Month: August 2023

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The New Year is bringing sweeping changes to the mortgage industry.

In just a few days, the Ability to Repay and Qualified Mortgage rules drafted under the Dodd-Frank Act will finally go into effect.

As a result, many mortgage lenders will cease to offer loans that fall outside those rather broad definitions, seeing that such loans might be considered “toxic” going forward.

This means most banks will no longer pitch interest-only home loans, negative amortization loans, balloon mortgages, 40-year mortgages, or loans with DTI ratios above 43%.

Assuming they do continue to offer such loans, they’ll likely have to keep the loans on their own books, and they won’t receive safe harbor in the event of a borrower lawsuit.

You Can Still Get an Interest-Only Home Loan

Still, that hasn’t stopped at least one large bank from pledging to offer non-qualified mortgages.

This morning, Bank of the West announced that it would continue to offer interest-only mortgages, which don’t comply with the Qualified Mortgage rule.

The company said it reviewed the Consumer Financial Protection Bureau (CFPB) rules “extensively” and found them consistent with how it has always approached mortgage underwriting.

Bank of the West believes a well-underwritten interest-only loan may still be a good choice for a borrower, and one that will be safe to hold on the company’s balance sheet.

They added that they’ve been offered for years, and that they meet the needs of certain customers, including the self-employed and those who wish to maximize cash flow.

Though such loans don’t meet the Qualified Mortgage standard, they must satisfy the Ability to Repay rule, meaning Bank of the West will need to ensure the borrower can make monthly payments once the loan adjusts.

Typically, interest-only loans have a 10-year IO period, after which the loan is recast to be paid off during the remaining 20 years of the 30-year term.

This reset can result in substantial payment shock for a homeowner, which explains why the CFPB kept the loans outside the QM definition.

At the same time, these loans don’t build equity directly, and instead rely on home price appreciation to improve a homeowner’s position.

This pretty much sums up why the CFPB doesn’t want banks to offer the loans on a wide-scale basis, seeing that home prices will likely take a dive in the future after the ongoing boom cools once more.

My expectation is that more and more banks will begin offering non-QM loans once the dust settles, though borrowers will be held to the highest standard if they want to obtain such a loan.

After all, banks will actually keep these loans, so they’ll want to know they’re of the utmost quality.

Source: thetruthaboutmortgage.com

Apache is functioning normally

Rebalancing is the process of buying and selling assets in a portfolio to bring your allocations back into line with your investment goals. If you’re new to rebalancing 401(k) savings, it helps to know how it works and how often you might want to do it.

Making 401(k) contributions can help you build retirement wealth while enjoying some tax advantages. Periodic 401(k) rebalancing can ensure that your asset allocation aligns with your risk tolerance and financial goals.

What Is Rebalancing Your 401(k)?

When you’re talking about a 401(k) rebalance, you’re talking about buying or selling investments in your workplace retirement plan to bring them back into alignment with the original percentages you started with.

Example

If you started with 50% in equities (stocks) and 50% in bonds, over time that portfolio balance will drift as the value of those securities rises or falls. You can then rebalance your portfolio to restore the original 50-50 ratio. (Or you can adjust your allocation according to a new ratio that reflects what you’re comfortable with today.)

Rebalancing isn’t the same as changing your 401(k) contributions. That usually refers to increasing — or decreasing — the amount of your salary you defer into your plan. If you’re wondering can you change your 401(k) contribution at any time, the answer is usually yes, though it might depend on your plan administrator’s rules.

When you rebalance 401(k) assets, you’re changing where you invest the money you contribute. How you determine your retirement goals and your risk tolerance can shape your ideal asset allocation.

When to Rebalance Your 401(k)

How often should I rebalance my 401(k)? It’s a common question, but there’s no uniform answer, as every investor’s needs and goals are different. As a general rule of thumb, you might revisit your 401(k) allocation at least once a year. But rebalancing 401(k) savings could make sense at any time when your allocation no longer matches up with your investment goals.

Life changes might affect your decision of how often to rebalance 401(k) assets. For example, you might need to take a second look at your assets if you get married, have a child, or get divorced. Any of those situations can influence the way you approach investing, including how much risk you’re comfortable taking and how much you might need your 401(k) to grow to hit your retirement target.

Age is also a consideration for deciding when to rebalance a portfolio. When you’re younger with years ahead of you to ride out periodic ups and downs in the market, you might not be too concerned with rebalancing your 401(k) assets. You can afford to take greater risks at this stage to earn greater rewards with your investments.
As you get older, however, you might naturally begin to gravitate toward more conservative investments. If you find yourself growing less tolerant of risk, that’s a sign that it might be time for some 401(k) rebalancing.

Recommended: Average Retirement Savings by Age

Example of Rebalancing a 401(k)

Rebalancing 401(k) assets is a fairly straightforward process. First, you’d need to decide what you want your target asset allocation to look like. From there, you’d either buy or sell assets until your portfolio achieves the right balance.

Let’s say that you’re 35 years old and your target 401(k) portfolio allocation is 85% stocks and 15% bonds. Upon checking your latest statement, realize that your asset makeup is actually 75% stocks and 25% bonds. You could rebalance 401(k) investments by selling 10% of your bond holdings, then reinvesting the proceeds into stocks.

You can do that without any tax consequences as long as you’re not withdrawing money from your plan. Should you decide later that it makes more sense to move back to a 75%/25% split, you could sell off some of your stocks and purchase bonds instead.
💡 Quick Tip: Want to lower your taxable income? Start saving for retirement by opening an IRA online. The money you save each year is tax deductible (and you don’t owe any taxes until you withdraw the funds, usually in retirement).

Benefits of Rebalancing Your 401(k)

What is rebalancing meant to do for you? A few things, actually, and there are good reasons to consider regular 401(k) rebalancing.

Here are some of the main advantages of paying attention to your 401(k) allocation.

•   Manage risk. Rebalancing your retirement savings can help ensure that you’re not taking more risk with your investments than you’re comfortable with. At the same time, it allows you to see if you’re taking enough risk in order to reach your goals.

