Garage Doors for Convertible Spaces

When you think of a garage area, most likely the first thing that comes to mind is a place to store your car or other vehicles. You might also picture some shelving or storage on some of the walls, but for most people, the garage is largely a single-purpose structure. It doesn’t have to be this way, however; for an increasing number of homeowners, the garage is becoming a multipurpose room with easy access to fresh air, light, and the outside in general via the garage doors.

There are a lot of options available when it comes to converting a garage into some other space. To really get the most out of these conversions, you might consider upgrading or changing your garage door as well. The type of door that you have can make a big difference in the overall effectiveness of your converted space, so here are some things you should keep in mind when choosing your new garage door.

What Will You Use It For?

There are several ways that you could use a garage for something other than just storing your car and little bits of assorted outdoor junk. Common garage conversions include building a personal gym, making a craft room or other creative space, creating a lounge area that connects to an external patio, or even making a learning space for children who are learning from home. You might be surprised at how much of a difference some paint and the right flooring can make when it comes to a garage space!

Regardless of what you use the space for, you’ll likely want to change out the garage door to get the most out of the space. While having the option to open the door to increase access to your garage space is usually desirable, having a solid garage door probably won’t be ideal for the garage’s new purpose. That’s why it’s important to think about the actual purpose of the room, since that can affect the type of garage door you need.

Choosing the Right Door

There are a few different garage door options that you might choose depending on your needs. While some garage doors have small window spaces and that can be useful if you just want to add a little bit of light, garage doors made of clear plexiglass panels can provide much more light and a largely unobstructed view, which is ideal if you are using the garage space as a lounge area or have plants growing inside. Side-mounted garage doors that roll back along a side wall instead of the ceiling can also be useful, allowing you to control the size of the entryway if the converted area is being used more as a standard room. If you plan to decorate the door like you would any other wall, a single-panel garage door that opens without bending or rolling might be your best bet.

These are only a few of the options that are available when it comes to picking a garage door that meets your needs. Some options even work as add-ons that can work with many door types, such as a screen that allows fresh air and light in while the door is open but keeps out the bugs and other unpleasantness much like a standard screen door would. These sorts of add-ons provide even more possibilities and allow you to further customize your garage space to meet your specific needs.

Garage Door Installation

Whether you’re doing a complete remodel of your garage space or simply want a different door to make the area more useful, you’re likely going to want your new door professionally installed. You may even need a contractor to help you convert your garage into the convertible space you have in mind. Whatever your needs are, HomeKeepr can help. Sign up for a free account today to connect with the pros you need to get the job done.

Housing Supply Is Rising. What Does That Mean for You?

An important factor in todays market is the number of homes for sale. While inventory levels continue to sit near historic lows, there are indications we may have hit the lowest point well see. Odeta Kushi, Deputy Chief Economist at First American, recently said of our supply challenges:

It looks like inventory may have hit a bottom (we've seen this in the higher frequency data as well). Unsold inventory in May was at 2.5 months supply, up from 2.4.

To put it into perspective, the graph below shows levels of inventory rising since the beginning of the year:Were still not close to a balanced market, which would be a 6 months supply of homes for sale. However, we are seeing a slow but steady increase in homes coming up for sale. And that leaves many buyers and sellers wondering the same thing: what does that mean for me?

Buyers: More Options Are Arriving, so Its Time To Act

If you're a buyer, more inventory coming to market is a welcome sight. More supply means more options and less competition, which could mean fewer bidding wars.

According to the latest Monthly Housing Market Trends Report, supply levels are continuing to increase, which is different from the typical summer market:

In June, newly listed homes grew by 5.5% on a year-over-year basis, and by 10.9% on a month-over-month basis. Typically, fewer newly listed homes appear on the market in the month of June compared to May. This year, growth in new listings is continuing later into the summer season, a welcome sign for a tight housing market.

If you're having trouble finding your next home, this news should give you the hope and motivation to keep your buying process moving forward. Experts project mortgage rates will begin increasing, which will make purchasing a home less affordable as time passes. You can still capitalize on todays low interest rates, so stick with your search as more homes come to market.

Sellers: Our Supply Challenges Aren't Over Yet, so Now Is the Time To Sell

If you've been putting off selling your house, you shouldn't wait much longer. The years month-over-month gains in homes for sale have helped buyers, but were still very much in a sellers market.

As the graph below shows, even with the number of homes for sale rising, were still well below the supply levels we've seen historically:Of course, more homes are coming to market now, and more are expected in the coming months. Selling your house this summer gives you the chance to get ahead of the competition and maximize your sales potential before more homes are put up for sale in your neighborhood.

Bottom Line

More homes for sale means more options for buyers and more competition for sellers. Whether you're looking to buy or sell, lets connect today to discuss your options and why its still a good time to make your move.

