Strategic Tips for Buying Your First Home

Buying your first home is a big, exciting step and a major milestone that has the power to improve your life. As a first-time homebuyer, it’s a dream you can make come true, but there are some hurdles you’ll need to overcome in today’s housing market – specifically the limited supply of homes for sale and ongoing affordability challenges.

So, if you’re ready, willing, and able to buy your first home, here are three tips to help you turn your dream into a reality.

Save Money with First-Time Homebuyer Programs                                       

Paying the initial costs of homeownership, like your down payment and closing costs, can feel a bit daunting. But there are many assistance programs for first-time homebuyers that can help you get a loan with little or no money upfront. According to Bankrate:

“. . . you might qualify for a first-time homebuyer loan or assistance. First-time buyer loans typically have more flexible requirements, such as a lower down payment and credit score. Many help buyers with closing costs and the down payment through grants and low-interest loans.”

To find out more, talk to your state’s housing authority or check out websites like Down Payment Resource.

Expand Your Options by Looking at Condos and Townhomes

Right now, there aren’t enough homes for sale for everyone who wants to buy one. That’s pushing home prices up and making affordability tight for buyers. One way to deal with that issue and find a home right now is to consider condos and townhomes. Realtor.com explains:

“For many newbies, it might just be a matter of making a shift toward something they can better afford—like a condo or townhome. These lower-cost homes have historically been a stepping stone for buyers looking for a less expensive alternative to a single-family home.”

One reason why they may be more affordable is because they’re often smaller. But they still give you the chance to get your foot in the door and achieve your goal of owning a home and building equity. And that equity can help fuel your move into a larger home later on if you decide you need something bigger in the future. Hannah Jones, Senior Economic Analyst at Realtor.com, says:

“Condos can help prospective homebuyers who perhaps have a smaller budget, but who are really determined to get a foothold in the market and start to accumulate some equity. It can be a really great entry point.”

Consider Pooling Your Resources To Buy a Multi-Generational Home

Another way to break into the market is by purchasing a home with friends or loved ones. That way you can split the cost of things like the mortgage and bills, to make it easier to afford a home. According to Money.com:

“Buying a home with another person has some obvious advantages in the mortgage department. With two incomes in the mix, buyers can likely qualify for a larger mortgage — a big help in today’s high-cost market.”

Bottom Line

By exploring first-time homebuyer assistance, condos, townhomes, and multi-generational living, it can be easier to find and buy your first home. When you’re ready, connect with a local real estate agent.

For the original article, visit Keeping Current Matters

22 Genius House Cleaning Hacks for a Tidier Space in No Time

Work smarter, not harder, with these cleaning hacks!

Our clever cleaning hacks help take the work out of your chore list by saving time and energy. Use household tools meant for other tasks to get your space spotless in no time. Tuck these ideas into your bag of tricks for an immaculate and fresh home.

Remove Pet Hair with Rubber Gloves

As much as we love our four-legged friends, pet hair can accumulate quickly. Skip spending extra money on tools and special attachments and use this simple cleaning hack to pick up after your fur babies. Simply wear rubber household gloves and run them over the surface of your furniture. The rubber will cause the pet fur to gather into a ball that can be easily thrown away.

The 5 Best Ways to Remove Pet Hair from a Couch

Steam-Clean Your Microwave

Place a bowl of lemon juice in your microwave and set the microwave for 2 minutes or until the lemon juice comes to a boil. This cleaning hack will produce steam to soften any debris stuck in the microwave. You'll be able to clean out the appliance with just the swipe of a cloth, plus you'll be left with a citrusy fresh scent.

How to Clean a Microwave

Remove Wine Stains from Carpet

Wine is known to be one of the toughest stains to remove. Luckily, club soda can be a saving grace. Start by spritzing the stain with club soda. Next, blot the wine, juice, or colored drink stain with a microfiber cloth. Repeat until the stain is gone.

