Chicagoland Real Estate BlogRecently posted or modified blog posts by tag - Commercialhttps://www.riprasad.com/blog/Copyright RiPrasad.com2022-10-25T03:14:38-07:00tag:riprasad.com,2012-09-20:5147The Most Recognizable "Haunted" Movie Houses<img src="https://assets.site-static.com/userfiles/3103/image/Regs/n4.png" width="1429" height="441" />
Whether you’re a horror movie buff or prefer your movies a little less scary, you can’t deny that the houses in horror and Halloween movies become a character all their own. We’ve compiled a list of the 7 most recognizable movie houses, some spooky and some not so much!
1. Halloween, South Pasadena, California
<img src="https://assets.site-static.com/userfiles/3103/image/Regs/n5.png" width="762" height="480" />
Though it’s found new life as a chiropractic office, Michael Myers’ simple, two-story home was initially abandoned when the producers of Halloween decided to use it for the film! Does anyone need an adjustment?
2. Hocus Pocus, Salem, MA
<img src="https://assets.site-static.com/userfiles/3103/image/Regs/n6.png" width="759" height="571" />
One of the not-so-spooky movies on our list, Hocus Pocus cemented itself as a Halloween classic for the horror-averse. Now, the house that Max and Dani lived in is happily a residential home with no witches to worry about.
3. The Woman In Black, Cotterstock, Northamptonshire, UK
<img src="https://assets.site-static.com/userfiles/3103/image/Regs/n7.png" width="759" height="427" />
When Director James Watkins chose Cotterstock Hall as the setting for The Woman In Black, it was perfect in every way except one: it was pristine! The production crew spent 4 days covering the house + grounds in ivy, weeds, and moss before it was ready to play its spooky role.
4. Beetlejuice, East Corinth, VT
<img src="https://assets.site-static.com/userfiles/3103/image/Regs/n8.png" width="760" height="424" />
Before you start buying plane tickets to Vermont to see the iconic Beetlejuice house, we should probably tell you that it was just a facade built for the film and later torn down. All of the indoor scenes were actually shot on a set in California.
5. Harry Potter & the Sorcerer’s Stone and Harry Potter & the Chamber of Secrets, Northumberland, UK
<img src="https://assets.site-static.com/userfiles/3103/image/Regs/n9.png" width="798" height="568" />
Harry Potter fans will immediately recognize Alnwick Castle’s courtyard as the same one that Harry received his first flying lesson in. Beyond wizardry, the castle gained some notoriety for being the only English estate to feature a poison garden.
6. The Shining, Mount Hood, OR
<img src="https://assets.site-static.com/userfiles/3103/image/Regs/n10.png" width="756" height="462" />
While Stephen King’s fictional Overlook Hotel was based on The Stanley Hotel in Estes Park, Colorado, the film adaptation used Timberline Lodge in Mount Hood, Oregon for exterior shots. Fun fact: the owners of the hotel asked the movie producers to change the number of haunted room 217 to 237 since it doesn’t exist at the Timberline.
7. Rocky Horror Picture Show, Windsor, Berkshire, UK
<img src="https://assets.site-static.com/userfiles/3103/image/Regs/n11.png" width="757" height="475" />
Last, but certainly not least, Oakley Court played host to Dr. Frank-N-Furter’s musical chaos in The Rocky Horror Picture Show. This hotel + event center certainly has the feel of a devious doctor’s lair, doesn’t it?
If you're looking for a haunted house (or not so haunted house) give us a call today!
<img src="https://lh5.googleusercontent.com/_U5jW7UlEik12pnEEK9qtXpOkHAqHcqNj3beZoFuAwTwSGlI6UyM3u9YuL82W_HpVKkG2fJwlPi_BX25zDIT52sa-c3XYV15FI_RHfdtp_xxNTvn6qQCy1jJzuSRrLO1YMpcdsqvnBo6ArBbtJDGklqjidbnHhHIeg_CzhEUt-h_K2yRbUCoeT3w" width="319" height="352" />
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We are one of Chicago’s leading providers of comprehensive real estate services. We are home to an ever-growing team of savvy & reputable<a href="https://www.riprasad.com/about/"> local realtors</a> who are community leaders, and customer-service-oriented staff. Whether you’re looking to <a href="https://www.riprasad.com/property-search/search-form/">find a new home</a>, <a href="https://www.riprasad.com/sellers/">sell your home</a>, or <a href="https://www.riprasad.com/investors/real-estate-investing/">invest in your future</a>; let us be your trusted<a href="https://www.riprasad.com/about/"> real estate advisors.</a>
“Real Estate isn’t just a profession, it is truly a obsession” - <a href="https://www.riprasad.com/agents/ri-prasad/">Ri Prasad</a>2022-10-30T05:30:00-07:002022-10-24T20:05:49-07:00Ri Prasadtag:riprasad.com,2012-09-20:4975How to Optimize Your Bedroom Storage Space
<img src="https://assets.site-static.com/userfiles/3103/image/Regs/a66.png" width="594" height="198" />
<img src="https://assets.site-static.com/userfiles/3103/image/Regs/a67.png" width="591" height="235" />
<img src="https://assets.site-static.com/userfiles/3103/image/Regs/a68.png" width="592" height="303" />
The room where you spend begin and end each day should be a<a href="https://www.marthastewart.com/1125486/beautiful-bedroom-ideas" style="text-decoration: none;"> personal oasis,</a> kept serene and tidy. To help you strike the balance between form and function, we asked experts to share their top tips for creating an efficient and organized space.
"The only thing you should be storing in your bedroom is<a href="https://www.marthastewart.com/8037934/clothing-storage-no-drawer-space" style="text-decoration: none;"> clothing and accessories</a>; and try to only keep what is in season and what you actually wear and love in there. Otherwise, you'll be trying to find space for things that don't actually need to be there," says<a href="https://www.instagram.com/melissamaker/" style="text-decoration: none;"> Melissa Maker</a>, cleaning expert and founder of<a href="https://cleanmyspace.com/" style="text-decoration: none;"> Clean My Space</a>.
If you're ready to learn how to organize your bedroom once and for all, consider these top storage tips—ultimately, they'll <a href="https://www.riprasad.com/sellers/need-a-contractor-get-my-list/" style="text-decoration: none;">help you transform your room</a> into the space you've always wanted.
Want to make improvements to your house and and don't know where to start? Get my list of the top home improvement projects and their ROI. Please fill out the form below.
<img src="https://lh3.googleusercontent.com/SPjM9OobC0HvxaJXTnRXtYBFOzI4M0dtOkMvqIJ7N7jAs50mLOunThhBj3X8awh5FUOJejkRa_feiRL192rK-KBFR_v329S-CarPmk3uq0omlCpFj97_Iqs_hbG8y9NTt4addd2YT5L8lkGSTecrXy-76urvATLhrsCgyM39bPiP7aJhfWorNWcQ" style="margin-left: 0px; margin-top: 0px;" width="319" height="352" />
WHO IS<a href="https://www.fultongrace.com/" style="text-decoration: none;"> </a><a href="https://www.riprasad.com/" style="text-decoration: none;">RI PRASAD LUXURY GROUP</a>?
We are one of Chicago’s leading providers of comprehensive real estate services. We are home to an ever-growing team of savvy & reputable<a href="https://www.riprasad.com/about/" style="text-decoration: none;"> local realtors</a> who are community leaders, and customer-service-oriented staff. Whether you’re looking to <a href="https://www.riprasad.com/property-search/search-form/" style="text-decoration: none;">find a new home</a>, <a href="https://www.riprasad.com/sellers/" style="text-decoration: none;">sell your home</a>, or <a href="https://www.riprasad.com/investors/real-estate-investing/" style="text-decoration: none;">invest in your future</a>; let us be your trusted<a href="https://www.riprasad.com/about/" style="text-decoration: none;"> real estate advisors.</a>
“Real Estate isn’t just a profession, it is truly a obsession” - <a href="https://www.riprasad.com/agents/ri-prasad/">Ri Prasad</a>2022-10-28T05:30:00-07:002022-10-25T03:14:38-07:00Ri Prasadtag:riprasad.com,2012-09-20:4810What Sellers Need To Know in Today’s Housing MarketWhat Sellers Need To Know in Today’s Housing Market
<img src="https://files.mykcm.com/2022/08/22152838/20220823-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="What Sellers Need To Know in Today’s Housing Market | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/08/22152838/20220823-KCM-Share.jpg 750w, https://files.mykcm.com/2022/08/22152838/20220823-KCM-Share-600x328.jpg 600w, https://files.mykcm.com/2022/08/22152838/20220823-KCM-Share-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" width="750" height="410" /><br /><br />
If you’re thinking about <a href="https://www.simplifyingthemarket.com/2022/07/18/wondering-where-youll-move-if-you-sell-your-house-today/?a=907416-779497cc697f51a81607fa59ddf45399" title="selling your house" target="_blank" rel="noopener noreferrer">selling your house</a>, you may have heard about the housing market slowing down in recent months. While it’s still a sellers’ market, the peak frenzy the market saw over the past two years has cooled some. If you’re asking yourself if you’ve missed your chance to sell your house and make a move, the good news is you haven’t – motivated buyers are still out there. But you do need to price your house right for today’s market. Here’s why.
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), <a href="https://www.nar.realtor/newsroom/existing-home-sales-slid-5-4-in-june" title="says" target="_blank" rel="noopener noreferrer">says</a>:
“Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”
It’s true buyer demand has slowed over the past few months as higher mortgage rates made it more expensive to buy a home. The result is fewer <a href="https://www.simplifyingthemarket.com/2022/08/10/is-the-shifting-market-a-challenge-or-an-opportunity-for-homebuyers/?a=907416-779497cc697f51a81607fa59ddf45399" title="bidding wars" target="_blank" rel="noopener noreferrer">bidding wars</a> and less competition among buyers (see visual below):
<a href="https://files.mykcm.com/2022/08/22152839/20220823-MEM-Eng-1.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-104252" src="https://files.mykcm.com/2022/08/22152839/20220823-MEM-Eng-1.png" alt="What Sellers Need To Know in Today’s Housing Market | MyKCM" width="600" height="450" /></a>
But don’t forget – that’s compared to the severely overheated market we saw over the past two years. According to the latest <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-07-realtors-confidence-index-08-18-2022.pdf" title="Confidence Index" target="_blank" rel="noopener noreferrer">Confidence Index</a> from NAR:
“. . . 39% of homes sold above list price, down from 51% a month ago and 50% a year ago.”