 

Diving Deep into Todays Biggest Buyer Concerns

Last week, Fannie Mae released their Home Purchase Sentiment Index (HPSI). Though the survey showed 77% of respondents believe its a good time to sell, it also confirms what many are sensing: an increasing number of Americans believe its a bad time to buy a home. The percentage of those surveyed saying its a bad time to buy hit 64%, up from 56% last month and 38% last July.

The latest HPSI explains:

Consumers also continued to cite high home prices as the predominant reason for their ongoing and significant divergence in sentiment toward homebuying and home-selling conditions. While all surveyed segments have expressed greater negativity toward homebuying over the last few months, renters who say they are planning to buy a home in the next few years have demonstrated an even steeper decline in homebuying sentiment than homeowners. Its likely that affordability concerns are more greatly affecting those who aspire to be first-time homeowners than other consumer segments.

Lets look closely at the market conditions that impact home affordability.

A mortgage payment is determined by the price of the home and the mortgage rate on the loan used to purchase it. Lately, monthly mortgage payments have gone up for buyers for two key reasons:

1. Mortgage rates have increased from 2.65% this past January to 2.9%.
2. Home prices have increased by 15.4% over the last 12 months.

Based on these rising factors, a home may be less affordable today, but it doesn't mean its not affordable.

Three weeks ago, ATTOM Data released their second-quarter 2021 U.S. Home Affordability Report which explained that the major ownership costs on the typical home as a percent of the average national wage had increased from 22.2% in the second quarter of 2020 to 25.2% in the second quarter of this year. They also went on to explain:

Still, the latest level is within the 28 percent standard lenders prefer for how much homeowners should spend on mortgage payments, home insurance and property taxes.

In the same report, Todd Teta, Chief Product Officer with ATTOM, confirms:

Average workers across the country can still manage the major expenses of owning a home, based on lender standards.

Its true that monthly mortgage payments are greater than they were last year (as the ATTOM data shows), but they're not unaffordable when compared to the last 30 years. While payments have increased dramatically during that several-decade span, if we adjust for inflation, todays mortgage payments are 10.7% lower than they were in 1990.

What's that mean for you? While you may not get the homebuying deal someone you know got last year, that doesn't mean you shouldn't still buy a home. Here are your alternatives to buying and the trade-offs you'll have with each.

Alternative 1: Ill rent instead.

Some may consider renting as the better option. However, the monthly cost of renting a home is skyrocketing. According to the July National Rent Report from Apartment List:

So far in 2021, rental prices have grown a staggering 9.2%. To put that in context, in previous years growth from January to June is usually just 2 to 3%. After this months spike, rents have been pushed well above our expectations of where they would have been had the pandemic not disrupted the market.

If you continue to rent, chances are your rent will keep increasing at a fast pace. That means you could end up spending significantly more of your income on your rental as time goes on, which could make it even harder to save for a home.

Alternative 2: Ill wait it out.

Others may consider waiting for another year and hoping that purchasing a home will be less expensive then. Lets look at that possibility.

We've already established that a monthly mortgage payment is determined by the price of the home and the mortgage rate. A lower monthly payment would require one of those two elements to decrease over the next year. However, experts are forecasting the exact opposite:

• The Mortgage Bankers Association (MBA) projects mortgage rates will be at 4.2% by the end of next year.
• The Home Price Expectation Survey (HPES), a survey of over 100 economists, investment strategists, and housing market analysts, calls for home prices to increase by 5.12% in 2022.

Based on these projections, lets see the possible impact on a monthly mortgage payment:By waiting until next year, you'd potentially pay more for the home, need a larger down payment, pay a higher mortgage rate, and pay an additional 3,696 each year over the life of the mortgage.

Bottom Line

While you may have missed the absolute best time to buy a home, waiting any longer may not make sense. Mark Fleming, Chief Economist at First American, says it best:

Affordability is likely to worsen before it improves, so try to buy it now, if you can find it.

 

 

 

Smart Kitchens, Smart Faucets

So-called “smart” devices are increasingly popular, adding new features and functionality to just about every room in your home. One room that you might not consider for a smart upgrade is the kitchen, but you should. There are a number of sensors and connected devices that can transform your kitchen into something special. One great option that’s often overlooked is the addition of a smart faucet to your sink.

While smart faucets aren’t as well known (yet) as other smart home add-ons such as smart lighting and smart thermostats, they can have a significant impact on how you use your kitchen. Not only can you turn the faucets on and off in different ways, but you can also have your smart faucets automatically save you money on your water bill. If you’re wondering whether a smart faucet might be a good addition to your home, read on for more info on just how these faucets can help you.

