Mortgage rates mostly leveled off in the week ending Aug. 15, following last week’s comparatively precipitous drop.
30-year fixed-rate mortgages fell one basis point to 6.28%. A basis point is one one-hundredth of a percentage point.
While rates may be cooling slightly, home prices continue to heat up around the country.
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Median home prices hit mega millions in some metro areas
The sale prices of single-family existing homes rose in the second quarter of 2024 in 89% of tracked metro areas, according to the National Association of Realtors (NAR).
Within these areas, three metros saw price gains of nearly 20%: Racine, WI (19.8%), Glen Falls, NY (19.8%) and El Paso, TX (19.2%). The national median single-family existing-home price grew 4.9% from this time last year, reaching $422,100.
Seven of the top 10 most expensive metros at the end of Q2 are in California. The most expensive metro measured was San Jose-Sunnyvale-Santa Clara, where the median home price grew 11.6% to an eye-watering $2,008,000.
NAR Chief Economist Lawrence Yun acknowledged that this is a boon for homeowners who continue to see their equity bloat, while would-be buyers face an even steeper climb up the economic ladder. “It’s difficult for those wanting to buy a home as the required income to qualify has roughly doubled from just a few years ago,” he said.
In fact, the national median home sale price is $100,000 more than in Q2 2019, in which the St. Louis Federal Reserve pegs at $322,500. That’s an increase of nearly 31% in just five years. To add additional perspective, the average 30-year mortgage rate never went above 4.65% in all of 2019, compared to 2024’s peak (so far) of 7.448% in May.
While price growth may seem discouraging, it is decelerating
Those in the market to buy a home may find these numbers disheartening, but price growth is ever-so-slightly slowing down. The national median home price increased 4.9% in Q2, compared to 5% in Q1. And though sale prices rose in 89% of tracked metro areas in Q2, this is down from 93% in Q1.
10% of tracked metro markets actually saw price declines, up from 7% in Q1.
If you’re planning to purchase a home, there are steps you can take now to maximize affordability — namely, shopping around for the best rate.
Explore mortgages today and get started on your homeownership goals
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NAR chief economist Lawrence Yun commented on the implications of these record prices: “It’s terrific news for homeowners who are moving ahead in wealth gains. However, it’s difficult for those wanting to buy a home as the required income to qualify has roughly doubled from just a few years ago.” Price appreciation in cities In … [Read more…]
Homebuyers have a variety of financing options to consider. If you’re a current homeowner, a bridge loan and a home equity line of credit (HELOC) are two possible choices that let you use the equity in your home to finance your next home purchase.
But there are key distinctions in how these funds can be used, as well as pros and cons for each. Let’s take a closer look at how bridge loans and HELOCs compare.
What Is a Bridge Loan?
Bridge loans, sometimes referred to as swing loans, interim financing, or gap financing, are a short-term, lump-sum financing option that’s typically used to purchase a new home before the sale of an existing property.
If you’re figuring out how to buy and sell a house at the same time, coming up with a down payment on the new house when you haven’t yet received payment for your current house can be challenging. This is when a bridge loan could come in handy — by filling the gap in funding so you can secure your new home without having to make a sale-contingent offer or feel pressured to accept a low bid on your current home.
Borrowers typically approach bridge loans in one of two ways: A common scenario involves using a bridge loan to cover just the down payment and closing costs on a new home. Alternatively, borrowers can apply for a larger bridge loan — potentially up to 80 percent of the value of both properties. With this second approach, borrowers pay off the entire mortgage on their current home and apply the remaining funds toward closing on their new home.
When comparing a bridge loan vs. a HELOC, note that both financing options are often secured using an existing home as collateral. An important difference is that bridge loans aren’t meant to be used for long-term financing, as they come with relatively higher interest rates and loan terms between six months and a couple years.
What Is a Home Equity Line of Credit?
A home equity line of credit, or HELOC, is a type of financing that leverages home equity to fund a variety of expenses. Borrowers can typically take out between 75% to 85% of their home equity — the value of their home minus the mortgage balance — with a HELOC.
A HELOC works much like a credit card, providing a revolving line of credit that can be drawn upon as needed. However, a HELOC offers lower interest rates than a credit card since it’s secured by an existing property.
When you consider a HELOC, there are two phases to keep in mind: the draw period and the repayment period. During the draw period, which often spans 10 years, borrowers can access available funds as needed while only having to pay interest on the amount that’s withdrawn.
