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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

As Independence Day nears, it's time to ready the barbeque and find out where Fourth of July fireworks and other star-spangled celebrations are going on near San Mateo and throughout Peninsula and South Bay communities. Do note the date of events, as not all occur on July 4th. Plus, always confirm with organizers that activities are proceeding as planned. Enjoy the holiday, and Happy Fourth of July, from Patch! APTOS: JULY 4: July 4th 'World's Shortest Parade' & Party In Park . Short & sweet! Don't miss the fun. ----------- BELMONT: JULY 2: July 2nd Summer Concert - Fred McCarty & Co., Pure Country: Twin Pines Park . Free & family-friendly with lawn seating. ----------- BOULDER CREEK: JULY 4: 4th Of July Parade & Block Party . "A mountain town tradition!" ----------- CUPERTINO: JULY 4: July 4th Pancake Breakfast, Concert & Fireworks . Concert headliner is Arena Band, with '70s tunes. ----------- FELTON: JULY 4: Roaring Camp Railroads 4th Of July Fun & BBQ . Both Redwood Forest Steam Train & Santa Cruz Beach Train running. ----------- FOSTER CITY: JULY 4: July 4th Fest, Parade, Music & Fireworks . All-day extravaganza begins with a pancake breakfast! ----------- GILROY: JULY 1-4: Gilroy Gardens July 4th Celebration Days . With festive food, drinks & family fun, plus free entry for military. JULY 4: 4th of July Fireworks Show . Viewing from nearby neighborhoods & Christmas Hill Park. ----------- HALF MOON BAY: JULY 4: Ol' Fashioned July 4th Pancake Breakfast, Parade & Block Party . Charming Main Street transforms into festive red, white & blue downtown celebration. ----------- LOS ALTOS HILLS: JULY 4: Annual 4th Of July Parade . Ends with "refreshing beverage & a juicy watermelon treat!" ----------- LOS GATOS: JULY 4: 4th Of July Symphony In Park, Carousel & Kids' Fun . Afternoon includes Billy Jones Wildcat Railroad, inflatables, food trucks, beer & wine garden & more! ----------- MENLO PARK: JULY 4: 4th Of July Celebration & Parade . Deck out your bikes, trikes & wagons & join the parade! ----------- MILLBRAE: JULY 4: July 4th Beats, Brews & Vines . Free downtown event with live music, dancing & food. ----------- MILPITAS: JUNE 30: Independence Day Pool Party & Movie . Festive kick-off to the holiday weekend. JULY 4: July 4th 'Red, White & BOOM!' Concert & Fireworks . With kids' zone, food trucks, bounce house & Sacred Fire Band. ----------- MORGAN HILL: JULY 3: July 3rd Patriotic Sing & Family Music Fest: Freedom Fest . Multiple stages & lots of fun! JULY 4: Freedom Fest July 4th Run, Car Cruise, Parade & Fireworks . 2023 Theme: 'A Star Spangled Celebration!' ----------- MOUNTAIN VIEW: JULY 4: July 4th Picnics & On-The-Water Fireworks Viewing: Shoreline Lake . Reserve fireworks-viewing watercrafts soon, if interested. JULY 4: 4th Of July Fireworks & SF Symphony: Shoreline Amphitheatre . A festive spectacular! ----------- PACIFICA: JULY 4: 4th Of July Celebration: Frontierland Park . With live music, games, face painting & more. ----------- PALO ALTO: JULY 4: 4th Of July Summer Festival & Chili Cook-Off: Mitchell Park . Includes live music, food trucks & kid activities. ----------- REDWOOD CITY: JULY 3-4: Chalk Full of Fun - Chalk Festival . In Courthouse Square. JULY 4: Firefighter Pancake Breakfast . Proceeds benefit Redwood City Firefighters Association. JULY 4: July 4th Parade, Fest & Fireworks . With fireworks display visible throughout mid-Peninsula. ----------- SAN FRANCISCO: JULY 1: Fourth of July Bar Crawl . DJ & games, too. JULY 3: SF Giants vs. Seattle Mariners Baseball Game & Fireworks Night . Tickets on sale for Oracle Park game. JULY 4: 4th Of July Pub Crawl & Hot Dog-Eating Contest . "The perfect pre-party before San Francisco Fourth of July Fireworks." JULY 4: Golden Gate Park Band July 4th Concert, Bandshell . Event is free! JULY 4: 4th Of July Fireworks: Fisherman's Wharf . Display launches from two barges on the bay. ----------- SAN JOSE: JULY 3: SJ Giants vs. Modesto Nuts Baseball Game & Fireworks . Tickets on sale. JULY 4: July 4th Rose, White & Blue Parade & Festival: The Alameda . With food trucks, art, car cruise & community. JULY 4: July 4th Fireworks: Discovery Meadow Park . "A night of dazzling entertainment." JULY 4: July 4th Fireworks Festival: Almaden Lake Park . With food court, concerts, costume contest & more. ----------- SAN MATEO: JUNE 30-JULY 2: 4th Of July Weekend FoodieLand Night Market . Get your holiday weekend started! JULY 4: 4th Of July In The Park - Concert & Kids' Fun . Free event at Central Park. ----------- SANTA CLARA: JULY 4: 4th Of July All City Picnic, Concerts & Swim . Kids' zone planned for ages 3-12. JULY 4: July 4th Celebration, BBQ & Fireworks: California's Great America . Waterpark will be open, too. ----------- SANTA CRUZ: JULY 4: July 4th Firecracker 10K, 5K & Kids' 1K Runs . Finale at Harvey West Park with music, post-race burritos & awards. JULY 4: July 4th Old-Fashioned Independence Day: Wilder Ranch State Park . Day features parade, lawn games, blacksmith demos, live music, hand-cranked ice cream, 'The Star-Spangled Banner' sing-along & more! ----------- SARATOGA: JULY 4: July 4th McCartysville Band Patriotic Concert & Park Fest . "Be part of the celebrations by dressing up as a historic character. " ----------- SCOTTS VALLEY: JULY 4: July 4th Parade & Flyover (No Fireworks.) Event time is earlier this year due to fireworks cancellation. ----------- WATSONVILLE: JULY 4: 'Spirit Of Watsonville' 4th Of July Parade: Downtown . This year's theme: "Stars, Stripes & Strawberries." ----------- WOODSIDE: JULY 3-4: July 4th Mounted Patrol Junior Rodeo & BBQ . Family-friendly event, in its 71st year, hosted by The Mounted Patrol of San Mateo County. ----------- Source: patch.com

