WASHINGTON (April 12, 2022) – The lack of affordable homes is the top obstacle holding back potential home buyers of all races, but other obstacles to homeownership varied by race/ethnicity according to a new report released today by the National Association of Realtors®. NAR partnered with Morning Consult for its latest study, 2022 Obstacles to Home Buying, which explores current obstacles to home buying broken down by race/ethnicity.
The report compares the experiences of both potential and successful home buyers across races and ethnicities. The biggest challenges identified are a lack of affordable homes, a lack of homes that fit their criteria, competing with multiple offers, and saving for a down payment.
“Record-high home prices and record-low inventory have made the home buying process exceedingly difficult,” said Dr. Jessica Lautz, NAR vice president of demographics and behavioral insights. “Our new study shows that while the inventory crisis is affecting potential buyers of every race, nearly all home buyers agree that homeownership is still an important part of the American Dream.”
The findings show the second-ranking obstacle faced among potential Hispanic buyers was difficulty saving for a down payment. For potential Black home buyers, lack of credit or credit issues was the second-highest concern, while for White and Asian potential buyers it was a lack of homes that fit their criteria.
“In the current hot market, people who have traditionally enjoyed homeownership can capitalize on those gains to realize new opportunities. Meanwhile, the market becomes increasingly unaffordable, and the obstacles greater, for those trying to enter the market,” said Bryan Greene, NAR vice president of policy advocacy. “NAR advocates not only for existing homeowners, but also for those aspiring homeowners whose entrance into the market is necessary for the economy to thrive.”
Approximately three-quarters of potential home buyers are currently planning to save for a down payment, which most noted will take between six months and three years.
Among buyers who were successful in attaining homeownership, the new report found Asian respondents (51%) were more likely than White (32%), Hispanic (35%), or Black (33%) respondents to say a lack of affordable homes was an obstacle in their home purchase. The second-biggest obstacle White and Asian buyers faced was competing with multiple offers, while for Black buyers it was finding neighborhoods in which the buyers were comfortable.The National Association of Realtors® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
Buying your first home is a big freaking deal. How do you know which loan is right for you? How do you swing the down payment? How do you ensure your offer isn’t too low or too high? What don’t you know that you don’t know? Ack!
Breathe, friend. The process doesn’t have to painful.
To prep you for the journey, HouseLogic hosted a Q&A series on Facebook. Here are the top-10 Q&As from the first event, which was hosted by Meg White, the former managing editor of REALTOR® Magazine — and a homeowner, herself.
#1 Getting Started
Q: Where should a prospective home buyer (and their significant other, if applicable) start their buying journey? What do you do first?
A: The first step should be to look inward and have some super-honest conversations. This worksheet is a great way for you and your buying partner to get on the same page.
Talk openly about your priorities: Where do you see yourself in five to 10 years? Create a checklist of must-haves in your new home and neighborhood. Hash out a budget, and talk about the kind of lifestyle changes you might be willing to take on (and the ones you won’t be willing to do).
Finally, check your credit, correct any errors in your report, and start taking steps to build a positive financial profile.
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#2 The Down Payment
Q: Is there any wiggle room on the 20% down payment, or should I just plan on making that?
A: It’s actually quite common to put less than 20% down. My family only put down 10%, and many other buyers put down even less. (For example, FHA borrowers might put down as little as 3.5% on the purchase price.)
Keep in mind that when you put down less than 20%, you’ll probably have to pay PMI, or private mortgage insurance; it’s a monthly fee the bank charges to secure their investment in you, since you have less skin in the deal.
So while it’s true that buyers who don’t put 20% down generally have to pay mortgage insurance until they reach 20% equity, that fee usually gets bundled into your monthly payment, so it’s not a huge deal. Also, when that mortgage insurance requirement is lifted, your payments should go down. When’s the last time that happened to your rent?
Q: How should a first-time home buyer work with an agent? What do agents do that property sites don’t?
