Many of today’s homeowners bought or refinanced their homes during the pandemic when mortgage rates were at history-making lows. Since rates doubled in 2022, some of those homeowners put their plans to move on hold, not wanting to lose the low mortgage rate they have on their current house. And while today’s rates have started coming down from last year’s peak, they’re still higher than they were a couple of years ago.

Today, 93% of outstanding mortgages have a rate at or below 6%. That means a strong majority of homeowners with mortgages have a rate below what they’d get if they moved right now. But if you’re a homeowner in that position, remember that mortgage rates aren’t the only thing to consider when making a move. Your mortgage rate is important, but there are plenty of reasons you may still need or want to move.

RealTrends explains:
“Sellers who don’t have to move won’t be moving. The most common sellers will be: Homeowners downsizing . . . people moving to get more space, [households] looking for better schools…etc.”

So, if you’re on the fence about selling your house, consider the other reasons homeowners are choosing to make a move. A recent report from the National Association of Realtors (NAR) breaks down why homeowners have decided to sell over the past year:

• 21% Want to move closer to loved ones

• 11% Moving due to retirement

• 11% Neighborhood has become less desirable

• 10% Home is too small

• 9% Change in structure of household

The most commonly cited reasons for selling were the desire to move closer to loved ones, followed by moving due to retirement, and their neighborhood becoming less desirable. Additionally, the need for more space factored in, as did a change in household structure.

If you also find yourself wanting a change in location or needing space your current house just can’t provide, it may be time to sell.

What you want and need in a home can be reason enough to move. To find out what’s right for you, work with a trusted real estate professional who will offer advice and expert guidance throughout the process. They’ll be able to lay out all your options – giving you what you need to make a confident decision.

Bottom Line
When deciding whether or not to move, you have a lot to consider. There are plenty of non-financial reasons to factor in. Let’s connect today to weigh the benefits of selling your house.

If you’re considering buying a home, you’ve likely thought about how you are going to finance that home. But what if you’re considering building a new home, instead of buying from a seller? Can you go through the mortgage approval process in the same way? Well, sometimes.

New construction loans can be obtained by a home builder or buyer. If you’re building a home with a large builder, you may not notice a difference in your mortgage process. However, if you decide to pursue your own construction loan, there are a few things you should know. Here are 10 differentiators about obtaining a new construction loan:

1. Because construction loans are more high-risk investments, lenders may not advertise them as much as they promote more traditional mortgages. What does that mean for buyers? You may have to do some research with your own bank or credit union to find the right lender.

2. Construction loans are usually short term. Because the home construction process typically lasts several months, construction loans are not structured to last more than a year or so.

3. You may still need to save for a down payment. New construction loans are short term, so they are higher risk. For this reason, some lenders may require borrowers to put more money down up front. Do not be surprised if your lender wants you to pay 20% of the project’s cost up front.

4. Buyers often pay interest only during construction. You may pay a heftier down payment for a new construction home, but because construction loans are short-term agreements, lenders often only require buyers to pay interest while their home is being built.

5. Those interest rates may vary. Rates on new construction loans are usually higher than traditional mortgages. Interest rates may vary with a lender’s prime rate and could fluctuate during the payback period. So be sure to know what type of interest rate you have before signing on the line.

6. Lenders may require additional information before you are approved. In addition to typical financial information submitted when applying for a mortgage, new construction lenders may want to see a project timetable and budget before they give the OK on a loan.

7. Lenders may check in on construction site progress. Lenders are interested in the length of time it may take to build a new home, so they may check in on construction progress from time to time. This is why it is a good idea to build time in for construction delays when you submit a timetable to your lender.

8. Lenders may want proof you can pay for extras. What do we mean by extras? During the home-building process, buyers may decide they want to make changes from the original design plans such as upgraded appliances or fixtures. But, those extras cost extra money, of course. Before lenders are willing to let you borrow money, they may want to make sure you have enough saved up to pay for any extras that you might decide on during your build process.

9. New construction loans may roll into a traditional mortgage. This type of new construction loan is called a construction-to-permanent loan. When you’re seeking a new construction loan, know that you may roll your loan into a traditional 15–30-year mortgage. So, while it may feel like a higher risk, you can feel confident in moving forward with a lender you trust.

