Unlocking the Power of Homeownership

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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.

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

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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.

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