Category Archives: Buyers

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‘How Much House Can I Afford to Buy?’ Here’s How to Know

If your biggest question right now is “Can I afford to buy a home?” – or “How much home can I actually afford to buy?” – you aren’t alone. As the real estate market continues to shift, many people are wondering how far their money will take them.

From researching your local housing market to exploring home loan options, a few early steps can help you prepare before starting on the homebuying process. Here are five ways to help determine how much house you can afford.

1. Check up on your credit score

Before you’re ready to start the homebuying process, familiarize yourself with your credit score. If you aren’t satisfied with the number, you’ll want to give yourself time to raise it before you apply for a loan – this will be a key factor a mortgage professional takes into consideration. Many major credit card companies will give you monthly updated credit score reports on their websites and apps.

2. Get pre-approved for a home loan

Seek out a local mortgage professional to help you understand what you qualify for and set a realistic homebuying budget. A mortgage prequalification provides a basic estimate of how much you can borrow based on your stated financial situation. When you’re ready, complete a mortgage application in which a lender confirms your qualifications with more stringent documentation and can then provide a formal pre-approval. Working with a mortgage broker may provide an easy way to explore different lenders and loan products that meet your unique needs.

3. Consider how much money you have saved

It’s essential to figure out how much money you’ll be able to put toward a down payment on a home – and this number will impact what your monthly mortgage payments will be, too.

For renters, if your monthly mortgage payment will cost more than your current rent, are you able to afford the difference?

Keep in mind that expenses won’t stop at the down payment and mortgage. Be prepared to cover costs for closing and moving, various fees that may come up in the process, home insurance, private mortgage insurance (if you put less than 20% down), and more. Plus, it’s wise to have a comfortable level of savings for home maintenance and repair.

4. Seek advice from a financial advisor

Meeting with a financial advisor can help you prioritize financial concerns, learn how to manage your money, and plan ahead for the future.

5. Look at data for your local housing market

When it comes to home prices, no two markets are the same – and the cost of living (which includes the expense of homeownership) varies depending on location. That’s why it’s helpful to find an experienced real estate agent who you trust to help with your important transaction. They can help demystify local housing market data, prioritize your wants and needs in your purchase, and get the ball rolling in the home search process.

Understanding local market conditions will also help establish a realistic expectation of what kind of property you can afford in your desired area. Looking at active and recent listings is one way to get a better feel for what home prices are like.

Ready to start your homebuying journey? Contact me for a complimentary consultation!



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The Things We Do For (Puppy) Love: How Homebuyers Are Accommodating Their Dogs in the House Search

If you own a pet dog, there’s a good chance you’ve: swapped out words in your favorite song with their name, cancelled plans to spend time with them, and filled up your smart phone’s camera roll taking their picture. But, have you bought a home specifically for them?

While dogs aren’t the primary reason many pursue real estate opportunities, they are a factor plenty of homebuyers take into serious consideration during the house search process. This is especially true nowadays with pet ownership on the rise.

The COVID-19 pandemic – and the increased time people spend at home as a result – played a key role in the uptick of pet ownership in the U.S. From 2020 to 2021 alone, nearly one in five households acquired a cat or dog, according to the American Society for the Prevention of Cruelty to Animals (ASPCA).

“I do think more people have pets nowadays, but what’s noticeable is the focus on our pets and how they are becoming more involved in society. There are pet-specific cafes, bakeries, boutiques, and specialized food choices, as well as pet-friendly businesses and more,” says Joanne Thomas, an agent with RE/MAX Advantage Plus in Eagan, Minnesota, who is currently working with buyer clients seeking a home specifically for their dog.

In a small neighborhood of Denver, Colorado, for example, you can even spot pup parents stopping by a popular dog treat truck that serves goodies to its drooling patrons. With these cuddly canines having stolen the hearts of so many, it makes sense that plenty of people care deeply about their dog’s well-being at home, too.

Enter “barkitecture” – a popular pet-forward architecture trend where homeowners are making intuitive design choices that strike a balance between function and fabulous, all framed by the needs of their furry friends. The good news? These features are in demand when it’s time to sell the house. A growing number of dog owners looking to move are making pet-friendly features priority items on their list of home criteria.

From wanting a fenced-in yard to a barkitecture-inspired luxury pet spa, here are a few ways that today’s buyers are taking their dog’s needs into consideration when shopping for a new place to call home.

Ensuring proximity to outdoor enrichment

Having easy access to a green, grassy yard means a dog has increased opportunity for fresh air during the daytime and convenient potty breaks at nighttime. This factor makes a direct impact in one’s quality of life, for human and dog alike – and it’s a key characteristic many homebuyers are in search of.

