Scott Smolen Maryland real estate blog with market updates, community spotlights, and home buying tips

Maryland Real Estate Blog

Scott Smolen's Anne Arundel County and Bowie, Md. Real Estate Blog

Local real estate updates, market insights, community spotlights, and practical home buying and selling advice for Odenton, Gambrills, Crofton, Bowie, Piney Orchard, Two Rivers, and the surrounding Maryland real estate market.

Latest Market Trends

Stay current on mortgage rates, local inventory shifts, pricing trends, and buyer demand across the Maryland real estate market.

Home Selling Advice

Learn how to prepare, price, market, and negotiate when selling a home in today’s local market.

Home Buying Tips

Get practical guidance on affordability, inspections, offers, financing, and buying with confidence.

Community Spotlights

Explore local neighborhoods, market reports, lifestyle features, and community insights throughout the area.

May 29, 2023

Reflecting on Memorial Day: Honoring the Sacrifices of Our Heroes

Introduction:

Memorial Day is a day of remembrance, a time when we come together as a nation to honor and pay tribute to the brave men and women who have selflessly given their lives while serving in the United States Armed Forces. It is a solemn occasion that provides us with an opportunity to reflect upon the sacrifices made by these heroes and express our deepest gratitude for their unwavering dedication to our country. In this blog, we will delve into the significance of Memorial Day, its historical roots, and how we can commemorate this day with respect and reverence.

The Origins of Memorial Day:

Originally known as Decoration Day, Memorial Day dates back to the aftermath of the American Civil War. In the wake of the immense loss of life during the conflict, communities across the nation began to hold ceremonies to honor fallen soldiers by decorating their graves with flowers and flags. The first official observance of Memorial Day took place on May 30, 1868, when General John A. Logan, the commander-in-chief of the Grand Army of the Republic, proclaimed it as a day to pay tribute to the fallen.

A Time for Remembrance:

Memorial Day holds deep significance as it allows us to remember and reflect upon the sacrifices of those who have fought and died to protect the freedoms we cherish. It serves as a reminder that the liberties we enjoy today have been safeguarded by the courage and dedication of countless servicemen and servicewomen throughout history. Memorial Day provides an opportunity to honor their memory and acknowledge the debt of gratitude we owe to these fallen heroes.

Commemorating Memorial Day:

There are several meaningful ways to commemorate Memorial Day and show our appreciation for those who made the ultimate sacrifice. Here are a few ideas:

  1. Visiting Memorials and Cemeteries: Take the time to visit local memorials and cemeteries where fallen soldiers are laid to rest. Pay your respects by placing flowers or flags on their graves. Reflect on their sacrifice and the impact they have had on our nation.
  2. Participating in Parades and Ceremonies: Many communities organize parades and ceremonies to honor the fallen. Attend these events and show your support for the military community. It is an opportunity to connect with veterans, service members, and their families.
  3. Engaging in Acts of Service: Dedicate some time on Memorial Day to volunteer or engage in acts of service that benefit veterans and their families. Consider supporting organizations that provide support and assistance to those who have served.
  4. Observing a Moment of Silence: At 3:00 PM local time, join others across the country in observing a moment of silence. This tradition, known as the National Moment of Remembrance, is a powerful way to collectively honor and remember those who have fallen.
  5. Educating the Next Generation: Teach younger generations about the importance of Memorial Day and the sacrifices made by our military. Share stories, read books, or watch documentaries that highlight the valor and heroism of our fallen soldiers.

Conclusion:

Memorial Day serves as a poignant reminder of the tremendous sacrifices made by our brave servicemen and servicewomen. It is a day to honor their memory, express our gratitude, and reflect upon the freedoms we enjoy today. By commemorating Memorial Day with respect and reverence, we ensure that the legacy of these heroes lives on and that their sacrifices are never forgotten. Let us come together as a nation, united in remembrance, and carry their spirit with us throughout the year.

May 28, 2023

Understanding Radon Gas in Homes: Importance of Testing

Are you familiar with the dangers of radon gas? This invisible, odorless, and tasteless gas can seep into your home undetected, posing serious health risks for you and your family. Our blog post aims to shed light on radon gas, discussing what it is, its potential dangers, and why it is essential for every homeowner or possible home buyer to test for this silent threat.

What is radon gas?

