How to Choose the Best Kitchen Countertop Based 0n 6 Key Variables

 

 

Written by Fixr Posted On Sunday, 08 October 2023 00:00

 

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When installing a new kitchen, there are many choices to be made that will affect its aesthetics, functionality and durability. One of the most important choices is that of the countertops, as they are one of the most used elements in the room. Today, there are many options available and things like variety, price and even green rating have made choosing the ‘best’ option quite tricky.

6 variables to consider

When planning your kitchen, you need to be aware of certain factors when it comes to the type of your countertop. To streamline the selection process, Fixr created the below two graphics using 6 key variables. The same 6 variables were considered in both graphics, however, the focus changes depending on the graphic which will be explained further in each section.

Installation is one of the first factors; can the contractor access your house with the delivery vehicle and is there space to work the material on site as necessary?

Cost refers to the cost implications relating to either the material itself or the installation process.

Maintenance looks at the day to day care that is required to ensure the countertop does not wear excessively or get damaged.

Durability focuses on how well the countertop stands up to use, including nicks or dents and water or heat damage.

Options available refers to the range of options in terms of color or finish that are available for that material or counter type.

Stain resistance is the last variable and it considers the surface resistance of the countertop. A marble material or the grout in a tiled countertop may be more susceptible to staining than other options, especially in a kitchen where various acidic or alkali foodstuffs may spill onto the surface.

Working with the scores, based on their own countertop installation cost indicator, it is possible to simplify the selection process using a numeric score. The better the product performs with regard to cost, installation, maintenance, stain resistance, durability and options available, the higher the score it has.

The top choices for the type of countertop

Here, the focus is on the type of countertop only, without looking at how the material of the countertop affects the outcome.

Tiling wins with a score of 22, thanks to the range of options available, its durability and stain resistance and fair overall scores for the other variables.

As the next three options have a shared score of 18, they get second, third and fourth place equally:

Slab countertops offer a good variety of options, however, have low scores for cost and installation which bring the total score down.

Cast in place countertops have an even, mid-range score across all factors, so are a good option where all variables are equally important.

Precast countertops can be costly and tricky to install, however, the other variables, especially durability and the range of available options, help to increase the overall score.

 

The top three choices for countertop material

Material options have improved in recent years and the list includes traditional options like marble, granite and wood as well as more contemporary options like solid surface, concrete, glass slab, stainless steel, recycled glass, ceramic and quartz.

Using the same numeric scoring system as the first graphic, the focus in the second graphic was on how the material scored without consideration of the countertop type. In this instance, quartz, ceramic and recycled glass come out as the best scoring options for material choice.

Quartz has most of the aesthetic attractions of natural stone, however, its stain resistance, durability and range of options beat almost all other finishes, leading to a total score of 23. Though cost and installation are relatively high, it pays for itself in the long run.

Ceramic comes next with a score of 22, it offers the widest range of options of all and has good durability and stain resistance, but installation, cost and maintenance bring its average score down.

Recycled glass follows in third place matching ceramic’s 22, but its main strong points are durability, stain resistance and maintenance, so, once again the choice comes down to your priorities.

Making The Final Choice

In order to make your final decision, it is best to identify your top three priorities in terms of the six variables used. Then, simply find the countertop type and material that have the highest scores for those three variables and compare them against each other to establish the best choice for your kitchen.

Of course, there are many other more subtle variables to consider. Environmental implications have become important and even legislated in some countries, so it may be worth considering each material in this light as well. You may find your chosen countertop’s green rating brings down or improves its final score.

At the end of the day, you want to feel satisfied with your choice and have a countertop that is both beautiful and durable. Hopefully, this scoring system will make that choice a little easier.

And remember, beautiful countertops won’t necessarily add value but they will make your home more attractive to potential buyers should you want to sell.

 

What to Know About Accessory Dwelling Units 

 

 

Written by Ashley Sutphin Posted On Monday, 17 July 2023 00:00 

 

 

With the stubbornly high prices of homes and the limited inventory, people are getting more creative about their living spaces. With that can come the use of accessory dwelling units or ADUs. These additions create secondary housing on a single-family lot. An ADU can be a way to create multi-generational housing or a second income stream.

Accessory dwelling units are also great for guest suites, in-law apartments, and home offices, but there are things to be aware of before you commit to adding one to your property.

What Is an ADU?

The term accessory dwelling unit is regulatory and legal in that it describes a secondary house or apartment sharing the lot for a larger main home. These units can’t be bought or sold independently, but as mentioned, they can be a source of additional income.

ADUs usually have their own living and kitchen areas and a separate entrance from the rest of the home. They can be standalone or attached to a garage or another part of the primary house but generally use the house’s water and utility connections.

ADUs and Zoning Laws

Following World War II, there was a major housing boom in the U.S. In response, most residential parts of the country were zoned, setting limits on the size and separation required for single-family homes and also limits on population density. In more recent years, there have been growing changes in zoning that allow for ADUs.

The zoning laws for ADUs usually limit the style and size and also require the owner to live on the property.

If you’re thinking about building an ADU, you have to find out if it’s legal where you are. If you build an ADU and it’s against any laws or regulations to do so, it can cause future problems if you want to refinance at any point. If you build an ADU without proper authorization, you might also face code enforcement actions. If you’re a property owner, you should look at the zoning ordinances where you live, and it’s not a bad idea to consult with an attorney as well.

The Pros and Cons of an ADU

The pros of ADUs include that they can provide additional income if you rent them out, add value to your property, or give you more living space. The downsides of an ADU include that they cost money to build and then maintain on a monthly basis, they could take up space you might use for another purpose, and if it’s used as a rental, it will require you to act as a landlord.  

While one of the benefits of an ADU is that it has the potential to add value to your property, it depends a lot on the market. Knowing whether an ADU will be a good investment can be tough until you sell your property.

There are five types of ADUs, which include:

• Detached new construction, also called backyard cottages or granny pods. These give a lot of privacy because they’re separated from your main house.
• An addition or attached ADU extends from your main residence.
• An above-garage ADU can be added to existing garages as part of a remodel, or you can add one to the plans for a new build.
• Garage conversion ADUs can change the garage’s entire functionality from storage to an ADU.
• Basement conversions are similar to garage conversions in that the basement becomes an extra living space and often has a private entrance.

 

You will almost always be required to get a permit for an ADU, with specifics depending on your state and relevant local laws. Because of the demand for affordable housing, a lot of states have eased up on zoning laws to promote using ADUs to create more affordable housing.

Depending on where you live, particular guidelines may determine the minimum lot size or how many ADUs you can put on one property. Some laws dictate the size, type, and design of an ADU, and you may face multiple sets of guidelines—for example, one set from your city and one from your HOA.

You can’t sell an ADU as a separate residence because the term accessory means it’s legally attached to your current single-family lot.

