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Scott Roh
ABR, GRI, Relocation Specialist, Commercial Specialist, Licensed 1998
Mobile: 920-707-0122
[email protected]
https://scottroh.firstweber.com
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Hi There!
The weather is getting warmer and the spring market is in full swing. If you’re interested in buying, selling, or simply interested in getting a free market analysis for your property, I’d love to connect with you.
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Navigating Home Equity Options for Renovation Projects: Beyond the Basics
Dreaming of a new kitchen or a backyard oasis? You might be sitting on the key to making those dreams come true - your home equity. To learn more about how to tap into your home’s equity and how it may open doors to renovating, repairing, and revamping your space.
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Source: https://www.phmloans.com/blog-article/navigating-home-equity-options-for-renovation-projects-beyond-the-basics
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IS IT WORTH BUYING A HOME IN 2024? TIPS FROM HOUSING EXPERTS
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While experts are cautiously optimistic about the direction of the housing market in 2024, buying a home (especially if it’s your first time) is rarely a pain-free process. From tracking market conditions to the actual process of getting a mortgage, there are a lot of moving parts.
1. FOLLOW WHAT HOUSING MARKET EXPERTS ARE SAYING Housing market trends are dynamic and, oftentimes, hard to understand, especially when it comes to all the factors that affect mortgage rates (the list is longer than you think). That’s why housing market experts and economists are constantly tracking economic data to better understand where things are headed. Keeping an eye on what those experts are saying, whether by reading newsletters or listening to podcasts, can help you become a more informed buyer without getting too deep into the macroeconomic weeds.
Here are some of the podcasts to keep you in the loop:
Real Estate Today
The REconomy Podcast
HousingWire Daily
2. MONITOR MORTGAGE RATES REGULARLY As inflation slows and the Federal Reserve initiates interest rate cuts, experts predict mortgage rates will eventually reach 6% by the end of 2024. But mortgage interest rates are volatile, making them difficult to predict. And while tracking mortgage rate movement isn’t the most exciting thing to do, there’s a reason experts recommend it: It can save you a lot of money and free up some room in your homebuying budget. Your interest rate doesn’t only affect your monthly mortgage payments. It also affects the total interest you’ll pay over the course of your loan. Securing a lower rate from the beginning, even if by a few tenths of a percentage point, can save you tens of thousands of dollars over time.
3. CREATE A HOMEBUYING BUDGET Start budgeting for your down payment and other costs associated with a home purchase, like closing costs. The minimum down payment required by most lenders is 3% for conventional loans. But experts often recommend making a down payment closer to 20% of the property’s asking price. That way, you can take out a smaller loan and avoid having to pay private mortgage insurance. Shift from asking, “How much could I borrow?” to “How much should I borrow?” When creating a budget, you want to make sure you can cover your future monthly mortgage payments as well as any other debt you have, like student loans or credit card debt. Consider the 28/36 rule: Allocate no more than 28% of your pre-tax monthly income toward housing-related expenses and keep your total monthly household debt below 36% of your gross income.
4. BE FLEXIBLE ABOUT LOCATION Between 2020 and 2022, home prices saw double-digit growth. In 2023, the pace of growth slowed but prices were still up around 3% on an annual basis. Forecasts from Redfin and Realtor.com show home prices easing in the second half of 2024, but not dramatically -- between 1% and 1.7%. What real estate is doing on a national level might not reflect what’s happening in your neck of the woods. Home prices and housing supply vary by city and state, so it’s always worth looking at less expensive markets.
5. GET AHEAD OF THE COMPETITION Many prospective buyers are sitting on the sidelines as they wait for mortgage rates to fall and affordability to improve. As mortgage rates inch lower over the course of 2024, experts expect that pent-up homebuying demand will lead to increased competition. Buying sooner rather than later, if you have the option, could grant you more negotiating power while the pace of home sales is still slow.
PREPARE TO WAIT
If 2024 isn’t your year to buy a home, that’s OK. You can do plenty of things while you wait to put yourself in a better position when you’re ready to buy.
- Improve your credit score. Your credit score is one of the main factors lenders consider when determining whether you qualify for a mortgage and at what interest rate. The minimum credit score for conventional loans is 620, but to qualify for the lowest rates, you’ll want to aim for closer to 740. Paying your credit cards on time (ideally, in full) and staying below your credit limit are great places to start.
- Pay down debt. Lenders also take into account your debt-to-income ratio, or DTI. Paying down debt will lower your DTI, which means you’ll be able to borrow more - and at a better rate. As an added (and significant) bonus, it will also relieve a major financial burden and give you more room to save for long-term goals, like your down payment.
- Save for a down payment. It can take a long time to save up enough cash for a down payment, but you can start small with weekly or monthly savings goals. Consider stowing your cash in a high-yield savings account or certificate of deposit (if you don’t plan to buy in the immediate future) to take advantage of compounding interest.
To read the whole article click here.