Radon is formed by the natural decay of uranium in soil, rocks, and water. As radon gas is released from the ground, it can enter buildings through cracks in the foundation, gaps in walls, or openings around utility pipes. Once inside a home, radon can accumulate to high levels, putting occupants at risk of exposure.

Why test for radon?

1. Invisible and Odorless: One of the primary reasons to test for radon is that it cannot be detected by our senses. Unlike other potential hazards, such as mold or carbon monoxide, radon gas is invisible and odorless. The only way to know if radon levels in your home are elevated is through testing.

2. Prevalence: Radon is a widespread issue and can be found in homes across the globe. It is not limited to certain geographical areas or specific types of homes. Testing is the only way to determine if your home is affected by elevated radon levels.

3. Health Protection: Testing for radon is essential for the well-being of your family. By identifying elevated radon levels, you can take appropriate measures to mitigate the problem, reducing the health risks associated with long-term exposure.

4. Mitigation Options: If elevated radon levels are detected, there are effective mitigation techniques available to reduce radon concentrations in your home. These measures typically involve sealing entry points and installing ventilation systems to redirect radon gas safely away from living spaces.

5. Property Value: Radon testing and mitigation can have a positive impact on your property value. If you plan to sell your home in the future, having a radon mitigation system in place or providing proof of low radon levels can be an attractive selling point for potential buyers.

How do you test for radon?

Discovering whether there are harmful levels of radon in your home can be done through either short-term or long-term testing. Short-term testing provides a peek into radon levels for 2-7 days, while long-term testing - usually 90 days or more - presents a more accurate representation of yearly average concentrations. Radon testing can be done professionally or on your own with do-it-yourself kits that are available in stores or online. Just ensure that you select a testing kit that is authorized by the appropriate radon measurement authorities.

How do you mitigate radon gas?

Radon gas is a serious issue, but fortunately there are several ways to prevent it from accumulating in your home. The type of foundation your house has will determine the radon mitigation system that is used. This can include a basement, slab-on-grade, or crawl space construction, and sometimes a combination of these.

There are generally three types of mitigation systems that are used: sub-slab, sub-membrane, and water extraction. These can be either active or passive systems, with most using a fan to remove the radon gas from the soil. However, passive systems use the chimney effect to release the gas into the environment.

All these systems use suction or depressurization to remove the radon gas before it enters your home. The cost of these systems varies depending on your home's needs, including the size of the building, the amount of radon gas present, and the soil type. Usually, average homes can have these systems installed in a day, with costs ranging from $500 to $2500.

Ensure the safety and well-being of your family by testing for radon gas in your home. Radon is a silent threat that can lead to severe health implications, including lung cancer. Testing for radon allows you to identify any elevated levels and take appropriate measures to mitigate the issue. Do not ignore the importance of radon testing and prioritize the health of your household by protecting yourself from this invisible danger.

May 27, 2023

The Great Summer Debate: Gas Grill or Charcoal Grill?

Looking to up your outdoor cooking game? Two popular options come to mind: gas and charcoal grills. Each has its advantages and distinct flavors, but also its drawbacks. This post dives into the pros and cons of each to help you decide which is best for your grilling preferences and needs. Stay informed and make the most of your grilling experience.

Gas Grill:

Advantages:

1. Convenience and Ease of Use: Gas grills are known for their convenience and user-friendly operation. With the simple push of a button, you can quickly ignite the grill and have it ready for cooking in a matter of minutes. Additionally, gas grills typically offer precise temperature control, allowing you to adjust the heat easily.

2. Time-Efficient: Gas grills heat up quickly, reducing the waiting time before you can start grilling. They also provide consistent heat throughout the cooking process, enabling efficient and predictable cooking times.

3. Low Maintenance: Gas grills are generally easier to clean and maintain compared to charcoal grills. They don't produce as much ash or require frequent ash disposal. Additionally, gas grills often have removable drip trays that make cleaning a breeze.

Disadvantages:

1. Flavor Differences: While gas grills deliver convenience, they may not provide the same smoky flavor as charcoal grills. The absence of charcoal or wood chips can result in a milder flavor profile in the grilled food.

2. Limited Smokiness: Gas grills may offer limited options for achieving a smoky taste. While some gas grills have built-in smoke boxes or allow the use of smoker boxes and wood chips, they may not generate the same level of smokiness as charcoal grills.

Charcoal Grill:

Advantages:

1. Enhanced Flavor: Charcoal grills are renowned for their ability to impart a rich, smoky flavor to grilled food. The use of charcoal briquettes or natural lump charcoal creates an unmistakable taste that many grill enthusiasts find irresistible.

