According to US News, a starter home is an entry-level property, often smaller and more affordable, where many buyers begin their journey to homeownership. These homes are typically modest in size and may need minor improvements. However, they have become increasingly difficult to find due to rising prices and high demand. Why Are Starter Homes Harder to Find? The availability of starter homes has decreased significantly, and prices have risen, making it challenging for first-time buyers. Increased interest rates, high demand, and limited new construction have reduced the supply of affordable homes. Many vacant properties also require extensive renovations to become livable, limiting the options for budget-conscious buyers. Should You Build or Buy a Starter Home? While building a starter home may seem ideal, construction costs and a focus on luxury properties by many builders have made affordable new builds rare. As a result, prospective buyers often find better opportunities in existing homes, which tend to be more affordable and available sooner, allowing buyers to start building equity immediately. What’s the Difference Between a Starter Home and a Forever Home? Starter homes are often smaller, more basic, and serve as a temporary entry into homeownership, while a "forever home" is typically larger, with added features for long-term living. Forever homes are designed to support changes in family and lifestyle over time, offering more space and amenities. Is Buying a Starter Home Worth It? For first-time buyers, the choice between purchasing a starter home or saving for a forever home can be difficult. Buying now allows you to start building equity, but it’s essential to ensure financial readiness to make this investment worthwhile. If you're considering purchasing your first home, contact Benson Group for expert guidance on finding the right property for your needs and budget. Source: US News

According to Keeping Current Matters, for over 79 years, VA home loans have helped countless Veterans achieve the dream of homeownership. However, only 3 in 10 Veterans are aware they may be able to buy a home without a down payment. It’s crucial for Veterans—and anyone who supports them—to understand the value of this benefit program, as it can make homeownership easier and prevent essential life plans from being delayed. Key Benefits of VA Home Loans VA home loans offer several advantages designed to make homeownership accessible for those who have served. Here are some key benefits: 1. No Down Payment Options One of the main advantages of a VA loan is that many Veterans can purchase a home with zero down payment, making it easier to start the homebuying journey without years of saving. 2. Reduced Closing Costs VA loans limit the types of closing costs Veterans have to pay, ensuring that more funds stay in their pocket at closing. 3. No Private Mortgage Insurance (PMI) Unlike conventional loans, VA loans do not require PMI, even with lower down payments. This can result in significant savings through lower monthly payments over time. Having a team of experienced real estate professionals, including a local agent and a trusted lender, is essential to fully understand the benefits and options available through the VA loan program. Bottom Line Owning a home is a cornerstone of the American Dream, and VA home loans offer powerful support to Veterans in reaching that goal. Contact Benson Group  today to connect with experts who can guide you through the process and help you make informed decisions about your home-buying journey. Source: Keeping Current Matters

According to Keeping Current Matters, over the past few years, many homeowners have been holding off on selling their homes due to the fear of higher mortgage rates. This hesitation has been one of the primary reasons for the low inventory of homes on the market. However, a growing number of homeowners are now deciding they can’t wait any longer. Personal and lifestyle changes are often the driving force behind this decision. Whether it’s a new job, a growing family, or retirement, there are several key reasons why homeowners are choosing to sell now. If you're unsure whether it's the right time for you, here are the top reasons why others are deciding to sell: 1. It’s Time for a Change Whether it's a job offer in a different city, a desire to be closer to family, or simply wanting a change of scenery, many homeowners are choosing to sell to make a fresh start. If you’ve recently landed a new job that requires relocation, selling your home quickly might be the best step forward. 2. Lack of Space As families grow or needs evolve, some homes no longer provide the space homeowners need. A growing family, the need for a home office, or simply more room for entertaining may push homeowners to upgrade to a larger property. For example, expecting parents living in a condo may find upgrading to a larger home more practical. 3. Retirement or Downsizing For some, retirement or the desire for less maintenance has led to the decision to downsize. If you're ready for a simpler lifestyle, selling your current home to move to a smaller, more manageable space can help you enjoy the next chapter in life with fewer responsibilities. 4. Changes in Relationship Status Changes in relationship status, such as a divorce, separation, or marriage, often require new living arrangements. Selling a home that was once shared can allow individuals to move forward with a new living situation that suits their current needs. 5. Health and Mobility Needs Health or mobility challenges can make it necessary to find a home that better suits your needs. For some, selling a home that no longer meets those needs and moving to a more accessible space can significantly improve their quality of life. If any of these reasons apply to you, now might be the right time to sell your home. Contact Benson Group  for expert advice and assistance in navigating today’s real estate market and finding the best solutions for your needs. Source: Keeping Current Matters