The 2023 National Association of REALTORS® Profile of Homebuyers and Sellers revealed that 19% of all buyers between 2022 and 2023 saw outdoor space for a pet as an influential factor in their purchase, the same percentage as those who considered lot size and school district. Convenience to outdoor space for pets even topped the quantity of buyers considering factors like proximity to schools (18%), healthcare facilities (16%), and airports (9%).

Outdoor space isn’t just a yard – it can take the shape of other accessible ways to exercise outside.

“People looking to live in urban areas often find it especially important to make sure there’s ample sidewalks for walking the dogs,” says Donna Deaton, Manager of RE/MAX Victory + Affiliates in Liberty Township, Ohio.

Plus, those looking to live in multi-family dwellings have different factors to take into consideration.

“I am in Minnesota and winters can be cold! So, if buyers in my area aren’t looking for a single-family home and prefer the condo lifestyle instead, having a dog-run or dog relief area either covered or indoors is key. If this isn’t an option, then having some green space nearby for their dog to run and play is really important to buyers,” Thomas says.

Not skimping on a fence for safety

Many dog owners have a skilled escape artist on their hands – so a yard isn’t fully functional until it’s been securely enclosed.

“A fenced yard is usually the most requested feature for the dog owners I work with looking to buy a home,” says Ana Duarte Cole, an agent with RE/MAX Advantage in Waynesboro, Virginia.

Other agents agree that a fence is a high priority for many prospective homebuyers. Those who consider a home without a fence have a few extra steps to think about.

“Most of the time, yards with fences are a must have. But they’re not always a deal killer, especially for those who are willing to add in their own,” Deaton shares. “This is when it is important to really study the HOA (homeowners association) rules and regulations, if applicable, as some will not allow a fence or will allow only certain styles, colors, and heights of fences.”

Cost can also be a reason why homebuyers prefer to find a house with a fence already in place. The common types of fencing people choose for residential properties are wood, metal, vinyl, or composite. And the choice of fence type, as well as style and quantity of material needed, can cause price points to greatly differ. According to Forbes, the average cost of installing a new wood fence is roughly $3,300 – but on the upper end of their spectrum, some projects (particularly those on larger properties) can cost over $10,000.

Searching for elements of ‘barkitecture’ (and other design-forward features)

Barkitecture is all about space-savvy, oftentimes luxury features that make humans and dogs alike say (bow) wow. The concept stems from making necessary pet gear – like crates, beds, and kibble storage – blend more seamlessly into a home. For example, some kitchens come with a water bowl fill-up station close to the ground, as well as a hide-away feeding zone.

“A client of mine recently built a custom home and their laundry room has a dog shower. It features tile, pony walls and a hand-held shower wand. As a bonus, it is often used to wash off muddy boots in addition to puppy paws,” shares Rachele Maczuk, an agent with RE/MAX Today in New Haven, Missouri.

Deaton, who has plenty of experience in the new build market, has also seen an uptick of built-in dog spas.

“I notice features like this in newer and custom-built homes. For cleaning off muddy pets, homebuyers get excited if by chance the home has an actual dog wash station, or even just a full bath on the first floor. This isn’t necessarily a reason as to whether they purchase that particular home or not – but if the buyer is a pet owner, they see value in having it.”

Thomas agrees, too.

“Dedicated pet baths in homes, and custom cabinetry features to store their food and bowls, is becoming a more common sight to see. Plus, I continue to see kennels that are disguised as furniture,” she says.

Technology is also playing a role in pet well-being inside the home.

“I’ve shown homes where the buyers appreciate the fact that the pet door is automatic or sensored instead of those ones that flap as the pets wander in and out,” Deaton says. “These digital pet doors are a newer thing and are appealing to today’s tech-forward buyers. Some can also be opened and closed through an app on your smart phone.”

Aside from modernized, dog-forward home innovations, some homebuyers are focused on the overall layout of a home – especially those looking to accommodate older dogs.

“A recent client of mine wanted a one-level home with little to no steps to the backyard since their senior dog couldn’t do steps anymore,” Duarte Cole says. “After moving in, they actually replaced the previous owner’s newly installed carpet for vinyl flooring due to their dog having incontinence problems. They needed something easy to clean.”

Envisioning potential for paw-fection

Back to that whole “good bones” thing. Today’s homebuyers are often keeping a keen eye out for ways to make pet-friendly tweaks to their new place once they’ve moved in (like a fence, explained above).

Even if a home comes with a fence, certain buyers will choose to add in a dog window, giving their pet an entertaining view of passersby. Other tweaks might include adding interior pet gates, installing a central vacuum cleaning system, or even retrofitting a dog bedroom.

But something as simple as wall color is a factor people can plan around their dog’s preferences. And unless a prospective home boasts neutral wall colors, there’s a good chance buyers will want to make changes.