Your location will have its own development standards. For example, in some towns, there’s a limit on the square feet that an ADU can be. You should consult your local laws to determine what type of kitchen may be required.

Overall, ADUs are a way to deal with the housing affordability crisis. They can also be a way to have loved ones live with you so they don’t have to go to assisted living or nursing homes while retaining a sense of privacy. They are guided by plenty of regulations, and you need the proper permits, but it’s an interesting form of housing that’s becoming increasingly in demand.

 

How Can You Break a Lease Legally? 

 

 

Written by Ashley sutphin Posted On Wednesday, 12 July 2023 00:00

 

 

Sometimes, people find themselves in situations where they need to break their lease. You can legally break a lease sometimes, but the situations where it is legal are pretty limited.

One reason you can break a lease legally is if the property is violating habitability standards. The law requires landlords to maintain a property in a “fit and habitable” condition. This means tenants need access to running water at all times, and trash bins must be provided. Landlords must perform repairs, follow health and safety codes, and clean common areas.

A tenant can file a health or safety complaint if these things aren't done.

If a formal complaint is required, an inspector visits the property to see if there’s any merit. The inspector will decide if the complaint is valid, and a landlord is sent a notice of violation. The landlord is then given a certain number of days within which they have to fix the problem.

The tenant could file the complaint directly with the landlord, too, and provide written notice that says there’s a violation needing to be repaired. State laws dictate how long a landlord has to respond and then fix the violation.

The tenant may be able to legally break a lease agreement in most states if a landlord doesn’t fix a major violation.

If a tenant tries to break a lease based on habitability reasons, they have to provide written notice stating their intention to terminate the agreement. Depending on the law in the state, the tenant has to wait a certain number of days after they give notice before moving out. The exception is if the violation is so severe that it would require a tenant to move out immediately.

Rules of Entry and Harassment

Landlords are required to give a minimum of 24 hours’ notice before they have the right to enter a tenant's unit. Also, the landlord must have a legal reason to enter, like inspecting it, making repairs, or showing the unit to possible tenants.

The tenant may have a legal right to break their lease if the landlord tries to enter their unit for reasons that are not allowed or they make continued attempts to enter the unit without notice.

A tenant can also break their lease legally if the landlord harasses them. The tenant usually has to get a court order to get the landlord to stop their behavior. If a landlord violates the court order and doesn’t stop the behavior, the tenant can provide them notice they’re terminating the lease.

Active-Duty Military

The Service Members Civil Relief Act (SCRA) provides protections for members of the military who are on active duty. If a service member signs a lease and gets orders requiring them to relocate for at least 90 days, the tenant can terminate their lease agreement. The tenant does have to provide written notice to their landlord at least 30 days before the date they want to end the lease. The tenant will also often have to show proof to their landlord.

Domestic Violence

Many states have protections for people who are victims of domestic violence. If a tenant is the victim of domestic violence, they might have the right to terminate their lease without penalty. The act of violence must have occurred within the last three to six months.

To utilize these protections, a tenant has to provide written notice to their landlord that they want to terminate their lease due to domestic violence. They have to give the notice at least 30 days before they hope to end their lease, and some states require more notice than that. The victim has to pay rent only up to their lease termination date. The landlord does have the right to ask for proof of domestic violence.

The Property’s Illegal

If the apartment someone is renting isn’t a legal unit, a tenant can end their lease agreement without being penalized. State laws vary, but the tenant is often entitled to have at least a portion of their rent paid back. They might also be entitled to additional money from the landlord to help them find another rental.

Finally, a lease is a legally binding contract. Other than the reasons above, if you break your lease, you could face legal consequences. One consequence is the landlord suing you for any rent owed if you’re the tenant. A landlord could also sue you for damages and breach of contract, and you could get an eviction on your record. Evictions negatively affect your credit, and it could be hard to find anything to rent in the future.

 

10 Homemade Remedies for Bug Prevention 

 

 

Written by Lydia Lee Posted On Friday, 02 June 2023 00:00

 

Unwanted pesky bugs and pests can put a dent on the delight you should get from your home. Surprisingly, there are common household products you can use to get rid of flies, ants, aphids, spiders, and other insects you want to steer away from your space. Try mixing some of these natural ingredients and make your own bug prevention solution. These are some helpful homemade remedies to keep your house free of unwanted visitors.

#1 Citrus

Orange and lemon essential oils are great in discouraging bugs away. Create a natural spray that can repel those itsy bitsy spiders by mixing 5 drops essential oil, 5 drops biodegradable dish soap with 4 cups of water. If you have 100% undiluted lemon juice, you can it mist around cracks in your home. Then, place orange or lemon peels on bookshelves, cupboards, and other locations where spiders and other bugs like to stay. Lemon peels are also found to be efficient against moths lurking in closets, same with cedar.

#2 Peppermint

If you are battling with pesky ants, dried mint leaves and essential oil can be your best allies. Add 8-15 drops of peppermint essential oil in one cup of water and put it in a spray bottle. Shake the container well and spritz along cracks or areas where ants are seen. Adding a few drops of biodegradable dish soap to the mixture can be great as it would kill ants on contact. Mint can also help deter flies away.

#3 Garlic Oil Spray

Garlic Oil Spray is perhaps one of the safest and effective natural insect repellents. Just add three to four cloves of chopped garlic into two teaspoons of mineral oil. Allow it to sit for 8-12 hours and then, remove the garlic out of the oil through a strainer. Mix two tablespoon of the oil with one pint of water and put a teaspoon of biodegradable dish soap. You can store the garlic oil mixture in a separate jar and dilute it with water whenever needed.

What works magic for this mixture is the compounds in garlic called diallyl disulfide and diallyl trisulfide. These two are irritating and fatal to most insects. The oil and soap allow the mix to stick on stems and plant leaves. If you are looking to repel aphids, beetles, and whiteflies, this spray will keep them away. Be cautious, though. Don't spritz the mixture on a hot sunny day as the oil may cause the leaves to burn quickly.

#4 Lavender and Eucalyptus Essential Oil

Mosquitoes are undoubtedly irritating and can carry viruses that can jeopardize your family's health. It's great that you can avoid them from sucking your blood off by using a mix of lavender and eucalyptus oils. Moreover, the blend helps heal any existing bites you got. The mixture has a natural fragrant odor which you can adore, but, on the other hand, mosquitoes don't find appealing. Lavender oil is one of the few essential oils you can apply directly to your skin. It is advisable, however, to consult with your doctor first for any allergy concerns.

#5 Coffee Grounds

Bug and other pests don't like coffee the way you do - they actually hate it. You may use recycle leftover coffee grounds and sprinkle them around in areas outside your home where you think critters are emerging. For ants, coffee is fatal, while other pests can't endure the odor of the ground and will steer away.

