Unlocking the Power of Homeownership

There was considerable talk about a potential recession that could crash the housing market. Some media outlets even predicted home prices would drop by as much as 10-20%, which might have made you hesitant about buying a home.

However, what actually happened was that home prices increased more than usual. Brian D. Luke, Head of Commodities at S&P Dow Jones Indices, explains:

"Looking back at the year, 2023 appears to have exceeded average annual home price gains over the past 35 years."

To put last year's growth into context, data from Freddie Mac shows how home prices have changed each year since 1980. The dotted line on the graph represents the long-term average for appreciation:

The key takeaway is that home prices almost always rise. As Forbes notes:

". . . the U.S. real estate market has a long and reliable history of increasing in value over time."

Since 1980, the only time home prices declined was during the housing market crash, indicated in red on the graph. Fortunately, the current market is not like it was in 2008. For one, there are not enough homes available to meet buyer demand. Additionally, homeowners now have significant equity, putting them in a much stronger position than they were back then. This means there won't be a surge of foreclosures that drives prices down.

The fact that home values increased every year except for those four years in red is why owning a home can be one of the smartest decisions you can make. As a homeowner, you possess an asset that typically gains value over time. As your home's value appreciates, your net worth grows.

If you're financially stable and ready for the costs and responsibilities of homeownership, buying a home might be a wise decision for you.

The bottom line is that home prices tend to increase over time, making buying a home a smart move if you're prepared. Connect with a local real estate agent to discuss your goals and explore available options in your area.

Click Here For the Source of the Information.

end#

Turning Your First-Time Homebuyer Dream into Reality

Buying your first home is an exciting milestone that can significantly enhance your life. As a first-time homebuyer, you can make this dream come true, but today's housing market presents some challenges, particularly the limited supply of homes for sale and ongoing affordability issues. If you're ready to take this important step, here are three tips to help you navigate the process and achieve your goal.

Leverage First-Time Homebuyer Programs to Save Money

The initial costs of homeownership, such as down payments and closing costs, can be daunting. Fortunately, numerous assistance programs for first-time homebuyers can help you secure a loan with little or no upfront money. According to Bankrate:

". . . you might qualify for a first-time homebuyer loan or assistance. First-time buyer loans typically have more flexible requirements, such as a lower down payment and credit score. Many help buyers with closing costs and the down payment through grants and low-interest loans."

To explore these options, reach out to your state's housing authority or visit websites like Down Payment Resource.

Expand Your Search to Include Condos and Townhomes

With the current shortage of homes for sale, prices are rising, making affordability a challenge. One way to find a home within your budget is to consider condos and townhomes. Realtor.com suggests:

"For many newbies, it might just be a matter of making a shift toward something they can better afford—like a condo or townhome. These lower-cost homes have historically been a stepping stone for buyers looking for a less expensive alternative to a single-family home."

Condos and townhomes are often more affordable because they are smaller, but they still allow you to achieve homeownership and build equity. This equity can be a valuable asset, helping you move into a larger home in the future if needed. Hannah Jones, Senior Economic Analyst at Realtor.com, explains:

"Condos can help prospective homebuyers who perhaps have a smaller budget, but who are really determined to get a foothold in the market and start to accumulate some equity. It can be a really great entry point."

Consider Multi-Generational Living to Pool Resources

Another strategy for entering the housing market is to buy a home with friends or family members. Sharing the costs of the mortgage and other expenses can make homeownership more affordable. Money.com highlights the benefits:

"Buying a home with another person has some obvious advantages in the mortgage department. With two incomes in the mix, buyers can likely qualify for a larger mortgage — a big help in today's high-cost market."

By taking advantage of first-time homebuyer assistance programs, considering condos and townhomes, and exploring multi-generational living, you can overcome the challenges of today's housing market and purchase your first home. When you're ready to start the journey, connect with a local real estate agent for expert guidance.

Click Here For the Source of the Information.

end#

Covington City Council Takes Steps to Address Downtown Parking Shortage

The chronic shortage of parking spaces in downtown Covington has long frustrated business owners and their customers. At its June meeting, the City Council moved to address this issue by authorizing Mayor Mark Johnson to negotiate a purchase agreement for property intended for a new public parking lot in the heart of downtown.

