Despite the COVID-19 pandemic, the real estate market continues to trend upward. According to analytics firm CoreLogic, in November, home prices were up 8.2% year over year. Interestingly, Idaho (15.7%), Maine (15.4%), and Indiana (13.6%) were the states with the highest increases. Plus, this past year saw record low interest rates, which is certainly a driving factor in the current hot real estate market. While this is great news for existing homeowners, it has posed some difficulties for lower income individuals to afford homes.

One major challenge facing the industry is inventory for would-be buyers is at a 12-month low. According to the National Association of Realtors (NAR), inventory nationwide is down to a 2.1 month supply. This is a 30% decrease in available homes for sale from the same time period last year. Most real estate professionals consider a six-month supply of homes a healthy balance between a buyer and seller market. This low supply, or low inventory, generally indicates a strong seller’s market. NAR also reported the median days on market in December 2020 was only 16 days, further indicating that it is a strong seller’s market.

Because the real estate market is very dynamic, whether you are thinking about selling or buying, it’s more important than ever to work with an agent who understands the local market. Often, homes are sold where the seller may have netted a higher amount or there are buyers who lose out on a great home because their agent may not understand these market forces. Find an agent with knowledge and experience locally who can understand your unique needs. Contact me for more information today!

Before you jump head first into searching for your dream home, you need to ensure your finances are in order. This includes reviewing and strengthening your credit. Here’s what you need to know!

Why Your Credit Score and Report Matters

As a buyer, a strong credit score and report makes you a more desirable loan candidate. When deciding to approve you for a home loan, mortgage lenders take a deep dive into past car loans, student loans, credit cards, bills, and more. They also review your history of repayment and public-record information. If their findings are positive, they will be much more likely to approve you for a loan and offer lower interest rates and better terms.

What Credit Score Do You Need

The credit score required for a loan depends on the type of mortgage you select, the size of your down payment, and your lender. According to QuickenLoans, most lenders require around a score of 620 or higher to be approved for a conventional mortgage with lower interest rates and flexible repayment periods. If a buyer would like a Federal Housing Administration (FHA) loan, they require a minimum score of 580 and, for a loan through the U.S. Department of Veterans Affairs (VA), score requirements differ depending on the private lender.

How to Improve Your Credit

Reviewed your credit score and realized it may need some work? There are ways to improve your score. These include, but are not limited to, correcting payment errors on your credit report, ensuring you make all payments on time, making micropayments in between due dates, and paying down credit cards.

You’ve seen the label ‘organic’ for years now, but what does this really mean and what are the benefits to you and your family?

According to the Mayo Clinic, the word ‘organic’ references the way farmers grow and process agricultural products. Organic farming practices are designed to address several factors, such as pest and weed control, usage of additives, animal habitats and treatment, pollution, and more.

For produce to be certified as organic, it must have been grown on soil that has been free of synthetic fertilizers and pesticides for at least 3 years. For meat to carry the organic certification, the animals must be raised in living conditions that allow them to continue their natural behaviors, fed natural, GMO-free foods, and cannot be given hormones or antibiotics. Finally, when it comes to processed organic foods, they must be free of artificial preservatives, food coloring, or flavors.

Over the years, research has shown potential health benefits of eating organic, such as an increase in nutrients, like Vitamin C, iron, and magnesium, in produce and an increase in omega-3 fatty acids in organic meat due to feeding requirements for the animal. Additionally, crops grown organically have shown lower levels of pesticide residue due to fertilization practices and lower levels of cadmium, a toxic heavy metal that can affect the liver and kidneys.

Generally, organic foods are more expensive than traditional foods, which is a factor that hinders many from opting to go fully organic. However, depending on your family’s financial situation or health requirements, it may be worth the additional cost.

Does your dream home come with a small kitchen? Not to fear! There are plenty of ways to get the most out of the tight space. You just have to get creative. Check out these tips!

Lighten up the area. Bright and light always opens up a space. Choose white or bright colors for the walls then pair that with unique overhead and under cabinet lighting. Don’t forget to open up any windows or glass doors to bring in natural light.

Get strategic with storage. Maximize the storage space you have by hanging items on the inside of lower cabinet doors or adding additional shelves to higher cabinets. Install a magnetic strip to a wall and use that to store your knives instead of the countertop or hang cutting boards and pots and pans from the wall or overhead.

Use your oven. Not one to make things in the oven often? Consider using it to store pots and pans. Then just remove the items when in use.

Purchase a mobile kitchen island. Need more chopping space? Consider purchasing a mobile island that can be moved into the kitchen while you’re cooking. Most islands come with drawers or cabinets for storing knives or spices. Then just move it out of the kitchen to the dining room when not in use.

Install additional shelving. Have an open wall that faces into the kitchen? Consider installing additional floating shelves for storage. Also, if you have a lot of space between the top of your cabinets and the ceiling, add a long shelf to store minimally used items.

Purchasing a new home is likely one of the largest financial investments you will make in your lifetime. And on top of the home cost itself, there are additional expenses that come along with this life milestone, like moving costs. Follow the below ideas for moving on a tight budget!

Compare DIY to professional moving services. Don’t instantly assume that moving yourself is going to be cheaper than hiring help. Collect three to four quotes from various moving companies and compare that to the cost of the truck, dollies, moving pads, and compensation for friends and family who help. If it nets out to be about the same or just slightly different, consider the stress professional help could eliminate.

Move in the off season. If you are flexible with your move at all, consider moving in the fall or winter. By scheduling your move in the off season, you could potential save up to 30 percent on hiring movers.

Don’t pay for boxes. Hunt your office for leftover boxes from deliveries or post on social media to see if any family members or friends have extras hanging around the house. You should also check behind stores like Walmart for any discarded boxes or ask a customer service member in the evenings once new inventory has been stocked.

Purge your home. Decrease the items you need to move by doing a full purge of your belongings. Move from room to room in your home and toss or donate anything that you haven’t used in a year. This will not only help make packing a breeze, but it eliminates unnecessary weight, which is generally used by movers to estimate cost.