The American Animal Hospital Association shares how certain paint colors are more soothing than others to pets because of how their eyes process hues differently than humans. They note how animals are likely to be calmed by pale shades of blue, green and purple, as those colors aren’t distorted by their vision and promote tranquility. While these recommendations are geared toward wall color for animal hospitals, the same insight can apply to residential homes.

Who’s buying a home for their pet’s needs, anyway?

Homebuyers across all generations are taking interest in ways to encourage wellness for their pets around the house. But a rapidly growing portion of these pet owners-turned-homebuyers are millennials. According to the American Pet Products Association’s (APPA) National Pet Owners Survey, millennials are the largest cohort of pet owners in the U.S. And, as recently detailed by RE/MAX President and CEO Nick Bailey, at least 45 million millennials in the U.S. are a part of the ongoing pent-up demand for housing.

Subsequently, as more millennial homebuyers enter the market, it’s expected that yard space, fences, and barkitecture features alike could remain highly sought-after home elements – and even increase in popularity.

“Compared to previous markets, it seems that buyers are more vocal about the needs of their pets. Whether it is more of an acceptable social norm now or whether it is that buyers are truly more cognizant of the happiness of their four-legged family members is unclear,” Maczuk says.

“But ultimately, a home is a place that should bring its occupants joy,” she continues. “And whether they’re four-legged, feathered, or slithering, those pets are family members. When searching for a new home, it is important to find a place that fits the bill for the entire family.”

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Buying a Home In 2024? Here Are 4 Ways to Get Started

The current housing market continues to face adversity, but some real estate experts see promise in the year ahead. For those embarking on their homebuying journey in 2024, here’s where to get started.

1. Get pre-approved for a mortgage

For those purchasing a home with financing, it’s important to meet with a mortgage lender as early on in the process as possible.

After evaluating factors like credit score and income, the lender will determine what type of mortgage you qualify for. While many are familiar with the 30-year conventional loan, there are other options that may be up for consideration, like adjustable rate mortgages (ARM), VA loans, FHA loans, among others.

What’s especially helpful is getting pre-approved for a mortgage – this is how you determine your budget and establish a price range to shop in.

2. Find a real estate agent

A trustworthy real estate professional is the go-to expert on all facets of the homebuying process, from finding potential properties to coordinating inspections to negotiating on your behalf to recommending their preferred local service providers after you’ve moved in (and so much more!).

They’re also oftentimes one step ahead when it comes to navigating specifications of the local market.

“While the results [of the monthly RE/MAX National Housing Report] tell an overall story, the key for homebuyers and sellers is to work with a local real estate agent who can speak to the unique local conditions,” Bailey says.

3. Differentiate wants from needs

Identifying wants and needs ahead of touring homes can help ensure you stay on track and consider options that best fit your crucial criteria. If you’re buying a property with a spouse, partner, family member or friend, make sure all stakeholders are in alignment on what elements are deemed essential.

The best way to do this is to make a “wants vs. needs” list and prioritize features you can’t live without. To start getting ideas, consider the good things and gripes about your current living situation.

4. Start browsing for homes

Ready to get ideas – or find favorite homes to tour? Contact me today!



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Avoid These 5 Mistakes When Buying a Home

Homebuyers: Dodging these errors could help in ensuring the smoothest possible real estate transaction!

Buying a home is one of the largest transactions most people make in their lifetime. So, it’s essential for homebuyers to have ongoing support as they find their ideal property and navigate the process through a successful closing.

All prospective homebuyers – including those purchasing for the first time – can benefit from avoiding these five mistakes:

Mistake 1: Not working with a real estate agent

While most people begin the homebuying process online by scrolling through listings and saving favorites, they quickly realize how overwhelming it can be to narrow down options – or to see potential in prospective properties.

According to the 2023 RE/MAX Future of Real Estate Report, U.S. homebuyers have identified needing the most help from a real estate agent with three specific tasks:

• Researching listings
• Identifying wants, needs and priorities
• Making home repairs and renovations

As the expert on their local community, a qualified real estate professional with a track record of success can curate a selection of homes and help the buyer as they narrow down the list of candidates.

The skills of an agent come in handy throughout the process. The same RE/MAX report cites a lack of understanding of real estate terminology as a top barrier for consumers pursuing homeownership. A trusted professional can translate industry lingo and help buyers feel informed every step of the way. Plus, by leveraging their knowledge and local expertise, an agent will use their negotiation skills to help the buyers get the price and/or terms they are looking for.

Mistake 2: Not getting pre-approved

The pre-approval process entails a mortgage lender assessing a prospective homebuyer’s finances, usually based on their credit, and providing an estimate on how much money they could borrow to buy a home. Once this step is done, buyers can close a home loan faster if they’re trying to lock down a property on a short timeframe.

