Real Estate

If you want to buy a home, you should know your credit score is a critical
piece of the puzzle when it comes to qualifying for a mortgage. Lenders
review your credit to see if you typically make payments on time, pay back
debts, and more. Your credit score can also help determine your mortgage
rate. An article from US Bank explains:

If you’re looking to buy a home in 2024, getting pre-approved is a key
piece of the puzzle. Mortgage pre-approval means a lender checks your
finances and decides how much you’re qualified to borrow.

* As more buyers re-enter the market, it’ll help you make a strong
offer that stands out from the crowd.

* Talk to a trusted professional to learn more and begin your
homebuying process today.

If you’re holding out hope that the housing market is going to crash and
bring home prices back down, here’s a look at what the data shows. And
spoiler alert: that’s not in the cards. Instead, experts say home prices
are going to keep going up.

Florida is the leading retirement destination in the U.S., partly due to its tantalizing tax breaks. However, it’s not the only option in town. More people are choosing to spend their golden years in non-Floridian cities. If you still want to move into the Sunshine State when you hit 62, you should consider various factors to make a clear-headed decision about this significant life change.Is Florida Losing Its Appeal to Retirees?Make no mistake about it — the Land of Flowers continues to attract the most golden-agers crossing state lines for retirement. In 2022, it magnetized 11.8% of out-of-state pensioners in the nation and the only one to grab a share above 10%.However, Florida doesn’t have the distinction of hosting the most number of people aged 65 and above, nor does it record the highest percentage of seniors relative to its population. Two reasons can explain these phenomena.CompetitionFloridian towns aren’t as compelling to some retiring baby boomers as other American cities. Austin takes the cake, seeing its population of adults over 65 ballooned by 90.4% from 2010 to 2020. The other big gainers were:Boise, IdahoAtlanta, GeorgiaRaleigh-Durham, North CarolinaHouston, TexasCharleston, South CarolinaATX has a booming tech hub. The influx of young people relocating to the Texas capital for employment opportunities has inspired an inundation of oldsters.In 2021, Mesa, Arizona, tallied a net migration of over 3,600 older residents — the country’s highest. Henderson, Nevada, netted over 1,600 while San Antonio had over 1,100. Rounding out the top five were North Las Vegas, Nevada, and Boise, Idaho, with over 1,000 net retirees each.The biggest selling point of the Valley’s gateway is its climate. It’s warm and low-humidity — a comforting combination for old-timers. Plus, it’s conveniently close to Phoenix while costing significantly less.Aging in PlaceWith a median age of 44.7 years old, Maine is the oldest state in the country. Although its retirement-age population is small by national standards, seniors represent 21.8% of its citizenry. What’s more, most of the boomers calling it home are local-born. Mainers exemplify aging in place more strongly than any other Americans.A 2022 survey found that 88% of U.S. adults aged 50-80 believe staying in their houses for as long as possible is important. Most of Florida’s retirees originate outside its borders. The peninsula may receive fewer retirees in the future if the positive sentiments toward aging in place remain pervasive.3 Things to Consider Before Moving to Florida for RetirementOther states and cities are gaining a reputation for being retirement paradises, but it doesn’t mean Florida has gotten undesirable. It remains on its throne because no other place can offer a better package for retirees.Still, the Citrus Capital appeals only to specific seniors. Use these three factors as a litmus test for its suitability for you.1. Cost of LivingThe Orange State is the nation’s fastest-growing, but it’s bigger than census data suggests. It appeals to students, entrepreneurs, workers