Homeownership Rate Climbs to 6-Year High

Homeownership Rate Climbs to 6-Year High: Larger cities are still far behind the average for homeownership, though.

Mortgage Rates Approach 3-Year Lows

Mortgage Rates Approach 3-Year Lows: Dropping rates are offering home shoppers a chance to lock in lower monthly mortgage payments.

NAR to Tackle Housing Affordability at Upcoming Forum

NAR to Tackle Housing Affordability at Upcoming Forum: The association will bring together hundreds of industry leaders and experts to offer insights on the state of housing and how to resolve key issues facing markets.

Land Sales Rise 2%, But Challenges Persist

Land Sales Rise 2%, But Challenges Persist: Real estate pros say that land deals are being tempered by some headwinds. Read highlights from the 2019 Land Market Survey.

How Do You Choose a Home Pro?

There are a number of reasons that you might need to hire a professional to do work around your home. Maybe you want to make repairs, add a porch, redo your landscaping or change up the design of your interiors. Of course, when you hire a pro, you want to make sure that you’ve found someone who’s going to do a great job without breaking your budget. How do you strike that balance?

Fortunately, there are a few things that you can consider when trying to pick the perfect home pro for your project. This will not only help you find a skilled professional who can get the job done right but will also ensure that you don’t overpay for the work that you get done.

What Is Your Timeframe?

When do you need your work done by? If you’re considering a professional and they can’t finish the job in time, you might be better off going with someone who can. While some deadlines are flexible, others don’t have much give and you need to make sure that your pro is available when you need them. After all, even a skilled pro at a great price won’t do you much good if they can’t get around to your job until well after it absolutely must be finished.

Consider the Pro’s Reputation

If a pro you’re considering has a reputation in your area, there’s likely a good reason for it. It might be a good reputation, such as being known for always finishing ahead of time and under budget. Or it could be a bad reputation, such as never getting to work on time and leaving you waiting for meetings. Whether it’s good or bad, be sure to take it into consideration while you weigh your options for a home pro.

Taking Cost Into Account

As great as it would be if it weren’t an issue, cost is a very real factor for any project you undertake involving your house. While at least some of the cost of any home project is tied up in materials and other factors that pros don’t have much control over, you’ll notice stark contrasts between the pricing of some professionals and others even when they’re bidding the same job. This is why it’s good to always shop around a bit and actively look for the best pro for your money; if you go with the first solution you pick then you might end up paying way too much for the work that gets done.

Reviewing Past Work

If possible, ask potential contractors, designers and other home pros for portfolios and other examples of their work. This will give you a better idea of the sort of work you can expect from the pros that you hire. If possible, ask if they have any candid shots taken during the job process; these provide a behind-the-scenes look that isn’t as polished as professional pieces and gives you an idea of what effort the pro is really putting into the job.

Asking for Recommendations

When looking for a pro, be sure to ask family, friends, your Realtor, and other home pros you trust who they would recommend. Because this usually comes in the form of one or two options that they would recommend most, it helps you to create a short list based on your friends’ past experiences. You may notice certain names popping up in multiple recommendations, which is a good thing; if this happens, those pros definitely deserve a spot on your list of people to consider.

The Home Pro Experts

While you’re putting in the work of finding a home pro, don’t forget to check HomeKeepr. You can search for personally recommended pros right from the sidebar on this page.

Most Common Sources of Construction Defects

Most Common Sources of Construction Defects: There’s a wide variety of issues that can lead to building deficiencies. But the most common relate to poorly trained contractors, finds a new study.

How Changes to FICO Scoring Could Impact Buyers

How Changes to FICO Scoring Could Impact Buyers: The way FICO scores are calculated is changing this summer, and the move could make it tougher for some Americans to get approved for a mortgage.

Homeownership Among Singles: A Growing Trend

When a lot of people think of buying a home, they picture it as a part of settling down and building a family. There’s a pretty good reason for this; couples and families do make up a significant portion of the home-buying population. But there is a growing trend among buyers that bucks this tradition: Single people have become increasingly likely to shop for a home in recent years.

The Importance of Singles Buying Homes

There are multiple reasons why the increase in singles buying homes is noteworthy. The uptick may be due in part to overall changes in society, with individuals marrying or starting families later in life, after trying to achieve stability. It also speaks to the increased economic power of the Millennial generation, with those in their 20s and 30s able to buy a home of their own even as they’re working on building a career.

