Sunrise Homes & Renovations, Inc.

The Majority Of Millennials Plan On Buying A House In The Next Few Years

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The Majority Of Millennials Plan On Buying A House In The Next Few YearsDuring the past year, the housing market has been on fire. There are not a lot of houses for sale, many people are interested in moving, and there is a rising demand from the people who put off moving during the coronavirus pandemic. Furthermore, Millennial demand is picking up, which will only make the housing market even hotter. Recently, a survey found that approximately two-thirds of people who qualify for Generation Y are thinking about buying a home in the near future. Many of them have improving financial circumstances, and they are looking for a way to build wealth and settle down. 

A Majority Of Millennials Are Now Homeowners

Millennials make up approximately 43 percent of all new home purchases so far this year, which is up from 37 percent in 2021. In addition, Millennials represent approximately 20 percent of the United States population, and they represent the fastest-growing segment of homebuyers in the country. Furthermore, approximately 53 percent of all Millennials now own their own home. Many Millennials have become homeowners by purchasing homes that require updating. As a result, many Millennials are spending money renovating and upgrading their homes.

Has The Housing Market Hit Its Peak?

Even though a lot of Millennials have become homeowners, there are many who are still struggling to afford the cost of a house. With rising mortgage interest rates and home prices, it will only become more difficult for them to do so in the future. Some people are wondering if the housing market has peaked. If a price correction takes place, it could make it easier for Millennials who have not yet purchased a house to do so. Even though it is impossible to predict the future, some financial experts believe that the housing market is headed for a correction.

More Homes Are Needed

One of the reasons why housing prices are so high is that there are not a lot of new houses being built. A shortage of labor and materials has made it difficult for construction companies to keep up with demand. If construction companies are able to start building more houses, it could increase the supply of homes on the market, reducing prices overall.

 

Avoid These Home Projects If You Are Selling Your House Soon

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Avoid These Home Projects If You Are Selling Your House SoonIf you have paid attention to the housing market recently, you might be thinking about selling your home soon. You might even be thinking about taking on a few remodeling projects in an effort to maximize the return on your investment. On the other hand, not every project will help you turn a profit, and some might even make your house less appealing. Take a look at a few home remodeling projects your should avoid if you plan on selling your house soon.

Remodeling The Bathroom

You might be thinking about remodeling your bathroom to turn it into a miniature spa. While this might be attractive for you, it will not necessarily help you increase the value of your home. Remodeling the bathroom doesn’t generate a huge investment return, and if the plumbing system has to be moved or adjusted, it could delay the sale of your home. Problems often arise, parts are hard to find, and a project that should have taken a week could last a month. Avoid remodeling the whole bathroom if you want to sell your house soon.

Renovating The Living Room

While the living room is often the central area of the home, it is not an area you should renovate if you want to sel your house soon. In addition to being a major project, not every buyer wants an updated living room. Eclectic color choices and odd dimensions that often result from a living room renovation can shrink the number of people who make an offer on your home, depressing your potential sale value. If you leave the living room as it is, you could appeal to a wider market, potentially putting multiple offers on the table.

Reducing The Number Of Bedrooms

Before you take a hammer to the closet, remember that it could reduce the number of bedrooms you have. This could significantly harm the sale price of your house. A creative workshop or art studio might appeal to you, but it won’t appeal to a wide market, particularly people with kids. Those buyers could offer more money. In general, more bedrooms means more money, so keep the bedroom intact.

Consider looking for smaller projects if you want to sell your house soon. 

You Are A Serious Buyer: How To Show It

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You Are A Serious Buyer: How To Show ItToday, the housing market is as hot as it has ever been. There are many people who are missing out on their dream homes because they are having a hard time competing with countless other people who are in the same position as them. If you want to put yourself in the best position possible to win a bidding war, you might be thinking about paying cash for your home; however, not everyone is in the same financial position. There are a few other ways for you to show a seller’s agent that you are serious about your offer.

Get A Pre-Approval Letter

This is arguably the most important step you need to take if you want your offer to be taken seriously. One of the reasons why sellers like cash offers is that they know that they do not have to worry about the buyer’s financing falling through. If you get a pre-approval letter from a lender, the buyer will know that you already have financing in place. If you want to go the extra mile, get a pre-approval letter from a local lender. If you get a better loan offer from a different lender down the road, you can always switch lenders at that time. 

Be Prepared To Pay Some Closing Costs

Traditionally, the seller is responsible for paying closing expenses; however, if you want the seller to pick your offer, consider shouldering some of those closing expenses. This will not have a long-term impact on your mortgage rate or monthly payment, but it could help you secure your dream home. You do not necessarily need to pay all of the closing expenses, but even paying a small percentage could go a long way. 