According to US News, if you’ve just rented or bought your first home and are ready to make it your own, where to start with furnishings, décor, lighting, and, most importantly, wall colors? Deciding on a color scheme can feel overwhelming, but color is the most affordable way to transform a space, providing an immediate, high-impact upgrade. Here are some essential color tips to guide you in personalizing your new home. Start with Inspiration: Moving into a new home often means dealing with neutral colors or a previous owner's choices. To get inspired, platforms like Pinterest and TikTok offer countless ideas. Look for color schemes that speak to your personal taste. Monochromatic Schemes: A monochromatic color scheme, using varying shades of one color, is simple yet impactful. Even iconic places like the White House use single-color rooms, demonstrating how elegant a one-color scheme can be. The 60-30-10 Rule: To make color planning easier, follow the 60-30-10 rule: 60% of a room in a primary color, 30% in a secondary color, and 10% in an accent. This formula creates a balanced, harmonious look that’s visually appealing. Choose Colors from Your Closet: Your wardrobe can provide great clues for home colors. The hues you’re naturally drawn to can work well in your living space, creating a home that feels personal and inviting. Consider Room Exposure: Lighting changes throughout the day, so room exposure affects how colors appear. For instance, north-facing rooms benefit from warmer tones, while south-facing rooms suit cooler colors like blue and green. Experiment with Color Properties: Hue, intensity, and saturation play significant roles in the mood of a space. Mixing primary colors and adjusting with white or black lets you refine your palette and match it with furniture and décor. Make Your Home Uniquely Yours: Don’t hesitate to experiment and trust your instincts. Color is the easiest way to express your personality and make your space truly feel like home. For more expert guidance, contact Benson Group ! Source: US News

When it’s time to find your perfect home, count on Benson Group  for expert guidance and support. Get in touch with us today to start your journey!

If you’re a homeowner, odds are your equity has grown significantly over the last few years. Equity builds over time as home values grow and as you pay down your home loan. And, since home prices skyrocketed during the ‘unicorn’ years , you’ve likely gained more than you think. According to the latest Equity Insights Report from CoreLogic , the average homeowner has more than $274,000 in equity right now . That much equity can help you achieve certain goals. In a recent article, Bankrate elaborates: “ While the pandemic created serious challenges, the silver lining for anyone who owned a home was the sizable equity gain. Understanding how home equity works, and how to leverage it, is important for any homeowner .” Here are a few examples of how you can put your home equity to work for you. 1. Buy a Home That Fits Your Needs If your current space no longer meets your needs, it might be time to think about moving to a bigger home. And if you’ve got too much space, downsizing to a smaller home could be just right. Either way, you can put your equity toward a down payment on a home that fits your changing lifestyle. A real estate agent can help you figure out how much equity you’ve got and how to use it when buying your next home. 2. Reinvest in Your Current Home Renovations are a great option if you want to change your living space, but you aren’t yet ready to make a move. Home improvement projects give you the freedom to tailor your home to match your needs and personal style. But it’s important to consider the long-term benefits certain upgrades can bring to your home’s value. Lean on a real estate professional for the best advice on which improvement projects to prioritize in order to get the greatest return on your investment when you sell later on. 3. Pursue Personal Ambitions Home equity can also serve as a catalyst for realizing your life-long dreams. That could mean investing in a new business venture, retirement, or funding an education. While you shouldn’t use your equity for unnecessary spending, using it responsibly for something meaningful and impactful can really make a difference in your life. 4. Understand Your Options to Avoid Foreclosure Today the number of foreclosure filings remains below the norm, so there’s no need to fear a wave of foreclosed homes flooding the market. But unfortunately, there are still some homeowners who experience the foreclosure process each year. If you’re facing financial difficulties, having a clear understanding of your options and how your equity can help is crucial. Equity can act as a financial cushion that can be used in times of unexpected challenges or unforeseen circumstances that may disrupt your ability to make mortgage payments on time. In an article, Freddie Mac explains it this way: “ If exiting your home is the best option for you, selling with equity may be a good option. When selling with equity, you are using the proceeds from selling your home at a higher price than the amount you owe on your mortgage to pay off your remaining mortgage debt .” Bottom Line Your equity can be a game changer in reinvesting in your needs, pursuing your goals, and even helping you avoid foreclosure during difficult times. If you’re unsure how much equity you have in your home, connect with a local real estate professional so you can start planning your next move. ----- Source: keepingcurrentmatters.com