Plus, getting pre-approved for a mortgage helps buyers determine a realistic budget and shop in their price range.

Mistake 3: Not being realistic about necessities with contributing parties

When searching for a home, it’s natural to want it all – and it can be especially difficult to compromise on certain features. However, when buying a home with a partner, family member, or friend, it’s important to be on the same page in regard to priorities.

Come up with a list of wants vs. needs, and make sure all contributing parties are in alignment. This can save time and help prioritize which properties to pursue. When assessing a home that meets the criteria for needs – like location, accessibility features, or bedroom count – buyers can connect with their agent to assess the renovation potential for other features they desire.

Mistake 4: Not getting a home inspection

When the housing market leaned heavily in favor of sellers over the past few years, many homebuyers chose to forego a home inspection to gain leverage over competing offers. Now with the market starting to rebalance in many locales, opting out of a home inspection is an unnecessary risk.

During an inspection, the home inspector – who is often recommended by the agent – will check for pre-existing damage on the interior and exterior. This could entail water damage, structural issues, ill-functioning HVAC systems, air quality concerns, and more. If problems arise, the agent and buyer discuss the best next steps to take.

Mistake 5: Not saving money for extra costs associated with buying and moving

Saving up for the down payment on a home is a huge accomplishment. But it’s critical to prepare for other costs as well.

Other potential expenses include closing costs, moving fees, monthly mortgage payments, regular maintenance, emergency funds in case anything in the home needs repair or replacing, and more.

Ultimately, a little effort can go a long way when it comes to avoiding these mistakes and making the homebuying process as smooth as possible. Best of all, the reward will be that much sweeter once the buyer moves in and can enjoy the many benefits of homeownership.

Ready to start the homebuying process? Contact me today!

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Homebuying With Friends: Could Splitting the Real Estate Bill Drive Homeownership?

As the housing market continues to rebalance, alternative homebuying trends could help more people achieve homeownership.

Bob Dylan likely said it best: “The times, they are a-changin’.” This is especially true in the real estate market.

According to the January RE/MAX National Housing Report, the Median Sales Price currently sits around $385,000 – down 1.0% from December 2022 but still up 1.3% from a year ago. And Bankrate reports that the current average 30-year fixed mortgage interest rate is hovering around 7%.

Meanwhile, Statista reports that in February 2023, inflation amounted to 4.2%, while wages grew by only 3.2%, leaving some prospective homebuyers wondering how to make it all add up so they can purchase a house.

For some would-be first-time homebuyers who are emotionally ready to invest but struggling to save for the down payment or fret having high monthly payments, renting with a roommate can help split the costs, but it doesn’t build equity – a key component to building wealth. The prospect of buying a house with someone, even if it’s not a romantic partner, comes to mind. But is that a good idea? Will the benefits outweigh the potential risks?

What to consider in joint homeownership

Christopher Audette, an agent with RE/MAX First in Calgary, Alberta, says with inventory issues and the current cost of rent, it makes sense for people to come together and pool resources when considering becoming homeowners.

“It can be the launchpad that’s needed for people to get into homeownership so they can build equity,” he shares.

While it’s a less common practice to purchase a house with a non-romantic partner, the trend could start to emerge for homeowners – especially from younger generations – to co-purchase with a family member, or friend. Even parents and children are considering this route.

“The sooner one can get into real estate ownership, the sooner they can begin to build wealth,” says Joe Allen, an agent with RE/MAX Results in Edina, Minnesota. “If partnering with somebody to buy a home is going to allow them to do it sooner than later, I think it’s a smart avenue to explore.”

However, when it comes to purchasing property with a non-marital partner, there are also some risks to be aware of. Apart from the necessary finances, another aspect to consider is the emotional toll it can take.

“Homeownership is very emotional. If you go into it with a friend, it can be hard for some people to compartmentalize friendship and business,” explains Shannon Murree, an agent with RE/MAX Hallmark in Barrie, Ontario.

And while the friendship outside of the house might be a great fit, it doesn’t always transfer to homeownership. Murree advises those considering house hunting with friends to assess the compatibility of their lifestyles, including how they handle finances and their level of cleanliness.

Audette agrees, noting, “Buying with a friend can lead to resentment when one person is putting more into things like renovations or home maintenance, or even day-to-day tasks like cleaning. Or, they could both be single at the time they enter the agreement, but then one gets into a primary relationship and now there’s a third person who’s constantly there as well. These are factors that should be thought of upfront as they can lead to hard feelings.”

While some of these are also risks for any married couple, Allen believes they can be even more pronounced for non-married partners.

“If you’re married and then get divorced, there’s a court system to help you divide assets. If you’re not married and one homeowner decides they want out or want to sell, there’s no system in place to help you do that,” he says.