A: Your real estate agent is your rock in what can be a really confusing, stressful, and involved experience. They’ve been through a lot of deals, so they know what can go wrong and have seen many of the mistakes buyers make most often.
But more than that, they’re your sounding board. Sometimes it’s hard to know which direction to go during the home buying process, and just being able to talk it out with a third party who has your back is huge.
Listing sites are great; they have tons of useful information. But agents are on the ground in your community every day, and because of that, they know a lot more than what you see online. Sometimes they’ve seen the same listing in person many times, or they know about geographic considerations you’d never think of.
Every time our agent warned us about a listing (“That one has been on the market forever because . . ” or “Yeah, it’s nice to be that close to the train, but don’t forget that you’ll also hear the station announcements going on all day,” etc.), he was totally right.
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#4 Finding a Lender
Q: Getting a mortgage is a big deal for most buyers. How should they get started on securing a loan? And what about online lenders like RocketLoans? Is there a disadvantage or concern with using this type of lender rather than a local or traditional bank?
A: The very first thing is just getting all your financial documents in a place where they’re easily accessible — or figuring out how to access them, i.e., what’s your username and password for this or that account? You also need to know where your credit history stands in general. The most common stuff banks will ask you for is W2s, your last couple years of tax returns, bank statements, and pay stubs.
But even before you start looking at houses, you should try and get pre-approved. That might seem premature, but you need to know what kind of loan you’re going to be able to get in order to determine your price range, which is obviously a big part of the home search for those of us who don’t have unlimited cash.
Now, pre-approval doesn’t mean you’re applying for a mortgage — just getting an idea of what you’re approved for.
Basically, you give a lot of info about your financial situation to a lender and see what they think. You’ll get a document back that’s like a preliminary idea of what they might lend you. These documents vary from bank to bank and are generally free of charge, and you can usually apply for them online these days.
Having that pre-approval letter will help sellers see you’re a serious buyer backed by a real financial institution — and that’ll help make your offer stronger.
When it comes to lenders, whether online or otherwise, your choice will depend on your personal situation. We recommend starting out with HouseLogic’s mortgage lender guide.
#5 The Loan
Q: Do you suggest a government loan over a private bank?
A: It depends on your situation. If you have time and a lower credit score, consider a government loan. If you have a higher credit score and are in a really competitive market, consider private.
Most first-timers are going to be looking at the fixed-rate, 30-year mortgage. But even if you go with this super-common type of mortgage, there are different rules depending on whether you go with a loan from the government or from a private bank.
But there are tons of loan options out there for different situations. For example, if you need to do significant repairs on a place before you can move in, you can get help specifically for that with a 203(k) from FHA. And there might be special savings, down payment assistance, or grant opportunities that apply to your situation.
The best plan: Talk to a number of financial institutions and mortgage brokers to see what they recommend specifically for you.
#6 Open Houses
Q: How can I make the most of open houses?
A: Open houses are a great opportunity to learn about the sellers, their home, and the neighborhood. But they can also be stressful, especially when they’re packed with a bunch of other people looking to buy.
If you’re really serious about a place, it’s good to try to schedule a showing so you can see it at your own pace with your agent beside you. Obviously when the market is hot, that’s not always possible.
But there’s actually a fair amount you can do to maximize your experience. If you’re hitting the circuit, check out our best advice on what to do at an open house.
#7 Finding the Right One
Q: How many houses should I look at before I make an offer?
A: Agents who have been around the block a few times say it used to be that buyers would look at, at least 20 to 30 homes even in the best of circumstances. Now with online listings, it’s easier to narrow down what won’t work and save some time.
That said, it took my husband and I many months to find the right fit, and I can’t even remember how many places we looked at!
Ultimately, you should trust your gut about whether you want to keep looking, reassess your wish list, or make an offer.
#8 Making an Offer
Q: When making an offer on a home, what are the top things a buyer should keep in mind?
A: The three most important factors are:
1. The market. What are other people willing to pay for this house, and how does that fit with your offer? If you can’t offer top dollar, what other things can you do to be more competitive (e.g. being flexible with the closing date)?
