Are you wondering if it makes sense to buy a home right now? While today’s mortgage rates might seem a bit intimidating, here are two compelling reasons why it still may be a good time to become a homeowner.
Home Values Appreciate over Time
There’s been a lot of confusion around what’s happened with home prices over the past two years. While they did dip ever so slightly in late 2022, this year they’ve been appreciating at a more normal pace, which is good news for the housing market. And while looking at price movement over just a year or two can make you worry prices are usually this unpredictable, history shows in the long run, home values rise (see graph below):
Using data from the Federal Reserve for the past 60 years, you can see the overall trend is home prices have climbed quite steadily. Sure, there was an exception around the housing crash of 2008 that caused prices to break the usual trend for a time, but overall, home values have been consistently on the rise.
Increasing home values is one great reason why buying may make more sense than renting. As prices rise, and as you pay down your mortgage, you build equity. Over time, that growing equity gives your net worth a boost.
Rent Keeps Going Up Through the Years
Another reason you may want to consider buying a home instead of renting is the never-ending rent hike. If you’ve ever felt the pinch of rent increasing year after year, you’re not alone. That’s because, rents have climbed steadily over the past six decades (see graph below):
By buying a home, you can lock in your monthly housing costs and bid farewell to those pesky rent hikes. That stability is a game-changer.
In the end, it all boils down to this: your housing payments are an investment, and you’ve got a choice to make.Do you want to invest in yourself or your landlord?
By becoming a homeowner, you’re investing in your own future. When you rent, that’s money you never get back.
When you factor in home values consistently rising, plus the opportunity to get relief from never-ending rent hikes, homeownership can be a path to financial security. As Dr. Jessica Lautz, Deputy Chief Economist and VP of Research at the National Association of Realtors (NAR), states:
“If a homebuyer is financially stable, able to manage monthly mortgage costs and can handle the associated household maintenance expenses, then it makes sense to purchase a home.”
Bottom Line
When it comes down to it, buying a home offers more benefits than renting, even when mortgage rates are high. If you want to avoid increasing rents and take advantage of long-term home price appreciation, connect with a local real estate agent to go over your options.
When the last of summer’s heat is a faint memory and you’re pulling out your hoodies more than your shorts, it’s time to tackle a few simple chores. They’ll make winter more pleasant and prevent some nasty surprises next spring.
This fall checklist will help:
Image: HouseLogic
#1 Clean and Stow Your Mower
If you’re not familiar with fuel stabilizer, get to know it. In a mower that sits for months with gas in its tank, the gas will slowly deteriorate, which can damage internal engine parts. Fuel stabilizer (about $10 for a 10-ounce bottle) prevents gas from degrading. Add stabilizer to your gasoline to help keep spare gas in good condition over the winter. And top off your mower tank with stabilized gas before you put the mower away for the winter. Run the mower for five minutes to make sure the stabilizer reaches the carburetor.
Another lawn mower care method is to run your mower dry before stowing it.
1. When the mower is cool, remove the spark plug and pour a capful of engine oil into the spark plug hole.
2. Pull the starter cord a couple of times to distribute the oil, which keeps pistons lubricated and ensures an easy start come spring.
3. Turn the mower on its side and clean out accumulated grass and gunk from the mower deck.
#2 Remove Garden Hoses from Faucets
Remove garden hoses from outdoor faucets. Leaving hoses attached can cause water to back up in the faucets and in the plumbing pipes just inside your exterior walls. If freezing temps hit, that water could freeze, expand, and crack the faucet or pipes. Make this an early fall priority so a sudden cold snap doesn’t sneak up and cause damage.
Turn off any shutoff valves on water supply lines that lead to exterior faucets. That way, you’ll guard against minor leaks that may let water enter the faucet.
While you’re at it, drain garden hoses and store them in a shed or garage.
#3 Drain Your Sprinkler System
Time to drain your irrigation system. Even buried irrigation lines can freeze, leading to busted pipes and broken sprinkler heads.
Turn off the water to the system at the main valve.
Shut off the automatic controller.
Open drain valves to remove water from the system.
Remove any above-ground sprinkler heads and shake the water out of them, then replace.
If you don’t have drain valves, hire an irrigation pro to blow out the system pipes with compressed air. A pro is worth the $100 to $250 charge to make sure the job is done right and to avoid burst pipes and sprinkler head repairs in the spring.
#4 Seal Air Leaks
Grab a couple of tubes of color-matched exterior caulk ($8.50 for 10 fluid ounces) and make a trip around your home’s exterior, sealing cracks between trim and siding, around window and door frames, and where pipes and wires enter your house. Preventing moisture from getting inside your walls is one of the least expensive — and most important — of your fall maintenance jobs. You’ll also seal air leaks that waste energy.
Pick a nice day when temps are above 50 degrees so caulk flows easily.
#5 Degunk Your Gutters
Clogged rain gutters can cause ice dams, which can lead to expensive repairs. After the leaves have fallen, clean your gutters to remove leaves, twigs, and gunk. Make sure gutters aren’t sagging and trapping water; tighten gutter hangers and downspout brackets. Replace any worn or damaged gutters and downspouts.
