Homeowner’s insurance is a must-have to protect what’s probably your biggest investment – your home. And while you never want to think about worst-case scenarios, the right coverage is basically your safety net if something goes wrong. Here’s how it helps you.
In the simplest sense, it gives you peace of mind. Knowing you have protection against unexpected events helps you worry less. And with such a big purchase, having that reassurance is a big deal.
And while your first insurance payment will be wrapped into your closing costs, you’ll want this to be a part of your budget beyond closing day too. That’s because it's a recurring expense you’ll have once you get the keys to your home.
Here’s what you need to know to help you budget for this important part of homeownership today.
In recent years, insurance costs have been climbing. According to Insurance.com, there are four big reasons behind the jump in premiums:
Basically, disasters are happening more often, repairs cost more, and insurers have to adjust their rates to keep up. Data from ICE Mortgage Technology helps paint the picture of how the average yearly premium has climbed over the last decade (see graph below):
Homeowner’s insurance is a must to protect your home and your investment. But with costs rising, you’ll want to do your homework to balance the best coverage you can get at the best price possible.
Homeowner’s insurance rates vary widely based on location, provider, and coverage. Shop around and compare quotes before settling on a policy. And don’t forget to ask about discounts. Things like security systems or bundling with auto insurance could help lower your insurance costs.
When you’re planning to buy a home, it’s important to look beyond just your mortgage payment. You’ll also want to budget for your homeowner’s insurance policy. It gives you a lot of protection against the unexpected. And while it’s true those costs are rising, there are things you can do to try to get the best price possible.
What’s your biggest concern when it comes to budgeting for homeownership? Talk to an agent to make sure you’re set up for success.
If you took your house off the market in late 2024, you’re not the only one. Newsweek reports that data from CoreLogic and the Wall Street Journal (WSJ) says nearly 73,000 homes were pulled from the market in December alone – that's more than any other December going all the way back to 2017 (see graph below):
Whether it was because offers weren’t coming in, the timing around the holidays felt overwhelming, or they wanted to see if the market would improve in the new year – a lot of other homeowners decided to press pause, too.
But now, with spring fast approaching, it’s time to reassess. The market is already picking up, and waiting any longer to jump back in may only mean you’d face more competition from other sellers down the road.
Selma Hepp, Chief Economist at CoreLogic, explains that some of those sellers may have pulled their listings late last year with the goal of trying again this spring:
“Another reason for a step back could be that sellers wanted to wait and see how spring home buying season goes, and if mortgage rates fall, which would bring more home buyers and competition back in the market.”
That’s because spring is when buyer demand is typically at its highest point for the year. More people start their home search once the weather warms up. They’re eager to close on a home so they can move in during the summer. So, it’s a great window for sellers. It means more buyers.
And while mortgage rates haven’t fallen dramatically, they have come down some in recent weeks. Early signs already show buyers are becoming more active as a result. Since January, demand has picked up – and that should continue as spring draws even closer.
Start by checking the status of your listing agreement. Because even if you pulled your listing, you may still be under contract. And until your listing expires, your agent or brokerage is your best resource on what else you could try to get it sold. Realtor.com offers this advice:
“If you aren't sure of the status of your listing, whether active, expired, or withdrawn, take a look at your listing agreement and talk to your real estate agent.”
If your contract is still active, now’s the perfect time to reconnect with your agent to explore strategies to get your home sold this time around. If your contract has expired and you’re considering other options, reach out to a trusted real estate professional who can help you figure out where to go from here.
Either way, take some time to reflect on your last experience. What held you back from getting it sold before? And what can you do to improve your chances this time around?
Be sure to include your agent in this thought process. They’ll give you an objective point of view and some advice based on what may have gone wrong last time, like:
If your house didn’t sell last year, spring may be your second chance. With buyer activity rising, it’s the perfect time to talk to an agent about coming back into the market with a fresh strategy.
What do you want to do differently this time around? Talk to your agent to go over your options and make a plan.
If you took your house off the market in late 2024, you’re not the only one. Newsweek reports that data from CoreLogic and the Wall Street Journal (WSJ) says nearly 73,000 homes were pulled from the market in December alone – that's more than any other December going all the way back to 2017 (see graph below):
Whether it was because offers weren’t coming in, the timing around the holidays felt overwhelming, or they wanted to see if the market would improve in the new year – a lot of other homeowners decided to press pause, too.
But now, with spring fast approaching, it’s time to reassess. The market is already picking up, and waiting any longer to jump back in may only mean you’d face more competition from other sellers down the road.