You may be one of the many homeowners considering a home sale to potentially benefit from the seller's market that exists throughout much of the U.S., where buyers outnumber available properties, leading to higher prices and plenty of bidding wars. But selling a house can become more difficult if you ignore the tried-and-true practices that have helped home sellers in the past. "It's a hot market, but it's a hot market for things that are priced correctly and prepared to come to the market," says Molly Gallagher, real estate agent and partner of the Falk Ruvin Gallagher Team, part of real estate brokerage Keller Williams Milwaukee North Shore in Wisconsin. Here are 12 home selling mistakes to avoid: Working Alone Selling a house yourself you may seem like an easy way to avoid paying commission, but you'll miss out on a real estate agent's market knowledge, contacts and help with the process. Unless you have a real estate license or are planning to find an iBuyer, a real estate agent is key to a successful – and less stressful – home sale. For-sale-by-owner properties tend to sell for a lower price overall. According to the National Association of Realtors' 2022 Profile of Home Buyers and Sellers, FSBO homes sold at a median of $225,000, compared to a median sale price of $345,000 for properties that sold with the assistance of an agent. If you're looking to sell your home for its full market value, professional insight is more likely to get you there. Waiting to Sell Spring and early fall are often hailed as the best times to sell a house, but that doesn't mean you should wait months to put your home on the market. While December and August see the fewest sales, homes still sell every month of the year, says Anne DuBray, a real estate broker with Coldwell Banker Realty in Glenview, Illinois. In fact, February is the best month to put your property on the market, DuBray says – even in places that see long, cold winters like Chicago and Milwaukee. "People are less distracted in that month than every other month of the year," DuBray says. Pricing Too High You want to sell your house for top dollar, but be realistic about the value of the property and how buyers will see it. If you've overpriced your home, chances are you'll eventually need to lower the number, but the peak period of activity that a new listing experiences is already gone. "Time will kill you," DuBray says. "You still think you're going to get showings and showings (as time goes on) and you just don't." For that reason, it's important that your real estate agent is honest with you about what your home will sell for, based on the recent sales of similar homes in the area. Selling As-Is Unless you're planning to sell your house to an investor who will flip the property, selling your house "as is" won't yield the highest possible sale price. Homebuyers today expect move-in ready conditions and want to see a blank slate that allows them to picture themselves living in the home. That means you'll need to update appliances, paint walls neutral colors such as gray or khaki and remove old carpeting. Keeping Clutter It's tough to remove belongings while you're still living in your house, but presenting each room and space in its best light means you'll need to declutter in more ways than one. Get rid of items you don't need anymore, but also remove oversized couches and other large furniture that dwarfs the room, clear out closets so they don't look overcrowded and put away decor that displays too much personal detail. "Just because you see any empty surface doesn't mean you have to have something there. Give the eyes a moment to rest," wrote Jessica Harris, an interior designer and manager of production design at furniture retailer Living Spaces, based in Southern California, in an email. Not Depersonalizing While removing personal decor choices is a part of decluttering, it's also an important part of neutralizing your house so the buyer doesn't immediately think of the people who currently live in the home. "Remember to remove personal photos, memorable items and more from the home," Harris says. "You want the potential buyers to envision it's their home, not yours. If it's something you question, go with your gut. Think simple, clean and refresh." That goes for your personal design tastes as well. Busy wallpaper, bright colors and trendy furniture can look amazing in your home, but buyers won't be able to look past them and consider the space first. Skipping Major Repairs Pulling up carpeting and painting the walls are relatively easy tasks to tackle, but you'll want to fix major issues as well. Cracks in the foundation or replacing the roof are expensive fixes that you may be wary of taking on, especially when you won't likely recoup the entire cost in the sale. But you're better off fixing these issues now rather than having the buyer ask for a credit at closing to cover the cost of the repair later. This way, you have more say over who does the job and the total cost of the repair. Plus, newly replaced features become a selling point once the property is listed. Gallagher says replacing the roof before listing your home can be cheaper than the cost a buyer would subtract from an offer. "You're likely to get that (cost back) in the sale price if you do the new roof," Gallagher says. Cutting Costs on Photography The first way many buyers see your property is by viewing photos of the house online, so don't make them cross your house off their list before they've even visited. Most real estate agents include professional photography in their marketing budget. Even if you can't get a professional, make sure all photos give the buyer an idea of the size of the rooms. Also make sure photos are well-lit and keep you out of the frame in any reflections. Hiding Problems If there are problems with the property you can't afford to repair before putting it on the market, you have to be honest about them – even if they're not visible to the naked eye. Sellers are required to note recent repairs, problems and updates in the seller's disclosure. "All those things are going to come up in the inspection," Gallagher says, adding that it's best for everyone to know in advance rather than let the buyer have second thoughts after reading the inspection report. Even if the inspection doesn't catch a leak or structural issue, but the buyer can prove your knowledge of it later, you could face a lawsuit. Being Unavailable When your house is on the market, showing the house should be your priority. That means if you get a call that a buyer would like to tour the house, you need to be able to leave the house in pristine condition quickly. Even on holidays, an interested buyer is likely serious about making an offer and you shouldn't refuse a showing. So while you're trying to sell your house, aim to hold Thanksgiving or other holiday celebrations elsewhere. Being Unwilling to Negotiate If you've received an offer for your house that isn't quite what you'd hoped it would be, expect to negotiate. While you'll naturally feel your asking price is more than fair, the only way to come to a successful deal is to make sure the buyer also feels like he or she benefits. Letting Your Emotions Get the Best of You It's natural to have some emotional attachment to your house after living in it for years and celebrating milestones, holidays and accomplishments with your family and friends there. But you have to view selling your house as a business deal. A low offer is not a personal affront, but a start that can either be negotiated up or declined. Plans to renovate part of your house are not an insult to your taste, but a difference in preferences. The more you can approach the sale of your house as a business deal, the better off you'll be to make the transaction as smooth as possible. ----- Source: realestate.usnews.com