The targeted property, located at the corner of Boston and Florida streets, comprises three contiguous lots. It currently houses a structure that was once a gas station and most recently a vehicle detailing shop.

The council unanimously voted 5-0 in favor of a resolution allowing Mayor Johnson to pursue the property purchase, with two members absent. The decision was met with applause from the approximately 20 attendees at the meeting, including several supportive business owners.

Caroline d'Hemecourt, owner of the Olive Patch children's clothing store on Columbia Street, emphasized the critical need for parking for both her employees and customers in downtown Covington.

Other business owners echoed her sentiment, noting that the lack of parking deters shoppers and negatively impacts sales. No opposition to the city's effort to acquire the property was voiced.

Council President Mark Verret, who sponsored the resolution, highlighted the property's ideal location for a public parking lot, noting that the entire area is already paved with concrete. He described the owner's willingness to sell as a "once in a lifetime opportunity."

While no purchase price was discussed during the meeting, the resolution specifies that any agreement must include provisions for property appraisal, appropriate funding, and the passage of an ordinance authorizing the sale.

Mayor Johnson indicated that details of the potential purchase would be shared once negotiations are finalized.

In other business, the council reappointed Teddy Boone to another five-year term on the city's Planning and Zoning Commission and appointed Clarence Romage to the Covington Board of Adjustments for a five-year term.

Additionally, the council approved a resolution designating The St. Tammany Farmer as the city's official journal for a one-year term starting July 1.

Click Here For the Source of the Information.

end#

Your Guide to Buying a Home with Down Payment Assistant Programs

One-fifth of aspiring homeowners (20 percent) believe they'll never be able to save enough for a down payment, according to Bankrate's Down Payment Survey. However, you don't have to rely solely on savings to buy a home. There are numerous forms of down payment assistance available in varying amounts to help you bridge the gap. Here's a comprehensive guide to your options and how to qualify.

Understanding Down Payment Assistance (DPA) Programs

Down payment assistance (DPA) programs provide homebuyers with funds to help cover down payments and, in some cases, closing costs. While a few programs are available at the federal level or through individual mortgage lenders, most assistance is offered locally through state, county, and city government programs.

Eligibility Requirements for Down Payment Assistance

Most down payment assistance is designed for first-time homebuyers or those with lower to moderate incomes. A first-time homebuyer is defined as someone who hasn't owned a home in the past three years. These programs are specifically for primary residences, not investment or rental properties. Depending on the program, eligible properties might include single-family homes, condos, townhomes, homes in planned unit developments (PUDs), or multifamily properties up to four units, provided you live in one of the units.

Eligibility typically requires:

• Meeting income thresholds, often based on the area median income (AMI).
• Purchasing a home in specific counties or cities.
• Having specific backgrounds, such as working in public service professions.
• Qualifying for a 30-year, fixed-rate first mortgage, sometimes limited to certain types of mortgages like government-backed loans.
• Partnering with an HFA's lender if using state housing finance agency assistance.

Additional requirements may include meeting credit score minimums, contributing personal savings to the home purchase, and completing a homebuyer education course before closing.

Types of Down Payment Assistance Programs

Grants:
Grants provide a one-time cash sum, often as a no-interest second mortgage, that doesn't have to be repaid. These funds can cover all or part of a down payment or closing costs.

Forgivable Loans:
These are second mortgages that function as grants if you meet certain requirements, such as timely mortgage payments and residing in the home for a set period (typically three to ten years). If you move before the period ends, you must repay the loan prorated based on your time in the home.

Low-Interest Loans:
These second mortgages come with affordable interest rates. You'll repay the loan over a few years along with your primary mortgage, covering the down payment assistance amount plus interest.

Deferred-Payment Loans:
These loans don't charge interest, and you'll repay the assistance when the loan term ends, you move, or you refinance your first mortgage.

Individual Development Accounts (IDAs):
IDAs are matched savings accounts where your contributions are matched by private or public funds. They usually have strict income caps and employment requirements and often require financial literacy training. These accounts can be used for down payments and closing costs.