While this is a slower pace than even one month ago, serious buyers are still actively in the market, and they’re buying homes that are priced right. In fact, the Confidence Index also notes the average home is selling in just 14 days.
If you’re aiming to sell your house, be sure you’re working with your agent to price it for today’s housing market. As buyer demand softens, it’s important to understand this isn’t the same market as last year. It’s not even the same market as just a few months ago. But it is still a <a href="https://www.simplifyingthemarket.com/2022/08/04/why-its-still-a-sellers-market/?a=907416-779497cc697f51a81607fa59ddf45399" title="sellers’ market" target="_blank" rel="noopener noreferrer">sellers’ market</a>.
If you’re ready to sell your house, seek the advice of a <a href="https://www.simplifyingthemarket.com/2022/07/28/a-real-estate-professional-helps-you-separate-fact-from-fiction/?a=907416-779497cc697f51a81607fa59ddf45399" title="real estate professional" target="_blank" rel="noopener noreferrer">real estate professional</a>. In some cases, you’ll need to adjust your expectations accordingly to meet the market where it is today. Selma Hepp, Interim Lead, Deputy Chief Economist at CoreLogic, <a href="https://www.corelogic.com/intelligence/u-s-home-price-insights-august-2022/" title="explains" target="_blank" rel="noopener noreferrer">explains</a> what’s happening and what it means when you sell:
“Signs of a broader slowdown in the housing market are evident, . . . This is in line with our previous expectations and given the notable cooling of buyer demand due to higher mortgage rates. . . . Nevertheless, buyers still remain interested, which is keeping the market competitive — particularly for attractive homes that are properly priced.”
Bottom Line
While the housing market has cooled from its overheated frenzy, it’s still a sellers’ market. Let’s connect so you understand what’s happening with buyer demand and home prices in our local area as you get ready to enter the market.
WANT TO MAKE IMPROVEMENTS TO YOUR HOUSE AND DON'T KNOW WHERE TO START? GET MY LIST OF THE TOP HOME IMPROVEMENT PROJECTS AND THEIR ROI:
<a href="https://www.riprasad.com/sellers/need-a-contractor-get-my-list/">https://www.riprasad.com/sellers/need-a-contractor-get-my-list/</a>
CURIOUS TO SEE WHAT YOUR HOUSE IS WORTH? GET A FREE MARKET ANALYSIS BY CLICKING HERE:
<a href="https://www.riprasad.com/free-market-analysis/">https://www.riprasad.com/free-market-analysis/</a>
<img src="https://lh5.googleusercontent.com/kiVdRnbcTFb4TgWOjAd_SoGWh7jWx-QvhlsIFg10pneaKYTf8HDVy_OHBRbX-e07GcTdQhoejSpkoX40a8MNTCRPg8xZ9VMm7lXbq7wXjjEM_qPhWGRYZSrhEkMsmdPElxZEjYcsTGzNwYT8xrX6901HK-1-ExzlKBnvDQ9BEJogRslUWes0gRKV" width="319" height="352" />
WHO IS<a href="https://www.fultongrace.com/"> </a><a href="https://www.riprasad.com/">RI PRASAD LUXURY GROUP</a>?
We are one of Chicago’s leading providers of comprehensive real estate services. We are home to an ever-growing team of savvy & reputable<a href="https://www.riprasad.com/about/"> local realtors</a> who are community leaders, and customer-service-oriented staff. Whether you’re looking to <a href="https://www.riprasad.com/property-search/search-form/">find a new home</a>, <a href="https://www.riprasad.com/sellers/">sell your home</a>, or <a href="https://www.riprasad.com/investors/real-estate-investing/">invest in your future</a>; let us be your trusted<a href="https://www.riprasad.com/about/"> real estate advisors.</a>
“Real Estate isn’t just a profession, it is truly a obsession” - <a href="https://www.riprasad.com/agents/ri-prasad/">Ri Prasad</a>
<br /><br />
2022-08-31T04:28:00-07:002022-08-31T05:26:47-07:00Ri Prasadtag:riprasad.com,2012-09-20:4776What Is Equity in Real Estate?<a href="https://www.thebalance.com/what-is-home-equity-315663" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Equity</a> is the difference between the market value of your home and the amount you owe the lender who holds the mortgage. Put simply, it’s the amount of money you'd receive after paying off the mortgage if you were to sell the home.
Here's a simplified example: Say the fair market value of your home is $200,000 and you owe $150,000 on the mortgage. Your equity is, therefore, $50,000, assuming you sell the property for fair market value.
Key Takeaways
In real estate, your <a href="https://www.thebalance.com/pulling-equity-out-of-your-home-5271707" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">equity</a> in your property is the amount that you own, or what you would get after paying off your mortgage after selling.
You can <a href="https://www.thebalance.com/how-much-equity-do-you-need-for-a-home-equity-loan-5323498" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">build equity</a> by making a larger down payment, paying off your mortgage more quickly, and improving the house to increase its value.
You can lose equity by increasing your loan amount, reducing the value of the house through disrepair or damage, or being exposed to unfavorable market changes.
Building equity allows you to see more of a return on your investment when it's time to sell your house.
How Does Home Equity Work?
Home equity is your ownership of the house. To calculate your equity, take the home's current value (what it would fetch in the real estate market) and subtract any liens (such as what you owe on the mortgage). What's left over is your equity. It's what you would clear if you were to sell the home and repay your lender. And if you have a second mortgage, that counts against your equity, too. If your home is fully paid off, your equity would be the full value of the home—you'd have 100% ownership.
Your equity in the home is not the same as what you might clear from its sale, because you'll need to pay for the costs associated with selling it.
Selling a home doesn’t come for free. So, even if your equity stake is $50,000, as in the example above, it’s unlikely that you’d actually pocket that whole $50,000 once all is said and done.
What would you take home? That would be your equity minus the costs of selling the property. These costs might include your agent’s commissions (usually around 5% to 6% of your sales price), unpaid property taxes, and any closing costs not paid by the buyer.1
If your home sells for $200,000, and your mortgage on the home is $150,000, your equity is $50,000—but you might owe a commission of $12,000 to your realtor. Your other closing costs, such as <a href="https://www.thebalance.com/what-is-escrow-315826" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">escrow fees</a>, title charges, and tax prorations, add another estimated $3,000 in seller-paid costs. Your net equity is then reduced to $35,000: $50,000 minus the additional $15,000 in expenses.
How Is Home Equity Built?
As a homeowner, you can build home equity in two key ways: by increasing your home’s value or by reducing the amount you owe on the property. Here's how to do it.2
Make Your Monthly Mortgage Payments
Every mortgage payment goes toward reducing your debt and increasing your equity. Adding in an extra payment or two per year can help, too.
Improve Your House
Upgrading your home and making smart improvements can also increase its value and therefore your equity stake. For example, you might spend $50,000 on remodeling your kitchen, which might increase the market value of the home by $30,000—assuming that you didn't take out a <a href="https://www.thebalance.com/how-to-get-a-home-equity-loan-with-bad-credit-4686014" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">home equity loan</a> to pay for the new kitchen.
Make a Larger Down Payment
The more you put down, the smaller your loan balance will be—meaning more home equity. You can experiment with the effect by using our mortgage calculator.
Calculate Your Monthly Payment
Your monthly mortgage payment will depend on your home price, down payment, loan term, property taxes, homeowners insurance, and interest rate on the loan (which is highly dependent on your credit score). Use the inputs below to get a sense of what your monthly mortgage payment could end up being.
External Factors
Sometimes, homes increase in value due to external factors, such as local market demand or growth in the community. When that happens, it also increases a homeowner’s equity stake in their property.
To see whether your home has increased in value due to outside influences, look at <a href="https://www.thebalance.com/what-are-comparable-sales-1798357" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">comparable sales</a> in your neighborhood. If homes in your area are now selling for more, that means your home would likely sell for more, too.
As an example, you might have bought your home two years ago for $100,000 with a 20% down payment. If similar homes are now selling for $120,000, your equity in the home will have increased by $20,000 due to that rise.
How Do You Lose Equity?
You can also see your home equity fall. A decrease in local home values is one way it can happen. It can occur due to economic conditions in the area, changes to the neighborhood, deterioration or aging of homes in your area, and more. Basically, if homes are selling for less in your area, then your equity will fall as a result.
Here are some other ways you can lose equity:
Increasing your loan amount (or the number of loans on your home): If you <a href="https://www.thebalance.com/refinance-mortgage-rules-2386176" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">refinance your mortgage</a> or take out a second mortgage or <a href="https://www.thebalance.com/what-can-you-use-a-home-equity-loan-for-5272443" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">home equity loan</a>, you'll most likely decrease your equity, too.
Letting your home fall into disrepair: As your home’s condition declines, so does its value—and the equity you have in it.
Market changes: Overall changes in your local real estate market and economy can also impact your home’s value and your equity.3
If you’re worried that you may be losing the equity in your home, you might want to talk to a local real estate agent. They can pull local comparable sales to gauge your home’s fair market value and make recommendations for how you should move forward.
The Bottom Line
Equity is a powerful thing. Build more of it, and see a higher return on your investment when it's time to sell. Allow your home to lose equity, and you might lose money once you offload your property.
The moral of the story? If you own a home, keep tabs on your equity and where you stand. Take action early if you see things heading in the wrong direction, as that could help you prevent financial loss when you’re ready to sell.
Frequently Asked Questions (FAQs)
What is "sweat equity" in real estate?
"Sweat equity" isn't a special type of equity. The term is just another way to refer to building equity in your home through improvements. Typically, these are improvements you do yourself, hence the "sweat." For example, if you put in the time and energy to <a href="https://www.thebalance.com/repairs-before-home-selling-return-rewards-1799066" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">remodel the kitchen</a>, then that "sweat equity" could increase the value of your home.
What is a "gift of equity" in real estate?
If you're selling a property to a family member, you may not care about capitalizing on every last dollar of equity you've built up over the years. If the sale price doesn't cover all of the equity you have in the property, then the leftover amount is a "gift of equity." It's essentially a discount on the property. If you think this might apply to your situation, you should check the current <a href="https://www.thebalance.com/how-is-the-gift-tax-calculated-3505674" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">gift tax thresholds</a> to learn about potential liabilities.4
<img src="https://lh5.googleusercontent.com/kiVdRnbcTFb4TgWOjAd_SoGWh7jWx-QvhlsIFg10pneaKYTf8HDVy_OHBRbX-e07GcTdQhoejSpkoX40a8MNTCRPg8xZ9VMm7lXbq7wXjjEM_qPhWGRYZSrhEkMsmdPElxZEjYcsTGzNwYT8xrX6901HK-1-ExzlKBnvDQ9BEJogRslUWes0gRKV" width="319" height="352" />
WHO IS<a href="https://www.fultongrace.com/"> </a><a href="https://www.riprasad.com/">RI PRASAD LUXURY GROUP</a>?
