Real Estate • May 22, 2024

What’s Next for Home Prices and Mortgage Rates?

by Maryalice Ryan

If you’re thinking of making a move this year, there are two housing market factors that are probably on your mind: home prices and mortgage rates. You’re wondering what’s going to happen next. And if it’s worth it to move now, or better to wait it out.

The only thing you can really do is make the best decision you can based on the latest information available. So, here’s what experts are saying about both prices and rates.

1. What’s Next for Home Prices?

One reliable place you can turn to for information on home price forecasts is the Home Price Expectations Survey from Fannie Mae – a survey of over one hundred economists, real estate experts, and investment and market strategists.

According to the most recent release, experts are projecting home prices will continue to rise at least through 2028 (see the graph below):

While the percent of appreciation varies year-to-year, this survey says we’ll see prices rise (not fall) for at least the next 5 years, and at a much more normal pace.

What does that mean for your move? If you buy now, your home will likely grow in value and you should gain equity in the years ahead. But, based on these forecasts, if you wait and prices continue to climb, the price of a home will only be higher later on.

2. When Will Mortgage Rates Come Down?

This is the million-dollar question in the industry. And there’s no easy way to answer it. That’s because there are a number of factors that are contributing to the volatile mortgage rate environment we’re in. Odeta Kushi, Deputy Chief Economist at First American, explains:

“Every month brings a new set of inflation and labor data that can influence the direction of mortgage rates. Ongoing inflation deceleration, a slowing economy and even geopolitical uncertainty can contribute to lower mortgage rates. On the other hand, data that signals upside risk to inflation may result in higher rates.”

What happens next will depend on where each of those factors goes from here. Experts are optimistic rates should still come down later this year, but acknowledge changing economic indicators will continue to have an impact. As a CNET article says:

“Though mortgage rates could still go down later in the year, housing market predictions change regularly in response to economic data, geopolitical events and more.”

So, if you’re ready, willing, and able to afford a home right now, partner with a trusted real estate advisor to weigh your options and decide what’s right for you.

Bottom Line

Let’s connect to make sure you have the latest information available on home prices and mortgage rate expectations. Together we’ll go over what the experts are saying so you can make an informed decision on your move.

*The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Homeowners • April 24, 2024

Summer Home Prep Made Easy

by Maryalice Ryan

It might not be very warm here in New Jersey, but we are a month into Spring, and a month away from Memorial Day Weekend, the unofficial start of Summer.

It might not feel like it, but yes, Summer is around the corner. Whether you are planning back yard parties, lounging in the sun or staying cool inside your home, a little proactive Summer home preparation can go a long way. Here are some tips and advice to help you ensure your abode is ready for the Season:

Your Home Exterior

Give your patio or deck a good scrub or sweep, clearing away any debris. Then, look at your furniture and freshen it up by incorporating patio umbrellas to add a touch of shade for when the sun’s heat is too much. Also, don’t forget to give your grill some attention, from checking the ignition, propane tank, charcoal basin or your stock supply, you will want to make sure everything is up and running for food, fun and fresh air. Lastly, set the ambiance and add strategically placed lights for evenings get togethers.

Beat the Summer Heat Indoors

As temperatures rise, keeping your home regulated is a top priority. Don’t underestimate the power of a well placed ceiling fan – consider installing one in your main living space to circulate air and create a breeze. Additionally, a programmable thermostat can help regulate the temperature indoors more efficiently. You could also installed ceramic or reflective window films, allowing you to enjoy the natural light while reducing heat and harmful UV rays coming through the windows into your home. And now is the perfect time to check your air conditioning unit before it gets too hot. Replace filters and thoroughly clean and test the unit to ensure it is in proper working order when you need it most.

Create Summer-esque Ambiance

Embrace the season and nature by adding plants and flowers to your living spaces. From lush greenery to vibrant blooms, Summer foliage can add a pop of color and life to your décor. Better yet, the flora can set the tone for a relaxed, chill vibe. While you’re at it, consider adding yellow, blue and green summer hues to your interior design through seasonal pillows, rugs or artwork to uplift the mood of any room.

Repel Seasonal Bugs

Summer pests can quickly become unwelcome guests inside your home. These sneaky creatures have a knack for finding their way in, but you can keep them out by sealing any cracks or gaps around doors and windows by caulking or weather-stripping openings. Also, you could invest in some window screens to allow the Summer breeze to flow indoors while keeping the bugs out.

And for your Summer outdoor relaxation or gatherings, citronella candles or torches can help repel mosquitoes and other insects while adding a cozy ambiance.

