Real Estate August 26, 2024

Today’s Biggest Housing Market Myths

Have you ever heard the phrase: don’t believe everything you hear? That’s especially true if you’re thinking about buying or selling a home in today’s housing market. There’s a lot of misinformation out there. And right now, making sure you have someone you can go to for trustworthy information is extra important.

If you partner with a real estate agent, they can clear up some common misconceptions and reassure you by backing them up with research-driven facts. Here are just a few misconceptions they can help disprove.

1. I’ll Get a Better Deal Once Prices Crash

If you’ve heard home prices are going to come crashing down, it’s time to look at what’s actually happening. While prices vary by local market, there’s a lot of data out there from numerous sources that shows a crash is not going to happen. Back in 2008, there was a dramatic oversupply of homes that led to prices crashing. Across the board, there’s an undersupply of homes for sale today. That makes this market a whole different scenario (see chart below):

No Caption ReceivedSo, if you think waiting will score you a deal, know that data shows there’s not a crash on the horizon, and waiting isn’t going to pay off the way you’d hoped.

2. I Won’t Be Able To Find Anything To Buy

If this nagging fear about finding the right home if you move is still holding you back, you probably haven’t talked with an expert real estate agent lately. Throughout the year, the supply of homes for sale has grown. Data from Realtor.com helps put this into context. While there are still fewer homes on the market than in a more normal year like 2019, inventory is still above where it was at this time last year (see graph below):

No Caption ReceivedSo, if you’re remembering all that media coverage about record-low supply during the pandemic, you can rest a bit easier. While the market isn’t back to normal just yet, inventory is moving in a healthier direction. And that means as your options improve, you can let go of this now outdated myth because finding a home to buy won’t feel quite so impossible anymore.

3. I Have To Wait Until I Have Enough for a 20% Down Payment

Many people still believe you need a 20% down payment to buy a home. To show just how widespread this myth is, Fannie Mae says:

“Approximately 90% of consumers overstate or don’t know the minimum required down payment for a typical mortgage.”

And if you look at the data from the National Association of Realtors (NAR), you can see the typical homeowner isn’t putting down as much as you might expect (see graph below):

First-time homebuyers are typically only putting down 6%. That’s far less than the 20% so many people think they need. And if you’re looking at that graph and you’re more focused on how the number for repeat buyers is closer to 20%, here’s what you need to realize. That’s only because they have so much equity built up in their current house that can be used to make a larger down payment for their next move.

This goes to show you don’t have to put 20% down, unless it’s specified by your loan type or lender. Many people put down a lot less. Not to mention, depending on the type of home loan you get, you may only need to put 3.5% or even 0% down. So, if you’re buying your first home, you likely don’t need nearly as much for your down payment as you may think.

An Agent’s Role in Fighting Misconceptions

If you put your move on pause because you heard one or more of these myths yourself, it’s time to talk to a trusted agent. An expert agent has more data and the facts, just like this, to reassure you and help break through any misconceptions that may be holding you back.

Bottom Line

If you have questions about what you’re hearing or reading, let’s connect. You deserve to have someone you can trust to get the facts.

 

*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 August 7, 2024

Mortgage Rates Down a Full Percent from Recent High

Mortgage rates have been one of the hottest topics in the housing market lately because of their impact on affordability. And if you’re someone who’s looking to make a move, you’ve probably been waiting eagerly for rates to come down for that very reason. Well, if the past few weeks are any indication, you may be getting your wish.

Mortgage Rates Trend Down in Recent Weeks

There’s big news for mortgage rates. After the latest reports on the economy, inflation, the unemployment rate, and the Federal Reserve’s recent comments, mortgage rates started dropping a bit. And according to Freddie Mac, they’re now at a level we haven’t seen since February. To help show the downward trend, check out the graph below:

No Caption ReceivedMaybe you’re seeing this and wondering if you should ride the wave and see how low they’ll go. If that’s the case, here’s some important perspective. Remember, the record-low rates from the pandemic are a thing of the past. If you’re holding out hope to see a 3% mortgage rate again, you’re waiting for something experts agree won’t happen. As Greg McBride, Chief Financial Analyst at Bankratesays: 

“The hopes for lower interest rates need the reality check that ‘lower’ doesn’t mean we’re going back to 3% mortgage rates. . . the best we may be able to hope for over the next year is 5.5 to 6%.”

And with the decrease in recent weeks, you’ve got a big opportunity in front of you right now. It may be enough for you to want to jump back in.

The Relationship Between Rates and Demand 

If you wait for mortgage rates to drop further, you might find yourself dealing with more competition as other buyers re-ignite their home searches too.

In the housing market, there’s generally a relationship between mortgage rates and buyer demand. Typically, the higher rates are, the lower buyer demand is. But when rates start to come down, things change. Buyers who were on the fence over higher rates will resume their searches. Here’s what that means for you. As a recent article from Bankrate says:

If you’re ready to buy, now might be the time to strike. Home prices have been rising primarily because of a longstanding shortage of homes for sale. That’s unlikely to change, and if mortgage rates do fall below 6%, it’s possible buyers would enter the market en masse, further pushing up prices and resurrecting bidding wars.”

