Homeownership Archives • Eastern Panhandle Martinsburg Charles Town Hedgesville Inwood Falling Waters Ranson Bunker Hill West Virginia Real Estate

Preparing Your Home for the Colder Months Ahead

October has arrived, bringing with it crisp, cooler air, colorful foliage and sightings of pumpkins and mums on porches. Preparing your home now for the colder months ahead will help prevent costly repairs later and keep your home running in good condition all winter.

We’ve put together a few tips to make your home a warm, safe and comfortable place to enjoy with friends and family. It’s also a good idea to keep a record of your home maintenance routine for your own use or to pass to the next owner of your home should you sell it.

Turn off exterior faucets. Drain the water from your outdoor faucets and garden hoses after turning off the exterior faucets from inside the house. Water in pipes can freeze easily, which can cause pipes to burst.

Clear gutters and downspouts. Leaves, branches and other debris can clog gutters, causing water and ice to collect under your shingles, potentially damaging your roof. Clean outside drains of leaves to prevent water back-ups into your basement.

Schedule a furnace tune-up. Stay toasty during the approaching cold weather and save money on energy bills by having your system checked now to avoid outages and potentially costly repairs later.

Clean humidifiers and change filters. Prevent bacteria and mold from polluting your indoor air by cleaning your humidifier and changing its filter.

Reverse ceiling fans. Switch the direction of your ceiling fans clockwise and run them at a low speed to push warm air down, which will save on energy bills.

Test smoke and carbon monoxide detectors. Press the “test” button on your alarms to verify they work. If they don’t work, replace the battery. If they still don’t work, replace the unit rather than waiting until it chirps in the middle of the night.

Please contact me if you need help with any home maintenance projects this season. I can share additional tips and connect you with home service providers to keep your home running in good condition.

If you’re planning to sell your home or buy a new home, I can also advise you on the best ways to prepare to maximize your real estate investments.

All the best to you for a happy October.

Even with Rates Rising, Here’s Why it’s a Good Time to Buy Versus Rent

Choosing to become a homeowner is generally one of the biggest decisions of your life. It’s a financial and emotional decision that must be made based on your individual circumstances. But if sky-high rent increases have you leaning toward the security of owning your home, here’s why it’s a good time to buy.

What’s Happening in the Rental Market?

Rental costs have grown at their fastest pace in more than three decades. The national median cost of a monthly rental is now over $2,000 for the first time ever. Rent has increased over 30% in some of the major cities and are expected to continue to rise sharply into 2023.

Why it’s a Good Time to Buy

After several years of a hot seller’s market, conditions are shifting to a more balanced market.

Mortgage Rates Rise, But Still Historically Low. Although interest rates have risen to over 5%, they’re still at historic lows. Mortgage demand has dipped to its lowest in 22 years, causing far fewer buyers than we’ve seen recently, reducing competition for homes.

Price Adjustments. While 50% of the homes for sale in the Mid-Atlantic had a price adjustment at some point, you might still have to make a quick offer if the house you’re looking at is competitive.

More Homes for Sale. After years of not enough homes on the market, housing inventory is up almost 20%, creating buying opportunities.

Financial Benefits of Owning a Home

Hedge Against Inflation: Homeownership provides stability. With a fixed rate mortgage, your monthly payment can be locked in, which is especially important in today’s inflationary environment.

Pay Your Mortgage (Not Your Landlord’s Mortgage): As you pay your mortgage, its balance is reduced, building equity in the property.

Appreciation. While every market is different, home values have historically appreciated about 4% annually. Plus, you enjoy appreciation on the total price of the home, not just the cash you put down.

Tax benefits. Your tax advisor can help determine eligible tax deductions, which generally include mortgage interest and property taxes.

The net benefits of paying a mortgage often outweigh the monthly rent you’ll pay – and as a homeowner, you’ll have a valuable asset.

If you’re trying to decide whether to buy a home or continue renting, we can help you explore your options. Likewise, if you, your friends or family are buying or selling a home, don’t hesitate to reach out.

The Difference Between Today’s Shifting Market and the 2008 Housing Crisis

About 15 years ago, we experienced a housing crisis. Unfortunately, at that time, many Americans lost their homes and real estate investments. Although our current market is shifting, homeowners need not worry that history will repeat itself. The factors affecting today’s housing market are vastly different than they were in the mid to late 2000s.

The 2008 Housing Crisis – What Happened?

