loan borrowers who are first-time homebuyers may also be eligible for financial assistance, Bamona said, and should research their options.

“Grants or down-payment assistance programs may be accessible to first-time homebuyers, provided by agencies and organizations within their state or municipality,” she added.

Weekend Home Updates!

February 15, 2024

West + Main Homes

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

Every homeowner has that list of home repairs that’s been lingering on their to-do list.

Now is the perfect season to roll up your sleeves and start checking off those tasks. Need some inspiration? We’ve got a few simple ideas to guide you through your home projects. For detailed instructions and more information on these projects, check out our latest blog post!

Update Bathroom Hardware:

Bathrooms are a smaller room in your home, making it an excellent place to start when it comes to weekend home renovations. For starters, you could re-grout any dingy tile and re-seal the tub surround to give it a nice clean look.

However, one easy weekend project for a bathroom is to replace outdated hardware, such as the showerhead, faucets, handles and cabinet hardware. Today, a popular hardware finish is satin brass, which offers a brushed, matte look more subtle than the ’90s trend and bold black. This update could apply to kitchen hardware as well!

Organize Kitchen Pantry:

Your kitchen could probably use a few updates, but it’s best to start with one project at a time. Don’t attempt to renovate your complete kitchen over a single weekend. However, there are a few weekend renovations that are quicker than others.

One easy project is to reorganize the pantry, cabinets and shelves. Take some cabinet organization tips from House Beautiful and before the weekend arrives, take note of your current organizational method. Is there a spot for everything, or is there that one appliance that inevitably stays on the kitchen counter? Rearranging your cabinets may offer you extra shelving space, allowing you to squeeze in something extra. As you assess your pantry and cabinets, also ask yourself if you could use any drawer inserts or containers to keep collections together, making it easier to locate. Rotating spice racks are a great way to keep everything neat and within reach as you cook.

Make a Bookshelf Bar Cart:

Bar carts add great storage and make entertaining a breeze. Now you can create your own out of an old bookshelf with a few simple steps from designer Brian Patrick Flynn.

Update Your Bathroom Door:

Take any basic door and add instant drama with a bit of trim and the color of your choice. Here, a bluish-gray hue brings this plain white door to life. Follow the instructions found here.

Install New Flooring:

While you may not be able to install new flooring throughout your entire home in a single weekend, you can start small with something like a bathroom, kitchen or mudroom. Choose proper flooring for the space with moisture-resistant or waterproof qualities. The best bathroom flooring could be anything from vinyl sheet to waterproof hardwood. Beauflor Pure vinyl plank or tile is a fantastic waterproof flooring option. Raintree Flooring also offers a variety of styles and will increase your home’s resale value.

Create a Feature Wall:

Find a wall in your home that could use an extra touch. Whether it’s a wall in the entry foyer or a wall behind the fireplace, consider how to draw the eye toward it. Start with paint chips and find a color that matches your home’s existing decor. Keep in mind that with a feature wall, you can choose a more fun, bright color instead of sticking with a safe neutral. You can not only paint in a single day, but once it’s dry, you can even hang artwork and accessorize areas, like the fireplace mantel, to complete your feature wall.

Bridging the Gaps on the Road to Homeownership

February 15, 2024

West + Main Homes

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

Homeownership is a major part of the American Dream. But, the path to achieving this dream can be quite difficult.

While progress has been made to improve fair housing access, households of color still face unique challenges on the road to owning a home. Working with the right real estate experts can make all the difference for diverse buyers.

It’s clear that achieving homeownership is more challenging for certain groups because there’s still a measurable gap between the overall average U.S. homeownership rate and that of non-white groups. Today, Black households continue to have the lowest homeownership rate nationally (see graph below):

Homeownership is an important part of building household wealth that can be passed down to future generations. According to a report by the National Association of Realtors (NAR), almost half of Black homebuyers in 2023 were first-time buyers. That means many didn’t have home equity they could use toward their home purchase.

That financial hurdle alone makes buying a home more challenging, especially at a time when affordability is a major concern for first-time buyers. Jessica Lautz, Deputy Chief Economist at NAR says:

“It’s an incredibly difficult market for all home buyers right now, especially first-time home buyers and especially first-time home buyers of color.”

Because of these challenges, there are several down payment assistance programs specifically aimed at helping minority buyers fulfill their homeownership dreams:

The 3By30 program offers valuable resources for Black buyers, making it easier for them to secure a down payment and buy a home.
For Native Americans, Down Payment Resource highlights 42 U.S. homebuyer assistance programs across 14 states that make homeownership more attainable by providing support with down payments and other costs.
Fannie Mae provides down payment assistance to eligible first-time homebuyers living in Latino communities.

Even if you don’t qualify for these programs, there are many other federal, state, and local options available to look into. And a real estate professional can help you find the ones that best meet your needs.

For minority homebuyers, the challenges that remain can be a point of pain and frustration. That’s why it’s so important for members of diverse groups to have the right team of experts on their sides throughout the homebuying process. These professionals aren’t only experienced advisors who understand the market and give the best advice, they’re also compassionate educators who will advocate for your best interests every step of the way.

Bottom Line

Connect with a real estate professional to make sure you have to make sure you have the information and support you need as you walk the path to homeownership.

From Surging Layoffs to a Presidential Election: What Will 2024 Bring for the Housing Market?

February 15, 2024

West + Main Homes

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

This year has barely begun, and it already seems destined for the history books.

The next 11 months are jam-packed with a combative presidential election, two large wars abroad, a string of high-profile companies announcing layoffs, and fears over whether the U.S. Federal Reserve will be able to guide the U.S. economy to a soft landing.