We are one of Chicago’s leading providers of comprehensive real estate services. We are home to an ever-growing team of savvy & reputable<a href="https://www.riprasad.com/about/"> local realtors</a> who are community leaders, and customer-service-oriented staff. Whether you’re looking to <a href="https://www.riprasad.com/property-search/search-form/">find a new home</a>, <a href="https://www.riprasad.com/sellers/">sell your home</a>, or <a href="https://www.riprasad.com/investors/real-estate-investing/">invest in your future</a>; let us be your trusted<a href="https://www.riprasad.com/about/"> real estate advisors.</a>
“Real Estate isn’t just a profession, it is truly a obsession” - <a href="https://www.riprasad.com/agents/ri-prasad/">Ri Prasad</a><br /><br />https://youtube.com/shorts/jmFtNzzvGjc?feature=share2022-08-27T05:56:00-07:002022-08-26T08:13:43-07:00Ri Prasadtag:riprasad.com,2012-09-20:4801Why a Home Inspection Is ImportantWhy a Home Inspection Is Important
<img src="https://files.mykcm.com/2022/08/18110253/20220819-MEM-1046x1957.png" class="attachment-entry size-entry wp-post-image" alt="Why a Home Inspection Is Important [INFOGRAPHIC] | MyKCM" loading="lazy" srcset="https://files.mykcm.com/2022/08/18110253/20220819-MEM-1046x1957.png 1046w, https://files.mykcm.com/2022/08/18110253/20220819-MEM-321x600.png 321w, https://files.mykcm.com/2022/08/18110253/20220819-MEM-547x1024.png 547w, https://files.mykcm.com/2022/08/18110253/20220819-MEM-768x1437.png 768w, https://files.mykcm.com/2022/08/18110253/20220819-MEM-821x1536.png 821w, https://files.mykcm.com/2022/08/18110253/20220819-MEM-1095x2048.png 1095w, https://files.mykcm.com/2022/08/18110253/20220819-MEM-100x187.png 100w, https://files.mykcm.com/2022/08/18110253/20220819-MEM.png 1300w" sizes="(max-width: 1046px) 100vw, 1046px" width="1046" height="1957" /><br /><br />
Some Highlights
If you’re buying a home, here’s what you should know about your <a href="https://www.homeinspector.org/Buyers-And-Owners/Homebuyers-Guide/FAQs-about-Home-Inspection" title="home inspection" target="_blank" rel="noopener noreferrer">home inspection</a> and why it’s so important.
A <a href="https://www.nar.realtor/home-inspections" title="home inspection" target="_blank" rel="noopener noreferrer">home inspection</a> is a crucial step in the homebuying process. It assesses the <a href="https://www.realtor.com/advice/buy/how-much-does-a-home-inspection-cost/" title="condition" target="_blank" rel="noopener noreferrer">condition</a> of the home you plan to purchase so you can avoid <a href="https://magazine.realtor/daily-news/2022/07/28/real-estate-forecast-market-to-ease-despite-high-home-prices" title="costly surprises" target="_blank" rel="noopener noreferrer">costly surprises</a> down the road.
Let’s connect so you have an <a href="https://www.simplifyingthemarket.com/2022/07/28/a-real-estate-professional-helps-you-separate-fact-from-fiction/?a=907416-779497cc697f51a81607fa59ddf45399" title="expert" target="_blank" rel="noopener noreferrer">expert</a> on your side to guide you through the process.
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2022-08-24T06:09:00-07:002022-08-24T07:12:26-07:00Ri Prasadtag:riprasad.com,2012-09-20:4770What Does the Rest of the Year Hold for Home Prices?
What Does the Rest of the Year Hold for Home Prices?
<img src="https://files.mykcm.com/2022/08/10093713/20220811-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="What Does the Rest of the Year Hold for Home Prices? | MyKCM" width="750" height="410" /><br /><br />
Whether you’re a potential <a href="https://www.simplifyingthemarket.com/2022/07/29/three-reasons-to-buy-a-home-in-todays-shifting-market-infographic/?a=907416-779497cc697f51a81607fa59ddf45399" title="homebuyer" target="_blank" rel="noopener noreferrer">homebuyer</a>, <a href="https://www.simplifyingthemarket.com/2022/07/18/wondering-where-youll-move-if-you-sell-your-house-today/?a=907416-779497cc697f51a81607fa59ddf45399" title="seller" target="_blank" rel="noopener noreferrer">seller</a>, or both, you probably want to know: will home prices fall this year? Let’s break down what’s happening with home prices, where experts say they’re headed, and why this matters for your <a href="https://www.simplifyingthemarket.com/2022/07/05/is-homeownership-still-the-american-dream/?a=907416-779497cc697f51a81607fa59ddf45399" title="homeownership" target="_blank" rel="noopener noreferrer">homeownership</a> goals.
Last Year’s Rapid Home Price Growth Wasn’t the Norm
In 2021, home prices appreciated quickly. One reason why is that record-low mortgage rates motivated more buyers to enter the market. As a result, there were more people looking to make a purchase than there were homes available for sale. That led to competitive bidding wars which drove prices up. CoreLogic helps <a href="https://www.corelogic.com/intelligence/corelogic-hpi-posted-record-year-over-year-growth-in-2021/" title="explain" target="_blank" rel="noopener noreferrer">explain</a> how unusual last year’s appreciation was:
“Price appreciation averaged 15% for the full year of 2021, up from the 2020 full year average of 6%.”
In other words, the pace of appreciation in 2021 far surpassed the 6% the market saw in 2020. And even that appreciation was greater than the pre-pandemic norm which was typically around 3.8%. This goes to show, 2021 was an anomaly in the housing market spurred by more buyers than homes for sale.
Home Price Appreciation Moderates Today
This year, home price appreciation is slowing (or decelerating) from the feverish pace the market saw over the past two years. According to the latest forecasts, experts say on average, nationwide, prices will still appreciate by roughly 10% in 2022 (see graph below):
<a href="https://files.mykcm.com/2022/08/10093715/20220811-MEM-Eng.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-103941" src="https://files.mykcm.com/2022/08/10093715/20220811-MEM-Eng.png" alt="What Does the Rest of the Year Hold for Home Prices? | MyKCM" width="600" height="450" /></a>
Why do all of these experts agree prices will continue to rise? It’s simple. Even though <a href="https://www.simplifyingthemarket.com/2022/07/27/want-to-buy-a-home-now-may-be-the-time/?a=907416-779497cc697f51a81607fa59ddf45399" title="housing supply" target="_blank" rel="noopener noreferrer">housing supply</a> is growing today, it’s still low overall thanks to several factors, including a long period of <a href="https://www.simplifyingthemarket.com/2022/07/25/whats-causing-ongoing-home-price-appreciation/?a=907416-779497cc697f51a81607fa59ddf45399" title="underbuilding homes" target="_blank" rel="noopener noreferrer">underbuilding homes</a>. And experts say that’s going to help keep upward pressure on <a href="https://www.simplifyingthemarket.com/2022/07/21/think-home-prices-are-going-to-fall-think-again/?a=907416-779497cc697f51a81607fa59ddf45399" title="home prices" target="_blank" rel="noopener noreferrer">home prices</a> this year. Additionally, since mortgage rates are higher this year than they were last year, buyer demand has slowed.
As the market undergoes this change, it’s true price appreciation this year won’t match the feverish pace in 2021. But the rapid appreciation the market saw last year wasn’t sustainable anyway.
What Does That Mean for You?
Today, the market is beginning to move back toward pre-pandemic levels. But even the forecast for 10% home price growth in 2022 is well beyond the 3.8% that’s more typical for a normal market.
So, despite what you may have heard, experts say home prices won’t fall in most markets. They’ll just appreciate more moderately.
If you’re worried the house you’re trying to sell or the home you want to buy will decrease in value, you should know experts aren’t calling for depreciation in most markets, just <a href="https://www.simplifyingthemarket.com/2022/06/16/home-price-deceleration-doesnt-mean-home-price-depreciation/?a=907416-779497cc697f51a81607fa59ddf45399" title="deceleration" target="_blank" rel="noopener noreferrer">deceleration</a>. That means your home should still grow in value, just not as fast as it did last year.
Bottom Line
If you’re thinking of making a move, you shouldn’t wait for prices to fall. Experts say nationally, prices will continue to appreciate this year, just at a more moderate pace. When you’re ready to begin the process of buying or selling, let’s connect so you have a local market expert on your side each step of the way.
2022-08-18T04:11:00-07:002022-08-15T09:18:47-07:00Ri Prasadtag:riprasad.com,2012-09-20:4723So You Bought a Fixer-Upper to Save Money—Here Are the Projects to PrioritizeIf you're embarking on renovations on a tight budget, it can be hard to decide what to do first. We asked experts to identify the best projects for your wallet and your home.
The vast majority of people who purchase fixer-upper homes do so for financial reasons— because they generally can't afford a turn-key property. A <a href="https://www.buildworld.co.uk/evolving-appeal-of-fixer-uppers" target="_blank" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">recent report from Buildworld</a>, a UK company that connects buyers with building materials, reveals that 73% of people who buy fixer-uppers do so because of money issues. This financial reality, however, can present a perplexing challenge when moving into a home that's in need of a little (or a lot) of TLC. Which renovation projects should you focus on first if your budget is tight? And why?
According to Buildworld, the average spend on "necessary repairs" is about $13,000, and "practical upgrades" cost about $6,000. We asked experts to help identify the fixer-upper projects that make the most sense right out of the gate as well as those that will give you the most bang for your buck. Here's what the industry insiders had to say, along with a few tips on how to get organized as you <a href="https://www.bhg.com/home-improvement/advice/budget-advice/expert-tips-finance-fixer-upper/" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">embark on your fixer-upper facelift.</a>
Before You Start Remodeling
First things first: It's essential to understand what work should be done for safety reasons and to prevent costly challenges down the road. The best way to do this is to have a professional assess your newly purchased home and use that insight to develop a game plan.