Selma Hepp, Chief Economist at CoreLogic, explains that some of those sellers may have pulled their listings late last year with the goal of trying again this spring:
“Another reason for a step back could be that sellers wanted to wait and see how spring home buying season goes, and if mortgage rates fall, which would bring more home buyers and competition back in the market.”
That’s because spring is when buyer demand is typically at its highest point for the year. More people start their home search once the weather warms up. They’re eager to close on a home so they can move in during the summer. So, it’s a great window for sellers. It means more buyers.
And while mortgage rates haven’t fallen dramatically, they have come down some in recent weeks. Early signs already show buyers are becoming more active as a result. Since January, demand has picked up – and that should continue as spring draws even closer.
Start by checking the status of your listing agreement. Because even if you pulled your listing, you may still be under contract. And until your listing expires, your agent or brokerage is your best resource on what else you could try to get it sold. Realtor.com offers this advice:
“If you aren't sure of the status of your listing, whether active, expired, or withdrawn, take a look at your listing agreement and talk to your real estate agent.”
If your contract is still active, now’s the perfect time to reconnect with your agent to explore strategies to get your home sold this time around. If your contract has since expired and you’re considering other options, reach out to a trusted real estate professional who can help you figure out where to go from here.
Either way, take some time to reflect on your last experience. What held you back from getting it sold before? And what can you do to improve your chances this time around?
Be sure to include your current agent in this thought process. They’ll give you an objective point of view and some advice based on what may have gone wrong last time, like:
If your house didn’t sell last year, spring may be your second chance. With buyer activity rising, it’s the perfect time to talk to an agent about coming back into the market with a fresh strategy.
What do you want to do differently this time around? Talk to your agent to go over your options and make a plan.
Want to know two reasons this spring might finally be your time to buy? Inventory has grown and sellers may be more willing to negotiate as a result. That means you’ve got more options and more power than buyers have had in years. Let’s break it down.
The number of homes for sale this February was higher than it’s been in any of the past five Februarys – and that’s great news for your home search. The graph below uses the latest data from Realtor.com to show the supply of homes on the market has grown by 27.5% in just the last year:
More choices for your search is a good thing – and experts also say that inventory is projected to continue rising this year, which is even better. It means it should be easier to find something that checks your most important boxes. But that’s not all this does for you. Danielle Hale, Chief Economist at Realtor.com, explains some of the other perks of more inventory, beyond just having more homes to consider:
“Buyers will not only have more home options . . . but they are also likely to find somewhat lower asking prices and more time to make decisions – all buyer-friendly factors as we inch closer to the busy homebuying season.”
Now that buyers have more options, some homes are sitting on the market a little longer – especially those that were priced too high from the start. And the result is more sellers are having to drop their prices to draw buyers back in. Just take a look at the numbers.
According to Realtor.com, the number of listings with price reductions has gone up compared to the last few years (see graph below):
This is a sign sellers are more willing to compromise today. If you look back to more normal years in the market (2017–2019), you’ll see that the number of price cuts happening today is much closer to what’s typical – and for most buyers, that’s a big relief.
What does that mean for you? It could give you a better chance to negotiate – whether that’s on price, closing costs, or even repairs. While not every seller will adjust their price, more of them are willing to do it – giving you more leverage than buyers have in quite a while.
If you’ve been on the sidelines, waiting for the right time to buy, this spring could be the opening you’ve been hoping for.
Of course, every market is different, and working with a local expert can help you work through your options. If you want to talk about what’s happening in your area or get started on your home search, connect with a local real estate agent.
How does today’s rising inventory impact your homebuying plans?
If you already own a home, have you ever stopped to think about how much wealth you’ve built up just from being a homeowner? As home values rise, so does your net worth. And, if you’ve been in your house for a few years (or longer), there’s a good chance you’re sitting on a pile of equity — maybe even more than you realize.
Home equity is the difference between what your house is worth and what you owe on your mortgage. For example, if your house is worth $500,000 and you still owe $200,000 on your home loan, you have $300,000 in equity. It’s essentially the wealth you’ve built through homeownership. Right now, homeowners across the country are seeing near-record amounts of equity.
According to the Intercontinental Exchange (ICE), the average homeowner with a mortgage has $319,000 in home equity.
The rise in equity can be credited to two key factors:
1. Significant Home Price Growth
Home prices have climbed dramatically in recent years. In fact, according to the Federal Housing Finance Agency (FHFA), over the past five years, home prices nationwide have risen by 57.1% (see map below):
This appreciation means your house is likely worth much more now than when you first bought it.
