Cnbc.com reports that U.S. home prices rose the most the country has seen in more than six years October 2020. The price jump is stemmed from a pandemic-fueled buying rush that drives the number of available properties for sale to record lows.

The S&P CoreLogic Case-Shiller 20-city home price index showed that home prices jumped 7.9% in October 2020 from the same time in October 2019. The strong demand for housing and limited housing inventory caused the largest annual increase seen since June 2014.

As has been the case for the last 10 months the pandemic caused a great deal of Americans to work from home. People are not going out to eat, or socializing outside of the home. This has put more value on the size and design of the home. Many Americans are now looking for bigger rooms or more rooms such as a home office or space to workout.

The 19 cities that were mentioned in the report all had larger year-over-year price spikes in October 2020. Phoenix had the largest gain by 12.7% in October, this was the 17th straight month of gains for the city.

“The data from the last several months are consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes,” said Craig Lazzara, Managing Director at S&P Dow Jones Indices.

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Interest rates are at record lows and now is the time to take advantage of these low rates. Many homeowners are considering refinancing their current mortgage. The rates are at all-time record lows but this does not mean that refinancing is the right thing to do for everyone.

When determining if refinancing is right for you, there are many factors to consider. This can be a confusing and daunting task for many homeowners. If you are considering refinancing, here are some things you should consider before starting the process.

Refinancing is the process of paying off your existing mortgage with the funds from a new mortgage. The majority of homeowners usually refinance to take advantage of a lower interest rate. This is not the only reason to refinance. Many homeowners refinance to change the terms of their loan, acquire cash to use for home improvements or to pay off debt, switch mortgage companies, or because their PMI (private mortgage insurance) requirement has ended.

Just like obtaining a mortgage, you need to shop around for the best lender. Once your lender is established, you will need to gather your documents and fill out the paperwork. During the process, there are many terms that you should become familiar with in order to make the right decision.

-An interest rate is the money you will pay to the lender for lending you the money. The lower the interest rate, the less money you have to pay to borrow.

-The annual percentage rate (APR) is the actual cost to borrow the money. This fee includes all charges by the lender to put the mortgage in place.

-Points are the fees paid to the lender that can lower your interest rate. The fees are optional and each point usually costs around 1% of the total mortgage amount.

-Closing is just like it says, closing the whole process up. It is the very last step in refinancing. At closing, all documents will be signed and finalized.

-Closing costs are the fees that are charged to the borrower to finalize the mortgage.

-Equity is the difference between what the home is currently worth to what you owe the lender. A great way to look at it is the equity is how much of the home you actually own. If your home is worth $300,000 but you only owe $175,000 to the lender, your equity is $125,000.

-If you’re looking to take money out of your mortgage then you will want to be familiar with cash-out refinance. This is when you would refinance for an amount higher than what you owe on your current mortgage.

– A fixed-rate mortgage is another term to be familiar with. This is a certain type of mortgage where your interest rate will not change. These mortgages are usually paid over a 15-year or 30-year term.

– An ARM, known as an adjustable-rate mortgage, is a mortgage where the original rate is set for a certain number of years and then it will start to fluctuate. A 3-1 ARM would be a 3-year fixed rate that can adjust after the three years every one year.

-Mentioned before PMI also known as private mortgage insurance is a fee tacked on when you put a downpayment of less than 20% of the purchase price. The PMI is added to your monthly payment and is non-refundable.

Once you are familiar with these terms it is time to work with some figures. A refinance calculator can help you determine if refinancing will help you save money. A refinance calculator can be found online. Input the current mortgage terms and the new refinanced terms to see how much money you will save over the life of your loan.

Just like with a new mortgage you will want to have a good credit score to refinance. The lower the score, the higher the interest rate. A score below 700 against a score above 700 can make a big difference. It could cost you or save you a half a percent. For example on a $190,000 30-year mortgage, a half a percent would be about $55 per month. Over 30 years that is around a $20,000 difference.

Having a bit of knowledge on the subject can definitely ensure you make the best decision. Once you have determined that refinancing is right for you, speak to a professional lender who can help you through the process.

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The housing market is booming and now is the time to sell. According to Zillow, the pace of home sales is the fastest it’s been in more than two years. Low inventory and mortgage rates both play a great factor in the industry’s boom.

Want to sell your home faster and for more money? There are many quick and easy home improvements you can do to make this happen. Here are seven changes that experts say can give not only great curb appeal but also add value to your home.

Spruce up the landscaping.

“You have seconds to get a buyer’s attention online,” says Susan Williams, a real estate agent with Coldwell Banker serving areas outside of Los Angeles. “Especially now, a buyer has to look at a home’s photo and be so seduced that they want to put on a mask and go look at it.”