2. Versatility: Charcoal grills provide more versatility in terms of cooking methods. By manipulating the charcoal arrangement, you can create different heat zones for direct and indirect cooking, enabling you to prepare a wide range of dishes.

3. Charred Sealing: Charcoal grills excel at creating a charred exterior, often desired for items like steaks and burgers. The intense heat and smoke produced by the charcoal can help achieve that sought-after sear and appealing grill marks.

Disadvantages:

1. Longer Preheating and Cooking Time: Compared to gas grills, charcoal grills generally require more time to preheat and reach the desired cooking temperature. The process of lighting the charcoal and waiting for it to ash over can add some extra time to your grilling session.

2. Temperature Control Challenges: Achieving precise temperature control with a charcoal grill can be more challenging than with a gas grill. It requires skill and practice to manage the charcoal distribution and airflow to maintain consistent heat throughout the cooking process.

3. Ash Cleanup: Charcoal grills produce a significant amount of ash that requires regular cleaning. Emptying the ash pan or removing the ash from the grill can be a messy and time-consuming task.

While gas grills are known for their convenient, quick heating and easy temperature control, charcoal grills offer unmatched flavor, versatility, and the chance to achieve a charred exterior. At the end of the day, it's up to personal preference and the grilling experience you desire. Whether you prioritize convenience or flavor, you should choose the grill that suits your needs. But regardless of which one you choose, the most important thing is enjoying your grilled meals with loved ones in nature.

May 26, 2023

Anticipated Decline in Mortgage Rates

A Boost for the Housing Market As the housing market remains under scrutiny, an influx of potential buyers is entering the new home market. In April alone, sales of new single-family houses reached an impressive 683,000. Despite a brief period of decreasing rates, mortgage rates are slowly increasing once more. 30-year fixed rate mortgages, for example, surpassed 5% for the first time in over 10 years last year, climbing as high as 7%.

There is some good news for first-time homebuyers! Despite predictions of a potential recession, Fannie Mae and the Mortgage Bankers Association forecast that mortgage rates will lower to around 5.6% by the end of the year. This should entice more buyers into the market to make offers on homes. While prices may only slightly decrease, the market demand remains high, so prices are unlikely to drop drastically. Don't miss out on the opportunity to own a home, as now is the time to take advantage of these favorable conditions.

The Impact of Declining Rates on Pricing Dynamics

The real estate market varies greatly across the country, with each region having its unique dynamics. For instance, during the pandemic, housing prices in Boise, Idaho, spiked drastically by 70%, but have since dropped by 8% from last year. Nevertheless, despite the slight decrease, prices remain considerably high. As a result, sellers may still have room to negotiate a better deal with buyers.

Since the pandemic began, housing prices have increased by roughly 30% and have only slightly decreased since then. Unfortunately, these prices are still significantly higher than historical averages. On the bright side, those who purchased a home within the past few years are likely to benefit from the current market conditions. However, it's important that we don't see a drastic drop in home values for those who purchased within the last two to three years.

Overall, the fact that housing prices haven't decreased too much is a positive sign for the health of the housing market. On the other hand, first-time homebuyers are struggling to find affordable homes, making this market challenging for them.

Lumber Deflation and Its Influence on Homebuyers

Both Home Depot and Lowe’s reported lumber deflation in their earnings reports. This trend impacts potential homebuyers searching for an affordable price point. However, there is hope for first-time homebuyers in the market for new homes. Existing homeowners are hesitant to move, leaving new homes as the primary option for buyers. Though affordability can still be a challenge due to high labor and material costs, the housing market remains optimistic for new homes.

Unraveling the Role of Rates, Price, and Location

With the uncertainty around rates, current homeowners are holding off on making any moves until after the next Federal Reserve meeting. On the other hand, some homeowners are considering relocation to more affordable areas where the overall cost of living is lower. As for first-time homebuyers, they are eager to enter the market and lenders are creating products to help them achieve their goal. Whatever the situation may be, the real estate market remains an exciting and dynamic space to watch.

There is an old saying in the real estate business.  You marry your property, but you date your mortgage rate.  If you see a property you want to buy now with the rates in the low 6's, then you will love it even more if you refinance that same property into a mortgage in the 5's.

