As Featured in West + Main Home Magazine: Welcome To The Farm

 

Client of West + Main agent Kendra Clark: Kalyn Denno

It turned out to be one of our best decisions, as we not only had the opportunity to live comfortably during our renovation, but now we have an ADU that can be utilized for friends, family and potential rental income
— Kalyn Denno

When West + Main Agent Kendra Clark's client, Kalyn Denno, bought this amazing property, they weren’t even looking to move, and they had just finished another huge renovation...but sometimes those casual late-night Real Estate portal sessions uncover new dreams!

"I am a sucker for an old home and couldn’t ignore the endless potential of this property,” said Kalyn. “The original idea was to simply renovate the home on the property and use the 2-stable barn as a workshop for my husband’s woodworking interests and for my furniture flipping and DIY pursuits. However, once we saw the scope of work to get the home where we wanted it and the onset of the pandemic, we quickly realized that we would have to move out for at least a year or more!”

Upon that realization, Kalyn turned to her husband and said, “I have a crazy idea... but hear me out. What if we turned our barn into a 2 bedroom house and moved into it while our home is being renovated? It will take a bit more time and a bit more money, but we wouldn’t be throwing money away renting somewhere else, but rather would invest it back into our own property." And, so they did!

Kalyn is a self-professed old-home addict who has a passion for design and all things old and is always searching for that special home that needs saving.

When we first saw this home it was old, musty, in need of repair...and I loved it!!” Kalyn and her family eventually aim to have a home that pays for itself and have utilized many opportunities from hosting small events + workshops at the barn, to short term rental opportunities, to selling farm stand products that come from our property.

"We purchased a long, handmade cabinet from Facebook Marketplace and have re-purposed it into an ‘on your honor’ farm stand. We plan on selling lavender from our fields, fruit from our trees and vegetables from our gardens. All of these accumulate and help us to achieve our goals each Summer."

Kalyn’s design style is a combination of traditional, vintage, boho and eclectic, and this home is the perfect showcase for her skills!

"I try to recreate the look and feel of an old home, but with new (up to code) bones. I find that the best way to accomplish this is to actually incorporate old things back into the home! The majority of our home decor (furniture included) is thrifted or second hand. I find that blending old with the new creates a ‘storied’ home...one that’s filled with warmth, charm and character. We also tried to honor our home’s history by incorporating as many elements back into it as possible. Salvaged items in our home include the original horse stable barn doors and track, furniture left by the previous home owners (the repurposed cubbies in the barn bedroom and the white bench in the mudroom), and a ton of the beams and barn wood were worked back into areas, such as mudroom nook ceiling, over the bar windows and into the barn and main home's hood vents."

 

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Signs of housing demand surge after interest rate cut

 
 

Mortgage rate locks are up 68% from a month ago, while home tour requests are also on the rise.

The question from the housing industry after the Federal Reserve’s half-point interest rate cut is simple — will this bring buyers back to the stalled housing market?

A new report from Redfin suggests that it is already happening. The company analyzed mortgage rate-lock data from Optimal Blue and found that locks have risen 68% this week compared to one month earlier.

That’s just one signal that demand is increasing. Purchase mortgage applications are up more than 10% compared to last month, while Redfin’s homebuyer demand index — which measures home tours and other agent services — reached its highest level since May with a 1% year-over-year rise.

“News of the Fed’s historic interest-rate cut is the main factor bringing home buyers off the sidelines,” the report reads. “Many house hunters had been waiting for the rate cut to actually happen to get serious about buying, and now they have, even though mortgage rates didn’t fall further after the rate cut than they had in the week leading up to it.”

The rate cut comes at a good time for a housing market that’s been starved for sales. While the new-home sales report for August showed a 9.8% year-over-year rise in transactions, existing-home sales — which make up the bulk of the market — were down 4.2%.

There are also signs that lower rates are contributing to improved housing affordability. A report from Attom compared the median price of a home with the average national wages in the second quarter of 2024, finding that the costs associated with homeownership are taking up a smaller share of wages.

The Mortgage Bankers Association also reported that the national median mortgage payment for applicants fell by 5.2% between July and August.

Read more at HousingWire.com

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12 Curb Appeal Updates You Can Do Now to Make Spring Maintenance a Breeze

 
 

Blooming flower bushes, lush hedges, freshly trimmed grass—they’re pillars of curb appeal, and yet, for those of us in cooler climates, fleeting.

Autumn brings brown lawns and lots of raking, but true yard work? Not so much. Well, don’t lock up the garden shed just yet. According to a new report from Thumbtack on the U.S. cities with the best curb appeal of 2024 (and the projects people are booking the most in the fall), there is still plenty to be done. And the projects you tackle now will only help boost your curb appeal in the spring.

Here’s a look at the 12 tasks you can do this season to elevate your outdoor space, plus how much they’ll cost you if you hire them out.

