Thinking of Selling your Home? Competition is Coming

The number of building permits issued for single-family homes is the best indicator of how many newly built homes will rise over the next few months. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Sales Report, the number of these permits were up 7.7% over last year.

How will this impact buyers?

More inventory means more options. Danielle Hale, Realtor.com’s Chief Economistexplained this is good news for the housing market – especially for those looking to buy:

“It’s not spectacular construction growth, but it’s slow and steady in the right direction. Eventually, the pickup in single-family home construction will mean [buyers] will have more options. Especially with the limited number of sales right now, more options are really needed.”

How will this impact sellers?

More inventory means more competition. Today, because of the tremendous lack of inventory, a seller can expect:

  1. A great price on their home as buyers outbid each other for it
  2. A quick sale as buyers have so little to choose from
  3. Fewer hassles as buyers don’t want to “rock the boat” on the deal

With an increase in competition, the seller may not enjoy these same benefits. As Hale said:

“As new construction continues to increase, home shoppers will eventually have more [choices] and a bit more time to make purchase decisions compared to today’s quick-moving housing market.”

Bottom Line

If you are considering the sale of your home, it might make sense to beat this new construction competition to the market.

Posted by The KCM Crew

Ready to sell your home? Click HERE to find out how much your home is worth!

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What To Look For In Your Real Estate Team

How do you select the members of your team who are going to help you make your dream of owning a home a reality? What should you be looking for? How do you know if you’ve found the right agent or lender?

The most important characteristic that you should be looking for in your agent is someone who is going to take the time to really educate you on the choices available to you and your ability to buy in today’s market.

As Dave Ramsey, the financial guru, advises:

“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”

Do your research. Ask your friends and family for recommendations of professionals whom they have used in the past and have had good experiences with.

Look for members of your team who will be honest and trustworthy; after all, you will be trusting them with helping you make one of the biggest financial decisions of your life.

Whether this is your first or fifth time buying a home, you want to make sure that you have an agent who is going to have the tough conversations with you, not just the easy ones. If your offer isn’t accepted by the seller, or they think that there may be something wrong with the home that you’ve fallen in love with, you would rather know what they think than make a costly mistake.

According to a Consumer Housing Trends Study, millennials have already started to prefer a more hands-on approach to their real estate experience:

“While older generations rely on real estate agents for information and expertise, millennials expect real estate agents to become trusted advisers and strategic partners.”

Look for someone to invest in your family’s future with you. You want an agent who isn’t focused on the transaction but is instead focused on helping you understand the process while helping you find your dream home.

Bottom Line

In this world of Google searches, where it seems like all the answers are just a mouse-click away, you need an agent who is going to educate you and share the information that you need to know before you even know you need it.

Posted by The KCM Crew

More Than Half of All Buyers Are Surprised by Closing Costs

According to a survey conducted by ClosingCorp, over half of all homebuyers are surprised by the closing costs required to obtain their mortgage.

After surveying 1,000 first-time and repeat homebuyers, the results revealed that 17% of homebuyers were surprised that closing costs were required at all, while another 35% were stunned by how much higher the fees were than expected.

“Homebuyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.”

Bankrate.com gathered closing cost data from lenders in every state and Washington, D.C. in order to share the average costs in each state. The map below was created using the closing costs on a $200,000 mortgage with a 20% down payment.

Keep in mind that if you are in the market for a home above this price range, your costs could be significantly greater. According to Freddie Mac,

“Closing costs are typically between 2 and 5% of your purchase price.”

More Than Half of All Buyers Are Surprised by Closing Costs

More Than Half of All Buyers Are Surprised by Closing Costs | MyKCM

According to a survey conducted by ClosingCorp, over half of all homebuyers are surprised by the closing costs required to obtain their mortgage.

After surveying 1,000 first-time and repeat homebuyers, the results revealed that 17% of homebuyers were surprised that closing costs were required at all, while another 35% were stunned by how much higher the fees were than expected.

“Homebuyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.”

Bankrate.com gathered closing cost data from lenders in every state and Washington, D.C. in order to share the average costs in each state. The map below was created using the closing costs on a $200,000 mortgage with a 20% down payment.