Once the draw period ends, funds can no longer be withdrawn and the repayment period kicks in. Borrowers will need to make regular payments on the principal, plus interest, until the balance is paid off. On a HELOC with a 10-year draw period, borrowers can expect to have a 20-year repayment period. This extended repayment time frame is a notable distinction between a bridge loan vs. a HELOC.
You may have heard about a home equity loan, which also uses your home as collateral. When comparing a HELOC vs. a home equity loan, some key differences are that with the latter, funds are disbursed immediately as a lump sum and repayment begins right away. If you’re weighing a bridge loan vs. home equity loan, note that home equity loans usually have fixed interest rates and terms ranging from five to 30 years.
Recommended: Home Loan Help Center
Pros and Cons of Each Financing Option
Both bridge loans and HELOCs can provide quick and flexible financing. But each comes with its advantages and drawbacks.
Pros
Here’s a look at the benefits for each financing option.
Bridge Loan:
• Quick access to funds for time-sensitive transactions
• Avoids the need to make a sale-contingent offer on a new home
• Could help buyers put 20% down and avoid private mortgage insurance
• Faster processing than conventional mortgages
• Often begin with more affordable, interest-only payments
HELOC:
• Flexibility to draw on credit line whenever you need it
• Lower interest rates than bridge loans
• Interest is only charged on the funds you withdraw
• Longer repayment period than bridge loans
• Interest can be claimed as an itemized tax deduction if used for home improvements. (This tax benefit is slated to expire after 2025.)
Cons
Here are some potential disadvantages to consider when comparing a bridge loan vs. a home equity line of credit.
Bridge Loan:
• Higher interest rate than other second mortgage options
• Shorter repayment period than a HELOC
• Often requires borrowers to also use the lender for their new home mortgage
• Puts home at risk of foreclosure for missed payments
• Limited borrower protections if sale of old home falls through
HELOC:
• Typically have variable interest rates that are subject to change over the repayment period
• Risk of running up balance quickly
• Potential for large jump in payment amount when moving from the draw to the repayment period
• Uses a home as collateral like a bridge loan
• May include prepayment penalties for paying off the balance early
Is a Bridge Loan or HELOC Better for You?
It’s important to consider what you’ll be using financing for and your ability to repay the money you borrow when deciding whether a HELOC vs. bridge loan is a better bet. Situations that require funds over a longer period of time, or at different times, could be a good fit for a HELOC. Home renovations are a popular use for HELOCs, since the costs and timeline may be subject to change as the project unfolds. Funds from a HELOC may be used for other expenses like medical bills, tuition, or making a down payment if the line of credit provides sufficient funds. Note that these expenses are not eligible for a tax deduction.
A bridge loan, by comparison, is ideal for borrowers looking to buy and sell a home at the same time. Since bridge loans often start with interest-only payments, they can be an affordable option if borrowers can sell their old home soon after buying a new one. If there’s a good chance that the original residence won’t be sold for an extended period, it might be more cost-efficient to go with a home equity line of credit vs. a bridge loan.
Standard Qualifications and Requirements
Before you consider borrowing against your home equity and putting your property on the line, look closely at the qualifications and requirements. Both bridge loans and HELOCs require that borrowers have at least 20% equity in their home. Lenders factor in your creditworthiness for either loan, too. For a bridge loan, borrowers typically need a minimum credit score of 700, though some lenders may allow borrowers with lower scores. While it’s possible to qualify for a HELOC with a credit score of 620, this comes at a higher interest rate.
Requirements on how the funds are spent differs between the financing types. A HELOC offers greater flexibility in how the funds are spent, whereas bridge loans may be limited to the purchase of a new home while selling an existing property.
Application Process
Early on in the home-buying process, you’ll want to look into applying for financing. For either a bridge loan or a HELOC, you’ll need to provide documentation of homeownership, proof of income, mortgage statements showing you’ve been making on-time payments, and information on any existing debts. With either form of financing, lenders may require a home appraisal to determine the property’s market value, which is the basis for the loan or line of credit amount.
The application and underwriting processes for a bridge loan and HELOC are usually quicker than conventional mortgages, making them an ideal choice if a homebuyer needs to act fast.
Recommended: Mortgage Prequalification vs. Preapproval
The Takeaway
Both a bridge loan and a HELOC can provide quick access to financing to buy a home. There are pros and cons to each financing type, so it’s important to determine which works best for your financial situation. Remember that both financing options use your current home as collateral, meaning that lenders can foreclose on your house if you fall behind on payments.
