Tired of renting? 6 signs you’re ready to buy your first home

Are you ready to take the leap from a renter to a first-time homebuyer?

Chances are, you know someone who owns a home. Whether it’s a sibling, friend, or co-worker, you’ve seen someone go through the first-time home buying process – and it probably looked really complicated. At least, more complicated than simply paying rent to a landlord every month. 

While owning a home is rewarding, the process can be a lot of work. Not to mention, expensive. But that doesn’t necessarily mean renting is better. In fact, depending on where you live, your monthly rent could be more expensive than your monthly mortgage. (Yes, seriously.)

Have you been renting for a while? Are you finally ready to put down some roots? Here are six signs that prove you’re ready to buy your first home:

1. Your Rent Payments Keep Increasing

Rent prices are currently skyrocketing. Zumper, an apartment rental app, reported the price of a one-bedroom unit jumped 1.1% from February 2021 to March 2021. A two-bedroom saw a 0.9% increase. If you’ve been renting for a while, you’ve probably seen first-hand just how much rent prices can rise from year to year. And unfortunately, prices are only going to continue to rise as the housing market remains strong. 

A monthly mortgage, on the other hand, doesn’t usually increase for homeowners with fixed-rate mortgages. This means, if you own a home, you don’t have to worry about your landlord increasing your rent by $50 dollars every year (which is something long-term renters know all too well).

2. Your Income Is Stable

How are your finances? If they’re in good shape, you might become a first-time homebuyer. A stable income means you’re more likely to be approved for a loan, than someone with an unstable income. Not to mention, if your finances are solid, you’ll be able to afford all those extra housing expenses. For example, new appliances, furniture or repairs when something breaks.

3. You’re Actively Paying Down Debt 

Contrary to popular belief, you don’t have to be debt-free to own a home. Sure, it would be nice. But with the amount of dept most American’s have, it’s not exactly realistic. Because of this, today’s lenders are more than willing to work with potential first-time homebuyers who have debt, just as long as their debt-to-income ratio (DTI) isn’t too high. 

Most lenders prefer borrowers with a DTI lower than 36%. If your DTI is in good standing and you’re consciously working to manage and pay down your debt, you might be ready to buy a house!

4. You Know Where Your Life Is Headed

Not only have you been at your job for a while, but you have a pretty good idea of where your life is headed in the next few years. You don’t plan on changing careers or moving across the country for a change of scenery. You have a plan, and it includes staying exactly where you are. If that’s the case, why not put down some permanent roots and purchase a home?

5. You Have A Good Credit Score 

Have you been renting for years? Then, you might not know what your credit score is. Or, more importantly, whether it’s high enough to get approved for a loan to buy a house. For most loans, a good credit score is what dictates whether you can afford to buy or not. Lenders usually want a score around 690 and higher. But even with a credit score as low as 500, you could be approved for a loan. 

If you’ve been spending within your means and paying down your debt, your credit score is probably in good shape.

6. You Have Savings 

Buying and owning a house is expensive. Besides a down payment, you have closing costs which on average run between 2% and 5% of your loan amount. And let’s not forget about additional expenses like furniture, appliances, movers, electricity, water, etc. You should have a good amount of money saved before you even consider buying.

Are You Ready To Buy Your First Home?

At some point, most of us will eventually decide to stop renting and take the leap to homeownership. If your finances are stable, you have savings and your credit is in good shape, you might be ready to take that leap and become a first-time homebuyer.

Get more info on Housing Wire.
Related Links

• Are "Forever Homes" Gone Forever?

• 9 Things To Do To Your Half-Bath Before Selling Your House, According to Experts

• These paint colors can boost your home's sale price by $5,000

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.

Search Homes in Colorado

Search Homes in Oklahoma

These paint colors can boost your home's sale price by $5,000

Homeowners typically spruce up their properties before listing them, taking steps such as decluttering and repainting to make their houses more attractive to buyers.

A new analysis suggests that sellers may want to choose their interior paint colors carefully since they might make a difference in a home's potential selling price. 