More Than Half of All Buyers Are Surprised by Closing Costs | MyKCM

Keep in mind that if you are in the market for a home above this price range, your costs could be significantly greater. According to Freddie Mac,

“Closing costs are typically between 2 and 5% of your purchase price.”

Bottom Line

Speak with your lender and agent early and often to determine how much you’ll be responsible for at closing. Finding out that you’ll need to come up with thousands of dollars right before closing is not a surprise anyone is ever looking forward to.

Posted by The KCM Crew

We Asked Interior Designers: What Small Changes Make the Biggest Difference?

Give your rooms a fresh look with these designers’ best tips. Image: Catherine Staples Interiors

Sometimes interiors need change. Whether your style feels a little too outdated or your tastes have changed, making over the rooms in your home is a great way to give yourself a fresh start. However, for most of us, taking on the cost of a complete redesign is not always feasible, even if an update is sorely needed.

With that in mind, we called in the pros. We asked top interior designers to share their best tips on which small design changes make a big difference. Keep reading to learn how you can make a huge impact on your home without breaking the bank.

 

Go bold with your accent wall. Image: LMB Interiors

1. Add an accent wall

“To drastically change the look and feel of a room without spending a lot of money, paint an accent wall,” advises Todd W. G. Corder, the founder of Deja vu Decor. “A pop of color will instantly draw the eye and is a great way to liven up a room with no more than the cost of a can of paint.”

Where accent walls are concerned, there are a few details to keep in mind. The first is placement. Technically, any wall can be used as an accent, but it really should highlight your focal point. In living rooms, this can mean placing the accenting color around a mantle or some built-in shelving. In bedrooms, by the headboard is best.

Aesthetics are the other consideration. A bright paint color certainly does the job, but it’s not the only option. Darker neutrals like black or chocolate brown serve the same purpose. Contrasting materials can also be used. Wallpaper is an excellent choice, as is a patterned tile or even wood paneling.

 

Use texture to add visual interest. Image: Thomas Towne Reavey Inc

2. Vary the texture of accessories

“Texturizing a room is a game changer. Accent pillows in varying fabrics and shades can add another layer of depth to a room. Another opportunity to add texture is through the materials that your accessories are made from. Consider using metals, woven baskets and blankets,” says Dawn Stafford, the owner of Gathering Souls, a concierge design service in Fairfax, VA.

Conceptually, texture can be a bit hard to pin down. The best way to think of it is by evaluating how an item looks like it feels. Take the picture above, for example. Consider how you’re easily able to tell that the surface of the coffee table feels rough, while the blanket on the couch is soft.

Successful interior design is all about layering these contrasts. When you’re sprucing up a room on a budget, take stock of the textures in the accessories you already own. Then, look for additional items that would serve as their opposite. If need be, consider moving your existing accessories to different rooms as a way of giving your home an update that’s free of charge.

 

Include various types of lighting. Image: Black and Milk

3. Re-evaluate lighting

“You’ll need lighting in all the corners of the room; try to avoid just one ceiling light,” says Sarah Elsley, the voice behind Dream of Home. “Use wall lights and floor lights together, so the lighting isn’t concentrated to one place and spreads in an even glow around the room.”

There are four distinct types of lighting you can incorporate into a space. They are:

  • Natural: Any light that comes into your home from the outside via doors and windows.
  • Ambient: Light meant to illuminate the entire room, usually from an overhead source.
  • Accent: A light source that’s meant to highlight a particular feature of the room.
  • Task: Lighting used for a specific purpose, such as desk lamps or reading lights.

Ideally, a room involves a combination of these light sources. Take stock of the lighting you have in place and then look for which types are missing. Fill in the gaps where needed and you’ll be surprised how much of a difference you’ll see.

 

Styled surfaces give your home a curated look. Image: Alvhem Mäkleri & Interiör

4. Give surfaces deliberate style

“Coffee tables, side boards and bookshelves scream to be styled. It is amazing what you can pull together from the items in your own home. No need to go shopping for knickknacks; try shopping in your home first,” suggests Ana Cummings, the owner of ANA Interiors.

Pulling off this tip is all about having the arrangement look intentional. In all honesty, the items you put on these surfaces aren’t as important as how you display them. Do your best to lay out your items in groupings, stick to odd numbers and be sure to vary the pieces in terms of their direction, size and color. If need be, you can always look for some design inspiration to help you get started.

