Palouse LIVING Your resource for buying, selling and enjoying your home on the Palouse.
AUGUST 2020
Inside:
Palouse Living is an advertising supplement of the Lewiston Tribune and Moscow-Pullman Daily News
WHAT IS MY HOME WORTH? THE NUMBER EVERY HOMEOWNER AND SELLER SHOULD KNOW
2 | August 8, 2020 | Moscow-Pullman Daily News & Lewiston Tribune
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Moscow-Pullman Daily News & Lewiston Tribune | August 8, 2020 | 3
5 Hot living room looks you should steal from Instagram— without getting off your couch By Larissa Runkle Courtesy of Realtor.com
It hasn’t been the best year for most of us, so perhaps big remodel projects probably aren’t at the top of anyone’s to-do list. Not only are these projects incredibly expensive, but they also just take a lot of energy—I mean, wouldn't we all rather be chilling in the backyard? But just because you don’t want to redo the entire living room doesn’t mean you can’t give it a little something shiny and new—without having to visit a store. (Who really wants to do that in the middle of a pandemic?). Well, naturally, we're here for your couchsurng tendencies. We scoured through Instagram, as we always do, to nd the ve hottest living room looks—with the scoop on where you can buy these items online. Keep reading for some easy and inspired end-ofsummer looks that will transform your living room without any heavy lifting.
1. Metallic floor pouf
Forget about swapping out your beloved couch, and opt instead for some dazzling
statement seating like this metallic oor pouf featured by @ourbohocondo. “These are such a fun twist on the typical boho brown leather pouf you typically see,” says Ashlie Smith of Designs by Ashlie Smith. “Metallic has proven that it’s here to stay, and I love the way this pouf adds that pop to a room that’s all about the earthy, neutral vibes.” Get the look: Check out this leather Moroccan pouf from West Elm.
2. Leafy prints
Another easy way to jazz up a tired living room is with new wall hangings, like these gorgeous leafy prints from @ mintandpinedesign. “If you’re just not sure what art piece to add to the living room, the most universal and safe choice is a black and white leafy print,” says Michelle Harrison-McAllister of Michelle Harrison Design. “The contrast of the black and white complements the natural leaf pattern, making a bold statement that blends with any decor.”
Get the look: Shop these black and white botanical prints from Etsy.
3. Hearth mirror
No matter what kind of replace you have, we’re guessing it could use a little extra glam—like with one of these wooden mirrors featured by @homebypolly. “A modern, wooden round mirror over your replace increases the natural light and softens the edges and sharp angles,” says Harrison-McAllister. “This one brings a stylish interest to the otherwise angular feature and, with the bent-wood frame detail, gives the warmth of rich texture.” Get the look: Snag your very own bentwood vanity mirrors from Home Depot.
4. Nesting tables Can’t decide what size table your living room needs? Then why not get a few—like these nesting tables from @ cottoncandystories. “This is a great way to make a statement in your living room,” says Harrison-McAllister. “These nesting tables add style and exibility with a stylish and layered look.” Get the look: Shop these Benton two-piece nesting tables from AllModern.
5. Extra-wide armchairs
We all want something soft to plop down on at the end of the day, and these extra-wide armchairs from @thedayshift are the perfect solution for seating that’s both cozy and stylish. “Yes to all the comfort that these extrawide armchairs provide,” says Smith. “I think these have become so popular because they still have that midcentury modern vibe but are more cozy, and people want to love the space they’re in—like by creating a cozy nook like this one.” Get the look: Add some extra-comfy swagger to your living room with this Carla Club Chair from AllModern. Larissa Runkle is a writer living on the road. She specializes in nance, real estate, and branded content creation.
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AUGUST 2020
Palouse Living is published monthly, with 7,000 copies distributed in the MoscowPullman Daily News and Lewiston Tribune, and at participating advertiser locations.
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WHAT IS MY HOME WORTH? THE NUMBER EVERY HOMEOWNER AND SELLER SHOULD KNOW
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Rain barrels: the moneysaving, eco-friendly DIY project your garden needs By Larissa Runkle Courtesy of Realtor.com
There’s never been a better time to stay at home and work on your summer garden. And what if we told you there was a DIY addition you could tackle right now that would save you money and make your outdoor space more eco-friendly? It’s true—and this amazing solution is called a rain barrel. We spoke with gardening experts from all over the country to learn more about rain barrels, and why every gardening enthusiast should have one. Here’s what we found out.