2. Your budget. In this crazy market, it’s easy for first-timers to get caught in a bidding war and push themselves to their financial limits. But you’re going to have to live with your decision for a long time, so make sure you’re OK with any and all sacrifices you might need to make.
3. This might not work out, and that’s OK. Your offer might not be accepted. Or maybe your offer is accepted, but structural damage is uncovered in the inspection, or the seller has contingencies that don’t work with your timeline, or you have to walk away from the deal for some other serious reason. That’s OK! It’s not uncommon, and there will be other fish in the sea.
A: An inspection is a stressful time. Think about it: You’ve kind of fallen in love with a house, right? And then you have to pay some person to come in there and tell you all the reasons you don’t want to buy it. It sounds slightly insane when you put it that way.
But this information is super important to have, and it’s in your best interest to have the most comprehensive assessment possible of the place you’re thinking about buying.
Follow the inspector around and take your own notes. Ask questions about what it takes to fix this or that.
And if there are serious problems, it’s not the end of the world. It might strengthen your negotiating position, or it might mean you choose not to buy the house. But either way, you’re more informed!
#10 Mistakes to Avoid
Q: What are some of the biggest mistakes first-time home buyers typically make?
A: Because I work at REALTOR® Magazine, I was surprised by how challenging it can be to keep one’s emotions in check. Buying your first home can be a real roller coaster. It’s the excitement of seeing a great listing online and then the crash of being disappointed in person; the challenge of the offer and negotiation process; or the ups and downs of the inspection and appraisal.
One big mistake to avoid is not being on the same page as your partner, if you’re buying with someone else. Talk everything through; it can cause real heartache later on if you don’t.
Finally, it’s important to step back and keep things in perspective. No matter how sideways things go, remember how lucky you are to be in a situation where you can own your own little kingdom. Not everyone has that opportunity — especially when you look internationally — and it’s an amazing feeling.
“Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®.”
Don’t open the windows. That spring breeze is no help at all.
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Once there’s even a glimmer of spring, you’re ready to throw open your windows and let the breeze blow away the winter funk. Well, you might want to rethink that spring cleaning ritual this year.
If you’re an allergy sufferer (and who isn’t?), that’s the last thing you want to do, says Dr. Neeta Ogden, a spokesperson for the American College of Allergy, Asthma and Immunology. “It will allow pollen to settle in your home.”
If you really can’t skip that spring breeze, avoid opening windows in the morning, when pollen counts are highest. They decrease late in the day and at night.
That’s not the only common spring-cleaning mistake homeowners make. Here are eight more to avoid:
#1 Not Looking Up
You’ve worked up a sweat and everything’s starting to sparkle, but then you realize your ceiling fan is coated in dust. Uh-oh. Once you start wiping the fan, dust will scatter on what you’ve already cleaned. That’s why you should always look up to see what needs dusting before you start cleaning at eye level. Tackle hard-to-reach places like the tops of bookshelves, crown molding, and window ledges.
#2 Starting to Clean Without a Plan
You wake up motivated. Today you’re going to get all your spring cleaning done! But by noon, your house is in disarray, and not one single room is finished. Ugh. That’s why Briana Norde, owner of Caliber Cleaning, says it pays to break up the biggest cleaning project of the year into smaller, more manageable tasks.
She recommends starting with your hardest job, like the kitchen, which she calls the “most time-consuming room.” With that first accomplishment under your belt, you’ll have the momentum to take on the remaining tasks. The key is to give yourself plenty of breaks. And there’s nothing wrong with spreading it out over several days.
#3 Ignoring That Weird-Looking Vacuum Attachment
Don’t let your carpet hog the vacuum. The crevice tool, Norde says, “is not used nearly enough.” Use it between your wall and refrigerator to get out the accumulated dust that’s otherwise unreachable, and run it around the edge of your baseboards to clean where standard upright vacuums can’t reach.
