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Homeownership

Survey reveals top homeowners’ real estate regrets

(HOMEOWNERSHIP) Check some of the top real estate regrets from homeowners and what you can do to prevent falling into a similar trap.

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Consumer perception

Homeownership remains one of the largest, if not the largest financial decision that one may make. Unfortunately, given the temperamental nature of the housing market, the evolving perspectives on homeownership, and the substantial impact that homeownership has on financial health, not every buyer lives without regrets.

Trulia did a fun survey about said regrets. Key fact:

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In addition, 1/5 say a previous home purchase is holding them back.

Major regrets about any big decision are not uncommon, homeownership is no exception. Regardless of age, income, education, or real estate decision, regrets can come from a number of places.

Regrets

Housing regrets are frequently due to a lack of through research or fact finding: 51% of participants overall express regrets about the process they used to select a home, and just under a fifth (15%) wished they had more information before they signed that mortgage document. Unlike dessert, more information is the better decision. Collect information on local property taxes, crime rates, quality of life, and nearby schools and infrastructure.

Homeowners may sit still for a decade, so knowing the neighborhood before they sign on the dotted line is critical.

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Not thinking about the future seems to be another issue. Many homebuyers were unhappy about the amount of home they purchased (29% of younger folks wanted more) or felt they should have remodeled more. How much square footage is best remains a complicated question, but home buyers must also consider how a family can grow in that home.

Speaking of family, failing to consider the needs of children in regards to school or neighborhood remains a problem.

real estate regrets

Financial security a major factor

Finally, not thinking about overall financial health tends to be a regret as well, especially among younger buyers, 17% wish they had been more financially secure.

Home buyers should consider personal debt management, particularly if they carry student loans as well. In general, some debt is better than others (here’s a quick primer). Using smart personal finance strategies to prioritize debt payoff is a good move for homeowners.

Homeownership has a big impact on financial health – leverage and plan accordingly.

Given how uncertain retirement looks for many Americans focusing on financial health should be as important as a lot of health decisions.

There is a lot of good information from Trulia, but it seems, especially with younger buyers, the focus should be on the future and making sure a home purchase doesn’t just meet today’s needs. The right house, the right fit, the right location, and the right price should line up.

Most importantly? Agents help home buyers fact find before they sign.

#realestateregrets

Kam has a Master's degree in Industrial/Organizational Psychology, and is an HR professional. Obsessed with food, but writing about virtually anything, he has a passion for LGBT issues, business, technology, and cats.

Homeownership

Hilarious things that are left behind when people move out of their house

(HOMEOWNERSHIP) People often forget what changes and additions they’ve made to a house until it is too late. This Twitter thread is a hilarious reminder to take everything with you when you leave.

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hidden in house

There are moments when social media brings people together and gives us comedy gold. Have you ever left something behind when you moved, something that while maybe not so crucially important to you, will definitely offer an interesting insight into your life? Such as a message written behind a wall, or a note hidden in an air duct? Well a twitter thread posted earlier this week opened up Pandora’s box for amusements on this topic and some of these are just getting stranger and stranger.

The original poster, @KaylaKumari, brought it up originally when she asked her mother, who had just recently moved out of her last home, if she’d uninstalled the special fire alarms that she recorded in her voice yelling, “GET OUT OF THE HOUSE BECAUSE MOM’S CANDLES CAUGHT THE HOUSE ON FIRE”. A perfect line, short and succinct. Now some poor family is going to have a fire and some woman’s voice will be ushering them out instead of an alarm. Hopefully there won’t be too much confusion there.

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My parents sold their house like a month ago but my mother JUST realized she did not uninstall the special fire alarms she had put in that are a recording of her own voice screaming at me and my sister to “GET OUT OF THE HOUSE BECAUSE MOM’S CANDLES CAUGHT THE HOUSE ON FIRE”

After that, the tweets and retweets just kept coming. Some of them mostly relating to habits or forgotten moments. In four days, the post has gotten over 17K retweets and/or comments and some of these are gems.