With some elbow grease, and some creativity, you will have your home primed for the Summer season so you can kick back, invite friends over, crank up the grill and let the good times roll.

* From Coldwell Banker Blue Matter

Real Estate • April 18, 2024

Is It Better To Rent Than Buy a Home Right Now?

by Maryalice Ryan

You may have seen reports in the news recently saying it’s more affordable to rent right now than it is to buy a home. And while that may be true in some markets if you just look at typical monthly payments, there’s one thing that the numbers aren’t factoring in: and that’s home equity. Here’s a look at how big of an impact equity can have and why it’s worth considering as you make your decision.

What the Headlines Are Based on

The graph below uses national data on the median rental payment from Realtor.com and median mortgage payment from the National Association of Realtors (NAR) to compare the two options. As the graph shows, especially if you’re not looking for a lot of space, it can be more affordable on a monthly basis to rent:

But if you’re looking for something with 2 bedrooms, the gap between the median rent and the median mortgage payment starts to shrink to a difference that may be more doable. The median monthly mortgage payment is $2,040. The median monthly rent for 2 bedrooms is $1,889. That’s a difference of about $151 a month. But here’s what happens when you factor in equity too.

How Equity Changes the Game

If you rent, your monthly rental payments only go toward covering your housing costs and your landlord’s expenses. So other than saving a bit more per month and maybe getting your rental deposit back when you move, the money you spent on housing each month is gone – forever.

When you buy, your monthly mortgage payment pays for your shelter, but it also acts as an investment. That investment grows in the form of equity as you make your mortgage payment each month and chip away at what you owe on your home loan. Your equity gets an extra boost as home values climb – which they typically do.

To give you a clearer idea of how equity can really stack up fast, here’s some data for you. Each quarter, Fannie Mae and Pulsenomics publish the results of the Home Price Expectations Survey (HPES). It asks more than 100 economists, real estate professionals, and investment and market strategists what they think will happen with home prices. In the latest release, those experts say home prices are going to keep going up over the next five years.

Here’s an example of how equity builds based on the projections from the HPES (see graph below):

Imagine you purchased a home for $400,000 at the start of this year. Chances are, since you bought, you plan to stay put for a while. Based on the HPES projections, if you live there for 5 years, you could end up gaining over $83,000 in household wealth as your home grows in value.

Here’s how that stacks up compared to renting, using the overall median rent from above:

While you may save a bit on your monthly payments if you rent right now, you’ll also miss out on gaining equity.

So, what’s the big takeaway? Whether it makes more sense to rent or buy is going to vary based on your personal finances. It’s not a good idea to buy if the numbers truly don’t work for you. But, if you’re ready and able, adding equity as the final puzzle piece may be enough to help you realize buying is a better move in the long run.

Bottom Line

When it comes down to it, buying a home gives you a benefit renting just can’t provide – and that’s the chance to gain equity. If you want to take advantage of long-term home price appreciation, let’s go over your options.

*From Keeping Current Matters. The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Uncategorized • March 21, 2024

What Are Experts Saying About the Spring Housing Market?

by Maryalice Ryan

If you’re planning to move soon, you might be wondering if there’ll be more homes to choose from, where prices and mortgage rates are headed, and how to navigate today’s market. If so, here’s what the professionals are saying about what’s in store for this season.

Odeta Kushi, Deputy Chief Economist, First American:

“. . . it seems our general expectation for the spring is that we will see a pickup in inventory. In fact, that already seems to be happening. But it won’t necessarily be enough to satiate demand.”

Lisa Sturtevant, Chief Economist, Bright MLS:

“There is still strong demand, as the large millennial population remains in the prime first-time homebuying range.”

Danielle Hale, Chief Economist, Realtor.com:

“Where we are right now is the best of both worlds. Price increases are slowing, which is good for buyers, and prices are still relatively high, which is good for sellers.”

Skylar Olsen, Chief Economist, Zillow:

“There are slightly more homes for sale than this time last year, and there is still plenty of competition for well-priced houses. Buyers should prep their credit scores and sellers should prep their properties now, attractive listings are going pending in less than a month, and time on market will shrink in the weeks ahead.”

Jiayi Xu, Economist, Realtor.com:

“While mortgage rates remain elevated, home shoppers who are looking to buy this spring could find more affordable homes on the market than they saw at the same time last year. Specifically, there were 20.6% more homes available for sale ranging between $200,000 and $350,000 in February 2024 than a year ago, surpassing growth in other price ranges.”