If you’re thinking about buying a home , you should know your credit score’s a critical piece of the puzzle when it comes to qualifying for a home loan. Lenders review your credit to assess your ability to make payments on time, to pay back debts, and more. It’s also a factor that helps determine your mortgage rate . An article from Bankrate explains : “Your credit score is one of the most important factors lenders consider when you apply for a mortgage. Not just to qualify for the loan itself, but for the conditions: Typically, the higher your score, the lower the interest rates and better terms you’ll qualify for .” This means your credit score may feel even more important to your homebuying plans right now since mortgage rates are a key factor in affordability , especially today. According to the Federal Reserve Bank of New York , the median credit score in the U.S. for those taking out a mortgage is 765 . But, that doesn’t mean your credit score has to be perfect. An article from Business Insider explains generally how your FICO score range can make an impact: “. . . you don’t need a perfect credit score to buy a house. . . . Aiming to get your credit score in the ‘Good’ range (670 to 739) would be a great start towards qualifying for a mortgage . But if you’re wanting to qualify for the lowest rates, try to get your score within the ‘Very Good’ range (740 to 799).” Working with a trusted lender’s the best way to get more information on how your credit score could factor into your home loan and the mortgage rate you’re able to get. As FICO says : “While many lenders use credit scores like FICO Scores to help them make lending decisions, each lender has its own strategy, including the level of risk it finds acceptable. There is no single “cutoff score” used by all lenders and there are many additional factors that lenders may use to determine your actual interest rates.” If you’re looking for ways to improve your score, Experian highlights some things you may want to focus on: Your Payment History: Late payments can have a negative impact by dropping your score. Focus on making payments on time and paying any existing late charges quickly. Your Debt Amount (relative to your credit limits): When it comes to your available credit amount, the less you’re using, the better. Focus on keeping this number as low as possible. Credit Applications: If you’re looking to buy, don’t apply for other credit. When you apply for new credit, it could result in a hard inquiry on your credit that drops your score. When you’re ready to start the homebuying process, a lender will be able to assess which range your score falls in and tell you more about the specifics for each loan type. Bottom Line With affordability challenges today, prioritizing ways you can have a positive impact on your credit score could help you get a better mortgage rate. If you want to learn more, connect with a trusted lender. ----- Source: keepingcurrentmatters.com

Source: forbes.com If you’ve always daydreamed about saying, “I’ll just be upstairs,” adding a second story will cost anywhere from $65,000 to $600,000 to build. The wide price range accounts for projects costing between $100 and $300 per square foot. Partial second-floor additions will cost up to $250,000 whereas full second stories account for the highest numbers. In the end, a second story is a popular type of home addition, but calculating how much it costs comes down to size, design styles and the current structural strength of your home. How Much Does It Cost to Add a Second Story to a Home? Always begin by investigating whether a second story is right for your house. Not all structures can withstand the weight of a second story without additional support. You will need to hire a structural engineer to inspect your foundation. Permits, the local cost of materials and site preparation also all add to your price tag. On average, labor, materials and related costs come out to the following price ranges. SECOND STORY ADDITION COST CALCULATOR Average Cost - $200,000 Highest Cost - $600,000 Lowest Cost - $65,000 Cost of Adding a Second Story by Type In order to add a new story to your home, you’ll need to remove the roof above it. While you may be able to keep part of the roof intact and add to the top of the new story, your team may need to replace the roof from scratch. Overall, the more roof that needs to go, the higher the price to add a second story. Full Addition Adding a full second-story addition costs between $100,000 and $600,000 depending on the size of your home. Removing the entirety of the roof is complex and you will likely need to fortify or repair your foundation to handle the extra weight. Partial Addition Partial second stories only sit on one portion of the house, leaving space for existing chimneys, vents and roofing. You’ll pay between $100,000 and $250,000 on average, though the price heavily depends on size and which rooms are going upstairs. Room Addition The average cost to add one room on the second story of your home is $65,000. While you will still need to add steps and alter the roof, the majority of your home’s structure remains the same. Yet again, the type of room and design choices you choose can sway this cost. Cost of Adding a Second Story by Square Footage Home additions cost an average of $100 to $300 per square foot when you add a second story. As we noted above, the costs depend on the size of the space and which features are already included in the build. On average, the cost to add a second story ranges from $100 to $300 per square foot. If your one-story house is 1,500 square feet and you’re looking to double that, you’ll pay between $150,000 and $450,000 for a full