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July
15

Coldwell Banker Scores First in Agent Satisfaction. Again.

Confucius said, "Choose a job you love, and you will never have to work a day in your life." 

The real estate professionals across the Coldwell Banker brand are passionate about their industry – and about their brand. For the third time, Coldwell Banker Real Estate ranked #1 in agent satisfaction in the annual "Agent Priorities" report conducted by Quester.

Designed to keep what's important to agents top of mind, the report zeroes in on topics such as work/life balance, brand image, support, tools, and culture. Knowing what makes an agent more likely to stay with a company is a key component in what brokerages can do to foster positive work environments and grow their agents' businesses.

On a local level, Coldwell Banker Tomlinson combines the strength of the national tools with additional services designed to help our Realtors® list, sell, and learn.

Full-time managing brokers are in place to provide immediate assistance. Offices are staffed with Agent Services Experts (ASEs) to help with marketing, paperwork, and training. A company-wide marketing team is in place to create campaigns that support current market trends, listing types, and services.

With continuing education an important aspect of any business, Coldwell Banker Tomlinson offers in-house classes, regular lunch 'n' learn trainings, continuing education at no cost, and national certifications and classes.

To read the results of the report, visit the Coldwell Banker Blue Matter blog.

July
18

Home Repairs that Can't Wait

Delta Media Group

Home improvement can be costly and time-consuming, so it's no surprise that many homeowners put off making repairs as long as possible. Smaller repairs can usually be safely left until the timing is more advantageous, perhaps when you have more money in the bank or some vacation time. There are some repairs, however, that should be taken care of as soon as possible. These home repairs are so important that failing to make them could result in serious injury and increased costs.

  1. Electrical System
    Some home improvement projects include work on the electrical system, such as installing a ceiling fan or changing a light switch. These are examples of repairs that can be done whenever you can fit them into your schedule. Some electrical problems require immediate action, though. These include unexplained circuit breaker failures, flickering or inconstant lighting, and switch plates and outlet covers that feel warm or hot. If you notice any of these problems, it's a good idea to enlist the help of a qualified electrician as soon as possible.

  2. Roofing
    The roof is an important part of your home's defense against the elements. Leaks, missing or damaged shingles, and sagging areas need to be addressed as soon as you notice them. A sagging roof could collapse under the weight of snow or heavy wind and may indicate other problems like improper attic ventilation. In addition, small leaks and damaged areas can lead to big problems like rotted support beams, mold growth, and an overall weakened structure.

  3. Foundation
    Foundation cracks are a fairly common problem, but many people choose to ignore them when they're small. This leads to their spread and growth, eventually becoming so problematic that it can cost many thousands of dollars to repair. While smaller cracks don't typically contribute to structural instability, as they grow larger, they increasingly undermine the foundation's integrity. In extreme cases, this can lead to the collapse of the entire home. Have foundation problems been addressed as soon as they arise, both to save money and ensure safety?

  4. Gas Lines
    Gas leaks in your home can be extremely dangerous. Natural gas and propane are dense and have a tendency to "sink" below regular air. They pool in the low areas of your home, meaning that you're more likely to smell them (they smell like sulfur; "rotten eggs") on the first floor or in the basement if you have one. Anytime you smell gas, or even think you smell gas, get yourself and your family out of the home immediately and call the gas company from outside. Repairs to gas lines should be made before you return to your home, and only by experienced professionals.

  5. Plumbing
    Water leaks and damaged pipes give mold a perfect environment to take hold in your walls, and you may not notice a leak until long after it started. Should you notice any dark spots or weakened areas in walls, or water bills that seem abnormally high, it's important to find the cause and address it before it leads to larger problems.

Managing Home Improvement Tasks

It can be tempting to leave smaller home improvement tasks until "later," but keep in mind that doing so could cost you more in the long run. Not every repair constitutes an emergency, but that doesn't mean that non-emergency repairs should be ignored. Keep on top of home maintenance and repairs by keeping a checklist of necessary tasks; focus on completing one each weekend or each month. This will help you keep your home improvement projects from piling up and becoming major problems.