Posted in Mortgage Tips
May 25, 2023

The Benefits of Selling your Home Now

Considering selling your house? Now might be the perfect time. With a limited inventory of homes for sale, you can benefit from increased demand and potentially fetch a higher price for your property. The current market dynamics favor sellers, as there are more buyers in the market than there are homes available. This scarcity of housing options means that your house is likely to receive a lot of attention from eager buyers.

The experts agree that now is a good time to sell. The undersupply of housing is expected to continue, creating competition among buyers, and potentially driving up prices in most regions. Despite the lack of a traditional uptick in new listings from existing homeowners, the imbalance between supply and demand is likely to persist, benefiting sellers.

It is important to note that while some markets are already heating up, we may not see the same premium prices that were seen last spring and summer. The real estate landscape is evolving, and buyers may be more cautious with their offers. However, the overall market conditions still favor sellers, and you can take advantage of the current seller's market.

Don't miss out on the opportunity to sell during this prime time. The combination of limited inventory, increased demand, and the potential for competitive offers creates a favorable selling environment. Here are a few reasons why selling now can be advantageous:

1. Favorable selling conditions: With limited inventory, you are likely to face less competition from other sellers. Buyers who are actively searching for a new home are eager to find suitable options and may be willing to pay a premium for a property that meets their needs.

2. Faster sales process: In a seller's market, homes tend to sell more quickly. The high demand and low supply of homes can result in multiple offers and potentially bidding wars, leading to a faster sale and a smoother transaction.

3. Potential for higher prices: The lack of housing options puts sellers in a favorable position to negotiate a higher selling price. Buyers who are motivated to secure a home may be willing to make competitive offers, driving up the final sale price.

4. Increased buyer interest: The current market dynamics have created a sense of urgency among buyers. Buyers know that finding a suitable home may be challenging due to the limited inventory, so they are actively seeking out available properties. This heightened interest can result in more showings and offers for your house.

5. Future market uncertainties: While the market is currently favorable for sellers, it's important to consider potential future changes. Market conditions can shift, and factors such as economic changes or shifts in buyer preferences may impact housing demand. Selling now allows you to take advantage of the current conditions before any potential market fluctuations.

The present is a great time to sell your house because of the current housing market conditions. Due to the high demand and limited inventory, you can potentially sell your house at a higher price and faster too. Nonetheless, it's crucial to keep yourself updated about the latest market trends and consult with Scott Smolen today to ensure a smooth selling process.

May 24, 2023

The Impact of Inflation on Mortgage Rates

Stay informed about the latest news on inflation and mortgage rates by learning what the recent decision from the Federal Reserve (the Fed) means for you, the housing market, and your plans to buy a home. Stay ahead in the game and read on for the important details you need to know.

Inflation and the Housing Market

Although the Federal Reserve is making efforts to decrease inflation, recent data reveals that the inflation rate remains higher than the target of 2%. This led to the Fed's recent decision to raise the Federal Funds Rate. Bankrate reports that the Fed aims to control inflation by making these interest rate hikes. To combat an overheating economy due to the rebound from the COVID-19 recession in 2020, the Fed has raised interest rates for the 10th time in 10 meetings.

While mortgage rates are not directly determined by Fed actions, their decisions do have an impact and contributed to the deliberate cooldown in the housing market last year.

How This Impacts You

When inflation rates surge, your daily expenses inevitably increase, causing financial strain on your budget, especially with gas and grocery prices. However, the Federal Reserve’s decision to raise the Federal Funds Rate aims to combat inflation levels, which can eventually lead to a decline in mortgage rates and improve homeownership affordability. Elevated inflation rates often result in higher mortgage rates, but as inflation levels decrease, experts predict a downward trend in mortgage rates.

Where Experts Think Mortgage Rates and Inflation Will Go from Here

Housing market players need to brace themselves for the impact of both inflation and mortgage rates. According to Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), mortgage rates will potentially decrease later this year as consumer price inflation stabilizes. Similarly, Mike Fratantoni, Chief Economist at the Mortgage Bankers Association (MBA), predicts a decline in mortgage rates as the economy slows. While no one can predict mortgage rates with certainty, experts believe that rates may trend down this year if inflation remains under control. For the latest insights, reach out to a trusted real estate advisor who can keep you updated on the latest from industry experts and how it may affect your plans for homeownership.