What is a rain barrel?
A rain barrel is exactly what it sounds like: a large drum barrel that catches rain. That water can be reused in outdoor
projects, such as irrigating the lawn or garden, washing home exteriors, and even rinsing off your car. Some people make their own, but more often they’ll just purchase a plastic container such as a garbage can and modify it. And while catching rain may sound slow and tedious, most people don’t just put a barrel in their yard and hope for the best. Instead, they’ll position their rain barrels to catch the most water possible—say, under a roof or gutter drain. “A rain barrel is a great solution for collecting rainwater directly from the gutters that would otherwise be wasted or lost into the ground,” says Holly Maguire of Simple Lawn Solutions. Many gardeners prefer using rainwater to irrigate their plants.
“Some plants actually prefer rainwater [to] groundwater due to the fact that groundwater can be harder and contain more minerals,” Maguire says. But, she warns that collected rainwater shouldn't be used for drinking, and gardeners should be cautious when using it on edible plants and veggies. “A drawback of the rainwater is that it ows off your roof, so it’s possible for it to pick up anything from your roof on the way down,” Maguire says. But for all your owers, lawn, and other outdoor water needs, rain barrels are a great solution—and they come with a few other perks as well.
Rain barrels protect the environment
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These nifty barrels don’t just allow you to conserve water and reuse what might otherwise be wasted. They also help protect nearby lakes and reservoirs from contamination, since rain runoff absorbs chemicals used in gardening and then goes into the storm drains, which lead to bodies of water. “Rain barrels have become a common sight around Lake Champlain in Vermont,” says David Parsons, president and owner of Re/Max North Professionals. “Stormwater runoff has a signicant negative impact on our treasured lake and other watersheds, so catching it can help mitigate this problem.”
Rain barrels save you money
In addition to helping with water conservation and preserving natural resources, rain barrels will also save you
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quite a bit of money. According to the Environmental Protection Agency, the average American family uses 320 gallons of water per day, roughly 30% of which goes toward outdoor uses. Of that, more than half is used for watering lawns and gardens. By capturing some of that unused rainwater, you can both lower your monthly bills and minimize your water consumption, so that's a win-win.
How to build your own rain barrel
Before getting started designing your perfect rain barrel, you’ll want to check with your local municipality or HOA to make sure it’s allowed. While many places do allow rain barrels (and some even encourage it), it’s a good idea to check before committing yourself. With that out of the way, you’ll be ready to start designing the best rain barrel for your needs. “Any design will work,” says Seth Samuelson, co-owner of the SeCa Hose Holder.
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Moscow-Pullman Daily News & Lewiston Tribune | August 8, 2020 | 5
5 Coronavirus real estate myths everyone thinks are true—debunked
By Erica Sweeney Courtesy of Realtor.com
Every day, our conversations online and off are lled with "did you hear this yet?" news about the coronavirus pandemic. And, alas, not all of what you hear is true— particularly when it comes to real estate. For instance: Do you assume, as many do, that it's a terrible time to sell a home since real estate prices are plummeting? On the contrary, the latest data shows that home prices and buyer demand are through the roof. Or have you heard that the coronavirus has forced all city dwellers to ee to the burbs? Some have, but the mass exodus you might envision is by no means the reality. There's a potential cost to these misguided beliefs: missing out on some protable opportunities. For instance,
home sellers sitting on the sidelines might be passing up the chance to make tons of money on their sale. Meanwhile, home buyers who wrongly assume they can't schedule home tours right now might be forfeiting their chance to snag their dream home this summer—at record-low interest rates no less. To help you separate the truths from the half-truths from the utter falsehoods that might be lling your social media feeds, here are ve prevalent myths about real estate during the COVID-19 pandemic—and some much-needed reality checks.
1. It's a terrible time to sell your home
Many home sellers who may have hoped to put their house on the market this summer have put those plans on hold.