SoFi now offers flexible HELOCs. Our HELOC options allow you to access up to 95% of your home’s value, or $500,000, at competitively low rates. And the application process is quick and convenient.
Unlock your home’s value with a home equity line of credit brokered by SoFi.
FAQ
Can you pay off bridge loans and HELOCs early?
Yes, both types of financing can be paid off early. Note that some lenders may charge prepayment fees if you pay off a HELOC within the first few years of the repayment period.
What is the average interest rate on a bridge loan?
The interest rates on bridge loans are generally 2% higher than prime mortgage rates.
What happens if you take out a HELOC, but don’t use it?
You may have to pay an inactivity fee if you open a HELOC and don’t use it. Minimal withdrawal requirements are typically outlined in your HELOC contract.
Photo credit: iStock/MicroStockHub
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
²To obtain a home equity loan, SoFi Bank (NMLS #696891) may assist you obtaining a loan from Spring EQ (NMLS #1464945).
All loan terms, fees, and rates may vary based upon individual financial and personal circumstances and state.
You may discuss with your loan officer whether a SoFi Mortgage or a home equity loan from Spring EQ is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit brokered through SoFi. Terms and conditions will apply. Before you apply for a SoFi Mortgage, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and loan amount. Minimum loan amount is $75,000. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria.
SoFi Mortgages originated through SoFi Bank, N.A., NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org). Equal Housing Lender. SoFi Bank, N.A. is currently NOT able to accept applications for refinance loans in NY.
In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.
If you have military experience, a loan from the U.S. Department of Veterans Affairs could help you take a giant step toward becoming a homeowner. VA loans come with a number of benefits — notably, they require no down payment. But first, you need to understand the VA loan pros and cons to make sure it’s the right choice.
What Is a VA Loan?
A VA loan is a federally guaranteed loan administered by the U.S. Department of Veterans Affairs. Even though the VA sets the basic eligibility requirements and guarantees the loan, borrowers actually apply to private lenders for these loans, after first obtaining a certificate of eligibility from the VA.
Definition of a VA Loan
What is a VA loan? It’s a type of mortgage designed to help improve access to home ownership for veterans, service members, reserve members, National Guard members, and surviving spouses. It comes with several noteworthy characteristics that make it attractive for homebuyers, like having no down payment requirement and limited closing costs.
Eligibility Requirements
In order to get preapproved for a VA loan, you must get a Certificate of Eligibility that ensures you meet the service qualifications. Here are the basic requirements for each type of borrower:
• Veteran: Served at least 90 continuous days of active-duty service.
• National Guard: Served at least 90 days of active duty (there are additional eligibility options if you served before August 2, 1990).
• Reserve members: Served at least 90 days of active duty (there are additional eligibility options if you served before August 2, 1990).
• Spouses: You’re the surviving spouse of a veteran or the spouse of a veteran who is missing in action or being held as a prisoner of war.
Lenders also evaluate your VA loan approval and mortgage amount based on your credit score, income, debt, and assets. The VA does not impose a minimum credit score requirement, although many lenders require a credit score of at least 620.
VA Loan Benefits
Are VA home loans good? They do come with a number of benefits. A big one is that there’s no down payment required. As long as your debt-to-income ratio can handle the mortgage payments, you can borrow up to the full sales price of the home with a minimal amount of cash at closing.
Pros of VA Loans
Here is what to think about as you weigh VA home loan pros and cons:
• No down payment requirement: You don’t have to put down any cash on your home purchase. Conventional loans typically require at least 3% down for first-time homebuyers and FHA loans require 3.5% down for all borrowers.
• No mortgage insurance: Other mortgages require that you pay private mortgage insurance when your down payment is less than 20%. There is no comparable fee with a VA loan.
• Lower interest rate: Not only are VA loan interest rates usually lower than conventional loan rates, you can apply for a VA Interest Rate Reduction if rates drop after closing.
• Flexible credit requirements: Lenders usually require a minimum credit score of 620. But technically, there is no minimum set by the government.
• No use limits: You can get a VA loan multiple times throughout your life; in fact, there are no limits on how many times you can use one to buy a home.
Cons of VA Loans
In addition to these advantages, there are also some potential drawbacks of choosing a VA loan for your mortgage.