Posted in
May 23, 2023

Navigating Job Changes and Homebuying: Essential Tips for Buying a Home Amid Career Transitions

Over the last few years, there has been a noticeable increase in job hopping among Americans. The U.S. Bureau of Labor Statistics reports that in February 2023, 4 million employees voluntarily left their jobs, also known as "quits." While this doesn't include layoffs and terminations, it's important to consider how these fluctuations in labor demand and turnover could impact the housing market and affect home buying behavior.

According to Nick Bailey, the CEO of RE/MAX, timing is crucial in real estate. However, it's not about the state of the market but rather the events happening in people's lives. Decisions to buy or sell often stem from major life changes such as marriage, divorce, or career shifts. This begs the question - what should you do if you're job hunting while simultaneously buying a home? Don't fret! We've got tips to help you navigate this tricky situation.

1. Consult with your real estate agent and lender

If you're going through a real estate transaction and experience a layoff or job transition, take a deep breath, and consult your real estate agent and mortgage lender for your next steps. Analyze your contract and contingencies to understand the risks. This is a crucial financial decision, and it's essential to evaluate all possible scenarios.

Changing jobs might impact loan approval, so notify your lender as soon as possible. If you change jobs after applying, the lender will have to restart their underwriting based on your new job information.

If you're switching careers or moving from a salaried job to a commission-based one, you may need to adjust your loan application. Collaborate with your real estate agent, particularly if you're already in the process of buying a home, to be ready for potential changes to the closing date if your financial information needs re-verification.

2. If possible, close on your home before going through a job change

Closing on a home before changing jobs is a smart approach to consider. Your lender will confirm your employment twice during the loan application process. Once you've closed on the house, you can confidently explore new job opportunities without worrying about your loan approval. Just make sure you can still make your monthly mortgage payments.

3. It may be beneficial to finalize your job situation before applying for a mortgage

Applying for a mortgage can be time-consuming, but completing any job changes beforehand can help you save time in a competitive buying market. It's important to know that if your employment situation changes after applying for a mortgage, it could impact your loan approval. However, if you get a new job in the same industry or position with similar or higher pay before closing on a home, the loan application should go smoothly. In most cases, salaried positions simplify job transitions during sales. For hourly jobs, you typically need an offer letter with a specified start date and a written guarantee from the employer that you will be working full-time with 40+ hours.

4. Consider alternative financing scenarios

Before you begin the mortgage loan application process, completing any job changes can help save you time later. This is especially important in a highly competitive buying market. If a change in employment is causing issues with your loan application, there are other financing scenarios to consider. If you are buying a home with a spouse, they may be able to qualify for the loan on their own. Additionally, splitting the bill with friends or family could make it easier to achieve homeownership.

5. Maintain your credit score

Take control of your credit and avoid unnecessary expenses like high car payments to avoid negatively impacting your credit score. This could hurt your chances of getting approved for a mortgage in the future.

Although it may seem tempting to keep all options open during uncertain times, breaking a lease can be difficult. Homeowners have options to protect their investment, like renting out their home or taking on a roommate during periods of unemployment.

Changing jobs can have an impact on the home-buying process, but communication and working with trusted professionals can minimize any disruption to the transaction's timeline. Don't let a job change hinder your dream of owning a home.

May 22, 2023

Discover the Latest on the Market: Fewer Buyers Doesn't Necessarily Mean Lower Competition

The Spring shopping season is in full swing, but home buyers are struggling with high prices and fluctuating mortgage rates. In March, existing home sales dropped by 26% compared to pre-pandemic levels. This is due in part to many sellers being locked into their current low-rate mortgages.

Homeowners who currently hold 3% interest rates are the most sensitive to the current rise in rates. This is impacting new listings, which were down 28% from last year in April, resulting in limited availability on the market.

The low inventory is driving competition, causing prices to rise and sales to pick up speed. Entry-level homes are the most popular in many markets due to affordability pressures. This is pushing buyers to lower-priced tiers to secure a monthly payment they can afford.

Sales are declining compared to last year, but new listings are being impacted even more. In a low-inventory environment, sales are limited by the lack of new listings. Homes in the entry-level tier are selling quickly, especially those that are priced well. In fact, in affordable markets like Kansas City, Cincinnati, and Columbus, the typical home went pending in just three days during April.