Of course, there is one other important thing about more singles buying homes that is easy to overlook. Those looking to sell their home may focus on making their property as appealing as possible to older buyers or those with families, missing out on this growing segment of homebuyers. Realizing that more singles are buying homes allows sellers to market their property to a wider range of buyers, increasing the likelihood of selling a home quickly and without having to compromise substantially on asking price.

Women as Homebuyers

One specific aspect of the increase in single homebuyers that is worth noting is the fact that single women are significantly more likely to buy homes than single men. In fact, as many as 1 in 5 potential buyers is likely to be a single woman according to recent trends. This is around twice as likely as a buyer being a single male. This difference is especially noteworthy when you consider that, on average, women typically earn only around 80 percent as much as men working in similar roles.

This is another point that sellers should consider when putting their homes on the market. Not only is it increasingly likely that singles will be interested in the property, but when they are, they will probably be women shopping for a home. This really shakes up old mindsets that focus on married couples buying with the husband as a negotiator trying to get the best price on the home purchase.

Attracting Single Buyers

Single homebuyers may have different criteria when shopping for a house than couples or families. They may look for smaller properties, homes with large yards for gardening or other characteristics that might not be as important to couples or families. Location can be viewed differently by single buyers as well; they are less likely to be concerned with school districts and proximity to parks or other family destinations, and more likely to consider proximity to work or attractions that appeal to singles.

Realizing how the priorities differ when it comes to buyers who are single versus couples and families can affect how you advertise the home you have for sale. Listings in areas that aren’t ideal for families can be targeted toward single buyers instead, focusing on those aspects that a single woman or man might find appealing. Even if you don’t target your sales specifically toward singles, being mindful of the differences can help you to create home listings that have a wider appeal across a range of potential buyers.

Prepping Your Home

If you’re putting your home on the market, it’s important to keep single buyers in mind. If you aren’t sure how to do this, you might consider bringing in a decorator or interior design expert that can help you to make your home as appealing as possible to a wider range of potential buyers. Sign up for a free HomeKeepr account today to find the pro that can help you find the buyer that’s right for you

NAR: Home Sales Climb, Sellers Are in a Good Position

NAR: Home Sales Climb, Sellers Are in a Good Position: Expect a notable pickup in home sales this year. Read more from NAR’s latest housing report.

Home Seller Profits Climb to a 13-Year High

Home Seller Profits Climb to a 13-Year High: Homeowners nationwide felt richer at resale in 2019, particularly those who live out west.

3.8M Homes Are Missing From the Housing Market

3.8M Homes Are Missing From the Housing Market: Here’s why your home buyers could face some frustration in their house hunt.

Be Snow Storm Ready!

Winter weather has a way of catching people by surprise. Even if you know a snow storm is coming, the amount of snow or speed of accumulation can sometimes take you by surprise. Unexpected snow can create a number of dangerous situations, so it’s important to be as prepared as possible in case a snow storm hits.

To that end, here are a few ways that you can be ready to face snow storms or other hazards that winter might throw your way. Some of these tips may be useful for facing down other types of bad weather as well. Regardless of what the weather’s doing, though, make sure that you stay safe first and foremost.

Get Travel Done Early

If you need to go to the store, help relatives get ready for the snow or otherwise get out on the roads, try to get everything done as early as possible. If you can, try to be back home before the snow falls. If that’s not an option, head out at your earliest opportunity and avoid the temptation to break the speed limit. You shouldn’t waste time, but trying to rush increases your likelihood of an accident, so avoid going too fast while you’re behind the wheel.

Stay Inside

Ice and low temperatures typically accompany snow storms, so it’s best to stay inside where it’s warm. This will also eliminate the risk that you might slip on ice and injure yourself in a fall. Also remember that this rule applies for pets, too; either bring them inside or provide a safe and warm place for them while the weather outside is frightful.

Stock Up

Dry goods and canned foods are important staples to have when the snow is coming down outside. They might not be as tasty of an option as fresh-cooked meats and other meals, but the tastier options are sometimes harder to cook if your power is flickering due to the snow storm. Be sure that you include pet food, bottled water and similar items that you might not always get on a shopping trip! (And no, you most likely won’t need bread and milk unless you’re running low on those items anyway).

Stay Warm

Power outages can be a real hazard during snow storms. Make sure that you have multiple blankets available to cover up with in case the power should go out for a while. Home generators or even portable generators can be very useful if the power goes out, but remember to keep them outside as they often produce dangerous exhaust. The same goes for gas-powered heaters; you shouldn’t place them in the house since it can be hard to ventilate the gases that can build up when using those heaters indoors.