In the example above, rebalancing the portfolio so it has a higher percentage invested in stocks will increase the portfolio’s risk/reward ratio. Stocks tend to be higher-risk investments, with a higher risk of loss and a higher potential for rewards.

•   Maximize returns. If your 401(k) allocation becomes too conservative, you could miss out on opportunities to earn greater returns. Rebalancing can prevent that from happening so that you have a better chance of achieving the level of returns you’re looking for.

•   Keep pace with changing goals. As mentioned, life changes and age can influence your asset allocation preferences. Should your goals or needs change, rebalancing can help you adjust your financial plan both for the short- and long-term.

Is there a downside to 401(k) rebalancing? There can be if the investments you’re buying underperform and don’t deliver the level of returns you’re expecting. Another unintended consequence centers on cost. If you’re swapping out lower-cost investments in your 401(k) for ones with higher fees, that could offset any benefits you might realize in the form of better returns.
💡 Quick Tip: Before opening any investment account, consider what level of risk you are comfortable with. If you’re not sure, start with more conservative investments, and then adjust your portfolio as you learn more.

Steps for Rebalancing Your 401(k)

Ready to rebalance your 401(k)? The process itself isn’t that difficult, though you may want to spend some time researching the different investment options offered through your plan.

Calculate Current Asset Allocations

The first step in 401(k) rebalancing is figuring out what kind of asset split you currently have. In other words, what percentage of your account is dedicated to stocks, bonds, or other assets.

You may be able to do that by logging in to your 401(k) plan and checking your asset allocation. Many plan administrators offer online investment portfolio tracking so you can see at a glance how much you have invested in stocks, bonds, or other securities.

If your plan doesn’t automatically calculate your allocation, you can figure it out yourself by identifying the amount of money assigned to each investment, dividing it by the total value of your account, then multiplying by 100.

For example, say that you have $120,000 in your 401(k) and $72,000 of that is in stocks. If you divide $72,000 by $120,000, then multiply by 100, you get 60%. That means 60% of your 401(k) portfolio is stocks. You can perform the same calculation for each type of investment in your plan.

Compare to Target Asset Allocations

Once you know how your 401(k) assets break down, you can compare those percentages to your target percentages. For example, if you’ve got 60% of your 401(k) in stocks and your goal is 80% stocks, then you know you’ve got a 20% gap to close.

How you set your target allocations is entirely up to you and, again, it can depend on things like:

•   Your age

•   Risk tolerance

•   Investment goals

•   Time frame for investing

You might try using a basic rule of thumb like the rule of 100 or rule of 120 to find a starting point for allocating assets. These rules suggest subtracting your age from 100 or 120, then using that number as a guide for allocating your portfolio to stocks.

For example, if you’re 35, then based on the rule of 120, stocks should account for 85% of your portfolio. You could also look at how much you have saved versus what you need to save. This kind of retirement gap analysis can tell you how close or how far away you are to your goals and where you might need to adjust your savings strategy.

Sell Overweight Assets

Now that you know what your target allocation should be, you can take the next step and sell off overweight assets. These are the ones that are causing your asset allocation to skew away from your ideal alignment.

If you need more stocks, for example, then you’d sell off bonds. And if you want a more conservative allocation, you’d sell some of your stocks so you can use the money to buy more bonds.

Buy Underweight Assets

The last step is to buy underweight assets in order to bring your 401(k) portfolio back in line with where you want it to be. There are a couple of ways you can do this.

First, you could make a large, one-time purchase using the proceeds from the overweight assets that you sold. That might be easiest if you don’t want to make any changes to future allocations of your 401(k) contributions.

The other option is to change your allocations to direct future 401(k) contributions to underweight assets. What you have to keep in mind here is that once you reach your target allocation, you may need to change your future allocation preferences again so that you don’t accidentally end up overweight in one asset class.

One more possibility when considering how to manage 401(k) asset allocation is to check with your plan administrator to see if automatic rebalancing is an option. An automatic rebalance 401(k) feature could make keeping your allocation easier so you don’t have to spend as much time worrying about your assets.

Consider a Target Date Fund

If you want to skip rebalancing altogether, you might consider investing in a target date fund in your 401(k). Target date funds have an asset allocation that shifts automatically over time as you get closer to retirement.

You choose a target date fund based on your expected retirement date and the fund does the rest. Target date funds offer convenience since you don’t have to actively rebalance, but they might not be right for everyone. If the fund’s allocation doesn’t adjust in a way that’s consistent with your goals, you might be overexposed or underexposed to risk.

The Takeaway

When can I retire? It’s a big question, and if you’re contributing to a 401(k), it helps to know how to make the most of it. Rebalancing your 401(k) can help you stick to an asset allocation that makes the most sense for you. You also have the option of changing your allocation if your risk tolerance changes or your goals shift.

Ready to invest for your retirement? It’s easy to get started when you open a traditional or Roth IRA with SoFi. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).

Easily manage your retirement savings with a SoFi IRA.

FAQ

Is it good to rebalance your 401(k)?

It’s a good idea to rebalance your 401(k) if you’re concerned about taking too much risk — or not enough — with your investments. Rebalancing 401(k) assets is usually recommended when you experience life changes that affect your retirement goals and as you get older.

Should I rebalance my 401(k) before a recession?

Whether it makes sense to rebalance a 401(k) before a recession can depend on your current asset allocation and what you perceive the biggest threat to be should a recession occur. If you’re heavily invested in securities that are typically recession-proof or tend to fare well in economic downturns, then rebalancing might not be necessary. On the other hand, you might need to make some shifts in your 401(k) assets if you think a recession could expose you to more risk than you’re comfortable with.

Does it cost money to rebalance 401(k)?

It shouldn’t cost you any money to rebalance a 401(k), since you’re buying and selling assets in the same plan. You may want to ask your plan administrator whether any transaction fees will apply before you move ahead with 401(k) rebalancing. Keep in mind that taking money out of your plan to buy investments could cost you, since early withdrawals are subject to tax penalties.

Should I rebalance my 401(k) in a bear market?