and snowbirds, not just retirees. Plus, it’s the most touristy state — more than 137 million people visited it in 2022. The larger the crowd, the more expensive goods and services can be.The massive number of people wanting to live or stay in Florida has resulted in scorching local real estate markets. Home values average $383,000, but they can surpass $560,000 in Miami and other urban centers. Insurance premiums can also be pricey due to the state’s susceptibility to catastrophes.Rent in Florida can go through the roof. Notable rental markets, such as Orlando, Palm Bay, Tampa, Cape Coral and North Port, exceed the national average, rendering many residents considerably rent-burdened.Food and health care can also be expensive in the Everglade State. While the theme park capital of the world has plenty of entertainment options, the price of watching movies, visiting amusement parks and experiencing live sports games can be steep.Although the state has diverse modes of public transportation in metro areas, the typical Floridian owns a private vehicle. You can go electric to avoid gas expenses, but monthly utilities, including electricity, in the state are higher than in many parts of the country.Considering Florida’s cost of living, converting some of your assets into cash before moving may be wise. Decide which properties to leave your heirs and which ones to sell. The least burdensome assets for your loved ones to cash in are prime candidates for liquidation. Putting them on the block can expose them to more serious buyers, sell them quickly and get as much value from them as possible.2. WildlifeThe Manatee State has world-class natural wonders, but its breathtaking landscape can harbor terrifying fauna. Depending on where you stay, you may encounter alligators, bears, panthers, herons, pelicans, snakes or dolphins.Many of these creatures are usually no threat to humans unless they feel threatened. They can be dangerous, but they won’t bite if you get out of their way and treat them respectfully. They’re Florida natives, so learn how to coexist with them.As a general rule, avoid intruding into their habitats to discourage them from becoming territorial. Also, limit your interactions with them. They’re wild animals, so you can’t expect them to be tame or tolerant of humans.3. WeatherFlorida goes by the nickname the Sunshine State for a reason. It gets 230-250 days of sunshine yearly. These days can be humid but pleasant news if you’re outdoorsy and love to socialize. However, the other days can be menacing.Florida gets the most hurricanes out of all the states. About two to three make landfall in its southernmost region. Category-3 Hurricane Idalia — the only landfalling hurricane the country saw in 2023 — got close to Keaton Beach, causing up to 12 feet of storm surge inundation and flooding the southeast with heavy downpours.Floridian cities are some of the most vulnerable to climate change, too. Rising sea levels and frequent coastal flooding will exacerbate the usual natural disasters the Hurricane State endures once the effects of global warming are in full swing.Coastal waters surpassed the flooding thresholds of Fernandina Beach, Cedar Key, Pensacola, Mayport and St. Petersburg for more days on average from 2013 to 2022 than they did from 1950 to 1959. These figures indicate the sea had been encroaching on these communities more frequently — evidence of worsening climate change. Frequent coastal flooding threatens the Florida residents’ health and safety and the structural integrity of waterfront properties.Regarding seasons, the Gulf State’s climate is too mild to notice changes between spring, summer, fall and winter. If you love how the environment transforms as seasons roll around, Florida may not be for you.Should You Start Your Life’s Next Chapter in Florida?The Retirement State doesn’t have it all, but millions of pensioners consider it the closest to perfection. If what Florida offers suits your lifestyle and budget, you’ll have the time of your life there.