How each of these concerns plays out this year will ultimately affect the fate of the housing market, which had largely been frozen last year due to high home prices and mortgage rates. Buying or selling a home is one of the largest financial transactions most people will ever make. If they are worried about the future, they might prefer to opt out of the housing market and stay put instead.

“In 2024, the only thing that is certain is uncertainty itself,” says Yelena Maleyev, a senior economist at KPMG. “Uncertainty slows the economy. It can slow or stop investment decisions or hinder consumer spending.”

It isn’t just buyer and seller psychology in play. What happens with the economy will influence which direction mortgage rates move next.

If rates go down, closing on a home might become a whole lot more affordable—if buyers still have jobs to fund these purchases. If rates rise, however, then the market could remain stuck in limbo.

“There are some concerns about what’s ahead,” says Realtor.com® Chief Economist Danielle Hale. “But these things don’t play out quickly.”

Could the presidential election stall home sales?

One of the most anticipated—or dreaded—events of this year is the U.S. presidential election.

It’s increasingly looking like there will be another showdown between President Joe Biden and former President Donald Trump in November, although the Republican nominee hasn’t been decided just yet. But no matter who becomes the nation’s 47th president, the impact of the election will extend far beyond politics.

The possibility of a new administration with new policies and all of the anxiety that brings can cause some would-be buyers and sellers to hit the pause button, regardless of which party ticket they prefer.

But the election is typically more of a brief blip than something that causes lasting damage.

“Usually, home sales are unchanged compared to a non-election year with the exception being November. In an election year, November is slower than normal,” says Ali Wolf, chief economist of building consultancy Zonda.

By December, the market has usually returned to normal, she says.

As big of a deal as deciding who will lead America will be, a presidential election isn’t always the biggest thing going on in a year.

“Americans, I have no doubt, will pay a lot of attention to the election even if they’d rather watch anything else,” says Hale. “But that doesn’t mean it’s going to be the dominant factor in the economy.”

Take 2008, the year that Barack Obama was elected president. That was the same year that the housing market melted down, foreclosures swept the nation, and scores of builders went out of business.

Then there was 2020, when the COVID-19 pandemic erupted. Initially, the housing market stalled but then picked up quickly as those stuck inside wanted larger homes and yards at the same time that mortgage rates dropped to record lows. Those larger homes were suddenly more affordable thanks to the lower rates.

“There’s a lot going on. A lot of those things could have contradictory impacts on not just the housing market, but the broader economy,” says Jacob Channel, LendingTree’s senior economist. “Where we sit right now, there are encouraging signs. … [But] there are no guarantees.”

Unemployment could hurt the housing market

Another threat to the housing market is a recession with widespread unemployment. Since March 2022, the Fed raised interest rates 11 times in its fight to bring down inflation. While the Fed plans to begin cutting rates this year as long as inflation continues to come down, economists are divided on whether the Fed will achieve its “soft landing.”

The news has been filled with companies with household names, such Google, Amazon, and UPS, announcing layoffs this year. The number of folks losing their jobs surged 136% from December to January, according to a recent report from Challenger, Gray & Christmas.

However, layoffs were down 20% year over year in January, according to the outplacement firm. And overall unemployment remained low, at 3.7% in January, according to federal unemployment data. (The data generally takes some time to catch up to what’s happening in the labor market.)

“At least right now, the fundamentals of the economy, despite some hiccups, are doing pretty good,” says Channel. “While things are far from perfect, the economy is probably doing better than people want to give it credit for.”

When it comes to buying a home, though, perception might matter more than data. Those who are concerned about the stability of their jobs are a lot less likely to go home shopping.

“Job security is something that impacts consumer confidence,” says Hale. “If they’re not secure in their jobs, it’s hard to see them buying a house, which involves a big chunk of cash upfront and a commitment to pay your mortgage for 15 to 30 years.”

Ironically, there is an upside to rising unemployment. If unemployment ticks up uncomfortably high and the nation slips into a recession, the U.S. Federal Reserve is likely to cut interest rates to stimulate the economy. Mortgage rates, which are separate but generally follow the same trajectory, would be expected to fall as a result.

Those lower rates would make buying a home more affordable. Buyers with good jobs who had previously been priced out of homeownership could jump back into the housing market, giving it a jolt.

“Anything that inserts an element of uncertainty into financial markets could result in downward pressure on mortgage rates,” says Odeta Kushi, deputy chief economist at First American Financial.

Wars abroad could also affect the U.S. housing market

The deadly wars in Ukraine and the Middle East have the potential to affect the U.S. housing market, resulting in higher mortgage rates.

“If there are any natural resources and trade disruptions, that’s when it could impact the U.S. economy,” says Wolf. “It may cause higher costs.”

If the cost of goods and gasoline rises, then inflation will go back up. And hopes of the Fed cutting rates quickly, and mortgage rates coming down, could be dashed.

“Should conflicts in the Middle East escalate, we could see gas prices increase and inflation could reverse course,” says Channel.

Blog

Spring brings new beginnings and a fresh start to everything around us.

Read more at Rismedia.com

Related Links

A new, more affordable repayment plan for federal student loan borrowers may come with another advantage: It could make it easier to become a homeowner.

Read more at CNBC.com

Related Links

Every homeowner has that list of home repairs that’s been lingering on their to-do list.

Read more at Twenty & Oak and HGTV

Related Links

Homeownership is a major part of the American Dream. But, the path to achieving this dream can be quite difficult.

Read more at KeepingCurrentMatters.com

Related Links

This year has barely begun, and it already seems destined for the history books.

Read more at Realtor.com

Related Links

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