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In early July, new home listings dropped 14% compared with a year ago, and total home inventory was 32% lower, according
to realtor.com®’s Weekly Housing Trends report for July 11. Fear of coronavirus exposure is probably the main reason people are keeping their homes off the market, but many might also assume that selling a home right now is just a futile endeavor, plagued by few home buyers and low prices. But on the contrary, the latest statistics suggest that now is one of the best times in years to sell a home for several reasons. "Given the pandemic and uncertainty it's caused, the general sentiment [among some owners] is that now is not a good time to sell your home," says Danielle Hale, chief economist at realtor.com. "Yet so far, the data suggests the opposite—that buyers outnumber sellers in the housing market, which means it's better to be a seller than a buyer.” The aforementioned low housing inventory is one reason why those who do list their homes will enjoy a strong seller's market, characterized by bidding wars that could fetch them a high price. “Multiple offers could be fairly common over the next few months," predicts Lawrence Yun, chief economist at the National Association of Realtors®.
MYTHS
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6 | August 8, 2020 | Moscow-Pullman Daily News & Lewiston Tribune
6 Reasons why this is actually the best time in years to sell a house By Erica Sweeney Courtesy of Realtor.com
Talk about a strange summer. Between the continued threat of the novel coronavirus, a wobbly economy, and layoffs happening left and right, it's no surprise that many who may have hoped to sell their home this season are wondering whether to put those plans on hold—or they've already thrown in the towel. Such hesitancy is understandable. Yet the irony is that, after closely examining the current housing market conditions, many real estate experts believe this summer could be one of the best times to sell a home in years. "Given the pandemic and uncertainty it's caused, the general sentiment [among some owners] is that now is not a good time to sell your home," says Danielle Hale, chief
economist at realtor.com®. "Yet so far, the data suggest the opposite—that buyers outnumber sellers in the housing market, which means it's better to be a seller than a buyer.” So if you're a home seller who assumed they should write off this summer's homeselling season as a lost cause, it's time for a reality check! Here are a few reasons why the market could actually be moving strongly in your favor.
1. Home buyer demand is back with a vengeance
Granted, in the spring, when COVID-19 was spurring many states to enforce quarantine and ban open houses, home selling understandably went dormant for a while. But now that lockdown restrictions are loosening up in some states, home
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buyers are out with a vengeance—and many of them are eager to make up for lost time. Indeed, the real estate market is already seeing strong signs of a rebound, according to the National Association of Realtors®' Pending Home Sales Index (a forwardlooking indicator of home sales based on contract signings). In May, after two months of decline, pending home sales shot up 44.3%—the highest month-over-month jump since 2001, when the index began. “There's very signicant demand,” says Matthew Gardner, chief economist at Windermere Real Estate. He adds that demand is strongest right now in the suburbs and in smaller, cheaper cities—as buyers look to escape the biggest metros and more companies follow tech titans like Google, Amazon, and Microsoft in allowing employees to work remotely for the foreseeable future. “If we continue to see an increase in working from home, people can move farther away, where they can get more bang for their buck,” Gardner says.
2. Home inventory remains low Yet amid this glut of home buyers, the number of homes for sale to actually meet this pent-up demand is at an all-time low. "There was insufcient supply last year," says Lawrence Yun, chief economist of the NAR. "This year during the pandemic, the shortage has intensied." According to realtor.com's market outlook, housing inventory in June was 27% lower than a year earlier. And some reasons for the shortage of available homes have little to do with the recent coronavirus crisis. The number of homes for sale is at a “generational low,” says Gardner, because people are living in their homes longer than they used to. In fact, NAR data shows that Americans are spending an average of 13 years in their homes before moving. The lower inventory is also the result of fewer distressed properties on the market, “due to the massive government stimulus support, including mortgage forbearance
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Moscow-Pullman Daily News & Lewiston Tribune | August 8, 2020 | 7
What is my home worth? The number every homeowner and seller should know By Daniel Bortz Courtesy of Realtor.com
If you're hoping to sell your home, knowing your property's value is essential for pricing it right to make buyers bite. Or, maybe you don't want to sell your home right now, but are just curious what your house is worth—and whether your real estate investment has risen in value (which would merit some much-deserved backpatting). In either case, having an accurate grasp of your home's estimated market value can come in handy. And there are a variety of ways to do that, many of which are free and easily within reach online. Here's how to nd that magic number, and why having an accurate estimate matters whether you want to sell your home or own it for the long haul.
