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Weekend Home Updates!

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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However, one easy weekend project for a bathroom is to replace outdated hardware, such as the showerhead, faucets, handles and cabinet hardware.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. 

Read more at Twenty & Oak and HGTV

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Bridging the Gaps on the Road to Homeownership

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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.

Read more at KeepingCurrentMatters.com

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

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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.

Read more at Realtor.com

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As Featured in West + Main Home Magazine: Condotels Are In Again!

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Juniper Preserve, listed by West + Main Homes

“Condotels are the perfect combination of hotel rooms + Airbnb, offering the convenience + comfort of room service, cleaning, and amenities for travelers while offering an amazing opportunity for vacation home owners.”

Because of their popularity, short-term rental properties are an attractive option for vacation home owners. They can be an excellent strategy to increase cash flow, helping fund and grow a real estate portfolio - but they can also be a pain to turnover and manage bookings. Condotels can offer the best of both worlds!

The Juniper Lodge at Juniper Preserve in Central Oregon recently underwent a change in ownership and also got a major overhaul to not only update the entire resort, but also to upgrade from hotel to condotel.

With a wide range of floorplans, finishes, square footage, and views, these units are currently listed for sale with West + Main Homes! Let us know if you would like more information, we would love to answer all your questions about owning a condotel unit!

 

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Why Pre-Approval Is Even More Important This Year

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On the road to becoming a homeowner?

If so, you may have heard the term pre-approval get tossed around. Let’s break down what it is and why it’s important if you’re looking to buy a home in 2024.

What Pre-Approval Is

As part of the homebuying process, your lender will look at your finances to figure out what they’re willing to loan you. According to Investopedia, this includes things like your W-2, tax returns, credit score, bank statements, and more.

From there, they’ll give you a pre-approval letter to help you understand how much money you can borrow. Freddie Mac explains it like this:

“A pre-approval is an indication from your lender that they are willing to lend you a certain amount of money to buy your future home. . . . Keep in mind that the loan amount in the pre-approval letter is the lender’s maximum offer. Ultimately, you should only borrow an amount you are comfortable repaying.”

Now, that last piece is especially important. While home affordability is getting better, it’s still tight. So, getting a good idea of what you can borrow can help you really wrap your head around the financial side of things. It doesn’t mean you should borrow the full amount. It just tells you what you can borrow from that lender.

This sets you up to make an informed decision about your numbers. That way you’re able to tailor your home search to what you’re actually comfortable with budget-wise and can act fast when you find a home you love.

Why Pre-Approval Is So Important in 2024

If you want to buy a home this year, there’s another reason you’re going to want to be sure you’re working with a trusted lender to make this a priority.

While more homes are being listed for sale, the overall number of available homes is still below the norm. At the same time, the recent downward trend in mortgage rates compared to last year is bringing more buyers back into the market. That imbalance of more demand than supply creates a bit of a tug-of-war for you.

It means you’ll likely find you have more competition from other buyers as more and more people who were sitting on the sidelines when mortgage rates were higher decide to jump back in. But pre-approval can help with that too.

Pre-approval shows sellers you mean business because you’ve already undergone a credit and financial check. As Greg McBride, Chief Financial Analyst at Bankrate, says:

“Preapproval carries more weight because it means lenders have actually done more than a cursory review of your credit and your finances, but have instead reviewed your pay stubs, tax returns and bank statements. A preapproval means you’ve cleared the hurdles necessary to be approved for a mortgage up to a certain dollar amount.”

Sellers love that because that makes it more likely the sale will move forward without unexpected delays or issues. And if you may be competing with another buyer to land your dream home, why wouldn’t you do this to help stack the deck in your favor?

Bottom Line

If you’re looking to buy a home in 2024, know that getting pre-approved is going to be a key piece of the puzzle. With lower mortgage rates bringing more buyers back into the market, this can help you make a strong offer that stands out from the crowd.

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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