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Every year, households across the country make the decision to rent for another year or take the leap into homeownership. They look at their earnings and savings and then decide what makes the most financial sense. That equation will most likely take into consideration monthly housing costs, tax advantages, and other incremental expenses. Using these measurements, recent studies show that it’s still more affordable to own than rent in most of the country.

There is, however, another financial advantage to owning a home that’s often forgotten in the analysis – the wealth built through equity when you own a home.

Odeta Kushi, Deputy Chief Economist for First American, discusses this point in a recent blog post. She explains:

“Once you include the equity benefit of price appreciation, owning made more financial sense than renting in 48 out of the 50 top markets, with the only exceptions being San Francisco and San Jose, Calif.”

What has this equity piece meant to homeowners in the past?

ATTOM Data Solutions, the curator of one of the nation’s premier property databases, just analyzed the typical home-price gain owners nationwide enjoyed when they sold their homes. Here’s a breakdown of their findings:The typical gain in the sale of the home (equity) has increased significantly over the last five years.

CoreLogic, another property data curator, also weighed in on the subject. According to their latest Homeowner Equity Insights Report, the average homeowner gained $17,000 in equity in just the last year alone.

What does the future look like for homeowners when it comes to equity?

Here are the seven major home price appreciation forecasts for 2021:The National Association of Realtors (NAR) just reported that today, the median-priced home in the country sells for $309,800. If homes appreciate by 5% this year (the average of the forecasts), the homeowner will increase their wealth by $15,490 in 2021 through increased equity.

Bottom Line

As you make your plans for the coming year, be sure to consider the equity benefits of home price appreciation as you weigh the financial advantages of buying over renting. When you do, you may find this is the perfect time to jump into homeownership.

Filed under: Real Estate News by Olga Gilmore

And as we continue to spend more and more time indoors, bathroom paint trends are changing, too. “2020, more than any year before, really showed us how important it is to love our homes,” Sue Wadden, Director of Color Marketing at Sherwin-Williams, says. “While previously we may have thought of a bathroom as a quick, in-and-out type of space, we now think of the bathroom as our personal spa and salon.” Curious what paint colors will be trending in 2021? We asked a handful of paint experts to share their predictions.

Pale Blues

For a perennially popular bathroom paint color with a contemporary twist, consider a soothing shade of light blue. “Blue is a classic bathroom shade, but you can take it into the 21st century with what I like to call a dusty blue, which tends to be cooler and with a hint of gray,” Wadden says. “A color like Dew Drop SW 9641 is super modern but won’t go out of style as quickly as some trending hues.” For a brighter shade of pale blue that won’t overpower a small bathroom, Ashley Banbury, Senior Color Designer at Pratt & Lambert Paints, recommends a clean, crisp blue, such as Foamy Surf 112C. “It draws from the hues of water, so it feels calming and refreshing at the same time,” she explains.

Moody Greens

If you want to take the leap towards a statement bathroom in 2021, Wadden suggests a super-saturated moody green. “We’re drawn to hues inspired by nature, such as Rosemary SW 6187, so they’re pleasing to the eye while still being a bold design choice,” she explains. For a rich shade of green that doesn’t feel too dark, Patrick O’Donnell, International Brand Ambassador at Farrow & Ball, recommends Calke Green. “It has a deep, verdant beauty to it which is strong but not overwhelmingly dark, and looks both elegant and timeless,” he says.

Warm Neutrals

For a versatile paint color that will work with an assortment of bathroom tiles and finishes, Magno says you can’t go wrong with a warm neutral. “Atrium White OC-145 is a timeless favorite that complements many bathroom materials and finishes,” she explains. “Likewise, Muslin OC-12 is a great alternative to a traditional off-white, that offers a flattering neutral backdrop.” For a creamy paint color with a bit more oomph, Banbury recommends a neutral with pale pink undertones. “Cotton & Flax 337B is a soft, warm neutral that is a great color option when you’re getting ready for your day,” she explains.

Earthy Yellows

If you thought yellow paint was too bright and bold for a bathroom, O’Donnell says you’re mistaken. “Although yellow has connotations of being an energetic color, if you move away from the softer, bluer tones and embrace the rich ochres, like India Yellow, you get warmth too,” he explains. “Keep it simple when decorating, and accessorize with natural products such as wooden bath brushes and bamboo floor mats, for a sleek, yet subdued look.”

Chalk White

A classic paint color for a reason, you can always count on a crisp coat of white paint to update a bathroom for the new year, O’Donnell says. “Although overtly clean in feel, a pure white bathroom, painted in a shade like All White, creates a very relaxing space,” he adds. “You can add some modern flourish by using a colored grout between the tiles such, as a soft gray.”

This article originally appeared on MarthaStewart.com.

By Caroline Biggs | Updated December 29, 2020

Filed under: Home Improvement by Olga Gilmore

The housing market made an incredible recovery in 2020 and is now positioned for an even stronger year in 2021. Record-low mortgage interest rates are a driving factor in this continued momentum, with average rates hovering at historic all-time lows.