How to find home value estimates online
One easy starting point with a home valuation is to enter your address into an online home value estimator, which will, within seconds, present you with a free estimate of what your home is worth, based on data such as its square footage and recent home sales in the area. For example, realtor.com's home value estimator provides valuations from three different independent providers to ensure you have as much information as possible from a variety of sources. While these free valuations will help you get a general idea, remember, they're just ballpark gures. For a more accurate estimate, there’s no substitute for the expertise of a real estate agent, who has access to a vast database of information with recent sales to help you home in on that number. Here's how to nd a real estate agent in your area.
How real estate experts determine their own home value estimates
Real estate agents specialize in answering the question "what is my home worth?" for their clients, which they do by running a comparative market analysis. This process involves nding similar properties (“comps”) that sold within the past 90 days. The most accurate comp is a home that’s nearby, similar to yours in square footage, and has the same number of bedrooms and
bathrooms. (Ideally, the lot size is also equivalent, but that's more important in rural areas, where homes are set on multiple acres.) Once your agent nds a few comps, then she averages those gures to come up with a baseline of your own home value. “You should always look at the sale prices of other listings in your community,” says Chris Dossman, a real estate agent with Century 21 Scheetz in Indianapolis. For instance, “if your neighbor’s home is listed for $400,000 and you want to list yours at $500,000, you'd better be able to clearly explain the difference to prospective buyers." Or else adjust your number accordingly.
What is my home value to a buyer?
Sellers need to consider how home buyers search for properties online. Let’s assume your home's fair market value is $503,000. Yet Dossman points out that many people search for homes on the web using $20,000 or $25,000 increments. The upshot? Listing your home for $503,000 could prevent your listing from being seen by buyers who are searching for homes in the $475,000 to $500,000 bracket, so asking for $500,000 might generate more trafc— and maybe even a bidding war to push that nal number well above your expectations. Also, avoid listing your home at an odd dollar gure (e.g., $999,000 instead of $1 million). While retailers and as-seen-on-TV purveyors of the Miracle Mop effectively present product prices ending in $0.95 or $0.99, Dossman says the same approach doesn’t apply to real estate. “It’s hard to justify awkward pricing," Dossman adds. "It’s just confusing to buyers.”
Try to remain objective “Sellers always think that their home is worth more than it is, because of their personal attachment,” says Dossman. Indeed, it’s hard to boil down years or decades of memories in a home to a number. It's also hard to accept that your home is worth less than what you paid for it, or that you can't just tack on the full dollar amount of the renovations you've made. On average, renovations will reap you only a 64% return on investment, although that varies based on the type of upgrades you've made.
Why it's important to know how much your house is worth
Estimate your home's value as too high, and it could wind up sitting on the market. That’s a big problem, because a property that goes unsold for an extended period of time (e.g., more than 30 days) often becomes stigmatized. “Buyers get suspicious when they see a house that’s been on the market for a while,” says Dossman. “They think that
something is wrong with the home.” If that’s the case, the seller may have to make a signicant number reduction— sometimes dropping the number below market value—in order to nab a buyer. Pricing your home below market value in an attempt to stir up interest and generate multiple bids can also backre. Granted, that strategy could work in a hot seller’s market, but underpricing your home frequently leads buyers to assume that your home is worth only its list price, says Dossman. Your best bet: Know what your home is worth, and list your home close to that gure—aka its market value. When in doubt, turn to your real estate agent to help you cut through the haze and help you pinpoint the right price. Daniel Bortz has written for the New York Times, Washington Post, Money magazine, Consumer Reports, Entrepreneur magazine, and more. He is also a Realtor in Virginia.