See what prices in your area are doing below:

Baltimore Market per Zillow:

Washington DC Market per Zillow:

Seller Reluctance Sparks Drought in New Listings

As April rolled in, the real estate market grappled with a concerning shortage of new listings. This scarcity of available properties created a challenging environment for those in search of their dream homes, urging them to be prepared to act swiftly. With limited options on the table, potential buyers must have their financing and pre-approval arrangements to seize any opportunity that arises. What's more, recent trends indicate a noteworthy shift in property values. The prices of the least expensive third of houses have skyrocketed, experiencing an annual increase of 8%. Conversely, for the first time in over a decade, the most expensive homes have seen a decline in their value. In such a fiercely competitive market, staying informed and ahead of the game is paramount. It's essential to keep a close eye on the evolving landscape of the real estate market and be ready to make well-informed decisions when the right opportunity arises.

There are alternative solutions to help first-time buyers deal with affordability challenges. These include purchasing points or accessing down payment assistance if needed. Additionally, it's worth looking for potential buyers who are interested in higher-tier homes, where weaker prices offer more opportunities for negotiation. Another option to consider is a seller-financed 2-1 buydown. By exploring these alternatives, you can help your entry-level shoppers achieve their homeownership goals.

Will rate hikes end in June?

The Fed has increased rates by 25 basis points, causing concerns about how it will affect mortgage rates. Despite this, many believe that the market has already accounted for this potential change. Additionally, the Fed's messaging has shifted – they previously indicated they would continue raising rates, but they are now taking a wait-and-see approach regarding future rate moves.

Don't let the news of the May hike scare you away from becoming a homebuyer. The good news is that the potential increase in mortgage rates has already been factored in. Plus, even if the hike is paused in June, it's unlikely to impact rates in the short-term since this has also been considered by industry models. You can move forward with confidence knowing that rates should remain stable for the time being.

May 21, 2023

Debunking Down Payment Myths: Separating Fact from Fiction for Homebuyers

Are you struggling with the idea of saving for a down payment on your first home? You are not alone. In fact, 44% of potential homebuyers have cited this as the number one obstacle preventing them from making their dream a reality. But fear not, because we are here to help you separate fact from fiction. While it may not be easy, we can guide you through the process and provide you with the essential truths you need to know. Don't let well-meaning but ill-informed advice bog you down any longer. It is time to take control of your home-buying journey.

Myth No. 1: You need 20% down

Did you know that you don't always need a 20% down payment to buy a home? In fact, according to a NerdWallet study, 44% of respondents believed this was the case. However, times have changed.

You can qualify for an FHA loan with only 3.5% down, or even a VA loan with 0% down if you or your spouse served in the military. USDA loans also offer the same opportunity.

If you are a qualified buyer, you can still get approved for a conventional loan with less than 20% down, but private mortgage insurance (PMI) comes into play. This additional cost is paid to the lender directly as insurance in case the borrower defaults. So, while the traditional method of a 20% down payment may have been the norm for decades, there are a variety of options available to you as a potential homebuyer.

Myth No. 2: Paying mortgage insurance is smarter than paying a bigger down payment

Don't be fooled by the seemingly small cost of mortgage insurance. If you are considering putting less than 20% down on a home purchase, it's important to calculate the long-term impact. With conventional loans, you will need to pay PMI until the principal balance hits 78% or less of the original purchase price. However, with FHA loans, mortgage insurance is required for the life of the loan. You'll be paying an extra fee every month until you sell the home or pay off the mortgage. Before dismissing mortgage insurance, do your homework and compare options - a lower upfront cost could result in significantly higher costs over the life of your loan.

Myth No. 3: Cash is king

Are you a first-time buyer struggling to compete with all-cash offers in a cutthroat market? Don't worry, you're not alone. While it's true that cash offers can have an edge in terms of speed and convenience, it's not necessarily a seller's top priority. In fact, there are other factors that can make your offer more attractive, even if you are putting down a smaller amount. So don't give up hope just yet - there are still ways to stand out and win over sellers.

Myth No. 4: Down payment assistance is easy!

If you're hoping to get help with a down payment, we have some news for you. It's not always easy to find and apply for assistance. Unfortunately, there aren't many national or state-run programs available. To find options in your area, you'll need to do some research on the Department of Housing and Urban Development's website. Keep in mind that income is usually a big factor in qualifying for these programs, with a limit typically set at the median income for your county. However, some programs may offer exceptions for special cases, like single parents. If you think you might qualify, your best bet is to get in touch with your local housing authority office. They should be able to point you in the right direction.