#6 White Vinegar

Vinegar might be the most versatile ingredient from your kitchen. Not only it pickles your cucumbers, clean your windows, or remove stains from your clothes, it's also efficient in avoiding ants and other pests from meddling in your space. Half of the white vinegar mixed with half water in a spray container works much in repelling annoying critters. You can spritz the mixture in the perimeter of your house, around a tent or a screen house or on the legs of tables where you place food to get rid of flies. Just reapply the concoction as it wears off or when necessary.

#7 Banana Peel and Tin Foil

Don't throw those banana peels away. You can chop them and place them on the soil around the stems of your plants. While it steers aphids and others pests away, it also adds nutrients to the ground. Another trick to deter aphids is by placing foil on the base of your plants. Sun rays will bounce from the foil onto the bottom side of the foliage. Be wary enough, though. Too much sunlight might burn your plant.

#8 Apple Cider Vinegar Fruit Fly Trap

Another way to get rid of flies is by creating this fruit fly trap. Get a bottle or other container with funnel-shaped opening, choosing such will allow flies to get in but not out. Put apple cider vinegar and any chopped fruit pieces, you no longer have to endure that buzzing sound in your ear.

#9 Cayenne Pepper

Cayenne Pepper is another valuable ant deterrent. If you sprinkle it in areas where ants usually gather, like locations near sugar or crumbs, they will steer away. What pepper's spice does is that it tricks the ants by signaling to them that none of their favorite sweet stuff is there. It can be quite messy, though, to spatter cayenne pepper in locations that aren't utilized often. Make sure to use it in your discretion, most likely on areas that have sweet goods or baking supplies.

#10 Basil

While it works magnificently on our dishes, sweet basil can also be useful if you want to get rid of flies. Just plant one in your patio and place it in a sunny area next to your frequently used door. Flies won't be wandering in your home anymore.

It's essential to feel comfortable in your beloved home and not be bugged by those pesky critters. Try the following home remedies about to ensure that you always at ease, or visit Pestwiki's site to get more tricks in getting rid of flies, ants, aphids, spiders and other uninvited visitors.

 

 

 

Understanding Squatter's Rights 

 

Written by Ashley Sutphin Posted On Wednesday, 31 May 2023 00:00 

 

If you're a landlord, you only want people living in your property who are paying rent. Unfortunately, this isn’t always what you’re dealing with.  

An unauthorized tenant is also known as a squatter, referring to any individual or group of people staying in a property they aren't paying to rent.

Squatter's rights are also known as adverse possession, allowing squatters to continue to use or occupy a property if the owner or landlord doesn't take any action within a certain window.

So why would squatters have rights, and what should you know if you're a landlord?

Why Would a Squatter Have Rights?

The objective of putting adverse possession or squatter's rights in place is to prevent vigilante justice from happening. If the person who owns the property was allowed to use violence to evict a squatter, the thought behind these laws is that the situation could get dangerous. It could also reduce the general safety of society.

The idea isn't to give people property rights when they shouldn't have them. Instead, it's encouraging landlords and property owners to use appropriate channels to deal with the situation. It's similar to tenants' rights to protect renters from a landlord in certain scenarios.

While squatting might sound a lot like trespassing, there are some distinctions, at least regarding the law.

Trespassing refers to a situation where someone unlawfully enters a property. That can mean they do so for just a brief moment of time, or they enter intending to stay.

Squatting is a form of trespassing technically, but squatters intend to make the property their permanent residence or make an ownership claim.

If a building is vacant, a squatter might take possession. A vacant building can be somewhat easy to take possession of through squatting, plus there may be minimal monitoring of the property.

Most of the time, properties occupied by an owner don't fall into the realm of squatter's rights because the owner wouldn't have to go through the eviction process to remove a trespasser.

A trespasser can be a squatter, but a squatter isn't automatically a trespasser. Some squatters may have had permission to come into the property or stay there at some point.

What is a Holdover Tenant?

There's another subcategory worth mentioning when talking about squatters: the holdover tenant. Their lease has ended, but the person doesn't leave the property. Whether or not this person would be technically characterized as a squatter can depend on the landlord's actions. For example, if the landlord doesn't tell the tenant to leave, then the holdover tenant still has the right to stay.  

In some states, under the law, a tenancy can convert into a tenancy at will, or the lease renews automatically week-to-week or month-to-month.

If the landlord explicitly asks the tenant to leave, they become a squatter because they are there without the permission of the person who owns the property.

The issue with squatters is that they might present a situation that makes them look like tenants, creating a civil issue.

Squatters can do this in any number of ways, like creating fake documents that show them as owners or tenants of the property or putting the utilities into their name. Squatters might make repairs and maintain the property to show that they were giving these services as rent, or they could furnish the property to make it appear they live there as a regular tenant.

Adverse Possession

The concept of adverse possession is one way to acquire property legally. You have to be in adverse possession for a certain time, and this legal concept is typically what’s actually also known as squatter's rights.

It's not easy to establish ownership through adverse possession. To claim adverse possession successfully, a person would have to use the property as a real owner would. For example, if it's a residential piece of property, the claimant would have to build a home on it and live in it.

The possession has to be exclusive, which means the person claiming the property has to defend their rights like an owner would, and there has to be continuous, uninterrupted possession.

Squatter's rights vary depending on the state, and the required period for adverse possession also does.

If you're a landlord or property owner, it's important to understand so-called squatter's rights in your state and what you can and can't do. Property owners, especially when they have a vacant property, must also monitor it carefully. If you don't want someone using it for any purpose, you have to make sure that you're explicit and clear in letting them know that.

Of course, this doesn't mean that someone can come into your home and say they own it, but there are legal paths where people can take possession of property that belonged to another person, meaning understanding the law is critical.

 

 

 

 

What to Know About Earnest Money 

 

Written by Ashley Sutphin Posted On Friday, 19 May 2023 00:00 

 

Earnest money is just one of the many terms to know when it comes to buying a home. It’s something you might initially overlook, but not understanding earnest money can create roadblocks in your process to buy a home once you’re ready to make an offer.

The Basics of Earnest Money

In simple terms, the earnest money is a deposit that you put down to show that you’re serious about buying a house. You want to show the seller that you really do want the home, and earnest money might be anywhere from 1% to 5% of the total purchase price.

It helps sweeten your offer to a seller and shows them that you want to take the necessary next steps to buy their home.

Then, in exchange for the earnest money, the seller will take their home off the market. They’ll start to work to arrange things like inspections.

Earnest money goes into an escrow account while you wait on your closing. The escrow account is with either the seller’s broker or title company, or an escrow company.

They’re essentially securely storing your money until your closing. Then, that earnest money is subtracted from the total you owe, and it goes toward your closing costs.