April
20

 

Spam 101

From Our Friends at Integrity Computer Consulting and Repair

Technology scams are running rampant right now, whether they come by email, phone call, and now text messaging. We have had several customers reach out about texts that look to be from their bank asking to "verify information." Be vigilant when dealing with any communications via phone call, email, or text that regard any exchange of money or "verifying" any account information with a link or number to call.   

Our recommendations are as follows:

You can use your cell phone carriers' built-in number blocking on your phone to stop unwanted calls or texts from specific numbers; you can also block offending email addresses in your email account. But with any sort of fraud, scammers often use hundreds of thousands of phone numbers and emails and move very quickly onto the next.  This makes permanent blocking hard.  

To really have an impact, we recommend reporting the offending communication to the FTC.  This can be done online at: https://www.ftccomplaintassistant.gov/

A few rules of thumb for spam calls, texts, and emails:

  1. Do not engage spammers.  When you answer or respond, you are showing the scammer, spammer, or robo-system that your phone number or email is "live". It is then put on a live numbers list that is sold over and over and the calls/texts/emails will continue infinitely.
  2. Do not answer calls from numbers you do not recognize. This one is hard for agents, but if it is important or a legitimate call, they will leave a voicemail or text you. 
  3. Do not answer texts from numbers you do not recognize
  4. Get into the habit of regularly entering and labeling known clients, colleagues, friends, family, etc. as contacts in your phone and email.
  5. Do not answer unsolicited or out-of-the-ordinary texts from numbers you do recognize.  The number could be spoofed to fool you. Instead, call the number you have in your contacts (not from the text or email) for the person texting you and verify via phone call that they sent the text.
  6. Do not click on links in texts or emails that you are not expecting from anyone that you do or do not recognize unless you have verified with the actual sender via phone call or in person.
  7. Do not open emails, download any attachments, or click on links in emails from senders you do not recognize.
  8. Do not download any attachments or click on links in unsolicited or suspicious emails or texts from senders you do recognize. Their email may have been hacked or their number spoofed.
  9. TRUST YOUR INTUITION.  Slightest question of authenticity?  Feeling of distrust? Major red flag? Do not ignore these feelings.
  10. COMMUNICATION IS KEY. If a text or email seems weird, out of character, just a slight bit off? We recommend that you call the person/company/bank to verify the contents of an email or text, or ask a trusted professional.

If you have any questions about a suspicious email, call, or text, feel free to contact our office via phone 208.288.4345 or email info@integrityidaho.com.

April
4

DIY Products for Spring Cleaning

Sometimes it seems there is no end to house cleaning, and while there is no clear-cut answer for how to keep your home perfectly clean at all times, it might be surprising just how much you can do with a little baking soda and white vinegar.

Spot Cleaner for Carpet

  • After cleaning up any excess spill, sprinkle the carpet with baking soda or cornstarch. Let stand for 10 minutes and then vacuum.
  • Mix one tablespoon clear dishwashing liquid and one tablespoon white vinegar with two cups of warm water.
  • Using a white cloth, blot the stain with the vinegar solution.
  • Sponge with cold water and blot dry.

Oven Cleaner

  • Make a paste of baking soda and water.
  • Coat the oven (or just the dirty parts) with the paste and let stand overnight. Be sure to avoid the heating elements and bare metal.
  • Use a plastic spatula to remove the paste. (Wear rubber gloves.)
  • Wipe away any residue with a clean, wet sponge.

Grout Cleaners

  • Fill a spray bottle with equal amounts of white vinegar and water and generously spray the tile/grout. Let sit about five minutes.
  • Scrub area with a grout brush, or even a toothbrush.
  • Rinse with warm water.
  • If stains are more stubborn, mix a paste of baking soda and water and using your grout brush, work it into the grout.
  • Immediately follow with the vinegar spray. This should cause the baking soda paste to bubble.
  • Use your brush to finish cleaning.
  • Rinse with warm water.
  • For mold or mildewed grout, hydrogen peroxide is a gem. Spray it on the stain, let sit for a few minutes, and then scrub with your grout brush. You can even mix baking soda and hydrogen peroxide into a paste for a stronger clean. Apply the paste to the grout lines, wait a few minutes, scrub and then rinse with water.
  • NOTE: Do not apply vinegar to grout that has not been properly sealed.