Lender Down Payment Assistance Programs:
Some mortgage lenders offer down payment assistance to eligible borrowers, often in the form of grants or matched savings opportunities. Examples include Bank of America, Chase, and Wells Fargo. To qualify, you'll need to obtain your mortgage from that lender, which might affect the interest rate.

Finding Down Payment Assistance

State Housing Finance Agency (HFA):
Every state has an HFA that assists homeowners and renters. Contact your state's HFA or visit its website to explore available down payment assistance options.

City or County Website:
Many counties and cities offer down payment assistance. Check your municipality's website for information.

HUD:
The U.S. Department of Housing and Urban Development (HUD) website provides a list of local homebuying programs by state.

Your Lender:
Your loan officer can guide you to appropriate assistance programs.

Down Payment Resource:
This private company offers resources for homebuyers, real estate agents, and lenders, including an eligibility and assistance lookup tool.

By leveraging these resources, you can find the right down payment assistance program to help you achieve homeownership, easing the financial burden of your down payment.

Click Here For the Source of the Information.

end#

Prepare Your Home for Summer: DIY Tips and When to Call the Pros

As summer approaches, ensuring your home is ready for the season is essential for both comfort and safety. While some home maintenance projects can be costly, there are several you can tackle yourself to save money and still get your home summer-ready. Here's a guide to help you decide which tasks you can DIY and which ones are best left to professionals.

DIY Tasks to Prepare Your Home for Summer

Seal Windows and Doors Drafts can let your cool air conditioning escape, compromising your comfort and increasing your energy bills. Use weather stripping, caulk, and draft stoppers to seal windows and doors. These easy and renter-friendly DIY tasks can improve your home's energy efficiency and keep cool air inside during hot months.

Set Up an Air Purifier and Change Air Filters Air quality is important year-round, but warm temperatures often bring increased pollutants like pollen and particulate matter. Air purifiers can capture these pollutants, allowing you to breathe easier. For optimal protection, consider a UV air purifier that eliminates harmful particles such as pathogens, bacteria, pet dander, and dust. Also, remember to change air filters in your air conditioners and HVAC systems regularly.

Maintain Your Lawn and Garden Regular mowing, weeding, and watering can keep your lawn and garden vibrant throughout summer. Planting drought-resistant plants and using mulch can reduce water usage and maintenance time. Installing a rain barrel can help conserve water while keeping your garden hydrated. Check with your local government for rebate programs on water-saving technologies.

Install a Smart Thermostat A smart thermostat helps keep your HVAC system running efficiently and reduces energy costs. Like a programmable thermostat, a smart thermostat allows you to schedule temperature changes for convenience. With added sensors and Wi-Fi connectivity, you can control the thermostat remotely, optimizing temperatures and reducing stress on your system.

Tasks Best Left to the Experts

Tune Up Your HVAC System Your HVAC system is crucial for maintaining a comfortable indoor temperature. A yearly professional tune-up ensures the system runs efficiently and helps prevent costly breakdowns. Poorly handled HVAC tune-ups can lead to lost efficiency and increased costs, and an amateur job poses a serious risk of injury. Trust a professional to clean ducts, check for refrigerant leaks, and ensure all components are in good working order.

Trim and Remove Trees Large tree limbs can become hazardous during summer storms, posing a risk to your home and its occupants. Professionals have the equipment and expertise to safely trim or remove trees without endangering themselves or your property.

Inspect and Repair the Roof A professional inspection can identify potential issues like loose shingles, leaks, or structural damage. Experts have the tools and knowledge to conduct repairs safely and ensure your roof can withstand summer storms.

Clean the Gutters Keeping your gutters clean is essential to prevent water damage. However, this task can be dangerous. According to the CDC, more than 500,000 people are treated for ladder-related injuries each year, with about 300 fatalities. Given the potential risk, it is highly recommended to enlist professionals for gutter cleaning.

Preparing your home for summer can be manageable and cost-effective if you know which tasks to DIY and which to delegate to professionals. Use these tips to ensure your home is safe and comfortable all season long.