2. Longer Tenure in Homes
Data from the National Association of Realtors (NAR) also shows people are staying in their homes longer than they used to, with the average tenure now being close to 10 years (see graph below):
This increase means homeowners are benefiting even more from home values growing over time as they’re paying down their mortgages. That’s because the longer someone lives in their home, the more that home value grows, which directly increases equity.
And if you’re one of those people who’s been in their home for 10 years or more, know this — according to NAR:
“Over the past decade, the typical homeowner has accumulated $201,600 in wealth solely from price appreciation.”
What does this mean for you? Your house might be your biggest financial asset — and it could open some exciting opportunities for your future. Let’s break it down.
Moving to Your Next Home
Your equity could help you cover the down payment for your next home. In some cases, it might even mean you can buy your next home in all cash, especially if you’re looking to downsize or move to a less expensive area.
Financing Home Improvements
Thinking about upgrading your kitchen, adding a garage or tackling other key projects? If you do it right, your equity could provide the funds to make those improvements happen, increasing the value of your home and making it more enjoyable to live in, too.
Starting a Business
If you’ve been dreaming about starting your own business, your equity could be the kickstart you need to make it happen. Whether it’s for startup costs, equipment or marketing, leveraging your home’s value could help bring your entrepreneurial goals to life while driving your long-term earning potential forward.
Fueling Your Retirement
Your home equity could be the key to funding your next chapter, too. By downsizing or moving to a more affordable area, you can unlock cash to support your retirement goals or invest in the lifestyle you’ve been hoping for — all while simplifying your living situation.
Whether you’re thinking about selling, upgrading or simply want to understand your options, your home equity is a powerful resource — and your trusted REMAX agent could help you understand exactly what you’re working with.
Want to find out how much your home is worth? Send me a quick reply, and I’ll do a professional assessment for you. The real number may surprise you.
If you already own a home, have you ever stopped to think about how much wealth you’ve built up just from being a homeowner? As home values rise, so does your net worth. And, if you’ve been in your house for a few years (or longer), there’s a good chance you’re sitting on a pile of equity — maybe even more than you realize.
Home equity is the difference between what your house is worth and what you owe on your mortgage. For example, if your house is worth $500,000 and you still owe $200,000 on your home loan, you have $300,000 in equity. It’s essentially the wealth you’ve built through homeownership. Right now, homeowners across the country are seeing near-record amounts of equity.
According to the Intercontinental Exchange (ICE), the average homeowner with a mortgage has $319,000 in home equity.
The rise in equity can be credited to two key factors:
1. Significant Home Price Growth
Home prices have climbed dramatically in recent years. In fact, according to the Federal Housing Finance Agency (FHFA), over the past five years, home prices nationwide have risen by 57.1% (see map below):
This appreciation means your house is likely worth much more now than when you first bought it.
2. Longer Tenure in Homes
Data from the National Association of Realtors (NAR) also shows people are staying in their homes longer than they used to, with the average tenure now being close to 10 years (see graph below):
This increase means homeowners are benefiting even more from home values growing over time as they’re paying down their mortgages. That’s because the longer someone lives in their home, the more that home value grows, which directly increases equity.
And if you’re one of those people who’s been in their home for 10 years or more, know this — according to NAR:
“Over the past decade, the typical homeowner has accumulated $201,600 in wealth solely from price appreciation.”
What does this mean for you? Your house might be your biggest financial asset — and it could open some exciting opportunities for your future. Let’s break it down.
Moving to Your Next Home
Your equity could help you cover the down payment for your next home. In some cases, it might even mean you can buy your next home in all cash, especially if you’re looking to downsize or move to a less expensive area.
Financing Home Improvements
Thinking about upgrading your kitchen, adding a garage or tackling other key projects? If you do it right, your equity could provide the funds to make those improvements happen, increasing the value of your home and making it more enjoyable to live in, too.
Starting a Business
If you’ve been dreaming about starting your own business, your equity could be the kickstart you need to make it happen. Whether it’s for startup costs, equipment or marketing, leveraging your home’s value could help bring your entrepreneurial goals to life while driving your long-term earning potential forward.
Fueling Your Retirement
Your home equity could be the key to funding your next chapter, too. By downsizing or moving to a more affordable area, you can unlock cash to support your retirement goals or invest in the lifestyle you’ve been hoping for — all while simplifying your living situation.
Whether you’re thinking about selling, upgrading or simply want to understand your options, your home equity is a powerful resource — and your trusted REMAX agent could help you understand exactly what you’re working with.
Want to find out how much your home is worth? Send me a quick reply, and I’ll do a professional assessment for you. The real number may surprise you.
Spring is a season of renewal, and as a homeowner, it’s easy to get swept up in the day-to-day of life. But maintaining your home is an important part of protecting the long-term value of your investment.
