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Step inside the large entryway and into a home flooded with natural light. The living room is spacious and has an energy efficient electric fireplace. The heart of this home is the beautifully designed kitchen complete with a large island, coffee bar, and built-in oven and microwave. It is perfect for hosting or enjoying a night-in. The primary bedroom suite is a true retreat. The bathroom features a large shower, soaking tub, separate vanities that provide individual space, and a generously sized walk-in closet with a convenient walk-through to the laundry room. With functionality in mind, the laundry room offers additional cabinet space for storage, making organization a breeze. You'll also find a powder bath for guests and a fourth bedroom that offers versatility and could easily serve as an office or play space. Step outside to the covered patio, complete with a gas line, making it the perfect spot for outdoor gatherings, barbecues, and relaxation. The huge backyard provides ample space and the opportunity to add a shop adjacent to the driveway. The 3-car side entry garage offers both convenience and room for extra storage. This home is a true gem, that's close to downtown Tuttle and local schools. You'll love the charming, tight-knit community of Tuttle, where neighbors come together for Friday night football games, festive parades, and more. With its proximity to OKC and Mustang, you can easily explore all the amenities these cities have to offer while enjoying the small town life.
Listed by Angela Cheatwood for West + Main Homes. Please contact Angela for current pricing + availability.
That’s up from $220,000 in July 2013. Although prices are trending higher nationwide, affordability is significantly different by state.
An analysis of recent data provided by Redfin, a national real estate brokerage firm, shows the Midwest and South have the lowest median house prices in the United States, making these regions the most affordable relative to income.
Because of rising real estate prices, housing on the West and East coasts is the least affordable, along with certain Rocky Mountain states and Hawaii. However, many states across the Midwest and South have housing prices below $350,000, with some counties seeing prices below $150,000.
Housing prices increasing
Homes everywhere are increasingly unaffordable relative to income because median sale prices climbed quickly during the COVID-19 pandemic. In March 2020, the national median home price was $304,000, and it continued to escalate because of low rates, demand and availability.
Before the lockdown, low mortgage rates made new and used homes more affordable for many people in America. A $500,000 house with a 20% down payment and a 30-year fixed rate mortgage of 4% has a monthly cost of $2,005. The same home bought with a 7% rate has a $2,794 monthly payment – a $789 difference.
Because rates were below 4% from early 2019 to mid-2022, Americans invested in real estate, causing prices to rise.
At the same time, housing inventory declined. After peaking in 2006, home construction was below average for many years, causing demand to outstrip supply, putting upward pressure on house prices.
Oklahoma among lowest-cost states
The Midwest and South contain the top five low-housing-cost states, which lead the country in affordability.
• Iowa has the lowest median sale price of $239,000 in 2022. The state is primarily rural but has smaller cities like Des Moines, Cedar Rapids and Iowa City. Additionally, the population is relatively small and growing at only 0.3% annually, keeping demand and, thus, housing prices low. According to the Federal Reserve, the state’s median income was $76,320, making housing relatively cheap for families.
• Ohio is the second most affordable state, with a median sale price of $249,000. The state is more industrialized than Iowa but still has a significant agricultural industry. In addition, Ohio has three large cities: Cincinnati, Cleveland and Columbus. Based on the state’s median income of $67,520, housing is less affordable than in other Midwestern states. Also, Ohio’s population is declining, suggesting home prices will gain little.
• Oklahoma has the third-lowest median sale price of $256,000. The state is largely rural, with two main cities: Oklahoma City and Tulsa. Oklahoma’s median household income is below Iowa’s and Ohio’s at $63,440. As a result, its residents pay a higher percentage of their income for housing costs. Oklahoma’s population is gaining 1.5% annually, so real estate prices should continue to rise.
On the other end of the scale, California was unsurprisingly the most expensive state to buy a home. In fact, the most expensive states are concentrated on the West Coast, Northeast and a few Rocky Mountain states, attracting people from other parts of the United States, like Utah and Colorado. The three least affordable states are California, Hawaii and Massachusetts.