#4 Skipping the Mattress
Think of how much time you spend in your bed. Yet, you probably clean the top of your fridge more often than your mattress. Your mattress harbors millions of dust mites, which cause various respiratory conditions including sneezing, a runny nose, itchy eyes, and skin rashes (not to mention just being plain gross).
“[Dust mites’] food is human skin scales, so the bed is just heaven for them,” says Ogden.
She recommends using a vapor steam cleaner to root out the itchy devils, then wrapping it in an anti-allergen mattress protector.
At the very least, sprinkle your mattress with baking soda and let it sit for awhile. Then (using the attachment mentioned above) vacuum it up.
#5 Relying on Harsh Cleaners
There’s a reason many commercial cleaners have the words “danger,” “hazard,” or “caution,” on their labels. Something in the ingredients is toxic in one form or another, and most all could aggravate allergies and asthma. So, “don’t go crazy with cleaners you don’t need,” says Ogden. Moldy bathrooms may scream for bleach, but most surfaces do not. Ogden recommends making your own solution of water and vinegar (use a fifty-fifty ratio), which will keep most surfaces clean and germ-free.
#6 Using Chemical Air Fresheners
You want your home to smell fresh, so it’s tempting to reach for that mountain-rain-spring-fresh-scent in a can. But aerosol air fresheners contain high levels of toxic pollutants like phthalates, which can affect hormone levels, cause reproductive abnormalities, and increase allergies and asthma. Yikes. Try homemade (and less-expensive) alternatives, such as potpourri, or essential oils and water in a spray bottle.
All of the spring cleaning tips and advice are useless if you don’t declutter first.
“We tend to not clean well around clutter,” says Ogden. “You’re not going to reach the dust there.”
Make sure toys are put away, books are back on the bookshelf, and paperwork is filed before you begin the cleaning process. Otherwise, you’re leaving room for dust and pollen to hide — making spring cleaning all for naught.
#8 Treating It Like a Chore
If you dread spring cleaning, this should make you feel better: a Harvard study found those who treated cleaning as beneficial exercise saw a decrease in weight, body mass index, blood pressure, and more. That’s what we call a trifecta: living in a clean home, breathing allergy-free air, and feeling great!
“Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®.”
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Whether they are using an app on their phones or driving around their neighborhoods looking for open house signs, home buyers of different generations search in their own, unique ways. However, there are also more similarities than one may think. For example, the oldest and youngest generations of home buyers both did not typically view any homes solely online without viewing them in person. Additionally, while 95% of all home buyers used the internet in their search, the most used information source by every generation was a real estate agent. Let’s look at how one’s generation can shape their home search using data from the 2022 Home Buyers and Sellers Generational Trends report:
Among all generations of home buyers, the first step taken in the home search process was to look online for properties. Older baby boomers contacted a real estate agent as a first step more often than other generations. Millennials were more likely than others to first talk to friends or relatives about the buying process, while the silent generation were most likely to first drive past the homes.
Buyers typically searched for eight weeks and looked at a median of eight homes. The length of the home search was the longest for older millennials and older baby boomers, at 10 weeks, and shortest for the silent generation at just six weeks.
Gen Xers viewed the most homes with a median of eight homes. Younger millennials and the silent generation typically did not view any homes only online without seeing them in person.
For more than half of home buyers, the most difficult step in the home buying process was finding the right property, at 56%, which was even higher for younger millennials at 64%. As this group typically has the highest share of first-time buyers, millennials also were more likely to consider understanding the process and steps most difficult.
Ninety-five percent of home buyers used the internet to search for homes. As a result of an internet home search, buyers most often walked through the home that they viewed online, followed by viewing the exterior of homes.
The most useful website feature to buyers was photos for nearly nine in 10 buyers under the age of 57. Detailed information about properties for sale was also very important to all age groups. Gen X was more likely than other generations to place a high value on virtual tours.
When asked where their internet searches were conducted, home buyers were split; they typically conducted 50% of their search on a desktop/laptop and 50% on a mobile device(s). Those aged 56 and younger were more likely to use mobile devices, and those 57 and older were more likely to use a desktop/laptop.
