Are you an Artist, Maker, Small Business Owner? We want to feature you!

As West + Main Homes moves toward our 4th Anniversary, we are looking forward to continuing to highlight + support local business owners, makers + artists

From features on our blog and in our weekly newsletter, on our social accounts, and in our storefront galleries, we can’t wait to showcase your work, products, talent and services! We also can’t wait to get back to our Pop-Up Shops, First Friday Artwalks, Local Event Sponsorships, and more!

Please fill out and share the application at westandmainfeatures.com - we can’t wait to hear from you!

If you have questions, please reach out to West + Main’s Gallery + Events Manager!

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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This Go-To Bathroom Reno Hack Is More Popular Than Ever

Today Yelp released its 2021 Home Trend Forecast Report, a document that’s chockablock with info on what home improvement services people are searching for and reviewing on the app. While some of the data confirmed our hunches (yep, everyone’s updating their outdoor spaces), one stat truly surprised us. According to the report, Yelp has seen a 2,000 percent increase in searches and reviews for reglazing bathtubs.

But the news is no shock to EyeSwoon creator Athena Calderone, who used the technique to make over her Brooklyn bathroom. Instead of replacing the tub, she hired a pro to refinish the old one with a coat of paint and polyurethane, making it like new in just a few hours (plus 24 hours drying time). “It completely transforms a grimy space into something that feels sparkling, clean, and fresh,” says the designer. 

It’s also quarantine friendly. “At a time when we’re already feeling a little bit like we don’t know what our future holds, getting into a big gut renovation can be overwhelming,” says Calderone. “But reglazing is something that can be done in one day.”

And you don’t have to stop at the tub. Calderone says you can also reglaze tile floors and walls, and in any solid color you’d like. For her project, she chose to cover dated powder blue tile in clean, crisp white.

The best part? It’s not a budget-breaking endeavor. For about $800, you’ll have a whole new bathroom—a fraction of what a full demo would cost.

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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What Georgia election outcome means for Biden’s housing agenda

Some version of the $15,000 first-time homebuyer tax credit is now more likely

The first week of January is usually a quiet time for housing and for policy makers in Washington D.C. Even in a transition year, despite the perfunctory obligations to certify elections, plan for inaugurations, and swear in new members of Congress, it is typically uneventful. 2021 is an entirely different scenario, and today’s Georgia news will have a meaningful impact on President-elect Biden’s housing agenda.

The attempts to undermine the already confirmed electoral college has brought armed protestors to D.C. and is literally dividing the party of Lincoln between those willing to fall on their swords for the president and those viewing a challenge to this process as a constitutional bridge too far.

No matter where you stand, it brings to mind that Glenn Frey song so appropriate for this January chill, “The Heat Is On.”

But this first week also added “Georgia on my mind” to the song repertoire with the Georgia runoff races. What is at stake is significant. With the two Georgia Senate seats flipping to the Democrats, the Senate is at a 50-50 tie with the incoming vice president as the deciding vote.

This outcome would put the majority leadership in the hands of New York Sen. Chuck Schumer and create significant opportunity for President-elect Biden to implement many more aspects of his agenda —with some potentially large impacts to housing and mortgages.

With it now looking like the two winners in Georgia will be the Democratic candidates, the entire playing field changes. Let’s be clear though, a one-vote majority via a Harris vote is not enough to do aggressively progressive acts.

With many moderate Dems in the Senate, the only way an agenda can succeed is to retain the entire party as one voting bloc. With several Democratic senators coming from red states, they cannot risk being overly progressive and this will act as a governor to keep policies from going too far to the left.

But there are several things that can happen. Here are some key possibilities:

1. A larger stimulus package would be more than likely to pass and could include the infamous $2,000 to individuals and more support for states and small businesses. Several analysts have already published research today raising the GDP forecast for 2021. Macropolicy Perspectives stated this today, “GDP should grow at a pace above 4% in 2021 and above 3.5% in 2022. After the passage of the $900bn package but before Georgia, we had expected 3.6% and 3.0%.” The general consensus is that the Georgia outcome will result in more stimulus for an economy needing to grow.

2. Presidential nominations will get to be confirmed quicker. Since the Senate majority will now be Democrat, the calendar gets managed by Sen. Schumer, which will facilitate far speedier confirmations to support the president for the key roles at Treasury, HUD, CFPB, and more.

3. To that end, Sen. Sherrod Brown, D-Ohio, will likely be the new chair of the powerful Senate Banking Committee, which could result in closer scrutiny on larger banks and their CEOs.

4. President-elect Biden’s housing agenda includes a proposal for a $15,000 first-time homebuyer tax credit. Whether that full amount can make it through the legislation process, the odds for some form of homebuyer tax credit will now be much higher, providing even more stimulus to the real estate economy. And while inventories may be low, builders will certainly be scrambling to build as many new homes as possible to leverage the potential revenues from this new pool of buyers, which will likely mean increases to new home sales, particularly in the second half of the year.

5. Other stimulus measures you might expect would include some student loan forgiveness, enhancements to the Affordable Care Act, increased subsidies for Medicare eligibility, and some “green’ focused legislation.