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Source: https://www.cnet.com/personal-finance/mortgages/advice/ is-it-worth-buying-a-home-in-2024- 10-tips-from-housing-market-experts/
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HOME STAGER REVEALS FOUR HOT TRENDS FOR 2024 |
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Homes are no longer about looking pristine but feeling cozy and catering to people’s aesthetic and emotional needs. Designers are embracing a powerful trio: nature, serenity and comforting design, as well as modern technology. They’re breaking away from tradition and moving into a forward-thinking adventure of unconventional design trends that are elevating the “art” of the home. |
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Homes today fulfill a lot more purposes, providing comfort, wellness and an eco-friendly and personalized space—all in a technological way. Home layouts are being reconfigured, too. Dining rooms have become nearly extinct, living spaces are being designed for flexibility, and wellness rooms are channeling more positive vibes.
Homes have been mostly dressed in white, contemporary designs with simplified living spaces. Nowadays, that crisp, neutral canvas is getting decorated with dramatic color, unexpected art, textured furniture and eclectic decor. Further, the expanding kitchen island has become the new dining room, and exterior spaces have become popular hangouts by the firepit or while playing a game of cornhole.
Here are some of the hottest trends to watch in 2024.
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FUNCTIONAL OUTDOOR SPACES |
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Functional exterior living spaces are growing more important and have become a valuable add-on to any home. Sensory gardens, lounging areas, a full kitchen and bar, outdoor tv and sustainable furnishings create that “vacation at home” space. And, as windows get larger, the views of the greenery outdoors are beckoning for more attention.
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MIXED METALS |
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Forget matching: Mixing metal finishes remains on-trend. Metals are not just being reserved for the faucets and cabinet pulls but are being incorporated throughout the home. Warm metals like brass, and cool metals like chrome, are being mixed together to add visual interest and create depth in a room.
FUTURE TREND ALERT: Expect over the years ahead for warm metals to slowly get pushed out more and more as a renewed focus on silvery hues pushes forward as an environmentally conscious choice.
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MAXIMALISM & PERSONALITY |
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Consumers are showing a desire for color-drenching, rich textures and geometric patterns. Maximalism and personalization get extreme as more homeowners look to break the cookie-cutter layouts and venture into more expressive design. “If you can dream it, go ahead and do it.” Designers and artists will push decorative accents in more adventurous ways. An entire space may look more like a work of art.
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ECO- AND TECH-FRIENDLY |
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Sustainability is a way of life as we seek to live better and healthier lives. Smart homes with energy-efficient lighting, low-volatile paints, reclaimed eco-friendly furnishings and voice-controlled home devices throughout are in right now. The possibility of AI-powered home assistants is the wave of the future as eco- and tech-friendly pieces coexist.
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Source: https://www.nar.realtor/blogs/styled-staged-sold/home-stager-reveals-4-hot-trends-for-2024
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BUYERS BENEFIT FROM FIRST WEBER BUYER AGENTS
Buying a home can be a little intimidating - especially if it’s your first home. The real estate market is always changing, and buyers really benefit when they have a First Weber Buyer’s Agent.
As a First Weber agent, I am skilled, trained and have numerous resources to help you get through your buying experience with full awareness and a clear understanding of how the process works. Plus, because I am in tune with the market, I can help you strategize during your search and negotiation process. First and foremost, these are the questions you should ask me when we meet:
- HOW DO YOU LOCATE PROPERTIES? - Inventory is low, and it is good to know what source(s) I’m using to find properties. As a First Weber Buyer’s Agent, I can help you search for properties that aren’t even listed, eliminating competition from properties that are on the market. Plus, I have my own App that I can share with you, creating another way for you to search for properties and communicate with me quickly and easily;
- HOW SHOULD I PREPARE FOR TODAY’S MARKET? - I will want to discuss best practices for staying in touch with you so you don’t miss any new listings, open houses or find out if a property you liked is going back on the market. Plus, we can establish pre-set dates/times that do or don’t work for you in terms of meeting, touring properties or closing;
- WILL YOU ATTEND OPEN HOUSES WITH ME? - Some listing agents use an open house event as the first time people have access to tour a listing. Let’s talk about expectations regarding open house attendance and how we’ll navigate that.
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- WILL YOU HELP ME WITH PRICING ADVICE? - The number one fear of buyers is that they overpay for a property. My goal is to help you understand pricing and guide you on what price to offer when the time comes to write an offer;
- WHO DO YOU KNOW? - There are lots of people I trust to help my clients and customers during this process: Lendors, home inspectors, home insurance agents and contractors to help with things related to your home purchase. Ask me about these personal referrals and let me help you compare rates and service.
- WHAT ARE THE ‘MUST DO’ THINGS DURING THIS PROCESS? - Experience has taught me that there are certain things a prospective buyer should - or shouldn’t - do while house hunting and waiting to close on a property. This sound advice pertains not only to the home search process, but to the time after your offer gets accepted and you’re waiting to close.
- WHAT DOES THIS COST? - Fees are part of a conversation about Buyer Agency, and I will explain real estate fees and the entire buying process to you when we meet.
- WHAT ELSE SHOULD I KNOW? - You won’t remember everything you want to ask, so ask ME what you may have forgotten to mention. I have lots of experience and skill to help you!
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Source: Nancy K. Smith, First Weber
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