Showerhead Cleaner

  • Carefully mix 1/3 cup baking soda with 1 cup white vinegar in a plastic bag.
  • Place the bag over the showerhead, submerging the head in the mixture; secure bag with rubber band or twist-tie.
  • Let soak for at least 3 hours.
  • Wipe clean.

 Window Cleaner

  • Mix together in a spray bottle: ¼ cup vinegar, ½ tsp natural liquid soap, and 2 cups water. Shake to blend.
  • Spray on windows and use newspaper to rub dry & clean, avoiding the window frames (newspaper can leave dark marks on the frames).

March
16

What will 2022 Bring?

Recently, Coldwell Banker Tomlinson Realtors®, managers, and staff were honored with a visit from the President and CEO of Coldwell Banker Real Estate LLC, Ryan Gorman. Responsible for the operations that support our network of 94,000 real estate professionals in 3,000 offices in 43 countries across the globe, he made the trip from CB's New Jersey headquarters to speak with us about the wild ride that was 2021 and share his predictions about the state of our industry moving through 2022.

Though he foresees a continuation of a seller's market, he believes it won't be "the crazy, crazy" atmosphere we saw in 2021.  "Interest rates are ticking up which will slow things a bit," he said, but "inbound migration will continue to be strong, so it will be a long time before the market shifts."

When asked if he was surprised by the activity during the pandemic, he told us that though he did not predict the "nearly 10 years of appreciation in 18 months" in our area, Ryan said he wasn't surprised to see the market remain strong. Despite the economic downturn, "we had the most equity in homes that we had literally ever had (not on a percentage basis, but on an absolute basis), and we had tighter underwriting for almost 15 years by that point than we had almost ever had, so people had good opportunities."

Contributing to the history-making market, he noted, was that for the past five or so years our area has been named to list after list of best places to live, work, and raise a family, so as people were able to work, not only remotely, but more independently, they began to make good on the question if you could live anywhere, why not live somewhere great?  

In discussing the issue of low inventory, he is quick to point out that even buyers who have been in their homes two or three months may have equity that could propel them to look at selling to purchase something that better fits their dreams and goals and encouraged agents to inform their previous buyers what their homes are worth today. Buyers, he said, can leverage their equity to move more affordably to another neighborhood or city.

Recently named a "Real Estate Newsmaker" for 2021 and "Influencer" for 2022 by RisMedia, a highly respected real estate news and information service, Ryan says is most proud of Coldwell Banker's integrity. "Integrity is first. That's an easy answer. Coldwell Banker was founded on honesty and integrity, and that has lasted."

To learn more about Ryan's strategies for Coldwell Banker in 2022, check out his interview with Jordan Grice of RisMedia.

Search for your new home at cbspokane.com.

January
24

Spokane 2022

Proudly known as the "Gateway to the West," Spokane recently earned another accolade when it landed on the list of Top Housing Markets for 2022. Our real estate agents know the area is a great place to call home for many reasons! Below they share the amenities and advantages of living in Spokane that others are discovering.

Click Here to Read More...

October
29

The last 18 months changed what many buyers are looking for in a home. Recently, the American Institute of Architects released their AIA Home Design Trends Survey results for Q3 2021. The survey reveals the following:

  • 70% of respondents want more outdoor living space
  • 69% of respondents want a home office (48% wanted multiple offices)
  • 46% of respondents want a multi-function room/flexible space
  • 42% of respondents want an au pair/in-law suite
  • 39% of respondents want an exercise room/yoga space

If you're a homeowner who wants to add any of the above, you have two options: renovate your current house or buy a home that already has the spaces you desire. The decision you make could be determined by factors like:

  1. A possible desire to relocate
  2. The difference in the cost of a renovation versus a purchase
  3. Finding an existing home or designing a new home that has exactly what you want (versus trying to restructure the layout of your current house)

In either case, you'll need access to capital: the funds for the renovation or the down payment your next home would require. The great news is that the money you need probably already exists in your current home in the form of equity.

Home Equity Is Skyrocketing

The record-setting increases in home prices over the last two years dramatically improved homeowners' equity. Odeta Kushi, Deputy Chief Economist at First American, quantifies the amount of equity homeowners gained recently:

"Remember U.S. households own nearly $35 trillion in owner-occupied real estate, just over $11 trillion in debt, and the remaining ~$24 trillion in equity. In inflation adjusted terms, homeowners in Q2 had an average of $280,000 in equity- a historic high."