Smart Faucet Controls

One big advantage to smart faucets is that there are multiple ways to control the flow of water. In addition to standard handles or levers, many smart faucets contain features such as touch panels and motion sensors that allow you to turn the water on and off with little to no contact with the faucet itself. This adds convenience to using the sink in general, and can help keep your kitchen area clean if your hands are dirty or covered with batter or other substances that you wouldn’t want to clean off of everything later.

Depending on the model, some smart faucets can also be controlled remotely using apps or voice controls. In most cases, you can even pair the apps on your smartphone with digital assistants such as Alexa and the Google Assistant. This lets you control the faucet using Amazon Echo and Google Home devices, turning the water on and off as needed while doing prep work or otherwise getting things ready for the water.

Smart Water Usage

Another big benefit of smart faucets is the way that they help to control your water usage. The water-saving features of smart faucets help prevent wasted water by cutting off the flow when you aren’t actually using the sink. This keeps you from accidentally leaving the water running when you’re doing something that takes too long and can also help prevent drips and other problems that might occur when you don’t close a valve all the way.

Some smart faucets also let you track your water usage over time via their connected apps. This can make you more aware of how much water you’re using in the kitchen and may help you to ratchet back on your usage over time. Eliminating unnecessary water use will save you money and help the environment as well, and the awareness of how much water you’re using is a big part of cutting back on that unnecessary use.

Installing Your Smart Faucet

For the most part, installing a smart faucet is a lot like installing any other faucet. Depending on the faucet model, its smart features will be powered either by batteries or a nearby outlet; if the faucet is outlet powered, you’ll need to make sure that there’s a source of power close enough to hook the faucet up for it to work properly. Once installed, some smart features may require additional setup, especially if you plan to use the faucet with external devices such as an Echo or Google Home.

If you aren’t sure how to hook up a faucet or need a new outlet installed to power the smart features of your desired model, HomeKeepr can assist you in finding the help that you need. Whether you’re looking for a plumber, an electrician, or any other pro to help bring your smart kitchen to life, we can connect you with the top professionals in your area. Sign up for a free account today to get started.

Home Builders Ramp Up Construction Based on Demand

Home Builders Ramp Up Construction Based on Demand

If you're thinking of buying a home, there really is no time like the present. With todays low mortgage rates, you have a great opportunity to get more home for your money. The challenge is inventory. Like you, many buyers want to capitalize on these market conditions, and its leading to more buyer competition and bidding wars.

If you're having a hard time finding a home to buy, it may be time to talk to your trusted real estate advisor about a newly built home. Early indicators show new-home construction is beginning to ramp up. While new homes alone wont be able to fix all of the inventory challenges, this does mean you'll soon have more options as you search for a home. As a buyer, a newly built home may be exactly what you're looking for its brand new, and with builder customization options, its uniquely yours from the ground up.

Here's what industry experts are saying about new homes coming to market:

Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), says recent research could indicate upward momentum when it comes to new home construction. Evangelou refers to the volume of new homes where construction began during a set period, known in the industry as housing starts.

According to that research, housing starts reached their highest level since 2006 in March of this year an encouraging sign for the industry. While they dipped slightly in April, Evangelou reiterates that the level of housing construction is heading in a positive direction compared to recent years:

we are currently building 24% more homes than we typically have built in April in the last couple of decades. Thus, housing construction is trending upward with housing starts likely to reach 1.6 million for all of 2021 and rise further to 1.7 million in 2022.

As new data pours in, it further confirms this trend. According to the latest Monthly New Residential Construction report from the U.S. Census Bureau, housing starts increased even more in May, which continues the ongoing upward trend (see graph below) and indicates that ground is being broken on even more new homes.Robert Dietz, Chief Economist and Senior Vice President of Economics and Housing Policy for the National Association of Home Builders (NAHB), singles out another encouraging sign:

It is also worth noting that the number of single-family homes permitted but not started construction continued to increase in May, rising to 142,000 units.

This insight that there's also an uptick in single-family homes permitted serves as an additional sign that more new homes lie ahead. Its important to realize that the construction doesn't have to start on these homes before you may be able to purchase one. According to the Monthly New Residential Sales report from the U.S. Census Bureau, many new homes are selling before construction even begins (see graph below):These signs are all good news for housing inventory. And as the recent challenges of rising lumber prices and dwindling lumber supply begin to improve, builders will be able to increase their production even more in the months ahead.

Bottom Line

While the inventory challenges were facing today wont be solved overnight, the increase in new-home construction means your house may have more competition in the market. Lets connect to talk about finding your dream home and the newly built homes available in our area.

 

A Look at Home Price Appreciation Through 2025

Home prices have increased significantly over the last year, which in turn has grown the net worth of homeowners. Appreciation and home equity are directly linked as the value of a home increases, so does a homeowners equity. And with these recent gains, homeowners are witnessing their financial stability and well-being grow to record levels.