Whether you should rebalance your 401(k) in a bear market can depend on the type of assets you’re holding and where you think stocks might be headed next. Bear markets can be opportunities for investors who are comfortable taking more risk, as you might be able to find investments at bargain prices when the market is down. Once the market recovers, those discounted investments might pay you back in the form of substantial gains as prices rise again.

Photo credit: iStock/miniseries

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Apache is functioning normally

With sunshine almost every day and amazing landscapes full of picturesque mountains and centuries-old cacti, living in Arizona provides daily wonder. Beautiful homes, a strong economy and cities for every stage of life enhance the appeal of the state.

Arizona is an accessible place to live, mostly. You’ll definitely find pockets where the cost of living is on the higher side, but you pay for what you get in Arizona, and the state has a lot of high-end amenities.

To ensure your ideal Arizona city aligns with your budget, it’s best to do some simple price comparisons. Looking at the key components that make up your overall cost of living can help you decide which city in Arizona is really best for you.

Arizona housing prices

Housing prices throughout Arizona hit on both sides of the national average. Some are slightly below, others edge a little high. The highest is Lake Havasu City, a popular retirement destination and also a favorite when it comes to renting houseboats for vacation. The housing price in Lake Havasu City is 88.7 percent above the national average. Pretty significant.

Most other cities, especially those attracting large volumes of people, sit within a more reasonable range.

Bullhead City

With a reputation of being a great place for retirees, the average age of Bullhead City residents is a little on the older side. However, the city’s proximity to both Las Vegas and the California border makes it great for anyone who wants road-tripping options.

Housing prices here are still below the national average by 3.9 percent, and two-bedroom apartments have seen no increase in cost since last year. They’re holding steady at $988 per month. One-bedroom apartments are holding steady at a reasonably priced $688.

Homes are a little pricer than you might expect, and the average home prices in Bullhead City are $470,400.

Flagstaff

Unique in Arizona, Flagstaff actually gets snow. In fact, it has its own local ski resort. Outdoor activities, as a result, are a huge draw for residents in this area. In addition to skiing, there’s plenty of hiking. And, with cooler weather year-round than in other Arizona cities, it’s never too hot to go outside. All of this comes packaged in a city with a small-town feel, but it’s not cheap.

Housing prices are 31.6 percent above the national average and home prices are pretty high. Up 24 percent, the median home price in Flagstaff is $677,500.

Rent prices are also on the high end and increasing over last year. Two-bedroom apartments are increasing at the fastest rate, up 21 percent over last year to an average monthly rent of $1,907. One-bedroom apartments have risen by 22 percent over last year to an average monthly rent of $1,682.

Phoenix

Stretching its boundaries pretty far, Phoenix is a huge city with plenty of unique pockets throughout. Amenities, entertainment and professional opportunities are all thriving as this city continues to grow. High-quality living is the norm here, but not everything costs an arm and a leg. Housing prices, though, are above the national average, but only by 14.4 percent.

This puts average rents at higher numbers than we’ve seen so far, and they’re rising. One-bedroom apartments average out at $1,443 per month, up 39 percent over last year. Two-bedroom apartments are averaging out at $1,625 per month, up 24 percent over last year.

Housing prices are also rising at a similar rate, up 24.8 percent over last year. That puts the median home price in Phoenix at $470,000.

Tucson

Laid back and full of art and culture, Tucson is so much more than just a college town. Home to the University of Arizona, the city is also known for its year-round activities and indie vibe. A popular destination, housing prices are 3 percent above the national average.

Both home prices and rental costs are rising, as well. One-bedroom apartments have an average rent of $1,012, up 16 percent over last year. Two-bedroom apartments have an average rent of $1,267, up 22 percent over last year. Even with increases, rents are still averaging out in a more affordable range.

Home prices have risen by 20.7 percent in Tucson, bringing the median home price up to $350,000.

Yuma

With a small-town feel and a strong sense of community, Yuma is diverse and beautiful. It’s also on the more affordable side of things with housing prices 12.7 percent below the national average. One-bedroom apartments are up 20 percent, with an average monthly rent of $972.

Monthly rent for two-bedroom apartments is on the rise, up 23 percent over last year. Currently, the average rent is $1,123. That’s definitely more rent than you may expect to pay for two bedrooms in a less expensive town.

You may also run into similar feelings when buying a home. The average home price in Yuma is $393,274, slightly more than you may anticipate homes costing.

Food prices

Another cost of living in Arizona is the food. The average Arizonan speeds between $200 and $233 per month on groceries. This includes buying everyday staples, as well as ingredients for the state’s famous Sonoran hotdog. On the whole, most cities hover close to the national average when it comes to food prices.

  • Bullhead City is 8 percent below the national average
  • Yuma is 1.7 percent below the national average
  • Phoenix is 0.1 percent below the national average
  • Tucson is 4.9 percent above the national average
  • Flagstaff is 10.7 percent above the national average

Once again, though, Lake Havasu City really tops the charts when it comes to the cost of living expenses. Food prices here are 20.8 percent above the national average, way more than in Flagstaff.

To see how these varying averages impact single food items from the grocery store, eggs in Yuma are only $1.75 per dozen. In Flagstaff, they’re $2.14. If you need to buy some ground beef to make tacos, and you live in Bullhead City, a pound will cost you $4.23, but if you live in Phoenix, you’re paying $5.68.

These price differentials are also apparent when you’re out to dinner. An average three-course meal for two in Yuma is $40, but that same meal is 43 percent more in Flagstaff.

Utility prices

When it comes to utility costs, especially when living in the desert, you want to know in advance that you’re not going to pay through the roof. Luckily, most towns in Arizona sit well below, or just slightly above, the national average.

  • Flagstaff is 10.5 percent below the national average
  • Bullhead City is 10.1 percent below the national average
  • Phoenix is 2.3 percent above the national average
  • Tucson is 3.4 percent above the national average
  • Yuma is 7.6 percent above the national average

Taking advantage of so much sunshine, Arizona is a leader in solar power. It’s currently the No. 1 state when it comes to the most solar electricity installed. This is good news, since that same sun that makes all this energy also heats things up pretty high. With average temperatures in the summer around 100 degrees Fahrenheit, residents definitely need plenty of electricity to keep things cool.