"Create a priority list and start with what must be fixed," says Robbie Maynard, San Diego-based interior designer and owner of <a href="http://www.robbieinteriors.com/" target="_blank" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Robbie Interiors</a>. "Hire an inspector to look for potential issues or hazards with electrical, plumbing, and the roof. It's a good idea to start with the structure and take care of items like electrical, which can be a potential fire hazard, as well as plumbing issues so that you don't end up with major problems or damage in the future. You will not see a great transformation, but it brings peace of mind."
Hiring an expert to create a cost estimate for your renovations can give you a realistic assessment of how much money you'll need to accomplish each item on the list and help you decide <a href="https://www.bhg.com/home-improvement/remodeling/budget-remodels/home-renovation-on-a-budget-281474979570280/" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">what you can afford to do first</a>. And remember, while safety repairs are likely to be among the most expensive, they're critical to laying the proper groundwork for subsequent projects.
"Upgrading plumbing and electrical is always expensive," says AmyLynn Schwartzbard, owner of New York City-based <a href="https://www.thelifedesignsgroup.com/" target="_blank" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Life Designs Group</a>. "A two-bedroom, two-bath home could run $25,000-plus for all new electrical wiring and outlets. Plumbing could run $15,000-plus. But the additional work isn't worth doing if the inner runnings of the home are in disarray."
1. Refresh Rooms with Paint
Once you've addressed safety matters, you can turn your attention to aesthetic <a href="https://www.bhg.com/home-improvement/advice/planning/read-this-before-you-start-your-home-renovation-281474979547593/" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">renovation projects and upgrades</a>. Adding a new coat of paint throughout your home can make a big difference without a big investment, says Stephanie Lindsey, principal designer with Texas-based <a href="https://protect-us.mimecast.com/s/7rYDCNkGkWTN70rqMCmG986?domain=etchinteriordesign.com/" target="_blank" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="2">Etch Design Group</a>.
"A fresh coat of paint on walls goes a long way for our mental health," says Lindsey. "We feel rejuvenated and like we have a clean slate to start a new chapter. You can paint walls, cabinets, or <a href="https://www.bhg.com/home-improvement/door/exterior/how-to-paint-exterior-door/" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">even your front door</a> for a fresh new look."
The best part: <a href="https://www.bhg.com/decorating/paint/projects/paint-projects-ideas-and-patterns/" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">a paint project</a> can cost as little as $50, depending on the scope. Maynard also notes that paint almost always needs a refresh anyway when a home transitions from one owner to the next. "New paint is the first thing that makes a huge impact," says Maynard. "The great thing is you can paint yourself and save on this one."
For an added style boost, consider <a href="https://www.bhg.com/decorating/paint/room/wall-painting-ideas/" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">painting an accent or focal wall</a>, which is generally the wall you first see when entering a room. It might also be the wall where your sofa or your bed is located. "Dark gray or smoky green or blue are all popular colors," says Maynard.
2. Install New Flooring
Another project that can make a tremendous and immediate difference in a fixer-upper is flooring. Maynard recommends <a href="https://www.bhg.com/home-improvement/flooring/installation-how-to/how-to-install-vinyl-plank-flooring/" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">luxury vinyl plank flooring</a> to save money, which runs about $5 a square foot.
"It's the best thing since sliced bread," says Maynard. "It looks like real wood for a fraction of the cost. I love the chevron or herringbone patterns, which I have been specifying in many of my projects. Luxury vinyl plank is also water-resistant and can be used in bathrooms. New flooring and paint will transform your fixer-upper right before your eyes."
Not only will new flooring brighten a fixer-upper visually, but tackling this type of change early on can be much easier logistically. Once you've moved in and your furniture and personal belongings fill every room, redoing flooring can be challenging at best.
"It can be downright unbearable while the work is being done," says Ron Leffler, of Virginia-based <a href="http://www.ronleffler.com/" target="_blank" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Ron Leffler Real Estate</a>. "It usually takes several days from beginning to end. The smell from the fresh polyurethane [if you're <a href="https://www.bhg.com/home-improvement/flooring/types/refinishing-hardwood-floors/" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">refinishing hardwood floors</a>] can also take a day or two to dissipate."
One additional consideration: the color you select for your vinyl flooring or floor stain will also help set the stage for future updates in your home.
3. Upgrade the Exterior
Exterior upgrades are also an important consideration for fixer-uppers and can be more affordable than interior changes, which often require plumbing and other system improvements. The <a href="https://www.houzz.com/magazine/2020-u-s-houzz-and-home-study-renovation-trends-stsetivw-vs~135001299" target="_blank" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">2020 U.S. Houzz & Home Study</a> found that 21% of renovating homeowners tackled roofing, windows and skylights, and exterior paint projects at a median spend of $8,000, $3,900, and $1,000, respectively. Outdoor yard and <a href="https://www.bhg.com/gardening/landscaping-projects/landscape-plans/what-percentage-of-my-homes-value-should-be-put-into-landscaping/" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">landscaping projects </a>are also a good idea, says <a href="https://www.jenthomsonrealtor.com/" target="_blank" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="3">realtor Jennifer Thomson</a>.
"Don't forget about your fixer-upper's curb appeal; the neighbors will thank you and you will be able to enjoy your yard in the summer months," says Thomson, who recommends adding grass for starters. "If you use fast-growing grass seed, you will have a lush lawn surrounding your home in no time. Most homeowners spend between $450 and $900 on lawn seeding a 5,000-square-foot lawn. When it comes time to sell your fixer-upper, the curb appeal will add thousands to the value of your home."
Bermuda grass germinates in as little as seven to 10 days, while Buffalo grass can take two weeks to 30 days, says Thomson. Yet another option is Centipede grass, which has a germination time of 14 to 21 days.
4. Remodel Your Kitchen
It's no secret that kitchens are often among the priciest renovations homeowners embark upon—because who doesn't want a dream kitchen with all of the bells and whistles right? The good news is that a <a href="https://www.bhg.com/kitchen/remodeling/2021-kitchen-trends/" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">kitchen renovation</a> doesn't have to cost a small fortune. And furthermore, you might want to prioritize your spending on this space given just how big of a role kitchens play in everyday life. (Not to mention the solid return on investment you're likely to get.)
"The kitchen is one of the most used and important spaces in the home," says Maynard, noting that one way to save costs on improvements in this room is by simply <a href="https://www.bhg.com/kitchen/cabinets/makeovers/kitchen-cabinet-paint/" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">painting your cabinets</a> if they're in good shape, or refinishing them. Taking this approach could cost anywhere from $2,500 to $3,500, Maynard estimates.
If the doors are not in good shape and won't be much improved with paint, refacing (replacing the doors) can be another budget-friendly cabinet upgrade option. Costs range from $5,000 to $7,000, says Maynard. Bottom line: kitchen renovations do not have to cost in excess of $15,000 or $20,000.
"Everyone thinks a kitchen remodel is super expensive, but it doesn't have to be. The Home Depot cabinets can look great. There are discount granite shops that will cut and install your countertop for much less than the high-end showroom places. I flip houses in California and can get an entire kitchen remodel for under $12,000," says Nancy Chillag of <a href="https://23rdstreetinvestors.com/" target="_blank" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">23rd Street Investors</a>.
Chillag's tricks of the trade include sourcing granite at warehouses, not showrooms, where you can purchase more affordable materials for <a href="https://www.bhg.com/kitchen/remodeling/planning/top-kitchen-renovation-project/" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">a countertop upgrade</a>. She also suggests searching for kitchen fixtures and other items at Lowe's or similar big-box, high-volume stores as opposed to high-end showrooms.
5. Replace Windows
Installing <a href="https://www.bhg.com/home-improvement/windows/window-buying-guide/best-replacement-windows/" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">new windows</a> might not be the cheapest project to tackle initially, depending on who you buy them from (and you should definitely shop around.) But this is an improvement that can pay for itself over the long run by saving you money on utility bills.
"Old windows might have air leaks, which can cause your furnace or HVAC system to work overtime and increase your bills," says Andrew Wilson, a <a href="https://contractoradvisorly.com/" target="_blank" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">home improvement contractor</a> based in Madison, Wisconsin. "Plus, it also makes living in the home comfier when you don't have to worry about the cold breeze or warm summer heat entering through the windows seasonally."
6. Repair Drywall and Ceilings
Yet another home improvement project to consider early on for logistical reasons is major drywall or ceiling repairs, including moving walls. Like flooring, this type of work is best tackled before moving in.
"Removing popcorn ceiling texture? It's a messy job and much easier to do when you don't have to worry about getting furniture or floors wet and dirty," says Robert Taylor, a rehabber based in Sacramento, California, who's been fixing and flipping homes for more than 15 years.
While most homeowners can remove popcorn ceiling on their own, you'll likely need someone to come through to retape and texture the ceiling, says Taylor, owner of <a href="https://therealestatesolutionsguy.com/about-robert-taylor/" target="_blank" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">The Real Estate Solutions Guy</a>. Expect removal of acoustic ceiling texture and retexturing to cost around $2 to $3 per square foot, says Taylor.
How to Get the Most for Your Money
Whether you choose to start with new flooring, kitchen renovations, updated ceilings, or drywall, if you're hiring a professional to do the work, it's best to shop around to make sure you're getting a good price. This will also help you develop a more complete picture of the expenses involved.
"Get at least three qualified quotes from contractors to do the work," says John Bodrozic, co-founder of <a href="https://www.homezada.com/homeowners/home-improvement" target="_blank" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">HomeZada</a>, a platform that helps homeowners manage renovations. "This is where you start to see what the total cost of the project is beyond material costs, because the contractor quotes will include their labor costs, their tools costs, insurance costs, and their goals for profit on the project."
One more point about <a href="https://www.bhg.com/home-improvement/advice/things-to-know-about-hiring-a-contractor/" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">selecting a contractor</a>: the lowest bid is not always the best bid, even when you're on a tight budget.
"Hire the right contractor, don't hire the cheapest contractor to save money," says Chillag. "It will cost you more money in the long run. Get recommendations for contractors, interview them, and talk to their prior clients. A good contractor will look at your remodel wish list and give you advice on how to save money and what order to do things in so that you're not undoing work later on in the remodel process."
Final Considerations
Buying a fixer-upper can be a wise way to get into homeownership on a budget. It can also be a monumental undertaking and a labor of love, particularly if you intend to stay in the home for the long haul rather than simply flip it in a few years. No matter which camp you're in, make sure you thoroughly understand the work that needs to be done and why before diving into any projects. After all, mistakes can be costly and if your budget is already tight, it's best to spend your money judiciously as a new homeowner. Doing this requires being educated about your choices.