If you’re looking to sell, this spring might be your sweet spot because there just aren’t many homes on the market. Sure, inventory is rising, but it’s nowhere near enough to meet today’s buyer demand. That’s why they’re still selling so quickly.

If you’re looking to buy, the growing number of homes for sale this spring means you’ll have more choices than this time last year. But be prepared to move quickly since there’ll be plenty of competition with other buyers.

Bottom Line

No matter what you’re planning, let’s team up to confidently navigate the busy spring housing market.

Uncategorized • March 6, 2024

The Spring Market is Here – Westfield Update

by Maryalice Ryan

It is well known that the Spring Market is the busiest time in Real Estate (in a normal/traditional market). And it looks that this year is bringing back those “norms”. The 2024 Spring market seems to be in full force and there is a lot more inventory – interest rates have come down and we’re starting to see more “move up” and “move out” activity.

We started the year with the challenge of incredibly low inventory of active listing in Westfield, and we saw only 28 homes listed in all of January. Today, on March 6th, we have 33 active listings in Garden State MLS, 13 of them have been listed in the last week! This is great indicator of a more competitive market, the Westfield Real Estate market is definitely picking up.

February Recap

Table below shows the data for homes sold in February in Westfield. In looking at this numbers, we can see that most of them sold quite quickly (DOM = days on the market). And not only that, but all but 2 sold either at asking or over asking, with the highest list to sale to list ratio at 120%. That translates into an incredible return for the sellers.

Looking Ahead

The Spring Market in real estate typically sees an uptick in activity as warmer weather encourages more people to buy and sell homes. With increased inventory and heightened buyer interest, it’s a prime time for both buyers and sellers to make moves in the housing market. Sellers may benefit from higher demand and potentially quicker sales, while buyers may have more options to choose from. Overall, the Spring Market presents opportunities for those looking to navigate the real estate landscape.

If you have any questions about the current market or the value of your home, I would love to connect with you!

Uncategorized • February 12, 2024

8 Essential Home Improvement Tasks to Elevate your Home’s Value and Appeal

by Maryalice Ryan

Are you ready to elevated your home’s aesthetic of boost its market value? Here are 8 transformative home improvement projects that will accomplish both. From breathing new live to outdated interiors, to amplifying curb appeal with exterior upgrades, these strategic tasks are essential for enhancing your living space and bolstering your property’s appeal in the real estate market.

Repaint Interior Walls

Interior painting is one of the most affordable home improvement projects that make a big impact in your home. Not only does repainting your walls increase your home’s value by at least 107%, but it also gives your interiors a brand new look, which is perfect if your aesthetic has changed.

Neutrals are the way to go if you’re thinking of selling your home. Shades such as light grays, beiges, or whites provide a blank canvas look to potential buyers that allows them to visualize how they’d use the space. Light and airy neutrals also make rooms appear larger since they easily reflect light, which is another attention-grabber for buyers.

If you’re not looking to sell but want a new home look, Andre Kazimierski, the CEO of Improovy, weighs in on the trendiest colors to paint your home this year. “This year is a great opportunity to repaint your home’s interior, especially if your wall colors are outdated. Consider repainting your walls in some of the year’s trending colors, including peachy shades, warm neutrals, and pastel blues.”

Spruce Up Your Curb Appeal

If you’re thinking of selling your home, or just want to make a welcoming first impression for guests, focusing on curb appeal is a must. The best ways to start is by keeping your lawn well-groomed, tending to your garden, or freshening your home’s exterior with a fresh coat of paint. Also take some time to walk around your property to look for any repairs that need to be made in your vinyl siding or yard fixtures.

The good news is that yards of any size can benefit from minor touches that elevate the charm in your curb appeal (and your sense of pride). Painting your front door, resealing the driveway, pressure washing, adding pathway lighting up to the porch, or adding window planters and other outdoor decor items are ideas that work for every home.

Repair The Floors

Just like your walls, your floors have a major impact in the design and feel of a room. If it’s been a while since you’ve repaired your floors or if you’re wanting something fresh, add this home improvement task to your list this year.

“If your flooring could use a facelift, replacing it can add value to your home,” says Todd Saunders, the CEO of Flooring Stores. “Many types of flooring can even be installed as a DIY project, such as peel-and-stick vinyl tiles or carpet squares. Choosing an on-trend color or pattern for your new flooring can give any room an instantly updated feel.”

But, repairing your floors requires more than selecting a trendy design. Certain rooms of the home, like the kitchen, require specific types of flooring to withstand the environment and daily wear and tear, so make sure you do your homework before by researching the best flooring types for the rooms you want to repair.

