28
Sep 22

Why You Should Consider Condos as Part of Your Home Search

Why You Should Consider Condos as Part of Your Home Search | Simplifying The Market

The historically low inventory over the past few years led to challenges for many buyers trying to find a home that met their needs and their budget. If you’re in the same boat, you should know the recent shift in the housing market may have opened up doors for you to restart your search.

The inventory of homes for sale has increased this year, and that’s giving buyers much needed options. As Danielle Hale, Chief Economist at realtor.com, says:

“. . . today’s shoppers have more than 5 homes to consider for every 4 they had at this time a year ago.”

But perspective is important. Overall, housing supply is still low. If you need even more choices, expanding your search by adding additional housing types, like condominiums, could help.

Exploring Condos Could Add Options That Fit Your Budget

One thing to consider is condos generally differ from single-family homes in average space and floorplans. But that size difference is one reason why condos can be a more affordable option. According to a recent report from realtor.com, condo buyers paid roughly 7% less for their home than buyers of other housing types last year. With rising mortgage rates and home prices, the relative affordability of a condo could be worth considering.

Remember, your first home doesn’t have to be your forever home. The important thing is to get your foot in the door as a homeowner. Buying a condo now can springboard you into a bigger home later on. An article from the Urban Institute explains:

Because condos and co-ops are generally more affordable, they tend to help first-time homebuyers step onto the first rung of the homeownership ladder. These buyers often use the equity on their condo to then purchase a larger single-family home.

In other words, owning a condo will help you start building wealth in the form of home equity. In time, the equity you build can fuel a future purchase should you decide you want to buy a home with more space or different amenities.

Condo Living Provides Several Great Perks

Boosting the number of options in your budget during your home search is just one reason to consider condos, but there are several other benefits to condo living.

First, they tend to require minimal upkeep and lower maintenance – and that can give you more time to spend doing the things you enjoy. A recent article from Bankrate highlights this, saying:

Condos can be a good option for anyone who wants to keep home maintenance to a minimum . . . if the roof is leaking or the carpet in the lobby needs to be replaced, that’s not your responsibility — the condo association handles those duties.”

Plus, since many condos are located in or near city centers, they offer the added benefit of being in close proximity to work and leisure. Again, realtor.com explains:

“Buying a condo, which is generally less expensive than a single-family home, enables a household to afford to own in the middle of it all, and often means a newer-built home with less maintenance responsibility.”

Ultimately, owning and living in a condo can be a lifestyle choice. And if that appeals to you, they could give you the added options you need to buy your first home.

Bottom Line

Adding condominiums to your housing search could be a great move. If you’re ready to search condos in our area, let’s connect today.

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28
Sep 22

B&A: A Secondhand Dresser Gets a New Life as a Functional Kitchen Feature


A dresser in the kitchen?! This DIYer proves it’s absolutely a good idea.
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28
Sep 22

8 Editor-Approved (and Tested!) Sectional Sofas From West Elm on Sale Right Now


If you’re looking for a new sofa, start here.
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28
Sep 22

This Editor-Favorite Brand Just Dropped the Coziest Flannel Sheets


We’re big fans of this high-quality, wallet-friendly brand.
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28
Sep 22

Le Creuset’s Bread Oven Is Now Available in Stunning New Colors (Just in Time for Fall Baking!)


Bread-winning!
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28
Sep 22

Tired of a Cluttered Mug Cabinet? This $25 Amazon Find Stacks, Organizes, and Doubles Space in Seconds


Calling all mug enthusiasts! This one’s for you.
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27
Sep 22

$4 Million Brick Home In College Grove, Tennessee (PHOTOS)





















Listed with Jeannie Bankins

LOCATION: 5245 Wildings Boulevard, College Grove, Tennessee

SQUARE FOOTAGE: 7,829

BEDROOMS & BATHROOMS: 6 bedrooms & 9 bathrooms

PRICE: $4,400,000

This brick home is located at 5245 Wildings Boulevard in College Grove, Tennessee and is situated on 3/4 of an acre of land.

It was built in 2016 and features approximately 7,829 square feet of living space with 6 bedrooms, 7 full and 2 half bathrooms, 2-story foyer with double staircase, formal living room, dining room, gourmet kitchen, family room, 4-car garage and more.

Outdoor features include covered/uncovered patios, fireplace, kitchen/BBQ, fire pit and a swimming pool with spa.

It is listed at $4,400,000.

CLICK HERE FOR THE LISTING

The post $4 Million Brick Home In College Grove, Tennessee (PHOTOS) appeared first on Homes of the Rich.