Consequently, Allen says one of the smartest things someone can do when they’re considering joint homeownership is to engage an attorney and come up with an agreement where the parties determine how they would handle a sale or buyout.

It is highly encouraged to take all considerations into account before purchasing jointly. And, as Audette clarifies, there’s no need to rush the process.

“Don’t be cavalier about the legal aspect of it. Don’t do it now and figure it out later. Figure out the logistics now.”

Handling finances and setting expectations

For those interested in this pathway to ownership, working with skilled and knowledgeable professionals – a real estate agent and a mortgage broker – is key. There are quite a few nuances and differences when purchasing real estate jointly versus as a married couple or individual.

Chuck Simmons, a mortgage broker with Motto® Mortgage in Ankeny, Iowa, explains when a married couple applies for a home loan there is one application that looks at both parties’ credit score, income, and debt. The process is typically an open book to both sides. When applying as two unmarried individuals, there are two applications looking at the same criteria, but the flow of information is not as fluid.

Simmons says when married couples apply for a mortgage, they ultimately give permission to talk to both sides, but single applications are closed to each individual applicant. So, if there’s an issue with one person’s income or credit, the mortgage broker can’t openly talk about that issue with both parties – they can go directly to only the applicant.

“Depending on the disparity, I will call the person and say, ‘Are you okay with me having this conversation with everyone?’ just so that they understand there might be some personal things we need to work through but it’s going to affect if they can get approved or not,” Simmons says.

When two applicants file for a home loan, the lender must use the lower of the two credit scores, which can affect the interest rate and ultimately save or cost thousands of dollars.

Allen says to consider looking at this joint venture as a business partnership.

“Build a business partnership around the property and choose your partner well,” he advises.

The planning portion of this venture should be a high priority and extremely thorough. Partners should create a business plan and have everything laid out on paper from the get-go, from who will take which room to what happens if someone wants out, and everything in between.

“A lot of homes are set up for families,” explains Jeff Feldman, an agent with RE/MAX Results in Edina, Minnesota. “So, there will be tradeoffs – one might get the owner’s suite while the other gets the garage. Other agreements will come when something goes awry. What happens if the furnace needs to be replaced? You’ll need to agree on which brand, the cost, what contractor to use, and level of efficiency. Putting certain guidelines on paper up front will help down the road.”

The process – and agreements that come in tow – can also differ depending on the type of property one is purchasing, be it a primary residence, vacation property, or payment partnership.

“There’s a difference between an occupant co-borrower and non-occupant co-borrower,” Simmons says. “If it’s two brothers buying together and both plan to live in the house full-time, there are standard [loan] programs available. If it’s a parent who’s helping a child with a down payment, they may not be able to take advantage of certain programs.”

Real life application

Homeowners Michael Smith and his wife purchased a secondary property in the mountains with good friends and co-owned the home for over a decade. Smith says there were definitely learning curves, but overall, it was a great experience for them. He believes things worked out so well because they laid out the ground rules right away and had parameters around arrival and departure times, who cleaned what, and even appropriations of the slush fund for repairs and replacements.

“I think it really helped that both families were in similar financial positions, and had similar lifestyles and mindsets,” Smith shares. “From the beginning, we chose a bank that neither of us previously belonged to so any mail that came from them we knew was in reference to the property. We opened a joint bank account which each family fed to be able to pay for maintenance and repairs. We even had a small cash deposit made to the property bank account of $10 or $20 if we had extended friends or family with us, just to account for additional wear and tear.”

Friends Dan Kenney and J.T. Williams purchased a primary residence together in a Northeast Minneapolis neighborhood in 2005 when they were just 24 years old. They lived together as co-owners for a number of years and took a less conventional route to figuring things out.

Admittedly easy-going guys, Kenney says that while some things – like deciding who got the bigger room – came down to rock-paper-scissors, other more important things were taken seriously.

“Our personalities complemented each other and we were able to decide in the moment what was needed or not needed. If we needed it, we did it together, 50/50.

“We also always wanted to make sure our friendship stayed intact. We knew there were going to be ups and downs, but we kept our friendship paramount.”

Just as important as figuring out what living arrangements will lead to the best living experience is asking what happens when one partner wants to exit.

Implementing an exit strategy

For the Smiths and their co-owners, life evolved and they found themselves using the mountain home less and less. When they all decided to sell, they chose to unload on the whole.

“When we purchased the home, we had to furnish it from the ground up and so when we sold it, we sold everything and split the proceeds 50/50,” Smith says.

Alternatively, for Kenney and Williams, they decided to transition the property from owner-occupied to a rental and use it as an investment property – a situation that worked well for them until they eventually sold.