Create An Outdoor Living Area

One of our favorite home improvement tasks of 2024 that pays off tremendously is getting more acquainted with your backyard, specifically, by creating an outdoor living area. Adding a deck or patio to your backyard furnished with beautiful furniture makes your space more functional and inviting. We’re seeing the rise of outdoor kitchens that are taking hosting or get-togethers to the next level you can also enjoy year-round. Not to mention, this enhances the appeal of your home and is a great bonus if you’re planning on selling in the future.

Update Your Appliances

Are you still using a dial stove from the 1970s? Make 2024 the year you replace your appliances with ones that include smart technology. Not only do smart appliances have a 50% ROI, but they also practice energy consumption, which saves on your energy bill throughout the year. These appliances also sport a sleek appearance with their stainless steel or black exteriors that make your home feel modern and trendy. Plus, this is a simple home improvement swap that doesn’t require extensive demolition.

Remodel The Kitchen

The kitchen is the heartbeat of every home and a prime room for real estate, so it’s safe to say this room pays off yearly from some home improvement love. Though it’s one of the more expensive rooms to renovate, there are improvements you can make that fit any budget such as installing new backsplash, updating a few appliances, or putting in a new faucet and sink. If you want to gut the kitchen, consider installing new cabinetry, countertops, or changing the overall flow by making the room more open or adding in an island.

Minor kitchen remodels see an average of 81.1% ROI with major remodels averaging 53.3%1. Though small kitchen remodels can be done DIY style, like updating your backsplash, overhaul remodels that effect the layout of the room or involve the cabinets and countertops are better left to professionals.

Minor Bathroom Touches

The bathroom is another popular room of the home that pays off to remodel, even on a smaller scale. Minor bathroom remodels bring an average ROI of 70.1% after replacing the floors or fixtures like your vanity and toilet2. Cosmetic upgrades in this space goes a long way in improving the overall look, but you can take it a step further by increasing durability in the room with the help of floor or wall tiles. These tiles add decorative flair with their colors and patterns while being water-resistant, or you can play with patterns in the form of wallpaper for your bathroom design.

Replace Old Windows

Replacing old windows is a more subtle home improvement project, but the good news is that it has one of the highest ROIs. It’s possible to get an 85% ROI by replacing outdated windows, depending on how many you replace or add in. With a plethora of window styles available, new replacements can brighten the exterior of your home while increasing insulation that saves on your heating and cooling bills.

*From SouthernLiving.com 01/30/2024

Real Estate • January 23, 2024

Don’t Do These After Applying for a Mortgage

by Maryalice Ryan

If you’re getting ready to buy a home, it’s exciting to jump a few steps ahead and think about moving in and making it your own. But before you get too far down the emotional path, there are some key things to keep in mind after you apply for your mortgage and before you close. Here’s a list of things to remember when you apply for your home loan.

Don’t Deposit Large Sums of Cash

Lenders need to source your money, and cash isn’t easily traceable. Before you deposit any cash into your accounts, discuss the proper way to document your transactions with your loan officer.

Don’t Make Any Large Purchases

It’s not just home-related purchases that could disqualify you from your loan. Any large purchases can be red flags for lenders. People with new debt have higher debt-to-income ratios (how much debt you have compared to your monthly income). Since higher ratios make for riskier loans, borrowers may no longer qualify for their mortgage. Resist the temptation to make any large purchases, even for furniture or appliances.

Don’t Cosign Loans for Anyone

When you cosign for a loan, you’re making yourself accountable for that loan’s success and repayment. With that obligation comes higher debt-to-income ratios as well. Even if you promise you won’t be the one making the payments, your lender will have to count them against you.

Don’t Switch Bank Accounts

Lenders need to source and track your assets. That task is much easier when there’s consistency among your accounts. Before you transfer any money, speak with your loan officer.

Don’t Apply for New Credit

It doesn’t matter whether it’s a new credit card or a new car. When your credit report is run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), it will have an impact on your FICO® score. Lower credit scores can determine your interest rate and possibly even your eligibility for approval.

Don’t Close Any Accounts

Many buyers believe having less available credit makes them less risky and more likely to be approved. This isn’t true. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both of those parts of your score.

Do Discuss Changes with Your Lender

Be upfront about any changes that occur or you’re expecting to occur when talking with your lender. Blips in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. If your job or employment status has changed recently, share that with your lender as well. Ultimately, it’s best to fully disclose and discuss your intentions with your loan officer before you do anything financial in nature.