In more good news for homeowners, the most recent Home Price Expectations Survey a survey of a national panel of over one hundred economists, real estate experts, and investment and market strategists forecasts home prices will continue appreciating over the next five years, adding to the record amount of equity homeowners have already gained over the past year. Below are the expected year-over-year rates of home price appreciation from the report:

What Does This Mean for Homeowners?

Home prices are climbing today, and the data in the survey indicates they'll continue to increase, but at rates that approach a more normal pace. Even still, the amount of household wealth a homeowner stands to earn going forward is substantial. This truly becomes clear when we consider a scenario using a median-priced home purchased in January of 2021 and the projected rate of appreciation on that home over the next five years. As the graph below illustrates, a homeowner could increase their net worth by a significant amount over 93,000 dollars by 2026.

Home Price Appreciation and Home Equity

CoreLogic recently released their quarterly Homeowner Equity Insights Report, which tracks the year-over-year increases in equity. It shows an average annual gain of 33,400 per borrower over the past 12 months. In the report, Dr. Frank Nothaft, Chief Economist for CoreLogic, further explains:

“Double-digit home price growth in the past year has bolstered home equity to a record amount. The national CoreLogic Home Price Index recorded an 11.4% rise in the year through March 2021, leading to a 216,000 increase in the average amount of equity held by homeowners with a mortgage.

The expected, sustained growth of home prices means homeowners can continue to build on the past years record levels of home equity and their financial prosperity. It also presents todays homeowners with a unique opportunity: using their growing equity for a home upgrade. With so few homes available to purchase and strong buyer demand, there may not be a better time to sell your current house and move into one that better meets your needs.

Bottom Line

Home prices are expected to continue appreciating over the next five years, and the associated equity gains are the quickest way homeowners can build household wealth. If you’re a current homeowner whos ready to take advantage of your built-up equity, lets connect today to discuss your options.

 

 

Does Your Tree Need a Trimming?

For some homeowners, trees are a major component of their landscaping. Trees can bring a lot of beauty to your yard while also providing shade and habitats for birds and other animals. Unfortunately, unkempt trees can be kind of ugly and in some cases may even be dangerous. If you’ve got trees on your property that are looking a bit shaggy or that have simply seen better days, here are a few things to consider when trying to decide if they need a trim.

Cosmetic Issues

When you’re trying to decide whether to trim your trees, the first thing that you should do is look at the general appearance of the tree. You can obviously trim off lone branches that stick out at odd angles, but there’s more to cosmetic considerations than just that. You should also look at whether there are many crisscrossing branches, greenery that is too dense and difficult to see through, or branches that are growing too far horizontally compared to the tree’s vertical growth.

Taking care of cosmetic issues like these are important for a number of reasons. They obviously make your trees look nice and improve the overall look of your landscaping, but these cosmetic trimmings serve other purposes as well. Periodic cosmetic trimming helps to prevent future damage to your trees, and also keep them from becoming so dense that other plants nearby have trouble getting enough light. Occasionally thinning out your tree’s branches can also make it easier to notice other problems with your trees as well.

Safety Issues

Beyond just making your trees look better, trimmings can also improve the health of the trees and an prevent potentially dangerous situations. Broken or dead branches can fall and potentially hit someone, so removing them before they have a chance to do so is very important. You should inspect your trees periodically to look for dead material, especially after large storms or heavy winter precipitation. Inspections are also important if you notice anything weird going on with the tree, such as leaves turning brown in certain portions of the greenery or sudden changes to the general shape of the tree.

There are other potential issues that can prompt a tree trimming as well. Missing bark or other signs of disease or insect infestation can be a big red flag, since this can lead to part of the tree dying and becoming a hazard. You should also keep an eye on any trees growing near electrical lines and trim them before they crowd the lines too much, since heavy winds or other severe weather could lead to the tree pulling down the line and creating a major safety hazard.

Trimming Your Trees

If you just have a few wayward branches to trim, you can usually trim your trees yourself with a few specialized cutters. Larger jobs may require bigger tools, and in some cases could even require a ladder or a crane to reach the areas that need to be trimmed. Be sure to wear a hard hat and other protective equipment even for small jobs, since the last thing you want is to end up hurting yourself while trying to make your trees safer!

If the trimming job is too big or you simply don’t have the equipment necessary to get it done, you can also hire professional tree trimmers to come in and do the job for you. These pros already have everything they need to do things right, and they may notice other issues with your tree that you missed during your inspection. If you aren’t sure where to start in finding professional trimmers, HomeKeepr can help. Sign up for a HomeKeepr account today and to find tree-trimming professionals in your area that can take care of your trees without issue. Best of all, your HomeKeepr account is free!