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8 | August 8, 2020 | Moscow-Pullman Daily News & Lewiston Tribune
Types of home insulation and where to install them Courtesy of Metro Editorial
When thinking about renovating their homes, homeowners may imagine changing wall colors, expanding room sizes or upgrading appliances and xtures. However, unless people take inventory of the less glamourous components of the home, such as structure, plumbing, heating and cooling, and insulation, other improvements may be for naught. A home insulation project certainly doesnÕt offer the wow factor of a kitchen remodel, but insulation serves a vital function in the house that helps keep people comfortable and reduces energy consumption. Insulation is typically placed in areas where air escapes, such as between the stud cavities inside the walls and in the attic, and serves to slow and reduce heat transfer. The U.S. Department of Energy says
between 50 and 70 percent of the energy used in homes is for heating and cooling. By improving home insulation, homeowners can make their homes more comfortable, consistent and efcient. In fact, the ENERGY STAR program overseen by the U.S. Environmental Protection Agency says homeowners stand to save an average of 15 percent on heating and cooling costs by adding proper insulation. To do so, homeowners can take a crash course in home insulation and nd the products that t their needs.
Blanket batts and rolls
Blanket batts and rolls typically are constructed with berglass, so proper safety gear, such as a mask and gloves, is needed when handling them. Installing this type of insulation is relatively easy since the materials are designed to t the
standard width between studs, rafters and oor joists.
Loose fill
Loose ll is usually made of berglass or cellulose (recycled paper ber). It is blown or sprayed into place with pneumatic equipment, according to The Home Depot. Loose ll can be ideal for hard-to-reach areas in attics or inside wall cavities. ItÕs good for adding insulation to irregularly shaped areas. Since it requires special equipment, this is a job best left to professionals.
Sprayed foam
Sprayed foam is just as the name implies, a foam made from polyurethane, polyisocyanurate, cementitious, or other
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Foam board/rigid foam panels
Ideal for unnished walls, such as basement or foundation walls, oors and ceilings, these are boards of polyurethane or polystyrene. Foam boards tend to reduce energy consumption more effectively than other types of insulation. Homeowners considering upgrading their insulation or amending existing insulation should do their homework on the type of insulation that will be most effective for their homes.
Understanding R-Values
Insulation recommendations are based on certain factors that coordinate with regional climate zones to increase energy efciency. These factors are known as R-values. The R in R-value stands for Òresistance,Ó and refers to how certain products resist the ow of heat through walls, oors and ceilings. Products should reduce heat escape so heat is kept on the right side of the wall. In summer this means outdoors, in winter it means indoors. R-values relate not only to insulation, but also to walls, windows and other barriers. R-values also coordinate to the type, thickness and density of the material being used. The higher the R-value, the more resistant to heat the product is. The U.S. Department of Energy coordinates R-value to climate zones 1 through 7 (1: Tip of Florida; 7: Canadian border). A higher R-value is needed in Zone 7 and a lower R-value is necessary in Zone 1. Those embarking on home improvement projects that involve choosing between R-values are urged to speak with a professional or to visit the Department of Energy website (www.energy.gov) to determine which R-Value is ideal for their homes.
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Moscow-Pullman Daily News & Lewiston Tribune | August 8, 2020 | 9
6 Curb appeal tricks to attract buyers during coronavirus By Lisa Marie Conklin Courtesy of Realtor.com
Curb appeal: It's the make-or-break rst impression of your home. It either beckons a second look or turns buyers off entirely. And now, in the age of the coronavirus, curb appeal is more vital than ever—since buyers might not be able to tour your home and are placing more weight on the exterior, or might be limiting in-person tours to only their top choices. If you're trying to sell your home during this pandemic—and the facade is a little worse for wear—don't panic! We consulted with Clint Robertson and Luke Caldwell of HGTV's "Boise Boys" to steal some tricks for curb appeal that's so irresistible, buyers will be clamoring to know what's inside.
1. Keep the yard green and pristine
The lawn is one of the rst things buyers notice, whether they are pulling up to the curb or looking at an online listing. When it's lush and green, it creates a favorable impression. "One of the cheapest things you can do to enhance curb appeal is to keep your yard mowed and groomed," says Robertson, who also partners with Caldwell at Timber and Love Realty. "Hire someone to mow it and keep it tidy, or take the time to keep it pristine." You don't have to have a green thumb to get a lush lawn when you know these lawn care secrets.