addition. Partial additions—such as an extra bedroom and ensuite bathroom—could range around 500 square feet, costing $50,000 to $150,000 on average. Factors That Determine the Cost of Adding a Second Story to a House All homes are unique, especially when you begin adding customized additions. Consider these factors to determine your home’s second-story price tag. Location Where you live has several hands in determining your home addition budget. Prices can vary due to: The cost of local permits Labor and material costs in your area The local climate and how it affects HVAC and insulation requirements The style of local homes The increase of local property taxes by adding more square footage Labor You’ll need a dedicated team of contractors to make your second-story build a success. A general contractor—the pro that often oversees the design, budgeting and hiring for the project—typically charges between 10% and 20% of the total project cost. Additional labor costs for adding a second story are similar to the price of building a house. Labor will account for between 30% and 60% of the price, covering plumbers, electricians, carpenters, HVAC specialists and all the specialized pros for your project. Materials The other half to two-thirds of the costs go toward materials. Some of the most important materials and their average costs—not including labor—for a second story include: Lumber: $33,000 Rough-In Plumbing : $5,700 Insulation : $4.10 per square foot Roofing : $7 per square foot Siding : $5.50 per square foot Flooring : $6 per square foot Electrical wiring: $0.70 per square foot Building Up vs. Building Out There is a lot of debate about whether it is cheaper to build up or build out. If your foundation is solid enough to bear the weight of a second floor, building up will cost less in most cases. Not having to pay for new foundation installation, ground leveling and utility adjustments will often cost less than changing the structure of your existing home. However, this highly depends on your design. In some cases, tearing off the roof and building up requires more costly changes than building on open land. Permits There is no question that you will need building permits to add a second story to your home. Budget an extra $1,000 to $2,000 depending on the extent of the build and your local laws. Site Preparation and Demolition Demolition will account for the first major phase of adding a second story to your home. The roof, attic and ceiling need to come off, adding to the hourly total of work by your crew. In some cases, the team will use a crane to disconnect the roof, or part of the roof, in one piece for later. Additional Factors That Determine the Cost of Adding a Second Story to a House Expanding beyond the basic second-story price breakdown, let’s take a look at the more dynamic cost factors. Project Size and Scope As we mentioned above, full versus partial second-story additions alter the price significantly. At an average of $200 per square foot, often the larger the second story, the higher the price. The scope, however, can expand depending on the rooms you place on the second floor and features on the roof such as a chimney, vents or dormer windows. For example, the cost to add a bathroom to your home averages $90,000 depending on its size and existing plumbing hookups. Kitchen installation and remodels cost an average of $150 per square foot, which accounts for water-resistant finishes, countertops and appliances. Finishes Used The finishes chosen for your project provide some of the most flexibility. Prices will be higher if you install hardwood floors over DIYable engineered wood planks. Finishes also widely vary in kitchens and bathrooms based on the type of tile, vanities and countertop materials chosen. Foundation Quality Reinforcing the foundation to handle the addition’s weight adds an average of $5,000 to the total cost. Installing a new support beam costs an average of $3,000, though fluctuates depending on its material and how much weight it holds. Temporary Housing You’ll rarely be able to live in your home as the team adds a second story. It’s important to account for the average of two to six months of temporary housing. Prices vastly depend on where you live and the size of the rental you need, but be sure to include moving costs for basic amenities. DIY Second Story Addition vs. Hiring a Pro The construction stages of building a second story are not DIYable, practically or often legally. But it doesn’t mean that you can’t have a hands-on approach to the process. Work with your architect and general contractor to match your vision with your budget. You can also step in when it comes time to paint the new exterior of your house, hook up basic appliances or install click-and-lock flooring. How to Save Money on Adding a Second Story Taking on as many DIY tasks as safely possible will cut out the 50% fee for installation. Though as we mentioned above, this is only appropriate for tasks that do not require a permit. Additional ways to cut costs on a second story include: Working with standard floor plans and designs provided by your architect or general contractor Considering the cost of a floor plan designer to choose the best plan for your budget Speaking with at least three general contractors for estimates before choosing Scheduling your build far in advance to prepare and wait for deals on materials Opting for budget-friendly finishes, fixtures and roofing options Handling the cleanup and junk hauling by yourself To arrive at the average costs in this article, editorial team members surveyed nine cost databases on national and local levels. All averaged figures were correct at the time of publication and may be subject to change. ----- Source: forbes.com