The 10-City Composite annual increase came in at 18.6%, up from 17.3% in the previous month. The 20-City Composite posted a 20.2% year-over-year gain, up from 18.9% in the previous month. Phoenix, Tampa, and Miami saw the highest gains of the 20 cities surveyed in the index.

What lies ahead?

As mortgage rates climb from historic lows, some economists argue that they can prove to be the one force that can put a damper on upward price pressure from strong borrower demand and limited inventory.

“Eventually mortgage rates will slow down home prices, but it hasn’t happened so far,” said Ken Johnson, an economist at Florida Atlantic University, in an interview with Realtor.com. “We should not see rapid upticks in prices as mortgage rates rise. It’s that kind of exuberance that led to past housing downturns.”

Are you interested in purchasing a new home or refinancing your current home? I’d love to help! Call me today!

Whether you are buying or building, consider the following suggestions before you begin raised bed gardening:

1. Choose a great location – It is important for the location of your raised bed to be flat and receive enough sun. Think in advance about the plants you want to grow in your garden to determine the amount of sun that they will need.
2. Choose the right soil – It is recommended that soil mixtures in raised bed gardens contain 60% topsoil, 30% compost, and 10% potting soil. Talk with someone at your local garden center about recommendations for creating this mixture.
3. Plan irrigation – Soaker hose and drip irrigation are the two recommended systems for raised bed gardening. By planning your irrigation system ahead of time and installing before planting, you can save the effort of frequent watering with a hose later.
4. Apply mulch after planting – Adding mulch of some sort after planting your garden will help to keep the garden soil moist and weed-free.

For more tips on raised bed gardening, click here or watch the video below.

“Driving the downwardly revised forecast are affordability headwinds that have strengthened faster than expected, largely due to sharp increases in mortgage rates,” wrote the Zillow researchers. “Further risks to the outlook as well: Inventory levels remain near record lows, but have the potential to recover faster than anticipated, which could lower future price and sales volume projections.”

While Zillow dialed down its forecast, its outlook still projects a robust growth and competitive market in the coming year. Other forecasts have not been quite as bullish. The CoreLogic HPI Forecast indicates that home prices will increase on a month-over-month basis by 5% on year-over-year basis from February 2022 to February 2023. The Mortgage Bankers Association forecasts purchase originations to rise 4.6% to $1.72 trillion this year, followed by gains of 3% in 2023 and 4% in 2024.

Although forecast models are not in agreement over home price growth in the coming year, most research firms and economists appear to coalesce around the impact of rising interest rates over consumer demand, which could help lower future prices and sales volume.

If you are interested in purchasing a home or refinancing your current home, call me today!

Marigolds – These bright orange and yellow flowers can increase the attractiveness of your landscape while repelling mosquitoes with their distinct smell. As a bonus to those with vegetable gardens, marigolds even repel insects that eat tomato plants.

Citronella – You may recognize the scent of citronella from many bug sprays or insect-repellent candles. Citronella grows as a leafy grass and can be five-to-six-feet tall.

Basil – Basil is a dual-benefit plant — the scent repels mosquitoes, and it can also be used for cooking. Enjoy pesto dishes or try one of the lemon or cinnamon basil varieties to spice things up in the kitchen.

Lavender – The scent of lavender not only repels mosquitoes but also moths and flies. To make this even more effective, try rubbing the plant on your skin to release the oils.

Peppermint and Lemon Balm – Both members of the mint family, these plants contain a natural chemical that wards off insects. Lemon balm is best planted in pots due to its invasive nature when placed in the ground.

Catnip – Also part of the mint family, catnip contains natural chemicals that can be very useful in repelling insects. Be cautious, however, as catnip may also attract furry friends to your garden.

To discover more plants that repel mosquitoes and other insects, click here.

What is a home appraisal?

A home appraisal is a determination of a home’s true value. To ensure that this value is unbiased, a professional home appraiser conducts the appraisal.

Who requests the home appraisal?

A home appraisal is requested by the lender to verify that the money asked for by the borrower is an appropriate amount. The lender cannot request a specific home appraiser, so one is assigned from a pool of appraisers.

How does the appraiser determine the value of the home? 

Many factors are considered when determining the home’s appraised value. Through many processes such as home walk-throughs, property walks, and additional reviews, the home appraiser will assess the property size, condition of the exterior and interior of the home, as well as improvements and upgrades that have been made to the original structure.

How can the homeowner increase the appraised value?

