This Pandemic Home Trend Couldn’t Survive 2021

 
 

In the early days of the pandemic, everyone wanted a home with a pool. (Within months of March 2020, pool manufacturers reported seeing orders surge by as much as 200 percent.)

Come on, what better way to ride out quarantine than with a blue water escape right in your own backyard? But, according to Thumbtack’s end of year bi-annual report, this trend took a serious dive by the end of 2021.

According to their findings, above-ground swimming pool installations are down 92 percent and in-ground swimming pool installations are also down 32 percent over the last three months of the year (and down overall compared to 2020). Thumbtack also reported a spike in swimming pool removals—up 59 percent compared to the previous year.

So, what gives? And what are homeowners coveting instead?

David Steckel, home expert for Thumbtack, says that the dip in pool popularity could come down to decisions about how people envision their backyard space. For example, homeowners who were once really jonesing to add a pool—or who bought a home with one already installed—may have concluded that it’s not worth the backyard square footage required to fit one in. “This new work, live and play from home world we’re living in means that usable square footage is gold,” Steckel says. And since the average size of an inground pool is 400 square feet, plus a three to four-foot walkway around the perimeter and a fence, he adds that that’s a lot of real estate that families could otherwise devote to trampolines, entertaining and other outdoor activities in their backyard.

In addition, people living in a cooler climates might find the costs associated with a pool to be high, considering there are only a few months out of the year in which it’s useable. Per Steckel, it’s approximately $80 to $200 per month for weekly pool cleaning services, $150 to $1,200 annually for repairs and $75 to $350 per year for inspections. And let’s not forget the rising costs of chlorine, which is now estimated to set you back about $300 to $800 per year.

Steckel also points to a generational gap. Of the seven million homes sold in 2021, more than half went to millennial buyers. And since millennials typically have younger families and might consider pools a danger, that could be another reason for the trend reversal.

So, what’s a good alternative if pools are no longer on your wish list? Hot tubs and spas are currently trending (up 44 percent over the last three months, per Thumbtack’s data) mainly because you can use them in colder climates and year-round. They’re also far more cost effective than a pool and require significantly less maintenance, typically about $75 a month, according to Steckel.

Still, as with all things home-related, he says that trends like this tend to be cyclical. “In some real estate cycles, having a pool negatively affects resale value whereas in others, pools seem to reduce the time a home is on the market.”

In the meantime, we’ll be Googling hot tub ideas…

Read more on PureWow.

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.

Search Homes in Colorado

Search Homes in Oklahoma

Search Homes in Oregon

6 Homebuying and Mortgage Tips for Retirees

 
 

Sure, your grandma and grandpa may have stayed put once they left the workforce, but you likely have other plans. Now more than ever, it seems retirees are on the move—and buying new homes.

About 18% of homebuyers were younger baby boomers (aged 56 to 65) in 2021. And older boomers (aged 66 to 74) scooped up an additional 14% of the market during the same period, according to a recent report from the National Association of Realtors®.

Buying a new home is a logistical and financial challenge no matter your age (or how many times you’ve done it). But our mortgage and lending system can be especially challenging for retirees to navigate, simply because lenders prioritize income.

To help, we reached out to real estate professionals for tips on how retirees can find their golden years dream home, land a great mortgage, and still have plenty left in the bank for whatever surprises life delivers.

1. Think local

For the most part, retirees who are relocating aren’t looking to move across town but to an entirely different area (usually one with better weather). With that in mind, always work with a real estate professional in your new home state.

“There are a lot of different rules and costs state by state,” says Rachel Lester, an agent with Keller Williams Main Line Realty in Villanova, PA. “And the lending and real estate laws can really differ. You need to make sure the person you’re working with is aware of local transfer taxes and closing costs.”

Also, prioritize working with a local lender, especially in states with rigid contract dates. You also want to make sure your lender is available by phone seven days a week. So beware of lenders you find on the internet, who may offer only 1-800 numbers and limited office hours.

2. Watch your debt-to-income ratio

When you retire, your lack of income may scare some lenders. But if you’re on top of your debt-to-income ratio, you’ll look a lot more financially stable.