As a homeowner, the money you need to purchase the perfect home or renovate your current house may be right at your fingertips. However, waiting to make your decision may increase the cost of tapping that equity.

If you decide to renovate, you'll need to refinance (or take out an equity loan) to access the equity. If you decide to move instead and use your equity as a down payment, you'll still need to mortgage the remaining difference between the down payment and the cost of your next home.

Mortgage rates are forecast to increase over the next year. Waiting to leverage your equity will probably mean you'll pay more to do so. According to the latest data from the Federal Housing Finance Agency (FHFA), almost 57% of current mortgage holders have a mortgage rate of 4% or below. If you're one of those homeowners, you can keep your mortgage rate under 4% by doing it now. If you're one of the 43% of homeowners with a mortgage rate over 4%, you may be able to do a cash-out refinance or buy a more expensive home without significantly increasing your monthly payment.

First Step: Determine the Amount of Equity in Your Home

If you're ready to either redesign your current house or find an existing or newly constructed home that has everything you want, the first thing you need to do is determine how much equity you have in your current home. To do that, you'll need two things:

  1. The current mortgage balance on your home
  2. The current value of your home

You can probably find the mortgage balance on your monthly mortgage statement. To find the current market value of your house, you can pay several hundreds of dollars for an appraisal, or you can contact a local real estate professional who will be able to present to you, at no charge, a professional equity assessment report.

Bottom Line

If the past 18 months have refocused your thoughts on what you want from your house, now may be the time to either renovate or make a move to the perfect home. Contact us today to help guide you through the process and help determine what makes the most sense for you!

October
25

Entryway Tips

Your entryway is the first space guests experience when they step into your home. And more importantly, it is the first space you experience when you get home! As such, you really want your entryway to feel warm and welcoming. Here are a few useful tips to help you make your entryway a sight to behold.

Click Here to Read More...

September
20

Selling your home while shopping for a new one can feel daunting to even the most seasoned homeowner––especially when the competition for housing is so high. That doesn't mean, though, that you should just throw up your hands and give up on moving altogether. In fact, as a current homeowner, you could be in a better position than most to capitalize on a seller's market and make a smooth transition from your old home to a new one.

We can help you prepare for the road ahead. Here are some of the most frequent concerns we hear from clients who are trying to buy and sell at the same time.

"What will I do if I sell my house before I can buy a new one?"

While it may be an inconvenience, this is a common scenario that can usually be handled with a little creativity and compromise. Here are some options to consider:

1: Flex your muscles as a seller.

In some cases, a buyer may agree to a rent-back clause that allows the seller to continue living in the home after closing for a set period of time and negotiated fee. We can discuss the benefits and risks involved and whether it's a good option for you.

2: Open your mind to short-term housing options.

If you're lucky enough to have family or friends who offer to take you in, that may be ideal. If not, check out furnished apartments, vacation rentals and month-to-month leases. If space is an issue, consider putting some of your furniture and possessions in storage.

3: Embrace the idea of selling now and buying later.

With cash on hand from the sale of your current home, you'll be in a better position to budget for and buy your next home. And by focusing on one step at a time, you can alleviate some of the pressure and uncertainty involved.

"What if I get stuck with two mortgages at the same time?"

If you can't afford to carry both mortgages, then selling before you buy may be best. (See Tip #3.) But if you have flexibility in your budget for some overlap, it is possible to manage a home sale and purchase simultaneously. Here are some steps to help streamline the process:

4: As you get ready to sell, simplify.

You can condense your sales timeline if you only focus on the renovations and tasks that matter most. We can advise you on the repairs and upgrades that are worth your time and investment.

5: Prep your paperwork.

If you'll need a mortgage for your next home purchase, get pre-approved in advance. And start pulling together relevant records for your current home, such as appliance warranties and renovation permits. That way, you'll be ready to provide quick answers to buyers' questions should they arise.

6: Ask about other contingencies that can be included in your contracts.