  1. Aerating lawn ($242)

  2. Overseeding lawn ($277)

  3. Fertilizing lawn ($257)

  4. Gutter cleaning ($235)

  5. Leaf cleanup ($222)

  6. Outdoor insect control ($248)

  7. Pressure washing ($362)

  8. Shrub trimming ($326)

  9. Sprinkler system ($152)

  10. Tree trimming ($782)

  11. Weeding ($209)

  12. Window cleaning ($264)

Tally that up and you’ll find that the average cost of a fall exterior revamp comes to $3,756. Of course, you don’t have to take on every last job mentioned above. The first five are the most crucial, says Thumbtack. Overseeding and aerating your lawn allow nutrients to sink into the soil and improve your grass coverage; pruning perennials promotes healthy new growth next year; and getting into those gutters ensures the integrity of your roof stays sound. Luckily, you’re probably familiar with the last one: becoming best friends with your rake to avoid moisture getting trapped in your lawn. Because when 71% of people admit to judging their neighbors’ yards, you don’t want to be that house on the block come March.

Read more at Domino.com

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Why Buying Now May Be Worth It in the Long Run

 
 

Should you buy a home now or should you wait?

That’s a question a lot of people have these days. And while what’s right for you is going to depend on a lot of different factors, here’s something you’ll want to consider as you make your decision.

As soon as you buy, you’ll start gaining equity. And you’d be surprised how quickly that can add up – even with more moderate home price appreciation.

Each quarter, Fannie Mae releases the Home Price Expectations Survey. It asks over one hundred economists, real estate experts, and investment and market strategists what they forecast for home prices over the next five years. In the latest release, experts project prices will continue to rise nationally through at least 2028 (see the graph below):

 
 

While home prices are going to vary from one local area to the next, this shows they’re expected to keep going up nationally. The size of the increase varies from year-to-year, but the important takeaway is that prices are forecast to rise every single year – just at a moderate pace.

And while rising home prices may not sound great right now, once you own a home, that growth will be a big bonus for you. Here’s a look at what you stand to gain equity-wise once you buy. The graph below uses a typical home’s value and those HPES projections to show how much equity is at stake:

 
 

If you bought a $450,000 home at the beginning of this year, based on that starting value and the expert forecasts from the HPES, you could gain more than $90,000 in household wealth over the next five years. That’s significant.

So, if you’re ready and able to buy, and growing your wealth is important to you, you’ve got an opportunity in front of you. And now that mortgage rates have fallen, it may be time to consider making a move.

To talk more about your options and what makes sense, lean on a pro. They’ll be able to tell you what home prices are doing in your area and what that means for your move (and your future equity). The Mortgage Reports says:

“Given the intricacies of the current market, it’s more important than ever to stay informed and up to date about housing market conditions. Whether you’re looking to buy or sell in the remaining months of 2024, having a professional guide you through the process can make all the difference.” 

Bottom Line

The decision to buy now or wait is a very personal one, but it’s valuable to have an expert’s perspective. They won’t push you, but they will explain things you may not have considered, like the equity that’s at stake.

If you want help weighing your options and thinking through how the current market factors in, connect with a local real estate agent.

Read more at KeepingCurrentMatters.com

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The Down Payment Assistance You Didn’t Know About

 
 

Believe it or not, almost 80% of first-time homebuyers qualify for down payment assistance, but only 13% actually use it.

And if you’re hoping to buy a home, this is a mission-critical gap to close – fast (see graph below):

 
 

Here’s what you need to know to make the most of your down payment in today’s housing market.

Amplify Your Down Payment Potential

For first-time buyers, the name of the game with down payments is making sure you’re taking advantage of all the resources out there designed to help you. And a bunch of them can get you to your goal faster than you may have thought possible.

For example, there are loan options that require as little as 3% down, or even 0% for certain qualified borrowers, like Veterans. And let’s not forget down payment assistance, like grants and other opportunities, that help you cover the upfront cost of your down payment.

If you’re interested in exploring those options and what you may be able to use to your advantage, connect with a trusted lender. Because if you don’t at least see what’s available, you could be leaving money on the table and missing your chance at buying a home. These resources can boost your down payment. And a higher down payment could help lower your eventual monthly mortgage payment, and even avoid or reduce your fees like private mortgage insurance.

Don’t Let News Headlines About Down Payments Scare You

There’s one more thing to address. News coverage has been talking about how the typical down payment is rising. A report from Redfin states:

“The typical down payment for U.S. homebuyers hit a record high of $67,500 in June, up 14.8% from $58,788 a year earlier . . . This was the 12th consecutive month the median down payment rose year over year.”

But don’t let those high dollars scare you. Just because the average down payment is rising doesn’t mean down payment requirements are going up. That’s a key piece of the puzzle to understand. It’s really just because people are choosing to put more down to try to offset higher mortgage rates, and current homeowners who are putting their equity to work are using that to increase their down payment on their next home. As HousingWire explains:

“. . . buyers are putting down a higher percentage of the purchase price to lower their monthly mortgage payment. And buyers also had more equity from their home sales, which gives them more cushion.”

Let’s break those two reasons down a bit:

1. A bigger down payment helps lower your monthly mortgage payment. Affordability has been a challenge for many buyers recently, which is why those who have the ability to make a bigger down payment are going to do so in an effort to lower their future housing costs.

2. Buyers who already own a home have a record amount of equity to leverage. Someone who bought a home a few years ago has gained a significant amount of value in their house, thanks to home price appreciation. These people can put down much more than the average first-time buyer who hasn’t owned a home yet.

Bottom Line

What’s the best thing to do? Talk with a trusted lender about your options. They’ll help you figure out where you stand today and how to access the resources you may qualify for. Because help is out there, you just need to work with a pro to take advantage of it.

Read more at KeepingCurrentMatters.com

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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