10. A change in your financial situation could affect final mortgage approval. Similar to the process for obtaining a traditional mortgage, any major changes to your financial situation could affect the possibility of rolling a new construction loan into a traditional mortgage. So, while you’re building, keep your credit, career, and finances in order to ensure smooth sailing when it comes to your home loan.

New construction loans can seem more complicated than a traditional loan but with an experienced agent and lender by your side, the process can be just as smooth.

It’s an exciting time for gardeners. We’ve reached mid-spring and now is the time to start making our summer-garden plans. While it’s always important to touch up your garden this time of year, why not go a little bigger this time and give your landscape a complete renovation with these hot summer trends?

1. Go Bold
Plant dahlias such as the Coral Gypsy, Tempest, and Beach Bum varieties to bring bright color to your yard. Planting summer-cypress adds serious pops of color, and by adding some of your standard favorites, you can perfectly complement the bright reds. For year-round boldness, plant some hardy succulents or evergreens in large, brightly colored planters that make a statement.

Wildflower and perennial meadows also create a casual style of planting. Gardens are getting more natural and less manicured, so you should think about how you can keep your arrangements loose and less structured, which will make your garden standout. Think like the Japanese, who are known to embrace garden imperfections, asymmetry, and incompleteness.

2. Try Textures
Silvery dusty miller and ruffled ferns are in style this season. Bounce colors off one another with orange lilies and purple verbena. Contrast shapes by planting things like yucca and lantana. Don’t forget those hanging baskets, either. Start your hanging basket with a tall statement piece, surround it with something that fills the gaps well, and finish with some color to spill over the edges.

3. Get Cooking
Spending more and more time outside, including time to make a nice meal, is nothing new. Outdoor kitchens are rising in popularity, especially for homeowners who entertain a lot. When designing your outdoor cooking space, try to take your design choices in a different direction than your indoor kitchen to keep the space feeling unique. Contrasting the indoors with the outdoors is what will make your space feel truly refreshing.

4. Get Out
A place to relax within your garden can feel like a vacation, especially for those who don’t have the time for an official trip. Creating a lovely area to relax, read, or meditate is gaining in popularity as people become more aware of the need to decompress. Find a secluded space in your garden and set up some of your favorite chairs and a table. Or if you want to go big, build a little open-air art studio situated around or within your favorite plantings. A garden is a great place to refresh after a long day.

5. Give Back
You can get much more enjoyment out of something when you share it. Give to your neighbors and give back to the planet. Look into how you can make your garden a Certified Wildlife Habitat to benefit wildlife. Donate some of your fresh produce to your local food bank or share with your neighbors to really build a feeling of homeliness. Find natural solutions for weeds, slugs, and snails. Include plants that attract pollinators. Enhance your soil with organic compost by creating your own composter. It’s simple and keeps a lot of waste out of the garbage piles and puts it to work in your garden. You can also buy packaged or bulk compost at most home and garden stores.

Looking for something to do this weekend? How about finally tackling one of those home projects you have been putting off? Using this time to cross some of those items off your list will make for a smooth transition into the summer months.  Take a look at some of the easy projects you will be sure to finish in a weekend!

Start an Herb Garden
As spring has officially sprung, many of us are looking to start our gardening activities. For those of you who love cooking at home and are avid herb enthusiasts, this is a great time to create your own herb garden and avoid those last-minute trips to the store! Many grocery stores and hardware stores sell herb seeds and small plants that can quickly blossom and thrive. Whether it be a good chunk of square footage in your yard, a nice section in your balcony, or even a collection of small pots on your windowsill, there are tons of ways to get fresh herbs growing in and around your home.

Deep Clean Your Home
It’s been ingrained in our minds how important it is these days to keep sanitizing and disinfecting our homes, but you should definitely take the time to move beyond that and dive in deeper. Get into all those spots you’ve frequently missed and scrub down your shower, tub, bathroom and kitchen sinks, drains, toilets, cabinets, and kitchen appliances. Toss those bath and kitchen mats into the washer, shine up those wood floors, and top it all off with a nice vacuuming.

Install New Kitchen or Bathroom Hardware
Are you in need of a quick kitchen fix that will instantly modernize the entire space? Swapping out your old nickel hardware for some chic burnished brass ones is an easy DIY that will make your kitchen feel brand-new.  You can also easily swap out your old shower head for a larger one to create a spa-like experience the next time you shower!