"One of the biggest tips anyone should know about renovating a fixer-upper is ensure the correct thing is being fixed. A common mistake is people thinking for instance that if floors aren't leveled correctly, they need to replace the flooring. That's a costly mistake since most of the time it's not a flooring issue, but instead a problem with the home foundation," says Wilson, the home improvement contractor. "It's essential to be sure that what's actually causing the issue is what's being fixed."
https://www.bhg.com/home-improvement/remodeling/fixer-upper-projects-to-save-money/2022-08-05T07:00:00-07:002022-08-03T14:27:02-07:00Ri Prasadtag:riprasad.com,2012-09-20:4689Investors love real estateAccording to Bankrate’s <a href="http://url9827.mail.readtheblueprint.com/ss/c/bqhIlGL7T9NglJeTcgo-tp_va47E7U7SiVB6H4TSPQ5IpT8AdTqEftFGZ1PsGbWU5ORWS_P2zV6iYqgoVEQZtwwxGwtbfCIswbMRcD4-I9L3Up0VJsnbpFF5j-FBJs5J/3o2/EeH1MHzEQVaJybs4_iNdjg/h36/dIafZGJlaG3o1bp1vY-ShV6lu8_cpOc9ZABeClpRlQc" target="_blank" data-saferedirecturl="https://www.google.com/url?q=http://url9827.mail.readtheblueprint.com/ss/c/bqhIlGL7T9NglJeTcgo-tp_va47E7U7SiVB6H4TSPQ5IpT8AdTqEftFGZ1PsGbWU5ORWS_P2zV6iYqgoVEQZtwwxGwtbfCIswbMRcD4-I9L3Up0VJsnbpFF5j-FBJs5J/3o2/EeH1MHzEQVaJybs4_iNdjg/h36/dIafZGJlaG3o1bp1vY-ShV6lu8_cpOc9ZABeClpRlQc&source=gmail&ust=1659037011077000&usg=AOvVaw2peK7EB-JstSpTTZYHh5ni">latest survey</a> of 1,025 adults, real estate nabbed the title of favorite long-term investment (defined as ten years), beating out stocks, crypto, and gold, among others. Check out the key insights from that survey:
<img src="https://assets.site-static.com/userfiles/3103/image/unnamed_2.jpg" width="900" height="506" />
29% of respondents named real estate as their preferred investment, the second-highest share in this survey’s 10-year history
Real estate earned the top spot in this survey for the third time in four years
Stocks (26%) were a close second, while cash investments (17%) and gold (9%) lagged
OUR TAKE
You may not consider yourself a real estate investor, but you could easily be. Real estate will always go up over time. Don’t forget that! We're here to help people make the best investment decision they possibly can
2022-07-29T07:00:00-07:002022-07-27T14:06:32-07:00Ri Prasadtag:riprasad.com,2012-09-20:4679Your Guide to the Housing Market
How’s the housing market these days? It’s a question almost as common as asking about the weather. But do you really know what's going on with the housing market?
If you’re looking to buy or sell a house, you should. The ebb and flow of activity in the real estate market is a major factor in your ability to make a successful offer on a house or find a buyer quickly, and it may even affect how lenders valuate a property leading up to closing on a deal.
To be able to leverage all the details you need to make a confident, smart decision in a transaction, a little bit of knowledge on the current state of the real estate market is a must.
You want to have an understanding of not just how the typical housing market cycle works, but also how your local market is functioning relative to the national market. To help you out, we’ve compiled the basics when it comes to understanding common real estate market lingo, current trends and how to examine the state of housing in your area.
Housing Market Basics
Here’s a breakdown of some of the basics to help you survive a networking conversation with a real estate pro, make it through a news article about your local market or decipher what you’re seeing in your ZIP code.
Buyer’s market definition: A buyer’s market occurs when there are more properties for sale than buyers actively shopping, which gives buyers the upper hand. Homes for sale can be on the market for a few months before the right buyer comes along, and it’s more likely that the seller will be inclined to give in to concessions the buyer requests, such as paying for a new roof or covering closing costs, in order to get the buyer to the closing table.
Seller’s market definition: A seller’s marke<a href="https://realestate.usnews.com/real-estate/articles/why-your-home-may-not-be-selling-even-in-a-sellers-market">t</a> occurs when there are more buyers than properties available, leading to competition among buyers that brings about bidding wars, buyers placing offers on properties sight unseen and buyers experiencing pressure to put more cash down to get a seller’s attention. In some seller’s markets, the competitive spirit can at times cause prices to inflate beyond the rate of property value growth. When this happens, lenders may catch an inflated price during appraisal and refuse to lend the full amount. In other situations, the market may endure a price correction in which buyers hit their price limit and activity slows until prices return to a more normal level.
Balanced market: Between a buyer’s and seller’s market is a balanced market, where there’s between three and six months of home inventory listed, depending on the area, at any given time. Because real estate tends to run in cycles, a balanced market is most often seen as a transitional period between a buyer’s market and a seller’s market, or vice versa, but it typically lasts for a shorter period of time than either extreme.
The local versus national housing market. Real estate is a highly localized industry, as a result of wide variations among property values, economic statuses and real estate laws that differ from state to state. The housing market in Los Angeles functions very differently from the market in St. Louis, which is why it's important to pay attention to your local housing market if you're looking at factors that will make the biggest impact on your real estate deal.
Looking at the national housing market, you can see overarching trends that take place in many parts of the U.S. and commonalities among the most populated parts of the country. If you’re looking to understand the relative value of your home, though, you should focus your research on your local market.
Also keep in mind that a reported property value is based on the asking price of properties currently on the market or reported appraised values by real estate appraisers. Reported median or average price, on the other hand, is based on properties that have recently sold, which means it is more likely to be accurate when determining what your house can reasonably sell for.
Factors lending to market changes. Because an individual’s ability to buy or sell a home is heavily influenced by his or her personal financial situation, the overall market is often influenced by changes in the job market, consumer confidence, lender regulations and zoning laws.
But with houses being as big and highly valued as they are, real estate typically doesn’t see snap-judgment changes like the stock market does. The relatively slow-moving nature of real estate transactions helps prevent the housing market from crashing on a regular basis.
What happened in the housing market crash. Of course, the housing market can crash – and it did in 2008. After years of lenders issuing mortgage loans with little regard for the appraised value of the properties or the likelihood the borrowers would be able to keep up with payments, the adjustment of interest rates led to mass foreclosures. During the Great Recession, 7 million Americans lost their homes, and many more owed more on their mortgage than their home was worth.
Because the housing market crisis was so widespread, it remains vivid in the minds of many people as they prepare to buy a house, sell a house or invest in real estate. Some in the real estate industry note similarities, like sale prices, in the current housing market to years like 2005 or 2006, which led to the bubble burst. But they also neglect to note the regulatory differences for lenders that are aimed at keeping subprime loans and predatory lending from becoming the norm again.
The Housing Market Now
Once you have the fundamentals of talking about real estate markets down, keep up on housing market news. The housing market shifts throughout the<a href="https://realestate.usnews.com/real-estate/articles/3-things-to-watch-in-the-housing-market-this-spring"> </a>year and cycles through larger trends over several years. Subscribe to my weekly newsletter <a href="https://www.riprasad.com/about/your-guide-to-the-housing-market/">here</a> and follow me on social media to stay up-to-date on the housing market with FACTS and not just scare tactics.
*Courtesey of US News
<br /><br />2022-07-24T12:19:00-07:002022-07-24T12:52:45-07:00Ri Prasadtag:riprasad.com,2012-09-20:4672NAHB: Builder confidence falls for seventh consecutive month in JulyHomebuilder confidence posted its second-highest drop in the history of the NAHB/Wells Fargo Housing Market Index (HMI) in July, as home sales and buyer traffic were hampered by inflation and rising interest rates.
The index fell 12 points to 55, its largest drop after the 42-point plunge in May 2020, the National Association of Home Builders said. The monthly decrease was the seventh one in a row as fears of a weakening housing market continue amid economic headwinds that make homes increasingly unaffordable for buyers.
Any reading above 50 indicates that more builders view conditions as good than poor.
“Production bottlenecks, rising home building costs and high inflation are causing many builders to halt construction because the cost of land, construction and financing exceeds the market value of the home,” said NAHB Chairman Jerry Konter, a homebuilder and developer from Savannah, Georgia. “In another sign of a softening market, 13% of builders in the HMI survey reported reducing home prices in the past month to bolster sales and/or limit cancellations.”
All three HMI components fell in July: Current sales conditions fell 12 points to 64, sales expectations for the next six months slid 11 points to 50 and traffic of prospective buyers declined 11 points to 37.
“Affordability is the greatest challenge facing the housing market,” NAHB chief economist Robert Dietz said in a <a href="https://www.nahb.org/news-and-economics/press-releases/2022/07/builder-confidence-plunges-as-affordability-woes-mount" target="_blank">press release</a>. “Significant segments of the homebuying population are priced out of the market. Policymakers must address supply-side issues to help builders produce more affordable housing.”
Regionally, the three-month moving average of the index fell in all geographic regions, led by the West, with a 12-point decline to 62 and followed by the South with an eight-point fall to 70, the Northeast with a six-point slide to 65 and the Midwest with a four-point drop to 52.
The NAHB/Wells Fargo survey measures builder perceptions of current single-family home sales, as well as sales expectations for the next six months, as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” The results are then used to calculate the seasonally adjusted index. <br />
*Courtesy of Chicago Agent
<a href="https://www.riprasad.com/sellers/need-a-contractor-get-my-list/">NEED A CONTRACTOR? WE HAVE A FULL LIST, CLICK HERE TO ACCESS!</a>2022-07-21T14:02:00-07:002022-07-21T14:10:31-07:00Ri Prasadtag:riprasad.com,2012-09-20:4651Chicago Is Officially The 2nd Best City In The WorldSecond City? More like the Second Best City in the World. That’s according to the latest Time Out Index survey results, which ranked Chicago in the No. 2 spot for our 2022 roundup of the <a href="https://www.timeout.com/things-to-do/best-cities-in-the-world" target="_blank">world’s very best cities</a>.