Transportation prices

Quite a few cities in Arizona have high bike scores, making it easier to get around without the need for a car or public transportation. Tucson, Phoenix and Flagstaff, in particular, all have high bike scores. Tucson tops the list at 72 and both Phoenix and Flagstaff share a bike score of 63. Phoenix and Tucson also have high walk scores at 54 and 51, respectively.

However, you’re going to have days where all you want to do is sit in your car with the AC on full blast and drive somewhere. This is one reason why some Arizona cities have higher transportation prices than others.

  • Bullhead City is 3.9 percent below the national average
  • Yuma is 1.8 percent below the national average
  • Tucson is 1.6 percent above the national average
  • Phoenix is 8.2 percent above the national average
  • Flagstaff is 13.2 percent above the national average

The other reason is public transportation costs. This option also comes in handy on those hot days when you just have to ditch the bike.

Sun Tran in Tucson

A combination of buses and streetcars, the Sun Tran in Tucson is all totally free through December 2022. It services Tucson and the surrounding areas through 20 fixed routes, 12 commuter routes and streetcar services that do a loop around downtown, stopping 23 times.

After 2022, fares will return on Sun Tran, so to get ahead, you can purchase a Sun Go card now and load it up with funds to begin getting deducted in 2023.

Valley Metro in Phoenix

A combined streetcar, rail and bus system, the Valley Metro in Phoenix is offering free streetcar rides currently as the mode of transportation is still in its first year of operation. Afterward, it will cost $1.00 to ride this cute vehicle.

Local bus and light rail fares are $4.00 for a single-day pass, which is a much better deal than paying $2.31 per ride. You can also purchase a 31-day pass for $64.00.

Mountain Line in Flagstaff

With nine bus routes and a seasonal express that goes to the Arizona Snowbowl, Flagstaff’s local ski resort, Mountain Line is the perfect Northern Arizona transit system. Routes are even color-coded for easier navigation.

Again, buying a day pass if you’re doing limited traveling is a much better deal than paying per way. A single-way fare is $1.25, but a day pass is only $2.50. If you’re riding on the regular, a 30-day pass is $34.00.

Healthcare prices

Healthcare costs include all your doctors’ visits and prescription medications. Throughout Arizona, home to a campus of the Mayo Clinic, what you end up paying isn’t too far off from the national average, but that doesn’t mean you won’t have big bills every once in a while.

  • Bullhead City is 7.9 percent below the national average
  • Phoenix is 0.2 percent below the national average.
  • Yuma is 1.3 percent above the national average
  • Tucson is 3.6 percent above the national average
  • Flagstaff is 5.9 percent above the national average

These numbers are specific to your overall healthcare, but individual appointments may not rank in this order exactly. For example, an average doctor’s visit in Bullhead City is actually the second-lowest price at $103.33. An average doctor’s visit in Flagstaff is only the second-highest cost. Tucson actually has the most expensive average visit at $150.

Goods and services prices

For anything that sneaks into your budget that you don’t really have to have, you’re looking at what constitutes the goods and services section of your overall cost of living in Arizona. These are really what makes or breaks the bank, and you may find yourself having to limit the number of goods and services you use in some Arizona cities.

Thankfully, almost all the cities on our list are below the national average.

  • Bullhead City is 17.3 percent below the national average
  • Phoenix is 3.8 percent below the national average
  • Yuma is 0.8 percent below the national average
  • Tucson is 0.4 percent below the national average
  • Flagstaff is 11.1 percent above the national average

The best way to examine how these average prices would impact your preferred activities is to look at a few common ones.

Flagstaff takes the top in almost all of these four categories. A bottle of wine is the only thing less expensive. Phoenix wins the most expensive distinction there. Bullhead City also plays into the lowest pricing seat in everything but a movie ticket. There, Yuma wins.

The numbers all fall surprisingly out of order when looking at another key expense, as well — childcare. The addition of this service to your monthly budget, whenever it’s time, can really change things up. That’s because it’s expensive (that’s an understatement).

Yuma, which ranks right in the middle overall, has the highest childcare expenses for a full-day, private preschool. In Yuma, your monthly preschool bill averages out to $1,300. No other city breaches the $1,000 mark, though Tucson comes close at $968.75. The least expensive is Flagstaff, typically our heavy hitter. Childcare like this in Flagstaff averages out to only $534.50 per month.

Taxes in Arizona

Arizona does have a state income tax, but individual rates range from 2.59 to 4.5 percent. There’s also both state and local sales tax. State sales tax is 5.6 percent, and the average local sales tax, added to this, is 2.8 percent. That means that in many places, you’re paying around $84 in taxes for every $1,000 you spend.

Specifically, in our cities:

  • Bullhead City has a combined sales tax rate of 7.6 percent
  • Yuma has a combined sales tax rate of 8.41 percent
  • Phoenix has a combined sales tax rate of 8.6 percent
  • Tucson has a combined sales tax rate of 8.7 percent
  • Flagstaff has a combined sales tax rate of 9.18 percent

Most of these cities are actually higher than the statewide average rate of 8.4.

How much do I need to earn to live in Arizona?

Earning enough to live comfortably in Arizona starts with being able to afford rent. To calculate this you can use some averages to help provide an estimate. For example, the average rent in Arizona is $1,503 per month. Since you should use 30 percent of your annual income to cover rent, you’d need to make at least $60,360 per year to hit this average.

This is very much a possibility given that the average annual salary in Arizona is $61,744. However, with numbers so close to each other, you may want to use our rent calculator to really get what you can comfortably afford.

Living in Arizona

It’s not everyone that can comfortably call the desert home, but those who pick Arizona, love it. The combination of amazing outdoor beauty, sunshine and plenty of activity creates a pretty exciting place. Perfect for outdoor enthusiasts, as well as those who want a nice backdrop to their urban abode, Arizona is the ideal place for you. So, start crunching those numbers and see if your budget stands up to the average cost of living here in the Grand Canyon State of Arizona.

Related articles:

The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of June 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.