Clean Cabinets with a Vacuum

Your vacuum can be a helpful tool for cleaning hard-to-reach cabinet areas. Use your vacuum's brush attachment to pick up dust and crumbs inside. Debra Johnson from Merry Maids suggests this cleaning hack for the outside of the cabinets: wipe the area around the hardware with a cloth dampened with warm water and Murphy Oil Soap ($4, Walmart).

How to Degrease Kitchen Cabinets

Use Your Dishwasher to Clean Light Fixtures

Did you know some light fixture pieces are dishwasher-safe? Amanda Thomas of Moxie Girl suggests running removable glass pieces, such as domes, through the dishwasher for this cleaning hack. Run a drying cycle to reduce spots on your light fixtures.

Correct Common Cleaning Mistakes

Believe it or not, there is a wrong way to clean. But, by doing things the right way, you could save time—and the hassle of re-cleaning. Check out these house cleaning hacks to perfect your technique and shave minutes off your cleaning routine.

Use a Pillowcase to Clean a Ceiling Fan

Leslie Reichert of Green Cleaning Coach shares one of her favorite cleaning hacks for dusting a ceiling fan quickly and efficiently. Slip a pillowcase over ceiling fan blades, one at a time, then wipe. This way, dust falls into the pillowcase, not on your furniture and floors.

Clean with What You Have

Skip buying new items for cleaning hacks using what you already have. The things you need to clean might be lying around your house. Watch and see how to tidy up using everyday items you wouldn't immediately think of as cleaning tools.

Use Socks to Clean Blinds

This cleaning hack from Melissa Maker of Clean My Space uses socks as a duster. First, put an old sock on one of your hands and spritz it with water. Then, grip each blind panel and slide your sock-covered hand from one end to the other, removing dust from both sides of the slat.

How to Clean Blinds to Remove Dust and Debris

Learn the Trick to Cleaning Faster

The key to cleaning more quickly might be cleaning more often. You'll spend less time overall when you stick to a regular schedule. Watch this video from cleaning expert Donna Smallin Kuper to learn her best tips for quicker cleaning.

Use a Paint Roller to Clean Ceilings

Ceilings, especially textured ones, can be a pain to clean. Sweeping them with a broom can knock down light fixtures if you're not careful. Roll a damp high-nap paint roller over the ceiling to pick up dust and cobwebs for a more effective cleaning hack.

Spot-Clean Fabrics with Baby Wipes

Baby wipes are surprisingly effective because they contain very little moisture, have gentle cleaning agents, and dry quickly. That's why Derek Christian from Cleaning Business Today suggests using them for spots and stains on fabrics. However, don't confuse baby wipes with cleaning wipes, which might contain bleach or other harmful chemicals.

Use Tennis Balls to Launder Comforters

Washing a bulky comforter can be a tricky business. Amanda Thomas of Moxie Girl says you can machine-wash most comforters in front-loaders, as long as the comforter fills only half the washer. Then, add tennis balls to the dryer to keep the comforter's stuffing from collecting in one corner.

Clean Window Treatments Faster

Keep window treatments on the rod to save time as you clean. Instead of taking them down, use the cleaning hack of just shaking them out to remove loose dust. Then, vacuum drapes or curtains from top to bottom using the upholstery attachment. Finally, vacuum floors after cleaning window treatments to pick up any fallen dust.

How Often Should You Vacuum? Here's What the Pros Say

Have Your Kids Clean Your Mattress

Jumping on the bed can help freshen up your mattress. Mary Findley of Go Clean suggests a fun house cleaning hack: Have your kids bounce around on the bed to bring up dust from inside. Then vacuum the mattress top. (If your vacuum has a beater bar, turn the bar off first.)

Use Lemon Oil and Vinegar for Shine

Woodwork and wood furnishings can gather dust and dirt buildup over time. Regular wipe-downs are necessary to keep wood looking shiny. For extra sheen, mix 1 part lemon oil and 1 part white vinegar for an environmentally friendly (and shiny) cleaning hack.

Must-Know Dusting Tricks

Dusting can feel like a losing battle without the proper technique. Luckily, cleaning expert Donna Smallin Kuper has the tips you need to get dust under control. Try these clever cleaning hacks that make dusting a breeze.

