10 Home Chores To Do Annually

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10 Home Chores To Do Annually

Ten chores around the home that you really only need to do annually, minus special circumstances. Let’s dive in!

1. Curtains & Drapes

Unfortunately, we don’t mean the dusting part. You’ll want to dust at least once a month, but when it actually comes time to getting them cleaned, you only really need to do that once a year. You can take them in to get dry cleaned or follow the instructions on their tags if you choose to wash them at home.

2. House Gutters

Gutter guards can be a great investment, especially if you live around trees that shed all year long. These can keep your gutter cleanings minimal, generally about once per year. You’ll want to do this in the autumn when all of the leaves from the trees have already fallen. If you have alot of leaves, we recommend you do this more often.

3. Fireplace & Chimney

After the winter, you’ll want to give your fireplace a thorough cleaning. You can use a shop vacuum to clean up the embers. Make sure to wash down the fireplace tools as well. Go an extra step further and schedule an appointment with a chimney sweeper.

4. Carpets

We wish we meant vacuuming, but that’s pretty much a weekly or biweekly task for most households. In this case, we mean a deep clean. The best time to get this taken care of is right after summer.

5. Outdoor Furniture

The best time to clean outdoor furniture is when you bring them out of storage for Spring. Of course, if messes up happen while you’re using them, you want to clean the spots right away, so you avoid an accumulation of stains in a short period.

6. Mattress

Mattresses have improved through the years but they still need a little bit of attention. At least once a year, give your mattress a thorough cleaning and change the position of it.

7. Kitchen Cabinets & Pantry

Early November is a great time to clean out kitchen cabinets, drawers, and the food pantry to get them ready for the holidays. Do a section of cabinets at a time and empty them out completely. Wipe down the shelves and reline with shelf paper if needed.

8. Linen Closet

Just once a year, empty out your linen closet and give it a thorough cleaning. Take time to vacuum away dust and spiderwebs and reline any shelves.

9. Garage, Basement, & Attic

No one is expecting you to have a perfect garage, basement, or attic. However, a good cleaning at least once a year can help you keep an eye on things, such as moisture or insect problems. It can also feel good to get rid of junk that tends to accumulate in these hidden spaces.

10. Grill

To keep your grill working well it is a good idea to clean the parts. Wearing work gloves, remove the grates and the metal plates under them. Place in a bucket of hot water and regular dish soap.Clean the interior and exterior.

If you’re in the market to sell your home, we can refer you over to some of our preferred vendors that can help you knock out your cleaning tasks. Great Lakes Home Team with Keller Williams Greater Cleveland Northeast is here to help and only a phone call away! Jody Finucan and Danielle Dooley…www.greatlakeshometeam.com.

Residential Property Disclosures

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Residential Property Disclosures

When selling your home, you’re obligated, by law, to disclose certain information about your property. Most states require that all sellers complete a written property disclosure form. Ohio is one of those states. Majority of the forms have a required set of questions that must be answered.

THE BASICS

Most states require sellers to complete this form when listing for sale. Nearly all of the questions are a basic yes/no/unknown response. The questions will address material facts, major defects, special disclosures, and federal disclosures. All forms vary by state and require different information.

MATERIAL FACTS

These include the age of the property, it’s condition, known problems, and defects. These are all of the information that would influence a buyer’s decision to purchase your home. These disclosures require you to address known defects, things that are reasonably apparent, to ensure you don’t knowingly hide a major defect.

MAJOR DEFECTS

All major defects MUST be disclosed. For instance, fire or flood damage. If your home’s electrical system isn’t up to code, and you’re aware of this, it must be shared with potential buyers. Repairs you have completed, as well as improvements and upgrades, should be noted as well.

Since all states have varying federal and special disclosure laws, it’s imperative that you reach out to a local real estate agent to get assistance with the sale of your home. Great Lakes Home Team with Keller Williams Greater Cleveland Northeast is here to help you through the entire process. Jody Finucan and Danielle Dooley are only a phone call away!

 

Real Estate 2018: What to Expect

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PA - January 2018 - Digital Marketing Campaign - Pinterest ImageAt the start of every new year, clients always want to know, “What’s going to happen with the real estate market this year?”   

That’s why I am excited to share our latest report: “Real Estate 2018: What to Expect.”

It includes economists’ predictions on home values, interests rates, and more. Whether you’re a current homeowner, or considering a real estate purchase in the future, this report contains valuable insights that could impact you and your investment.

If you have any questions, or if you would like to discuss issues I expect to affect our local real estate market in the year ahead, please give me a call.

I would like to wish you a happy and prosperous 2018. I look forward to another great year of serving clients in our community!

