Nov 26, 2019 | Real Estate
There has been a surge in families who have multiple generations living together. In many cultures, children take care of their parents as they age. This is done in an effort to repay the parents for raising them during their childhood.
At the same time, when there are multiple generations living together in the same home, there are some changes in both home design and financing.
Financing a Multi-Generation Home
Anyone who is looking to finance a multigeneration home will need to detail their financing plan to the mortgage lender. The lender always wants to know how the loan is going to be repaid. The more details someone can supply, the better the chances are that the application will be approved.
A common arrangement is having the grandparents supply the down-payment. They are more likely to have a ready supply of cash-on-hand, often in the home of equity from their prior home.
Then, parents typically supply monthly payments. They are more likely to a stable source of income given that they are likely still employed.
The Home Design of a Multi-Gen Home
Given that more and more people are indicating their willingness to live in a multi-gen home, this is having an impact on home design as well. Many of these homes have a first-floor bedroom. While these were unusual before, having first-floor bedrooms is important for older relatives. This allows them to avoid having to take the stairs, reducing the risk of falls.
In addition, many people want to provide their older relatives with a feeling of independence while living in the home. This can be accomplished by providing a small kitchenette in the first-floor bedroom. There is often a separate entrance as well. Some families are even interested in having a separate guest house on their property.
Investing in a Multi-Gen Home in the Future
As multiple generation housing arrangements continue to increase throughout society, the financing and home design will continue to evolve. For this reason, it is important for everyone considering this living arrangement to stay up to date on the trends in this industry. It might impact how they design and finance their home for their elderly family members in the future.
Talk with your trusted real estate and mortgage financing professionals to get the best advice on your personal situation. They are experienced in designing solutions for every possible scenario.
Nov 25, 2019 | Financial Reports
Last week’s scheduled economic news releases included readings on builder sentiment from the National Association of Home Builders and. Commerce Department data on housing starts and building permits issued.
The National Association of Realtors® reported on sales of previously owned homes and the University of Michigan issued its monthly report on consumer sentiment. Weekly readings on mortgage rates and new jobless claims were also released.
NAHB: Builder Sentiment Dips in November
Home builders were less optimistic about housing market conditions in November; the National Association of Home Builders Housing Market Index dipped by one point to an index reading of 70 for November. October’s reading of 71 was the highest in 20 months. Any reading over 50 indicates that most builders surveyed were positive about market conditions.
Sub-readings used to calculate the NAHB Housing Market Index reading were mixed. Builder confidence in market conditions for the next six months rose one point to 77, but builder sentiment dipped two points to 76 for current market conditions. Builder sentiment about buyer traffic in new housing developments dipped one point to 53; buyer traffic readings rarely exceed a reading of 50.
Relatively low mortgage rates helped offset builder concerns over tariffs on building materials, but pending winter weather conditions likely impacted lower builder enthusiasm over housing market conditions.
Commerce Department Reports Increased Housing Starts, Building Permits Issued
Housing starts and building permits rose in October; Housing starts rose to 1.314 million starts on a seasonally-adjusted annual basis as compared to September’sreading of 1.266 million starts.
Building permits issued increased from September’s reading of 1.391 million permits issued to October’s reading of 1.461 million permits issued. Building permits issued for new homes in October reached their highest level since the recession. Ongoing shortages of available homes continued to boost demand for homes; any increase in new construction helps balance supply and demand for homes.
Sales of previously-owned homes fell short of expectations with a reading of 5.46 million sales at a seasonally-adjusted annual rate in October; analysts expected a pace of 5.47 million sales based on September’s reading of 5.36 million sales. Year-over-year sales of previously-owned homes rose 4.60 percent.
Supplies of available homes continued to fall according to the National Association of Realtors® as inventories slipped to a 3.9 months supply in October. Real estate pros consider a six-months supply of homes as a healthy balance between available homes and home buyers.
Mortgage Rates, New Jobless Claims
Freddie Mac reported lower average mortgage rates last week; rates for 30-year fixed-rate mortgages fell nine basis points to 3.66 percent. Rates for 15-year fixed-rate mortgages averaged 3.15 percent and were five basis points lower.
The average rate for 5/1 adjustable rate mortgages also fell five basis points to 3.39 percent. Discount points averaged 0.60 percent for 30-year fixed-rate mortgages and 0.50 percent for 15-year fixed-rate mortgages. Discount points for 5/1 adjustable rate mortgages averaged 0.40 percent.
New jobless claims were expected to drop to 218,000 claims filed but held steady at the prior week’s reading of 227,000 first-time claims filed.
The University of Michigan Consumer Sentiment Index rose to an index reading of 96.80 for November; analysts expected the reading to hold steady at October’s reading of 95.70 percent.
What’s Ahead
This week’s scheduled economic reports include readings on home prices from Case-Shiller; reports on new and pending home sales and a speech by Fed chair Jerome Powell. Weekly reports on mortgage rates and new jobless claims will also be released.
Nov 22, 2019 | Real Estate
Owning a home comes with a lot of responsibility. Many of the responsibilities that people think about involve home maintenance. There are few things that frustrate a homeowner more than having repair and maintenance bills come up. At the same time, it is important to address these properly.