“To qualify, your debt-to-income ratio should be lower than 36%,” says Warner Quiroga, president and owner of Prestige Home Buyers in Brentwood, NY. “Debt-to-income is calculated by looking at current expenses, such as car payments, credit cards, student loans, and housing expenses, versus what money you have coming in.”

3. Get creative with your mortgage

Landing a fantastic 30-year mortgage with a low interest rate isn’t so easy when you’ve left the job market and no longer have a steady income.

“But don’t let anyone tell you it is too late in life to buy a home,” says John W. Mallett, founder and president of MainStreet Mortgage, in Thousand Oaks, CA.

Instead, find a professional fluent in many types of mortgages.

“You should consider asset depletion, which entails using savings as income,” says Mallett. “You could also use qualified savings as income, such as an IRA or 401(k).”

Another option is a reverse mortgage, which got a bad rap for many years but can actually be a useful tool for retirees.

“Reverse mortgages require a larger down payment than conventional loans,” says Mallett. “However, you have the option to make no payments, interest-only payments, fully amortized payments, or anything in between. So while reverse mortgages can be complex, you will know if it’s right for you once you understand how they are structured.”

4. Reconsider risk calculations

If you’ve made it to retirement, your likely used to taking risks and thinking long term, especially when it comes to investments. But Todd Huettner, president of Huettner Capital, a mortgage lender in Denver, urges you to adjust just how much risk you’re willing to take when it comes to buying a new home.

“A person’s financial risk jumps to the highest point after retirement and remains very high for another decade,” notes Huettner. “Without the ability to replenish losses with income, any low returns on investments or unplanned withdrawals from a retirement account will severely reduce the amount of money you can safely withdraw in the future.”

With that in mind, Huettner advises pursuing a fixed-rate mortgage rather than an adjustable-rate mortgage, so you don’t risk everything you saved for retirement on variables outside your control, such as interest rates.

5. Crunch the numbers

People live well into their 90s today, so it’s easy to see why many retirees gravitate toward the tried-and-true 30-year mortgage. But before settling on a standard loan term, carefully weigh the costs and benefits of each mortgage term.

A 15-year loan usually has a lower interest rate but requires a bigger monthly payment. On the other hand, a 30-year mortgage comes with a higher interest rate but your monthly payments will be lower.

So look at the total amount in your retirement accounts and calculate the interest you’ll make in savings over 15 versus 30 years. And compare the results to the corresponding mortgage rates and payments for the same time period.

“If you’re taking money from an investment that returns 7% when the rate on the 30-year mortgage is 3.5%, then I would strongly consider the 30-year,” says Huettner. “The difference can be tens of thousands of dollars in additional savings.”

6. Reduce housing costs

Just because a lender is willing to give you a large loan, it doesn’t mean you should take it.

So while it may be tempting to buy a bigger, more lavish house, retirees should really look at their potential health care costs, advises Anthony Martin, CEO and founder of Choice Mutual in Reno, NV.

“If you’re relying on a pension, Social Security benefits, and other retirement accounts for your income, then you want to ensure your mortgage isn’t going to be too expensive,” says Martin. “Narrow your monthly housing costs—which should also include property taxes, interest, and insurance—to 20% to 25% of your income.”

You want to avoid digging too deeply into your nest egg or using a large portion of your retirement fund to pay for a mortgage since it may leave you with little money for unexpected expenses.

Learn more on Realtor.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.

Search Homes in Colorado

Search Homes in Oklahoma

Search Homes in Oregon

Just Listed: Charming single level home in a desirable NW Redmond neighborhood

 
 
 

Charming single level home in a desirable NW Redmond neighborhood.

Situated privately off of the street with RV parking including full hookups. Spacious and light filled. Great room floor plan with Vaulted ceilings and a Gas fireplace. Open kitchen concept featuring Alder cabinets and Granite tile countertops. Beautiful Master suite with soaker tub, double vanity, walk in closet, and private access to the large back patio with a hot tub. Large yard and patio that is great for kids, pets, and entertaining. Short walk to the Dry Canyon trails and Dog park! This beautiful home is in an amazing location with plenty of space for your family, pets, and all of your toys!

Listed by Adam Weisgerber for West + Main Homes. Please contact Adam for current pricing + availability.