Buyers of all generations were overall very satisfied with their home buying process. Buyer satisfaction generally increased with age.
Essential oils are the key to these sweet-smelling (and highly effective!) homemade cleaners.
Image: Aninata/Getty
If you get light-headed just reading the ingredients on your cleaning products, take heart: There’s another way.
These make-in-minutes, super-cheap recipes create potions that use sweet-smelling essential oils that won’t fumigate your home, while having superpowers to fight grime and bacteria.
And much like a food recipe you may try, you can modify the oils to suit your own olfactory senses.
It doesn’t leave a residue like regular tap water can. Distilled works, too.
15 drops of essential oil of lemon
5 drops essential oil of sweet orange
5 drops essential oil of rosemary
1/4 cup distilled white vinegar
1-1/2 cups filtered water
Funnel all these ingredients into a spray bottle, seal, and gently shake. There’ll be a battle of odors here, with the acidic vinegar likely winning out against the sweet-smelling oils, but don’t let this deter you.
The vinegar scent disappears quickly, but that citrusy, herby zing lingers on. And these oils aren’t just there for their scent alone. Lemon oil is a natural disinfectant, orange oil busts grease, and rosemary oil has some antibacterial and antiseptic qualities.
Lemon-Scented Window Cleaner
2 tablespoons distilled white vinegar
2 cups filtered water
10 drops essential oil of lemon
Invest in Dark Glass Spray Bottles
It’ll protect the oils from breaking down. Plus, plastic bottles can leach chemicals into your potions.
Mix all these ingredients in a spray bottle.
Spray on any glass surface and polish with a microfiber cloth. You’ll have sparkling panes and mirrors in no time, and that wondrous essential oil of lemon will kill off the bacteria left behind by mucky fingerprints.
Fill a squeeze bottle with the water, baking soda, and eucalyptus oil.
Seal the bottle and shake. Next, add the Castile soap. Shake again. Squeeze around the bowl. Leave for 15 minutes, then scrub with a toilet brush, flush, and you’re done.
Aside from having a deliciously fresh aroma, eucalyptus is a natural germicide.
This one does require some stovetop time: Bring the water to a boil, then mix in the oils. (Thyme and tea tree goes to war on salmonella while emitting a pleasant aroma along with lavender.) Add the rest of the ingredients slowly. After that, remove from heat and allow to cool.
Once cooled, pour into a squeeze bottle. Shake gently before using.
Peppermint-Lavender Floor Cleaner
5 drops essential oil of peppermint
5 drops essential oil of lavender
5 drops of essential oil of tea tree
1/4 cup distilled white vinegar
Pour the vinegar into a bucket, fill that bucket with hot water and add the oils.
Works on stone, tile, and wooden floors. Not only is peppermint oil anti-bacterial, many believe it can deter mice and other pests.
Tea tree oil is antibacterial, antiseptic, and antifungal. Not only is lavender oil antibacterial, too, but its aroma also has soothing properties that can calm your whole household.
Lavender Linen Spray
6 drops of essential oil of lavender
2 tablespoons witch hazel
Filtered water
Fill a spray bottle with the witch hazel and lavender. Shake, top off with water, shake again, and then spray away.
A spritz of this subtle-but-effective scent erases stinks in seconds. Fill a spray bottle with the water and the oils. Cinnamon scent boosts brain power and sandalwood is calming — perfect for a hardworking, stressed out home!
Essential oils do mix, so if any of the scents in these recipes don’t appeal, play around with other oils. Just keep the quantities the same. For example, if you switched sandalwood for orange oil in this air freshener, stick to the 10 drops specified in the recipe.
“Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®.”
4 Smart Home Devices: Which Are Right for Your Home?
Smart home devices can be clever choices for your home and your budget.
Image: Carlos G. Lopez/Getty
When you’re not home, little doubts can plague you. Did I lock the door? Did I leave a key for the housekeeper? Is the AC still on full blast? Smart home devices can resolve those questions and ease your mind. They can also make your home more comfortable and convenient, and save you money.