It’s not just potential buyers and sellers who are curious; homeowners also want reassurance their home’s value is going up. The good news is that a strong U.S. economy, coupled with low unemployment rates, is expected to drive continued real estate growth in 2018. However, changes on the horizon could significantly impact you if you plan to buy, sell or refinance this year.

HOME VALUES WILL CONTINUE TO RISE

Get ready for another strong year! U.S. home values and sales volume will continue to   rise in 2018.

Experts agree that home prices will increase in 2018, but predict a slower rate of appreciation than 2017, which clocked in at nearly 7 percent nationwide. National Association of Realtors (NAR) Chief Economist Lawrence Yun predicts a growth rate this year of 5.5 percent,1 while Freddie Mac’s September Outlook Report forecasts a rate of 4.9 percent. Either way, all indicators point towards continued growth in 2018.2

What does it mean for you? If you’re a current homeowner, congratulations! Real estate proves once again to be a solid investment over the long-term. And if you’re considering selling this year, there’s never been a better time. Contact me to request a free Comparative Market Analysis to find out how much you can expect your home to sell for under current market conditions.

If you’re in the market to buy this year, there’s good news for you, too. Although prices continue to rise, the rate of appreciation has slowed. Still, don’t wait any longer. Prices will continue to go up, so you’ll pay more six months from now than you would today. Call us to set up a free, no-obligation property search and get notified about listings that meet your criteria as soon as (or before) they hit the market.

NEW CONSTRUCTION WILL MAKE REAL ESTATE MORE ACCESSIBLE

Lack of inventory in the housing market has been a primary impediment to homeownership for many Americans. “Ten years ago, the problem in the housing market was lack of buyers,” says Yun. “Today, the problem is lack of sellers. Inventory levels are near historic lows.”3

Yun also notes, “The lack of inventory has pushed up home prices by 48 percent from the low point in 2011, while wage growth over the same period has been only 15 percent. Despite improving confidence [in 2017] from renters that now is a good time to buy a home, the inability for them to do so is causing them to miss out on the significant wealth gains that homeowners have benefitted from through rising home values.”1

The good news? Yun expects a 9.4 percentage point increase in single-family new home construction starts.4

Economists at Freddie Mac make a similar prediction. “Existing home sales are unlikely to increase much going forward. Limited inventory will remain a consistent problem … Growth in home sales will be primarily driven by new home sales, which should continue to grind higher with single-family construction.”2

Robert Dietz, chief economist at the National Association of Home Builders, agrees. “The markets that are going to grow are ones where builders can add that entry-level product.”5

What does it mean for you? If you’ve been frustrated by lack of inventory in the past, 2018 may bring new opportunities for you to find a budget-friendly home that suits your needs. Give me a call to discuss options for new construction in our area.

 MILLENNIALS WILL MOVE TO THE SUBURBS

The new entry-level construction will come with a catch though … it will be located in the suburbs, where the availability of land and fewer zoning requirements make it more cost-effective to build. Economists predict that’s where millennials and first-time buyers will flock for the greater variety of homes at affordable prices.6

Rising home prices, a sluggish job market, and an increase in student loan debt made homeownership largely unattainable for many millennials in past years. However, there’s significant evidence that this trend is turning around. For the fourth year a row, the National Association of Realtors’ 2017 Home Buyer and Seller Generational Trends survey found that millennials were the largest group of homebuyers.7

As millennials age, they are settling down and having families, which has prompted an increasing demand for larger but affordable homes. Thus, many are flocking to the suburbs, with 57 percent of millennial buyers opting for a suburban location.

What does it mean for you? If you’re a millennial who has been priced out of urban living, or is looking for more space for your growing family, a number of suburbs in our area have a lot to offer. I can point you towards the communities that will best meet your needs.

BOOMERANG BUYERS WILL RETURN TO THE MARKET

“Boomerang buyers” comprise the nearly 10 million Americans who lost their homes to foreclosure or short sales during the housing recession of 2006 to 2014.

According to MyFico.com, a foreclosure remains on a credit report for seven years. It takes many boomerang buyers at least that long to raise their credit score and save up enough cash to qualify for a new mortgage.8

NEW TAX LEGISLATION WILL IMPACT HOMEOWNER DEDUCTIONS

 The “Tax Cuts and Jobs Act” passed at the end of 2017 nearly doubles the standard deduction, so far fewer Americans are expected to itemize this year. For those who do, however, it could mean less homeowner deductions are available than in the past.

Previously, homeowners could deduct interest paid on the first $1 million of mortgage debt, but that threshold has been lowered to $750,000 for new mortgages. (Existing mortgages will not be impacted.)

