Equity as a Goldmine

Equity as a Goldmine   Watch this video link below: https://www.instagram.com/reel/CkbimexLnv7/   The average US homeowner is sitting on $320,000 in equity. Wow. If you think of the opportunity for a buffer that equity can create as the networth being 40 times greater as a homeowner than a renter. These buffers being created with equity, can help people selling their homes than being in challenging positions should economic positions change for them.Equity can help people fuel a move, equity can be a major driver in wealth growth. The national average for homeownership equity is huge and pretty darn impressive to think about. It is More than 3.6Trillion in equity!    #homeownership #home #homeownershipgoals #investinyourself #investinrealestate #realtor #realtorlife #equity #wealthmindset #wealthbuilding #opportunity #advongrouphomes #advongroup  

Are Cost Estimator Tools Really That Accurate?

Are Cost Estimator Tools Really That Accurate?     To best understand the validity of a cost estimator tool, it is important to grasp exactly what it is, what it does, and how it can be beneficial. When it comes to what you can reasonably afford in a house, cost estimator tools are readily available for you to plug in the specifics of your financial numbers and have data generated to give you a snapshot of cost. Keep in mind, websites and apps that are offering these cost estimators are doing so not only to help you but also, often collecting data in order to connect you with personalized help or to follow up with specific marketing tools and products related to real estate agents, brokerages, banks, and mortgage lenders. How Much House Can I Afford? When looking into how much house you can afford, most cost estimator tools will lead you to supply a series of answers to the following questions: are you planning to purchase or refinance a home; do you have any connection to military service and if so, how and to what extent; what is the range of price you are looking to spend; what type of home (single-family, condo, or new construction) are you planning to buy; how do you plan to use the home (primary or secondary residence vs. investment property); what is your timeline is for purchasing; what is your current status is as a homeowner or renter; is this your first time buying a home; what is a general idea of your current credit score; what is your marital status; what is an estimate is of your annual income; and where will the home be located that you are intending to buy? Additionally be prepared to provide your email address in order to get access to the final, bottom line number that this collected information will generate. You will get a numerical dollar amount based on ranges of what you may qualify for based on the type of house, the area you’re looking for, and income. Many people qualify for a higher amount of debt than may be advisable to actually purchase a home. When it comes to what you can afford, most experts agree that keeping your home expenses (mortgage, insurance, taxes) at or under 25% of your monthly take-home pay is ideal. Are These Numbers Really That Accurate? While these calculators and estimators will allow users to see monthly mortgage costs based on loan terms, interest rates, and down payment amounts, the numbers that are aggregated by online tools such as these should be used only as ballpark estimates. Often these tools can leave out important calculations and may not be indicative of exact costs associated with buying a home. Exact numbers that include line items like the costs to buy down interest rate percentage points, closing costs, lender or origination fees, legal fees, HOA dues, and even the total amount of interest paid over the life of the loan are often omitted from mortgage calculation costs using estimator tools. The Consumer Financial Protection Bureau at ConsumerFinance.gov warns, “Don’t let your monthly mortgage payment be a mystery. Mortgage calculators are helpful tools to get an estimate as you shop, but make sure you’re considering all the additional costs of buying a home before you make a decision.” The bottom line: calculators and estimators are a tool that can help give you a general idea of the monthly costs of homeownership. However, they should not be relied upon for exact totals for monthly expenses related to purchasing or owning a home.

Universal Design and How Accessibility Should Factor Into Your Home Buying Decision