Once the exclusive domain of the super-rich and alpha geeks, smart home devices have become more common, user friendly, and affordable. You can equip your home with some basic smart devices like a smart thermostat, smart lighting, and smart door locks for $1,000 or less. You can run these devices with your smartphone or tablet. And in many cases, you can install them yourself; no electrical engineering degree required.
Here’s what you need to know to get started in choosing the right smart home devices for your home and your budget.
What Are My Smart Home Goals?
Start by deciding what you want to accomplish, and that will lead you to a relevant device. If you want more security, consider a smart door lock. Are you looking for more comfort and convenience? Check out smart lights that come on right before you get home from work. Want to save money? A smart thermostat that uses artificial intelligence to control the temperature in your house may be the way to go. Do you crave a cool, high-tech gadget that’s downright Jetsons-esque? Go for a smart appliance like a fridge that can stream cooking videos.
Do I Need a Hub?
You don’t necessarily need a hub. In the early days of smart home tech you needed a dedicated device that tied all your smart home devices together. Back then, hubs were problematic, because not all devices were compatible with them, and their software needed to be updated regularly. Those old hubs are near relics now. These days, you can run your smart home devices through an app on your phone or tablet. Wi-Fi and the cloud have been game changers in smart home technology because they enable many devices to network together regardless of the make and the brand.
Many homeowners use a voice assistant like Siri or Alexa as a de facto home hub by tying all their smart home devices to it. Once you do that, you can control your devices with a single unit. If you tie your smart home door lock and smart home appliances to your voice assistant, you can say, “Siri, preheat the oven to 350 degrees and unlock the door,” and consider it done.
“Voice assistants have made so much more possible in the area of smart home devices,” says John Carey, vice president of Designer Appliances, a New Jersey retailer that specializes in smart appliances. “They can work with so many different products.”
Do I Need a Wi-Fi Connection?
You can run your devices by connecting them to a hot spot device, like a MIPS (Microprocessor without Interlocked Pipelined Stages), which lets you tap into a cell phone signal. A MIPS is basically a little computer that hooks your smart devices to the cloud via a cell phone network. You can also run smart devices through a hot spot on your phone or tablet. But you’ll get the best experience with Wi-Fi hooked up to the internet, Carey says.
Can Smart Homes Get Hacked?
Although smart homes can be hacked, the damage a hacker can do is limited, says Christy Roth, director of offer management, home and distribution software for Schneider Electric in Nashville, Tenn. “Hackers can’t get to your bank account through your smart refrigerator,” she says. “But they could see what’s in your refrigerator or turn it off.”
Although appliances can be at risk, homeowners are typically more concerned about risk tied to devices like smart locks and cameras. Carey says you’re better safe than sorry when it comes to security with smart home devices and appliances. “We recommend people set up a guest network that’s separate from their main network and connect all their smart devices to that. That way hackers can’t get on your network and onto your computer, where you store sensitive information.”
4 Smart Home Device Categories
Here’s a quick primer on four of the most popular smart home devices and some pros and cons for each.
1. Smart thermostats — They’re the top-selling smart home device. Around 33 million households in the United States had one as of 2020. “They’re the most natural place to start if you want to get into smart home tech,” Roth says. Smart thermostats let you create programmable temperature settings based on your schedule, the weather, and your own needs. Many smart thermostats incorporate artificial intelligence technology to learn your schedule and adjust heating and cooling according to when you’re home. They’ll turn off the AC while you’re at work and turn it on 30 minutes before you get home from work each day. “They definitely pay for themselves with energy savings,” Carey says.
Pros
Smart home thermostats reduce the use of heating and cooling systems when nobody is home. If your HVAC runs less, your utility bill will be lower.
They alert you when it’s time to change the filter and can tell you when your last maintenance check was, saving you costly repairs.
