mail enquiry@thehouse48.com
instagram Facebook Twitter Linkedin

Whispers in the Neighborhood

blog-img

10 Essentials for Your New Home, from Top House48 Agents

11 June 2024

Determining the right rental price for a property can be a challenging task for landlords and property managers. It’s crucial to find a balance that ensures profitability while remaining competitive and fair in the market. From a comparative market analysis to consulting with your real estate agent, this Redfin guide has everything you need to know about determining rental rates.  So whether you’re renting out a house in a Savannah, GA, or are booking that short-term desert oasis in Joshua Tree, CA, keep reading to learn more. Conduct a Comparative Market Analysis (CMAs) Like setting the list price on a property, rental rates are determined by running a Comparative Market Analysis (or a CMA). A CMA involves comparing a subject property to one or more similar properties.  Key comparative characteristics include, but are not limited to: Property year Location  Square footage and lot size Number of bedrooms and bathrooms Property features and finishes By examining similar properties, particularly their square footage, number of rooms, and location, you can establish a benchmark for pricing. Also, consider the condition and age of these properties, as they play a significant role in setting rental rates. While Redfin offers a diverse range of rental listings, it’s important to consider that not all properties are listed on traditional platforms like your local multiple listing service. Kenneth Ott, real estate buyer for Shark Fin Properties, advises also exploring alternative sites like Craigslist, where owners often directly list their rentals.
blog-img

Moving Checklist: Everything You Need to Know for a Smooth Move

14 February 2024

Whether you’ve secured the perfect apartment for rent or just purchased your dream home, the only task left is transitioning into your new living space. We won’t lie to you — moving is no small feat. The entire process can feel daunting, from decluttering and packing to transporting your belongings and perhaps enticing your friends to assist. The reassuring news is that it doesn’t have to be overwhelming. Strategic planning and organization in advance can significantly alleviate the stress on moving days. This is where a moving checklist comes in. Knowing when to do things – and in what order to do them – will put your mind at ease when details of the move begin to stress you out. So whether you’re just moving across the street or across the country, use this Redfin moving checklist, that’s jam packed with tips from moving experts, to help you every step of the way. Two Months in Advance Forward medical records and transfer prescriptions. For long-distance and cross-country moves, you will need to find a new doctor and pharmacy. Talk to your current providers and ask that your medical records and prescriptions be forwarded. Examine the floor plan of your new home. If you want to be happy with the décor in your new home, you need to know the layout. Now is the time to examine blueprints and measure furniture so you can visualize where everything will live in the new home. Schedule painting and repairs. If you need to paint or make any improvements to your new home, make arrangements before your belongings are moved in. Scheduling the job(s) ahead of time will help you avoid stress later. Request vacation. You will likely need time off for the move, so ask your boss now, before life gets hectic. Complete change of address forms. Make sure to fill in the change of address forms and give your new address to friends and relatives. Budget the costs. Depending on how far you are moving and how many items you have, a move can cost anywhere from a few hundred to thousands of dollars. You can save money by sourcing your own moving supplies like boxes, rope, and protective materials. Cassie Long with Horizon Realty suggests a budget that factors “moving expenses, travel, movers, and move-out cleaners.”
blog-img

Rust Belt, Sun Belt Home to Most Popular Affordable Metros for Relocating House Hunters

14 February 2024

Elevated house prices and mortgage rates continue to influence migration trends, pushing homebuyers away from expensive coastal metros. San Antonio, Cincinnati, and Greensboro, NC, emerged as the most popular affordable metros in the country for house hunters looking to relocate.  As of January 2024, the national median sale price was over $402,000. That’s unaffordable for many potential homebuyers, especially amidst a landscape where dips and jumps in mortgage rates can cause large market fluctuations. So, where are people looking to find houses within their budget?  Redfin analyzed data for metropolitan areas that have both median sale prices below $300,000 and positive in-migration (more people moving in than out). Out of all the metros that met the criteria, San Antonio emerged as the most popular metro for homebuyers with a budget under $300,000.    What does this mean? In general, homebuyers in January looked to move to the center of the country in search of affordability, as low inventory and rising house prices drove people from expensive coastal metros. For some homeowners, moving was a means to maximize affordability and house size  – for others, it was to trade rain and snow for year-round sun.  Nine metros in our data set are in the Sun Belt, which was a migration hotspot during the pandemic and has since seen spikes based on affordability and climate risks.  Another cluster of metros in our data are located in the Rust Belt, which has been an affordable refuge for decades but has become more popular as of late. For example, Upstate New York, on the Eastern edge of the Rust Belt, was recently one of the fastest housing markets in the nation; homes sold in roughly a week. Cincinnati, Harrisburg, Cleveland, Pittsburgh, South Bend, and Buffalo are all considered Rust Belt metros. 
blog-img

2024 Housing Market Year In Review: A Market Ruled by Mortgage Rates

14 February 2024

18 housing trends that defined the year, including record mortgage rates, depleted inventory, and dwindling home sales 2023 was a difficult year for the housing market. It started with a continuation of negative trends from the end of 2022 and turned into the least affordable year for home buying on record.  Seasonal trends buckled. The spring homebuying season never happened, housing inventory remained historically low throughout the year, and sales plummeted. The market was so difficult that more than half of recent homebuyers believed buying a home was more stressful than dating, and nearly 40% of homebuyers under 30 received money from their family to afford a down payment.  So what happened? In short: Record mortgage rates, high inflation, and persistently high housing and rental prices. But there was a lot more to it as well.  Below are trends, data points, and visuals that defined the 2023 housing market.  All data is aggregated from January through November 2023, and does not include December unless otherwise stated. December data is through the 15th of the month. All data is from Redfin, FRED, NAR, and/or public records. For questions about metrics, read our metrics definitions page. 1. Home prices rose to near-record highs The U.S. median sale price peaked at $425,000 in June, just below last year’s record high of $433,000. However, when averaging over the entire year, 2023’s average median sale price was higher than any previous year in history, rising from $407,000 in 2022 to $409,000. “The unusual combination of low supply and low demand caused home prices to remain elevated throughout the year, which was bad news for pretty much everyone,” laments Daryl Fairweather, Redfin Senior Chief Economist. “The market was extraordinary; it felt hot, even though very few homes changed hands.”
blog-img

16 Things to Do Immediately After Buying a Home and You Receive Your Keys

14 February 2024

Congratulations on your new home! Successfully closing on a house in today’s market is an achievement worth celebrating. After navigating through the phases of house hunting, making the offer, securing a mortgage, finally closing the deal, you might be wondering what happens next, besides moving in. Are there other things you should be thinking about or doing now that you’re a homeowner? Once you sign the paperwork and receive your keys, there are several tasks you’ll want to complete for peace of mind and to ensure a comfortable transition into your new home, whether it’s a home in Miami, FL or Portland, OR, or anywhere in between. In this article, we’ll guide you through 16 essential things to do immediately after buying a home. Securing your new home begins with a crucial step: changing locks, garage codes, and all access points immediately after you receive your keys. This simple yet vital step ensures that you have control over who enters your property, enhancing overall safety and peace of mind. Because you never know who may have a set of keys to the existing lock. The expense of changing locks depends on factors such as the level of security you wan, lock complexity, and whether you opt for professional locksmith services or a DIY approach. If your home is equipped with an alarm system, budget for potential reconnection fees or consider switching providers.  During the closing process, make sure to request instruction manuals and codes for electronic systems, including home alarms and garage codes. Then make sure you change these codes known only to you. If manuals are unavailable, online resources might provide reprogramming instructions for added convenience.