How Much Earnest Money Should You Offer?

Again, earnest money is typically anywhere between 1% and 5% of the price you agree on with the seller to buy the house. There’s a lot of variance in this, though. For example, in some locations, you might do a fixed amount and in others you could pay a percentage.

In very popular housing markets, you can see very high earnest money deposits. Your real estate agent will help you know what’s in line with your area.

Earnest Money Is Not a Down Payment

This can be an area of confusion for some buyers—earnest money is not a down payment. Your down payment is fully separate from earnest money and is anywhere from 10-20% of your home’s purchase price.

You need to make sure that when you’re thinking about how much a house will be, you’re adding up your earnest money and your down payment. Your earnest money is due when you make an offer, while your down payment and closing costs are due later.

Is It Refundable?

When you enter into a purchase agreement, it will outline contingencies. These are situations that are agreed upon where you can walk away from a deal and still get your earnest money back.

For example, you might have an appraisal contingency in case the appraisal is lower than the sale price.

Your real estate agent will help you decide the contingencies to put in your contract.

If you’re in a highly competitive market, you might agree to nonrefundable earnest money. That’s very risky because if your sale falls through, the seller gets to keep your money.

If you break the terms of whatever your purchase agreement is or you decide you don’t want to buy a house anymore, then the seller can keep your earnest money.

This is why it’s important to work with a qualified real estate agent. They’ll help you understand what you need to know before you sign anything because otherwise, you could end up giving up a lot of money that you potentially can’t afford.

As a final note, earnest money isn’t required. If you’re buying in a market that’s not very competitive, you may not need to worry about it. It’s instead a good way to beef up an offer, especially if you’re worried there could be multiple offers on the house you want.

 

 

 

 

5 Tips to Save in Your Kitchen Remodel 

 

 

Written by Cristina Miguelez Posted On Sunday, 21 May 2023 00:00

 

The kitchen is the hub of the household. It is where the family gathers daily to socialize and create delicious cuisine. Without a doubt, the kitchen is also one of the most important rooms to remodel to potentially increase the value of your home. In fact, a home that has undergone a kitchen remodel sells 8% faster, according to realtor.com studies. 

Historically, the kitchen was once hidden away from the main house for several reasons, such as to reduce excessive heat and to control smells. Nowadays that is no longer the case. The kitchen has made its debut as an integral part of the home and perhaps the most important room, which is why many homeowners are looking to upgrade the space. In this article, we will explore tips to save in your kitchen remodel. 

Top Ways to Save in Your Kitchen Remodel 

The average cost of a kitchen remodel in the United States is between $8,500 to $25,000. The figure might seem a bit wide-ranging, but if you are looking for ways to pinch your pennies, then rest-assured that with frugal decisions, you can cut costs to keep the total amount in the lower end of the spectrum. 

Choose mid-range efficient appliances 

Sure, it is tempting to pick only high-end appliances for your kitchen, but such high-dollar items are usually unnecessary. You can choose practical, energy-efficient appliances that boast acceptable warranties and look fabulous. 

A factor to consider when picking appliances is longevity. Refrigerators usually last only 15 years or less but a cooktop and range function last considerably longer. Also, if you have a large family then you are constantly washing dishes, so a large, efficient dishwasher becomes a mandatory investment.  

Whichever appliances you choose, try to stick with one brand and appearance. Stainless steel remains the most popular finish choice. If you want your home to appear modern, then you will want to pay close attention to design and appearance while still trying to avoid paying premium prices. Instead, settle for moderate workhorse appliances that provide you with looks, function, energy-efficiency, and longevity. 

Opt for affordable yet durable counter materials 

When you walk into a kitchen, you might believe your focal point is the cabinets but most people zero in on the countertops first. Perhaps it is the clean, sleek design or the sparkle of the surface. A showpiece countertop dictates the cabinetry, room furnishings, and color scheme. 

When picking countertop materials, remember you can pick granite with a rating of a level 2 grade (mid-grade) versus a level 3 (premium grade). The differences are subtle and usually missed by a novice who does not work in the granite business. Choosing a lovely, mid-grade granite countertop offers a greater return-on-investment. The cost of granite countertops runs from $35 to $500/sq. ft. 

Laminate countertops are another option. They mimic the appearance of granite without the high cost. Historically, you could not install an under-mount sink in a laminate countertop, but designs have changed and now you can. Laminate hovers at an affordable $5 to $30/sq. ft.

Quartz (an engineered stone) and concrete countertops are other cost-saving options. The average cost of quartz is $55 to $200/sq. ft. and concrete runs $75 to $200/sq. ft. 

Resurfacing an older countertop with tile is another option. This project typically costs around $10 to $70/sq. ft. 

Go for a cosmetic upgrade instead of a whole cabinet replacement

It’s tempting to purchase all new cabinets for the kitchen but that can become expensive with 30 linear feet of average cabinets costing from $6,412 to $11,400 for installation. However, resurfacing the existing cabinets is a great way to provide an instant facelift to the room. Many opt to carry out refinishing cabinets as a DIY project to save even more. 

You can also replace kitchen cabinets with veneer models instead of real wood. Budget cabinets range from $70 to $100 per linear foot. Handles, knobs, and pull are the crowning glory on your kitchen cabinets. However, that does not mean that you must spend a fortune on the hardware. Knobs can range from $1 to $100 and hinges from $1 to $15.  There is a huge range of prices so you can find your comfort zone within your budget. 

Install a backsplash with attractive, long-lasting materials 

Backsplashes look good and showcase not only the kitchen cabinets but also the countertops. There are a lot of different backsplash materials you can choose to create your perfect backsplash, but they aren’t all created equally. Depending on how much cooking you do, you’ll want to find a material that’s durable, stylish, and long-lasting.

Ceramic tile is very popular but it’s also costly, with the average price hovering at $5 to $100/sq. ft. However, you can pick a porcelain tile for $5 to $20/sq. ft. Also, why not cut costs by using large tiles that would usually be laid on floors as a backsplash? The bigger tiles require less grout and costly cutting. Deco-pieces like glass tiles are easy to fashion into eye-catching mosaics. 

Plan ahead by shopping around and doing some work yourself

Feel out your contractor’s schedule and get him at a slower time of year. Typically the middle of summer and the middle of winter are a little slower and could get you a better rate.

Next, check your local tile, stone, flooring, and bathroom fitting showrooms for odd lots. Odd lots are often left over or returned items. They’re just as good quality, but they go for rock bottom prices. The only catch is that what you see is what you get, so if you need 150 square feet of something, and they have 140, it won’t work. But, many times you can get lucky and find a thousand feet of something discontinued that you can get for pennies. This also goes for sinks and faucets - it really pays to check around, especially if you aren’t picky. 

If you need a small piece of stone for a vanity top, bar top, or table, also be sure to ask about remnants at the stone yard. 