 

Sometimes small changes make a big difference. Image: International Custom Designs

No matter what your personal style is, at some point, you’re probably going to want to change things up. When that happens, there’s no need to wait until you’ve saved enough money to redo the whole room. Even the pros say small design changes can make all the difference. Keep their advice on hand for the next time you need to shake up your interiors. Their tips will help you make a huge impact at an affordable price.

Posted by Tara Mastroeni on Freshome

8 Home Improvement Hacks From the Humble Dollar Store

Want some home improvement ideas on the cheap? How about the crazy cheap? Whether you want to spruce up the garden or streamline your closet, there are plenty of insanely clever creations that hail from the humble aisles of your local dollar store. Check out these simple DIY hacks that can transform a space—and best of all, no one will ever guess where they’re from.

Reflect your good taste

Build this work of art to be as “compact” or grand as you like. Thistlewood Farms

Anyone who’s priced wall decor knows it doesn’t come cheap. But, as KariAnne Wood of Thistlewood Farms points out, there’s no need to go broke when you can build a beautiful focal point all on your own.

This stylish mirror, made with dollar store compacts, set this DIY-er back a mere $19. Not too shabby!

Drip-dry boot trays

Simple stones make a great boot tray. Dollar Store Crafts

In lieu of throwing down a pile of dish towels to dry up puddles left behind by soggy boots, consider a simple tray and a bag of stones.

Heather Mann of Dollar Store Crafts decided this river rock boot tray was a more elegant addition to the entryway. We couldn’t agree more. Give your regular doormat the day off.

Grow an indoor greenhouse

This simple project will add a pop of color to your home in no time. The Wicker House

If you crave a little bit of nature indoors, this greenhouse terrarium should satisfy your green thumb.

Emily Sweeten of The Wicker House made this picture-perfect piece with picture frames from the dollar store. She put it together in no time, though she admits, it helped to have another pair of hands to construct the rooftop.

Posh spice rack

If you’re really good, you’ll alphabetize them.The Stonybook House

Want to free up some coveted cabinet space? Lori Leeper at the Stonybrook House was inspired to create this back-of-the-door spice rack, made from dollar store cooling racks.

Fresh herbs flourish at your fingertips

 

Parsley, sage, rosemary, and thyme—all within reach in your kitchen. Vanessa Brady

Want an innovative wall hanging that doubles as your very own produce aisle?

Vanessa Brady of Tried & True and her sister, Adriana, shared this Minimal Modern Herb Garden, which, depending on size, might cost you less than a bunch of fresh cilantro from the market, thanks to galvanized tubs priced at $1 a piece.

Tea for two … birds

Your backyard just got a bit more beautiful thanks to this oasis for your feathered friends. Morena’s Corner

Morena Hockley of Morena’s Corner added a little Mad Hatter’s tea party influence to her garden when she built this teapot birdbath with cups, saucers, plates, and, of course, a teapot she found at her local Goodwill (but dollar store housewares work just as well). Go ahead and spray-paint your creation to match your outdoor decor.

Keep the bugs at bay the natural way

Bug repellent never looked so good. A Little Claireification

If you’re sick of your outings reeking of citronella, consider this natural and cost-effective way to repel pests.

These Mason jar luminaries, designed by Claire of A Little Claireification, offer a chemical-free alternative to those pungent candles and sprays. Plus, they make attractive centerpieces.

Just grab a few rosemary sprigs, along with cedarwood, lavender, and lemon essential oils (or the real thing), which Claire says will make your gatherings bug-free.

Thumbs-up for word art

Nothing “tacky” about thumbtack art! DIY Ready

Want to make a statement, literally?

Lisa Loperfido of DIYReady notes that this thumbtack word artproject costs just $3. Spell your way to stunning decor for only pennies.

Posted by Liz Alterman on realtor.com

 

 

 

More Americans Say Now is a Good Time to Sell!

Recently released data from Fannie Mae’s National Housing Survey revealed that rising home prices were the catalyst behind an eight-point jump in the net percentage of respondents who say now is a good time to sell. The index is now 21 points higher than it was this time last year.

Overall, 62% of Americans surveyed said that now is a good time to sell (up from 58%), while 26% of respondents said that now is not a good time to sell (down from 30%). The net score is the difference between the two percentages, or 36%.

