Your REALTOR®:
Kevin Kleifges
February 2023
Real
Helping people find their Dream Homes


Kitchen Trends to Watch in 2023
With a new year comes new plans for your home. People are increasingly thinking about ways to stay in their homes because of high interest rates but make them more livable and in line with their needs.
      A kitchen redesign is one of the most desirable home projects for many people.
      With that in mind, the following are some of the biggest kitchen design trends to keep an eye on right now.
      Smart Technology The evolution of smart technology is impressive, and the integration of this technology in kitchens is likely to increase and expand in 2023. For example, appliances connected to Wi-Fi that are voice-activated will
MORTGAGE RATES
U.S. averages as of February 2023:


30 yr. fixed: 6.13%
15 yr. fixed: 5.17%
5/1 yr. adj: 5.42%






will be a big trend, and smart faucets that are touchless will be as well.
      The benefit of smart kitchens includes not only convenience but also the fact that
houseWondering What Your Home Is Worth?

Let me show you




The State of Spending on Home Improvements
     According to a new report, Americans spent $624 billion on home improvement projects between 2019 and 2021, but a potential recession and inflation could affect this going forward.
      There were around 135 million home improvement projects going on from 2019-21, according to the American Housing Survey, which the U.S. Census Bureau conducts. That represented approximately $100 billion in increased spending compared to the previous survey looking at the years between 2017 and 2019.
      The two-year period the survey looked at started before the COVID-19 pandemic and went through the lockdown periods when many people were taking on ambitious projects around the house. That was also when homes, even when they needed significant



What’s On a Rental History Report?
     A rental history report is something that a landlord or property manager will rely on pretty heavily to judge an applicant’s performance as a tenant in the past. If you have a positive rental history, you will be much more likely to secure a home, especially in a competitive market.
      Rental history reports are documents that a reporting agency compiles, which are a comprehensive look into your rental history. They could include information about evictions, past landlords, debts, addresses where you’ve lived, and other information relevant to you as a renter.
      There are a lot of reporting agencies that provide screenings for landlords.
      A rental history report isn’t the same as a credit report, but it’s pretty likely a landlord will use both to screen you.
      Specific Information That’s On Your Rental History Report While it can vary

Buying a Home Right Now: Easy? No. Smart? Yes.

Through all the volatility in the economy right now, some have put their search for a home on hold, yet others have not. According to ShowingTime, the real estate industry’s leading showing management technology provider, buyers have started to reappear over the last several weeks. In the latest report, they revealed:

“The March ShowingTime Showing Index® recorded the first nationwide drop in showing traffic in eight months as communities responded to COVID-19. Early April data show signs of an upswing, however.”

Why would people be setting appointments to look at prospective homes when the process of purchasing a home has become more difficult with shelter-in-place orders throughout the country?

Here are three reasons for this uptick in activity:

1. Some people need to move. Whether because of a death in the family, a new birth, divorce, financial hardship, or a job transfer, some families need to make a move as quickly as possible.

2. Real estate agents across the country have become very innovative, utilizing technology that allows purchasers to virtually:

  • View homes
  • Meet with mortgage professionals
  • Consult with their agent throughout the process

All of this can happen within the required safety protocols, so real estate professionals are continuing to help families make important moves.

3. Buyers understand that mortgage rates are a key component when determining their monthly mortgage payments.

Mortgage interest rates are very close to all-time lows and afford today’s purchaser the opportunity to save tens of thousands of dollars over the lifetime of the loan.

Looking closely at the third reason, we can see that there’s a big difference between purchasing a house last year and purchasing one now   

Rates today on average are 3.33% versus 3.94% one year ago.  On a 200K loan, you will save $25,000 over the life of the loan! 50K on a 400K loan not to mention the lower monthly payments!

Bottom Line

Many families have decided not to postpone their plans to purchase a home, even in these difficult times.

If you need to make a move, reach out to me today at 703-346-3783. I am a trusted and experienced real estate advisor that will safely and professionally guide you through the process

 



  Daily News and Advice

Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
More Articles
January Real Estate Roundup
What's the Rentvesting Trend All About?
In the Calendar Year, When Is the Best Time to Buy a House?
All-Cash Home Sales Soar
The Mortgage Go-Round


Kevin Kleifges, REALTOR
E-mail: kkleifges@gmail.com
Website: http://www.KevinsProperties.com
703-346-3783
Coldwell Banker
703-346-3783
1900 Baton Drive
Vienna VA 22182


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