Housing and Mortgage Rates: What is ahead for the remainder of 2024?

With the latest Fed meeting and Presidential Election behind us, the markets and borrowing costs will now take direction from economic data, inflation, and the state of the labor market. As we move closer to the end of 2024, here's what we should be watching.

The past three years have been tough for the housing market as it saw borrowing costs almost triple and have now backed off from the multi-year highs seen in late 2023. Freddie Mac's Sam Khater recently said, "Although uncertainty will remain, it does appear mortgage rates are cresting, and we do not expect them to reach the highs that we saw earlier this year." That sounds like a valid statement as 2024 ends.

But the real elephants in the room are high home prices and low inventories. It seems like every report on housing prices has a frothy plus percentage year over year as well as month over month. However, a recent report from Realtor.com showed that the number of homes for sale is now the highest since 2019, including in pandemic ‘boomtowns.'

The total number of homes for sale in October was 29.2% higher than the year before, marking the 12th consecutive month of growth. That could start to ease the high home prices.

The housing market is not out of the woods yet. After falling from those multi-year highs, mortgage rates are on the rise. At the end of September, the 30-year fixed-rate mortgage fell to nearly 6%, but the latest reading shows 6.75%. A homebuyer on a $3,000 monthly budget has lost $33,250 in purchasing power over the last six weeks, with the daily average 30-year fixed mortgage rate rising to 7% on October 28, reports Redfin.

So, what lies ahead for housing and rates? As far as borrowing costs are concerned, rates will most likely remain near current levels given still sticky inflation, positive economic data, along with the enormous debt offerings from the Treasury.

Bottom line: Despite some headwinds in the housing market, there will always be demand for housing as renters move up, people relocate, and new families are formed every day.

Source: Mortgage Market Guide

The Future of Smart Homes: How Technology Is Reshaping Residential Living

What might have felt like a futuristic concept just a few years ago is now a reality for many homeowners. Smart homes come equipped with advanced technology that makes life more convenient, secure, and efficient. From voice-activated assistants to energy-saving devices, smart tech is transforming the way we live, work, and interact with our living spaces. Ready to embrace this modern trend? Here are some popular smart home innovations to help you get started.

Voice-activated controls: Virtual assistants like Alexa, Google Assistant, and Siri let you control lights, locks, and appliances with a simple voice command. From asking your thermostat to adjust the temperature to telling your fridge to add an item to your shopping list, you can streamline simple tasks without lifting a finger.

Energy-efficient solutions: Set up automated schedules for your smart thermostat and lighting systems to reduce energy costs. You'll enjoy added convenience and comfort while lowering utility bills with these innovative solutions.

Improved security systems: Outfit your home with smart doorbells, cameras, and locks for added peace of mind. With real-time alerts and remote access, you can monitor your home from anywhere.

So, should you invest in the latest home tech? Buyers are drawn to houses that are equipped with automation features and enhanced security systems, which gives smart homes a competitive edge in today's real estate market. Energy-conscious buyers also tend to prefer homes with smart devices that can reduce energy consumption. As technology evolves, expect to see more smart homes for sale in your area.

Sources: Primior.com, Fastcompany.com, Ocnjdaily.com

Curb Appeal on a Budget: Affordable Ways To Boost Your Home's Exterior

We all want our homes to make a good first impression. Whether you're preparing to sell or just want to spruce up your space before the holidays, boosting your curb appeal doesn't have to break the bank. Here are a few simple, budget-friendly changes that can make your home more inviting and attractive.

Paint your front door. A fresh coat of paint can make a world of difference. Choose a bold color such as red or navy to create a memorable entrance, or opt for a soft, welcoming shade for a more subtle update. You can also swap out old doorknobs or add a new knocker for extra personality.

Add potted plants. If your climate allows, place a few flowerpots or a bit of greenery by your front door for a splash of color. You can also add plants along your walkway for a cheerful, welcoming atmosphere. Hanging a seasonal wreath is another option for homeowners who live in cooler climates.

Refresh mulch or gravel. Adding fresh mulch to flower beds and gravel to pathways is a great way to tidy up your yard. It might seem small, but it's the little details that contribute to a polished overall look.

Install solar pathway lights. Illuminate your walkway with solar lights. These affordable, energy-efficient lights will make your home look more appealing at night and improve safety.

Update your house numbers. Showcase your style with modern house numbers or a new address plaque. Choose a sleek metal or wood design that complements your home's exterior.

Power wash driveways and walkways. It's always a good idea to clean things up before the end of the season. If the weather allows, give your concrete a power wash to remove dirt, stains, and grime.

Updating your home's curb appeal doesn't need to require major renovations or a ton of money. With a little creativity, these small, thoughtful changes can transform the front of your home.

Sources: Familyhandyman.com, Marthastewart.com, Fbfs.com