If you are in the market to buy a home soon, one thing to consider is what experts project home prices will do in the future and how that might affect affordability and your investment. While you may have seen some negative headlines over the past year about home prices, they’re doing much better than expected and are in fact rising across the country. The data shows that experts predict home prices will keep appreciating.

A recent survey, the Home Price Expectation Survey (HPES) which polls over 100 economists, investment strategists and housing market analysis, showed projections from the panelists over the next 5 years through 2027. Estimated increases as forecasted in Q3 of 2023 from December to December are as follows. The year 2023 at 3.32%, 2024 at 2.17%, 2025 at 3.24%, 2026 at 3.79% and 2027 at 4.18%. So if you are one who has been worried that prices would fall based on some headlines you have read, here’s the bottom line. Even though prices can and do vary in each market, experts predict prices will continue to rise over the next handful of years but also at a more normal appreciation rate. 

Despite the projected increase of real estate prices in 2024 not being as great as say 2023 or 2025, the result is cumulative and that is how you will grow equity. For example, if you bought a $400,000 home at the beginning of this year. If you factor in the forecast from the HPES, you could potentially accumulate more than $71,000 in household wealth over the course of the next five years. In the end what this does tell us is that now is still a good time to buy real estate and start building wealth as it can grow substantially in the long run. Contact me today and let’s discuss your plans in your specific market of choice. 

When the time has come that you have finally closed on your new home and gotten the keys, then it is important to consider some next steps. Before you start redecorating and planning your future housewarming parties, make sure you get down to some essential business first. Here are some things you will want to be sure you take care of.

Insurance

For anyone that has a mortgage, homeowners insurance (and possibly flood insurance) will be required. However, make sure you don’t forget about your contents too. Discuss this with your agent and see if you can even do a bundle with your automobiles too and save.

Change The Locks

You never know who the previous owner has handed keys out to. Possibly friends, old tenants, repairmen, etc. Have some peace of mind and change the locks so you know only you have access to your new home. The same goes for any keypads or door codes as well – give those an update too.

Change Your Address

You may have thought ahead to change your address at the post office, but you will still need to manually update all of your other important information too such as credit cards, drivers license, etc. Make a checklist and run through everything so there are no hiccups down the road.

Clean and Fix

As soon as you get the keys, do a thorough cleaning and take the opportunity to repair anything that may need fixing. Moving into a clean and turnkey home will make things go so much smoother.

Create a Maintenance Plan

Create a plan with dates for all of your important maintenance items. This can include things like HVAC filters, smoke detector batteries, pool filters and the like.

Check Security

Does the new home have a security system to activate? Doorbell and property cameras? Figure out what is there and what you may want to add. Pro tip: check with your insurance company on potential savings as monitored security systems can potentially save you on homeowner’s insurance.

Go Meet The Neighbors

It is always best to know who is living around you. This way you and them both can keep an eye on each other’s homes for any suspicious activity. 

Get Familiarized

Take some time to get to know the new home. Make sure you see where the electrical panel is for any potential problems, check out the HVAC system and how to operate all appliances and the like. Figure this all out from the get go and avoid any future headaches.

Most everyone knows that nearly every time someone is going to list their home for sale there will be a punch list of things to do to get it in the right physical shape. While you may be thinking about the bigger items, it is important to not forget all of the little things as well. Here are 4 things that you should pay attention to before you place your home on the market for sale. 

Fresh Paint

A little paint goes a long way. If you have the time and ability to handle this yourself, it can be an inexpensive way to really make a great impression. Old and worn paint can really make your home look dated and neglected. If you don’t have the funds to paint everything inside and out, pick the areas that have seen the most significant wear and tear. A good tip is to keep all colors neutral. 

Flooring

Nothing says neglect or is even as off putting as a dirty and worn carpet. Consider replacing rooms with worn carpet with either fresh carpeting or better yet, upgrade to a new tile or laminate. Laminate flooring has become widely popular and in some cases can be installed right over your older tile floors. These surfaces can be more sanitary, neutral and won’t trap in any foul odors like carpeting can.

Locks and Handles

Does your home have any broken door locks, handles or latches that don’t function properly? These can be problematic on their own but especially for any new owners making them feel unsafe. Replacing them will also avoid any potential issues with showings to prospective buyers.

Decking/Patio

Same goes for the exterior areas of your home. Do any of your outdoor spaces such as a front stoop or rear deck need any TLC? Aside from eliminating any safety concerns, replacing decking or broken masonry will also provide buyers with the feeling that the home has been well maintained. 

Everyone knows that when you first move into your new home it is common to want to put your own personal stamp on it to make it feel like it’s yours. Your furniture and belongings will do that to a certain point, but not everyone has the vision to know where to start. Here are some great and simple ways to customize your new home.

Paint Front Door

For a much smaller project than painting the whole house, consider painting the front door with a new color of your personal liking. This will revamp the look but also help put your own taste into the front facade.