Source: rent.com

Apache is functioning normally

Airline credit cards are credit cards that are used by frequent flyers for their airline-specific perks. They are provided by card issuers, working jointly with a particular airline to reward their customers for both their loyalty and for paying for their travel and other expenses using the card.

With airline credit cards, you earn a certain number of miles for the amount you spend on the carrier and other qualifying services. You can then redeem your rewards to book flights, pay for services, or make eligible travel purchases. 

Various airline credit cards vary in the perks they offer, as well as in fees and costs. This means that not every airline credit card is suited for every traveler. Also, not every traveler will benefit from airline credit cards.

That said, you can make a better decision by comparing the pros and cons of airline credit cards. 

The Pros of Airline Credit Cards

Attractive Sign-up Bonuses

Most airline credit cards come with attractive welcome bonuses, some of which are large enough to pay for a flight. It is worth noting that you gain the bonus after meeting certain requirements- usually spending a certain amount of money within a specific time of account opening or opening a new credit account.

Hassle-free Way to Earn Miles

As a frequent flyer, airline credit cards provide an avenue for you to earn rewards while doing what you would be doing anyway.

Money-Saving Perks

These will vary from one airline card to another and may include free or discounted checked luggage, lounge access, in-flight foods and drinks, companion passes, and upgraded services.

Priority Boarding and Seat Upgrades

If when you board and where you seat during the flight matters to you, certain airline credit cards give you just that; an opportunity to not only be among the first to board but also get a seat upgrade.

Rewards on Non-travel Related Categories

Some airline credit cards can earn you bonus rewards on your other spending areas, like hotel bookings, which helps maximize your earnings. In addition, this feature helps to not only accumulate your miles but also keep them from expiring should you halt your traveling for some time.

Travel Support and Protection

Certain airline credit cards will offer coverage in situations like flight delays or cancellation, trip interruptions, lost luggage, rental car accidents, and access to medical care.

The Cons of Airline Credit Cards

Limited to one Airline

As their name suggests, airline credit cards limit you to one carrier and in some instances, its partner airlines. This can further complicate the reward redemption process due to competition-you may not always redeem your rewards for what you want from what the reward program offers or get flexibility with travel dates.

Limited Opportunities to Earn Rewards

This is especially so if you end up with cards that only offer rewards on airline/travel-related purchases and none on everyday spending.

Hefty Annual Fees

Annual fees for airline credit cards can be anything from a few dollars shy of a $100 to amounts over $500. The more the perks you stand to get the higher the fees. If your rewards exceed the fees, then the credit cards are worth it, otherwise they are an unnecessary expense.

Reward Programs can be Devalued

Airlines can devalue their programs or do away with them at their discretion as has happened with many airlines before. With the limitation of a single airline, there’s no guarantee that your earned miles will be useful.

Are Airline Credit Cards a Good Idea?

You could benefit from an airline credit card if you:

  • Fly often
  • Always or mostly use the same airline
  • Have good credit and can pay off your credit card balances on time

If most of the above doesn’t apply to you, then you are better off without airline credit cards.

The Final Take

It is apparent that airline credit cards can be a good or bad idea depending on your flying habits. Admittedly, they are only a worthy investment if the value you draw from them outweighs the associated expenses. Where do you lie? The above information can help you figure that out.

Source: creditabsolute.com

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Birmingham, Alabama, is a city teeming with a rich history, lively communities, and engaging activities to suit all interests. The best part? You don’t need to break the bank to enjoy what this city has to offer. From strolling through art museums and learning about the city’s past to enjoying the serenity of lush parks and exploring small towns, there are many free things to do in Birmingham, AL.

Whether you’ve recently relocated to Birmingham, are interested in exploring Birmingham homes and apartments, or are a long-time local looking for new things to do – continue reading to see what the city has for you.

1. Railroad Park

As you enter Railroad Park, the lush greenery, walking paths, and serene ponds immediately invite relaxation and exploration. The park’s well-designed spaces cater to various activities – outdoor gym equipment, trails, and a designated skate area. If you’re searching for a park in the city, these 19 acres of green space will give you just what you need.

2. Red Mountain Park

Emily from Watauga Group, a media agency for outdoor recreation and attraction brands, shares, “Red Mountain Park is an absolute must for your itinerary. Covering a vast 1,500 acres, this park offers 16 miles of multi-use trails catering to all adventure enthusiast levels. For those seeking a furry companion adventure, there’s even a dedicated dog park to explore. Throughout the trails, you’ll be treated to stunning views of Magic City, and the charm doesn’t end there – discover three whimsical tree houses tucked away in the park’s expanse.”

3. Birmingham Museum of Art

The museum’s expansive galleries house an impressive collection that spans various artistic epochs, offering visitors a chance to immerse themselves in a world of creative expression and cultural significance. General admission to the Birmingham Museum of Art is free daily to enjoy diverse artwork. From ancient artifacts to contemporary masterpieces, this cultural gem does not provide an opportunity to appreciate the artistic achievements of humanity.

4. Sloss Furnaces National Historic Landmark

Stephen, a local from The Yoga Circle in Birmingham, encourages a visit to Sloss Furnaces. “Sloss Furnaces is a historical landmark that was the country’s largest producer of pig iron and is responsible for most of Birmingham’s growth,” says Stephen. “It was built in 1881. It’s ripe with legend and lore from so many lives lost in the dangerous working conditions, with many stories of paranormal activity and hauntings. It is free to walk around and explore during business hours, and utterly fascinating to observe the imposing machinery that made these furnaces burn.”

5. The market at Pepper Place

Venturing into the Market at Pepper Place in Birmingham, AL is a great way to step into local flavors, arts, and community spirit. The market comes alive with farmers, artisans, and food vendors gathering to showcase their finest offerings. As you weave through the bustling stalls, you’ll find an array of fresh produce, artisanal crafts, and delectable treats that reflect the region’s culinary and creative prowess. The lively atmosphere is enhanced by live music, making this a great free thing to do.