Bathrooms painted a sky blue color were the big winner, with buyers saying they would pay almost $5,000 more for homes with the restrooms painted this shade, the real estate listing website Zillow found in a recent analysis, which surveyed about 1,300 recent or prospective homebuyers on what they'd be willing to pay for homes based on specific interior paint colors. Blue appears to be a long-standing popular color for bathrooms, with Zillow finding in 2017 that homebuyers preferred that shade for their powder rooms and could impact a home's price by as much as $5,000.

The price premiums are based on the typical home value of $290,000, Zillow said.

The other winner: Bedrooms painted a "moody dark blue" color, with buyers saying they'd pay about $1,500 more for homes with that shade on their bedroom walls. 

To be sure, the hot real estate market may make it seem like any property can attract multiple offers above asking price — but even in a seller's market, some homes may struggle to attract buyers concerned about future costs of their new homes. An earlier Zillow study found that fixer-uppers are selling for about 13% less than expected despite the current overall higher demand for properties. 

Repainting a home can prove a cost-effective way of attracting homebuyers, and possibly increasing the perceived value of the home, Zillow said. The typical cost of repainting an interior room is about $385 per room, the company said.

It pays to play it safe with colors, the analysis found. Buyers threw shade on trendy colors like mint green kitchens, saying they'd shave about $1,800 off the purchase price due to this tint. Other trendy colors were snubbed by homebuyers, including Pantone's Color of the Year — a sunshine yellow tint. 

"Our study found homebuyers may be particularly sensitive to paint color, despite paint being a relatively easy and inexpensive change, because they're navigating a complex environment with a lot of uncertainty," Kate Rogers, a senior behavioral scientist at Zillow, said in a statement. 

Aside from appealing paint colors, homes with certain features like high-end kitchens are also associated with price premiums, Zillow has found. One classic caveat: Correlation doesn't mean causation, with Zillow noting that adding features like gourmet appliances or appealing colors won't automatically guarantee a higher selling price.

High-end kitchen appliances such as steam ovens and pizza ovens were associated with higher selling prices, the earlier Zillow analysis found. That comes at a time when consumers are spending more time at home and cooking more home-prepared meals amid the ongoing pandemic. 

Read more like this on CBS News.

Related Links

• Are "Forever Homes" Gone Forever?

• 9 Things To Do To Your Half-Bath Before Selling Your House, According to Experts

• Generation rent is looking to become generation buy

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.

Search Homes in Colorado

Search Homes in Oklahoma

9 Things To Do To Your Half-Bath Before Selling Your House, According to Experts

Even the tiniest half-bath can pack a big punch.

Since they’re very much in demand with buyers who don’t want to send their guests upstairs to the main bathroom (and with young families who need a restroom on every floor), having a half-bathroom can help seal the deal when selling your home.

However, the last thing buyers want to see is a space that looks unfinished, messy, or forgotten. So, I asked two experts about how to put some pow into your powder room.

Dress up the ceiling.

New light fixtures and ceiling treatments can completely transform a ho-hum half-bath, says Kim Pearse, owner and lead designer at The Staging Consultant in Nashville. Don’t be afraid to make a statement by adding tin ceiling tiles, crown molding, or a painted mural. 

“This is my favorite room to have some fun with,” says Pearse. “You could go dramatic, especially if you have high ceilings. Just make sure you don’t use the boob light, which looks so cheap. Because powder rooms are usually in the front of the house, buyers will see them quickly upon entering the home.”

Look for interesting wall-mounted sinks and vanities.

When you have an extra tiny powder room, you have to get creative with the sink, says Beth Goltz, a Realtor and interior designer who owns Beth Goltz Real Estate and Design in Boulder, Colorado. 

“It may have to be a really small pedestal sink with no storage — or a floating one,” she says. “If you have a little more room, try to fit a 24- or 30-inch vanity in to hide extra toilet paper and soap.”

Choose something unexpected, such as a repurposed small dresser, a floating slab of stone with a sink on top or vibrant color. “I’m working on a half-bath right now, and was just looking at this really fun dark hunter green vanity,” adds Goltz. “If it comes with knobs you don’t like, you can always put on something else.”

Put up standout wallpaper.

Goltz says some homeowners are afraid of wallpaper, but it’s a simple way to add interest and color. 

