Is it Time to Move into a Single-Story Home?

Once the kids have left the nest, you may be wondering what to do with all of the extra space in your home. Chances are, you don’t need four bedrooms anymore, and it may be a great time to sell your house and downsize, maybe even into a single-story home. You’ve likely gained significant equity if you’ve lived in your home for a while, so making a move while demand for your current house is high could be your best step forward toward the retirement goals you set out to achieve several years ago.

The dilemma, though, is where to go next. A big concern for many homeowners who are ready to sell is finding a home to move into, given today’s lack of houses available for sale. There is, however, some good news: the number of single-family 1-story homes being built today is on the rise, improving your odds of finding the right home for your changing needs. In a recent article, The National Association of Home Builders (NAHB) explains:

“Nationwide, the share of new homes with two or more stories fell from 53% in 2018 to 52% in 2019, while the share of new homes with one story grew from 47% to 48%.”

Here’s a map showing the breakdown of newly constructed homes being built by region, and the percentage of 1-story and 2-story homes in that mix:

What are the benefits of buying a one-story home?

Still not sure about buying a single-story home? An article from Home Talk covers several advantages of switching from two floors to one:

1. Energy Efficient

“It is easier to heat and cool a single-story house [than] it would be to regulate the temperatures of a multi-story house.”

Most single-story homes only need one heating or cooling unit, and they typically stay cooler than a two-story home, both of which can lead to significant savings.

2. Easier to Maintain

“Doing a general cleaning in a single story requires less effort and you will be able to see all areas that need cleaning and the areas are easily accessible.”

Cleaning and maintenance of a single-story home can take less time and effort, and better upkeep helps improve the overall value of the home.

3. Accessible for Everyone

“A single-story house can be accessed by anyone, whether they are young children or the senior citizens.”

If you’re looking for a house that provides a safe and easily accessible environment at any age, a single-story home may be optimal.

4. Good Resell Potential

“When buying a single-story house, you should consider the resale value should you think of reselling it in case of a circumstance that can happen. Look at the growth rate of that area. Due to the high demand of these types of houses it is [easy] to resell them and depending on the growth rate of an area, it increases in value significantly.”

Single-story homes have a lot of benefits and are often in higher demand. This bodes well for future resale opportunities.

Bottom Line

There are many benefits to downsizing into a one-story home. Doing so while demand for your current house is high might make it easier than ever to make a move. Contact me today if you’re ready to purchase the single-story home you need while homes are so affordable today.

SOURCE: Keeping Current Matters

8 Steps to Buying a Home

While buying a home may seem a bit daunting, you don’t have to do it alone! A little advanced preparation can simplify the process so that you can start your homebuying journey feeling confident.

While there is no “one-size fits all” approach to buying home, you’ll discover that all homebuyers have a few critical steps that they need to take on their transition to homeownership. Even in today’s landscape, where COVID-19 and social distancing have increased the reliance on virtual technologies—the key steps of your journey will likely remain the same. To help you get started, we’ve put together the following homebuying checklist.

Step 1: Understanding what you can afford

Before buying a home, you’ll want to understand your financial situation so you can properly budget for your home. Take inventory of your finances, including income, debts, savings and your monthly expenditures to assess how much you can afford.

Step 2: Down payments and PMI

Most people don’t realize that you have options when it comes to making the down payment on your home purchase. You'll want to talk with your lender about what makes the most sense for you, but qualified borrowers can put down as little as 3%. Don’t fall for the common 20% down misconception.

Step 3: Assembling your team

It’s important to have the right people by your side when you’re ready to buy a home. Consider reaching out to a housing counselor, real estate agent and lender to help you achieve your homeownership goals.

Step 4: Finding the right home

Be clear about your wants, needs and deal breakers before you get started on your house hunt.  Work with your team to find a home that will best suit your lifestyle and finances.

Step 5: Working with your lender 

Your lender will play a critical part in helping you determine how much home you can afford in addition to securing you the best mortgage option for your needs.

Step 6: Making the offer

Once you've found the right home, your real estate agent will submit an offer letter. Learn how to determine a fair price and negotiate within your budget.

Step 7: Inspection and appraisal 

Before you start the closing process, your team will likely schedule a home inspection and appraisal. These are important steps as both will give you a better understanding of the condition and value of your home so you’re informed before the keys are transferred to you.