Final thoughts

Yes, you can create the kitchen of your dreams on a shoestring budget with just a few of the ideas above. These tips to save in your kitchen remodel help you create an upscale remodel without spending an excessive amount of money. You can enjoy your beautiful kitchen while feeling good about the fact that you have potentially increased the value of your home, which is a great return on your real estate investment.

 

 

 

 

 

Are Letters to Sellers Illegal? 

 

Written by Ashley Sutphin Posted On Wednesday, 17 May 2023 00:00

 

The housing market has been intense for buyers, to say the least.

The inventory of available properties around the country is low, and demand is high. That leaves many buyers scrambling to figure out how they can set themselves apart in the eyes of a seller. Not everyone can raise their offer above asking. Even if they do, there’s no guarantee they’ll get the property.

That means many buyers tend to use other tactics to score a home, including writing letters to a seller.

It’s not inherently a bad idea, and it’s something that a real estate agent might recommend in some cases. The idea is that you can explain more about who you are and why you love the house. Many sellers have an emotional connection to their home, and they want to feel like someone else will enjoy it the way they have over the years.

At the same time, before you start writing a letter, check with your real estate agent because it could create a problem.

Oregon Bans “Love Letters”

During this past summer, would-be homebuyers in Oregon became prohibited from writing what was referred to as love letters to sellers.

Oregon Governor Kate Brown signed a bill into law, which was the first of its kind in the country, telling seller’s agents they have to reject this type of communication. The law went on to say that in general, there shouldn’t be information transmitted between buyers and people making a bid on a home outside of the traditional offer.

What’s the Problem?

Many might be wondering what the problem is with a seemingly harmless letter explaining why you’ve fallen in love with a home.

According to critics, the letters can create fair housing risks.

They might contain personal information or characteristics about a buyer, such as their race or family status. That information could intentionally or unintentionally affect a seller’s decision to accept or reject an offer.

National Association of Realtors Response

The National Association of Realtors (NAR) spoke out after Oregon took action banning letters to sellers. The organization said it wasn’t aware of any situation where these letters led to legal action or lawsuits. NAR said in the statement that real estate transactions should use only non-discriminatory and legitimate criteria when decisions are made.

What Can Realtors Do If Clients Do Want to Write a Letter?

Unless it’s explicitly banned where you work or where your clients are buying a home, in most places, they can still legally write a letter to the seller.

As a real estate agent, it’s essential to educate them about what they can and can’t include in these, however.

First, go over the details of everything your client should know about writing a letter, including the upsides and downsides. If you’re working for a seller, you should let them know you can’t accept letters as part of an MLS listing, and you need to remind your clients that whether or not to accept an offer should only be based on objective criteria.

If you have a client who wants to write a letter, don’t help to draft it, in addition to not delivering it.

Don’t read these letters, and document any offers received, as well as the seller’s reason for accepting one over the others.

Overall, in most cases, there’s not a legal issue with writing a letter to a seller unless it has some information that could be used in a discriminatory way. If you’re a real estate agent, make sure you’re up to date on everything you need to know about fair housing laws and your role if a letter is involved

 

The Importance of Home Inspections 

 

Written by Realty Times Staff Posted On Wednesday, 03 May 2023 00:00 

 

Being aware of any issues before purchasing a home is important, as it can help you budget what needs to be fixed or make the decision to rescind an offer. With a competitive housing market, buyers are forgoing home inspections now more than ever. While this can provide an edge in successfully closing on a property, waiving a home inspection can reveal major hazards within your home. 

Do you need a home inspection?

Home inspections cost anywhere from $300 to $400, however, if there are glaring issues within the home that can cost thousands of dollars, you can become aware of them prior to closing. The contingency is used in the case where a home inspection reveals issues, leaving the buyer the chance to back out within an allotted time frame or to renegotiate an offer.

Whether or not it’s worth the risk to skip a home inspection is up to you. Keep in mind, though, it’ll likely cost you less money to enlist a neutral, third-party professional to assess the home you are about to buy than it will to fix issues you missed later on.  

What does a home inspection cover?

A quality home inspection can provide a lot of information about the home you’re buying. Typical home inspections last 2 to 3 hours. It’s recommended that you’re present with the inspector during this process to ask any questions or clarifications while they are conducting the inspection.

While it varies, a home inspector is looking for issues that might affect the property’s value, and they typically cover:

• HVAC systems
• Electrical systems
• Interior plumbing
• Foundation
• Insulation
• Windows and doors
• Roofing
• Attics and basements
• Structural components (floors, walls, stairs, etc.)

Sometimes an area of the home is off-limits, either due to potential safety risks to the inspector or it is just behind locked doors. Any space that is not accessible will be noted by the inspector in their report.

Why are home inspections important?

Having your home inspected may uncover some critical issues that can become hazardous to your health. As you go through the inspection with your qualified home inspector, they will help you to identify certain toxins such as lead, mold, or asbestos-containing materials. These things are especially important to look for if you are interested in purchasing an older home. Exposure to asbestos can lead to mesothelioma cancer, which is a rare cancer caused by the inhalation of asbestos fibers and most commonly impacts the lining of your lungs. Exposure to lead can cause impairments in cognitive function, especially in developing children. If you’re aware of these potential risks prior to purchasing, you can save you and your family from potential health impacts.

Other safety issues that can be discovered during an inspection can be related to the structure of the home. Solid framing of walls and flooring are important to check so that all of your surfaces are supported for not only your weight but can take the typical weight of furniture and appliances. The indoor staircases and any outdoor steps can also pose potential risks. They should be checked for sturdiness, step width, and depth, and there should be a proper railing. Structural safety is even more important to pay attention to if you have children that may not be aware of hazardous situations.

A good inspection also may be able to save you money in the long run. If there are major issues that need to be addressed in order to meet safety standards of living, finding out ahead of time can allow you to put that financial burden on the seller as opposed to yourself. One way to do this is to make your offer contingent on the completion of certain changes. You can also choose to lower your offer, due to the cost you will incur by fixing the problems at a later date.

Deciding to invest in a home could be one of the largest financial decisions that you make in a lifetime. Having a complete picture of the house, prior to finalizing the purchase, can ensure the safety of you and your family and make you confident in the decision you’re making. 

 

Is Now a Good Time for Homeowners to Switch to Solar? 

 

Written by Charlotte Granville Posted On Monday, 01 May 2023 00:00 

 

 

If you’ve been considering making the switch to solar energy, you might be wondering if now is the right time to do so. Whether it’s cost or efficiency concerns that are the source of your hesitation, we’re here to solve any doubts for you. This article will explore the advantages and disadvantages of switching to solar energy in 2023, so you can make an informed decision about whether now is the best time for you to invest in solar panels for your home.