Additionally, taxpayers will no longer be able to fully deduct state and local property taxes plus income or sales taxes. The new legislation restricts this deduction to $10,000. It also eliminates the deduction for moving expenses (except for members of the Armed Forces) and interest on home equity loans unless the proceeds are used to substantially improve the residence.10

It’s yet to be seen how the tax bill will impact the real estate market overall. While some economists predict a price reduction in certain markets, Republican lawmakers project the bill will increase take-home pay and stimulate the economy overall. According to Realtor.com Senior Economist Joseph Kirchner, “Some house hunters—particularly wealthy buyers—will see an increase in after-tax income, making an already tough housing market even more competitive. This increased demand could drive prices up even higher than they are already.”11

What does it mean for you? If you’re an existing homeowner, be sure to consult a tax professional if you’re concerned about the impact the new tax bill could have on you.

INTEREST RATES WILL RISE

No one knows exactly what will happen with mortgage rates this year, but the Mortgage Bankers Association anticipates the Federal Reserve will raise rates three times in 2018, with Freddie Mac’s 30-year fixed rate mortgage reaching 4.8 percent by the end of Q4, up from around 4 percent at the end of 2017.12

 Kiplinger.com Economist David Payne also predicts interests rates will rise this year, with short-term rates outpacing long-term rates as the Fed aims to curb inflation in a tightening job market. He predicts the bank prime rate that home equity loans are based on will increase from 4.25 percent to 5 percent by the end of 2018. 13

What does it mean for you? If you’re in the market to buy, act now. Rising interest rates will decrease your purchasing power, so act quickly before interest rates go up. Give me a call today to get your home search started.

And if you’re a current homeowner who is considering refinancing or a home equity loan, don’t wait. I can help you estimate your property’s fair market value so you’ll be prepared before contacting a lender.

I AM HERE TO HELP

While national real estate numbers and predictions can provide a “big-picture” outlook for the year, real estate is local. And as local market experts, I can guide you through the ins and outs of our market, and the local issues that are likely to drive home values in your particular neighborhood. If you have specific questions, or would like more information about where we see real estate headed in our area, please give me a call!

Sources:

  1. Inman News –
    https://www.inman.com/2017/11/03/what-to-expect-from-the-2018-housing-market/
  2. Freddie Mac September Outlook Report –
    http://www.freddiemac.com/research/outlook/20170921_looking_ahead_to_2018.html
  3. org –
    https://www.marketplace.org/2017/07/05/economy/tight-inventory-slows-housing-market-down-0
  4. National Association of Realtors Press Release –
    https://www.prnewswire.com/news-releases/existing-home-sales-to-grow-37-percent-in-2018-but-inventory-shortages-and-tax-reform-effects-loom-300549447.html
  5. Fox Business News –
    http://www.foxbusiness.com/features/2017/11/27/entry-level-buyers-drive-solid-new-home-sales.html
  6. Zillow Research –
    https://www.zillow.com/research/2018-predictions-17217/
  7. National Association of Realtors’ Home Buyer and Seller Generational Trends Report –
    https://www.nar.realtor/research-and-statistics/research-reports/home-buyer-and-seller-generational-trends
  8. com –
    https://www.myfico.com/crediteducation/questions/foreclosure-fico-score-affect.aspx
  9. RealtyTrac –
    http://www.realtytrac.com/news/foreclosure-trends/boomerang-buyers/
  10. National Association of Realtors –
    https://www.nar.realtor/taxes/tax-reform/the-tax-cuts-and-jobs-act-what-it-means-for-homeowners-and-real-estate-professionals
  11. com –
    https://www.realtor.com/news/real-estate-news/tax-cuts-survey/
  12. Mortgage Bankers Association Economic Forecast –
    https://www.mba.org/news-research-and-resources/research-and-economics/forecasts-and-commentary
  13. Kiplinger Economic Forecast –
    https://www.kiplinger.com/article/business/T019-C000-S010-interest-rate-forecast.html#iOf4mkSFvvTmi2wr.99

Lake County History – Average Sale Price Last 5 years by month.

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Avg Sale PriceClick on the link below to pull up a PDF – Lake County History of Average Sale Price per month.  If you are into statistics or even if you are not, you will likely find the information very interesting. Sale prices in Lake County have continued to increase month after month beginning 2016. The shortage of inventory and multiple offers has certainly been a factor in increasing prices.  If you have any questions or would like to know a particular area, please let me know. I am happy to help.

 

Lake County Ohio Sale Price Average

If you or someone you know is looking to buy or sell, it would be my privilege to assist.

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