“If you’re nervous about using wallpaper, there are a bunch of great removable ones you can put up and then peel off,” she says. “I’ve seen some rooms where all four walls and the ceiling had wallpaper, and it looks really cool; just be careful you don’t go too dark, because most half-baths don’t have windows, so it can feel cramped.”

Highlight an accent wall.

Boost the glam factor in your half-bath by showcasing one wall with gorgeous floor-to-ceiling tile or wood, says Goltz.

“We have floor-to-ceiling shiplap in our half-bath behind the toilet. We did beetle-killed wood and stained it gray. It doesn’t have to be the traditional horizontal wood; do the wood vertical or even on an angle. Or, put some molding in an intricate pattern like diamonds.”

Try wainscoting with coordinating wallpaper above it for another eye-catching way to draw buyers into this room.

Splurge on some bling.

Pearse loves adding new plumbing fixtures that play off a powder room’s palette. “Gold is really in now, but you need a deep wall or cabinet color to make this work well,” she says. 

Hang a show-stopping mirror instead of a standard medicine cabinet, adds Goltz.  “There are so many cool mirrors out there in different shapes with interesting frames, like rattan or shells. And if there’s space, I like the look of sconces on each side of the mirror.”

Mix your metals.

Rather than coordinating your hardware with your faucet and door knobs, make a bolder choice, suggests Goltz.

“Mixing brass and chrome can be really cool-looking if you do it right,” she says. “Or mix a black matte with nickel, or brass with black. I wouldn’t mix more than two, because then it’s just too much.”

Create drama with bold paint.

The fastest, most affordable way to transform any room is with a fresh coat of paint. But don’t just slap on the same old, same old. Pearse suggests pairing a rich, dark paint color with a small pattern wallpaper. 

“Paint the ceiling a color other than white, but you must have crown molding before you do this – I promise it’s worth it,” she says. 

Focus on a few high-end features.

Showcase your half-bath by hanging a beautiful painting or investing in funky cement floor tiles. Or, add some texture to the walls with moldings or a chair rail, explains Pearse. 

“Splurging on higher-priced tile and light fixtures is something I often recommend to my clients because you won’t need as much due to the size of the room,” she says.

Sneak in a pocket door if you can.

If you have enough space in your wall, Goltz recommends installing a sliding pocket door. 

“It’s the perfect solution when you have a small space for a powder room, because having the door swing to the inside makes it awkward to get in, and depending on where your powder room is, you don’t want to have to have a door swinging out into the flow of traffic, either,” she says. 

“Pocket doors look really nice and I don’t think they’re used enough. Whenever I see an opportunity to put in a pocket door, I go for it.”

Keep reading on Apartment Therapy.

Related Links

• Are "Forever Homes" Gone Forever?

• We're obssessed with the new A-Frame Club coming soon to Winter Park

• Generation rent is looking to become generation buy

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.

Search Homes in Colorado

Search Homes in Oklahoma

Are "Forever Homes" Gone Forever?

The concept of a “forever home” is a rather romantic notion, a phrase likely conjured up by some enterprising real estate agent tugging at the heartstrings of buyers.

Often synonymous with “dream home,” a forever home has all the room you need and the features you want. In short: Put away those boxes and that roll of packing tape for good, because you’ve just moved for the very last time.

If you’re feeling snarky, you might be thinking, “Forever home? Let’s hope it has a forever roof!” (Fair enough — new roofs are expensive.) Then at least consider a forever home to be the opposite of a starter home, which is typically a smaller, cheaper home that might be in need of some (or a lot) of work.

But when the market is as hot as it is now, many are putting their dream of a forever home on hold, or they are at least rethinking it.

When “Forever” Becomes “For Now”

It’s a tough time for many buyers to entertain the idea of a move when there’s limited inventory at sky-high prices. As a result, many homeowners might instead be looking to renovate a starter home, embracing the idea of a “for now home.”

“Right now, the idea of getting a forever home isn’t really the case,” says Bill Clarkson, a real estate agent with Century 21, Judge Fite Company, in Dallas. “It’s basically getting a house that you can [afford] because the market’s so crazy.”