The Advantages of Going Solar in 2023

The benefits of installing home solar systems have been clear for quite some time now. So why is 2023 a particularly good time to go solar? 

• Reduces energy bills: With electricity costs continuously rising, solar energy can help you make significant long-term savings on your power bills. Thanks to net metering, your electricity costs can be offset with the energy generated from your solar panels, giving you credit that can be used to reduce your future energy bills. But some states are starting to change their net metering policies, so now would be a better time than any to switch to solar and lock in the best rates you can get for saving on electricity bills.  
  
  

• You gain energy independence: Another reason to go solar in 2023 is the energy independence that solar panels can provide. Solar panels can give you energy independence by allowing you to create your own energy and not have to rely on the power grid as much. A recent study found that a third of Americans are now concerned about power outages, and solar energy backed up with a storage system is a great solution in these scenarios. 
  
  
• More incentives: The IRA has recently increased the federal solar tax credit from 26% to 30%, meaning you can claim 30% of the costs of your solar panels back on your taxes. However, this tax credit is expected to drop back to 26% in 2033 and 22% in 2034, so installing solar panels is something that should be done sooner rather than later if you want to cut down the costs of going solar. 
  
  

• More affordable than ever: Switching to solar has never been so affordable. The cost of solar panels has dropped by 70% in ten years , making this year a better time than ever to go solar. Prices increased slightly in 2021 due to the pandemic, so installing solar panels now while prices have lowered again will reduce the risk of you having to face any cost increases due to unforeseeable circumstances. 

The Disadvantages of Solar Energy in 2023

• Solar is an intermittent energy source: Solar power doesn't generate power at night, and cloud, snow, or debris can affect the energy production of your solar panels. However, solar battery backup solutions have now become available, so you can store solar power and draw from it even if your panels aren't producing energy at that time. 
  
  

• The upfront costs can be high: Although going solar is now more affordable than ever, the upfront costs of installing solar panels can still be high. Not only will you have to pay for the solar panels themselves, but you will also need to consider installation costs. And if you’re planning on storing your energy by opting for a solar battery, costs can reach up to $9,500 for the battery alone. 
  
  

• Supply chain issues: Some supply chain issues are still ongoing since the rise in demand for solar panels and the delays the pandemic has caused. These issues may be starting to ease in 2023, but it still remains unknown whether supply will be able to keep up with increasing demand. 

So Is Now a Good Time to Switch to Solar? 

It’s clear that the advantages of installing solar panels currently outweigh the disadvantages. Besides, installing solar panels can increase your property’s value, meaning you may see a good return on your investment when the time comes to sell your home. However, if you’re planning on selling your home in the near future, consider that it takes a few years for your savings on energy bills to accumulate and make up for the costs of installing your solar panels, and once installed, you can’t take solar panels with you. 

Ultimately, whether you choose to install solar panels in 2023 or not, solar energy is an increasingly viable and cost-effective option if you’re looking to reduce your carbon footprint and save on energy bills. So if you're considering making the switch, remember that the sooner you invest in solar energy, the sooner you'll start reaping its benefits.

Your Ultimate Guide to Kitchen Backsplash Materials 

 

 

Written by James Stevenson Posted On Saturday, 29 April 2023 00:00 

 

Ceramic and porcelain are the traditional materials used for backsplashes, with 55% of new kitchens using one or the other. Both are durable, protective, and can look beautiful. But they aren't your only options. If you want to give your kitchen a new look, consider using one of these backsplash materials.

Tiles 

You have a few options when it comes to the type of tile you choose, ceramic, glass, or natural stone. Tile is a popular choice because it's impermeable and does a great job of protecting the wall. It's also easy to keep clean.

To know what type of tile you should use, you need to consider the style of your kitchen. Your kitchen cabinet company can help you design a custom backsplash that matches the design of your kitchen. 

White ceramic tile can look great in both modern and retro-inspired kitchens. Natural stone in marble can give your kitchen a luxurious feel. Glass can add a bright and funky feel. 

Glass

Instead of using glass tile, you could use a large sheet of tempered glass. This works great for adding protected lighting above your stove. It also allows you to use any wallpaper or paint you wish behind the glass. 

Chalkboard Paint 

A low cost and creative option is to paint your backsplash area with chalkboard paint. You can do this yourself as an easy DIY project. You can write notes, menu ideas, or create a shopping list that's easily seen. 

When you're ready for a clean slate, all you have to do is wipe it clean. One downside, though, is that the black paint may close your kitchen in and make it feel smaller. 

Mirror

If your kitchen is on the smaller side, then using a mirror as a backsplash can open up the space. They will reflect the light and make it bounce around the room. The more light, the more inviting the space. 

The surface of the mirror will be easy to clean, though it will end up taking more effort to keep clean as any little bit of grease or dirt will show. 

Wallpaper 

This material provides you with a fast any easy option but not the greatest amount of protection. You also need to think about how moisture will affect the wallpaper and cause it to peel. 

Stainless Steel 

Lining your backsplash with stainless steel will give it a modern feel and tie all of your stainless steel appliances together. It's ideal because it's durable, easy to clean, and resistant to high temperatures. 

Just be careful with acidic foods. The acid will ruin the finish if not immediately cleaned. 

Choose From These Backsplash Materials

Consider one of these backsplash materials for your kitchen. Think about the amount of cooking you do and the level of durability and protection you need. 

Some materials such as chalkboard paint or wallpaper you can apply yourself. Others, such as tile, marble, and stainless steel are best left to the professionals. 

 

Could ROTH IRAs Have An Impact On Future Taxable Income? 

 

 

Written by Edward Brown Posted On Friday, 28 April 2023 00:00

Back in the early 1980s, when I was preparing tax returns, I made a prediction that everyone I shared with thought I was out of my mind; I predicted that the government was going to tax Social Security in the future. The objection from my naysayers was that the income was already taxed, so it would not be fair to tax it again.

My reasoning was that the government is always looking for ways to raise revenue, and it tries to do it in very sly ways. Unfortunately, I was right. First, Congress decided to have as much as half of a recipient’s Social Security be subjected to taxation; then, it was decided that up to 85% of Social Security could be subjected to tax, depending on the taxpayer’s adjusted gross income. This is not the first time Congress has done this “end run” on taxing certain income. In the “old days”, prior to the 1980s, the Alternative Minimum Tax was designed to only tax those wealthy taxpayers who could afford tax shelters and other tax avoidance schemes. However, years later, many people were subjected to this, somewhat hidden, tax as they had no idea they were being thrust into it. Certain expenses such as State Income tax deductions were added back into income and taxpayers found themselves paying more when they filed their income tax return than they expected. Worse, it was difficult to avoid this tax that was supposed to be imposed on “the wealthy” but was now subjecting middle class taxpayers.