A bit of context: Every year, Time Out quizzes more than 20,000 urbanites from across the world about life in their cities, inviting them to weigh in on everything from the local food, drink and culture scenes to friendliness, affordability and livability. Based on those results, Time Out editors crunch the numbers and assemble a ranking of the world’s greatest cities. This year’s list—which pays special attention to the qualities that make a city great to live in and visit—ranked Chicago as second best in the world, beat out only by Edinburgh, Scotland.
Wondering what qualities make us so great? Well, to put it simply, Chicago is a good time! Our beloved Midwest metropolis was voted the funnest city in the world this year, a fact borne out by the city’s near-overwhelming docket of <a href="https://www.timeout.com/chicago/things-to-do/chicago-summer-festivals" target="_blank">summer festivals</a>, outdoor events, art exhibitions and <a href="https://www.timeout.com/chicago/things-to-do/best-free-things-to-do-this-month" target="_blank">free stuff to do</a> <a href="https://www.timeout.com/chicago/things-to-do/best-things-to-do-this-weekend-in-chicago" target="_blank">every weekend</a>. After two years of on-and-off restrictions, Chicagoans are more eager than ever to get out and enjoy their city; for proof, just head to your local beach on a sunny Saturday afternoon, fight your way through crowds during street fests or attempt to snag a reservation for a buzzy new restaurant at a sensible hour (Hint: You might need to give it a couple tries).
Speaking of restaurants! A stunning 96 percent of locals rate Chicago highly for food and drink, thanks to the city’s glut of dining options. Whether you’re itching to splurge on the country’s first-ever <a href="https://www.timeout.com/chicago/restaurants/kasama" target="_blank">Michelin-starred Filipino tasting menu</a>, explore <a href="https://www.timeout.com/chicago/restaurants/best-mexican-restaurants-in-chicago-tacos-tamales-and-more" target="_blank">top-tier Mexican food</a> or argue about the merits of <a href="https://www.timeout.com/chicago/restaurants/best-pizza-in-chicago" target="_blank">deep dish vs. tavern style</a>, there’s enough culinary variety to satisfy even the pickiest of gourmands. We’re also looking pretty good on the culture front, with 95 percent of respondents giving high marks to the city’s art and culture scenes that have roared back to life over the past year.
We already know what some of you cynics are thinking: But what about crime? Isn’t Chicago dangerous? Did the city pay you to write this? (Ha! If only.) We won’t deny that Chicago grapples with many of the same issues that other big cities are facing, including violence, disinvestment and a transit system that’s struggling to keep up with pandemic-era staffing shortages. But behind those challenges, there’s an incredible network of <a href="https://www.timeout.com/chicago/news/how-one-pioneering-nonprofit-is-helping-chicagos-youth-explore-their-city-071122">community groups</a>, activists and mutual aid workers fighting for a better future—that might be why readers voted Chicago the fourth-most resilient city in the world. Our city may not be perfect, true, but those who love it know it’s one of the very best.
Curious about which other cities made the cut this year? Take a look through Time Out’s ranking of the <a href="https://www.timeout.com/things-to-do/best-cities-in-the-world" target="_blank">best cities in the world for 2022</a>.
https://www.timeout.com/chicago/news/chicago-is-officially-the-2nd-best-city-in-the-world-0712222022-07-16T07:00:00-07:002022-07-14T11:43:29-07:00Ri Prasadtag:riprasad.com,2012-09-20:46472022 Market Predictions: Our Mid-Year ReckoningAs 2021 gave way to 2022, many within the mortgage industry were guardedly bullish on the housing market. Sure, there were economic indicators that pointed to weakness in the labor supply and stubborn emergence of inflation. The steady uptick in mortgage rates also threatened to dampen enthusiasm. However, all in all, most pundits and purchasers planned for the positive.
And why not? The industry was on the verge of closing out a historic year of housing sales, home valuations were skyrocketing and mortgage rates were still hovering in the vicinity of levels not seen in a generation. To further juice confidence, the numbers came in revealing a total of<a href="https://www.statista.com/statistics/226144/us-existing-home-sales/" target="_blank"> 6.1 million housing transactions</a> completed in 2021—an increase of half a million over the previous year. By most accounts, it had been and would continue to be a great time to buy a home.
But while confidence remained strong in some corners of the housing market through January and February, it did not take long for a new consensus to emerge. And when it did, it was decidedly less rosy.
Market analysis: Hindsight is 20-20 in 2022
At this point you might be wondering; how well did we predict these trends in our <a href="https://www.properrate.com/article/2022-housing-market-predictions" target="_blank">December forecast of the housing market</a>? Admittedly, we didn’t get everything right. The health of the economy, and by extension the housing market, can be difficult to forecast even in the best of times. Given the unpredictable nature of the housing market, we knew that it would be a fool’s errand to try to predict what was going to happen in the housing market during a time of turbulence and uncertainty.
And this was all before the rapid, persistent rise in inflation nor the earth-shattering developments when Russia invaded Ukraine. Who could have predicted that? While the former has a more immediate effect on American pocketbooks, the latter may prove to be more devastating over time.
We did, however, get some things right. We said inventory would continue to be an issue but that an increase in construction might provide a boost—more on that in a moment. Also, we projected that <a href="https://www.properrate.com/article/why-speed-matters-when-it-comes-to-lending" target="_blank">technology and innovation</a> would unlock increased efficiencies, aiding the homebuyer journey and saving them crucial time and money. That was true in 2021 and it continues to be the case through the first six months of this year.
Let’s take a moment to run through what we got right, what we missed and the current state of play.
Mortgage Rates in flux
According to <a href="https://www.freddiemac.com/pmms/pmms30" target="_blank">Freddie Mac</a>, the average 30-year mortgage stood at just a tick above 3% as we closed out 2021. From there, however, the ascent has been rapid and unyielding. The first week of June, for example, saw the average mortgage rate for a 30-year fixed mortgage exceeding 5%—a whole 2 percentage points higher than December.
This uptick is mostly a function of rising inflation and the policy tools employed to fight against it. Indeed, inflation is often the result of a “hot” economy, and one way to cool things down is by raising interest rates. Specifically, in March of 2022 the Federal Reserve began raising the Federal Fund Rate. This, in turn, has affected the price of 10-year Treasury bonds, a leading indicator of mortgage rates.
A 5% mortgage rate is not a prohibitive rate considering the high rates we saw in previous years and previous economies. It's certainly not the historically low rates that homebuyers quickly got accustomed to during the pandemic years, though. While it’s never recommended that homebuyers wait to “time the market,” it’s certainly understandable if demand has eased a bit as rates have shot up.
The good news is that rates have<a href="https://www.washingtonpost.com/business/2022/06/02/mortgage-rates-hold-steady-resist-upward-pressure/" target="_blank"> fallen for three consecutive weeks</a> at the time of writing, so some industry watchers hold out that we may have seen the worst of it. It’s impossible to say that with any kind of certainty, but homeowners are a persistent bunch and remain optimistic even in turbulent times.
The economy: The mother of all factors
This one isn’t so much a missed prediction as an (understandable) gap in available information last December. At the time, there weren't a whole lot of economists and industry analysts raising the specter of inflation or speculating on possible recessions.
That said, mortgage rates are climbing, which is softening homebuyer demand as they deal with newly tightened budgets. Demand hasn’t altogether disappeared though, and plenty of homebuyers are finding inventive ways to get a more affordable mortgage through a wide range of home loan options. However, the negative economic news has unquestionably taken a toll on the health of the housing market.
Housing inventory and new construction
Chief economist at the National Association of Realtors (NAR) Lawrence Yun—a leading voice in the real estate industry—has for months been <a href="https://www.nar.realtor/newsroom/nar-chief-economist-lawrence-yun-predicts-uncertainty-for-the-housing-market" target="_blank">suggesting that new construction</a> would help ease the inventory problem in today’s housing market. And he’s not the only one.
Our own Jim Colella, VP National Building Program Manager, announced his hope for an increase in housing starts <a href="https://www.grarate.com/article/2022-housing-market-predictions" target="_blank">in our December predictions</a>. Colella, however, tempered his enthusiasm around the possible rise of inflation, which not only affects the cost of housing materials but leads to a cautious mindset among builders.
Given those caveats, we probably shouldn’t expect a sea change quite yet, especially as builders are already lagging an estimated 18 months behind customer demand. But we predicted housing starts would pick up and they have. <a href="https://www.nar.realtor/blogs/economists-outlook/instant-reaction-housing-starts-may-18-2022" target="_blank">April 2022 numbers</a> reveal a total of 1.72 million housing starts in April, a 14.6% jump from a year ago. While that number sounds promising, inventory is still too low, particularly when it comes to single family homes.
Technology continues to accelerate efficiencies
These days, homebuyers can expect a seamless <a href="https://www.properrate.com/article/digital-homebuying" target="_blank">digital mortgage</a> experience. With an ability to explore real-time rates and seek preapproval in as little as 15 minutes, you can save valuable time—and money. This ongoing drive to leverage efficiencies was something we pointed out in our December predictions and we expected further accelerations and <a href="https://www.properrate.com/article/ai-and-the-future-of-mortgage-lending" target="_blank">breakthrough technologies</a> to provide bold new efficiencies in 2022. We weren’t wrong.
As it stands, the innovations that Proper Rate have helped bring to market over the past few years are still reverberating throughout the industry and continuing to improve—and in some cases reimagine—the customer experience for homebuyers as well as current homeowners seeking to refinance.
This state-of-the-art technology—much of it centered around intelligent automation—has also introduced innovation into the underwriting and closing process, delivering efficiencies on the back end that can be passed on to the homebuyer. Almost without exception, these breakthroughs in technology have unlocked hidden savings, reduced turn times and dramatically improved the customer experience.
The industry works to expand homeownership
Government initiatives and other industry programs continue to promote homeownership. Leading government sponsored entities (GSEs) such as Fannie Mae and Freddie Mac have also been working on various ways to reduce the cost of access to first-time homebuyers—including <a href="https://freddiemac.gcs-web.com/news-releases/news-release-details/freddie-mac-announces-landmark-equitable-housing-finance-plan" target="_blank">closing the racial homeowner gap</a>— and open up homeownership to more and more buyers.