For example, it's possible to add a clause to your purchase offer that lets you cancel the contract if you haven't sold your previous home. This tactic could backfire, though, if you're competing with other buyers. We can discuss the pros and cons of contingencies and what's realistic given current market dynamics.

"What if I mess up my timing or burn out from all the stress?"

To make sure you're in the right headspace, take the time to slow down, breathe and delegate as much as possible. In addition:

7: Relax and accept that compromise is inevitable.

Rather than worry about getting every detail right with your housing search and home sale, trust that things will work out eventually––even if it doesn't look like your Plan A or even your Plan B or Plan C. Luckily, if you've got a good team of professionals, you can relax knowing that others have your back and are monitoring the details behind the scenes.

8: Don't worry too much if your path is straying from convention.

Remember that rules-of-thumb and home-buying trends are just that: they are estimates, not facts. So if your home search or sale isn't going exactly like your neighbor's, it doesn't mean that you are doomed to fail.

9: Enlist help early.

Which leads us to our final tip: If possible, call us early in the process. We'll not only provide you with key guidance on what you should do to prep your current property for sale, we'll also help you narrow down the parameters for your next one. That way, you'll be prepared to act quickly and confidently when it comes time to list your home and make an offer on a new one.

Call today for tailored advice that works for you

Buying and selling a home at the same time is challenging. But it doesn't have to be a nightmare, and it can even be fun. Click here for a free consultation so that we can help you review your options and decide the best way forward - or visit our site for listing of homes for sale.

August
30

From summer vacations to winter holidays, it seems each season offers the perfect excuse to put off our to-do list. But be careful, homeowners: neglecting your home's maintenance could put your personal safety—and one of your largest financial investments—at serious risk.

In no time at all, small problems can lead to extensive and expensive repairs. And even if you avoid a catastrophe, those minor issues can still have a big impact. Spokane Homes for Sale that are not well maintained can lose 10 percent (or more) of their appraised value.

The good news is, by dedicating a few hours each season to properly maintaining your home, you can ensure a safe living environment for you and your family ... and actually increase the value of your home by one percent annually!

While this checklist should not be considered a complete list of your home's maintenance needs, it can serve as a general seasonal guide to maintaining your property throughout the year.

SPRING

After a long, cold winter, many of us look forward to a fresh start in the spring. Wash away the winter grime, open the windows, and prepare your home for warmer weather and backyard barbecues.

INSIDE

  • Conduct Annual Spring Cleaning
  • Shut Down Heating System
  • Tune Up A/C
  • Check Plumbing
  • Inspect Smoke Alarm & Batteries
  • Check Carbon Monoxide Detector
  • Check Water Filters & Replace as needed
  • Clean out Sink & Shower Drains

OUTSIDE

  • Inspect Perimeter of Home & Deck
  • Clean Home's Exterior
  • Clean Gutters and Downspouts
  • Seed or Sod Lawn & Fertilize
  • Apply a Pre-Emergent Herbicide
  • Plant Flowers & Mulch Beds
  • Tune Up Lawn Mower
  • Inspect Sprinkler System

SUMMER

Summer is generally the time to relax and enjoy your home, but a little time devoted to maintenance will help ensure it looks great and runs efficiently throughout the season.

INSIDE

  • Adjust Ceiling Fans
  • Clean A/C Filters
  • Clear Dryer Vent
  • Check Weather Stripping

OUTSIDE

  • Mow Lawn Regularly
  • Water Early in the Morning
  • Weed Weekly
  • Exterminate Pests

FALL

Fall ushers in another busy season of home maintenance as you prepare your home for the winter weather ahead.

INSIDE

  • Have Heater Serviced
  • Shut Down A/C for the Winter
  • Inspect Chimney
  • Seal Windows and Doors
  • Check Smoke Alarm & Carbon Monoxide Detectors

OUTSIDE

  • Plant Fall Flowers, Grass and Shrubs
  • Rake or Mow Leaves
  • Apply Fall Fertilizer
  • Inspect Gutters and Roof
  • Shut Down Sprinkler System
  • Close Pool

WINTER

While it can be tempting to ignore home maintenance issues in the winter, snow and freezing temperatures can do major damage if left untreated. Follow these steps to ensure your house survives the winter months.

