B4 • Friday, March 4, 2022
thegardenisland.com
THE GARDEN ISLAND
Got House?
Julie Black, Principal Broker & Owner (808) 652-6174 with daughter Kela Caspillo, Realtor Sales Person (808) 652-6173 kauaidreams.com
Featured Home
Lihu‘e
2963 Pua Nani Street A 4 bedroom 3 bath 2,616 sq.ft. home in Lihue, completely remodeled, everything in the home is brand new. There is an additional room for a studio or office and a 4 car garage. Features include granite counters, tiled showers, waterproof vinyl flooring, walk-in closet, front & back decks, ceiling fans, blinds and custom accents throughout. MLS # 659101; $1,700,000. Call Kela Caspillo, RB (808) 6526173 Kauai Dreams Realty, to see this property.
Long-term US mortgage rates fall this week to 3.76% ASSOCIATED PRESS WASHINGTON — Average longterm U.S. mortgage rates fell this week and remain at historically low levels, just as the Federal Reserve prepares to raise its main borrowing rate later this month. The average rate on a 30-year loan declined to 3.76% this week from 3.89% last week, mortgage buyer Freddie Mac reported Thursday. A year ago, the longterm rate was 3.02%. The average rate on 15-year, fixed-rate mortgages, popular among those refinancing their homes, fell to 3.01% from 3.14% a week earlier. It stood at 2.34% a year ago. Chair Jerome Powell said Wednesday that he supports a traditional quarter-point increase in the Federal Reserve’s benchmark short-term interest rate when the Fed meets later this month, rather than a larger increase that some of its policymakers have proposed. But Powell did open the door to a bigger hike in the event that inflation, which has reached a four-decade high, doesn’t noticeably decline this year, as the Fed expects it to. The Labor Department reported last month that consumer prices were 7.5% in January compared with 12 months earlier, the steepest year-over-year increase since February 1982. Higher costs for nearly everything have wiped out Americans’ pay raises, reinforcing the Federal Reserve’s intention to raise borrowing rates. Home prices are up about 14% in the past year and as much as 30% in some cities. Housing supply was limited even before the pandemic began in 2020, and higher prices and rising interest rates will make it even harder for Americans to secure a new home.
BUYING YOUR FIRST HOME BRANDPOINT The housing market has exploded since 2020. The pandemic fueled a house-buying frenzy with remote work and leaving large urban areas to live in different parts of the country is becoming more mainstream. According to the National Association of Realtors, 31% of all home purchases since 2020 have been made by first-time home buyers. “Buying your first home is an emotional experience,” said Bonnie Lee, Mercury Insurance Vice President of Property Claims. “And while the first few weeks are filled with the excitement of all the things you can do now that you have your own place, it’s always good to be prepared and protect your new investment if disaster strikes.” Whether you’ve just purchased your first home or purchased a home in a different part of the country, homeownership is a big commitment. As a new homeowner you have to prepare for everything from routine maintenance to possible damage from a storm, fire or vandalism. It can sound overwhelming, but with a bit of planning, developing good homeowner habits will keep your home in top shape for years to come.
What you should know
age or standard wear would not. It’s important to conduct regular inspections of your entire home throughout the year to help prevent major damage from happening. Take stock of where you are and what you own
This recent boom of homeownership not only saw an increase in first-time buyers, but also a migration of people moving to new and different parts of the country. Just like new homeowners, those who’ve moved from one geographic area to another may not be aware of the severe weather or what the outdoor elements can bring to that part of the country. Natural events such as flooding transform part of their living space project,” said Lee. due to severe weather in the Midinto a dedicated professional work Make sure the renovations you space,” said Lee. “Converting are about to do are realistic and west and East Coast are one of the small rooms or bedrooms into a reasonable for both your home most common home disasters that home office not only maintains the and your budget. Determine which causes billions of dollars in prophomeowners’ work-life balance, renovations can be done by your- erty damage every year. The West but it may also give their home a fi- self and those where you would Coast is no exception to natural dinancial boost by offering this pop- need to hire a professional. Review sasters, with the threat of earthany large home renovations you ular feature should they sell their quakes and wildfires. Homeowners have in mind such as a bedroom home in the future.” must be aware of the perils that conversion to office remodel or Homeowners should discuss can impact their new homes as swimming pool installation with any intended business activity well as the type of homeowners inyour insurance agent as well. If from their home with their insursurance policy needed. For examnot, there could be gaps in your ance agent as most homeowners’ ple, damages caused by an policies exclude or limit coverage existing coverage that may not earthquake or storm flooding are protect your new renovations if an not covered by a standard homefor business-related activity and emergency causes extensive dam- owners policy. Homeowners may business property. Another popular renovation is want to consider adding such adage. Renovations the conversion of outdoor spaces ditional coverages to their policy. Maintenance is key into areas for hosting gatherings. Renovating is one of the first Whether it’s your first home or a Shade structures and areas where things homeowners look forward Proper home maintenance is es- new home in a new state, hometo doing with their new home and people can entertain larger groups sential to keep your home from de- ownership is a major milestone. has become a big trend for 2022. one of the most popular renovaMake sure to review your policy terioration due to neglect. For “No matter what type of renova- example, roof leaks caused by secoverages and speak to a local intions lately have been home offices. “Homeowners who were able tion you’re interested in, it’s imvere weather would be covered by surance agent if you’ve recently to move during the pandemic and portant to be prepared before your insurance. However, roof moved or are thinking of making work from home are looking to leaks due to lack of maintenance, any renovations to your home. diving head first into any large