Bottom Line

You want your home purchase to go as smoothly as possible. Remember, before you make any large purchases, move your money around, or make major life changes, be sure to consult your lender – someone who’s qualified to explain how your financial decisions may impact your home loan.

*From Keeping Current Matters Inc. The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Real Estate • December 14, 2023

Unlocking the Code to Your Dream Home: Could It Be the One You Perfect After Buying?

by Maryalice Ryan

There’s no denying mortgage rates and home prices are higher now than they were last year and that’s impacting what you can afford. At the same time, there are still fewer homes available for sale than the norm. These are two of the biggest hurdles buyers are facing today. But there are ways to overcome these things and still make your dream of homeownership a reality.

As you set out to make a purchase this season, you’ll want to be strategic. This includes taking a close look at your wish list and considering what features you really need in your next home versus which ones are nice-to-have. This will help you avoid overextending your budget or limiting your pool of options too much because you’re searching for that perfect home.

Danielle Hale, Chief Economist at Realtor.com, explains:

“The key to making a good decision in this challenging housing market is to be laser focused on what you need now and in the years ahead, . . . Another key point is to avoid stretching your budget, as tempting as it may be . . .”

To help identify what you truly need, make a list of all the features you’ll want to see. From there, work to break those features into categories. Here’s a great way to organize your list:

Must-Haves – If a house doesn’t have these features, it won’t work for you and your lifestyle (examples: distance from work or loved ones, number of bedrooms/bathrooms, etc.).
Nice-To-Haves – These are features you’d love to have but can live without. Nice-to-haves aren’t dealbreakers, but if you find a home that hits all the must-haves and some of these, it’s a contender (examples: a second home office, a garage, etc.).
Dream State – This is where you can really think big. Again, these aren’t features you’ll need, but if you find a home in your budget that has all the must-haves, most of the nice-to-haves, and any of these, it’s a clear winner (examples: a pool, multiple walk-in closets, etc.).

If you’re only willing to tour homes that have all of your dream features, you may be cutting down your options too much and making it harder on yourself (and your budget) than necessary.

While you’d love to have granite countertops or a pool in the backyard, those are both things you could potentially add after you move. Instead, it may be best to focus on finding the things that you can’t change (like location or a certain number of rooms). Then, you can upgrade or add some of the other features or finishes you want later on.

Sometimes the perfect home is the one you perfect after buying it.

Once you’ve categorized your list in a way that works for you, discuss your top priorities with your real estate agent. They’ll be able to help you refine the list further, coach you through the best way to stick to it, and find a home in your area that meets your top needs.

Bottom Line

With the current affordability challenges and limited housing supply, you’ll want to be strategic so you can find a home that meets your needs while staying within your budget. Let’s connect to make that possible.

*From Keeping Current Matters. The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Real Estate • December 7, 2023

Why You Should Use a Real Estate Agent When You Buy a Home

by Maryalice Ryan

If you’ve recently decided you’re ready to become a homeowner, chances are you’re trying to figure out what to do first. It can feel a bit overwhelming to know where to start, but the good news is you don’t have to navigate all of that alone.

When it comes to buying a home, there are a lot of moving pieces. And that’s especially true in today’s housing market. The number of homes for sale is still low, and home prices and mortgage rates are still high. That combination can be tricky if you don’t have reliable expertise and a trusted advisor on your side. That’s why the best place to start is connecting with a local real estate agent.

Agents Are the #1 Most Useful Source in the Buying Process

The latest annual report from the National Association of Realtors (NAR) finds recent homebuyers agree the #1 most useful source of information they had in the home buying process was a real estate agent. Let’s break down why.

How an Agent Helps When You Buy a Home

When you think about a real estate agent, you may think of someone taking you on home showings and putting together the paperwork, but a great agent does so much more than that. It’s not just being the facilitator for your purchase, it’s being your guide through every step.

