Home is more than four walls and roof. Home is a door opening to you, your family, your pets, your lifestyle, your neighborhood, your community, your city. It’s all encompassing on so many levels.
Real Estate Predictions for 2022
You’ve heard it all before and now their playing the same tune, but 2022 housing market is still going to be a strong one.
Well here we are in a hurry for the end of another weird and wacky year. I’ve answered the “So, how’s the market doing?” question a bazillion times this year and always with the same answers:
“Yes, Margaret the market is still hot and remains a seller’s one!”
”Yes, John lots of buyers, but scarce inventory.”
”I’m sorry, Paige, but you did just lose your 11th offer in a week, you wanna try for 12?”
”Yes, Bill, New Yorkers and Californians are richer than you and have a wad of cash in their vests.”
“Yes, Trina, if you want this house you have to bid xyz over and waive all inspections.”
From Keeping Current Matters
It’s been brutal to say the least. I’m not complaining, I mean I did very well during Covid considering and my buyers did find their dream homes, but I do feel for all my first time home buyers. That’s why I advise to start planning ahead if you want to find home.
What does it look like in 2022? Pretty much the same. We are starting see the rise in mortgage rates and a competitive job market which will only lead to higher demand. Additionally, housing prices will increase by as much as 3%. I foresee an uptick in gentrification in metro areas and still more millenials moving to suburban areas. Rent prices are also continuing to rise making demand for home ownership more desirable amongst the younger generations. I generally think we’ll be seeing more of the same with demand high, inventory low, and more big city transplants.
2022 will see the slow rise of housing prices and even through the slower, cooler months we are seeing lots of activity. If you own land, I suggest getting the most out of it— build a smaller property to provide short term rental or sell a parcel you can spare. As I’ve preached before, Winter is a favorable month to buy due to a decrease in competition while having the ability to take your time while searching for a home. So no Karen, the housing market isn’t slowing down one bit.
If you’d like to know more about thriving areas or information on the value of your home, please feel free to contact me!
Tips for Open Houses
Tips for open houses
So you’ve decided to venture out and start looking at potential homes to purchase. As an agent, I’ve done a ton of open houses, but as a consumer as well, and I tend to have a keener eye. We can get distracted by staging and pretty details of the home, which is fine, but there are few things you should be looking out for while touring homes. If you have a contractor you work with or know, ask them to come along and they can spot defects a mile away. I’ve gathered a few tips for you as you venture out to find home.
Toolkit
Tape Measures can come in handy when determining if your must have new stove is going to fit
Cameras will help you remember, sure there’s the pro photos of the homes, but nobody is going to capture that suspect crack you see. You are also seeing a lot of houses, so it helps to remember.
Notepads are great to take with you on your tours, it helps you write down what you really like and dislike as you are going through different rooms that will help you determine your keepers and your no thank yous.
Look Up/Look Down
Check out the ceilings in a home. They can be telling by the cracks and color. How big are the cracks (could be a foundation problem)? Is there discoloration or any water marks leading to a leaky roof?
Are the floors warping? Check out baseboards and look under sinks for evidence of mold (black spots).
Don’t be afraid to lift up carpets that could be hiding damage or a moisture issue.
Look Out
Open and close windows and doors to see if they stick or are hard to open, this could be a foundation issue as well.
Check to see if there are drafts coming in and out of accesses. Also feel around electrical outlets.
If you see windows that have condensation, the sashes are broken and need to be replaced. Windows are pricey!
Look for termite evidence, if you see discarded wings or piles of sawdust, might be a sign.
Pay attention to smells, does it smell like mold or cat urine?
Storage
This gets neglected sometimes. Honey, if there is not enough room for my shoes, I’m passing! Seriously though, look to see how much storage space you have. Is there an attic or basement? Are there other closets outside the bedroom? Is there storage above the kitchen cabinets or enough to put Grandma’s China in? Is there outdoor storage, a shed or garage?
ChChChanges
Some houses come decked out with all the appliances, but some are not blessed with say a dishwasher, will you have room to install one?
If you are anything like me, layouts are super important. I like to change up my rooms every 6-8 months for refreshing and new energy (yeah I’m hippy dippy like that), check to see that you can do this. Some rooms will allow for a TV to go in one place and one place only, leaving you with years of unchanged furniture arrangement. Can you move your bed to another wall? What if you guys have a kid to teen situation, can you transform their room from twin beds to full, and will you be able fit a bigger dresser for their identity crises ensembles?
Ask
How old is the roof?
How old is the HVAC?
Has electrical been updated?
Why is the seller selling?
Has there been any price changes?
How long did they live there?
What’s the neighborhood like?
Have any updates been made to the home?
Is there an HOA?
If there is a well and septic, ask when was it serviced last, same with HVAC.
Are there any offers in hand?
The agent hosting should be able to answer all your questions.
We ask that…
As agents who host open houses, we want to supply our clients with the best feedback so be forthcoming with your likes and dislikes of the home.
Sign in when asked to, we aren’t in the habit of giving your information away, it is more for us to have a number of attendants and to make notes of feedback and to send out thanks.
If you can, don’t bring your kids. Nobody wants to see Johnny decide to use the half bath with door wide open, it will take the distraction away.
Wear floor friendly shoes.
Be considerate of other buyers while touring the house, give people space.
Be a visionary. Look at the potential of the home, that downstairs basement bar might not be your cup of tea, but could potentially be your teens lair or a great Airbnb situation.
Talk to the neighbors. You will be quite surprised at how much gets revealed in doing that. You definitely don’t want to be living next to Ugly Naked Guy or across from Mrs. Kravitz. Also explore the neighborhood, see what’s around.
Most of all this should be a fun experience. Make sure your agent is on hand so you can write an offer quickly when you find The One and get pre-approved! Happy House Hunting!
- Jo Ann L. Breaux, Realtor