 
 
 

Have questions?
West + Main Homes
westandmain.co
hello@westandmainoregon.com

Presented by:
Adam Weisgerber
(541) 419-9950
adam@westandmainoregon.com


Search homes in Oregon
 

Just Listed: Custom Home with Cascade Views in Boones Borough

 
 
 

Discover the true feeling of luxury in the most desirable neighborhood in Bend, Boones Borough.

This gorgeous custom home features spectacular panoramic views of the Cascade mountain range and is located on 2.49 fenced acres that backs up to BLM land. Within the 4,193 square foot home, you’ll find a primary bedroom, an en suite guest bedroom with direct pool access, 4 bedrooms, 2 offices, 4.5 bathrooms, a wine cellar, and a 3 car garage. Inside the primary bedroom would find a large walk-in closet, a spacious bathroom with a soaking tub and walk-in shower. The home is complete with the highest quality finishes including carpet and oak hardwood floors, custom birch cabinets, granite countertops in the kitchen, high end appliances, and an abundance of storage.

Start your day by watching the sunrise and wildlife from either the primary bedroom or kitchen deck. Then, take a soak in the hot tub or swim in the 16x32x4 outdoor pool all before entertaining guests on the 3,000 square foot deck with a covered propane BBQ area. Apart from the home, you’ll find a 960 square foot shop that is complete with power, heat, AC, and a covered back porch. The property is fully irrigated, fenced, and has a storage shed and horse shoe. The landscaping features garden beds, pine trees, juniper trees, lilacs, spruce trees, and other deciduous plants and trees.

With this location, you’ll get the privacy you’re searching for, while still being close to town. Located just 7 miles from shopping and restaurants and 8.5 miles from St. Charles Hospital. This home is one of a kind and won’t last long. Make an appointment for a showing and see for yourself!

Listed by Abby Webster for West + Main Homes. Please contact Abby for current pricing + availability.

 
 
Learn more!
 

Have questions?
West + Main Homes
westandmain.co
hello@westandmainoregon.com

Presented by:
Abby Webster
(541) 777-1739
abby@bendrelo.com


Search homes in Oregon
 

As Featured in West + Main Home Magazine: It's What's On the Outside that Counts

 
 

FEATURING STUNNING EXTERIORS FROM SUZAN PRUITT + CAREY SKAINS

Curb appeal is everything...and West + Main agents Carey and Suzan definitely made the most of theirs with these chic exterior makeovers! Whether you DIY or go with a pro, you'll almost certainly receive a huge return on your investment with improvements you make outside...and your neighbors will love you a little more, too.

Carey’s DIY Success

"With the time I had on my hands and a little DIY experience, I decided I would tackle the exterior myself. I quickly researched paints to use for the brick and decided I wanted to go with a clean black and white look."

Carey worked tirelessly for several months to master her exterior to the point she wanted to get it to.

"A month and a half later of using three different types of paint, working a sprayer for the first time along with a brick painting brush amongst other tools, many fearful roof and ladder moments all while completing the job during my 2 year old’s nap time and in the evenings, it was finally done. Every inch of paneling, brick, trim, soffit, facial boards, and gutters were painted."

MATERIALS

TOOLS AND TOTAL PAINT - $400-500 BEHR MARQUEE PAINT
COLOR: JUST BLACK
BRICK COLOR: ROMABIO LIMEWASH PAINT COLOR: BIANCO

Suzan’s Exterior Facelift

"When we moved into this house in October 2019, I knew that one of the things that I had to replace was the vinyl siding on the exterior. This cute little 100 year old bungalow deserved better than ugly vinyl siding!"

Over time, Suzan and her husband pulled off the vinyl siding and went with stucco to revamp the outside of the house.

"We hired the contractor, put the deposit down and the work began a few days later! To say I was nervous is an understatement!"

The nerves paid off!

MATERIALS

CONTRACTOR: STUCCO/PAINTING TRIM/ SHAKER SHINGLES/PAIN FRONT PORCH - $16,500
EXTERIOR LIGHTS - $350

CEILING PAINT - $100
NEW ROCKING CHAIRS - $150

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

Search Homes in Oregon