No matter how you slice it, buying or selling a home is a big decision. And
when you’re going through any change in your life and you need some
guidance, what do you do? You get advice from people who know what they’re
talking about.

Wondering if it still makes sense to sell your house right now? The short
answer is, yes. And if you look at the current number of homes for sale,
you’ll see two reasons why.

After a loved one passes, there are many things to get in order. One such
is inherited property. What do you do with this property after the death?

If you’re planning to buy your first home, saving up for all the costs
involved can feel daunting, especially when it comes to the down payment.
That might be because you’ve heard you need to save 20% of the home’s price
to put down. Well, that isn’t necessarily the case.

Owning real estate means committing to the property and everything that comes with it over the long term. Properties come in all shapes, sizes and price ranges. There is much to consider and a lot on the line, so getting it right from the start is essential.If this is your first time venturing into buying or investing in a house, it’s normal to feel overwhelmed by the process. Here’s what you should know. Determining Which Property to Buy or Invest InOnce you’ve decided to own real estate, the first step is determining what property is best for you. This involves doing some research to understand what drives the housing market relative to the current state of the economy. For example, supply and demand dynamics determine what properties are available and how much you’ll likely pay. Having established availability, you must evaluate other critical considerations. Location Check out the area where the house is located. What’s the neighborhood like? What is the condition of the other properties on the street? Are there public amenities like schools and hospitals nearby? Researching the location gives you a good idea of the type of area you’re buying into, as well as an indication of the house’s potential. If you’re investing, consider the property in context. A spectacular vacation home in an area people hardly visit will not have good returns. Remember, there’s a lot you can do to improve the property itself, but you can’t improve the location. Pros and Cons of Different Home Types Different types of properties suit buyers with various lifestyles. Picking the right house can be as important as choosing the best location. You’ll need to weigh the advantages and drawbacks unique to each property type. For example, a condo might have pet restrictions or limited parking compared to a townhouse. Some properties are more expensive than others, so it also depends on your financial capacity. Consider these questions to help you make an informed decision: How much space do I need? Single and multifamily homes are your best bets if you need a property with lots of room to accommodate a growing family. Do I want the freedom to renovate? Generally, you have much more flexibility to spruce up a single-family house than other residential properties. Apartments and condos might be the most difficult to personalize as the rules tend to be stricter. Am I willing to pay additional fees? Depending on the HOA regulations in co-ops, condos and townhouses, you might have to pay a monthly fee to cover services like landscaping, garbage disposal, playground maintenance and other amenities. Will I want to refinance in the future? Refinancing lets you take advantage of lower interest rates, which translates into lower mortgage payments. Co-op properties are typically more challenging to refinance as they require additional steps, such as obtaining approval from the board and finding a lender that offers co-op refinance loans. Property ValuationBefore purchasing a house, you must ascertain its actual market value. This ensures you’re paying a fair price for the property. Different valuation methods are available, but the most common revolves around comparing the sales of properties with similar characteristics in the area. This provides a suitable benchmark for assessing how much homes go for in that location.Current ConditionEvaluate the condition of the property you want to purchase. Search for homes that look like they’ve been well-maintained over the years so you can save on maintenance and repair costs down the road. You’re more likely to get tenants if you plan on renting out the property, as most people don’t want a run-down house. However, if you’re looking to buy a property to flip, a home in poor condition makes more sense. Similarly, you might be in the market for a fixer-upper. In these instances, assessing how much work is required to restore the house to a livable condition is important. The 1% RuleThis rule only applies to properties that you buy for the sole purpose of making rental income. It considers the upfront purchase cost, including repair or renovation expenses, and calculates 1% of the figure to determine the estimated rent. Can you charge renters that amount in that area? If yes, then the property will likely be a good investment. If not, there’s no reason to dig any deeper.Decide on Property Ownership The next step is to decide on the proprietorship details. This is an important consideration because it determines who takes over the property if the owner passes away or cannot handle the responsibilities. There are different types of real estate ownership, each with unique characteristics. For example, tenancy by entireties is only available to married couples, whereas joint tenancy allows two or more individuals to share a unified interest in the property. Take the time to understand the available options and select the one best suited for your situation. Financing Your Real Estate PurchaseBuying a property is a significant investment and vital to determine how much house you can afford before diving into the real estate market. Your credit score, debt-to-income ratio and how much down payment you can put up will determine your financial readiness. For instance, taking out a conventional mortgage requires at least a 3% down payment and a minimum 620 credit score. However, anything less than 20% will incur private mortgage insurance. The type of property can also determine what kind of financing to choose. For example, you can only use an FHA loan for primary residence purchases. If you want to buy an investment property or vacation home, you’re better off obtaining a jumbo loan. Of course, you can always pay in cash if you have the liquidity. Mortgage debt in the U.S. reached over $11 trillion as of 2022. Cash is the way to go if you don’t want to worry about making loan repayments or monitoring interest rates.  Lastly, consider the ongoing costs of owning real estate. These include property taxes, maintenance expenses, utilities, HOA dues and more. Include these in your budget and ensure your finances are healthy enough to carry them. Choose the Right Property for YouIt takes a lot of research to select the ideal real estate to buy or invest in. You can find a house that meets your expectations and preferences by considering factors like location, property valuation and financial readiness.