Clarkson says that in his region, a forever home typically means more square footage and more land. He also mentions that a forever home could mean a property that is passed down from generation to generation because its location is such a valuable investment.

In most cases, it stands to reason that the more items a home can check off on a buyer’s wishlist, the more expensive it will be. On the flip side, if a house is smaller or deemed a “fixer-upper” in online listing parlance, it will be less expensive. But things are vastly different in the current market, where bidding wars are the norm.

“If the house is standing, it’s going to bring in multiple offers,” Clarkson says. 

Does this mean you should give up on your forever home? Not quite, but it might be a good time to rethink your strategy, at least in the short term. Home buyers who hold off will likely have a better chance of jumping into the market when the Federal Reserve raises mortgage interest rates, says Clarkson. The rise in interest rates typically makes home prices go lower, but it does make it harder for people to qualify for mortgages.

“If you are willing to go above asking price and wait a couple years to build equity in the house, that’s what you’re going to have to do,” Clarkson says.

He talks with homebuyers about managing their expectations in a seller’s market, including what they should do, if anything, when a house they want already has multiple offers. 

“I have a very serious conversation with them about how this may not be their market to buy a house,” Clarkson says.”

To read more, visit Apartment Therapy.

Related Links

• These paint colors can boost your home's sale price by $5,000

• We're obssessed with the new A-Frame Club coming soon to Winter Park

• Generation rent is looking to become generation buy

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.

Search Homes in Colorado

Search Homes in Oklahoma

These paint colors can boost your home's sale price by $5,000

Homeowners typically spruce up their properties before listing them, taking steps such as decluttering and repainting to make their houses more attractive to buyers.

A new analysis suggests that sellers may want to choose their interior paint colors carefully since they might make a difference in a home's potential selling price. 

Bathrooms painted a sky blue color were the big winner, with buyers saying they would pay almost $5,000 more for homes with the restrooms painted this shade, the real estate listing website Zillow found in a recent analysis, which surveyed about 1,300 recent or prospective homebuyers on what they'd be willing to pay for homes based on specific interior paint colors. Blue appears to be a long-standing popular color for bathrooms, with Zillow finding in 2017 that homebuyers preferred that shade for their powder rooms and could impact a home's price by as much as $5,000.

The price premiums are based on the typical home value of $290,000, Zillow said.

The other winner: Bedrooms painted a "moody dark blue" color, with buyers saying they'd pay about $1,500 more for homes with that shade on their bedroom walls. 

To be sure, the hot real estate market may make it seem like any property can attract multiple offers above asking price — but even in a seller's market, some homes may struggle to attract buyers concerned about future costs of their new homes. An earlier Zillow study found that fixer-uppers are selling for about 13% less than expected despite the current overall higher demand for properties. 

Bedrooms with dark blue colors are associated with a sales premium of almost $1,500, the Zillow analysis found. Repainting interior rooms can prove an effective bang for the buck, given that the average cost to repaint is about $385 per room.

Repainting a home can prove a cost-effective way of attracting homebuyers, and possibly increasing the perceived value of the home, Zillow said. The typical cost of repainting an interior room is about $385 per room, the company said.

It pays to play it safe with colors, the analysis found. Buyers threw shade on trendy colors like mint green kitchens, saying they'd shave about $1,800 off the purchase price due to this tint. Other trendy colors were snubbed by homebuyers, including Pantone's Color of the Year — a sunshine yellow tint. 

"Our study found homebuyers may be particularly sensitive to paint color, despite paint being a relatively easy and inexpensive change, because they're navigating a complex environment with a lot of uncertainty," Kate Rogers, a senior behavioral scientist at Zillow, said in a statement. 

Aside from appealing paint colors, homes with certain features like high-end kitchens are also associated with price premiums, Zillow has found. One classic caveat: Correlation doesn't mean causation, with Zillow noting that adding features like gourmet appliances or appealing colors won't automatically guarantee a higher selling price.

High-end kitchen appliances such as steam ovens and pizza ovens were associated with higher selling prices, the earlier Zillow analysis found. That comes at a time when consumers are spending more time at home and cooking more home-prepared meals amid the ongoing pandemic. 

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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.

Search Homes in Colorado

Search Homes in Oklahoma