Simply by making sure that the home is clean and free of needed repairs, the homeowner can increase the appraised values. Some common repairs that should be addressed include cracks, stained walls or carpets, damaged flooring, leaky faucets, and broken or damaged windows. It is also important for homeowners to assess the exterior of the home. Repainting trim, cleaning garage doors and siding, and touching up landscaping can all add to the appraised home value.

As a homebuyer, it is in your best interest to know the house’s value compared with similar homes in the market, and it is required to receive your home loan approval. I am happy to talk you through the appraisal process and answer any questions you may have.

• Your employment
• Your monthly income
• Assets for down payment and costs
• Your monthly expenses

• Paycheck stubs for the past 30 days, at a minimum
• W2 forms and tax returns for the past two years
• Recent bank statements from all your accounts
• Any other additional document according to your situation

The idea that robot arms could deposit layers of concrete to create a home and replace stick-framed walls seemed far-fetched only a few years ago. No more. Contractors like Alquist 3D have taken to social media and posted videos of this very process, racking up millions of views on TikTok alone.

Alquist 3D’s mission is to create exceptional design while lowering the cost of housing and infrastructure in economically distressed and under-served communities. While 3-D printed homes can be more affordable than stick-built homes, the industry is still in its infancy and faces challenges. The biggest hurdle currently facing the industry is scale.

“At the moment, there’s less than 10 companies using this technology in America. To really make a dent in the affordable housing crisis, we’d need more like 50.”, said Zachary Mannheimer, founder and CEO of Alquist 3D, to Time Magazine.

The weather is another obstacle that can halt a project if conditions aren’t favorable. Additionally, many builders don’t have the training needed on 3-D printed concrete, which prevents more construction sites from using it.

Though the future seems bright for 3-D printed homes, it remains to be seen whether the new technology can become mainstream and outstrip demand for traditional wood-framed homes.

When you’ve found the perfect home for you and are ready to take steps toward making a purchase, call me to set up an appointment!

The letter of explanation is your opportunity to share your story with the underwriter. They want to understand what is happening on your loan. Don’t be afraid when these items are requested.

Underwriters are essentially the “gatekeepers” of loan approval and will compare the loan guidelines to the borrower’s documents to determine if they are approved for a home loan. Going back to our example, if they see recent inquiries on your credit report, they should ask for clarification; that is, are there new obligations, such as a new car payment, that need to be considered in the loan approval. A letter of explanation will help the underwriter bridge the gap and verify that everything is in order. Letters of explanation are also commonly requested if the underwriter notices inconsistent income or large, unspecified deposits or withdrawals from the borrower’s bank account.

It is important to remember that letters of explanation help mortgage lenders understand obscure situations for qualified applicants and assist our team with understanding your financial background. When you are ready to purchase a home, I would love to discuss you home loan options with you.

Hanging Terracota Pots – If you have an empty space with a surface to hang from, hanging clay pots can make a wonderful vertical garden. These pots can take up as much room as your space allows, and they are simple and cost-effective to create. View the instructions here.

Standalone Wall – This garden uses hex wire attached to a wooden frame to create a wall used as a surface to hang pots. View the tutorial here.

Pallet Garden – By using a recycled pallet from a home improvement store or shipping facility, you can create the perfect vertical herb garden. This technique is cost-effective, simple and can be moved to different locations if needed. Click here to learn how.

Shelf Garden – Building a shelf-type garden that will lean against the wall will provide the perfect space for a vertical garden. You can even stain the wood to match the exterior of your home. View instructions here.

To find more ideas for vertical gardens, click here.

While federal prohibitions against discrimination under the Fair Housing Act and Equal Credit Opportunity Act extend to appraisals, the human factor may sometimes slip through the cracks. To make sure your home gets a fair, accurate assessment, real estate agents will typically advise their clients to do the following:

Depersonalize your home: remove all personal items for the appraisal, such as family photos and artwork.

Don’t attend the appraisal in person: it is best for homeowners not to attend the appraisal in person and let their agents handle the process.

Document all of the upgrades you made: if you have made piecemeal updates to your home over the years, it is important to have the documentation that can prove when they were done and how much they cost. Even small upgrades, such as getting a new dishwasher, may have an impact on your home’s price.

In addition to these tips, by making sure that the home is clean and free of needed repairs, the homeowner can increase the appraised values. Some common repairs that should be addressed include cracks, stained walls or carpets, damaged flooring, leaky faucets, and broken or damaged windows. It is also important for homeowners to assess the exterior of the home. Repainting trim, cleaning garage doors and siding, and touching up landscaping can all add to the appraised home value.

When you are ready to buy a home, I would love to meet with you about your home buying options. We can review your finances and decide which home loan program is right for you. Call me today to set up an appointment.