Cons
They can be complex to operate. “Setting up the profiles for vacation and sleep isn’t easy, so people can end up ignoring them or overriding them,” Roth says. “And the AI can annoy some people so that they override it. That defeats the purpose of having them.”
Some require professional installation.
2.Smart lighting— This includes smart lightbulbs or smart switches. Both can be controlled remotely, via your smartphone when you’re miles away or with a voice assistant when you’re at home. You can program them to turn on or off at certain times and control their brightness.
Pros
Smart bulbs are simple to set up; you can screw them into a light fixture yourself.
They are easy to scale up; buy more to enlarge your smart lighting system.
They let you use whatever bulb you want because the switch is hooked to the cloud, not the bulb.
Cons
You can’t get smart bulbs to fit every fixture.
They don’t work well in fixtures tied to dimmer switches.
They require rewiring to install. You’ll need to call a pro.
3. Smart appliances — Anything that runs on electricity is game for joining the Internet of Things, the ever-growing network of connected devices that talk to one another via the cloud. So, you can get smart microwaves that let you download cooking instructions for frozen food, smart ovens you can preheat before you get home, and smart refrigerators that alert you when food hits its expiration date. “Our biggest seller is smart washing machines,” Carey says. “They’ll alert you when your laundry is done, so you can get it into the drier before it sours.”
Pros
They look cool. What’s not to love about a refrigerator with a touchscreen that lets you see inside the fridge without opening it?
They can cut your electric bill. Some smart appliances can calculate energy rates and schedule themselves to run during off-peak hours when electricity rates are lower.
Cons
They’re expensive to buy and repair.
If your internet goes down, your smart appliances become dumb ones.
4. Smart door locks — They let you lock and unlock your house with the tap of a finger or a voice command. No keys required. Smart locks enable remote access, so you can unlock a door to let in a guest while you’re at work. Some locks allow you to monitor entry and exit logs in real time, so you can see if the kids got home from school or if the dog walker arrived on time. Some allow you to set up entry codes that work for only a certain period of time, so you can control who has access to your house.
Pros
You don’t have to dig in your purse or pockets for keys.
You can see who comes and goes at your house.
Instead of giving out house keys to everyone who needs to get into your home, you can set a code for the cleaning person or the dog walker that only they use.
Cons
They run on batteries. If the battery goes dead, you’re locked out.
If the power goes out or your Wi-Fi goes down, you won’t be able to operate the lock remotely.
Like all smart tech, smart locks can be hacked. But they have a system that will notify you or the police of an unauthorized entry.
Smart devices are a smart investment as long as they add comfort, convenience, or savings that you value. You’ll be more likely to get what works for you after exploring the most popular options and their pros and cons.
“Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®.”
The spring market is already blooming, and so is the competition. Buyer competition intensified ahead of spring in February and likely will intensify further over the next few weeks.
On average, there were nearly five offers for every home sold in February, higher than in recent months, according to the February 2022 REALTORS® Confidence Index Survey. Real estate professionals who were surveyed reported more than five offers, on average, in Massachusetts, Georgia, Texas, Colorado, Utah, Washington, and California.
Nationwide, 48% of buyers’ offers were above the list price, according to NAR’s data. On average, those offers were about 2.9% above the list price; on the median-priced home, that would be about $10,000 over the asking price. However, 13% of the offers were 10% above the list price.
Real estate pros report that in general their buyers typically lose two homes before succeeding on the third try, according to the study.
Homes are selling quickly under the intense competition. Eighty-four percent of listings were on the market for less than a month.
“Competition could intensify in 2022 before waning in 2023 as home buyers compete to lock in at the current rates,” Gay Cororaton, a research economist for NAR, writes on the association’s blog. “Mortgage rates may rise more steeply in 2023.”
REALTORS® are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics. When you’re buying a home, here’s what an agent who’s a REALTOR® can do for you.
Act as an expert guide. Buying a home typically requires a variety of forms, reports, disclosures, and other legal and financial documents. A knowledgeable real estate agent will know what’s required in your market, helping you avoid delays and costly mistakes. Also, there’s a lot of jargon involved in a real estate transaction; you want to work with a professional who can speak the language.
