HOUSING UPDATE
Nowthatit’sSeptember,alleyesareontheFederalReserve(theFed).The overwhelming expectation is that they’ll cut the Federal Funds Rate at their upcoming meeting, driven primarily by recent signs that inflation is cooling, and the job market is slowing down. Mark Zandi, Chief Economist atMoody’sAnalytics,said:
“They’re ready to cut, just as long as we don’t get an inflation surprise betweennowandSeptember,whichwewon’t.”
But what does this mean for the housing market, and more importantly, for youasapotentialhomebuyerorseller?
WhyaFederalFundsRateCutMatters
The Federal Funds Rate is one of the key factors that influences mortgage rates–thingsliketheeconomy,geopoliticaluncertainty,andmorealsohave animpact
When the Fed cuts the Federal Funds Rate, it signals what’s happening in the broader economy, and mortgage rates tend to respond While a single rate cutmightnotleadtoadramaticdropinmortgagerates,itcouldcontribute tothegradualdeclinethat’salreadyhappening.
As Mike Fratantoni, Chief Economist at the Mortgage Bankers Association (MBA),pointsout:
“Once the Fed kicks off a rate-cutting cycle, we do expect that mortgage rateswillmovesomewhatlower”
Source: Merrill,Cerulli Associates
And any upcoming Federal Funds Rate cut likely won’t be a one-time event. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR),says:
“Generally, the rate-cutting cycle is not one-and-done Six to eight rounds ofratecutsallthrough2025looklikely”
TheProjectedImpactonMortgageRates
Here’s what experts in the industry project for mortgage rates through 2025 One contributing factor to this ongoing gradual decline is the anticipated cuts from the Fed The graph below shows the latest forecasts fromFannieMae,MBA,NAR,andWellsFargo(seegraph):
The expected Federal Funds Rate cut, driven by improving inflation and slower job growth, is likely to have a positive, albeit gradual, impact on mortgage rates. That could help unlock opportunities for you.
So, with recent improvements in inflation and signs of a cooling job market, a Federal Funds Rate cut is likely to lead to a moderate decline in mortgage rates (shown in the dotted lines). Here are two big reasons why that’s good news for both buyers andsellers:
Forcurrenthomeowners,lowermortgageratescouldhelpease the lock-in effect. That’s where people feel stuck within their current home because today’s rates are higher than what they lockedinwhentheyboughttheircurrenthouse
If the fear of losing your low-rate mortgage and facing higher costs has kept you out of the market, a slight reduction in rates could make selling a bit more attractive again. However, this isn’t expected to bring a flood of sellers to the market, as many homeowners may still be cautious about giving up their existing mortgagerate
For potential homebuyers, any drop in mortgage rates will provide a more inviting housing market Lower mortgage rates can reduce the overall cost of homeownership, making it more feasibleforyouifyou’vebeenwaitingtomakeamove
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We’re here to help you purchase the home of your dreams. We know that buying a home is one of the most important decisions you will make. Few things give you more pride than owning your own home, and you will probably make no greater single investment in your lifetime We want to help you make that dream come true. There are many different types of loan programs you can choose from, and the best loan program for your neighbor may be different than the one that is right for you. From getting pre-approved to finding the perfect home, understanding the home buying process can help give you peace of mind. So can partnering with a mortgage lender you can trust Put our expertise to work for you Whether you ’ re building or buying your home, FBC is here to help you along the way!
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Prioritizing Pets: New Study Reveals the Role Animals Play in
Home Design
The2024US HouzzPets&theHomeStudyuncoverspetowners’top prioritiesandhomeprojects
For countless individuals and families across the country, pets complete households. In fact, Zonda principal Mollie Carmichael recently stated “ we have more dogs today than kids as a whole” and those furry friends are informing decisions in homes and communities
To find out how exactly pets are molding home exteriors and interiors, Houzz surveyed more than 1,000 pet owners and found that nearly half (48%) prioritize pets in their decision-making process when designing their home
“As pet ownership rates continue to increase, we’re seeing an impact on home renovation decisions,” says Marine Sargsyan, Houzz staff economist “Whether selecting pet-friendly materials or incorporating built-in feeding stations and cozy nooks, homeowners are designing spaces that prioritize the needs of all family members, including pets ”
Pet Perceptions
The results from the 2024 U S Houzz Pets & the Home Study revealed 44% of pet owners have a single pet, however 26% have three or more animals in their home. Dogs were the most common among pet parents (83%), followed by cats (33%), birds (3%), and fish (3%)
Nearly all pet owners (96%) say their pets provide companionship, 75% say they reduce stress, and 56% say they encourage physical activity, according to the study.