Next, Congress decided that Municipal Bonds could potentially cause a taxpayer to pay higher taxes [on their Social Security] than they normally would by owning Municipal Bonds, depending on adjusted gross income. So, although the owner of Municipal Bonds does not pay tax on the interest earned on those bonds, the taxpayer may end up paying more taxes on other income because of the Municipal Bond income.

My predictions for the future are: first, ALL Social Security income received will be taxed. Next, since the system cannot accommodate all the Baby Boomers who are either currently receiving Social Security or are about to, the current threshold of income that is subjected to FICA from current workers will increase. Next, the retirement age at which someone can receive Social Security will increase, as they have recently proposed in France. Then, there will be a means test. If one does not “need” Social Security [by having too high a net worth or other income as determined by Congress], the potential recipient will not receive it. 

Next up on my list of predictions has to do with ROTH IRAs. For some time, many taxpayers have had the option of having a ROTH IRA instead of a traditional IRA. The plan was to pay taxes now and get it over with. The ROTH IRA would be allowed to grow without taxation as well as when the recipient withdrew money from the ROTH IRA [no penalties if the owner is over 59 ½]; however, ROTH IRAs have grown tremendously in recent years, as many taxpayers believed tax rates would increase and the thought was to pay the taxes when tax rates were less. With ROTH IRAs becoming a large part of “tax-free” growth, it is my belief that Congress will not just outright start taxing them, as this would fly in the face of what was originally proposed. The way that Congress will effectively get their tax revenue is to do what they did with Municipal Bonds as explained earlier; ROTH IRA income [possibly even the value of the assets in the ROTH IRA] may influence the taxability of other income. This would be a sly way of not directly taxing ROTH IRAs but be structured in such a way for the government to collect more taxes. This same strategy may also be applied to other deferred income that is not currently being taxed such as single premium life insurance, whole and universal life insurance and some annuities. 

I am not against ROTH IRAs, but my predictions have led me to believe that it is best to save taxes now [traditional IRAs, 401(k)s, etc.] wherein the taxpayer saves money immediately, knowing there is a 100% chance of no current tax. In addition, the taxes that are not currently paid can be invested and increase the taxpayer’s net worth. As the saying goes, A Bird in the Hand…

 

 

What Lies Ahead For Real Estate And The Lending Market In The Coming Months 

 

 

Written by Edward Brown Posted On Wednesday, 26 April 2023 00:00

Many fear a recession looming in the coming months that will negatively affect real estate prices. In a typical recession, house prices usually drop. According to the Joint Center for Housing Studies at Harvard University, housing prices dropped in four out of five recessions that have occurred since 1980. During those recessions, house prices dipped on average about 5% for each year the economy remained down; However, in the Great Recession in 2008, the average price dropped by nearly 13%.

During the recession of 1980, inflation started to skyrocket, much like we have been experiencing in this past 12 months. However, there are vast differences between the recession of 1980 and the possible one to come. First, the population in the United States in 1980 was just over 226.5 million people. Today, there are over 333 million people according to the US Census Bureau. Everybody needs a place to live, and supply has not kept up with demand. Many cities have dissuaded builders by imposing large fees as well as taking too long to issue permits. This could be due to downsizing of government staff, but another phenomenon that was not as prevalent in 1980 as compared to today is that neighbors have a lot more say in what goes in their neighborhood. When there are too many roadblocks, many builders shift to fix and flip. In addition, there is still a large supply chain issue left over from Covid. Also, costs of materials and labor has substantially increased. Lastly, finding qualified trade workers has been quite a challenge for builders.

One of the major differences in the early 1980s as compared to today is the interest rate on mortgages. By 1981, mortgage rates were as high as 19%. Although current rates at 6% seem incredibly high [since they bottomed out in the 2+% range during Covid], they are still less than a third of what they were in 1981. It is true that house prices have substantially increased since 1981, but so have wages. 

Some factors that affect the demand side of home purchases are that millennials are coming into the market in droves. These same millennials witnessed their parents’ difficulties during the Great Recession, but enough time has passed, and millennials are now in positions of starting families as well as becoming a strong impact in the workforce. Probably one of the most overlooked area of why demand should at least come close to supply [to keep residential real estate prices relatively stable] is that there were millions of homeowners who refinanced when rates were very low. These homeowners will not be able to replace their current mortgage rate for the foreseeable future. Thus, there has to be a compelling reason for these people to sell their house. Currently, the Fed is trying to tame inflation by raising interest rates. This has started to work, albeit slow and not strong enough. Anyone buying groceries will say that true inflation is closer to 15% rather than the 6% the government is touting. Raising the interest rates usually causes a recession, as costs of production are impacted. If a recession then causes interest rates to decline [due to lack of demand and falling inflation], we may see the refinance market pick up again and more mobility of home buyers driving up demand again. So far, there has been a slowdown in sales volume. This, in combination with slower refinances, has caused many mortgage companies to lay off workers. For the private lending industry, this should cause volume to move in their direction. Private lending use to be the last resort for many borrowers, as the costs were higher for these borrowers; however, with the smaller pool of lenders due to the layoffs as well as mainstream banks making it harder for borrowers to qualify due to the uncertainty of the economy, private lenders have moved up the chain with regard to the choice of lenders for those needing to borrow. In addition, we may likely see more bank regulations due to the downfall of Silicon Valley Bank and Signature Bank. The Fed wants to exude stability in the market, so they will probably clamp down on what banks are allowed to lend on as we saw the Great Recession produce new regulations via Dodd-Frank.

There may be a drop in real estate prices over the coming months, but it most likely will not be what we saw in the Great Recession, as that was a credit issue, where the banks were too lax in giving loans to borrowers who may not have had the income to repay. Current regulations make lending much stricter, so borrowers have to show the ability to repay the loan. Thus, even a coming recession should not see a tremendous drop in real estate prices.

 

Redfin Report: Buyers Can’t Buy if Sellers Won’t Sell 

 

 

Written by Redfin Posted On Sunday, 16 April 2023 06:36

New listings of homes for sale are down 25% from a year ago, making it difficult for buyers to find homes but giving some sellers a competitive edge

New listings of U.S. homes for sale dropped 25% from a year earlier during the four weeks ending April 9, continuing an eight-month streak of double-digit declines, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

That’s the biggest drop since the start of the pandemic, but there was a holiday weekend effect: Easter fell a week earlier this year than last year, making the new-listings decline larger than it would have been if Easter had fallen during last year’s comparison period.

People are reluctant to sell because they don’t want to give up their low mortgage rate and it’s hard to find another home to buy. Although rates are down from their November peak, this week’s average is 6.27%; 85% of homeowners have a rate far below 6%. The bright side for homeowners who are listing now is that desirable, well-priced homes are being snapped up in bidding wars in markets where demand outpaces supply.