Offer objective information and opinions. A great real estate agent will guide you through the home search with an unbiased eye, helping you meet your buying objectives while staying within your budget. Agents are also a great source when you have questions about local amenities, utilities, zoning rules, contractors, and more.
Give you expanded search power. You want access to the full range of opportunities. Using a cooperative system called the multiple listing service, your agent can help you evaluate all active listings that meet your criteria, alert you to listings soon to come on the market, and provide data on recent sales. Your agent can also save you time by helping you winnow away properties that are still appearing on public sites but are no longer on the market.
Stand in your corner during negotiations. There are many factors up for discussion in any real estate transaction—from price to repairs to possession date. A real estate professional who’s representing you will look at the transaction from your perspective, helping you negotiate a purchase agreement that meets your needs and allows you to do due diligence before you’re bound to the purchase.
Ensure an up-to-date experience. Most people buy only a few homes in a lifetime, usually with quite a few years between purchases. Even if you’ve bought a home before, laws and regulations change. Real estate practitioners may handle hundreds or thousands of transactions over the course of their career.
Be your rock during emotional moments. A home is so much more than four walls and a roof. And for most buyers, a home is the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you stay focused on the issues most important to you when emotions threaten to sink an otherwise sound transaction.
Provide fair and ethical treatment. When you’re interviewing agents, ask if they’re a REALTOR®, a member of the National Association of REALTORS®. Every member must adhere to the REALTOR® Code of Ethics, which is based on professionalism, serving the interests of clients, and protecting the public.
It’s hard to enjoy your home when it feels cramped. But before you start thinking, “Time to move!” you may just need to make your house more clever — one with organization solutions built into surprising places.
You’ll get out the door faster in the morning if you can grab the right necklace without spending 10 minutes untangling it from a knot of beads.
This is one of the best home organization ideas because it leverages the silver bullet for storage woes: between-the-studs shelves. For maximum jewelry-friendliness, pair pegs with shelves and hang a tidy little door.
#2 Reach New Organizing Heights with Library Ladders
This is great if you’re closer to seven feet tall than six, but the rest of us can’t reach the stuff on the top shelves. Here’s a clever storage idea: Install a library ladder.
Even better, there’s no engineering required: You can find rolling ladder kits online.
Here’s a smart home-organization idea: Turn a kitchen wall into storage space by covering it in pegboard and hanging pots, pans, and kitchen utensils. You get storage without losing square footage to cabinets or an island.
Add a shelf at the top, and you’ve put a storage hack on top of a storage hack. Literally.
If you’ve got an upper-story room with a slanted wall, maximize that cramped space by making a built-in closet. You can do this in an attic, bonus room, bedroom, or any place where the roof line creates dead space.
And it has a little secret: The center section of this closet is on wheels and pulls out to reveal even more storage behind it.
#5 Add a Shelf for Folding Clothes in the Laundry Room
This one is so simple and smart, you’ll wish you’d thought of it. Put a countertop over your front-loading washer and dryer to create a place to fold clothes.
Add under-counter shelves on one side for storing ever-ready laundry baskets.
Be sure to mount the counter high enough above the washer and dryer so you can easily pull them out for maintenance and repairs.
#6 Turn a Stairway Into Pull-Out Storage
Image: Winnie Ho
Turn the dead space under the stairs into pull-out storage compartments. Cut into the drywall between the studs, and make bins, shelves, or even hanging storage to hold whatever items you need in the vicinity of the stairs.
To make the best of the space, think through exactly what you’ll store before customizing. Tote bags and coats? Pegs could do it. Shoes? Go for shelves.
#7 Take Garage Storage Up a Notch with Motorized Pulleys
Put the overhead space in your garage to work by installing a motorized pulley system that lets you store ice chests, camping gear, and other bulky items overhead. Forget those ceiling hooks and high garage shelves that are a pain to access; with this system, hit a button and your stuff is valeted right to you.
Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®.