According to CoreLogic, home prices are now up 6.7% over last year and 78.8% of homeowners with a mortgage in the US now have significant equity (defined as 20% or more).

As home prices have increased, more and more homeowners have realized that now is a good time to sell their homes in order to take advantage of the extra equity they now have.

At the same time, however, rising prices have had the exact opposite impact on the good-time-to-buy scale as many buyers are nervous that they will not be able to afford a home; the net score dropped 5 points to 18%.

Doug Duncan, Vice President & Chief Economist at Fannie Mae, had this to say,

“In the early stages of the economic expansion, home selling sentiment trailed home buying sentiment by a significant margin. The reverse is true today.

The net good time to sell share is now double the net good time to buy share, with record high percentages of consumers citing home prices as the primary reason for both perceptions. Such a sizable gap between selling and buying sentiment, if it persists, could weigh on the housing market through the rest of the year.”

Buyer demand continues to outpace the supply of homes for sale, which has driven prices up across the country. Until the supply starts to better match demand, there will be a gap between the sentiments surrounding buying and selling.

Bottom Line

If you are considering listing your home for sale this year, now is the time!

Posted by The KCM Crew

Click HERE to talk with one of our agents today!

Lessons on Home Safety with Kids

Many people know how to detect a fire or even put out a fire with a fire extinguisher. Many people also understand how to carefully climb a ladder or turn on a stove. But kids need to be taught how to do these things and how to stay safe while around the home. 

What to do during a fire risk

Depending on your child’s age, they may be able to use a fire extinguisher to put out a small fire. If you have teenagers, you can teach them how to use a fire extinguisher to put out a kitchen fire. However, smaller children may not be tall enough or old enough to understand the severity of a fire. So for little kids, it is best to teach them how to dial 911 and then go outside to stay out of harms way.

If the fire is too big, obviously teaching all children to leave the house and dial 911 will make all the difference between safety and serious injury.

Stay off the ladders

Ladders are tricky household maintenance tools. Our recommendation is that all kids stay off ladders unless there is supervision. Even adults on tall ladders should have someone at the bottom holding the ladder still to make sure there is no danger of falling. This also goes for home step stools of a significant height. The item up high can wait until someone else is around.

Electricity and water do not mix

Teaching kids that electrical items need to stay far away from water is very important. Many of us are aware that mixing water and electricity can lead to electric shocks and cause serious injury. Children do not always understand that a radio or television does not belong on a bathtub ledge. Teach children of all ages to keep the electrical items away from water. This also goes for teenagers using hairdryers in the bathroom over a running water sink.

Stay away from power tools

Power tools are like ladders. They are great at fixing things but they are also seriously dangerous. Power tools are best used with adult supervision and with specific training from a skilled adult. Teach kids to stay away form the power tools. And if you have the ability to lock the motors from running, it is best to keep safety mechanisms in place.

Keep clear of roofs

For some reason, kids sometimes think they can fly … just like Superman. It is important to discuss the issues of climbing or sitting on a roof and the dangers that can come with it. Roofs like ladders can cause serious injury and even potentially death. It is important to discuss height issues with children. This also goes for climbing tall trees around your house. Last thing you need is a scare and broken arm for one of your children.

Lawn Mowers

Over time, kids are given the responsibility to cut the grass. Whether they use push mower or rider mowers, these machines have high powered, fast moving blades that are designed to cut grass quickly. If children are not taught the respect of the machine, they could end up hurting themselves due to major cuts that can lead to severe bleeding. It is important to teach children how a lawn mower works in addition to the chore assigned to moving the lawn.

Understanding cleaning supplies

Some cleaning supplies can be toxic. It is important to keep cleaning supplies out or reach of little children. And potentially to add a child safety lock to the cabinets where the cleaning supplies are located. Small children do not understand not to drink cleaning supplies and cleaning supplies can cause death in a child. It is also important to educate older children about the use of cleaning supplies and the need to keep them away from their younger siblings. Using natural cleaning supplies will also help to remove risk of children getting sick from these supplies.

Keeping children safe can be challenging, but by practicing these simple instructions, you can minimize the risk from home related accidents.

Posted on HomeZada

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