In addition, there is renewed urgency at the federal level to address the lack of affordable housing by accelerating the construction of new homes and preserving existing ones. A Housing Supply Action Plan has been put forward by the White House to help to help solve America’s housing inventory problem in five years,
The persistent dream of American homeownership
Many families and individuals are still determined to buy a home, despite a mixed economy and legitimate concerns around inflation and rising mortgage rates. And though we should have learned by now just how dicey it can be to make any predictions, we will make one: the dream of homeownership is very much alive and well.2022-07-14T04:00:00-07:002022-07-14T10:50:56-07:00Ri Prasadtag:riprasad.com,2012-09-20:4642Sneak Peek! Surprising Amazon Prime Day Deals You Had No Clue Existed for Your Home—and Will LoveAnother <a href="https://www.amazon.com/primeday">Amazon Prime Day</a>, another deal on a flat-screen TV or smart home device. Right?
Well, yes, the annual two-day online megasale will include those items—and if you need ’em, you should grab ’em.
But to make things more fun this year, we dug around and found some astonishing gems that will be on sale that you probably never even knew existed. And we’re not kidding when we say they might have the potential to truly transform your life at home.
“An item is only a good deal if it’s something you will use or enjoy,” says online selling expert Deb Colameta, author of “Best Offer, Best Life!” and host of the “Upcycling With Deb” podcast. “Don’t be lured by a low price unless you are sure the purchase will add value to your life.”
Colameta also recommends you consider the physical size of an item. In other words, can you afford it and the amount of space it takes up in your home?
And, whether it’s Prime Day or any day, compare prices from different retailers for a few minutes before adding anything to your cart.
“If you are an educated consumer, it’s easy to spot the best deals and true markdowns,” says Colameta. “You could save even more by shopping elsewhere. Or better yet—move forward confidently with your Amazon Prime Day purchase.”
Finally, if you’re looking for a reason to buy one of these out-of-the-ordinary items we uncovered, but can’t quite rationalize it for yourself, consider gifting.
“Think about upcoming birthdays and holidays—you can scratch the itch to bargain shop while crossing off items from a gift list,” adds Colameta.
1. Mattress vacuum cleaner
Dust mites be gone with this powerful little sucker!
<img src="https://assets.site-static.com/userfiles/3103/image/vaccum.png" width="734" height="468" />
Did you know the <a href="https://www.realtor.com/advice/home-improvement/how-to-buy-a-mattress/" target="_blank">average mattress</a> can contain anywhere from 100,000 to 10 million dust mites? Ewww! And that dust mites can make up 10% of the weight of a 2-year-old pillow and their droppings. Gross, right?!
Instead of sleeping in a bed of bugs, suck up those little mattress dwellers with the <a href="https://www.amazon.com/IRIS-IC-FAC2-Mattress-Furniture-Cleaner/dp/B078J9CPCQ?ref_=Oct_DLandingS_D_58eb5bfe_80&smid=ATVPDKIKX0DER&th=1">IRIS USA mattress vacuum cleaner</a> ($84.99, 15% off the regular price).
This lightweight vacuum with a powerful Cyclone Stream head vibrates 6,000 times a minute to liberate mites, pollen, and dander from your mattress. It also has a built-in sensor to tell you in a red, yellow, and green light fashion if you’ve sucked up enough dust.
The vacuum also works on pillows, blankets, futons, and more. (BRB—gotta go vacuum everything now.)
2. Cut-resistant gloves
Make it harder to lose a finger.
<img src="https://assets.site-static.com/userfiles/3103/image/gloves.png" width="745" height="468" />
Have a tendency to chop a little more than onions when you’re cooking?
Nix the nicks with these <a href="https://www.amazon.com/Resistant-Gloves-Safety-Kitchen-Cutting/dp/B0B1DQS7TP?ref=dlx_deals_gd_dcl_img_18_52f9549b_dt_sl15_6b">Mearens cut-resistant, food-grade safety gloves</a> ($11.99, 33% off). Made of 13-gauge knitted, seamless fiber HHPE material, these gloves clock in at a grade 5 safety level, which means you’ll have to work really hard to cut yourself through them.
Suitable for everything from oyster shucking to meat slicing to woodworking, they’re also helpful for keeping you protected while cleaning up after other types of accidents (like picking up broken glass).
They are machine-washable and come in small, medium, large, and extra-large. In other words, equal opportunity hand protection.
3. Premium clear ice-ball maker
Make your bar top shelf with this addition.
<img src="https://assets.site-static.com/userfiles/3103/image/ice_ball.png" width="732" height="468" />
Ready to level up your at-home bar situation and become a baller?
Formed in BPA-free silicone molds, the ice from the <a href="https://www.amazon.com/Premium-Clear-Ball-Maker-Mold/dp/B08PFHQPG9?ref=dlx_deals_gd_dcl_img_22_20c0e548_dt_sl15_10&th=1">Berlinzo premium clear ice-ball maker</a> ($43.30, 46% off) rivals those found in the whiskey at any premier bar. Each perfectly round 2.4-inch ice sphere will last through two (or three, we’re not judging) drinks.
The ice balls look sophisticated—and the maker comes with an ice storage bag, which you’ll want if you’re planning a party since it takes 24 hours to make one set of balls. But we’ve heard good things come to those who wait (or slowly sip).
4. Personal steam sauna
It’s like a spa in your bedroom.
<img src="https://assets.site-static.com/userfiles/3103/image/sauna.png" width="832" height="468" />
If you’re the type who’d rather chill out by getting hot and steamy, this <a href="https://www.amazon.com/dp/B09KNF9Q1D/ref=twister_B09X75ZYS9?_encoding=UTF8&psc=1">Sunakie personal steam sauna</a> ($135.99, 24% off) might be just the at-home spa solution you’re seeking.
The 3-liter, 800-watt steam generator can heat your own little portable tent to a sultry 149 degrees Fahrenheit! There’s also a digital display to help you keep track of the time and temperature. And the best part is that it’s highly storable. (The tent part folds up to fit in a large dresser drawer if you don’t want to leave it out.)
In our current world, where sharing air with people in a highly transmissible, moist environment is probably not the safest idea, this brings a spa option into your little corner for less than the price of a massage.
5. Inflatable movie screen
Go to the movies—outside.
<img src="https://assets.site-static.com/userfiles/3103/image/movie_screen.png" width="832" height="468" />
It’s like going to a drive-in movie but in your backyard.
This 16-foot <a href="https://www.amazon.com/Inflatable-OUTTOY-Projection-Backyard-Celebrations-16FT/dp/B07T9XZR16?ref=dlx_deals_gd_dcl_img_179_4a7ce0f2_dt_sl15_6b&th=1">Outtoy inflatable projection screen</a> ($118.99, 15% off) is the perfect solution for socially distanced summer gatherings. And it’s the ultimate blow-up toy that inflates in minutes. (Plug it in and voilà!)
Made of high-quality polyester, it doesn’t wrinkle and can handle inclement weather. (Though winds over 10 mph might require added sandbags at the base.) And like those inflatable holiday decorations you see in people’s yards, it also deflates and packs away easily.
Note that you will need a separate <a href="https://www.amazon.com/dp/B08HLLQV1J?ref=dlx_deals_gd_dcl_img_846_3db36738_dt_sl15_6b">outdoor projector</a> to shine your film of choice on the screen. But that might be another Prime Day purchase worth the hunt.
6. Handheld steam cleaner and sanitizer
Clean and sanitize all your hard surfaces with a shot of steam.
<img src="https://assets.site-static.com/userfiles/3103/image/sanitizer.png" width="764" height="468" />
Don’t like getting your hands dirty? Then try steam-cleaning your surfaces!
The <a href="https://www.amazon.com/Bissell-39N7V-Surface-Steam-Cleaner/dp/B07V39L623/?_encoding=UTF8&pd_rd_i=B07V39L623&pd_rd_w=UW1mQ&content-id=amzn1.sym.4d3375d7-b1e4-4223-90bf-0c57f2e88de3&pf_rd_p=4d3375d7-b1e4-4223-90bf-0c57f2e88de3&pf_rd_r=5RATDCTSKFQ9AHW8AWG0&pd_rd_wg=8mnky&pd_rd_r=f3bfef94-878b-4fb2-9978-7a26da967655&ref_=deals">Bissell SteamShot handheld steam cleaner</a> ($31.04, 14% off) uses 100 watts of high-pressure steam for chemical-free cleaning. (It’s safe around kids and pets.) Plus, it sanitizes by eliminating 99.9% of all germs and bacteria.
And with seven different nozzles and brushes, it can be used everywhere in the bathroom. (Goodbye, yucky sink, toilet chores, and grout degunking.) It’s also great for getting stuck-on messes off hard-to-clean areas in the kitchen without chemicals you don’t want in your food.
Need to disinfect your kids’ stuffed animals? You’ll save real-life animals as well. A portion of each purchase goes to the Bissell Pet Foundation to help save homeless pets.
7. Biometric fingerprint safe
There are three ways to get into this safe, including your finger.
<img src="https://assets.site-static.com/userfiles/3103/image/safe2.png" width="832" height="468" />
You know you must keep your valuables locked away from intruders, and this deal will help you do that.
Taking a page right out of “Mission Impossible,” the <a href="https://www.amazon.com/Fingerprint-Separate-Compartment-Security-Induction/dp/B08FQXVJPQ?ref=dlx_deals_gd_dcl_img_67_22f85a13_dt_sl15_6b&th=1">Tenamic fingerprint safe box</a> ($322.99, 35% off) gives you 3.83 cubic feet of safe space that only your fingerprint can access. OK, fine, you can also get into it with a key or code in an emergency.
Plus, for even more valuable stuff, there is a separate safety box within the safe and a hidden compartment in the bottom of the leather-lined box. Good luck trying to crack this one, burglars.
8. LED handheld showerhead
This shower can light up your life.
<img src="https://assets.site-static.com/userfiles/3103/image/led_showerhead.png" width="722" height="468" />
Looking for a shower and a show? Enter the <a href="https://www.amazon.com/FASTRAS-Handheld-Pressure-Temperature-Controlled-Filtered/dp/B09LXN9TMM/ref=cm_cr_arp_d_product_top?ie=UTF8&th=1">Fastras LED hand-held, high-pressure showerhead</a> ($19.99, 50% off), which adds whimsy to not only your shower time but also water filtration and 200% extra water pressure.
The LED lights are predicated on the water temperature—cold is green, warm is blue, hot is red. And the beads in the handle can help purify and filter your H2O, improving its pH balance. It also comes with a 360-degree rotating shower holder and two shower sponges.
Reviewers say it’s easy to install and worth it for the kitsch factor.
9. Fly fan
Keep bugs off your food with these clever little fans.