6. Oak Mountain State Park

If you want to surround yourself with nature, you’ll want to head to Oak Mountain State Park. You’ll find vast wooded landscapes, serene lakes, and diverse trails here. Whether you’re seeking a stroll, a challenging hike, or a lakeside picnic, the park accommodates every outdoor aspiration. You’ll want to take advantage of some breathtaking overlooks, tranquil fishing spots, and opportunities for birdwatching and wildlife spotting await at every turn. As one of Alabama’s largest state parks, Oak Mountain is a testament to the region’s natural beauty.

7. Avondale murals

Exploring the vibrant murals in the Avondale neighborhood of Birmingham, AL is like embarking on an urban art treasure hunt. As you stroll through its streets, the neighborhood transforms into an open-air gallery. Each mural tells a unique story, reflecting the community’s spirit, history, and values. Best of all, this artful adventure comes at no cost, allowing anyone with an appreciation for creativity to experience the essence of Avondale’s cultural allure in a budget-friendly manner.

8. Birmingham Public Library

The library’s shelves house a vast collection of books, resources, and multimedia materials that cater to diverse interests and passions. From historic volumes to contemporary bestsellers, the library is a haven for bibliophiles and learners alike. Beyond its literary treasures, the library often hosts informative events, workshops, and discussions that enrich the community’s understanding and engagement.

9. Visit the small towns surrounding Birmingham

“If you are coming to Birmingham, AL, don’t miss visiting the suburbs and small towns surrounding Birmingham,” shares locals Ann and Stephen from Heaven’s Best Carpet Cleaning. “Our favorite small town is Chelsea, AL. We love Chelsea because it has a small, home feel similar to Mayberry of the Andy Griffith show. We are growing and now have a new splash pad at Melrose Park.”

10. Ruffner Mountain

A visit to Ruffner Mountain is a great free thing to do in Birmingham, AL. The moment you set foot on its trails, you’re embraced by the soothing sounds of nature and the refreshing scent of pine. For hikers, the Overlook trail has panoramic views of the city skyline, while the Quarry Trail leads to the remnants of an industrial past. The variety of trails caters to both walkers and avid hikers, making Ruffner Mountain an excellent option for all.

Source: redfin.com

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Zillow is introducing changes to its Premier Agent program that it first announced in April which it said should be beneficial to consumers. However, agents themselves are still uncertain if that’s the case.

Before, under the old rules, real estate agents could purchase leads from Zillow which would be delivered either by email or phone. If the agent didn’t answer the phone in time, they’d be able to call the lead back at a later time, HousingWire reports.

However, Zillow reckons there were a number of problems with this system, the main one being that consumers didn’t always get an instant connection to a real estate agent when trying to get information about a specific listing. Meanwhile agents themselves often complained about the value of the leads, saying that many times they found callers were already working with another agent and only wanted questions answered. The old system also allowed several agents to buy the same zip codes, which meant that if they missed the call and another agent called the consumer first, that lead was lost.

To remedy these problems, Zillow is introducing its own representatives to screen incoming calls. Their job is to ensure the caller is actively looking to buy or sell a home, that they’re not already working with an agent, and are ready to speak to one whom they will consider working with. Only callers who pass the screening process will be connected with agents. Should the first agent not pick up, the caller will automatically be transferred to a new agent.

“We’ve implemented these changes to deliver higher quality leads to agents while also ensuring a great experience for consumers looking to connect with agents,” a Zillow spokesperson told HousingWire. “This will allow potential buyers to schedule time to speak to an agent when it’s convenient for them and the agent. And, when an agent misses a call for any reason, they don’t lose their place in the queue, they receive the next connection.”

Consumers can also request specific agents, in which case they’ll be passed onto that agent first and stick with that agent regardless of whether or not the initial call is answered. However, these cases are likely to be rare, Zillow said.

“Our data shows the majority of home shoppers do not specifically select an agent when submitting an inquiry on a listing,” the company said. “However, when a home shopper does select an agent, that lead is much more likely to convert.”

Zillow also warned agents that its lead volume might change, though it said those it does provide will be of a higher quality.

“We’re now focusing on quality over quantity,” the company said. “Each lead you receive will be validated, ready to speak to you and directly connected to you by phone.”

Zillow says the new program will be introduced in the U.S. throughout this year.

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected].
Latest posts by Mike Wheatley (see all)

Source: realtybiznews.com

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Welcome to a world where pixels and properties collide, where a well-composed image can spark dreams of a new home and a poorly presented one can make a potential buyer click away in seconds. In today’s competitive real estate market, the old adage “a picture is worth a thousand words” couldn’t be more accurate.

In this Redfin article, we’ll unveil the secrets behind crafting real estate listing photos that not only stop potential buyers in their scrolling tracks but also beckon them to explore further. Whether you’re selling a home in Los Angeles, CA or a charming house in Salem, MA, these tips will elevate your real estate photography game and leave a lasting impression on those searching for their next home.

Why real estate listing photos are so important 

Home listing photos are the virtual introduction of a property to the online real estate market. These visuals enable potential buyers to explore your home’s layout, features, and ambiance from the comfort of their screens. Clear and well-captured photos can highlight a property’s best features, create an emotional connection, and entice viewers to learn more. In contrast, poor-quality or unappealing photos can turn potential buyers away before they even consider visiting the property in person. 

Essentially, listing photos act as the virtual curb appeal of a home, setting the tone for a potential buyer’s interest and influencing their decision-making process.

10 expert tips for standout home listing photos 

1. Create an inviting atmosphere

“Creating captivating home photos requires a delicate blend of craftsmanship and precision,” mentions fine art photographer Sam Isaac Photography. “Natural light is harnessed to infuse warmth into interiors, while strategic composition highlights space and employs wide-angle lenses for expansiveness. Attention to vertical lines enables potential buyers to envision themselves in each room. Additionally, thoughtful furniture arrangement creates an inviting atmosphere.”

2. Balance techniques and artistry 

“Crafting the ultimate home photo requires a fusion of technique and artistry,” states real estate visuals company, Repropix Corp. “Essential pro equipment, including wide-angle lenses, showcases expansive vistas while delicately balancing natural and artificial lighting. Precise camera settings accentuate the property’s finest features, while strategic staging boosts buyer engagement by 30%.”