Do Air Purifiers Help with Dust? Here's What to Know

Clean Your Dishwasher with Baking Soda and Vinegar

Melissa Maker of Clean My Space shares her cleaning hack to banish a dishwasher's dirt and odors. First, add 1 cup baking soda to the bottom of your empty dishwasher and let it sit overnight. Then run the hottest possible cycle using vinegar instead of detergent to clean and deodorize your dishwasher. Remember to remove debris from the filter.

Remove Hard Water Stains

The house cleaning hack for removing hard water stains is simple: Soak paper towels in undiluted vinegar and place them on the buildup. Leave overnight, then scrub and rinse.

Clean Faster with These Products

• A 50-foot, 16-gauge extension cord ($15, Home Depot) lets you plug in your vacuum at a central location so you can clean a whole level without stopping to find another outlet.

• A microfiber mop ($16, Walmart) with an extension pole dusts ceilings and walls quickly and easily. Just remove the cover and toss it in the wash when you're done.

• A double-sided squeegee ($23, The Home Depot) is the best tool for cleaning windows. Dip it in your cleaning solution of choice and work in a tight S-pattern from top to bottom.

Must-Try Homemade Cleaners

Homemade cleaning solutions can be just as effective as store-bought cleaners. Go all-natural with these cleaning hacks that use items you already have around your home. Get a squeaky clean space with these must-try homemade cleaners.

Secret Weapons for Cleaning Hacks

Add these cleaning essentials to your caddy to make chore day a breeze:

• Zep Heavy Duty Citrus Cleanser and Degreaser ($22, Walmart) cleans cooking oil from cabinets near the stove. Look for it in the paint section at your home center.

• Bar Keepers Friend Cleanser ($2, Walmart) has a combo of mild abrasives and oxalic acid that removes baked-on food, tea and coffee stains, and rust.

• Mr. Clean Magic Erasers ($3, Target) make short work of soap scum, scuff marks, wayward crayon scribbles, and lots more.

How to Clean Your Cleaning Tools and Appliances

There's no point in cleaning with dirty tools and products. Clean your robot vacuum for the best results when you send it through your house for easy vacuuming. Keep your clothes in good shape by ensuring your washing machine gets a good cleaning periodically. Your range hood filter probably needs a good cleaning, and you may not realize it. Give it a good scrub so it can vent cooking odors properly. And if you don't scrape your dishes before putting them in the dishwasher—which isn't recommended for newer models—your dishwasher filter must be cleaned out at least once a month.

For the original article By Emerson Latham and Jessica Bennett visit Better Homes and Gardens.

Economist: ‘Timing’ the Market May Not Work for Buyers

Mortgage rates edged up this week, prompting a pause among some would-be house hunters. But here’s why they may not want to wait.

Home shoppers are sensitive to mortgage rates, which was made clear this week with an increase in the average for the 30-year fixed-rate mortgage. The rate rose to 6.77%, and mortgage applications for home purchases fell 3%, according to the Mortgage Bankers Association.

© David Gyung - iStock/Getty Images Plus

Every notch up and down in rates can impact home buyers’ purchasing power, but borrowing costs have largely stabilized. “While mortgage interest rates edged up weekly, the overall trajectory from fall 2023 is down and is now a full percentage point below the recent high” when rates neared 8%, says Jessica Lautz, deputy chief economist at the National Association of REALTORS®. “While mortgage interest rates may come down to the low 6% range in the middle to later part of the year, buyers must weigh what makes the most sense for them. Timing the real estate market based purely on mortgage interest rates—especially marginal changes—rarely works when new babies, marriages and jobs are the real decision-makers.”

Buyers may not save much by waiting, either. Home buyers purchasing the typical home at $400,000, with a 20% down payment, would likely have a monthly mortgage payment of about $2,080 at this week’s rate average, Lautz says. Last week, when rates averaged 6.64%, home buyers could have paid about $70 less per month—but that was based on a median home price of $391,700.