2. Mind your driveway and walkway
You might be inclined to overlook the driveway and front walk—how much can you really do to make concrete look good? But, truth be told, these areas are like the red carpet of curb appeal: They lead buyers to the main event, the inside of your home. A driveway and front walk with minor cracks and weeds popping up through the expansion joints (the straight lines that divide the driveway and walkway) are an eyesore. Luckily, it's an easy x. Remove the weeds, and patch the concrete with caulk, Robertson suggests. Hose it down or power-wash it. For extra pizazz, nish a concrete driveway or walkway with a clear, glossy sealer. (You can give faded asphalt driveways a face-lift with asphalt sealer.)
At the very least, hose down the driveway and walkway before photos, or a video or in-person tour, to give it a fresh look.
3. Flaunt your nighttime appeal
Prospective buyers might be driving by after dark see what your house looks like at night. Turn on the charm with a warm glow from exterior lighting. "I like to do a 60-watt clear lightbulb on both sides of the door, but one that has a warmer tone so it doesn't feel like you have that overly LED blue light," Caldwell says. All exterior lighting on the house and garage should match or have the same style for continuity, if possible. Caldwell's partial to clear-glass xtures. "I love having glass xtures anking the door because it's more welcoming when you see the actual light," he says. "Just make sure that all exterior lights— including the ones on the garage—have the same type of bulb for a unied glow."
4. Don't forget the garage
The garage is a key component in curb appeal, too, especially if it's attached to the house. But how do you spruce up this often dull space? Caldwell suggests painting the garage door the same color as the trim on the house. Garage doors with a row of windows are pleasing to the eye, too. "Sometimes garages feel dark and scary," says Robertson. "The light allows it to make it feel like it's more part of the home." DIY garage window kits are available for most newer garage door models and allow you to remove a row of existing panels and
add glass inserts. If you're adding windows where people can see in, don't forget to stage inside the garage, too.
5. Replace outdoor accents and give your landscaping some love
A shabby doormat, dingy house numbers, and a rusty old mailbox are hardly deal breakers, but they do leave a stale impression. If your outdoor accents have seen better days, replace them. Then make sure your landscaping looks lush for any passersby. Prune overgrown shrubs and trees. Weed ower beds, and spread a layer of fresh mulch. "It's like getting a new haircut for your house," Caldwell says. Add pretty-looking annuals if your yard is lacking color. Plant a Japanese maple to ll a bare spot and create symmetry.
"It's low to the ground and doesn't require much light," notes Caldwell. Then wrap up by cleaning the windows and sweeping the cobwebs from the front porch. Tidy up and stage the front porch so buyers can imagine themselves relaxing there on a lazy Sunday afternoon.
6. Give your front door a face-lift
Would a shabby door with peeling paint, rusty hardware, and scuff marks entice a buyer to go inside? "If you're going to spend money on one thing to add curb appeal, make it a new door," says Caldwell. Front doors with glass inserts evoke a warm and welcoming feeling. If there isn't room in the budget, rejuvenate your existing door with a fresh coat of paint and hardware. "A fresh pop of color in red, yellow, or blue can bring life to your house immediately and catches people's eyes as well," Caldwell says. "It feels like thoughtful consideration has been put into the home, and ultimately that's what we're trying to do—to let the home feel like a home that's been loved and cared for and thought about. A home that's been cared for stands out." Lisa Marie Conklin knows a little something about moving. She's moved eight times in the last ten years but currently calls Baltimore home. She regularly writes for Reader's Digest, The Family Handyman, The Healthy, Taste of Home, and MSN.
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10 | August 8, 2020 | Moscow-Pullman Daily News & Lewiston Tribune
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continued from page 6 and generous unemployment benets,” Yun explains.
3. Home prices are up
With demand for homes up and inventory down, the conditions are perfect for home sellers to get high prices. "Many sellers can get top dollar in the current market conditions," says Yun. According to NAR , single-family home prices increased in most markets during the rst quarter of 2020, with the national median single-family home price increasing 7.7%, to $274,600. This good news may come as a surprise to sellers, since it was expected that the housing market would take a hit and home prices would drop because of the pandemic. That's quite the contrary. “Home asking price growth is actually higher now than it was before the pandemic,” Hale explains.
4. Mortgage interest rates are low, too
Another factor pushing home buyers to shop are the historically low mortgage interest rates. According to Freddie Mac’s July 2 report,
average interest rates recently reached a new record low of 3.07% for a 30-year xedrate mortgage. Given this means homes could cost potentially tens of thousands less over the lifetime of the loan, it's understandable that mortgage purchase applications have jumped since last year.