New listings fell from a year earlier in all 50 of the most populous U.S. metros, with the biggest declines in California. They dropped most in Sacramento and Oakland (-47% YoY apiece), San Francisco (-43.2%), San Jose (-42.9%) and San Diego (-41.4%). The scarcity of homes hitting the market, along with elevated mortgage rates, is holding back sales. Pending home sales dropped more than 30% in each of those metros, more than the 19% nationwide decline.

While pending sales are down, early-stage homebuying demand is ticking up, with mortgage-purchase applications up 8% from a week earlier, seasonally adjusted.

Angela Langone, a Redfin agent in San Jose, said there aren’t enough listings to go around, with multiple offers on many homes. Both new listings and pending sales are down more than 40% from a year ago in San Jose.

“Many buyers here aren’t held back by high mortgage rates; it’s the lack of inventory that’s really getting in their way,” Langone said. “I have several clients who are serious about buying a home and they’re actively looking, but they can’t find anything right now and they’re waiting for more homes to trickle onto the market.”

Buyers have more options in other parts of the country. In Nashville, TN, for instance, new listings and pending sales were both down about 14% from a year earlier—but those are some of the smallest drops in the country.

“Inventory isn't a major problem here because the greater Nashville area is so sprawling, and there are a lot of newly built homes on the market in the suburbs,” said Nashville Redfin agent Jennifer Bowers. “Builders went big in the outskirts of the city over the last few years and now they're offering incentives to attract buyers, to the point where individual sellers are having a hard time competing. For buyers willing to stray from the city center, there are plenty of homes for sale.”

Two new pieces of economic data serve as tea leaves to anticipate how mortgage rates will trend over the next few months: It’s unlikely they’ll skyrocket, but it’s also unlikely they’ll come down enough to motivate locked-in homeowners to sell. The March consumer-price index and jobs report showed that inflation continued to cool and wage growth ticked down from the month before, but inflation is still higher than the Fed’s target.

“The Fed has made some progress cooling inflation with rate hikes but there’s still work to be done,” said Redfin Chief Economist Daryl Fairweather. “Even if the Fed chooses not to hike interest rates next month, which would likely bring down mortgage rates, the limited supply of homes for sale would remain a major obstacle for would-be buyers. Rates dipping below 6% would probably pique the interest of more buyers, but enough homeowners have rates in the 3% or 4% range that we’re unlikely to see a big uptick in new listings.”

Home Prices Falling in More Than Half of the U.S.

The median U.S. home-sale price fell 2.3% year over year to roughly $364,000, the biggest decline in more than a decade.

Prices fell significantly more than that in some metros, but rose in others. Home-sale prices dropped in more than half (29) of the 50 most populous U.S. metros, with the biggest drop in Austin, TX (-13.9% YoY). Next come four West Coast metros: Oakland (-11.4%), San Francisco (-10.9%), Seattle (-10.9%) and Sacramento (-10.6%). That’s the biggest annual decline since at least 2015 for Seattle.

On the other end of the spectrum, sale prices increased most in Fort Lauderdale, FL, where they rose 11.6% year over year. Next come Milwaukee (9.5%), Miami (8.5%), Cincinnati (7.3%) and Providence, RI (7.2%).

Leading indicators of homebuying activity:

• For the week ending April 13, average 30-year fixed mortgage rates dropped to 6.27%, the fifth straight week of declines, though it only ticked down slightly from the week before. The daily average was 6.42% on April 12.
• Mortgage-purchase applications during the week ending April 7 increased 8% from a week earlier, seasonally adjusted. Purchase applications were down 31% from a year earlier.
• The seasonally adjusted Redfin Homebuyer Demand Index—a measure of request for home tours and other homebuying services from Redfin agents—dropped slightly from the 10-month high hit a week earlier during the week ending April 9. It was up 6% from a month earlier, but down 21% from a year earlier.
• Google searches for “homes for sale” were up about 40% from the trough they hit in November during the week ending April 8, but down about 18% from a year earlier.
• Touring activity as of April 8 was up about 13% from the start of the year, compared with a 26% increase at the same time last year, according to home tour technology company ShowingTime.

Key housing market takeaways for 400+ U.S. metro areas:

Unless otherwise noted, this data covers the four-week period ending April 9. Redfin’s weekly housing market data goes back through 2015.

• The median home sale price was $364,366, down 2.3% from a year earlier, the biggest decline in more than a decade and the seventh week in a row of prices declining annually after more than a decade of increases. The latter is according to Redfin’s monthly dataset, which goes back through 2012.
• The median asking price of newly listed homes was $391,200, essentially flat (up 0.1%) year over year. That’s the smallest increase since May 2020.
• The monthly mortgage payment on the median-asking-price home was $2,502 at a 6.27% mortgage rate, the current weekly average. Monthly mortgage payments are down slightly from the peak they reached last month, but up 11% ($255) from a year ago.
• Pending home sales were down 18.8% year over year, the biggest decline in more than two months.
• Pending home sales fell in all 50 of the most populous U.S. metros. They declined most in Las Vegas (-45.7% YoY), followed by four West Coast metros: San Jose, CA (-42.9%), Seattle (-42.4%), Portland, OR (-41.9%) and Oakland, CA (-41.1%).
• New listings of homes for sale fell 25.4% year over year, the biggest decline since May 2020. If not for Easter falling on April 9, the decline likely would have been in line with the prior four-week period’s 22% drop.
• New listings declined in all 50 of the most populous U.S. metros. They declined the least in Texas: Fort Worth (-7.6% YoY) saw the smallest drop, followed by Austin (-11.1%), Dallas (-11.6%), Nashville (-13.5%) and Houston (-13.9%).
• Active listings (the number of homes listed for sale at any point during the period) were up 10.4% from a year earlier, the smallest increase in more than five months. The total number of homes for sale posted an unseasonal early-spring decline.
• Months of supply—a measure of the balance between supply and demand, calculated by the number of months it would take for the current inventory to sell at the current sales pace—was 2.8 months, down from 3.2 months a month earlier and up from 1.9 months a year earlier. Four to five months of supply is considered balanced, with a lower number indicating seller’s market conditions.
• 47% of homes that went under contract had an accepted offer within the first two weeks on the market, the highest level since June, but down from 53% a year earlier.
• Homes that sold were on the market for a median of 37 days, the shortest span since November. That’s up from 22 days a year earlier and the record low of 18 days set in May.
• 28% of homes sold above their final list price, the highest share in more than three months but down from 51% a year earlier.
• On average, 4.9% of homes for sale each week had a price drop, up from 2.3% a year earlier.
• The average sale-to-list price ratio, which measures how close homes are selling to their final asking prices, was 98.9%, the highest level in nearly six months but down from 102.1% a year earlier.

To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-new-listings-home-prices-fall