According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR), buyer demand across the country is incredibly strong. That’s not the case, however, on the supply side. Seller traffic is simply not keeping up. Here’s a breakdown by state: As the maps show, buyer traffic is high, but seller traffic is low. With so few homes for sale right now, record-low inventory is creating a mismatch between supply and demand.

NAR also just reported that the actual number of homes currently for sale stands at 1.28 million, down 22% from one year ago (1.64 million). Additionally, inventory is at an all-time low with 2.3 months supply available at the current sales pace. In a normal market, that number would be 6.0 months of inventory – significantly higher than it is today.

What does this mean for buyers and sellers?

Buyers need to remain patient in the search process. At the same time, they must be ready to act immediately once they find the right home since bidding wars are more common when so few houses are available for sale.

Sellers may not want to wait until spring to put their houses on the market, though. With such high buyer demand and such a low supply, now is the perfect time to sell a house on optimal terms.

Bottom Line

The real estate market is entering the year like a lion. There’s no indication it will lose that roar, assuming inventory continues to come to market.

Filed under: Real Estate News by Olga Gilmore

In 1963, Martin Luther King, Jr. inspired a powerful movement with his famous “I Have a Dream” speech. Through his passion and determination, he sparked interest, ambition, and courage in his audience. Today, reflecting on his message encourages many of us to think about our own dreams, goals, beliefs, and aspirations. For many Americans, one of those common goals is owning a home: a piece of land, a roof over our heads, and a place where we can grow and flourish.

If you’re dreaming of buying a home this year, start by connecting with a local real estate professional. They will help you understand what goes into the process. With a trusted advisor at your side, you can then begin to answer the questions below to set yourself up for homebuying success.

1. How Can I Better Understand the Process, and How Much Can I Afford?

The process of buying a home is not one to enter into lightly. You need to decide on key things:

• how long you plan on living in an area
• school districts you prefer
• what kind of commute works for you
• how much you can afford to spend.

Keep in mind, you’ll also need to apply for a mortgage. Lenders will evaluate several factors connected to your financial track record, one of which is your credit history. They’ll want to see how well you’ve been able to minimize past debts, so make sure you’ve been paying your student loans, credit cards, and car loans on time. If your financial situation has changed recently, be sure to discuss that with your lender as well. Most agents have loan officers they trust and will provide referrals for you.

According to ConsumerReports.org:

“Financial planners recommend limiting the amount you spend on housing to 25 percent of your monthly budget.”

2. How Much Do I Need for a Down Payment?

In addition to knowing how much you can afford on a monthly mortgage payment, understanding how much you’ll need for a down payment is another critical step. Thankfully, there are many different options and resources in the market to potentially reduce the amount you may think you need to put down.

If you’re concerned about saving for a down payment, start small and be consistent. A little bit each month goes a long way. Jumpstart your savings by automatically adding a portion of your monthly paycheck into a separate savings account or house fund. AmericaSaves.org says:

“Over time, these automatic deposits add up. For example, $50 a month accumulates to $600 a year and $3,000 after five years, plus interest that has compounded.”

Before you know it, you’ll have enough for a down payment if you’re disciplined and thoughtful about your process.

3. Saving Takes Time: Practice Living on a Budget

As tempting as it is to pass the extra time you may be spending at home these days with a little retail therapy, putting that extra money toward your down payment will help accelerate your path to homeownership. It’s the little things that count, so start trying to live on a slightly tighter budget if you aren’t doing so already. A budget will allow you to save more for your down payment and help you pay down other debts to improve your credit score.

A survey of millennial spending shows, “68% reported that shelter in place orders helped them save for their down payment.” Danielle Hale, Chief Economist at realtor.com, also notes:

“If there is any silver lining to the current economic landscape, it’s that mortgage rates are hanging around record lows…Additionally, shelter-in-place orders helped many who were fortunate enough to keep their jobs save for a down payment — one of the largest hurdles of buying a home. The combination of low rates and the opportunity to save is enabling many millennials to move up their home buying timeline.”

While you don’t need to cut all of the extras out of your current lifestyle, making smarter choices and limiting your spending in areas where you can slim down will make a big difference.

TAKE AWAY….

If homeownership is on your dream list this year, take a good look at what you can prioritize to help you get there. To determine the steps you should take to start the process, connect with a local real estate professional today.

Filed under: Real Estate News by Olga Gilmore

You never know what surprises a weekend in Austin is set to bring—case in point, last Sunday’s out-of-the-ordinary, Texan snowstorm. Now that your car windshields have been completely cleared of ice and your two-inch snowmen have melted into puddles, it is time to add some surprise spice to your time off in the form of this list of weekend activities. Take in live music, eat your cares away at brunch, treat your pup, and more.

