The Housing Market This Holiday Season

 As the holiday season begins the housing real estate market is seeing some changes. Mortgage rates are high peaking at around 7.23% as of late September. As the year comes to and end, here is what the housing market looks like.

There is a decrease in demand due to everyone focusing on the festivities during the holiday season. With the focus on the holidays, there are fewer new listings and fewer interested buyers looking. This can present a unique advantage if you are willing to work with the market during the holiday season.

If you want to list, your home could sell quicker during this time and if you are a buyer, there will not be as much competition. Buyers and sellers that are doing transactions during the holidays are very motivated. Often times this could be due to relocation for a new job, an unexpected growth in your family or a big life-changing event.

Investors are always on the clock even during the holidays. Investors know the slower months are a great time to snag a good deal. During the holiday season, sellers are very motivated. Since the market is slow, this is also a good time for a local real estate agent to connect with any local investors.

A digital age with virtual tours makes it easier to shop for a house during the holiday season. In fact, ever since the pandemic, virtual home tours have become the norm. Nowadays a buyer can tour a home 24/y in this digital age.

Negotiations and pricing adjustments are another benefit to holiday home buying. The decreased activity in the market, makes it a great time for those who decide to trudge on. The end of the year can be a great time for a financial transaction. There are benefits for taxes when you buy at the end of the year. It’s also notable that historically, interest rates tend to drop during the holiday season. While interest rate fluctuations are dependent on a variety of factors, the decrease in demand around this time can sometimes prompt lenders to offer more favorable terms to incentivize purchases.

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Four Tips To Follow in September When It Comes to Your Lawn

 This time of year is the perfect time for your lawn because it is not scorching hot. Even though the weather is perfect for the grass, you still have to keep it up. The month of September is the perfect month to make sure your lawn will stay healthy through the cold winter months.

“By taking these steps, you set your lawn up for success during the dormant winter months and into the spring growing season,” says Bryan Clayton, CEO of GreenPal.

1. Aerate The Soil

September is the perfect time to prepare your lawn before it gets too cold. You should do this by aerating the soil. This means letting the soil breathe. “Compacted soil is like traffic on a freeway – it stops everything from moving,” explains Bryan. A common way you can aerate your soil is by poking holes into your lawn with a spading fork.

2. Overseeding

This can go hand and hand with aerating your lawn, so you will want to follow up with this step. This will maximize the health of your lawn. “Simply put, aerating is great, but without overseeding, you’re only doing half the job. Overseeding is essentially throwing a seed party for your lawn, it can help to fill in gaps and build a thicker, more resilient turf,” instructs Bryan.

3. Fertilize

During the hot scorching summer is not the time to get out and fertilize your yard. “Your lawn needs essential nutrients to prepare for the winter and grow back strong in the spring. Although he warns of being responsive to your environment, if the weather is still particularly hot, avoid using chemical fertilizers as this could damage your lawn,” adds Bryan.

4. Mulch
“Adding mulch to flower beds and around trees helps retain moisture, enriches soil, and prevents weeds. It also acts as a protective layer against the cold in the winter months,” explains Bryan. Mulch will give your lawn extra nutrients that will help it to grow thick and healthy. The decomposing mulch will give off nitrogen, potassium and phosphorus.

Remember that each lawn will need its own special care. “Every lawn is different, and conditions like your local climate and soil type can influence the best practices for your specific situation,” says Bryan.

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Your Homeowner To Do List

 The first time you become a homeowner, you automatically get a nice to-do list which will continually grow. A homeowner shouldn’t stress about this to-do list as it helps with making sure every facet of your home operates to perfection.

When a buyer goes to look at a new home, they usually focus on their wish lists, and not the nuts and bolts that keep it functioning. Potential buyers look at the design and architectural style and how their furniture and decor will fit in the space. But once you become an experienced homeowner, you will know that you have to look at things such as the HVAC unit and the roof when you are thinking about purchasing. If you love the home but it has a faulty water heater, this could turn into a major issue down the road. Good news, issues can be resolved but you need to know about them first.

A great place to start with your list is The Home Depot’s Home Services center. They will help you hire the right person to come and fix a problem or check for a problem. They will only send vetted local providers who are experts on the parts of your home you didn’t really think about until you moved in. Once you have this down, you can partner with them to help keep everything in your home running smoothly.

Your HVAC is one of your biggest systems and does not need to go unattended. A good HVAC should keep every room good and cool without making tons of noise. One way to know when it’s time to call in the experts is when your system starts running louder, keeps turning off and on or not keeping the temperature consistent.

Another big unit is the water heater. Without your water heater, you will take constast cold showers. Not only does it heat up the shower, but also the dishwasher, washing machine and more. The Home Depot service center will deliver a new hot water heater and take the old one away for free.

There is nothing worse than a drafty house during the winter and a warm house during the summer. Your windows are what keep the outside elements out. An expert can help you find the perfect windows that will fit your home and lifestyle. Make sure to hire an expert who installs windows. If your windows are installed correctly you will save a ton on your utility bills.

Remember with the help of The Home Depot’s Home Services, your to -do list becomes no big deal. Homeownership should be a joy not a burden.

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A Record Decline in Mortgage Rates

 Why did the mortgage rate have the biggest decline this month since 2008?

According to Sam Khater of Freddie Mac, "over the last two weeks, the 30-year fixed-rate mortgage dropped by half a percent, as concerns about a potential recession continue to rise."

"Over the last two weeks, the 30-year fixed-rate mortgage dropped by half a percent, as concerns about a potential recession continue to rise," reported Sam Khater, Freddie Mac's chief economist. The higher rates are also affecting the number of mortgage applications. According to the Mortgage Bankers Association, applications dropped 5.4% in one week.

According to CNN, this is the largest decline we have seen since December of 2008. The week ending on July 7th the 30-year fixed mortgage rate averaged 5.30% which was down from the previous week which was at 5.70%. Although this is the largest decline we have seen, the rate was still a good bit higher than it was in July 2021.

"Rates are still significantly higher than they were a year ago, which is why applications for home purchases and refinances remain depressed," said Joel Kan, MBA's associate vice president of economic and industry forecasting. "Purchase activity is hamstrung by ongoing affordability challenges and low inventory, and homeowners still have reduced incentive to apply for a refinance."

The sharp decline stems from economic concerns about the high increases that came in May and June. Mortgage rates are at the highest levels along with listing prices. Listing prices have risen over 8.5% year-over-year for the last two years. The good news for buyers, more homes are being listed now according to Joel Berner, Realtor.com's senior economic research analyst.

Although there is more inventory, buyers are stills struggling with the inflation in home prices. This time last year, a buyer could purchase a home priced at $390,000 and put 20% down and still have a monthly payment of only $1,299. Freddie Mac reports that a buyer in today's market can purchase the same priced home with 20% down and the payment has jumped to $1,733 at the current rate of 5.30%.

"This inversion might sound ominous, especially in the midst of sustained inflation that both markets and the Fed agree will likely require more fed funds rate hikes to tame, but it remains to be seen whether these market conditions will lead to increases in the unemployment rate or decreases in production that characterize a recession," Joel Berner, Realtor.com's senior economic research analyst said.

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