If you find colored grit from asphalt roof shingles in your gutters, beware. That sand-like grit helps protect shingles from the damaging ultraviolet rays of the sun. Look closely for other signs of roof damage (#6, below); it may be time for a roofing replacement.
Your downspouts should extend at least five feet away from your house to prevent foundation problems. If they don’t, add downspout extensions, which cost $5 to $13 each.
#6 Eyeball Your Roof
If you have a steep roof or a multistory house, stay safe and use binoculars to inspect your roof from the ground. Look for warning signs: shingles that are buckled, cracked, or missing; rust spots on flashing. Replace any loose, damaged, or missing shingles immediately.
Black algae stains are just cosmetic, but masses of moss and lichen could signal roofing that’s decayed underneath. Call in a pro roofer for a $121 to $321 evaluation.
A plumbing vent stack usually is flashed with a rubber collar — called a boot — which may crack or loosen over time. A boot will wear out before your roof does, so make sure it’s in good shape. A pro roofer will charge $150 to $500 to replace a boot, depending on how steep your roof is.
#7 Direct Your Drainage
Take a close look at the soil around your foundation and make sure it slopes away from your house at least six vertical inches over 10 feet. That way, you’ll keep water from soaking the soils around your foundation, which could lead to cracks and leaks.
Be sure soil doesn’t touch your siding.
#8 Check Your Furnace
Schedule an appointment with a heating and cooling pro to get your heating system checked and tuned up for the coming heating season. You’ll pay $70 to $200 for a checkup. An annual maintenance contract costs $150 to $500 annually, depending on the service contract terms and conditions.
Change your furnace filters, too. This is a job you should do every two months anyway, but if you haven’t, now’s the time. If your HVAC includes a built-in humidifier, make sure the contractor replaces that filter.
#9 Prune Plants
The best time to prune plants and trees is late fall, when the summer growth cycle is over. Your goal is to keep limbs and branches at least three feet from your house so moisture won’t drip onto roofing and siding, and to prevent damage to your house exterior during high winds.
For advice on pruning specific plants in your region, check with your state extension service.
#10 Give Your Fireplace a Once-Over
To make sure your fireplace is safe, grab a flashlight and look up inside your fireplace flue to make sure the damper opens and closes properly. Open the damper and look up into the flue to make sure it’s free of birds’ nests, branches, and leaves, or other obstructions. You should see daylight at the top of the chimney.
Whether you are a first time buyer or a current homeowner. Shopping around is the thing nowadays to save money. Have you look at your policy lately? Joni has a number of new insurance providers among some other rate adjustments. She also has seen many competitors increase premiums this year and so the timing is really good to go to market again and review your policies.
As the days grow shorter, it’s time to bring fall’s warm and inviting hues into your home. Embrace the season’s vibrant colors to create a cozy atmosphere that celebrates autumn’s magic and reflects your tastes. But don’t be scared – adding an autumn look doesn’t mean completely overhauling your home’s interior design! Here are five […]
As the days grow shorter, it’s time to bring fall’s warm and inviting hues into your home. Embrace the season’s vibrant colors to create a cozy atmosphere that celebrates autumn’s magic and reflects your tastes. But don’t be scared – adding an autumn look doesn’t mean completely overhauling your home’s interior design! Here are five simple and creative ways to incorporate fall decorations this year.
Cozy Throws and Textiles
Stylishly transition your home from summer to fall by updating your living room and bedroom with new throw pillows, blankets and bedding. For a lush pop of fall color, choose heavier fabrics in rich, deep colors like burgundy, mustard, chocolate and rust. Mix patterns with solids and velvets with flannel and fake furs for a chic, boho look.
Candles and Diffusers
Don’t just change what you see around your home, but also what you smell. Light cinnamon- and vanilla-scented candles and tea lights on a rainy evening for some seasonal aromatherapy. For flame-free options, look to essential oils, incense and reed diffusers to add a festive pumpkin chai or autumn plum scent to the air.
Warm Lighting
Is it time to swap out some of your lighting? Create additional coziness with soft, warm-toned lighting for an effortless autumn glow. Warm white twinkle lights, fairy lights or a string of Edison bulbs can also add a fun and festive touch, inside or out.
Fall Artwork and Accessories
Display decorative items like ceramic vases, pottery and glassware in Earth tones of deep greens, oranges, and browns. To incorporate a bit of fall and stay up on the newest trends, add some stylish and quirky mushroom décor to your space. These accessories can quickly transform the ambiance of any room and create a fall-inspired aesthetic.
Rich and Colorful Table Linens
Autumn is also the season to bring colorful plaids, checkered prints and velvet-trimmed accessories to your dining room. Indulge in layered linens, different textures and an eye-catching mix of dark and light colors. Try blending a deep forest green tablecloth with a taupe velvet runner and moss-colored linen napkins. Play with colors and fabrics will bring depth and interest to your table this fall.
These easy fall decorating tips and accent ideas will create a warm and inviting atmosphere to welcome friends and family this season!
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