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- The following three trends are taking place in the real estate market now. Understanding how they play into home decisions can help you: Make educated choices about priority features in a new home Determine how to list/market your current home for sale Select upgrades and remodeling projects that may mean a greater return on investment down the line There is a huge trend in extended families phenomena Larger Extended Families = A Greater Need for Space Families are growing. From multi-generational households to pets, the need for living space has increased in the last decade. According to Generations United, one in four Americans, or 26% of the population, live in a multi-generational household. This number has grown dramatically over the last decade – almost quadrupling between the organization's 2011 and 2021 surveys. A multi-generational household, by definition, includes at least three generations. This could be a combination of grandparents, aunts and uncles, parents, children, etc. With a variety of individuals living under one roof, space is at a premium. The number one reason sellers sold during the pandemic was to gain additional space, according to the National Association of Realtors. The pandemic served as one impetus for individuals to move into multi-generational households. By moving in together, families could take care of aging loved ones, pool their money and save on costs, and provide grown children who moved back home with more space.
- Since the pandemic started there are few trends that appered in the mortage industry. One fo them that Convertible Space is King Speaking of multi-purpose rooms, the desire to do more things at home doesn’t appear to be going away anytime soon. Extra rooms that you can use in a variety of ways hold a high value to buyers. The more uses you can find for a room the more value it maintains. Look for rooms that can be used for multiple purposes, including: Home office Game room Bedrooms Home gym Craft room If you’re selling, stage rooms in your house to show how they can be repurposed and reimagined. You can also keep these types of spaces in mind when prioritizing your home remodeling projects.
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- How long is the pre-approval good for? A Pre-approval letter is usually good for 60-90 days. At Luchechko Mortgage team we understand that it’s not always possible to find a house and get your offer accepted in 3 months. We do not make you go through the entire process again after 90 days. If nothing has changed with your credit qualification, we will simply renew your letter and issue you a new one. Absolutely no hassle at your end.
- How long is the pre-approval good for? A Pre-approval letter is usually good for 60-90 days. However, we at Arcus Lending understand that it’s not always possible to find a house and get your offer accepted in 3 months. We do not make you go through the entire process again after 90 days. If nothing has changed with your credit qualification, we will simply renew your letter and issue you a new one. Absolutely no hassle at your end.
- Build equity faster If you are in a position to make higher monthly payments due to an increase in salary or other good fortune, you may want to switch from a 30-year loan program to a 15- or 20-year loan structure. This enables you to build equity faster and save money on financing fees.