Treat your furry friends

Every Friday through Sunday
Paws on Chicon
In what is guaranteed to be the most adorable moment of your weekend (or life), treat your cat or dog to pet-friendly soft serve from East Austin pet store, Paws on Chicon. They only turn their soft-serve machine, which features flavors such as vanilla, pumpkin, or peanut butter, on from Friday to Sunday—because, hey, if you deserve a weekend cheat day, so does Fido. While there, you can also browse their great selection of pet products—but don’t forget to snap a photo of your fur baby snacking their way to frozen treat nirvana.
Cost: Soft serve starts at $3.75, and you can add toppings to the dog or cat froyo for an additional 35 cents. 

Enjoy dinner and a show at Lamberts

Saturday, January 16
Lamberts
Downtown restaurant Lamberts is already known for their upscale BBQ—and, especially, their side of baked mac & cheese, which has caused more than one person to swear off the Kraft version forevermore. During January, Lamberts is giving you an extra incentive to stop by for some tasty dishes by pairing them alongside live music for their “Dinner & Show Series.” This Saturday, tunes will be provided by Sir Woman, the solo project of Kelsey Wilson, a member of one of Austin’s favorite home-grown bands, Wild Child. 
Cost: Tickets start at $30, food and drink are sold separately. 

Get inspired at the Mexic-Arte Museum 

Every Sunday 
Mexic-Arte Museum
One of the city’s cultural treasures, the Mexic-Arte Museum, is located Downtown and is filled with an amazing selection of traditional and contemporary Mexican, Latino, and Latin American art. They have made the chance to be awed and educated through their collections even easier by offering Free Family Sundays—where admission to the museum is free, and complimentary tours run at 2 pm and 3 pm. Their current exhibit, “Mexico, the Border and Beyond: Selections from the Juan Antonio Sandoval Jr. Collection,” promises beautiful pieces from the over 1,500 artworks collected by the reference librarian and subject specialist for art and Chicanx studies at The University of Texas at El Paso. 
Cost: Free 

Spend an evening with Romy, Michelle, and drag queens

Saturday, January 16
Blue Starlite Drive-In – Downtown
Pretend you are the inventor of Post-Its for a night while viewing the classic Lisa Kudrow and Mira Sorvino comedy, Romy and Michelle’s High School Reunion, at the Downtown location of the Blue Starlite Drive-In. As if that meticulously choreographed dance to “Time After Time” isn’t enough to make this a no-brainer, local drag queens, including Pam Dulce and Marley Bell, will be performing a show before the movie—so you are guaranteed to get a double-dose of laughs and eye-catching metallic dresses. 
Cost: One car slot/admission for two people starts at $35, and increases from there.

Grab vintage threads at a new location 

Every day 
Pavement – Guadalupe Location
Any Austin thrift aficionado will tell you that one of the best places to hit single-stitch fortune is Pavement. While their South Lamar location has already provided our city’s citizens with many Saturdays worth of digging through their bountiful racks of clothing, their new location on Guadalupe—which opened just last weekend—promises 13,000 square feet of recycled fashion for your hunting pleasure. Get ready for all your friends to compliment that pair of Levi’s you paid $15 for. 
Cost: Free to browse, prices of clothing vary. 

Commemorate Dr. King’s birthday with a double-feature 

Friday, January 15
Virtual
This Friday marks the 92nd birthday of Civil Rights legend Martin Luther King Jr. Honor his legacy, his work, and acknowledge the work that still needs to be done, by joining Austin’s George Washington Carver Museum and Cultural Center for a virtual double-feature of films featuring Dr. King and his legacy, followed by a community chat and Q&A. The films being shown are “King in the Wilderness,” which follows the struggles Dr. King and the Civil Rights Movement faced in the last years of his life, and “We Are the Dream,” about the Oakland MLK Oratorical Fest, where children from pre-K through 12th grade perform speeches and poetry in a competition inspired by Dr. King’s legacy. 
Cost: Free 

Dig into dim sum brunch 

Every day 
1618 Asian Fusion 
For those who have yet to discover the magic that is Dim Sum, a Cantonese traditional breakfast or lunch of small dishes, Riverside restaurant 1618 Asian Fusion is giving you the chance to live your best dumpling life. They just introduced their dim sum brunch and, although it is available everyday, on Saturday and Sundays exclusively, you can also grab $3 Mimosas from 8 am – 12 pm. That’s in addition to chowing down on scrumptious favorites like chicken sui mai, shrimp cakes, and egg custard tarts. 
Cost: Price of brunch varies based on what is ordered. 

Get funky at The Far Out 

Friday, January 15 
The Far Out Lounge & Stage 
The weather might be getting colder, but the best way to stay warm is to get down to some good tunes at a live show. Grab your layers, bundle up, and head to The Far Out Lounge—which provides the chance to see music in a safe, socially distanced setting. Playing this Friday is local band, Viben & The Submersibles, whose brand of “scuba funk” jams are sure to bring the heat. Also providing the funk is the musical stylings of the David Thacker Band. 
Cost: Tickets are $10 per person. 

By Molly Moltzen for Thrillest.com

Updated on 1/13/2021 at 1:09 PM

Filed under: Uncategorized by Olga Gilmore