Have a Plan

Before a snow storm hits, take the time to develop a plan for your family in case of snow emergency. This should include making sure that everyone in the house knows where emergency supplies are located, how any generators you have work and other details like whose responsibility it is to go on a grocery run or evaluate potential damage after the snow stops falling. Make sure that you include something in your plan about checking in on your neighbors as well, since it’s important to make sure that nobody gets stuck in the cold once the snow starts to fall.

Is Your Roof Snow Storm Ready?

One part of your home that takes a real beating during snowy weather is your roof. To help prevent leaks or other roof failure during the winter, have your roof checked out by a professional each year. HomeKeepr can help you find a roofer to check the integrity of your roof and make any repairs that might be necessary. Sign up for your free account today to get your roof checked before the big snow hits.

Single Women Own More Homes Than Single Men

Single Women Own More Homes Than Single Men: In some metros, single women are achieving double-digit percentages in ownership.

Waning Affordability Contributes to Slower Job Growth

Waning Affordability Contributes to Slower Job Growth: Metro areas where affordability has worsened over the last five years have seen a decline in job growth during that same period.

Fair Housing Act

Fair Housing Act: NAR opposes discrimination in housing based on race, color, religion, sex, handicap, familial status sexual orientation, gender identity, and national origin. This policy is embodied in NAR's Code of Ethics.

Market Acton Index - What is the Market doing in 2020? Ask ME!

Insulation 101

Insulation is an essential part of your home. Not only does it help keep the home warm during the winter, but it also plays an important part in keeping you cool during the summer. Once you start looking at the different insulation options that are available, though, the whole thing can get a bit confusing. To help you make sense of it all, here are some of the basics you need to know about home insulation.

How Insulation Works

Insulation works by providing a physical barrier to the transfer of heat through parts of the home such as the walls, ceiling and roof. Depending on the type of insulating material used, it may simply provide a barrier to heat transfer, or it could actually reflect some of the heat back in the direction it came from. In the summer, this means that heat is prevented from entering from outside; in the winter, the insulation stops heat from moving out of the house.

Understanding R-Values

Insulation effectiveness is measured by R-Value. The higher a material’s R-Value is, the more resistant it is to heat penetration. Insulations that have a higher R-Value tend to be thicker or made of denser materials able to resist greater amounts of heat transfer than thinner insulations. Some forms of insulation may have a lower R-Value but are still effective; an example is aerosol can spray foam, which can’t be placed very thick, but seals out air. So keep in mind that R-Value isn’t the only measure of how effective insulation is.

Types of Insulation

Insulation isn’t exactly a one-size-fits-all product. There are different types of insulation available to meet different needs. Though the specifics of different insulation types may vary, these are the most common types of insulation you’ll see:

• Batt Insulation – This is what most people think of when they picture insulation. Batt insulation comes in rolls of material such as fiberglass or cotton that is applied in walls, floors, ceilings or other areas where large amounts of insulation is needed.
• Spray Foam – As the name implies, this insulation comes in the form of a liquid foam that is sprayed onto the surface where insulation is needed. The foam expands and hardens, providing a layer of insulation that can fill gaps, cracks and other areas that other insulation types often miss.
• Blown-In Insulation – Similar to spray foam insulation, blown-in insulation is applied by a blower instead of coming in rolls. Instead of originating as a liquid, however, this insulation is made of small bits of fiberglass or cellulose and fills in the area where it is blown. It provides excellent heat retention and creates a sound barrier where applied as well.
• Radiant Barriers – A specialty insulation generally made of layers of perforated aluminum, this insulation is applied in the attic walls and rafters in areas with warm climates. The insulation reflects radiant energy from the sun, reducing attic temperatures and making heating and air conditioning more efficient.
• Window Insulation – This can come in the form of films applied to the window surface, plastic sheeting applied over the windows or even insulation built into the windows themselves.
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You may encounter other types of insulation as well, though they are typically intended for more specialty uses than those listed here.

Air Sealing

Even high-quality insulation can’t do much if there are cracks and gaps in your walls or foundation that let air flow in and out freely. Finding and filling cracks with a sealant is an important part of insulating your home. There are different sealants available for this purpose, though spray foam insulation works as both an insulator and an air sealant.

Insulation Installation

Making sense of different types of insulation and figuring out which is best for your needs isn’t always easy. Fortunately, HomeKeepr can help you find a professional installer who will match you to the best insulation for your home and seal up any air leaks as well. Sign up today for a free account so you can get to work on insulating your home.