For this reason, it is important for everyone to understand the most common how-tos people search for. This will give someone a glimpse into some of the responsibilities he or she might face when owning a home. Those who can handle these how-tos can save money on maintenance costs and repair bills.
How To Unclog A Drain
One of the most commonly searched how-tos is how to unclog a drain. Some of the drains that might get clogged include kitchen drains, sink drains, and bathtub drains. When these drains are clogged, water can back up and make the equipment unusable.
In order to unclog a drain, it is important to consider the various options available. Some people use a “snake” to unclog a drain. Other people use a liquid, such as Drano.
How To Stop A Leaky Faucet
Another how-to that people frequently have to handle is a leaky faucet. A dripping faucet can lead to significant increases in someone’s water bills. Furthermore, the dripping noise can also keep people up at night.
Sometimes, the handles on the faucet simply need to be tightened to stop the leaky faucet. In other cases, there might be a loose washer underneath the sink somewhere. These are some of the common causes of a leaky faucet.
How To Patch And Repair Drywall
Another common house issue that people sometimes need to handle involves drywall. Patching drywall can be a complicated process depending on the location and size of the drywall.
Everyone who is thinking about patching drywall should understand the steps involved. This includes how to make the drywall smooth in addition to the various adhesives and tools involved.
Understanding Household How-Tos
These are a few of the various how-tos that people might have to face during homeownership. Homeowners that can handle these how-tos will be able to save money on maintenance and repair bills down the road, provided they are handled properly.
If you are in the market for a new home or if you are interested in listing your current property, be sure to contact your trusted real estate professional.
Nov 21, 2019 | Real Estate
When someone makes the decision to purchase a home, they often want to add their own personal touch, style, and flair to the home. One of the ways to do this is to paint the home. Of course, painting a home is a significant investment in terms of both time and money. It is important for everyone to keep a few tips in mind to make sure this process goes smoothly.
Pressure Wash The Walls Ahead Of Time
The first step is to make sure the walls are pressure washed first. Anything that is present on the walls when the paint goes down will be trapped there permanently. Remove any dust and debris by taking the time to pressure wash the walls first.
Prime The Painting Areas
The paint needs to adhere to the walls properly in order to achieve the desired effect. In order to make this happen, prime the painting areas first. This coat of primer is essential for making sure the painting job is completed properly.
Protect The Areas That Aren’t Painted
Homeowners also need to take the proper precautions to make sure the paint stays in the desired area. This means using painter’s tape or similar precautions to protect the areas of the home that aren’t going to be painted. Make sure the paint is contained in the desired areas.
Start With The First Paint Layer
Those who are painting their home need to make sure they paint with a single layer at a time. Even though it can be a hassle to move the painting equipment from spot to spot, give the paint time to rest before judging the work. Finish the first layer before moving on to the next.
Call A Professional Home Painting Contractor For Help
Finally, it can be hard to paint a home. Often, the job does not proceed exactly as planned. Therefore, homeowners should not hesitate to call a contractor for help. Even though homeowners might feel like this is spending money unnecessarily, the costs that come from a painting job performed incompletely or incorrectly will be far more significant.
A contractor has the training and experience necessary to get home painting jobs done correctly the first time. As always, your local real estate professional can help you find the most reliable painting contractor available in your area.
Nov 20, 2019 | Real Estate
You are supposed to feel safe in your own home; however, accidents can happen and there are plenty of hidden dangers that might land someone in the hospital. It is important for you to understand the common household dangers. Knowledge is power and you can take steps to prevent these issues from arising.
Carbon Monoxide Poisoning
This is one of the most common household dangers that everyone should know. Homes always have a smoke detector; however, carbon monoxide detectors are often overlooked. This is an odorless gas that can actually kill someone if the levels get too high. Make sure that your carbon monoxide detectors are working. This gas commonly arises from the tailpipe of a running car.
Lead Poisoning
Lead can be absorbed through the skin or the mouth. Lead poisoning can lead to serious neurological issues. Newer homes are built without lead paint; however, if you purchase an older home, there might still be lead paint on the walls. Check the paint thoroughly and swap it out if lead is present.
Mold
Mold is a common hazard that grows in homes. Mold can release spores into the air that can irritate people who suffer from asthma and allergies. Make sure that you keep your home clean to avoid mold growth. Mold likes warm, humid climates.
Falls
Injuries due to falls are among the most common accidents that happen in homes. If someone falls in their home, they are at risk of breaking bones or suffering a head injury. Make sure that you keep your outdoor steps clean and stabilize your staircases. This will reduce the risk of falls.
Drowning
Unfortunately, drowning can happen even if someone is safe in their own home. Even if a house doesn’t have a pool, people can still drown in the bathtub. In order to reduce the risk of a drowning event, make sure your pool has a fence around it (if you have one). Also, try to supervise bathing children. This will reduce the risk of a drowning event.
Reducing Household Dangers
Knowing about these dangers ahead of time reduces the chances of them happening. Try to inspect your home thoroughly to make sure that these common hazards are avoided.
If you are in the market for a new home or interested in listing your current property, be sure to contact your trusted real estate professional.