Home prices are rising quickly. The median price of an existing home surged to an all-time high in December, according to NAR, and prices are expected to continue to climb. The annual median home price is predicted to increase by 1.4% this year, and by another 2.6% in 2025, to $405,200, NAR’s forecast shows. Plus, housing inventory remains at historical lows and remain a major obstacle for would-be home buyers. That will keep pressure on home prices, economists say.

Freddie Mac reports the following national averages for mortgage rates for the week ending Feb. 15:

• 30-year fixed-rate mortgages: averaged 6.77%, rising from last week’s 6.64% average. Last year at this time, 30-year rate averaged 6.32%.

• 15-year fixed-rate mortgages: averaged 6.12%, up from last week’s 5.90% average. A year ago, 15-year rates averaged 5.51%.

For the original article by Melissa Dittmann Tracey visit National Association of Realtors

Why So Many People Fall in Love with Homeownership

Chances are at some point in your life you’ve heard the phrase, home is where the heart is. There’s a reason that’s said so often. Becoming a homeowner is emotional.

So, if you’re trying to decide if you want to keep on renting or if you’re ready to buy a home this year, here’s why it’s so easy to fall in love with homeownership.

Customizing to Your Heart’s Desire

Your house should be a space that’s uniquely you. And, if you’re a renter, that can be hard to achieve. When you rent, the paint colors are usually the standard shade of white, you don’t have much control over the upgrades, and you’ve got to be careful how many holes you put in the walls. But when you’re a homeowner, you have a lot more freedom. As the National Association of Realtors (NAR) says:

“The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.”

Whether you want to paint the walls a cheery bright color or go for a dark moody tone, you can match your interior to your vibe. Imagine how it would feel to come home at the end of the day and walk into a space that feels like you.

Greater Stability for the Ones You Love Most

One of the hardest things about renting is the uncertainty of what happens at the end of your lease. Does your payment go up so much that you have to move? What if your landlord decides to sell the property? It’s like you’re always waiting for the other shoe to drop. Jeff Ostrowski, a business journalist covering real estate and the economy, explains how homeownership can give you more peace of mind in a Money Geek article:

“Homeownership means you are the boss and have the biggest say in your lifestyle and family decisions. Suppose your kids are in public school and you don’t want to risk having them change schools because your landlord doesn’t renew your lease. Owning a home would remove much of the risk of having to move.”

A Feeling of Belonging

You may also find you feel much more at home in the community once you own a house. That’s because, when you buy a home, you’re staking a claim and saying, I’m a part of this community. You’ll have neighbors, block parties, and more. And that’ll give you the feeling of being a part of something bigger. As the International Housing Association explains:

“. . . homeowning households are more socially involved in community affairs than their renting counterparts. This is due to both the fact that homeowners expect to remain in the community for a longer period of time and that homeowners have an ownership stake in the neighborhood.”

The Emotional High of Achieving Your Dream

Becoming a homeowner is a journey – and it may have been a long road to get to the point where you’re ready to take the plunge. If you’re seriously considering leaving behind your rental and making this commitment, you should know the emotions that come with this owning a home are powerful. You’ll be able to walk up to your front door every day and have that sense of accomplishment welcome you home. 

Bottom Line

A home is a place that reflects who you are, a safe space for the ones you love the most, and a reflection of all you’ve accomplished. Connect with a local real estate professional if you’re ready to break up with your rental and buy a home.

For the original article, visit Keeping Current Matters.

Home Equity Can Be a Game Changer When You Sell

Are you on the fence about selling your house? While affordability is improving this year, it’s still tight. And that may be on your mind. But understanding your home equity could be the key to making your decision easier. An article from Bankrate explains:

“Home equity is the difference between your home’s value and the amount you still owe on your mortgage. It represents the paid-off portion of your home.

You’ll start off with a certain level of equity when you make your down payment to buy the home, then continue to build equity as you pay down your mortgage. You’ll also build equity over time as your home’s value increases.”

Think of equity as a simple math equation. It’s the value of your home now minus what you owe on your mortgage. And guess what? Recently, your equity has probably grown more than you think.

In the past few years, home prices skyrocketed, which means your home’s value – and your equity – likely shot up, too. So, you may have more equity than you realize.