<img src="https://assets.site-static.com/userfiles/3103/image/flyfan.png" width="819" height="468" />
Shoo, fly. No, seriously, flies be gone! The <a href="https://www.amazon.com/dp/B08FSY28C2/?coliid=I2SA0LN80ECJ49&colid=2Z54W53F799EZ&psc=1&ref_=lv_ov_lig_dp_it">Patiosir fly fan</a> ($23.19, 46% off) is one of those gadgets you didn’t know you needed until you couldn’t live without it.
Put it on a table—inside or out—and the spinning soft-touch blades with holographic dots will help keep flies and other annoying winged insects away so you can eat in peace.
Imagine having dinner outside on your deck without doing a wild swatting dance the whole time. That’s definitely a deal in its prime!2022-07-12T13:00:00-07:002022-07-13T09:55:56-07:00Ri Prasadtag:riprasad.com,2012-09-20:4530Are the next luxury apartments… offices?
Are the next luxury apartments… offices?
<img alt="" style="display: block; width: 100%; height: auto; border: 0; outline: none; text-decoration: none;" src="https://ci4.googleusercontent.com/proxy/W5fhZCmQQtRcu-f6FMH48UdITn3cqM5ttRU5UG5gBWt_JuMYv9_DLIa0WlQwVhwMd5H_6c685dL5t449bk9DP3t3bCsiW727cVf6wR1cRvWyPz1M7Oar-_hFcpbMYvrw4RNBXxu5xi7C5xLMvy9I3w=s0-d-e1-ft#https://media.beehiiv.net/uploads/asset/file/b453c257-c7ee-4552-a051-2768271c4951/Story_2.png" class="CToWUd a6T" tabindex="0" width="640" height="auto" />
Source: Business Insider
Hines, a global real estate investment and development firm, has big plans for one of Salt Lake City’s downtown landmarks. The firm intends to convert the South Temple Tower, a 24-story office building, into <a href="http://url9827.mail.readtheblueprint.com/ss/c/bqhIlGL7T9NglJeTcgo-toYlce6iIiK1npfZNfxYeeu5Iwqtt6PutcL4R0daRyHXDFOomz5U8pwhiXJGhi0hAJq2rc-c4xcblEqjNiyKTxnM0vQAfH-B3Emg8hCIXeXz-iqwMWgx8JunbqspM8u3W6HSLmapbWqRkBbMMTLhJaQ/3n3/cmLnitvARsmcSX7G8iuWQQ/h28/4W6frdIabVGwSpJrOMd0fS5V21Q8oy6WviEETzKZ2zI" style="color: #0066ff; text-decoration: underline; text-decoration-color: #0066ff;" target="_blank" data-saferedirecturl="https://www.google.com/url?q=http://url9827.mail.readtheblueprint.com/ss/c/bqhIlGL7T9NglJeTcgo-toYlce6iIiK1npfZNfxYeeu5Iwqtt6PutcL4R0daRyHXDFOomz5U8pwhiXJGhi0hAJq2rc-c4xcblEqjNiyKTxnM0vQAfH-B3Emg8hCIXeXz-iqwMWgx8JunbqspM8u3W6HSLmapbWqRkBbMMTLhJaQ/3n3/cmLnitvARsmcSX7G8iuWQQ/h28/4W6frdIabVGwSpJrOMd0fS5V21Q8oy6WviEETzKZ2zI&source=gmail&ust=1655918512995000&usg=AOvVaw036LHEz0t-MLgUYUN6-xkj">255 luxury apartments</a>. While this project is Hines’ first venture into office-to-residence conversions, projects like this have been popping up across the country for months.
Nationwide, offices haven’t been this empty <a href="http://url9827.mail.readtheblueprint.com/ss/c/bqhIlGL7T9NglJeTcgo-tipxCfX_e1REEtOWdCwm-ksb6pLULb_zq7gMFvs5q3ZgwPF1Y1c7RxzREin2tch5EAWi1Po3kE690WDq0ddjfBr_e-HH3957pkHFItQv6mR_c6mNaBgAx78PUtYqWJb1YQ/3n3/cmLnitvARsmcSX7G8iuWQQ/h29/wHuRQoh6qdrocb7Z-8BbBmH17IhL6mITpQCUv6gyb_4" style="color: #0066ff; text-decoration: underline; text-decoration-color: #0066ff;" target="_blank" data-saferedirecturl="https://www.google.com/url?q=http://url9827.mail.readtheblueprint.com/ss/c/bqhIlGL7T9NglJeTcgo-tipxCfX_e1REEtOWdCwm-ksb6pLULb_zq7gMFvs5q3ZgwPF1Y1c7RxzREin2tch5EAWi1Po3kE690WDq0ddjfBr_e-HH3957pkHFItQv6mR_c6mNaBgAx78PUtYqWJb1YQ/3n3/cmLnitvARsmcSX7G8iuWQQ/h29/wHuRQoh6qdrocb7Z-8BbBmH17IhL6mITpQCUv6gyb_4&source=gmail&ust=1655918512995000&usg=AOvVaw1vV-_IJ5hWQI396Xc7XVIH">since 1994</a>
With rental rates breaking records in many cities, investors see multi-family properties as better income sources than office buildings
Office conversions come with their fair share of zoning challenges, but in places like New York City, the critical need for housing has encouraged city officials to allow more of these conversion projects
Our take
People are always going to look for creative ways to make money. In times like these when the market is shifting, they get even more creative. You can bet every city in the world will have their eyes on this project. If it goes well, we could be seeing a huge wave of new downtown converted residences hitting the market in the coming years.
2022-06-24T03:59:00-07:002022-06-21T13:11:10-07:00Ri Prasadtag:riprasad.com,2012-09-20:4540 Home Price Deceleration Doesn’t Mean Home Price Depreciation
Home Price Deceleration Doesn’t Mean Home Price Depreciation
<img src="https://files.mykcm.com/2022/06/15152402/20220616-KCM-Share.jpg" class="attachment-entry size-entry wp-post-image" alt="Home Price Deceleration Doesn’t Mean Home Price Depreciation | MyKCM" width="750" height="410" /><br /><br />
Experts in the real estate industry use a number of terms when they talk about what's happening with home prices. And some of those words sound a bit similar but mean very different things. To help clarify what's happening with <a href="https://www.simplifyingthemarket.com/2022/05/24/sellers-have-an-opportunity-with-todays-home-prices/?a=907416-779497cc697f51a81607fa59ddf45399" title="home prices" target="_blank" rel="noopener noreferrer">home prices</a> and where experts say they're going, here’s a look at a few terms you may hear:
Appreciation is when home prices increase.
Depreciation is when home prices decrease.
Deceleration is when home prices continue to appreciate, but at a slower pace.
Where Home Prices Have Been in Recent Years
For starters, you’ve probably heard home prices have skyrocketed over the past two years, but homes were actually appreciating long before that. You might be surprised to learn that home prices have climbed for <a href="https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qpo" title="122" target="_blank" rel="noopener noreferrer">122</a> consecutive months (see graph below):
<a href="https://files.mykcm.com/2022/06/15152359/20220616-MEM-Eng-1.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-102951" src="https://files.mykcm.com/2022/06/15152359/20220616-MEM-Eng-1.png" alt="Home Price Deceleration Doesn’t Mean Home Price Depreciation | MyKCM" width="600" height="450" /></a>
As the graph shows, houses have gained value consistently over the past 10 consecutive years. But since 2020, the increase has been <a href="https://www.fhfa.gov/Media/PublicAffairs/Pages/US-House-Prices-Rise-18pt7-Percent-over-the-Last-Year-Up-4pt6-Percent-from-the-Fourth-Quarter.aspx" title="more dramatic" target="_blank" rel="noopener noreferrer">more dramatic</a> as home price growth accelerated.
So why did home prices climb so much? It’s because there were more buyers than there were homes for sale. That imbalance put upward pressure on home prices because demand was high and supply was low.
Where Experts Say Home Prices Are Going
While this is helpful context, if you’re a buyer or seller in today’s market, you probably want to know what’s going to happen with home prices moving forward. Will they continue that same growth path or will home prices fall?
Experts are <a href="https://www.simplifyingthemarket.com/2022/05/31/what-does-the-rest-of-the-year-hold-for-the-housing-market/?a=907416-779497cc697f51a81607fa59ddf45399" title="forecasting" target="_blank" rel="noopener noreferrer">forecasting</a> ongoing appreciation, just at a decelerated pace. In other words, prices will keep climbing, just not as fast as they have been. The graph below shows home price forecasts from seven industry leaders. None are calling for prices to fall (see graph below):
<a href="https://files.mykcm.com/2022/06/15152405/20220616-MEM-Eng-2.png" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-102953" src="https://files.mykcm.com/2022/06/15152405/20220616-MEM-Eng-2.png" alt="Home Price Deceleration Doesn’t Mean Home Price Depreciation | MyKCM" width="600" height="450" /></a>
Mark Fleming, Chief Economist at First American, <a href="https://blog.firstam.com/economics/the-housing-market-is-slowing-by-design-but-dont-expect-a-bust" title="identifies" target="_blank" rel="noopener noreferrer">identifies</a> a key reason why home prices won’t depreciate or drop:
“In today’s housing market, demand for homes continues to outpace supply, which is keeping the pressure on house prices, so don’t expect house prices to decline.”
And although <a href="https://www.simplifyingthemarket.com/2022/05/11/are-there-more-homes-coming-to-the-market/?a=907416-779497cc697f51a81607fa59ddf45399" title="housing supply" target="_blank" rel="noopener noreferrer">housing supply</a> is starting to tick up, it’s not enough to make home prices decline because there’s still a gap between the number of homes available for sale and the volume of buyers looking to make a purchase.
Terry Loebs, Founder of the research firm Pulsenomics, notes that most real estate experts and economists anticipate home prices will continue rising. As he <a href="https://www.forbes.com/sites/brendarichardson/2022/06/07/rising-rates-and-buyer-urgency-keep-home-price-gains-above-20-in-april/?sh=c5446d229ec7" title="puts it" target="_blank" rel="noopener noreferrer">puts it</a>:
“With home values at record-high levels and a vast majority of experts projecting additional price increases this year and beyond, home prices and expectations remain buoyant.”
Bottom Line
Experts forecast price deceleration, not depreciation. That means home prices will continue to rise, just at a slower pace. Let’s connect so you can get the full picture of what’s happening with home prices in our local market and to discuss your buying and selling goals.
2022-06-24T02:57:00-07:002022-06-22T15:04:26-07:00Ri Prasad