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27
Sep 22

46 Acre Texas Estate With Workshop & Stocked Pond (PHOTOS)




















Listed with Jamie Amerman of Kuper Sotheby’s International Realty

LOCATION: 186 Joe Klar Road, Boerne, Texas

SQUARE FOOTAGE: 10,621

BEDROOMS & BATHROOMS: 6 bedrooms & 8 bathrooms

PRICE: $8,850,000

This 46 acre estate is located at 186 Joe Klar Road in Boerne, Texas. It was built in 2018 and features a main house, pool house and large detached workshop/garage.

The stone & stucco home features approximately 10,621 square feet of living space with 6 bedrooms, 6 full and 2 half bathrooms, great room, dining room, gourmet kitchen, game room with wet bar, 4-car garage and more.

Outdoor features include a stocked pond, patios, kitchen/BBQ, fireplace and a swimming pool with spa & swim-up bar.

It is listed at $8,850,000.

CLICK HERE FOR THE LISTING

Front Exterior
Front Exterior
Foyer
Great Room
Great Room
Dining Room
Dining Room
Kitchen
Kitchen
Kitchen
Master Bedroom
Master Bathroom
Master Closet
Game Room
Game Room
Game Room
Rear Exterior
Pool & Pool House
Rear Exterior
Garage/Workshop

The post 46 Acre Texas Estate With Workshop & Stocked Pond (PHOTOS) appeared first on Homes of the Rich.

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27
Sep 22

How an Expert Can Help You Understand Inflation & Mortgage Rates

How an Expert Can Help You Understand Inflation & Mortgage Rates | Simplifying The Market

If you’re following today’s housing market, you know two of the top issues consumers face are inflation and mortgage rates. Let’s take a look at each one.

Inflation and the Housing Market

This year, inflation reached a high not seen in forty years. For the average consumer, you probably felt the pinch at the gas pump and in the grocery store. It may have even impacted your ability to save money to buy a home.

While the Federal Reserve is working hard to lower inflation, the August data shows the inflation rate was still higher than expected. This news impacted the stock market and fueled conversations about a recession. It also played a role in the Federal Reserve’s decision to raise the Federal Funds Rate last week. As Bankrate says:

“. . . the Fed has raised rates again, announcing yet another three-quarter-point hike on September 21 . . . The hikes are designed to cool an economy that has been on fire. . .”

While their actions don’t directly dictate what happens with mortgage rates, their decisions have contributed to the intentional cooldown in the housing market. A recent article from Fortune explains:

“As the Federal Reserve moved into inflation-fighting mode, financial markets quickly put upward pressure on mortgage rates. Those elevated mortgage rates . . . coupled with sky-high home prices, threw cold water onto the housing boom.”

The Impact on Rising Mortgage Rates

Over the past few months, mortgage rates have fluctuated in light of growing economic pressures. Most recently, the average 30-year fixed mortgage rate according to Freddie Mac ticked above 6% for the first time in well over a decade (see graph below):

How an Expert Can Help You Understand Inflation & Mortgage Rates | Simplifying The Market

The mortgage rate increases this year are the big reason buyer demand has pulled back in recent months. Basically, as rates (and home prices) rose, so did the cost of buying a home. That pushed on affordability and priced some buyers out of the market, so home sales slowed and the inventory of homes for sale grew as a result.

Where Experts Say Rates and Inflation Will Go from Here

Moving forward, both of these factors will continue to impact the housing market. A recent article from CNET puts the relationship between inflation and mortgage rates in simple terms:

“As a general rule, when inflation is low, mortgage rates tend to be lower. When inflation is high, rates tend to be higher.”

Sam Khater, Chief Economist at Freddie Mac, has this to say about where rates may go from here:

“Mortgage rates remained volatile due to the tug of war between inflationary pressures and a clear slowdown in economic growth. The high uncertainty surrounding inflation and other factors will likely cause rates to remain variable, . . .”

While there’s no way to say with certainty where mortgage rates will go from here, there is something you can do to stay informed, and that’s connect with a trusted real estate advisor. They keep their pulse on what’s happening today and help you understand what the experts are projecting. They can provide you with the best advice possible.

Bottom Line

Rising inflation and higher mortgage rates have had a clear impact on housing. For expert insights on the latest trends in the housing market and what they mean for you, let’s connect.

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27
Sep 22

The KitchenAid Food Chopper That Will Be Your Go-To for Fall Meal Prep (It’s on Sale!)


Your meal prep BFF.
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