Clean out the Fridge
Refrigerators are just one of those not-so-frequently cleaned areas in your home. Really cleaning the fridge is more than just wiping down the shelves. You’ll need to remove all the food. Be sure to pop it into a cooler to keep it chilled for a bit – especially the frozen foods. As you empty the fridge, check expiration dates and throw out any old condiments that you didn’t know were expired. Once your fridge is empty, wipe down every surface with a food-safe cleaner. If you don’t have one, you can make your own.  When your fridge is clean, return the foods to the fridge with the soonest expiration date in the front and the ones not likely to expire soon in the back. 

Paint Interior and Exterior Doors
One of the easiest ways to give your home a fresh look is by making over the interior doors Update boring, plain doors by adding trim and fresh paint, or refinishing them a new color and style.  This season, painting your outside doors a fun and bright color like a robin’s egg blue or bright, creamy white is a great way to add color to your home!

Whether you want to test your gardening skills by making an herb garden or want to put your organizing ability to good use, there are tons of projects around your home that you can get done in just a weekend!

Spring is the time for many major home remodeling projects. From installing new flooring to upgrading your porch or patio to any other number of home upgrades, warmer weather seems to signal the perfect timing for making renovations.

We also know that spring is a prime time for selling a home. While many buyers love a few upgrades, it pays to choose carefully when it comes to your renovations. Why? The design choices you make might not align with every buyer’s taste, which could hurt your potential for selling in a competitive market.

Here are 10 trendy renovation choices to avoid if you’re planning to sell your home in the future:

1. Overdoing it in the kitchen. Yes, granite countertops are appealing to many buyers. However, high-end appliances might not increase your resale value as you would hope. Sure, they are great if you’re planning to use them for the long term, but they probably won’t give your home an edge over others on the market.

2. Being overly bold with your paint choices. Who doesn’t want to follow current trends when it comes to paint colors? But if you’re going bold in a lot of parts in your home, you could be creating more work for yourself when it comes time to sell. Loud paint colors can be covered up, but it can be a time-consuming and costly process.

3. Forgetting about your curb appeal. Don’t get so caught up in renovating the interior or exterior of your home that you forget about your lawn and landscaping. Remember, your curb appeal is one of the first things that buyers notice about your home. Give it proper attention when you’re making renovations too.

4. Leaving out lighting. Like finely pruned landscaping, great lighting can be an awesome selling point in a home. So, if you’re doing a major design overhaul in any room, don’t forget about upgrading your lighting. Whether it is a new fixture or adding energy-saving bulbs, good lighting can increase your home’s appeal when it comes time to sell.

5. Buying on impulse alone. Typically, there are many parts to a remodeling project. Think about a kitchen renovation. You might choose new flooring, cabinets, countertops, appliances, and hardware. Be sure to coordinate your choices so that you’re creating a fluid look throughout the project. Otherwise, your result could be disjointed and even unappealing to buyers.

6. Only focusing on appearance. Together with coordinating design choices is making sure that your stylistic upgrades are supported by structural renovations too. It is one thing for your home renovation to look good, but if it negatively affects your home’s structure, it could cost you far more money – and a potential home sale – in the future.

7. Skimping on good materials. During a home renovation, you want to get the most for your money. But that doesn’t mean you should buy cheap materials simply to achieve a certain look. While they might be appealing at first, lower quality materials probably won’t last, which could cost you more in the long run.

8. Choosing the cheapest contractor. Like good materials, a good contractor can make your home renovation project last. When you’re ready to renovate, be sure to choose a reputable contractor. Otherwise, you could be paying for repairs – or a total redo – when it comes time to sell.

9. Thinking you don’t need a permit. This is especially true if you’re completing your spring home renovation projects by yourself. Be sure to check local regulations before demo day. If you make renovations without a needed permit, you could be fined or even asked to tear down your work!

10. Being the biggest home in the neighborhood. Finally, remember that while your renovations are meant to add beauty and value to your home, they do not need to make it the showiest home in your neighborhood. In fact, if your home is the biggest or most expensive in your neighborhood, you might not recoup your investments when you go to sell.

The bottom line when it comes to your spring home renovations: be sensible if you’re planning to sell in the future.