Step 8: Closing your loan 

Once you loan is approved your lender will schedule the closing which is the final step in purchasing a home. During closing, all mortgage documents are signed, and the property is legally transferred to you.

As you can see, there are many variables in the homebuying timeline. While there is no simple answer to what your homebuying journey will look like, the more educated you are the more likely you'll be able to streamline the process.

SOURCE: Freddie Mac

CURATED • SEPTEMBER HOMES ACROSS THE STATES WITH CHRIS DOUCET

September 2020 Welcome to Compass Curated, a collection of our most prestigious properties across the country, delivered to your inbox each month. Luxury News "Zoom Towns" Boom Coined by NPR, "Zoom Towns" are described as "housing markets that are booming as remote work takes off." Forbes reports that some two million renter households may now be in the market for home ownership because they are able to telecommute. "Revenge Buying" Post Pandemic Being seen across Asia & Europe, "revenge buying" is splurge spending by wealthy consumers following a period of being unable to shop. Luxury brands across Asia & Europe have seen soaring and even record sales as boutiques and shopping centers reopen, according to CNBC. Housing Equity Rises In Second Quarter According to a new report by CoreLogic, U.S. homeowners with mortgages witnessed a 6.6% year-over-year increase in their home equity in the second quarter of 2020, representing a cumulative gain of $620 billion for the nation. Stay up to date with Compass' latest luxury listings and news at LuxuryatCompass.com Visit Now Chris Doucet Founding Broker in Seattle M: 206.819.4663 O: Enter Office Phone chris.doucet@compass.com © Compass 2020 ¦ All Rights Reserved by Compass ¦ Made in NYC Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.

How Robert's CNBC Interview can Help You!

Our Founder & CEO Robert Reffkin recently joined CNBC’s Squawk Box to discuss the strength of the real estate market and the key indicators of future demand. While every market is unique, here are some of the latest stats we're seeing that indicate national strength in the real estate market: Search traffic on our website is up 108% year-over-year, indicating strong forward buyer demand. National home prices are up 8% year-over-year, indicating stable and steady growth. Users are spending more time on our website overall, with the average duration of time spent up 19% from last year, showing that not only are there more buyers, but they're more serious about finding a property that meets their needs. The pandemic has changed the way we evaluate our homes. We’re noticing that certain features like outdoor space, home offices, and pools aren't just a passing trend — there’s real demand for these types of amenities that will extend into the fall. Would you like a curated look at how the market is moving in your neighborhood? I’d be happy to put together a custom Collection of homes in your areas so you can keep an eye on pricing trends throughout the fall. And, as always, don’t hesitate to reach out if you have any questions.  Click the link below to watch Robert’s full appearance on CNBC.  Watch Video Chris Doucet Founding Broker in Seattle M: 206.819.4663 O: Enter Office Phone chris.doucet@compass.com © Compass 2020 ¦ All Rights Reserved by Compass ¦ Made in NYC Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.

Hidden Fees to be Aware of When Purchasing a Home

Purchasing a home is arguably one of the biggest financial decisions you will make in your lifetime. As you start your hunt, don't forget there will be other costs associated with your purchase then the price of the home. Here are 5 fees to keep in mind as you begin to budget.

Home Inspection

This is a crucial step in the home buying process. The findings that come from the inspection can help you negotiate price and repairs. Generally, you can expect to pay between $300 to $500 depending on the home and the location.

Title Services

Title services encompass the transfer of the title from the seller and a thorough search of the property’s records to ensure to no one will pop up with a claim to the property. Additionally, you may need to buy title insurance which will protect the lender or your investment in the home.

Appraisal Fee

Before getting a loan, you will likely be required to get an appraisal of the home to determine its estimated value. This will be conducted by a third-party company and the cost can land anywhere between $300 and $1,000, depending on the size of the home.

HOA Fees

Many communities have a homeowners’ association that enforces monthly fees. This money is used for general maintenance and updates to areas like pools, parks, and more. Typical HOA fees are around $200 per month.

Taxes

The taxes each buyer pays at the closing table differ, but it is not uncommon for it to be up to two months’ worth of county and city property taxes. Additionally, there may be taxes for the transfer of the home title.