3. Add drone and twilight photography 

“In the modern era of home sales, professional photography and cinematic videos play a pivotal role in leaving a lasting impression on potential homebuyers,” says real estate marketing agency Circle Visions. “These visuals serve as the initial introduction to your property, igniting buyer interest and drawing them to explore further. Drone-captured elevated views, carefully composed interior shots featuring expert staging, and captivating twilight photos of the exterior evoke an emotional response, resonating with buyers on a personal level.”

4. Focus on framing

“One key tip stands out – framing is everything,” states seasoned real estate photographer  Aaron Curtis Photography. “Ensure your camera is positioned at chest height – a rule that maintains vertical lines, offering a balanced floor-to-ceiling ratio. Limiting the view to two walls opens up the space, allowing potential buyers to envision furniture placement. Carefully select detailed shots, including fireplaces and light fixtures, while omitting less appealing features like toilets, A/C units, and water heaters.” 

5. Capture the entire space in one frame

“Adopt the buyer’s perspective and capture the entire space in one frame,” recommends video production company Finally Real Estate Video & Photography. “Yes, I’ve even hopped into bathtubs to capture sinks and showers or rearranged furniture (including moving a whole couch) to achieve that perfect angle.”

6. Illuminate the home effectively 

According to architect and interior design photographer, Charles Mitri Photography, “A crucial tip is to illuminate your space effectively. Before the photography session, switch on any permanent light fixtures, such as chandeliers or under cabinet lighting in the kitchen. Showcase how these fixtures elevate the ambiance of each room. Disconnect and tuck away any electrical cords associated with appliances on the kitchen counter. Often, you can wind them up and hide them behind the appliance, creating a cleaner, less cluttered look and feel.”

7. Schedule shoots during mornings or late afternoons

“Achieving captivating home listing photos hinges on timing and lighting,” advises HDR real estate photographers XLRE Photography. “Opt for soft, evenly distributed sunlight by scheduling shoots during mornings or late afternoons, minimizing harsh shadows and enhancing appeal. Consider the home’s orientation to prevent direct sunlight and unflattering shadows. Precision with aperture (around f/8) ensures clarity and depth, while adjusting shutter speed balances interior and exterior exposure. Mastery of these techniques results in photos that showcase your property in its best light.”

8. Remember the important of editing

Kouros, the Redfin in-house and third-party photographer at VistaLux Studio emphasizes that the real magic happens during the post-editing phase. Statting, “Employing bracketing, a technique where a series of shots with different exposures are merged, ensures flawless lighting and details. This process sets the stage for subsequent editing steps, like replacing skies and adding the gentle flicker of fireplace flames, which significantly enhance the property’s visual appeal. Moreover, the inclusion of twilight shots with their soft, inviting glow adds an enchanting allure. All these carefully orchestrated elements come together harmoniously, crafting a captivating visual narrative.”

9. Tell a story with listing photos

“After capturing millions of property photos, we’ve learned a valuable lesson, finding a photographer who can enchant with images that narrate your listing’s story generates more interest (and offers),” insists real estate photographers Open Homes. “A photographer focused on your success will expertly guide and capture that ‘magic shot.’ Remember, it’s not just about one listing; exceptional visual marketing builds seller confidence and secures future listings.”

10. Don’t forget to clean and declutter

“Regardless of property value, certain factors are universal for outstanding listing photos,” says seasoned real estate photographers PHRAME Photography. “We prioritize cleanliness, depersonalization, and decluttering to let your property shine. Additionally, choosing a skilled photographer matters.”

A final note on capturing stunning real estate listing photos

As you embark on your journey to create exceptional real estate listing photos, remember that these images are the bridge between a listing and a homebuyer’s aspirations. By applying the insights shared in this article, you’re not only capturing rooms and walls, but you’re crafting the visual narrative of a potential future.

Source: redfin.com

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California is said to be on the cusp of making solar power a standard requirement for every new home built in the state.

On Wednesday, the California Energy Commission is set to vote on new standards that would insist most new homes come equipped with solar panels, starting in 2020.

Should the proposal be approved, the state would see the number of solar panel installations skyrocket. At present, just 15 to 20 percent of new homes in the state are fitted with solar panels, according to California Building Industry Association technical director Bob Raymer.

“California is about to take a quantum leap in energy standards,” Raymer told The Mercury News. “No other state in the nation mandates solar, and we are about to take that leap.”

There’s good reason to think the requirement will become law across the whole state, as a number of Californian cities already insist on solar power being installed in new homes. Fremont and San Francisco for example have both mandated that solar panels are built into all new single-family and multifamily homes. In 2016, Fremont also mandated new residential and commercial developments be “EV ready,” which means having a specialized outlet built into the home that can charge electric vehicles.

Should the proposal be approved on Wednesday, most homes, condos and apartment buildings up to three stories in the state that obtain permits after January 1, 2020, will be required to install solar panels. However, some homes would be exempt if they’re built in areas that are heavily shaded by trees, or if their roofs are too small to accommodate the panels.

One drawback for buyers is that solar panels would increase the costs of buying a new home. Typical solar panel installations cost around $14,000 to $16,000, and these costs could be increased by further mandates for increased insulation and more energy efficient windows and appliances.

In all, the total costs for these updates could add an extra $25,000 to $30,000 on the cost of a median home. However experts say homeowners would still be better off in the long run, as it would reduce the operating costs of a home by around $50,000 to $60,000 over the 25-year lifecycle of a home solar power system.

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected].
Latest posts by Mike Wheatley (see all)

Source: realtybiznews.com

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Buying a house in the great state of Oklahoma, such as in the beautiful cities of Oklahoma city and Tulsa, is an exciting and significant step for homebuyers, but it comes with its fair share of complexities, particularly when it comes to understanding the ins and outs of home inspections. Ensuring a thorough home inspection is crucial when you’re in the process of purchasing a property in Oklahoma. This Redfin guide aims to shed light on the importance of home inspections in Oklahoma and provide valuable expert insights for potential homebuyers. Let’s delve into the key aspects you should consider.

Why should you get a home inspection in Oklahoma?