While buying a house jointly with a non-marital partner is not as common of a route, and does come with some risks, Murree says it’s still worth it.

“It’s unconventional. It’s creative. It’s risky. But if you need a place to live, you might as well earn some equity,” she says.

For those interested in joint homeownership with a family member, friend, or business partner, remember to align with a like-minded individual, plan ahead, and put it all in print. Because the times, they are a-changin’ – and there are many routes to homeownership that may be the best fit.

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Homebuying on the Horizon? 4 Ways to Prepare Now

The year ahead is full of opportunity to achieve goals. And for some, a major goal in 2023 is to buy a home.

To help the process go as smoothly as possible, prospective homebuyers can start to prepare long before it’s time to search for a house. From organizing finances to finding a compatible real estate agent, it’s best to get a head start. 

Looking to buy a home in 2023? Consider these four ways to prepare now.

1. Get your finances in order

For starters, check in on your credit score. When it comes time to apply for a mortgage loan, credit score is one factor lenders consider to determine your eligibility. A better credit score can help you get increased access to financing options and ultimately a more desirable mortgage rate.

Research loan options in advance, too. RE/MAX President and CEO Nick Bailey shares that in today’s market, a standard 30-year fixed-rate mortgage isn’t a homebuyer’s only route and suggests they look into alternate options like an adjustable rate mortgage (ARM), too. There are also specific loan programs for various cohorts, including veterans and military personnel. It’s helpful to get pre-approved by a lender prior to home shopping as it can set realistic expectations and help determine a budget.

Saving up for a down payment is one of the most important parts of preparing for purchasing a home – but there are other costs to consider along the way. Ideally, in addition to a down payment, prospective homebuyers will save up for other fees, including closing costs, moving costs, and more. Once living in the new home, it’s best practice to have funds set aside for regular maintenance and timely repairs.

2. Find a trustworthy real estate agent

With their experience and expertise, a real estate agent can be a homebuyer’s best asset in ensuring a smooth transaction. Seek out an agent that knows the area well, has a proven track record of success, and is a compatible fit.

Not only is a real estate agent knowledgeable when it comes to helping finding clients the right home, but they also can help negotiate with sellers and recommend services in the area for financing options, moving services, and more.

Best of all, work with a real estate agent you trust. According to a BrandSpark® survey of consumers, RE/MAX is home to the most trusted agents throughout the U.S.* and Canada**.

3. Consider what you want in a home

Take time to determine wants vs. needs in a future home. Whether you’re a first-time homebuyer who’s done with renting, or a current homeowner looking to upsize or downsize, assess your current dwelling for clues as to what to prioritize in a living space.

Is more storage a must? Does the need for a garage top all else? Creating a list now of these features can help identify – or rule out – properties when it’s time to start the home search.

4. Start area research

To help narrow down the home search radius when the process begins, do your due diligence in advance to figure out which areas meet the needs of you and your family. Some people may be moving to be closer to work, school or family and can start researching commute times to these locations (especially during rush hour!). And for those who have a dog, being near a park may be important.

Research can be especially important for those moving from farther away, some of whom may be purchasing a home sight unseen. Use tools like online maps, Google street view, and local town and city websites to determine what areas have to offer.

When you’re ready to look for properties, head over to my website or download my RE/MAX Real Estate Search App, and contact me!

*Voted most trusted Real Estate Agency brand by American shoppers based on the BrandSpark® American Trust Study, years 2023, 2022 and 2019.

**Voted most trusted Real Estate Agency brand by Canadian shoppers based on the BrandSpark® Canadian Trust Study, years 2023, 2022, 2021, 2020, 2019, and 2017.

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6 Signs You’re Ready to Buy a Home

Whether you’re looking for a yard for a pet or bigger closets for storage, buying a home could offer more flexibility than renting – and it can be a long-term investment. Are you ready to be a homeowner?

With the housing market balancing in many places, many people are finding that now is a great time to purchase a property of their own. Renters looking to buy are usually in the pursuit of more living space, creative freedom to decorate, and ownership of an asset that can appreciate in value over time.

Renters, are you tired of spending money each month to pay someone else’s mortgage? It may be time to consider buying a home. Here are the signs to look for:

You need more square footage

Upsizing is a common reason renters venture toward homeownership. With more heads under one roof – from children to aging parents to pets and more – an extra bedroom, in-law suite, or garage space can go from being a want to a need. Whether you find a place that has everything you want or a fixer-upper that can be turned into your dream house, owning property offers the potential of adding more space.

You’re looking for outdoor space

Having access to the outdoors – especially for those renting an apartment – has become an increasingly more important factor to prospective homebuyers. This can be especially true if you welcomed a new pet into your life recently.

The options for your outdoor spaces are much greater when you own the property, whether you want to add a fence around the yard for the dog, put in a swimming pool, or lay out a patio for entertaining guests.