Put Down More Earnest Money

A lot of sellers are nervous about what the inspection might show. They don’t want a buyer to back out at the last minute. If you put down more earnest money, you can show a seller that you are serious because there will be a lower chance of you pulling your offer if the inspection reveals a few repairs. You should talk to a real estate professional about how much earnest money you should include for your offer to be considered competitive. 

A Guide To Finding The Perfect Property For You And Your Family

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A Guide To Finding The Perfect Property For You And Your FamilyIf you are in the market for a new home, you have probably realized that there are a lot of options available. You may have a difficult time deciding what is right for you and your family, but there are several important factors you need to consider with every home search. Do not forget to reach out to a local professional who can help you assess these factors and find the right option for you and your family.

Location Should Always Come First

There is a saying that the three most important factors in real estate are location, location, and location. Therefore, think about the location of your home first. How far are you willing to drive to get to work in the morning? If you have children, what are the best school districts in the area? How important is it for you to be close to shopping and dining opportunities? Think about the traffic, crime rates, and amenities in the area.

Consider Your Budget

Of course, you need to think about your budget as well. Considering how much you are willing to put down for your house. If you are a first-time homebuyer, you might be able to qualify for a loan for as little as 3.5 percent down. Then, think about everything that will go into your monthly payment. You need to consider not only your mortgage but also the interest rate, property taxes, and home insurance premiums that go along with homeownership. You may want to have some extra money put aside for home maintenance and repair expenses as well.

Think About Size

Now, you can think about how big of a house you need. You should create a list of things that you must have and things that are nice to have. For example, you probably have a certain number of bedrooms that your new house must have. Do you want to have a guest bedroom? Do you want each of your children to have their own bedroom? 

Find The Perfect House

These are a few of the most important factors you should consider if you are looking for a home for yourself and your family. Consider reaching out to a professional who can help you during your home search. 

 

The Top Smart Home Products You Should Know About

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The Top Smart Home Products You Should Know AboutTechnology has come a long way, and you might be thinking about turning your house into a smart home. Now, there are a lot of smart home products available, and you may have a difficult time keeping track of which ones are best for you. What are some of the top smart home products you need to know about?

A Smart Lock

If you are tired of misplacing your keys, you should consider investing in a smart lock. Smart locks come in many shapes and forms, and many of them allow you to program multiple combinations into them. This means that you can give different combinations to different people, keeping track of who comes into your home based on the combination that is entered. This is particularly helpful if you want to allow your kids to enter the house when you are not home. You may even want to invest in the smart lock that comes with Bluetooth connectivity. That way, you don’t have to worry about getting locked out of your house ever again.

A Video Doorbell

If you don’t want to deal with solicitors anymore, you may want to invest in a video doorbell. With a video doorbell, you can see who is on the other side of your door when he or she rings the doorbell. You can even communicate with these people when you are not home. You can give instructions to food and package delivery personnel, or you can ignore the doorbell if there is someone outside you do not want to talk to.

A Smart Thermostat

A smart thermostat can help you save money on your utility expenses. Using a smart thermostat, you can place the HVAC system on a predetermined schedule, ensuring that it does not work as hard when you are not home. A smart thermostat can also give you access to detailed analytics, helping you figure out what you can do to reduce your utility expenses. You can even control your HVAC system remotely when you are not home.

Upgrade Your House With Smart Home Products

These are just a few of the many smart home products that can help you upgrade your standard of living. Consider taking a look at how these products might work with your home.

Does A Pool Increase The Value Of Your Property?

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Does A Pool Increase The Value Of Your Home?If you are looking for a way to add value to your house, you may have thought about putting in a pool. After all, this is a great way to cool off during the summer while entertaining your family members and friends. At the same time, does a pool increase the value of your property? Learn more about the benefits and drawbacks below.

The Benefits Of Owning A Pool

If you decide to put in a pool, there are a lot of benefits you will enjoy. First, it will make your property look significantly more appealing. As long as you work with a reliable contractor, a pool will look attractive to the eye. Putting in a pool is also a luxury feature. This means that your house may look more appealing to people who have more money to spend. Putting in a pool can also reduce the amount of yard work you have to do. It may no longer take as long for you to cut your grass. Of course, there is also the functional benefit of having a pool. It is a great place to exercise, relax, and cool off during the summer.

The Drawbacks Of Owning A Pool 

On the other hand, there are a few drawbacks to owning a pool as well. Having a pool will probably increase your home insurance rates because people can get hurt in and around the pool. You also have to take care of the pool. You need to clean the pool, track the chlorine level, and filter the water. Finally, if you don’t live in a hot area, you may not be able to use the pool during all months of the year. 

It All Depends On Demand

Ultimately, the value of your house is dependent on how much someone else is willing to pay for it. If there are a lot of people who are looking for a home with a pool, then adding a pool could increase the value of your home. If you want to maximize the value of your home, you may want to reach out to a real estate professional who can tell you if putting in a pool is a smart idea.