Designate an Accent Wall 

If you cannot decide on an idea for changing the color of all of a whole room then just try painting an accent wall. A complementary color will add some interest into a room and be a nice backdrop for some of your own favorite artwork. It is a small project while you try mapping out a new color scheme.

Update Bathroom Fixtures

Not everyone has the money set aside ready to redo a bathroom especially right after buying the home. However, for a fraction of the price of a remodel you could start with elevating the look with some new fixtures. Choose something of your taste for the vanity and perhaps a nice matching rain head for the shower/tub.

Outfit Your Entry Ways

You know what is best for your lifestyle, but customize entryways with what makes your daily life easier. This could be a bench by the door with shoe storage and hooks for keys for example.

Upgrade Light Fixtures

Replacing light fixtures is an easy idea for relatively low cost with high impact. It could be the one for the dining area, added pendants over bar counter seating or even a prominent room’s ceiling fan light combo. Choose something that is more conducive to both your taste and lifestyle.

Window Treatments

The cost of window treatments can really range where on the lower end you could simply upgrade your blinds and curtains with colors and textures that you like. On the higher end you could do plantation shutters for a really refined and timeless look.

Plants

Fill up the empty corners and spaces in your home with some life, literally. You can never really go wrong with real, living house plants. These plants come in all shapes and sizes so they are very accommodating for any location that needs some freshening. 

Outdoor Enhancement

Finally, enjoy the outdoors as you would like. It can be relaxing on a hammock, with friends gathered at a fire pit and picnic table or playing games like horseshoes. There are many affordable and easy options to set the stage for how you want to make the yard just the way you want it.

Doing over your kitchen can be an undertaking especially if it is your first time designing and renovating. The kitchen is also the heart of the home where so much time is spent and so much focus is given when determining the value of the home. Before you start planning out your kitchen project, here is a helpful guide on the important steps to take.

Plan The Project

The first place to begin is to do some overall planning. This means come up with a budget and decide on the kind of look you want and what things you are looking to incorporate into the design. Prioritizing your wants and needs will also help you keep things within your budget. 

Decide on Layout

The most popular layouts are U-shaped, L-shaped and galley. Your space will somewhat play a role in this but you will also have to decide on your preferred style and how you can most efficiently lay out your kitchen for a good workflow. Consider how you will entertain as well – would a large island with dining options be a good choice?

Select Cabinetry

Cabinets play a large role in the design and functionality of your kitchen. Consider the materials, style, and color you want to go with. Custom gives you more control but at a higher cost. Semi-custom options still offer some design options but at a lower cost.

Choose Appliances

Here is where you consider more wants and needs. First consider what trim line of appliances you wish to go with. Do you need the Viking oven or will a top tier appliance package from popular brands such as GE or Samsung do? Then consider what appliances you want. Will you choose a sleek drawer microwave for your island or a matching wine fridge for your regular collection?

Hire a Reputable Contractor

A contractor plays a very important role in designing and renovating your kitchen. You want to work with a reputable one who has plenty of experience and a proven track record. Ask for references and view their portfolio before hiring them. A good contractor will help you stay within your budget, ensure quality, and navigate any unexpected issues that may arise.

Some of us move more often than others, but all of us know that moving day can be overwhelming. You need to do some planning, packing and it can be tough to know exactly what you need and what you don’t. Here are some tips below so you can be efficient and save where you can. 

Use The Right Materials

Using the right materials for packing can save on many things – frustration, stress, time and potentially money! Make sure you have enough boxes, bubble wrap, packing tape and paper so that you can properly protect all of your valuable items and safely transport them to your new home without damage.

Don’t Buy Unnecessary Items

Do your best at calculating how many boxes and materials you will need. Another great way to save money is to ask local stores and supermarkets for boxes they no longer need. As a substitute for expensive packing materials, old newspapers, bed sheets, and towels can be repurposed to wrap and protect your belongings. 

Organize and Reduce Clutter

There is no better time to start whittling down your belongings that you don’t need than during a move. Rather than packing 100% of all of your things, be a little discerning in the moment and start doing a purge. If there are things in the back of your closets that you almost never use or haven’t in over a year, perhaps it is time to sell, donate or throw away. There is no sense in moving things that you don’t need.

Don’t Move Broken or Damaged Belongings

Similar to anything you don’t use or need anymore, don’t move anything that is broken or damaged. Do an audit of all of these things ahead of packing and place all of these things in a designated area. Have a pile for trash, one for donations and one for sale if there is value. 

Hire Professional Movers

Moving is hard enough with all of the planning and packing and you don’t have to do it all alone. If you have friends and family that can help, that is one thing but sometimes it makes sense to leave a big job to the professionals. Especially if you have a lot to move or own things of significant value then it may make sense to pay those who are experts. That will take the guesswork out of what you need, maneuvering a large truck and offering peace of mind during the already stressful process.