Housing in California is costly. Prices continue to rise because of demand, insufficient construction, and labor costs. In 2022, the median house price was $799,000 – more than three times the price of Iowa. Median household incomes are higher at $85,300, but are generally not enough to account for the sale price differences. After years of growth, California’s population has declined in the past couple of years, but not enough to affect affordability.
Hawaii is next on the list, with a median home price of $713,000. The state has strict permitting requirements, and as a result, construction cannot meet demand. Therefore, housing prices have risen. Besides expensive housing, Hawaii also has the highest cost of living, making it challenging to make a simple 50/30/20 budget strategy work and purchase a home, too. Household incomes are high, too, at $91,010, but the extraordinary cost of living expenses reduces buying power. One advantage, though, is the state has the lowest property tax rate in the country.
Massachusetts is third, with a median house price of $640,000. The state is building more luxury, high-end residences and not enough affordable housing. Demand is also high because the population grows in most years, drawn by high-paying jobs in health care, information technology, and education. In fact, the median household income of $93,550 is among the highest in the country. The combination of forces driving prices higher is unlikely to subside.
The bottom line about affordability
Real estate prices have risen faster than incomes. Consequently, already expensive markets are now pricier than ever. Based on median home prices, the Midwest and South lead the country in affordability, especially after considering household incomes.
That said, rising mortgage rates mean it may be prudent to wait until they change direction. High mortgage rates hinder selling and buying.
Arnie Nicola of Pregnancy and Motherhood says, “We had planned to buy a house and the high interest rates pushed up monthly payments and brought down our home value below our expected selling price, so ultimately we decided to just hold.”
Learn more at Journalrecord.com
Related Links
10 Things Most Homebuyers Get Wrong About Getting a Mortgage Today
3 Major Changes You Need To Make Before Putting Your Home on the Market
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.
You might be thinking about your job, money, wanting more stability, or goals you want to reach soon. Is homeownership a part of that vision? If it is, you should know owning a home has a whole lot of financial benefits.
One of the many reasons to buy a home is that it’s a great way to build wealth and gain financial stability. That’s because the value of most homes increases over time, which in turn grows your net worth. Here’s how home values are rising right now. According to Zillow:
“The total value of the U.S. housing market – the sum of Zillow’s estimated value for every U.S. home – is now slightly less than $52 trillion, which is $1.1 trillion higher than the previous peak reached last June.”
Basically, homeownership is a tremendous wealth-building tool. And with home values back on the rise across the nation, now might be a good time to consider if owning a home is something you want to reach for.
Here’s a look at some data to see how much owning a home can really make a difference in your life.
Household Net Worth Is Rising
Data shows that while those in the top 1% saw the most dramatic net worth increase, people from every single tax bracket have seen their wealth grow over the past few years (see graph below):
For many of those people, the rising value of their home plays a big part in that.
Owning a Home Helps You Achieve Financial Success
You can tell homeownership had a lot to do with that growth because there’s a significant net worth gap between homeowners and renters. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:
“. . . homeownership is a catalyst for building wealth for people from all walks of life. A monthly mortgage payment is often considered a forced savings account that helps homeowners build a net worth about 40 times higher than that of a renter.”
The big reason why? Homeowner’s build equity. Home equity is the value of your home minus the amount you owe on your mortgage. And for most homeowners, that’s the largest contributor to their net worth. Here’s the data from First American to prove it (see graph below):
The blue portion of each bar represents housing as a portion of net worth – and it’s clearly a bigger contributor than other investments like stocks, gold, and cryptocurrencies. As you can see, across different income levels, homeownership does more to build the average household’s wealth than anything else.
Bottom Line
One of the biggest benefits of owning a home is that it can provide an avenue to grow your net worth. Connect with a local real estate professional so you can start investing in homeownership.
Learn more at keepingcurrentmatters.com
Related Links
10 Things Most Homebuyers Get Wrong About Getting a Mortgage Today
3 Major Changes You Need To Make Before Putting Your Home on the Market
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.
The process involves much more than that. To attract potential buyers and get the best possible price for your home, you need to ensure that your house is at its best, both aesthetically and functionally. Many homeowners underestimate the importance of home improvements before listing their property. But the truth is, these upgrades can significantly boost your home's market value and make it stand out in the crowded real estate market. This article discusses three major changes you should consider making before putting your home up for sale. Each of these improvements serves a dual purpose by enhancing your home's visual appeal and signaling to prospective buyers that the property has been well-maintained. Let's delve into why these changes are worth considering and how they can provide a solid return on investment.