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A lot of people seem to enjoy feeding wildlife as well. Lots of fun shocks to go around. I would recommend however, to disclose that upon sale of the house so you don’t get sued. But this just goes to show that social media can be nice sometimes. A nice uplifting moment in our days.

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Homeownership

Start up creates online platform to make building homes easier

(HOMEOWNERSHIP) Atmos wants to help simplify the dream home building process by moving it online. Their platform will help you find builders, designers, and financing options.

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Atmos homes

A start-up plans to bring together people, processes, and tools into one digital place for buyers to design and build their homes from start to finish. Co-founder and CEO of Atmos, Nicholas Donahue, grew up in a homebuilding family and always wondered what it would look like to use technology to rebuild the industry.

“Nearly everyone used to want to build a home; it was the American dream, but most people choose not to do it because of the complexity,” Donahue said, “While everything else has moved fully online, homebuilding is still the same in-person process. We are making the process simple enough that anyone can build the home of their dreams, modernizing and revitalizing the American dream.”

The way Atmos works is that they partner with local home builders that they claim to vet based on accreditation, reputation, proof (insurance + funds for construction loans), and pricing. Customers input their desired location and floor plan for the site on the platform. Atmos finds builders that best match the plan and coordinate the rest of the tasks to get the home built, including design, fixture packages, and financing. The company partners with local real estate agents to help sell a client’s existing home, or allows customers to use their own real estate agents if they prefer.

Atmos is participating in the California-based Y-Combinator accelerator, most known for launching companies like Airbnb, DoorDash and Instacart. The company has raised more than $2 million in VC seed round funding from Sam Altman of YC/ OpenAI, Adam Nash of Wealthfront, JLL Spark, and others.

According to Donahue, the rise in demand for housing in emerging cities coupled with low inventory makes building a more attractive option for buyers. He said “homeowners are converting from buying to building and when doing so are being forced to go online because of in-person restrictions. This has provided a huge opportunity for an online alternative to come into the space.”

Additionally, an increasing number of remote workers have come to envision their homes as combined office, schooling, and family spaces. In response, real estate agents report more requests for larger homes with outdoor space and dedicated offices, particularly for homes in the under $400k price range.

Atmos is currently focusing on Raleigh-Durham and Charlotte markets as they continue to refine their business model. Long-term, Donahue says the goal is to “redefine the way people live by enabling the next generation of homes and neighborhoods to exist.”

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Homeownership

FHFA extends rent moratoriums through August

(HOMEOWNERSHIP) Don’t freak out about the FHFA extending the moratorium, while many in the pay chain are affected, here’s what it means for Real Estate.

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FHFA moratorium

As millions of Americans lost their jobs at the beginning of the Coronavirus pandemic, the FHFA announced a temporary prohibition of evictions and foreclosures that was set to expire on June 30. After reevaluating the job market and the record low unemployment rate, the FHFA extended this moratorium through August 30.

However, never did the FHFA nor the federal government put a hold on the rent, utility bills, or car insurance. Instead, most peoples’ bills have become endless. It’s a full circle here, those who can’t pay their rent impact their landlords ability to pay rent, so on and so forth.

The FHFA moratorium extension allows Americans to attempt to catch up on their bills as their jobs open back up. That said, there will be a glut of rental inventory as thousands of residents have been laid off or furloughed and can’t possibly come up with several months’ worth of rent. The long term effects will ripple through the sector, from rent decreases in some areas, to vacancy levels plummeting in others.

That said, industry experts maintain that while the industry will slow due to the global pandemic, the housing sector will be revived toward the second half of the year. It is not expected to be at full steam within this calendar year, however.

NAR President Vince Malta recently commented on existing home sales, “Although the real estate industry faced some very challenging circumstances over the last several months, we’re seeing signs of improvement and growth, and I’m hopeful the worst is behind us.”

But landlords are in a different boat than the rest of the sector, and have a certain struggle ahead. Some refused to be flexible with renters, while others have sought ways to retain residents without having vacancies or having to invest in turning a unit. This moratorium helps many renters, but landlords, particularly private landlords (not multifamily) will be hard hit.

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