INSIDE

  • Maintain Heating System
  • Tune Up Generator
  • Prevent Frozen Pipes
  • Adjust Ceiling Fans

.

OUTSIDE

  • Drain and Shut Off Outdoor Faucets
  • Remove Window Screens
  • Service Snowblower
  • Stock Up on Ice Melt
  • Watch Out for Ice Dams
  • Check for Snow Buildup on Trees

ARE YOU LOOKING FOR HELP

...with home maintenance or repairs? We have an extensive network of trusted contractors and service providers and are happy to provide referrals! Call or email us, and we can connect you with one of our preferred vendors. Contact us

August
16

When you buy a new home, you want it to be a reflection of you and your style. As you consider various trends, you may come across a popular new one called cottagecore. But what is it, exactly, and will it work for your interior design needs? Essentially, cottagecore home decor is a nostalgic journey to a simpler time and place. If sipping tea in a garden, breathing in the delicate scent of roses and honeysuckle strikes your fancy, this could very well be the interior design style you are seeking. If the homes you are asking to be shown are reminiscent of country living, you may want to consider these key elements:

  • Nostalgia
    From the garden to the living room, the house should speak of bygone days. This may look different to each person. If your cherished memories include crocheted Afghans and ruffled curtains, by all means, include them. If they lean more toward the brown leather overstuffed couch and the roll-top desk you might find in an 1890's ranch house, then go that direction. It's even possible to blend styles a bit in this very unscripted decor. If you have antiques or just books and knick-knacks that have been in the family for a long time, cottagecore provides a perfect setting to display them.
  • Simplicity
    Although many of us work in the world of technology, we don't all want to live there. When incorporating cottagecore interior design trends, necessary technology will often be hidden inside wooden cabinetry or disguised in other clever ways. The lifestyle celebrates minimalism, including handcrafting, home cooking, and creativity over video games. Rather than the cold, sleek surfaces you will find in industrial decor, you will find the warmth of wood, the natural textures of organic materials, and the cozy atmosphere they bring. Shining wooden floors with simple rugs and a wooden coffee table that reflect the same color as the floor. You might find the same wood theme repeated in bathrooms and bedrooms. 
  • Nature
    Embracing nature is critical to the cottagecore style. This doesn't mean that you must raise your own chickens and livestock in order to enjoy the designs. But the interior of the home should blend with the environment surrounding the exterior. This can be accomplished with muted colors, natural materials, house plants, and fresh or dried flowers. Imagine a little girl collecting wildflowers and displaying them in a milk bottle. The romantic ideal of rural living can be reflected in prints and paintings without the less pleasant realities of farm life. An indoor herb garden is just the right touch to a cozy kitchen, while the fresh herbs bring your recipes to life. 
  • Vintage
    Antiques are certainly great additions to cottagecore home decor, but you can obtain the vintage feel without an extensive collection. Simple lines, wooden frames, and natural textures will help balance the design. Wooden chairs next to pristine white wainscotting in the dining room are reminiscent of homes of a hundred years ago, even if they were just purchased recently. The elegance of a colorful quilt can carry the sleeper back to Grandma's house. Overstuffed chairs reupholstered with soft, nubby fabrics or floral designs are both frugal and practical, echoing the lifestyle of the past as much as the appearance. 
  • Do-it-yourself
    To truly embrace the cottagecore lifestyle, you should bring in your own creations. Have you learned to embroider? Frame an original piece and hang it on the wall. Did you grow your own fruits and vegetables? Proudly store them in wire baskets on the kitchen counter. Craftspeople know that you can't create anything worthwhile without making a little mess. You can embrace the clutter a bit without letting it take over. A basket of colorful yarn complete with knitting needles will actually enhance the decor of the den. A loom in the corner will make a fascinating conversation piece. You may even discover common interests with friends you didn't know existed. 

If you've been waiting for some of the vintage things you love to come back in style, the time has come. Our real estate professionals will be happy to help you find your new home. Contact us when you're ready to make the change. 

August
2

Spokane Closing Tips

It's the old supply-and-demand predicament: U.S. home sales continue at a rapid pace, but the number of listings remains limited. Amid historically low mortgage rates, buyers keep shopping, reducing inventory and sparking a rise in home prices.