5. The economy is showing slow signs of recovery
While the pandemic led to record high unemployment rates in March, these levels have recently fallen slightly, which could be a good sign that people are still eager and able to buy a home. Continuing spikes in COVID-19 infection rates may have a negative impact on employment numbers in some areas going forward, but for now the national trends are heading in the right direction. "The pandemic sharply curtailed economic production and consumer spending in March, April, and part of May. As a result, joblessness soared," Hale explains. "But data from May and June suggests that businesses are adding back jobs as consumers get back to spending, and some companies are now scrambling to keep up demand. Some speculated that we'd see a sharp bounce back in activity, and I think it's fair to say that's what we're seeing so far."
6. Home buyers' needs
have changed Along with working remotely, people have been spending more time at home in general—and this, in turn, has sparked a fresh deluge of home buyers whose current homes no longer seem as comfortable or roomy as they were pre-COVID-19. That is, if your dining table now doubles as your "ofce," you might be tempted to trade in your short commute for another room or two so all can work from home in peace. “People are looking at their existing home and saying, ‘If I have to work from home, then maybe my house just doesn't work,’” Gardner says. “Spending three months locked up at home taught a lot of people that where they live is important,” agrees Jed Kliman, managing broker at Windermere Real Estate in Seattle. “Clients I’ve been working with recently are trading up because they've spent more time in their homes and realized it didn't meet their needs.” Home ofces, more privacy, outdoor spaces, and just more room are becoming more important to homeowners. Kliman says playing up these features and amenities when you sell your home can attract buyers. Home staging and visually appealing listing photos, though always important, are especially crucial in today’s market.
“Staging, professional photos, even video and 3D virtual tours—those are all really important because people start their home search online, and they have to be moved and captivated to go see a house,” Kliman says. In addition to understanding market conditions, home sellers will want to know that the process from offer to closing may work a little differently today. For example, social distancing may mean home inspections and repairs take a little longer. Kliman says some of his sellers have been doing their own pre-inspections and making reports available to interested buyers to speed up the process. The bottom line: “You want to make it as easy as possible for a buyer to make an offer,” he says. Just be prepared for the unexpected, Hale says. “The time it takes to sell a home does seem to be shrinking, as states lift restrictions on business and consumers feel more condent and comfortable," she says. "But depending on how infection rates evolve, this could change. This doesn't mean we're out of the woods completely." Looking to sell your home? Claim your home and get info on your home's value. Erica Sweeney is a writer whose work has appeared in the New York Times, Parade, HuffPost, and other publications.
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continued from page 5 “As long as buyer demand remains strong, I expect the market to remain tipped in favor of sellers,” says Hale.
2. Home prices are plummeting
Data shows just the opposite: Home prices are actually rising. According to the NAR, the national median price for single-family homes grew 7.7% during the rst quarter of 2020, to $274,600. “We're seeing home prices grow faster than pre-COVID-19,” Hale says. “In fact, they are on pace with the home price growth we saw this time last year.” The reason is record-low mortgage rates. “Record-low mortgage rates boost buying power," Yun says, "and, when combined with a lack of supply, will result in higher and higher home prices.”
3. Buyers are holding off on home purchases
According to NAR’s Pending Home Sales Index (a forward-looking glimpse at home sales based on contract signings), pending home sales jumped 44.3% in May, the largest month-over-month increase since the index’s inception in 2001. Record-low interest rates are driving much of the buyer demand, Hale says. Mortgage interest rates dipped below 3% for the rst time in 50 years, to 2.98% as of July 16, according to Freddie Mac. “Certainly low interest rates help," says Karl Jacob, CEO of LoanSnap. "You can lock in a rate that you just wouldn't even have been able to imagine six, seven months ago.”