Financing Outside of Single-Family Homes

Most of the time, if you think about taking out a loan to purchase real estate, you’re likely picturing a single-family home. Depending on your needs and the properties available in the area you’re searching, though, you may find that other property types are actually a closer fit for you. Multi-family properties such as duplexes and similar units might end up being a better choice, or you could wind up shopping for a condo. You might even be in the market for a property that contains both commercial and residential aspects. Regardless of what you’re looking for, though, you should have options for financing your purchase.

Borrowing Differences

None of these property types are exactly rare, but they are outnumbered in the market by single-family dwellings. As such, the loans that you’re likely most familiar with are geared more toward those properties than properties for multiple families or dual-zoned use. Because of this, you need to be prepared for potential hurdles when you start looking for a loan. Lenders may have different requirements for these loans than they would for mortgages on a single-family unit, and some lenders may not offer loans for multi-family units or similar properties. This doesn’t mean that there are no loan options available, but you should be prepared for the possibility of a different borrowing experience.

Loan Options

When it comes down to it, many of the same options are available for purchasing multi-family units, condos and other properties as you would find when shopping for a loan for a single-family dwelling. Organizations such as the Federal Housing Administration (FHA), the Department of Housing and Urban Development (HUD) and others that are commonly used for single-family purchases also offer loan programs or insurance to cover these types of dwellings. Most local and national banks offer these loans as well, as do other mortgage lenders. With that said, you may have to meet different qualifications to get these loans than you would if borrowing to purchase a single-family home.

Qualifying for a Loan

Though specific qualifications may vary from one lender or program to the next, some of the most common items that are considered during qualification may include:

• Larger down payments than what would typically be used for a single-family purchase
• Reserve requirements of at least 2 percent and as high as 6 percent of the unpaid principal balance
• For multi-family properties, a cap on the loan amount calculated on a per-unit basis
• Minimum or maximum numbers of units within a property
• Restrictions on any repairs that may be needed for the property

There are other qualifications that may be required by specific lenders before authorizing a loan for a condominium, multi-family dwelling or other less-common property. Depending on the property and the amount of the loan, higher credit scores, co-signers or other additional requirements may also be necessary.

Finding a Lender

As with any loan, it’s important to spend time looking for the best loan option to meet your needs. This is especially important with these types of loans, as in many cases you’ll be borrowing more than you would with a single-family mortgage and may be subject to more restrictions as well. Taking the time to explore different options and check with different lenders will help ensure that you get the best terms for your loan and will keep you from having to settle when it comes to buying the property you want.

Getting Your Loan

When you’re ready to start your loan search, HomeKeepr can help make sure that you get just the loan you need to finance the property of your dreams. By signing up for a free account you can connect with lenders and other pros who can point you in the right direction for your loan whether you’re buying a condo or an entire apartment building. Create your free account today so you can get started.

Are Smart Homes Here to Stay?

There’s been quite a bit of hype about smart homes in recent years. These aren’t the top-to-bottom smart homes that were envisioned by science fiction for years, of course. Those were houses that had a central artificial intelligence that controlled everything and inevitably went rogue at some point. Instead, modern smart homes are usually traditional homes just like the one that you live in. They’ve simply been enhanced with sensors and devices and the occasional digital assistant.

Some people are thrilled with how technology is changing the way we interact with our home environment. Others aren’t quite so happy with the direction that this trend is heading. Love them or hate them, though – there’s one thing that you need to accept: The smart home isn’t going away.

What Makes a Smart Home?

A smart home is one that has a variety of sensors and controls within it that give you additional information or functionality when it comes to your home. This can range from information like whether you left the front door unlocked or what the temperature is in your living room to functions such as controlling your lights with your voice. Some smart homes use a central hub or device to control everything, while others use components that connect via wifi and are controlled by your phone. Some smart homes feature appliances or other major fixtures that have “smart” capabilities while others just use devices or sensors to make day-to-day life more convenient. Because of the device-based nature of modern smart homes, homeowners can choose exactly the components they want to help make the smart home installation meet their specific needs.

Smart Home Devices

There are a wide range of smart home devices available for homeowners. Some of these are fairly well known, such as smart thermostats that feature programmable temperature controls that “learn” how best to keep you comfortable. Others are less common but very handy, such as leak sensors that alert you when your pipes leak or window sensors that let you check to see whether your windows or locked or unlocked. You can get smart lighting that can be controlled remotely and can even change colors, smart locks that you can lock and unlock with your phone or a key fob, smart smoke and CO2 detectors, motion sensors that activate security cameras but that are able to ignore pets and small animals… the list is quite extensive. Most of these devices are programmable so you can automate specific tasks, or can at least be paired with things such as a digital assistant (like Amazon Echo devices or Google Home) to schedule automation and even voice control.