Relaxed lending standards caused high buyer demand but led to an inability to repay mortgage loans as many obtained loans that would not qualify under today’s lending standards. Homes fell into foreclosure when borrowers could no longer make their mortgage payments and with no equity in their homes, they were unable to sell.

The 2022 Market Shift – What’s Happening Now?

There are stricter lending guidelines in place and that, combined with low rates, high demand, and plenty of home equity (less than two percent of homes with mortgages have negative equity today), create opportunities for both buyers and sellers.

How The Two Are Different

The conditions surrounding the 2008 housing crisis limited the options for those who could no longer afford their mortgage payments. Today, the vast majority of sellers have the advantage of positive home equity, as well as low mortgage rates and high buyer demand.

If you, your friends or family are thinking about buying or selling a home, I am always available to help or answer any questions about current market conditions.

Enjoy August!

An Update on the Changing Real Estate Market

There’s been so much news lately relating to the economy and real estate. If you’re planning to buy or sell a home soon, you may be wondering what it means for you. The housing market, which received a boost from record low interest rates during the Covid-19 pandemic, has begun to shift.

The Arrival of a More Balanced Market

With mortgage interest rates and home prices on the rise, we expect the housing market will continue to cool from the surge in demand we’ve seen the last few years. As a bright spot for frustrated homebuyers, the number of homes on the market is expected to increase, bringing back a more balanced market.

For homeowners interested in selling, it’s still a great time to put your property on the market because the supply of homes available remains at record low levels. Even if sales decline from last year, the real estate market is on track for an overall good year.

To stay updated on what’s happening in your market, feel free to contact me. As always, if you, your friends, or your family are planning to buy or sell a home, I’m available to help guide you through the process.

Have a wonderful July.

What’s the Return on Your Home Improvement Dollars?

Before selling your home, it’s hard to know what improvements you can do now that will add value to it – without spending a fortune. To help, each year Remodeling magazine releases their Cost vs. Value Report, which estimates the average cost of a project and the percentage of the investment that will be recouped if the home is sold within a year. Based on the 2022 report, here are the top four home improvement projects with the highest return at resale.

Garage Door Replacement: Traditionally ranked as one of the highest returns on your investment, the average cost is $4,041 and you’ll recover 93.3% of the cost.

Stone Veneer: Replacing the bottom third of your home with manufactured stone veneer costs an average of $11,066, and you’ll see a 91.4% return on your investment.

Minor Kitchen Remodel: Adding new cabinet doors and hardware, installing energy-efficient appliances and replacing countertops, your sink and faucet—all part of what’s considered a minor remodel—costs an average of $28,279 and returns 71.2% of its cost.

Siding Replacement: New fiber-cement siding that’s been factory primed and painted will cost $22, 093 for 1,250 square feet and will recoup 68.3% of the cost. Keep in mind, this is a national report, but if you click the link, you can find local numbers to see home improvements that provide the best return on investment in your area.

If you’re planning to put your home on the market, I’ll be happy to recommend any repairs or improvements you’ll need to make – just let me know how I can help.

Real Estate as a Hedge Against Inflation

With the recent stock market volatility, inflation and all that’s going on in the world, you may be looking for opportunities to diversify and protect your investment portfolio. Over the long term, real estate provides steady appreciation and is usually an excellent investment response to inflation. Savvy consumers are becoming increasingly interested in owning property to get the many benefits that help offset stock market volatility and inflation.

Even with the recent uptick of mortgage interest rates, real estate is still considered a safe haven to add to one’s investment mix. Here’s a look at several of the potential benefits of diversifying your portfolio into real estate.

Appreciation. While every market is different, home values have historically appreciated approximately 4% annually. Plus, as real estate is a leveraged investment, you enjoy appreciation on the total price of the home, not just the cash you put down to purchase it.

Tax benefits. Your tax advisor can help determine eligible tax deductions on an investment property, which generally include mortgage interest, property taxes, depreciation and operating costs, such as repairs and maintenance.

Tenant-paid mortgage. As your tenant pays rent, your mortgage balance is reduced, building equity in the property for a future sale or to borrow against and buy another property.

Cash flow. Depending on expenses, you can usually generate positive cash flow from the rent you charge.

If you’re thinking about investing in real estate, I can help evaluate investment properties that fit your financial goals. In addition, my Long & Foster partners in mortgage, title, insurance and property management are here to assist you every step of the way.

Wishing you and your family a great spring!

Spring Home Maintenance Tips

March is here, bringing rising temperatures, longer days, and the first signs of spring.