You want the flexibility to customize your home

One of the many luxuries of owning a home is having the freedom to do what you please with your space. Oftentimes when renting, tenants are unable to paint walls, drill holes, upgrade aspects of the kitchen, and more. Each household functions differently, so it can be comforting to live in a space custom-tailored to your needs. If you’re handy with DIY projects or can hire professionals, your options for making a new space feel like home are endless.

You’ve saved up for a down payment

Many people start the homebuying process once they have saved up enough money for a down payment. With a budget in mind, check out available financing options (like first-time homebuyer or military housing grants) that may help determine how much you can afford.

The down payment isn’t the only cost associated with buying a home. Don’t forget to save up for additional fees associated with the process, including closing costs, a home inspection and other potential service expenses. When the time comes that you’re ready to put in an offer on a home, you’ll already have these funds set aside.

You’ve saved for maintenance, emergencies and repairs

Owning a home inherently comes with more responsibility than renting. When buying a home, it’s helpful to have money set aside for necessary repairs and unexpected emergencies. Being financially prepared ahead of time will make the inconvenience of a things like a broken appliance or leaky roof more manageable.

You’re looking for an investment (financial and emotional)

If you’re tired of renegotiating terms, paying higher rent, or moving each time your lease expires, then purchasing a home is a great solution. But in addition to peace of mind, owning a home can pose long-term financial benefits, too.

Likely the largest financial transaction a person will make in their lifetime, a home is an an investment that may, potentially, help you create generational wealth. Best of all, the money you pay each month to a landlord can be used instead to pay down your own mortgage.

If you’re done with renting and ready to buy a home, contact me, I’ll be happy to help you through the process!

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5 Ways to Make Your Pet Dog More Comfortable When Moving

Moving homes means big changes for everyone – including your furry friends. Here’s how to help dogs prepare.

As loyal members of the family, pet dogs play an important role in making any house feel like a home. But dogs are creatures of habit and may feel disoriented (nose out of joint, if you will) when it’s time to relocate or move to a new home.

While they may not help pack boxes or load the car, you can still appreciate your beloved furry friends accompanying you on the journey. Here’s how to make your pup more comfortable during the big move.

1. Contact the vet before you go

Pay a visit to your local veterinarian before moving,especially if your travel plans require a long car ride or taking an airplane. They may have tips and tricks for calming nerves during travel and can also provide you with updated copies of medical forms for your dog.

2. Pack their comfort items

Finding familiarity is key in brand-new surroundings. Make sure to bring along your pup’s favorite toys, blanket that lines their crate or go-to dog bed. These security items hold the scent of a place they are used to.

When you reach your new home, create a safe space right away – whether that’s a crate or just a cozy nook – that your dog understands is their zone for relaxing.

3. Update I.D. methods

It’s critical that you update important information like your address and phone number on your dog’s metal tag. If your dog is micro-chipped, make sure to update your contact info in the database system. Your dog may try to do some unwanted exploring – so if they do escape from a new yard, an updated address will help them get home safely.

4. Stick to their typical food

Sometimes, too many changes at once can lead to anyone not feeling their best. With new surroundings and so much unfamiliarity, make sure to bring along your pup’s normal food to not throw off their stomachs as they undergo stress. Plus, this will help ensure your new space remains accident-free (hopefully!).

5. Create routine from the start

For many people and dogs alike, routine is grounding. Even amid a busy move, try to stick to your dog’s regular schedule, like the time of day they eat and when they get their exercise. Taking a break from moving to walk the dog might even help clear your head, too.

Before moving day, take time to get acquainted with a map of your new neighborhood and look up parks and walking areas nearby. Once you’ve arrived at your new home, a neighbor may know of the best local dog-friendly spots.

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Considering Buying a House? 6 Signs That Confirm You’re Ready

Are you sick of paying monthly rent that contributes to someone else’s mortgage payment? Are you craving the freedom to repaint walls? Or, are you looking to build wealth through what is often considered a smart investment? If so, it sounds like it may be time to start your homebuying process.

Consider these six reasons that help affirm you’re ready to become a first-time homebuyer.

1. You crave the freedom to personalize and renovate

Owning a home gives you the freedom to express yourself by completely customizing interior and exterior spaces. You no longer have to abide by regulations regarding wall colors or hanging art.

Additionally, you can remodel and renovate your home as you see fit. From small projects, like changing cabinet pulls, to big projects, like tearing down a wall or adding hardwood floors, you have the authority to make decisions regarding design.

2. You’ve outgrown your space

An obvious reason to move is when you’re tight on space. For many, this could be because you’re expanding your family – think a baby on the way, more pets, aging children who want their own bedrooms or in-laws that are here to stay.