When it comes to where the pet is allowed to roam, more than three in five pet owners allow their pets in all areas of their home (63%) and a similar share are also allowed on furniture (60%)
The biggest pet-related challenges that owners face in homes include an overabundance of fur and hair (65%), followed by tracked-in dirt, mud, or other outdoor elements (42%), and keeping pet-related items organized and out of the way (28%).
Seventy-three percent of pet owners report they’ve had to replace a household item in the last two years because of their pets Carpets or rugs (35%) are the most frequently replaced items due to pet damage, followed by furniture (17%), and bedding (15%)
Over the past two years, nearly two-thirds of pet owners (64%) purchased a bed for their pet Other purchases included a food or water dish or feeder (61%), a treat container (29%), a food subscription (26%), and a door gate or flap (23%).
Furry Features
Nearly one in 10 pet parents took an extra step a part of their home upgrades, with feeding stations those who elected to incorporate dedicated feeding the kitchen and 18% placed it in the laundry room
Outdoor enclosures, such as "catios," came in seco relaxation areas were third at 21%, reports Houzz
Built-in or designated litter boxes ranked next at 18%. Of those, the laundry room was the most popular location (50%), followed by the primary bathroom (25%)
Lastly, grooming stations and play structures each at 18% were equally common upgrades for pet owners
THE COMPLETE FALL CLEANING CHECKLIST FOR A TIDY HOME
Fall cleaning just got easier with a checklist of both bite-size tasks and deep-clean to-dos
Follow this fall cleaning checklist for a room-by-room approach to tidying your home for the season.
KITCHEN CLEANING TO-DOS
DAILY TO WEEKLY TASKS
Clear off and wipe down counters
Scrub the kitchen sink
Sweep floors for crumbs daily
Mop floors weekly
MONTHLY TO QUARTERLY TASKS
Go through fridge and freezer and throw out expired items
Sort through spices and cabinets and donate or discard unused items
Wipe down the stovetop and microwave
Wipe down cabinets
Refresh sponges
Swap out soap with a fall-scented soap
Clean the dishwasher
Disinfect trash can(s)
BATHROOM CLEANING TASKS
DAILY TO WEEKLY TASKS
Clean off counters
Wipe down shower walls while showering
Wipe out the sink
Wipe down mirrors
Put out a new hand towel
Clean the toilet. A quick daily wipe-down with a toilet brush can prevent stains and mildew.
MONTHLY TO QUARTERLY TASKS
Wash shower curtains and floor mats
Restock toiletries
Declutter cabinet and under-sink items
Scrub showerhead
Snake drains as needed
LIVING ROOM CLEANING TIPS
DAILY TO WEEKLY TASKS
Pick up clutter
Spot-clean spills
Straighten pillows
Clean screens (Wipe fingerprints off TV screens with a 1:1 solution of distilled white vinegar and distilled water.)
Sanitize remotes
MONTHLY TO QUARTERLY TASKS
Wash throw pillows and blankets
Dust ceiling fans and light fixtures
Freshen upholstery
Sweep out the fireplace, if applicable
Dust lampshades
BEDROOM CLEANING TASKS
DAILY TO WEEKLY TASKS
Make your bed daily
Put away any clothes
Launder sheets weekly
Rotate mattress every two months
MONTHLY TO QUARTERLY TASKS
Wash curtains or dust blinds
Clean mirrors
Sort through summer clothes and shoes and donate ones you no longer need
Transition summer wardrobe with fall and winter staples
Dust bookshelves, nightstands, and other surfaces
Deep-clean carpets
Dust ceiling fans and flip the fan's direction to move clockwise
BENJAMIN MOORE
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