Safety and Privacy

There are a number of advantages to using smart devices, including saving money and increasing convenience in your daily life. However, some people have security and privacy concerns as well. Some smart devices have been exploited in the past, allowing hackers to listen in or speak through the devices to people in a smart home. Some devices featuring video also raise security concerns as people worry that others will be able to record them going throughout their day. While these are valid concerns, security breaches and flaws are taken seriously by manufacturers. The majority of cases where unwanted access has occurred were either due to flaws that have since been patched or due to someone gaining access to the password that secures the devices. This is why it’s important for those who buy smart devices to use strong passwords on their accounts and to make sure that their devices have up-to-date software, as these two actions will mitigate the majority of security concerns.

Get Smart

Whether you already have smart home devices installed or you’re just curious, there are installers and consultants who can help you determine exactly how your home could be a little smarter. If you’re interested, HomeKeepr can help you connect with a consultant in your area that can help you along your way. Sign up now for your free account and get ready for your home to be that much smarter.

Some Buyers Purchase a Second Home First

Some Buyers Purchase a Second Home First: First-timers priced out of the market where they live are investing in more affordable places elsewhere.

Housing Inventories Fall to 2-Year Low

Housing Inventories Fall to 2-Year Low: Fewer For Sale signs means less competition: Don’t let homeowners squander an opportunity for a sale.

I Love a Parade! High Traffic Flooring Options

A nice deep pile carpet can look great in your home, but if you have a lot of foot traffic then it’s just asking for trouble. Not only will you have to work harder to keep it clean, but you’ll also have to replace it sooner than you’d like because all those feet and shoes will leave their mark over time. If you want nice-looking floors without worrying about your own personal parade wearing them down before their time, you need to find a flooring option that’s better suited for high-traffic areas.

Laminate Flooring

An increasingly popular option in homes, laminate flooring uses laminated wood slats with images applied to them to create the look of a premium flooring option without the premium price. Laminate is available in a wide range of sizes and types; choose thicker 12mm or 15mm laminates to help ensure that they won’t wear down due to excessive foot traffic. If you want something a bit different than standard laminates, some companies are also now making vinyl flooring that functions similarly to laminate floors but with the water resistance and other benefits of using vinyl.

Natural Stone

If you really want something that can stand up against some foot traffic, consider going with natural stone. These stone tiles add a touch of beauty and class while giving you the wear protection that only stone can provide. Depending on the option you choose, this may run a bit more expensive than other options, but there is very little out there that can match the look of stone in the end.

Concrete Flooring

Though this may sound unappealing when you first think of it, there’s a lot that can be done with concrete flooring. You can add color, stains, etchings, stamps and even embedded features such as stones or tiles to really bring the floor to life. Best of all, you already know that concrete can stand up to a lot of traffic and use without showing any wear, so you won’t have to worry about your floors showing their age for quite some time.

Hardwood

Another option, which can be a bit pricey depending on the wood you go with, is hardwood. There is very little that can beat a hardwood floor when it comes to beauty and wear resistance. You have several woods to choose from, each giving the floor its own touch of color and personality. The maintenance of hardwood is a little higher than some other options if you want to keep it looking its best, but the little bit of extra time you spend keeping up your floor is more than worth it.

Ceramic Tile Flooring

There are a lot of benefits to using ceramic tile in your high-traffic areas. Tile is versatile, comes in a wide range of colors and styles, creates a classic look, and is relatively easy to repair and replace if individual tiles get broken. Don’t worry that the look of ceramic tile is dated, either; while you might think that tile will give you the generic “tile floor” look of decades past, modern ceramic tile is truly a sight to behold.

Traffic-Resistant Carpet

Yes, carpet isn’t always the best flooring option for high-traffic areas. That doesn’t mean that there aren’t carpeting options available for rooms that see a lot of use, however. Not only are there low-pile carpets and other options designed with higher-traffic use in mind, but you can also get carpet tiles and other carpet options that are both easy to maintain and easy to repair if parts of them start showing a bit too much wear.

Finding the Right Flooring Option

Obviously, there are a few options available to keep your floors looking nice despite the amount of traffic they see. If you aren’t sure which is the best option for your specific situation, check out HomeKeepr to match up with a professional installer who can help. Not only will you find out which flooring options are best for different situations, but you’ll also get a great deal on having your new floor installed. Sign up for free today to get started.