So, whether you own a home already or you’re planning to become a homeowner this year, here are five essential spring home maintenance tasks you don’t want to overlook. Save this as your helpful resource to come back to year after year.
Winter weather can leave behind debris, like leaves and twigs, clogging your gutters. If water can’t flow freely, it can lead to roof leaks or foundation damage. Hiring a professional to take on the height of this job is probably best, but if you’re an ace on a sturdy ladder, this may be your thing. Either way, keeping them clean and clear is a must.
Spring is the perfect time to let the sunlight in — but dirty windows can dull the view. Remove and wash your window screens, then use a window cleaner or a vinegar-water mix to make your glass sparkle. It’s a simple job that can instantly brighten your home while also keeping dirt and build-up from settling in permanently.
Spring also means it’s time to schedule a tune-up for your heating, ventilation and air conditioning system. A professional can clean and inspect your system, ensuring it’s ready to keep you cool during the summer months while also fixing any damage that may have occurred over the winter. When the summer weather heats up, you don’t want to be calling for an emergency issue that could have been prevented with regular maintenance.
After a long winter, your yard likely needs a little TLC. Rake up leaves, sticks and other debris to give your lawn room to flourish. Not only does this make your yard look tidy, but it also helps promote healthy grass growth for the warmer months ahead.
This season is a great time to touch up your home’s exterior paint and check the caulking around windows and doors. This helps prevent water damage and keeps your home looking fresh and inviting.
Owning a home is a rewarding journey, but it comes with responsibilities. By staying on top of these spring maintenance tasks, you can protect your investment and enjoy your home to the fullest. A little effort now goes a long way when it comes to keeping your home safe, efficient and beautiful for years to come.
Don’t let these essential tasks sit on the back burner. Your future self will thank you.
What’s on your to-do list this season? I’ll make sure you hit all the homeowner must-do’s and connect you to some local pros I trust who can help get the jobs done.
There’s one essential step in the homebuying process you may not know a whole lot about, and that’s preapproval. Here’s a rundown on what it is and why it’s so important to take care of before you start looking at homes with your REMAX® agent.
Preapproval is like getting the green light from a lender. It gives you a sense of how much they’re willing to let you borrow for your home loan. To determine that number, a lender starts by looking at your financial history. Here are some of the documents they may ask you for during this process:
The result? They’ll assess your financial situation, and you’ll get a preapproval letter showing what you can borrow. Keep in mind, any changes to your finances can affect your preapproval status. So, after you receive your letter, avoid switching jobs, applying for new credit cards or other loans, co-signing for loans or taking money from your savings.
This year, home prices are expected to rise moderately in most markets, and mortgage rates are stabilizing, but still volatile. And since affordability continues to be tight, it’s a good idea to talk to a lender about your home loan options and how today’s changing mortgage rates will impact your monthly payment.
The preapproval process is the perfect time for that discussion. Since it determines the maximum amount you can borrow, preapproval also helps you figure out your budget. And keep in mind, you may get approved for more than you feel comfortable borrowing, so use this time to decide what you can afford in your monthly mortgage payment as you factor in taxes, insurance and other costs you will incur as a homeowner. Once you know what works for you financially, partner with your REMAX agent to tailor your search to homes that match your budget. That way, you don’t fall in love with a house that’s realistically outside of your comfort zone.
Once you find a home you want to put an offer on, preapproval has another big perk. It not only makes your offer stronger, it shows sellers you’ve already undergone a credit and financial check. So, when a seller sees you’re preapproved, they view you as a much more serious buyer and may be more attracted to your offer because it is more likely to go through. And for a seller who is ready to close a deal, an offer that’s backed by preapproval makes a big difference.
As Greg McBride, Chief Financial Analyst at Bankrate, says:
“Preapproval carries more weight because it means lenders have actually done more than a cursory review of your credit and your finances, but have instead reviewed your pay stubs, tax returns and bank statements. A preapproval means you’ve cleared the hurdles necessary to be approved for a mortgage up to a certain dollar amount.”
If you’re planning on buying a home, getting preapproved for a mortgage should be one of the first things on your to-do list. Not only will it give you a better understanding of your borrowing power, it’ll put you in the best position possible to make a strong offer when you find a home you love.
Do you know what else you need to do to make sure you’re ready to buy? Reach out, and I’ll make sure you don’t skip any of the key homebuying steps.
Are you wondering what’s going on with home prices? Mortgage rates? Or asking yourself if it’s even a good time to buy a home? It’s a big decision — and you don’t have to do it alone. That’s where your trusted local REMAX® agent comes in.