Getting a comprehensive home inspection in Oklahoma is a vital step for several compelling reasons. As perhaps the largest investment you’ll make in your lifetime, a home demands careful assessment to guarantee a sound investment. A home inspection holds immense value. Not only does it allow you to identify potential issues within the property, but it’s also a means to uncover critical safety hazards that could affect you and your loved ones. Moreover, a skilled home inspector can guide you on essential maintenance tasks, ensuring the longevity and efficiency of your home’s systems.

Are there any specialized inspections that Oklahoma buyers should consider?

There are certain specialized inspections that buyers should consider. For instance, Oklahoma homes built before the 1950s were painted with lead based paint. If you happen to be buying an old house a lead paint inspection becomes imperative. This inspection reveals areas with lead paint, allowing you to take necessary precautions during future renovations. You should even consider evaluations for radon and termite infestations.

Are home inspections required in Oklahoma?

While not mandatory, obtaining a home inspection in Oklahoma is highly recommended, especially for the buyer’s peace of mind and financial protection. While the state doesn’t impose a requirement for home inspections, certain lenders might stipulate it as part of the mortgage process. Regardless of whether you’re considering an existing home or a newly constructed one, a home inspection offers insights that can significantly impact your decision-making.

How much does a home inspection cost in Oklahoma?

The cost of a home inspection in Oklahoma varies based on factors such as the type of home, its size, foundation type, age of the home, and other various circumstances. Inspections for single-family homes might fall between $200 to $400. 

Can you sell a house in Oklahoma without an inspection?

Selling a house in Oklahoma without a home inspection is permissible. However, many buyers in the state opt for inspections as part of their due diligence process to ensure they have a clear understanding of the property’s condition. While sellers aren’t obligated to conduct pre-sale inspections, undertaking such inspections can help address significant issues that might deter potential buyers. Providing a comprehensive inspection report to potential buyers can also alleviate concerns and potentially influence their decision not to pursue an independent inspection. 

Expert advice for Oklahoma buyers before they get a home inspection

“An important factor I make sure to look for when inspecting a home is any foundation red flag, specifically red dirt,” says MK Home Inspections “In many parts of Oklahoma, the presence of red dirt and expansive soil is common. To identify potential foundation damage, it’s crucial to undergo a professional inspection before buying a home.”

“HVAC systems and water heaters have a relatively short life span in relation to a home (typically 11-13 years for an AC condensing unit and water heater). Furnaces tend to last longer (up to 25 years and longer). The old adage seems to hold true that, ‘they don’t make them like they used to.’ It’s not unusual for us to inspect a home with a 20 year old or older water heater and a Furnace as old as 40 years,” shares Home Run Inspections, LLC.

“Environmental concerns have added to HVAC costs as refrigerants (the lifeblood of the systems) are continually being replaced with more environmentally friendly versions. There are still a lot of HVAC systems out there with R-22 refrigerant, which is now north of $200 per pound if you can find it at all. Manufacturing of R-22 refrigerant stopped in 2010, so you will find it in equipment that is only 12 years old.  

Word to the wise, read your inspection report carefully. Pay particular attention to the age of big ticket items like the Water Heater and the HVAC. It may all be working fine on the day of the inspection and not show up as an issue in the report, but in the near future one or more of these aged systems may break down and become a big expense.”

Courtesy of Home Run Inspections, LLC

“Recently when inspecting a water heater I discovered that the Temperature and Pressure Relief (TPR) valve was plugged off. Likely an occupant with no knowledge of the purpose of the valve inserted the plug to stop a leak, unknowingly creating a safety hazard. I’ve reported on many (TPR) valves that were lacking discharge piping, this was the first one I’ve found with a plug,” says Highpoint Inspections.

“Water expands when heated which transforms into steam, which takes up more space. If this pressure isn’t adequately regulated and exceeds the tank’s capacity, the tank can burst, leading to an explosion. While the chance of a water heater exploding is low statistically, the potential for harm is significant, from property damage to serious injuries or even fatalities. A properly plumbed TPR valve stands as a sentinel, preventing potential overpressure disasters.”

Courtesy of Highpoint Inspections 

Oklahoma home inspection: the bottom line

Purchasing a home is a significant decision that warrants careful consideration. Prior to finalizing the purchase of your ideal home in Oklahoma, a thorough home inspection is your ticket to peace of mind. By ensuring that you’re well-informed about the property’s condition, you’re setting the stage for a confident and secure investment.

Source: redfin.com

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Denver-based real estate giant RE/MAX announced that it was laying off 7% of its staff on Friday. According to the company’s filing with the Securities and Exchange Commission, layoffs were part of a reorganization, which RE/MAX said is “intended to streamline the Company’s operations and yield cost savings over the long term.”

The filing stated that RE/MAX expects the reorganization to be substantially complete by the end of the quarter. RE/MAX also noted that the reorganization will result in a pre-tax cash charge for one-time termination benefits between $2.75 million and $3.25 million.

In the same filing, RE/MAX announced that it had let go of Adam Grosshans, the firm’s principal accounting officer, as part of the reorganization. Leah Jenkins, who currently serves as executive director of financial reporting and technical accounting, was named vice president and chief accounting officer. She was also appointed as RE/MAX’s new principal accounting officer.

“These measures are strategically designed so that we are better positioned to continue executing on growth initiatives for our networks and driving value for our stakeholders,” the company said in a statement. “Growth of the RE/MAX and Motto Mortgage networks is a collective advantage, and our commitment remains steadfast in delivering a greater return for all. Though it is difficult to say goodbye to teammates, their contributions are greatly appreciated and they are leaving with our utmost gratitude and support.”

RE/MAX laid off 17% of its staff, roughly 120 employees, a little over a year ago. The July 2022 layoff impacted technology workers, including operators of the booj platform, as RE/MAX shutdown booj prior to partnering with Inside Real Estate and its kvCORE platform.

During the second quarter of 2023, RE/MAX recorded a 10.6% annual decline in revenue to $82.4 million, and a net income of $2 million, down from $5.8 million a year prior. The firm has also struggled to maintain its U.S. agent count in recent months. In Q2 2023, U.S. agent count was down 6.3% year over year, to 56,987 agents.

Source: housingwire.com