Bottom Line

If you’ve been waiting to make your move, the recent downward trend in mortgage rates may be enough to get you off the sidelines. Rates have hit their lowest point in months, and that gives you the opportunity to jump back in before all the other buyers do too.

If you’re ready and able to start the process, reach out and let’s get started.

 

 

*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 July 29, 2024

Are Home Prices Going To Come Down?

Today’s headlines and news stories about home prices are confusing and make it tough to know what’s really happening. Some say home prices are heading for a correction, but what do the facts say? Well, it helps to start by looking at what a correction means.

Here’s what Danielle Hale, Chief Economist at Realtor.comsays:

 “In stock market terms, a correction is generally referred to as a 10 to 20% drop in prices . . . We don’t have the same established definitions in the housing market.

In the context of today’s housing market, it doesn’t mean home prices are going to fall dramatically. It only means prices, which have been increasing rapidly over the last couple years, are normalizing a bit. In other words, they’re now growing at a slower pace. Prices vary a lot by local market, but rest assured, a big drop off isn’t what’s happening at a national level.

The Real Estate Market Is Normalizing

From 2020 to 2022, home prices skyrocketed. That rapid increase was due to high demand, low interest rates, and a shortage of homes for sale. But, that kind of aggressive growth couldn’t continue forever.

Today, price growth has started to slow down, which is a sign the market is beginning to normalize. The most recent data from Case-Shiller shows that after being basically flat for a couple of months last year, prices are going up at a national level – just not as quickly as before (see graph below):

No Caption ReceivedThe big takeaway? So far this year, there’s been a much healthier pace of price growth compared to the pandemic.

Of course, that’s what’s happening now, but you may be wondering what’s next for prices. Marco Santarelli, the Founder of Norada Real Estate Investmentssays:

Expert forecasts lean towards a moderation in home price growth over the next five years. This translates to a slower and more sustainable pace of appreciation compared to the breakneck speed witnessed in recent years, rather than a freefall in prices.”

It’s all about supply and demand. Increasing inventory plus limited buyer demand, due to relatively high mortgage rates, will continue to ease some of the upward pressure on prices.

 What This Means for You

 If you’re thinking about buying a home, slowing price growth is welcome news. Skyrocketing home prices during the pandemic left many would-be homebuyers feeling priced-out.

While it’s still a good thing to know the value of the home you buy will likely continue to go up once you own it, slowing price gains are making things feel more manageable. Odeta Kushi, Deputy Chief Economist at First Americansays:

“While housing affordability is low for potential first-time home buyers, slowing price appreciation and lower mortgage rates could help — so the dream of homeownership isn’t boarded up just yet.”

Bottom Line

At the national level, home prices are not going down. And most experts forecast they’ll continue growing moderately moving forward. But prices vary a lot by local market. That’s where a trusted real estate agent comes into play. If you have questions about what’s happening with prices in our area, reach out.

Real Estate July 1, 2024

The Difference Between an Inspection and an Appraisal

When you decide to buy your first home, you may come across a number of terms and conditions you’re not familiar with. While you may have a general idea of what an inspection is, maybe you’re not sure why you need one or how it’s different from an appraisal. To keep it simple, here’s an explainer of each one and what they mean for you as a homebuyer.

Home Inspection

Once you’re under contract on a home you’d like to buy, getting an inspection is a key part of the process. An inspection gives you a clear idea of the safety and overall condition of the home – which is important for such a big transaction. As a recent Realtor.com article explains:

A home inspection is something that protects your financial interest in what will likely be the largest purchase you make in your life—one in which you need as much information as possible.”

If anything is questionable in the inspection process – like the age of the roof, the state of the HVAC system, or just about anything else – you have the option to discuss and negotiate any potential issues or repairs with the seller before the transaction is final. And don’t worry – you don’t have to go through that process alone. Your real estate agent will be your advocate and negotiate with the seller for you.

Home Appraisal

While the inspection tells you about the current state of the house, an appraisal gives you its value. Bankrate explains:

“When buying or selling a home, an appraisal verifies that the sale price of the home is in line with fair market value. This ensures the homebuyer doesn’t pay more than the home is worth, and the mortgage lender doesn’t lend more than it is worth.”

Regardless of what you’re willing to pay for a house, if you’ll be using a mortgage to fund your purchase, the appraisal protects you from overpaying and the bank from lending you more than the home is worth.

And if there’s ever any confusion or discrepancy between the appraisal and the agreed-upon price in your contract, your trusted real estate professional will help you navigate any additional negotiations to try to close the gap.

Bottom Line

The inspection and the appraisal are different but equally important steps when buying a home – and you don’t need to manage them by yourself. Let’s connect today so you have expert guidance from start to finish.

 

*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 May 22, 2024

What’s Next for Home Prices and Mortgage Rates?

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):

No Caption Received

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

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?

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:

No Caption Received

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):

No Caption Received

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:

No Caption Received

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?

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.

 

*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 6, 2024

The Spring Market is Here – Westfield Update

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

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