How To Make the Most of Your Home Equity Right Now

If you’re thinking about moving, the equity you have in your home could be a big help. According to CoreLogic:

“. . . the average U.S. homeowner with a mortgage still has more than $300,000 in equity . . .”

Clearly, homeowners have a lot of equity right now. And the latest data from the Census and ATTOM shows over two-thirds of homeowners have either completely paid off their mortgages (shown in green in the chart below) or have at least 50% equity (shown in blue in the chart below):

That means roughly 70% have a tremendous amount of equity right now.

After you sell your house, you can use your equity to help you buy your next home. Here’s how:

• Be an all-cash buyer: If you’ve been living in your current home for a long time, you might have enough equity to buy your next home without having to take out a loan. If that’s the case, you won’t need to borrow any money or worry about mortgage rates. Investopedia states:

“You may want to pay cash for your home if you’re shopping in a competitive housing market, or if you’d like to save money on mortgage interest. It could help you close a deal and beat out other buyers.”

• Make a larger down payment: Your equity could also be used toward your next down payment. It might even be enough to let you put a larger amount down, so you won’t have to borrow as much money. The Mortgage Reports explains:

“Borrowers who put down more money typically receive better interest rates from lenders. This is due to the fact that a larger down payment lowers the lender’s risk because the borrower has more equity in the home from the beginning.”

The Easy Way To Find Out How Much Equity You Have

To find out how much equity you have in your home, ask a real estate agent you trust for a Professional Equity Assessment Report (PEAR). 

Bottom Line

Planning a move? Your home equity can really help you out. Connect with a local real estate agent to see how much equity you have and how it can help with your next home.

For the original article, visit Keeping Current Matters.

ICE Mortgage Monitor: Positive Signs in Housing, Mortgage Markets Ahead of Spring Homebuying Season

Affordability has improved along with rates in recent months, with the share of income required to purchase the median home falling nearly 5 percentage points from October’s 28-year high

• The national inventory deficit also improved for the 7th consecutive month which, along with improved affordability, points to a better housing market environment in coming months

• The ICE Home Price Index for December reported an annual growth rate of +5.6%, up from +5.1% in November, which at first glance suggests an accelerating housing market

• That acceleration, however, is a residual effect of last spring and summer’s strong run of growth, with more recent data suggesting that growth rate will begin to cool in coming months

• Lower interest rates have also begun to increase refinance incentive, albeit slowly, with more potential on the horizon, particularly among the 4.3M mortgages originated in 2023

• Of the 2023 vintage, 46% (2M) would be able to cut their first lien rate by 75 bps if 30-year rates fall to a projected 6% by year’s end, with 33% able to save a full percentage point or more

• Mortgage holders gained $1.6T in equity in 2023 to reach an aggregate $16T, the highest year-end total on record, two thirds of which is held by borrowers with credit scores of 760 or higher

• The average mortgage holder now has $299K in equity, $193K of which is “tappable” and could be withdrawn while still maintaining a healthy 20% equity stake

ATLANTA and NEW YORK, February 5, 2023 – Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, released its February 2024 ICE Mortgage Monitor Report, based on the company’s industry-leading mortgage, real estate and public records data sets. Mortgage rates were at 6.71% as of January 24 according to the ICE US Conforming 30-year Fixed Mortgage Rate Lock Index – more than a full percentage point below their October 2023 high. As ICE Vice President of Enterprise Research Strategy Andy Walden explains, this and other recent market trends have produced positive, yet measured, signs for the 2024 housing market.

“Prospective homebuyers may feel an all-too-familiar sense of dread upon hearing that prices – already at record highs – rose another 5.6% in 2023 according to our ICE Home Price Index,” Walden said. “As always, the truth of the situation is more nuanced than one simple, backward-looking metric might suggest, and the data holds some encouraging signals for these folks. In recent months, we’ve seen improvement in rates, affordability, and for sale inventory, with monthly home price growth moderating on a seasonally adjusted basis. While we are still out of sync with historical norms on multiple fronts, each of those metrics have at least been moving in the right direction.”