6. The tax bill passed during the Trump administration will likely get revised, resulting in an increase to the corporate tax rate and the elimination of some benefits that were provided to high-income earners.

7. Finally, moves to confirm judges preferred by the incoming President will have a higher probability of getting voted into office. This is a benefit of the majority being in power.

There will certainly be other areas of focus including the GSEs, CRA, and more, but the key elements affecting housing and mortgage finance will be seen in the points above.

The bottom line is this: A single vote majority means a constrained ability to go overboard on progressive objectives from the likes of Sen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez, but it does help expedite the ability of the incoming president to build his administration and enact some of the efforts that even some moderate Republicans supported.

While political divisiveness has polarized much of America, housing and mortgage finance has always been viewed as essentially non-political and the ability to forge broad coalitions among both parties has a better chance for success than many other issues this next Congress and president will face.

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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Top 5 mortgage terms to know before you buy a house

The mortgage application process can be a confusing one — especially if you’ve never gone through it before. 

There’s a lot of red tape, a ton of moving parts and, worse yet, dozens of terms and phrases you’ve probably never even heard of. Are you planning to buy a home in 2021? Here are the top five mortgage-related terms you’ll want in your arsenal:

1. Fixed-rate mortgage

There are two types of mortgages: fixed-rate and adjustable-rate. Fixed-rate mortgages have a set interest rate for the entirety of the loan. Adjustable-rate loans have interest rates that fluctuate after a certain amount of time. They’re best if you plan to move before the rate can adjust or if you’re willing to refinance not long down the line.

2. Pre-approval

This is sometimes called “prequalification,” depending on your mortgage lender. It’s the first step in the homebuying process and is when the lender will do a quick assessment of your potential eligibility for a mortgage. They’ll need a small amount of information about your income and finances, and if all looks good, they’ll give you a preapproval letter stating how much money you can likely borrow. You’ll submit this with any offers you put in.

3. Appraisal

Once you find a house, your lender will want to be sure it’s worth the money you’re asking to borrow for it. They’ll send out an appraiser, who will analyze the property and local market to assess its worth. If it’s worth as much as (or more than) you’ve offered on the home, then you’re golden. If the appraisal comes in lower than that amount, you’ll need to renegotiate or make up the difference in cash.

4. Earnest money

Earnest money is essentially a deposit you put down on a house you’re interested in. It shows the seller you’re serious about their property, and usually amounts to about 2% of the home price. You can offer more if you’re looking to get a leg up over other buyers.

As long as you go through with the deal, the deposit will go toward your closing costs and down payment. If you back out of the deal, the seller gets to keep it.

5. Escrow 

Most lenders require you to pay for home insurance and property taxes as part of your monthly payment. These funds are then put into an escrow account and held until your premium and taxes come due each year. In some cases, you may get a refund check if the lender over-estimated and your escrow account is particularly flush.

There are tons more mortgage terms you’ll encounter along the way, but you don’t need to know them all now. Let us know if you would like an intro to an experienced loan officer or mortgage broker!

And, if there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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How Do Nearby Supermarkets Impact Home Values?

Of all the grocery stores homeowners could live near, those close to a Trader Joe’s tend to have a higher home value than owners near other stores.

Homes near a Trader Joe’s have an average value of $644,558, according to the study. Homeowners near the specialty grocery store chain also have earned an average of $255,066 in home equity over the last five years, compared to a $191,380 boost for owners living near a Whole Foods and $71,204 for owners living near an Aldi. The average values for homes near a Whole Foods or an Aldi are $532,224 and $250,850, respectively, according to the study.

Investors, however, may want to eye properties near an Aldi, which have averaged a 58% ROI for home flippers, according to ATTOM Data Solutions’ analysis. Properties near a Whole Foods or Trader Joe’s, by comparison, averages ROIs of 36% and 30%, respectively.

For Homebuyers

While homes near a Trader Joe’s realized an average 5-year home price appreciation of 35 percent, and homes near a Whole Foods saw an average appreciation of 33 percent, ALDI had a slight advantage at 41 percent.

However, not only does Trader Joe’s lead the pack for homebuyers in average home value at $644,558, but it also takes the lead in home equity with homeowners earning an average of 37 percent ($255,066) equity, compared to Whole Foods at 33 percent ($191,380) and ALDI at 26 percent ($71,204). The average value for homes near a Whole Foods is $532,224, and $250,850 for homes near an ALDI.

The average equity for all zip codes with these grocery stores nationwide is 29 percent.

For Investors

Properties near an ALDI are ripe for investors, with an average gross flipping ROI of 58 percent, compared to properties near a Whole Foods which had an average gross flipping ROI of 36 percent and Trader Joe’s at 30 percent.

Although, properties near an ALDI are seeing less of an average home seller ROI than properties near a Trader Joe’s or Whole Foods, investors are still gaining with an average home seller ROI of 41 percent. The average home seller ROI for properties near a Trader Joe’s is 51 percent, and 43 precent for properties near a Whole Foods.

The average home seller ROI for all zip codes with these grocery stores nationwide is 43 percent.

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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