Meanwhile, homebuilders are coping with an increase in material costs and a shortage of labor. These issues come during an ongoing housing shortage. A National Association of Realtors study shows the U.S. has a deficit of about 2 million single-family homes and 3.5 million other housing units.

Follow along to learn the five factors that illustrate where the U.S. housing market is today and is heading tomorrow.

ROCK-BOTTOM MORTGAGE RATES TO GRADUALLY RISE

Low interest rates continue to fuel demand from homebuyers. Some experts believe mortgage rates will creep up later this year, but they expect rates to remain near historic lows. In June, the Mortgage Bankers Association reported that 2020 closed with the average rate for a 30-year, fixed-rate mortgage at 2.8%. But the association anticipates the average rate climbing to 3.5% at the end of 2021 and 4.2% by the end of 2022.

What does it mean for you?

When mortgage rates are at or near historic lows (as they are today), you should seriously consider taking advantage of those rates to borrow money for a home purchase or to refinance your existing mortgage.

HOME PRICES EXPECTED TO KEEP CLIMBING

In June, the national median list price for a home reached an all-time high of $385,000, up 12.7% on a year-over-year basis. And according to the Home Buying Institute, various reports and forecasts indicate home prices will keep climbing throughout 2021 and into 2022. While this may be welcome news for homeowners, high prices are pushing homeownership out of reach for a growing number of first-time buyers.

What does it mean for you?

If you're a buyer waiting on the sidelines for prices to drop, you may want to reconsider. While the pace of appreciation should taper off, home prices are expected to continue climbing. And rising mortgage rates will make a home purchase even more costly.

SINGLE-FAMILY HOME SALES REMAIN ROBUST

Single-family home sales are down from their peak in October 2020 yet are still above the overall level last year. In May 2021, 5.8 million existing single-family homes were sold in the U.S. That's a 45% increase over the 4 million homes sold in May 2020.

However, home sales saw a 0.9% dip in May 2021 compared with the previous month, the National Association of Realtors says. That was the fourth straight month for a decline in home sales. The number of home sales has slid recently because of rising prices and a lack of inventory, but Fannie Mae expects total home sales to tick up slightly in the fourth quarter and finish the year up 3.8% over last year.

What does it mean for you?

The market for single-family home sales remains quite active. As a result, if you're a homeowner, you may want to ponder whether to sell now, even if you hadn't necessarily been thinking about it. With demand high and inventory low, your home could fetch an eye-popping price.

LACK OF INVENTORY STILL CONSTRAINS THE HOME MARKET

According to the National Association of Realtors, in May there were 1.23 million previously owned homes on the market, down 20.6% from the same time last year. This translates to a 2.5-month supply of homes, which is well below the 6 months of inventory typical in a balanced market. According to the Realtors group, the lack of inventory translates into tougher searches for buyers and contributes to a rise in prices.

What does it mean for you?

If you're thinking of selling your home, now may be the right time to do it. Across the country, it's a seller's market, meaning demand is outpacing supply. That supply-and-demand imbalance puts sellers in a great position to sell their homes at a premium price. The May 2021 Realtors Confidence Index from the National Association of Realtors found the average home that was sold attracted five offers, and the association says nearly half of homes are selling above list price.

CONSTRUCTION OF SINGLE-FAMILY HOMES SEES SLIGHT UPTICK

Frustrated buyers may soon find some relief from an increase in new construction. Economists forecast that 1.1 million new houses will be started in 2021, compared with a predicted 940,000 units just six months ago, with 1.2 million new starts predicted for 2022 and 2023, according to the Urban Land Institute.

What does it mean for you?

Given the issues affecting the new-home market, it may make sense to widen your home search to include both new and existing homes. Your brand-new dream home may not be available, but you might be able to find an existing home that lives up to your vision. Keep in mind that we can help you find either a new or existing home and can advocate for you to ensure you get the best deal possible.

ARE YOU THINKING OF BUYING OR SELLING?

If you're in the market for a home, you're ready to sell your house or you've simply been wondering whether you should sell, you could benefit from an expert to help you navigate the hot real estate market. Let's set up a free consultation to discuss your situation. We can review your options and come up with a plan to capitalize on the value of your current property or to find your ideal next home.

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