New Home Friday - March 29, 2024

MARCH 29, 2024 A REAL ESTATE NEWSLETTER An update of the real estate market Virtual Color Consultation PAINT DESIGN BOARD What’sReplacingGranite Countertops HOMEOWNER TIPS Moving Made Simple HOMEKEEPR 10 Features to Help Homes Sell for More Than Expected DESIGNTRENDS NHA Make Your Dreams Come True FBC MORTGAGE Get Mortgage Ready E-CREDIT ADVISOR

Before making the decision to buy a home, it’s important to plan for all the costs you’ll be responsible for. While you’re busy saving for the down payment, don’t forget you’ll want to prep for closing costs too.

Here’s some helpful information on what those costs are and how much you should budget for them

WhatAreClosingCosts?

A recent article from Bankrate explains::

“Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it’s being financed . . . ”

Simply put, your closing costs are the additional fees and payments you have to make at closing. According to Freddie Mac, while they can vary by location and situation, closing costs typically include:

Government recording costs

Appraisal fees

Credit report fees

Lender origination fees

Title services

Tax service fees

Survey fees

Attorney fees

Underwriting Fees

As you start your homebuying journey, take the time to get a sense of all costs involved, from your down payment to closing costs.

HowMuchAreClosingCosts?

According to the same Freddie Mac article mentioned above, they’re typically between 2% and 5% of the total purchase price of your home. With that in mind, here’s how you can get an idea of what you’ll need to budget.

Let’s say you find a home you want to purchase at today’s median price of $384,500 Based on the 2-5% Freddie Mac estimate, your closing fees could be between roughly $7,690 and $19,225

But keep in mind, if you’re in the market for a home above or below this price range, your closing costs will be higher or lower.

MakeSureYou’rePreparedToClose

Freddie Mac provides great advice for homebuyers, saying:

“As you start your homebuying journey, take the time to get a sense of all costs involved – from your down payment to closing costs.”

The best way to do that is by partnering with a team of trusted real estate professionals. That gives you a group of experts to help you understand how much you’ll need to save and what you’ll want to be prepped for It also means you have go-to resources for any questions that pop up along the way

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THESE 1O FEATURES HELP HOMES SELL FOR MORE THAN EXPECTED

A decked-out backyard can make a big difference in raising the sale price.

Selling your home at all is a feat, but selling it at a higher price than expected is a major victory worthy of celebration. So many factors from paint colors to outdated appliances can make your home harder to sell. But it should come as some consolation that there are some features that not only can make your home more desirable to buyers, but can even make your home sell for more than expected. In fact, Zillow found the top 10 home features from outdoor showers to matte black details that can make your home sell at a premium

To get these results, Zillow analyzed 359 home features across nearly 1 million home sales in 2023. The biggest finding? Decked-out backyards can make homes a lot more desirable to buyers. According to Zillow's research, outdoor TVs (the top feature on the list) can make homes sell for 3.1% more than expected On an average U S home, that's an extra $10,749 added to the sale price

Overall, six of the top ten list items were all outdoor features, showing exactly how much home buyers value intentionally designed outdoor spaces. In addition to outdoor TVs, outdoor showers, bluestone patios, she sheds, pizza ovens, and outdoor kitchens also made the list. So, if you ' re not sure which area of your home you should prioritize updating, it's probably smart to look to your backyard.

However, your home upgrades should still be intentional; you shouldn't just add all of these features if they don't make sense for your particular home or location. As the Zillow report notes, some of these features are influential specifically because they relate to other features of the home. For example, an outdoor shower is usually desirable when a home has a pool or is close to a beach. Adding an outdoor shower to a home with no pool in a landlocked state may not have the same effect

THESE ARE THE TOP 10 FEATURES:

Outdoor TV (3 1% price premium)

Soapstone (3% price premium)

Matte Black (2.9% price premium)

Outdoor Shower (2.6% price premium)

Beverage Center (2 4% price premium)

Bluestone Patio (2 3% price premium)

She Shed (2% price premium)

Pizza Oven (1.9% price premium)

Quartz (1 7% price premium)

Outdoor Kitchen (1 7% price premium)

Next to outdoor features, modern decor elements are the other standout trend from Zillow's findings. The report notes that modern features like matte black finishes signal that a home is ether brand new or recently remodeled, contributing to higher sale premiums Soapstone, second on the list, now outperforms quartz as the countertop material of choice, contributing to a 3% sale premium. Beverage centers are also a signifier of a freshly updated home, taking over as the modern alternative to a wine fridge, and contributing to a 2.4% sale premium.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

WHAT’S REPLACING GRANITE COUNTERTOPS?

Quartz,marbleandnaturalstonearebeingfavoredmorethangraniteasoflate.Thisiswhy,accordingtointeriordesigners.

While granite countertops will never go out of style on the whole, clients and designers are beginning to turn to more durable, long-lasting materials. Getting experimental and branching out with fresh colors and patterns, many are looking to quartz, marble, porcelain, and other natural stone countertops to bridge the gap. Others are opting for tile, wood or blended materials – countertop design opportunities have become truly endless.

1. Quartz

'Quartz offers a wider range of colors and patterns, giving homeowners more flexibility in achieving their desired aesthetic. Additionally, quartz countertops are non-porous, making them highly resistant to stains and scratches, which is particularly appealing for family-oriented households,' says Audrey Scheck, interior designer and founder of Audrey Scheck Design.

2. Marble

If you're looking to make a bold statement with your kitchen countertops, marble is likely the way to go. Offering a variety of organically stunning veining options, marble gives any kitchen a natural elevation Rushda Hakim, interior designer and founder of Rushda Hakim Design, is resoundingly in favor of marble as a granite countertop substitute. Marble has earned its reputation as a coveted, elegant material that brings charm to any space – and the kitchen countertop is no exception Experiment with different colors and levels of veining to make marble kitchen ideas work perfectly in your own space.

3. Porcelain

If you're in the mood for marble, but can't keep up with the extra maintenance it often requires, porcelain slab is another stunning option that's slowly replacing well-loved granite. Jessica Cinnamon, interior designer and founder of Jessica Cinnamon Design, says she's seeing a move toward porcelain – and she says she's completely on board with this shift. 'We see many clients are opting for porcelain countertops today due to being both extremely durable and offering a variety of size and color hues as well easier, lighter weight for the fabricators to work with,' says Jessica.

4. Natural Stone

'Aside from granite and marble, other natural stone countertop options are rising in popularity, a predictable trend given a recent push toward spaces that seamlessly blend the indoors with the outdoors. Richard says that the tendency toward natural stone gives homes an organic, one-of-a-kind look that's hard to beat. Look to limestone, slate or travertine for natural options that'll also make a statement in your culinary space. With organic imperfections, these materials will define your entire kitchen design when styled with care.

5. Blended Materials

Relatively new, man-made and blended materials are making their way into kitchens across the world as well, offering durable and customizable solutions to the maintenance demanded by more natural materials. Trish Knight, co-founder and designer at Knight Varga Interiors, says her firm's go-to material when designing for a household that expects to be in the kitchen often is Dekton by Cosentino 'Dekton is a type of ultracompact stone that is made from a blend of raw materials compressed under extreme pressure and high heat to create a dense and durable slab. It is known for its exceptional durability, resistance to heat, scratching, stains and UV light It is also non-porous and therefore very hygienic and easy to clean On top of all these amazing qualities, it is also beautiful and available in many colors, patterns and finishes,' says Trish.