Research in this month’s report shows today’s market remains interest-rate-driven. The recent rebound in affordability has increased purchase mortgage demand, comparable to levels seen last summer when interest rates were in a similar range. Purchase demand continues to trend very consistently with 30-year-rate changes and their downstream impact on affordability. As Walden explains, the refinance market  has also seen some modest improvement, with the potential for more growth throughout the year.

“While the mortgage market remains overwhelmingly purchase-centric, refinance incentive is rising, albeit slowly, alongside easing interest rates,” Walden continued. “Since interest rates peaked back in October, we’ve seen a threefold increase in the number of mortgage holders who could reduce their first lien rate by at least 75 bps with a rate/term refi. And while that population stands at roughly 1.7 million – up from 520K last fall – it is still a historically small number. Should rates fall to 6% by year’s end as current forecasts suggest, the number of borrowers with refinance incentive would rise, particularly among 2023 vintage originations.

“Under that scenario – a potential needle mover for the refinance market – some 46% of 2023-vintage borrowers would be ‘in the money,’ with nearly a third able to cut a full percentage point off their current rates. As more legacy mortgages regain rate incentive as well, the overall ‘in the money’ population would more than double to 3.8 million by the end of the year, with nearly 60% of that growth coming from loans originated in 2023. Originators would do well to identify and engage with these potential customers now. Of course, what’s good news for mortgage originators simultaneously heightens prepayment risk in the capital markets. Getting a granular, daily view of prepay activity will become essential this year as investors navigate an extremely rate-sensitive and volatile market.”

The month’s data also shows that aggregate American mortgage holder equity ended 2023 at $16T – gaining 11% ($1.6T) over the year to reach the highest year-end total on record. The average mortgage holder now has $299K in equity, up from $274K at the end of 2022. Such historically high equity levels create the conditions for an upswing in equity lending when interest rates ease enough to make withdrawals more attractive to homeowners. Two thirds of all equity is held by borrowers with credit scores of 760 or higher, offering lenders a likewise appealing, lower-risk cohort to whom they can offer equity-based products.

Much more information on these and other topics can be found in this month’s Mortgage Monitor. Article found on Black Knight.

Why Pre-Approval Is Even More Important This Year

On the road to becoming a homeowner? If so, you may have heard the term pre-approval get tossed around. Let’s break down what it is and why it’s important if you’re looking to buy a home in 2024.

What Pre-Approval Is

As part of the homebuying process, your lender will look at your finances to figure out what they’re willing to loan you. According to Investopedia, this includes things like your W-2, tax returns, credit score, bank statements, and more.

From there, they’ll give you a pre-approval letter to help you understand how much money you can borrow. Freddie Mac explains it like this:

“A pre-approval is an indication from your lender that they are willing to lend you a certain amount of money to buy your future home. . . . Keep in mind that the loan amount in the pre-approval letter is the lender’s maximum offer. Ultimately, you should only borrow an amount you are comfortable repaying.”

Now, that last piece is especially important. While home affordability is getting better, it’s still tight. So, getting a good idea of what you can borrow can help you really wrap your head around the financial side of things. It doesn’t mean you should borrow the full amount. It just tells you what you can borrow from that lender.

This sets you up to make an informed decision about your numbers. That way you’re able to tailor your home search to what you’re actually comfortable with budget-wise and can act fast when you find a home you love.

Why Pre-Approval Is So Important in 2024

If you want to buy a home this year, there’s another reason you’re going to want to be sure you’re working with a trusted lender to make this a priority.

While more homes are being listed for sale, the overall number of available homes is still below the norm. At the same time, the recent downward trend in mortgage rates compared to last year is bringing more buyers back into the market. That imbalance of more demand than supply creates a bit of a tug-of-war for you.

It means you’ll likely find you have more competition from other buyers as more and more people who were sitting on the sidelines when mortgage rates were higher decide to jump back in. But pre-approval can help with that too.