Universal Design and How Accessibility Should Factor Into Your Home Buying Decision     What exactly is universal design? Simply defined, universal design is focused on making a house safe, accessible, and free of barriers for every person no matter their age, height, or physical ability. Universal design is different from accessible design as it deals primarily with public spaces and legislation like the Americans with Disabilities Act (ADA). Universal design is also different from usable design which primarily deals with user experience as it relates to learnability, consistency, and efficiency. Whether considering your existing home or a future home, how might universal design and accessibility impact your decision-making? Universal design seeks to create environments (including houses) that are usable by all people. Things to look for in a home based on universal design principles: One of the major trends in homes today is the idea that with careful planning, homes can be bought, renovated, or built to suit accessibility needs. Below are five areas that might be worth considering whether you are seeking a “forever” home where you may age in place, or you are simply wanting a home that fits the needs of people of any age, height, or physical ability. One-Story Homes One of the easiest entry points into a more accessible home is to choose a one-story house. Not only are one-story homes typically known as having more living space per square foot, anything without a staircase can help to eliminate risks associated with falling. This is true for those with mobility issues, the elderly, and small children. One-level homes tend to have easier access if there is ever an emergency, like a fire, requiring evacuation. Additionally, one-story homes tend to have lower heating and cooling costs. Wider Spaces Another important component of universally designed homes is wider spaces inside the home. From wider than usual hallways, doorways, and floor spaces (particularly in kitchens and bathrooms), having ample room allows for everyone and everything to move in and out of rooms with ease. Points of Entry In considering accessibility, having a home’s entry points with as little barrier as possible is also important. If it isn’t possible to eliminate a step or two entirely, make sure that there are secure and available handrails, no loose cement or brick to cause a fall, and that the area at some point could handle a portable ramp if needed. Safer Surfaces Speaking of cleared and debris-free surfaces on stairs, another important aspect of universal design takes into account thresholds that are flush with the floor, flooring surfaces that are not carpeted, and bathroom showers and tubs that have been treated or are made of materials that are anti-slip in nature. Good Lighting While it is true that the right lighting in a space can help create ambiance and set the mood of the room, when it comes to universal design and safety, lighting is an integral part of this planning. There are several ways lighting can play into your design. First of all, make sure the home you are considering is positioned in a south-facing direction to receive the maximum natural light. Additionally, having good windows that let in this light also matters along with window coverings that are easy to manipulate to control the amount of light and privacy. The right kind of light fixtures and light bulbs are also factors in having good visibility both inside and outside the home. Finally, make sure that light switches are user-friendly (think dimmers and large, rocker light switches.) Whether you are hoping to ensure that your next home is one where you can easily and naturally age in place or if you are just looking for resale ability in a home that is functionally friendly to all ages and abilities, keep in mind that accessibility matters. The National Association of Home Builders offers a free Aging in Place Remodeling Checklist that may offer some good ideas for future reference.

The Best Real Estate Websites for 2023

The Best Real Estate Websites for 2023     When touting the best real estate websites for the current year, naturally thoughts about some of the perennial, big name, home search websites might come to mind. However, in 2023 when the real estate market may feel overwhelming to navigate, these five websites should be at the top of your list when it comes to buying or selling a home. National Association of Realtors (NAR) Research and Statistics The NAR is one of the industry’s leading authorities on various aspects of real estate in the United States. With an easily searchable database on a variety of topics for both agents and consumers, it’s their Latest Housing Indicators that might help you hone in on pertinent decision-making data when it comes to current markets, trends, and insights. With information like their Housing Affordability Index, Quarterly Forecasts, State and Metro Area Data, Research Reports, and Sales Data, NAR covers all of the bases. For some who may feel overwhelmed by the volume and depth of data, keep in mind that knowledge is power. United States Federal Reserve While it may feel like a discouraging time to save up for and buy a home with the seemingly constant rise in interest rates, it is helpful to check in frequently on what the U.S. Federal Reserve is doing as it pertains particularly to Bank Prime Loan rates. With higher overall interest rates, comes higher monthly mortgage payments, and cumulative interest charged on a mortgage loan may increase significantly. Nerdwallet’s Housing Affordability Calculator There are many home affordability calculators available online. However, one of the best, most user-friendly ones comes from Nerdwallet. Their Housing Affordability Calculator is but one of many calculator tools on their site, along with several guides, tips, and their top “best of” picks for a variety of loan, credit, and debt tools. There are several different toggle features with Nerdwallet’s calculator such as monthly payment in the “affordable,” “stretch,” and “aggressive” categories; likely interest rates by credit score; loan details by down payment, term, closing costs, income, and debts; and a geographical “what can I afford” city and zip code search bar. Nerdwallet, like nearly every other available free calculator tool, discloses that their landing page is also a place for marketing from partners who compensate them for advertising space. Redfin’s Value Estimator Whether you are considering selling your home in 2023 or are simply interested to see what it is currently worth, Redfin’s Value Estimator is one of the most accurate tools for predicting within a few percentage points, your home’s actual value by using historical data, real-time demand, and market value. Other big name online real estate search engines can also predict estimates for your home’s value, but Redfin claims their “algorithm considers hundreds of data points about the market, the neighborhood, and the home itself, like whether it has a water view or is located on a busy street. When all of this data meets the massive computing power of our proprietary machine-learning software and today’s best cloud technology, you get the Redfin Estimate.” Keep in mind that while online estimator tools are helpful, nothing can replace a professional real estate appraisal. In-person appraisals done by professional appraisers can take into account things that online tools cannot. Add-ons, upgrades, neighborhood noise or visual pollution, and how well the home has been cared for are all important data points as well. Framework Home’s Needs vs. Wants Checklist In 2023, there are significant variables to consider when buying or selling a home. With continued demand outpacing supply, higher than usual interest rates, and factors like affordability and availability in constant flux, getting clarity on what your needs and wants are is key. Framework has taken into account some of the deal-breaking needs as well as optional, but important wants that homeowners should be aware of. They have made it especially easy (and visual) to track these personalized variables with their downloadable and interactive home shopping checklist. Not only will utilizing this tool provide immeasurable clarity for the homeowner, but also providing this information to your real estate agent will make their job easier as well.