Before the arrival of April showers, it’s a good time to get started on some spring maintenance tasks to shed the winter layers and give your home a fresh new start.

Groom your lawn. Get ready to mow by picking up debris that accumulated on your lawn over the winter. Fill bare spots with grass seed and fertilizer.

Clear gutters and downspouts. Prevent damage from spring rains by clearing out debris. Make sure water is diverted away from the home to protect its foundation.

Reseal exterior woodwork. Stain or reseal outdoor structures such as wood decks, fences, railings, and pergolas, to keep them in good condition.

Schedule air-conditioning service. Make sure your HVAC unit is working before summer arrives. Schedule service, if needed and don’t forget to regularly change filters.

Clean dishwasher filter. Unlock and remove the round dishwasher filter, rinse under hot, running water and gently scrub off debris (dishwashers made before 2010 tend to have self-cleaning filters).

Test smoke and carbon monoxide detectors. Change batteries at least once a year and replace each unit every 7 to 10 years.

If you’re planning to put your home on the market this spring, I’ll be happy to recommend any repairs or improvements you’ll need to make – just let me know how I can help.

Winter Home Maintenance Tips

Maintaining your home on a regular basis is a good habit to form. It’s also a good idea to keep a record of your home maintenance routine to pass on to the new owner of your home when you sell it.

With fall here and winter weather fast approaching, taking these small home maintenance steps now can help protect your home – saving you money and headaches later.

Shut off outside water faucets. Close valves inside the house, then turn on the outside spigot to drain any remaining water from the line. Some newer homes have a pin at the shut-off valve that must be opened to let air in the line, which helps keep pipes from freezing.

Clear gutters and downspouts of leaves, branches and other debris. Clogged gutters can cause water and ice to collect under your shingles, potentially damaging your roof. Clean outside drains of leaves to prevent water back-ups into your basement.

Change your furnace filter (or clean it, if washable) at least every two months. A clean filter limits dust, improves the efficiency of the furnace and keeps utility costs low. Clear the area around your furnace, so air can circulate and to avoid a fire hazard.

Test your smoke and carbon monoxide detectors once a month and replace old batteries promptly. Each floor of your home should have detectors. Properties with gas heat or a wood-burning fireplace should also have a carbon monoxide detector.

Have your chimney professionally cleaned once a year if you use it frequently. Dispose of ashes in a metal bucket since warm ashes have the potential to start a fire.

Please feel free to contact me If you need help with any home maintenance projects this season. I can connect you with home service providers and share tips to keep your home running in good condition.

If you’re planning to sell your home, I can also advise you on the best ways to prepare it to maximize your investment.

All the best to you for a safe and happy November.

MARKET UPDATE – SEPTEMBER 2021

As summer comes to a close, with school starting, and fall just around the corner, September brings a time of transition. If you’re thinking about selling your home, you may be hearing reports of inventory trickling back on the market in some locations and bidding wars appearing to be slightly less common.

Here’s some insight on why it’s still a great time to sell your home.

One Month Does Not Make a Market Trend

The operative word is trickle. Housing inventory has been declining for six years, so rather than comparing month-to-month data, we look at the industry over a 10-year span. Although inventory and days on market are trickling up in some markets and the number of multiple offers are trickling down, there are still multiple offers, low inventory, homes selling in less than 30 days, and for top dollar.

Buyers Re-entering the Market

Some buyers may have taken a summer break from looking for a home after losing five, six, seven, or more deals last spring. We believe buyers re-entering the market after Labor Day are likely to cause a buying surge in the fourth quarter of this year.

Significant Appreciation

Although median sale prices have increased by an average of more than 20% over the last year in our market, we don’t believe this level of appreciation will last forever. Affordability for buyers is still very attractive due to interest rates remaining under 3%, as they tend to buy monthly payment, rather than price.

Declutter, Stage, and Price Right

Homes receiving high and multiple offers over the past year were staged, decluttered, in good condition, and priced right – which are all still necessary in this market. Buyers used to have a vision for what they want the home to be after settlement. Now, the majority of consumers seem to want move-in ready. Many buyers don’t have the time or capital to invest in renovations and want to move in and start living.

If you’re planning to sell a home this Fall, it’s essential to have a knowledgeable real estate agent advise you on the best ways to prepare your home for sale to maximize your investment.

To find out your home’s value or for questions about this complex real estate market, please feel free to contact the Butch Cazin Team.