Landscaping is so important that Zillow says if the word landscaping is used in a home’s listing, it can add 2.7% more to a sales price. Zillow came up with this conclusion after their research suggests a correlation between landscaping as a feature and a higher sales price.

The first thing a potential buyer will see is the exterior which is surrounded by landscaping. No matter how impressive a home is, an unkempt yard and lousy landscaping can hinder its chances to catch a buyer’s eye.

Curb appeal is essential! The National Association of Realtors (NAR) reported in 2018 that a well-maintained lawn and plantings were among the top outdoor features a buyer covets.

Experts suggest using darker mulch to get the most pop from the flower’s and shrub’s color. Never cut too close to the ground but cut your lawn a little longer. This keeps the grass looking green and it will not dry out. Always trim the yard and especially hedges that are in front of first-floor windows. If you live in a drought-prone area, use succulents cacti, and other water-sipping plants.

Buyers figure it is a nice home if it has a well kept up yard and landscaping. “When a yard is not kept up, people wonder what else is wrong with the house,” Williams says.

Plant a tree.

Trees surprisingly can add tons of value to a home. In fact, a mature tree can add thousands of dollars to your home’s price tag. A leafy sapling surrounded by mulch and colorful annuals can also do the trick.

Trees can add as much as 20% to property values. Trees are also great for the environment. They keep the air cleaner, slow water runoff, prevent soil erosion, buffer noise pollution and can cool our homes and streets.

Tidy up your home’s front entry.

Zillow also adds that the color of a front door can affect the resale value of your home. Black front doors can add an extra $6,000 to a home’s sales price.

Not everyone loves a black front door, but you will want to at least freshen the paint on your front entry door. Rico de Paz, Consumer Reports’ resident paint pro suggests using a semigloss. Paz says it not only has a smooth and slight sheen to the finish but is very easy to clean.

Make sure the entire front of your home looks its best. Pressure wash your walkways and driveway to give it a fresh clean look. Make sure your windows are clean and place a wreath on your front door. Other suggestions are replacing your doormat, repainting or replacing your mailbox, and adding colorful potted plants on the front landing or porch.

Highlight Your Home With Outdoor Lighting.

If the words outdoor lighting is used in a listing a home sells for 1.6 % more and 3.1 days faster than homes without those magic words in the description of the listing according to Zillow. If a home sells for $300,000 that is a $4,800 hike in price that goes straight to your pocket.

Adding outdoor lighting can be a simple project. Simply adding solar-powered path lighting along your walkway can add to your home’s nighttime curb appeal.

Enhance Your Outdoor Living Space.

Whether you have a small space or a huge space, your outdoor living space has become more important during the pandemic. “When we have to social distance, that space is even more essential,” says Kim Soper, founder of Better Homes and Gardens Real Estate Cypress in Lexington, Ky.

The National Association of Realtors conducted a study that concluded that new decks and patios can bring 69% to 80% on the investment. Zillow correlates the word pergola in a home’s listing to a 2% higher price. They also found that a property with this word in the listing description sold 9 days faster.

Updates and improvements can also help with the sale of your home. A repainted or refinished deck is a great way to spruce up your outdoor space. New furniture or if on a budget new cushions can update and improve the look of your area. Colorful flower pots and accessories can make this space appealing.

“A lot of times when we’re staging, you put down one of those bright colorful rugs and it warms up the space a bunch,” AnnMarie Janni, founder of the Element Realty Group in Cary, N.C. says.

Do not overdo the accessories though. Garden gnomes are for cartoon movies and not your outdoor living space. Janni recommends a clutter-free outdoor living space. Make the space look pristine like you would the inside of your home.

Add A Fire Pit to your outdoor living space.

Once again Zillow reported that a listing with the words fire pit, sold for 2.8% more and 3.8 days faster. You can do it yourself with a fire pit ring kit or have a professional install a fire pit.

Mike Wilson, who builds hardscapes in Madison, Wisconsin, says a circular stone fire pit 3 to 4 feet in diameter and uses natural gas would cost a homeowner around $1,500.

“Buyers are drawn to trendy features and features made popular by home-improvement TV,” Amanda Pendleton, a Zillow home trends expert says. “Fire pits fall into that category.”

Install Smart Sprinklers.

It is never a good thing to see a sprinkler system going during a rainstorm. Smart sprinklers can obtain local weather information via a WIFI connection. Zillow said using the term smart sprinkler in a listing bumped the sale of a home days faster than those that did not list the system in their listing descriptions. These systems will boost your home’s value as well as save you money on your water bill.

Remember that curb appeal is the key. Now is the time sell according to Zillow who reports that the pace of home sales is the fastest it’s been in more than two years.

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