The visual below shows some examples from that same NAR release of the many ways an agent adds value. It includes the percentage of homebuyers in that report who highlighted each of these benefits:

Here’s a bit more context on how the survey results noted an agent continually helps buyers in these situations:

Helped Buyer’s Understand the Process: Do you know the difference between an inspection and an appraisal, what each report tells you, and why they’re both important? Or that there are things you shouldn’t do after applying for a mortgage, like buying appliances or furniture? An agent knows all of these best practices and will share them with you along the way, so you don’t miss any key steps by the time you get to the closing table.
Pointed Out Unnoticed Features or Faults with the Home: An agent also has a lot of experience evaluating homes. They’ve truly seen it all. They’ll be able to pinpoint some things you may not have noticed about the home that could help inform your decision or at least what repairs you ask for.
Provided a Better List of Service Providers: In a real estate transaction, there are a lot of people involved. An agent has experience working with various professionals in your area, like home inspectors, and can help connect you with the pros you need for a successful experience.
Negotiated Better Contract Terms and Price: Did something pop up in the home inspection or with the appraisal? An agent will help you re-negotiate as needed to get the best terms and price possible for you, so you feel confident with your big purchase.
Improved Buyer’s Knowledge of the Search Area: Moving to a new town and you’re not familiar with the area, or you’re staying nearby, but don’t know which neighborhoods are most affordable? Either way, an agent knows the local area like the back of their hand and can help you find the perfect location for your needs.
Expanded Buyer’s Search Area: And if you’re not finding anything you’re interested in within your initial search radius, an agent will know other neighborhoods nearby you should consider based on what you like, what amenities you want, and more.

Bottom Line

If you’re looking to buy a home, don’t forget about the many ways an agent is essential to that process. Any hurdle that pops up, a negotiation that needs to take place, and more, your agent will know how to handle it while they make sure to minimize your stress along the way. Let’s connect to tackle this together.

Homeowners • October 20, 2023

Who Do You Notify that you are Moving to your New Home ?

by Maryalice Ryan

Knowing whom to notify when you move is essential to a smooth transition. I addition to your friends and family, there are a few companies and institutions that need to know you have a new address.

Make sure to peruse this list at least a week before you move to make sure you don’t miss anyone big!

Utilities

Forget to file a change of address for your utilities, and guess what happens: You end up paying the electric bill for your former home’s new resident! If you prefer to pay only your own bill, you’ll need to update your address with phone, cable, and internet providers, as well as your electric and gas companies. Depending on where you live, you may also have to notify the water department, sewer utility company, and/or garbage collector. When transferring your electric service, make sure service at your new house starts either the morning of your move or the evening before—otherwise you might be spending your first night or two in the dark!

The post office

You knew this one, but you might not know that you don’t have to schlep to an actual post office anymore. Visit the U.S. Postal Service site to start your official change of address. The postal service charges a $1 fee to verify your identity when changing your address online, so you’ll need a credit or debit card.

Your employer

Odds are your boss and immediate co-workers know that you’re moving, because you’ve been complaining about it nonstop—but what about your human resources department? Even if your paychecks get deposited directly into your bank account, you still want tax forms, retirement account statements, and other important documents sent to your new address, as these papers may contain personal information that could be used to steal your identify.

Financial institutions

Usually, you can update your mailing address for your bank, credit card issuers, investment accounts, loan providers, and other financial institutions online. Even if you use an online-only bank or credit union, this is a crucial step. Again, you don’t want sensitive information sent to your old mailing address.

The DMV

After moving, you may have to file a change of address with the Department of Motor Vehicles, update your car registration, or even get a new driver’s license—and some states have tight deadlines for these changes.

Insurance providers

Health insurance, dental insurance, car insurance, life insurance, and homeowners insurance providers need your current address on your policy. If you don’t update these accounts, you could potentially have trouble filing a claim.

The IRS

Tax returns and other forms may contain sensitive information (e.g., your Social Security number), so let Uncle Sam know you’re moving. You can file a change of address with the IRS by mail and phone, or in person.

Cellphone provider

Cellphone companies require customers to update their billing address. This is mandatory, since your primary residence determines the tax rates on your wireless bill.

Voter registration

If you’re a registered voter, an address change is required if you want your vote counted in upcoming elections. In some states, when you update your address with the DMV, your address on your voter registration will automatically update, but contact the office of your registrar of voters to confirm.

Health specialists

To avoid missing and falling behind on your medical bills, update your mailing address with all of your health care providers.

Shopping websites

Many online shopping sites have a one-click checkout feature that lets you save time, but this could prove problematic if you forget to change your address and order something to your old house. Take a few minutes to update your address on Amazon, eBay, and other online shopping accounts.

Subscriptions

Don’t want your magazines or newspapers arriving on your old doorstep? (Do you still have magazine and newspaper subscriptions?) Either update your mailing address online, or call customer service and ask for an address change over the phone. Do the same for any other subscription services you have. (If your Blue Apron ingredients show up at your old house, good luck cooking dinner tonight!)

* From Realtor.com’s The Ultimate Guide to Moving

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