BARREL
continued from page 4 Most rain barrel systems involve the same elements, he observes: a storage tank, a valve system (at the bottom), an overow pipe (at the top), and some sort of hatch on top with a screened grate to lter any large particles. The biggest differentiator will be your budget, although most barrels can be built for less than $100, and some can even be done for just $15. That being said, we like this easy and affordable midrange model from ManMade DIY. When it comes to tips for your build, Samuelson recommends using a table or other sturdy surface below your barrel. “My best tip is to also build a sturdy table to elevate the tank,” he says. “This is important because you'll be able to have ample room below to access the faucet more easily.”
Moscow-Pullman Daily News & Lewiston Tribune | August 8, 2020 | 11 One caveat: Not all borrowers will qualify for the lowest interest rate, Jacob says. A borrower’s debt-to-income ratio and credit score typically affect the type of loan and interest rates, so someone with large amounts of debt or a low credit score may be offered a higher rate. And although the market is booming now, it may not remain that way for long depending on what unfolds. "If [COVID-19] cases worsen and that leads to a broad reversal of reopenings, this could cause longer-term job loss that would put a dent in buyer demand," says Hale.
4. Homes can't be viewed in person
As states issued stay-at-home and social distancing mandates to stop the spread of COVID-19, many in-person home showings and open houses were put on hold temporarily in favor of virtual home tours. But by now, most of these restrictions are being lifted across the country so homes can be viewed in person—and real estate agents are taking extra precautions to protect buyers and sellers. Peggy Zabakolas, a licensed real estate broker with Nest Seekers International, who specializes in Manhattan and Hamptons markets, says she’s been showing homes virtually. If a buyer is interested, she schedules an in-person showing that follows social distancing guidelines, and requires everyone involved to ll out a COVID-19 disclosure form and limitation of liability form. And, she’s sure to have gloves, masks, shoe coverings, and hand sanitizer on hand. Hale says she’s also heard some real estate agents are requiring potential buyers to have pre-approval letters or review a home inspection report before they can see a home in person.
“These extra steps also weed out the nonserious buyers,” Zabakolas says. “If someone is willing to go through all those steps and then schedule a physical tour, you know they are serious.” Important to note: With infection rates in some parts of the country rising, some restrictions on home showings may take hold again. Check with your local real estate professionals for current guidelines.
5. Everyone's fleeing cities for the suburbs
This is probably the most rampant myth of all, and it certainly makes sense from a pure impulse level. Since urban centers like New York City make social distancing far more challenging than in less densely populated areas, why wouldn't city dwellers ee en masse and try to buy a house in the burbs? Well, this is only partly true. Yes, listings in the suburbs are drawing more attention these days. In May, the number of views on properties with suburban ZIP codes increased 13%, almost double those in urban areas, according to realtor.com data. “We have seen home-buying demand recover faster in the suburbs and rural areas than urban areas,” Hale says. “There's also evidence of home shoppers in cities that were hit early and hard by COVID-19, such as New York and Philadelphia, seeking homes in nearby smaller communities at a
higher pace, like the Poconos.” That doesn’t mean everyone is eeing to the suburbs, though. For one, unless you're extremely wealthy, it's not that easy to pick up and move. This is particularly true since, while a few companies have announced that their employees can work from home indenitely, most rms haven't decided yet whether their employees will one day have to return to the ofce. As a result, many of those people surng suburban real estate listings might not be all that serious about following through. They might fantasize about moving, but when it comes to making an offer on a house and packing up their belongings, many may prefer to stay put and see how the coronavirus pandemic shakes out rst. “This pandemic, although bad, will eventually pass," points out Jacob. "And when it does, are people really going to stop wanting to be in a city? I just don't think that's the case. Even though you can get delivery from Grubhub every night, it doesn't mean you're never going to want to go out to a restaurant, and if you have to drive 30 minutes to a restaurant versus being able to walk around the corner, that's a different lifestyle." Erica Sweeney is a writer whose work has appeared in the New York Times, Parade, HuffPost, and other publications.
Beauty S IN STONE. SET
The bottom line Whether you’re an avid gardener or even just a fanatic about keeping your car clean, there are plenty of ways to put your captured rainwater to good use. “Anybody that has a garden, lawn, or uses water for cleaning and household chores can benet from a rain barrel,” says Maguire. “Because of the potential of conservation and positive impact on the environment, it’s really a no-brainer. Everyone should have one.” Larissa Runkle is a writer living on the road. She specializes in nance, real estate, and branded content creation.
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