HUD Website

Myth No. 5: You should not put more than 20% down

If you've saved more than 20% down payment for your mortgage, don't limit yourself to that amount just because a friend suggested it. Opting for a higher down payment could work to your advantage in various ways. For one, it could boost your creditworthiness and convince lenders to offer you a lower interest rate. Plus, a larger down payment means you're borrowing less, which translates to lower mortgage payments. To note, you need to increase your down payment by at least 5% to experience any significant difference. Higher down payments, such as 25% or 35%, could further decrease your interest rate. Before deciding, weigh your options and compare the benefits of a bigger down payment versus putting your extra cash into investments.

Myth No. 6: You can take out a loan for a down payment

Did you know that receiving help with your down payment is acceptable, but it must be a gift? If a lender suspects that the funds are a loan, your ability to repay that loan will be considered during mortgage approval, leading to a lower amount than you had hoped for. However, if you can obtain a letter from the gifters affirming that they do not intend to seek repayment, you can prove it was a gift. Remember, honesty is key - falsifying information on a mortgage application is a felony offense.

May 19, 2023

The Outdoor Room: Extending Your Indoor Living Space to Embrace the Outdoors

Experience the best of both worlds with the growing trend of the outdoor room. Not only do expansive windows and folding patio doors bring the outdoors in, but the outdoor room now brings all the comfort and amenities of indoor living to your yard.

Also known as a California room, an outdoor room is an extension of your personal style of entertainment, whether it's outdoor cooking or lounging around a cozy fire pit. And for those who enjoy gathering around a big screen with surround sound, this trend brings the entertainment outside.

However, be careful when setting up an outdoor TV. Special appliances are needed to ensure durability in various weather conditions. Here are some essential questions to consider when shopping for an outdoor TV to make sure your dream oasis is complete.

What’s the TV’s IP rating?

The International Electrotechnical Commission awards an ingress protection (IP) rating consisting of two digits. This rating indicates how well a TV can resist dust and water.

The first digit, ranging from 1 to 7, indicates how well the TV's electronics are enclosed to prevent dust, bugs, and sand particles. This includes sealing off the speakers, vents, and screw holes while providing temperature control. The second digit, ranging from 1 to 9, shows how well the TV can withstand water and humidity.

Outdoors, TVs with high IP ratings have compartments at the back that completely enclose the electronics, protecting them from the elements, bugs, and even water submersion. While not everyone requires a waterproof TV, those in areas with lots of rain may want a TV with a high moisture rating. Ultimately, the rating you look for will depend on the climate and conditions around you.

Will the TV be in full or partial sun?

Sun glare can affect outdoor TVs, but the best ones have anti-glare screens, sophisticated brightness controls, and higher brightness modes. According to expert Ahmed, check the display brightness and screen size when choosing your TV. Some models automatically adjust to light changes, and there is a nit count to consider too. Nit count measures luminance, and the higher the count, the brighter the display. For full sun, partial sun, or full shade, compare TV specs and go for at least 500 nits if there is an overhang providing shade. But for a sunny backyard with no overhang, opt for the highest nit available, with some models having 1,000 nits.

What is the temperature where you live?

Find out your area's minimum and maximum temperatures on the National Weather Service site before purchasing a TV. It is essential to ensure that your new TV can withstand the weather conditions in your area, as extreme temperatures can cause damage. Select an outdoor TV if you reside in a hot area and look for a unit that can tolerate temperatures ranging from 20 to 100 degrees Fahrenheit. You can locate a TV's operating temperature range in the specifications.

Do you need a Smart TV?

If you are looking for outdoor TVs with built-in Wi-Fi and app support like what you would find on indoor models, currently only premium options have these features. However, if Wi-Fi or Bluetooth connectivity is vital, there are connected TVs available. Just make sure the TV has the necessary ports for gaming, streaming, or other needs. Alternatively, consider using streaming devices like Roku or Fire TV Stick if you only need access to your favorite apps. Also, don't forget to prioritize sound quality for an optimal movie-watching experience outdoors. Look for a TV with an integrated speaker system or one compatible with a sound bar.

More tips for buying an outdoor TV

When it comes to outdoor TVs, they are built to last with powder-coated metal, but that also means they're heavier than regular flat screens. Be sure to check if your chosen wall or mount can handle the weigh

t before installing. Additionally, there are covers and enclosures available to protect your TV from the elements. For optimal viewing, consider investing in an enclosure with an anti-glare front panel and a tilt or swivel mount to adjust for high glare situations. Enjoy your outdoor TV with superior picture quality and longevity by taking these steps.