Wednesday, February 17, 2021 / by Elissa Tran
There have been a lot of headlines reporting on how homeowner equity (the difference between the current market value of your home and the amount you owe on your mortgage) has dramatically increased over the past few years. CoreLogic indicated that equity increased for the average homeowner by $17,000 in the last year alone. ATTOM Data Solutions, in their latest U.S. Home Equity Report, revealed that 30.2% of the 59 million mortgaged homes in the United States have at least 50% equity. That doesn’t even include the 38% of homes that are owned free and clear, meaning they don’t have a mortgage at all.
How can equity help a household?
Having equity in your home can dramatically impact your life. Equity is like a savings account you can tap into when you need cash. Like any other savings, you should be sensible in how you use it, though. Here are three good reasons to consider using your equity.
1. You’re e ...
Wednesday, February 17, 2021 / by Elissa Tran
Use this February Home Maintenance and Safety Checklist and take preemptive measures to maintain the integrity of your home and to help protect your family.
You love your family and your home – protect both and you'll enjoy a beautiful space for years to come with your loved ones.
9 FEBRUARY HOME MAINTENANCE AND SAFETY TASKS CHECKLIST
We know life gets busy so we've kept this concise and simple for you. The printable checklist will be a handy reminder for you too.
Included are home safety tips. Be proactive and take small steps to protect yourself and your loved ones. Fall asleep rest assured you took steps to ensure a safe home for your family.
1. ROTATE YOUR MATTRESS
Help your spine out and prolong your mattress by rotating or flipping it at least once a year.
Your body and wallet will thank you for it.
Should you rotate or flip? This depends on your mattress ...
Tuesday, February 9, 2021 / by Elissa Tran
Over the past year, our homes have become an integral part of our lives more than ever. They’re much more than the houses we live in. They’re our workplaces, virtual schools, and safe havens that provide shelter, stability, and protection through the evolving health crisis. Today, 65.8% of Americans are fortunate enough to call their homes their own.
As we continue to think about the future, our goals for the year, and what we want to achieve well beyond 2021, it’s a great time to look at the benefits of owning a home. Below are some highlights and quotes on the benefits of homeownership shared by the National Association of Realtors (NAR). From feel-good motivations to economic and social impacts on the local community, these items may give you reason to believe homeownership stretches well beyond your financial investment.
Owning a home brings a sense of happiness, satisfaction, and pride.
Pride of Own ...
Monday, February 1, 2021 / by Elissa Tran
The real estate market is expected to do very well in 2021, with mortgage rates that are hovering at historic lows and forecasted by experts to remain favorable throughout the year. One challenge to the housing industry, however, is the lack of homes available for sale today. Last week, the National Association of Realtors (NAR) released their Existing Home Sales Report, which shows that the inventory of homes for sale is currently at an all-time low. The report explains:
“Total housing inventory at the end of December totaled 1.07 million units, down 16.4% from November and down 23% from one year ago (1.39 million). Unsold inventory sits at an all-time low 1.9-month supply at the current sales pace, down from 2.3 months in November and down from the 3.0-month figure recorded in December 2019. NAR first began tracking the single-family home supply in 1982.”(See graph below):
What Does This Mean for You?
If You’re ...
Friday, January 29, 2021 / by Elissa Tran
Most homebuyers realize that they can’t expect a perfect home inspection report when buying a resale home. Cosmetic flaws and minor repairs are easily managed and shouldn’t be deal breakers. That said, there are some issues that are more serious and should give the buyer pause if not addressed adequately.
10 Home Inspection Red Flags-
1. Leaky and Rundown Roofing – watch for signs of current or past water damage.
2. Poor Drainage – drainage issues can cause serious damage to the home foundation, siding, and basements.
3. Foundation Issues – signs of foundation problems can include cracks around doors and windows or uneven floors. Foundation problems can cost thousands of dollars to correct.
4. Plumbing Problems – major plumbing issues should be considered carefully and further explored.
5. Pest Infestations – termites and other wood-eating pests can cause extensive damage that can be hard to find and costly to repair.
6. Mold &nda; ...