Sellers interested in listing their homes have one thing in mind — getting a solid home offer. Of course, this means their homes need to appeal to buyers. Home staging has become standard in the selling process. You can showcase your home’s potential by rearranging and swapping out furniture, making minor home improvements, deep cleaning and creating a space where buyers can see themselves living. Sellers might hesitate to hire a staging company for various reasons and you may get away with doing it yourself. So, is home staging really worth it if you want to sell your house? Here’s a closer look at the advantages, downsides and possible DIY alternatives.What Are the Benefits of Staging a Home?Home staging is a marketing strategy to showcase the best parts of your home to prospective buyers. It entails refitting your space — furniture, art and other decorative pieces — to elevate your house, create greater functionality and highlight its strengths. Professional stagers may use some of the furniture you already have or bring in their own. The biggest advantage is a higher market value. According to the National Association of Realtors, buyers offered a 1%-5% higher dollar value for homes with staging compared to those without. Twenty-seven percent of seller’s agents say homes spend less time for sale when staged well.Professional stagers know what buyers want, paying close attention to the latest trends. For instance, there’s been a 144% increase in Google searches for “English country kitchens” in 2024. As such, stagers might highlight warm metallics, rustic finishes and natural wood.Additional benefits of home staging include:Broadening your home’s appeal to numerous buyer preferences.Making rooms look and feel more spacious than they are.Creating a more inviting, comfortable atmosphere.Helping modernize your decor to today’s design standards.Depersonalizing your home without making it look not-lived-in.Professional home staging also improves high-quality listing photos. Considering most buyers shop for homes online, you want your home’s pictures to be as visually appealing as possible to draw people in.Costs of Home StagingStaging your home isn’t without costs. You might pay anywhere from $782-$2,841 for staging services without the expense of renting furniture. Suppose you need to rent furniture at $1,500 for five months until you sell — it’ll cost you over $7,500 with the service fees. There may be additional expenses for add-ons, such as repainting certain areas or professional photography. Some companies may charge you for outdoor staging, too.There are no guarantees staging will help you sell your home quickly and at a higher price than you’re asking. As a result, many homeowners hesitate to spend so much money on staging. Possible Drawbacks of Staging Your HomeWhile staging your home could benefit you, some drawbacks exist. Aside from the cost, homeowners have to do their part to declutter, deep clean and repair anything broken. Staging may also bring out wide-ranging emotions during the selling process. Living among furniture and artwork you don’t own could make you feel detached from your space before you’re ready. Likewise, you might feel insulted your design choices aren’t up to par with buyers’ preferences. Of course, staging is nothing personal against you — you only want your home to appeal to the masses. Additionally, you must maintain your staged home, ensuring it remains pristine until you sell. This is often stressful for sellers with young families and busy schedules. Setting aside time each evening to tidy up from the day ensures your home is ready for the next round of potential buyers. Also, a once-over before you leave for work ensures the pillows are perfectly fluffed, linens aren’t crinkled and things are in the right place.What to Consider Before Investing in Home StagingThere’s much weighing on your decision to stage your home to sell. The potential to earn a higher return on investment is always there — but without guarantees, you might wonder if it’s worth hiring professionals to do it right.Ask yourself the following questions to determine if home staging is the best option for you as you prepare to sell your house:What is your budget and can you afford to hire a home stager?What is your timeline for moving? Do you have a window to get a home staging company into your house?What are the current market conditions?Does your style align with today’s buyers’ preferences?If you’re unsure whether to pursue professional home staging services, speak directly with your realtor or a staging company. They can offer insights for making a sounder decision. How to DIY Home StagingHiring a professional is always your best chance at reaping the benefits of home staging. However, there are several minor adjustments you can make to your house on your own to improve your selling experience, such as the following:Putting away some of your personal effects and decluttering surfacesRemoving bulkier furniture pieces Optimizing lighting, including natural lightHanging mirrors in smaller rooms for the illusion of a bigger spaceAdd some greenery or floralsIncorporate fresh linens in the bedrooms and bathroomsReplace dirty welcome mats, bathroom mats, runners and throw rugsPainting dark walls a lighter, neutral colorAccording to a 2022 Zillow survey, 27% of homeowners paint before listing their home, while 74% agree these improvements help them sell.Ultimately, you want your home to shine. Buyers will notice if you deep clean the entire house, including vents, fans and millwork. Finding ways to create roominess in tight places, removing stains and scratches and eliminating foul odors are other ways to prepare your home to sell.Is Staging Your Home the Right Move?Home staging is always a good idea if you plan to sell your house. However, whether you hire a professional staging company or choose to stage it yourself is something to consider. Inquiring with experts and factoring in budget and market trends is essential to making the right choice. At the end of the day, you want the biggest bang for your buck.