A shift in lifestyle patterns, like working from home and online schooling, means you may be on the hunt for more quiet workspaces. And, if you have hobbies or own outdoor equipment, it may also be time to assess your storage needs – like an attic or garage.

3. You seek outdoor accessibility

In apartment living, outdoor space is limited – and sometimes crowded. When you buy a home, a criterion may be a grassy yard, deck or patio space. Whatever your preference may be, you’re likely seeking a way to enjoy the outdoors with privacy.

Having your own outdoor space means room for entertaining and room for exercise. Plus, you can accentuate the curb appeal of your home with exterior décor like potted plants, flower boxes, furniture and seasonal holiday flare.

4. You’re done with fees and rules

A major downside to renting is paying for a property that you do not own, and therefore is not your personal investment. Apartment fees go toward necessary services, like garbage disposal, but also may contribute to amenities you don’t use, like a gym or pool.

Additionally, apartment communities often have time restrictions and limited hours on resources you would like to take advantage of.

5. You’re ready to make an investment

Have you been saving for a down payment? Though the initial cost can often be a barrier to entry for first-time homebuyers, the down payment may not need to be as high as you think.

Once you’ve saved enough money for that initial investment, however, the monthly costs associated with homeownership can be similar to what you would have paid in monthly rent. Only this time, your payments contribute to your property becoming an asset. The more you pay off your mortgage, the more valuable your home is to your personal net worth.

6. Long-term happiness

One of the biggest reasons to purchase a home is for the stability and security it provides you and your family. You can truly settle into the space and life can slow down a bit.

With the ability to personalize most aspects, and by thinking of it as a long-term investment, a home of your own becomes the place you cross milestones, celebrate holidays and create lasting memories.

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Housing Experts Expect Post-Pandemic Rebound

Spokane-Spokane Valley is expected to be a “top 10” market during and in a post-COVID environment, according to the National Association of Realtors®, which made the prediction as part of last month’s second annual Real Estate Forecast Summit. It was the only area within Washington state to make the list.

In addition to demonstrated resilience, NAR considered a variety of indicators deemed to be influential for a metro area’s recovery and growth prospects. The factors for the “top 10” list included unemployment rate; net domestic migration, including movers from expensive West Coast areas; share of workers in retail trade, leisure and hospitality industries; mobility to retail and leisure places; and the fraction of the workforce working from home.

“Some markets have been performing exceptionally well throughout the pandemic and they’ll likely carry that momentum well into 2021 and beyond because of strong in-migration of new residents, faster local job market recoveries and environments conducive to work-from-home arrangements and other factors,” said Lawrence Yun, NAR chief economist and senior vice president of research.

Housing experts tended to be optimistic about a post-pandemic rebound, citing improving conditions for jobs and stable interest rates as key reasons.

More than 20 leading economic and housing experts participated in the summit, which was held virtually. Among their predictions they expect GDP growth of 3.5% and an annual unemployment rate of 6.2% this year. The forecasters believe the unemployment rate will decline to 5.0% in 2022.

Yun said another 9.8 million more jobs are needed to match the prior peak.

Housing prices are expected to rise 8.0% during 2021 and 5.5% the following year, while 30-year fixed mortgage rates are projected to be 3.0% this year and increase to 3.25% in 2022.

The panels of prognosticators also anticipate:

  • Housing starts will total 1.5 million this year and 1.59 million in 2022.
  • The share of U.S. workforce working from home will shrink from 21% in 2020 to 18% this year; by 2022, it is expected to shrink to 12%.
  • Small declines in office and hotel vacancy rates in 2021, but a slight improvement in retail vacancies.

An overwhelming 90% of the experts surveyed expect the Federal Open Market Committee will make no change in the current federal funds rate of 0% during 2021. For 2022, a rate increase of 0.25% is predicted.

“It is an understatement to say the year 2020 has been filled with challenges and full of surprises,” said Yun. “Yet, one astonishing development has been the hot housing market as consumers eyed record-low mortgage rates and reconsidered what a home should be in a new economy with flexible work-from-home schedules.”

In his presentation, Yun said the months supply of inventory is at an all-time low.

In 2020, home sales will reach 5.52 million, the highest annual mark since 2006, with the median home price setting a record high of $293,000, according to NAR.

“Overall, residential real estate will continue to be an important driver of our nation’s economic recovery and the activity in these markets will help lead the way,” stated NAR President Charlie Oppler, a Realtor® from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby’s International Realty.

The 2020 NAR Real Estate Forecast Summit consensus forecasts are compiled as the median of the responses of 23 economic and housing market experts who participated during the 2019 and 2020 summits. The survey was conducted from November 19 through December 4, 2020.

[Source: Seattle King County REALTORS® NW Reporter]