May 2019

Daily News And Advice
Today's Feature Stories

New Program Allows Short-Term Rental Income to Be Used for Refinances

More and more travelers are using services like VRBO instead of hotel rooms when traveling in the United States and abroad, and more and more investors are turning to vacation homes to put some passive income in their pockets. Now, a new loan will make the rental income from these properties easier to use for mortgage qualifications when they go to refinance.


Gen Xers Driving Multi-Generational Housing Trend

This Is Us. Jane the Virgin. Black-ish. What do they have in common? They are all family television programs that have members of multiple generations living under one roof. But the reality of multi-generational living is more than storyline fodder.

According to the 2019 Home Buyer and Seller Generational Trends report by the National Association of REALTORS® (NAR), this continues to be a growing trend among homebuyers, and it’s being driven largely by Gen Xers. Not only does this group make up the second-largest band of homebuyers today at 24%, one in six have purchased a multi-gen home.

That surpasses “younger Baby Boomers as the generation most likely to do so,” said Multi-Housing News. “Of the Gen X multi-generational buyers, 52 percent said they did so to accommodate adult children who moved back home or never left.” Nine percent of millennials purchased a multi-generational property they could share with aging parents, per the report.

There are a number of factors at play here, such as the rising housing prices encompassing both for sale properties and rentals, and the staggering amount of student debt holding that may be holding buyers back. According to the NAR report, “Gen Xers and older millennial buyers carry the highest median student debt balances” at $30,000.

“The high cost of rent and lack of affordable housing inventory is sending adult children back to their parents’ homes either out of necessity or an attempt to save money,” said Lawrence Yun, chief economist at NAR. “While these multigenerational homes may not be what a majority of Americans expect out of homeownership, this method allows younger potential buyers the opportunity to gain their financial footing and transition into homeownership. In fact, younger millennials are the most likely to move directly out of their parents’ homes into homeownership, circumventing renting altogether.”

If you’re looking to take the multigenerational plunge, these tips will help you find the right place and make it work.

Look for a home that was built with multi-generational living in mind

Schumacher Homes, Lennar, and Plantation Homes are just a few of the builders offering a multi-gen solution in a brand-new residence.

Tailor your home search

If a brand-new home or one that’s already prepared for multi-generational living isn’t doable, look for a home that’s easily convertible. A downstairs bedroom and bath is key for older residents, and if it has a bathroom en-suite—even better! A home with a basement or attic may seem like an ideal place to turn into a grandparent’s haven, but stairs can be dangerous. Also, if an aging parent uses a walker or wheelchair, the upstairs may become inaccessible to them.

A property with a guesthouse or enough land on which to place a granny suite or tiny home is another option. Just make sure the land is zoned properly to accommodate this type of structure.

Make smart renovations

Why not just renovate your existing home? Taking down walls to create an open floorplan is a smart move that can have a positive impact on your home’s value. Creating a more open space can also help make a home more accessible for aging parents.

The National Association of Home Builders’ (NAHB) Aging-In-Place Remodeling Checklist recommends a “5-foot by 5-foot clear/turn space in living area, kitchen, a bedroom, and a bathroom.” Wide hallways that measure a minimum of 36-inches across, good lighting, and non-slip flooring are a few more key recommendations.


5 DIY Things You Can Do Now to Lower Your Electric Bills This Summer

Every year at this time you, (and we!) start thinking about what we can do to lower our energy output, and therefore our utility bills. If you live in a place where summer heat is an issue, you could be looking at substantially higher costs during the summer. The harsh summer sun and west-facing windows in our Texas house means our electric bill soars to around $350 during the season after topping out at just around $60 for the month in winter.


Get Your Home Ready for Spring in 7 Simple Steps

Whether spring-cleaning is an ongoing ritual for you or a once-in-a-blue-moon struggle, the spring months are an ideal time for a home scrub down. From the standard deep clean to the budget review, make sure these seven tasks are on your spring-cleaning checklist for a summer-ready home.


Residential, Commercial and Mixed-Use Financing Explained

In real estate, financing comes in three basic packages, residential, commercial and mixed-use. Residential loans are the most common and used to finance real estate that someone will be living in. It might be the owner occupying the unit or it might be a tenant. The most common type of real estate financing also provides the most competitive rates, terms and options.

Every mortgage company around is in business primarily to provide financing for a home. Most such loans are those FULL STORY->

Designing a Kitchen That Will Sell Your House For You

The kitchen is one of the most important rooms in a house when it comes to home value and appealing to buyers while trying to sell. For this reason, it's important to pay special attention to your kitchen when preparing a house to sell or building a house for the first time. The following is a guide for how to build a modern, desirable kitchen that will work to sell your house for you.

Keep It Clean

Because the kitchen is a room that sees significant use, it can FULL STORY->

3 Tips to Get the Most Out of Your Agents

In every realty company, leaders want the best from their employees. And they want them to succeed just as much as the company does. As a leader, it’s part of your responsibilities to help motivate and inspire your agents to give and do their best so that the real estate company can continue to succeed. When employees are doing their best, they are more efficient and productive. Knowing how to inspire your employees to do good work can sometimes feel tricky, especially when FULL STORY->

These Ideas Will Improve Your Basement and Make It More Livable

A basement is often a very special space. This is where people get away from the rest of the home. It can be your teen's bedroom, or the bedroom you keep for guests. It can be the perfect man cave, or the space you use for a party. Basements are extra spaces. If you're thinking about ways you can improve your basement, there are many little things that will make a big difference. This is the ideal part of your home to give a little extra thought and let your imagination run wild. FULL STORY->

Tips to Finding a Pet-Friendly Rental

One of the causes of pet relinquishment is lack of pet-friendly rental houses. Research by the American Society of Prevention of Cruelty to Animals revealed that lack of pet-friendly housing was the top reason many Americans gave up on their pets. Worse, not all pets are allowed in rental apartments. Many rental houses only allow cats and dogs and restrict certain breeds. Thus, people should give themselves plenty of time to research and prepare because moving with their pets can FULL STORY->

Mortgage Rates
Averages as of May 2019:

30 yr. fixed: 4.2%
15 yr. fixed: 3.64%
5/1 yr. adj: 3.77%

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Ann Folan Team
The Folan Real Estate Group
172-24 46th Ave.
Flushing NY 11358

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