Pre-approval shows sellers you mean business because you’ve already undergone a credit and financial check. As Greg McBride, Chief Financial Analyst at Bankrate, says:

“Preapproval carries more weight because it means lenders have actually done more than a cursory review of your credit and your finances, but have instead reviewed your pay stubs, tax returns and bank statements. A preapproval means you’ve cleared the hurdles necessary to be approved for a mortgage up to a certain dollar amount.”

Sellers love that because that makes it more likely the sale will move forward without unexpected delays or issues. And if you may be competing with another buyer to land your dream home, why wouldn’t you do this to help stack the deck in your favor?

Bottom Line

If you’re looking to buy a home in 2024, know that getting pre-approved is going to be a key piece of the puzzle. With lower mortgage rates bringing more buyers back into the market, this can help you make a strong offer that stands out from the crowd.

For the original article, visit Keeping Current Matters.

The Top Benefits of Buying a Multi-Generational Home

Has the idea of sharing a home with loved ones like your grandparents, parents, or other relatives crossed your mind? If so, you’re not alone. More buyers are choosing to go this route and buy a multi-generational home. Here’s a look at some of the top reasons why, to see if a home like this may be right for you too.

Why Buyers Are Opting for Multi-Generational Living

According to the National Association of Realtors (NAR), two of the top reasons buyers are opting for multi-generational homes today have to do with affordability (see graph below):

First-time buyers are focused most on cost savings – with 28% saying this was a key reason for them. By pooling their resources with others, they can share financial responsibilities like mortgage payments, utilities, and more to make homeownership more affordable. This is especially helpful for those first-time homebuyers who may be finding it tough to afford a home on their own in today’s market.

Buyers are also turning to multi-generational homes so they can more easily afford their dream home. Both first-time (28%) and repeat buyers (18%) chose to live with others so they could buy a larger home. When everyone chips in and combines their incomes, that big dream home with more space could be more within reach.

But multi-generational living isn’t just about the financial side of things. According to the same study from NAR, 23% of repeat buyers chose to buy a multi-generational home to make it easier to care for an aging parent. Many older adults want to age in place and a multi-generational home can help make that possible. For those older adults, it gives them an opportunity to maintain their quality of life while being surrounded by their loved ones. As Axios explains:

“Financial concerns and caregiving needs are two of the major reasons people live with their parents (and parents’ parents).”

Lean on an Expert

Finding the perfect multi-generational home isn’t as simple as shopping for a regular house. That’s because there are more people with even more opinions and needs to be considered. It’s like solving a puzzle, and the pieces need to fit just right.

So if you’re interested in the many benefits multi-generational living offers, partner with a local real estate agent who has the expertise to help.

Bottom Line

Whether your motives are financial or focused on the people you’ll share your home with, buying a multi-generational home may make sense for you. If you’re interested in learning more, connect with a local real estate agent.

For the original article, visit Keeping Current Matters.

Why It’s More Affordable To Buy a Home This Year

Some Highlights

• Home affordability depends on three factors: mortgage rates, home prices, and wages.

• Mortgage rates are down from their recent peak, home prices are expected to rise at a slower pace, and wages are increasing faster than usual.

• That’s good news if you want to buy a home because it means affordability is getting better.

For the original article visit Keeping Current Matters.

Bathroom Blunders: 6 Things About Your Loo That Give Buyers ‘The Ick’

A rule of thumb in the real estate world is that kitchens and bathrooms sell a house. So if you’re about to put your home on the market, you’ll want to laser focus on how your bathroom appears to home shoppers.

You especially want to check for anything that will give buyers the ick—that instant enthusiasm killer when they notice a turnoff in your bathroom.

“Bathrooms are intimate spaces, and their state tells a deeper story about the overall care and love poured into a home,” says Jim Olenbush, a real estate professional and founder of the brokerage Austin Real Estate. “For the average homebuyer, issues there could be major deal breakers.”

Why icky bathrooms can be deal breakers

Olenbush recalls flipping a 1920s bungalow that had a bathroom with an awkward layout. It had a lot of old-world charm, but the fixtures were oddly positioned.

“The sink was so close to the toilet that, in theory, one could wash their hands while—well, you get the picture,” Olenbush says with a laugh.