Giving Your Roof A Much-Needed Makeover
Firstly, an old or worn-out roof can be a significant deterrent for potential buyers. It's one of the first things they notice, and it has a substantial impact on your home's curb appeal. A new roof not only enhances the aesthetic appeal of your house but also sends a strong message to buyers that the property has been well-maintained, assuaging concerns about potential leaks or structural issues. If your roof is visibly old or damaged, investing in a professionally installed roof replacement could substantially increase the marketability of your home, potentially increasing its appeal and its value.
Getting a new roof installed doesn't have to be a hassle. Start by hiring a professional roofing contractor, like Pro Restoration Plus, who can assess your current roof's condition and provide a detailed estimate. It's crucial to choose high-quality, durable materials that match your home's style. Keep in mind that while the initial cost may seem high, the long-term benefits, including increased home value and potential energy savings, make it a worthwhile investment whether you sell your home immediately or just a few years later. Be sure to schedule the roof replacement at a time that minimally disrupts your life, but also consider weather conditions, as roofing jobs require dry, moderate weather.
Kitchen Remodel: A Recipe for Increased Home Value
One of the most profitable improvements you can make to your home before selling is a kitchen remodel. Known as the heart of a home, the kitchen is where meals are prepared, family gatherings take place, and memories are made. An updated and modern kitchen can command a higher asking price because it's a key selling point for many buyers. They're attracted to newer appliances, spacious countertops, ample storage, and an overall aesthetic appeal that makes the space inviting and functional. Upgrading outdated features to modern, energy-efficient models can also lower utility costs, which is another attractive aspect for potential buyers.
Getting your kitchen remodeled, however, requires careful planning. To ensure you're making changes that will increase your home's value, do some research on current kitchen design trends. A timeless, neutral design usually appeals to the broadest range of buyers. Hiring a professional kitchen designer or contractor could also be a wise investment, as they can guide you towards choices that will offer the best return on investment. Remember to consider the overall style and design of your home to ensure the new kitchen complements it well. Lastly, plan your budget carefully. While you want your kitchen to be appealing, it's essential to not over capitalize. Aim for a balance between what you spend and the value it brings to your home.
Enhancing Curb Appeal: Invest in Landscaping
Investing in professional landscaping can significantly enhance your home's curb appeal, making it more attractive to prospective buyers. A well-maintained front yard serves as a visual treat, setting a positive first impression even before buyers step inside your home. It reflects the house's overall care and maintenance, reassuring buyers about the property's condition. Not only does a beautifully landscaped yard make your home more appealing, but it can also increase its value.
Embarking on a landscaping project requires some consideration and planning. Which areas of your yard need attention? It could be needing a manicured lawn, planting blooming flowers, adding a decorative pathway, or even installing outdoor lighting for added security and aesthetic appeal. Hiring a professional landscaper can be beneficial as they have the knowledge and expertise to transform your outdoor space into a captivating one, keeping in mind your home's architectural style and the local climate. If you're on a tight budget, consider cost-effective solutions like adding mulch to garden beds, planting perennial plants that don't require replacement each year, or installing a simple water feature. Remember, the goal is to create an inviting, well-kept outdoor space that potential buyers can envision themselves enjoying.
In conclusion, a well-maintained home sells itself. There's no underestimating the power of first impressions when it comes to selling your home. Buyers are drawn to homes that are not just well-maintained but also exude warmth, functionality, and aesthetic appeal. From giving your roof a much-needed makeover, and modernizing your kitchen, to enhancing your home's curb appeal with professional landscaping, these improve your chances of attracting serious prospective buyers and securing a desirable selling price. Remember, the objective is not just to sell your home but to sell it well. Even if the initial investment might seem substantial, don't forget that these improvements pay for themselves in the long run. After all, a well-loved home is a well-sold home. So, before you put that 'For Sale' sign up, take a good look at your abode and make the changes that will make it a hot property in the housing market.
Learn more at Rismedia.com
Related Links
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.