Click Here For the Source of the Information.

end#

The Importance of Quality in Home Décor

Home décor has been enjoying the spotlight for the past five years. With social media trends providing endless inspiration, it's tempting to click "add to cart" on a kitchen sink you've never seen in person. However, impulse purchases based solely on aesthetics often lead to disappointment, and hasty renovation decisions can ultimately reduce your home's resale value.

Margaret Donaldson, founder of Charleston, South Carolina-based MDI Luxury Design, advises her clients to compare products in person. "They sometimes talk themselves into less expensive knock-off finishes without seeing the difference in the quality item first," she notes. Professionals like Donaldson recommend visiting a showroom such as Ferguson Bath, Kitchen & Lighting Gallery. Experiencing the products you plan to live with daily is far better than scrolling through blurry thumbnails on a screen.

The Showroom Experience

Stepping inside a Ferguson showroom is an immersive experience that allows you to touch, feel, and understand the difference quality makes. When you book an appointment, an industry-expert representative will assist you every step of the way, from in-store selection and personalized recommendations to delivery coordination.

"At the end of the day, quality finishes hold up better over time, are best for resale, and tend to be more beautiful," says Gideon Mendelson, founder and creative director at New York-based Mendelson Group. To ensure you're enhancing both your interiors and your equity, pair a trip to the showroom with the following expert tips.

Budget for Quality Materials

According to contractor marketplace Sweeten, the national average cost of a full bathroom renovation in 2024 ranges from $16,000 to $31,000. Much of that variance comes from the quality of fixtures, which can cost anywhere from $1,500 to over $15,000. "Labor costs are often relatively fixed, but an extra investment in quality materials is the best use of budget to ensure an outcome that transcends trends and creates timeless beauty," says New Jersey-based interior designer and gallerist James Yarosh.

If budget is a concern, retailers like Ferguson offer a wide variety of price points without compromising on integrity. "Custom often means costly. If you can stick to standard-size finishes and fixtures, you can often find savings there," adds Sweeten's senior director of operations, Katherine Jones.

Factor Durability into the Investment

High-quality finishes stand the test of time better than budget-friendly counterparts, which translates to cost savings due to fewer repairs and replacements. "Quality materials, construction, and craftsmanship can better withstand wear and tear," says David Mann, president of MR Architecture + Decor in New York City.

These savings benefit future homeowners as well. "Anything that can be refinished rather than replaced is a value-add," points out Dan Mazzarini, bicoastal principal and creative director of BHDM Design and Archive. Think of a thick marble countertop or solid wood floors versus engineered materials that wear poorly over time.

Stay True to Your Design Vision

Prioritizing quality doesn't mean sacrificing your vision. "We advise clients to buy timeless pieces that bring them joy," Mendelson says. "It's important to keep both livability and longevity in mind when shopping for a home renovation. I want to create places and spaces that make a family's life easier, more interesting, more relaxing, and more fun."

Donaldson agrees, emphasizing the importance of considering the client's lifestyle. "Quality products can outperform inferior products in durability and classic aesthetics," she says. Ferguson's in-house industry experts are ready to help you stay true to your vision while staying on budget with professional recommendations tailored to your unique needs.

Don't Overlook the Details—Big and Small

The foundational elements of your home—the ones most difficult to change—are where it makes the most sense to invest. Yarosh recommends upgrading to top-notch materials when changing the bones of a house, such as millwork, flooring, mantels, kitchen and bath fixtures, countertops, and tiles. High-end appliances like French-door refrigerators and built-in ovens give a kitchen a sophisticated, curated look. "Small details go a long way, like great hardware and light switches," adds Mazzarini. "These are often afterthoughts for many homeowners, but when they're in place, people see the value they create. It also builds confidence in the overall infrastructure of the home."

Lighting, hardware, and plumbing fixtures may seem small, but they're elements in your home that you interact with every day. Whether you're working on a new build or upgrading your space, quality should be of the utmost importance. Book an appointment with your local Ferguson showroom to get the in-person experience you need to choose what's right for your home.

Click Here For the Source of the Information.

end#