The negative bathroom details did not deter him from making an offer on the home. But it likely turned off other prospective buyers—and caused the seller to leave money on the table.

“It armed me with leverage for negotiating a better deal,” adds Olenbush.

To help you “un-ick” your home, we turned to the professionals. Here are six things that give would-be buyers the ick.

1. The little details

Beware of small things in your bathroom that can repel would-be buyers.

For Erin Hybart, a real estate professional in Baton Rouge, LA, who was shopping for a home for herself, the bathroom ick kept her from making an offer on what initially seemed like a “gem of a house.” But the bathrooms were stuck in the 1950s—an era of pastel toilets and sinks.

And it isn’t only bigger items like fixtures. Beware of small things in your bathroom that can have an outsized impact and repel would-be buyers. Old cracked soap (or no soap at all) can have a buyer wondering why you aren’t more invested in general cleanliness.

2. Old or cracked fixtures

An outdated bathroom, say our pros, is one of the main things that turn off buyers. When buyers see fixtures from another era, they worry that the plumbing is also ancient.

“Age might bring character, but poor plumbing can quickly flush down any rose-tinted sentiments,” says Olenbush.

Another thing that turns off buyers is broken fixtures. If there’s a chip in the sink or a dent in the tub, that’s a visual reminder that someone else shaved or bathed there. No one wants this reminder.

3. Mystery stains, hair everywhere, and carpeting

Carpeting in the bathroom is a huge turnoff for buyers. Buyers might seem like detectives when encountering unidentified stains on bathroom surfaces. Are they water stains, coffee spills, or ancient toothpaste art? The mystery can amp up the ick factor.

Another thing that is a universal turnoff is carpeting in this space. The bathroom Hybart ultimately passed on had it—wall to wall.

“The matching pink and blue carpet made the bathroom even worse,” says Hybart, “It likely held 40-plus years of smells and contributed to the overall smell in the house.”

4. Questionable DIY Repairs

DIY enthusiasts might proudly display their handiwork in the bathroom. However, buyers might encounter the aftermath of “creative” plumbing solutions that leave them reluctant to enter the room.

When repairs are made to a bathroom piecemeal, using random materials, it makes a buyer think that the homeowner cheaped out. And if corners are cut here, could the homeowner’s careless DIY effort be hiding something more serious?

Olenbush’s bathroom, for example, had a mishmash of tile.

“It looked like a patchwork quilt, and not in a good way,” Olenbush says. “Each wall seemed to champion a different decade.”

5. Lack of ventilation

No homebuyer wants to deal with mold. Mold in a bathroom is invariably icky and can even be a health issue. Olenbush’s renovation included mold remediation.

“The lack of a vent or window had allowed the moisture to party hard, resulting in dark patches on the ceiling,” says Olenbush.

No homebuyer wants to deal with mold. When they see mold in a bathroom, they automatically assume it’s black mold—the worst type—even if it’s not. And they also inflate in their minds the price they might pay to have it professionally removed.

6. Privacy issues

The final beige flag in the bathrooms of the home Hybart gave up on was a strange door situation. And we’re not talking about the entrances to the bathrooms. More like the exits.

“There was an exterior door installed in each of the custom showers—which exited to the back patio,” says Hybart.

Maybe the backyard once had a pool or spa. But in most cases, an exit door off the bathroom will not be an attraction because the main thing most of us require in a bathroom is total privacy. Not a quick exit.

Fix the ick

When preparing your home to sell, you must remove all signs that someone else has lived there. This goes double for the bathroom, which should be clean and fresh. So if you spot mold, get an expert in there—pronto.

If your bathroom has carpeting, pull it up before an open house. There are tons of budget-flooring options out there.

Consider updating fixtures and old tile with more modern and stylish options. Ensure all windows have blinds or curtains. A bathroom that offers the necessary level of privacy can help buyers feel more comfortable with the space.

These relatively small investments will not only banish the ick but can also make a big difference in how buyers perceive the overall quality of the bathroom.

For the original article By Sally Jones, visit Realtor.com.