• Funding fee: This is a one-time fee that is paid either at closing or rolled into your mortgage balance. The fee varies depending on how many times you’ve used the VA loan and the size of your down payment. For instance, a first-time VA loan borrower with a 0% down payment would pay a 2.15% funding fee.
• Strict appraisal process: All mortgage lenders require an appraisal, but your appraiser must be VA-approved with this type of loan.
• Property eligibility requirements: The home inspection must also meet VA-specific requirements, which means you can’t finance a major fixer-upper. For instance, it needs a working HVAC system, no lead paint, and adequate roofing, among other criteria.
VA Loans vs. Conventional Loans
When comparing a VA loan vs. a conventional loan, there are some significant differences to consider.
Down Payment Requirements
A VA loan has no minimum down payment requirement, while a conventional loan requires at least 3% down for first-time homebuyers. In the first quarter of 2024, the median home sales price was about $420,000. With a conventional loan on that amount, a first-time homebuyer would need a down payment of at least $12,600.
Credit Score Requirements
Although there’s no agency-mandated minimum credit score for VA loans, most lenders set a minimum of 620 — the same you’ll typically find with a conventional mortgage.
Mortgage Insurance
Although you may be required to pay a one-time funding fee with a VA loan, there’s no ongoing mortgage insurance like you may have to pay with a conventional mortgage.
Private mortgage insurance (PMI) is required with a conventional loan if your down payment is less than 20%. You may have a one-time, upfront payment at closing, or your PMI may be split up between up-front and monthly premiums that are rolled into your mortgage payment.
When to Choose a VA Loan
VA loans pros and cons may matter more or less depending on your personal situation. Some examples of when a VA loan may be the best choice include:
• Buyers who don’t have cash for a down payment or want to preserve cash for other goals may want to go with a VA loan after they weigh VA home loan pros and cons.
• Buyers who can’t make a 20% down payment (who would have to pay for private mortgage insurance if they obtained a conventional mortgage loan) might find a VA loan especially appealing.
First-time homebuyers can prequalify for a SoFi mortgage loan, with as little as 3% down.
Questions? Call (844)-763-4466.
Alternatives to VA Loans
Even if you’re eligible for a VA loan, it still makes sense to look at other options. Three other common types of mortgages include FHA loans (backed by the Federal Housing Administration), conventional loans, and U.S. Department of Agriculture loans.
FHA Loans
An FHA loan is another federally guaranteed mortgage with flexible credit requirements. To qualify for a minimum down payment of just 3.5%, you need at least a 580. But you can still qualify with a 500 credit score, as long as you pay at least 10% down.
With a lower down payment, you must pay a mortgage insurance premium. There is an upfront fee at closing, as well as a monthly fee. If your down payment is less than 10%, the fee stays on for the life of the loan unless you refinance to a new mortgage.
Conventional Loans
Some conventional mortgages allow for a down payment as low as 3% for first-time homebuyers, though others may require 5%. You must pay private mortgage insurance for down payments under 20%, but that fee usually drops off once you have 20% equity in your home. The credit requirements are usually a little higher with conventional loans.
USDA Loans
A USDA loan is designed for individuals looking to buy a home in a rural area. You can explore eligible properties on the USDA website. However, you also need to meet certain income limits based on your county and family size in order to qualify for this 0% down payment mortgage.
The Takeaway
Weigh VA loan pros and cons to make sure you choose the best mortgage for your personal financial situation. Among the things you’ll want to consider are your credit score and how much, if anything, you have saved for a down payment on a new home.
SoFi offers VA loans with competitive interest rates, no private mortgage insurance, and down payments as low as 0%. Eligible service members, veterans, and survivors may use the benefit multiple times.
Our Mortgage Loan Officers are ready to guide you through the process step by step.
FAQs
How hard is it to get a VA loan?
VA loans have more flexibility with application requirements compared to other types of loans, as long as you meet the military service requirements. There may also be additional restrictions on the type of home you buy, especially if you’re eying a fixer upper.
Are down payments required for a VA loan?
No, you may get a VA loan with no down payment, as long as your debt-to-income ratio suggests that you can make the monthly mortgage payments.
What credit score do I need for a VA loan?
The VA itself does not require a minimum credit score but most lenders look for a minimum credit score of 620 for VA loans.
Photo credit: iStock/sommart
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
As the leaves begin to change and the air turns crisp, our homes naturally become a refuge from the cooler temperatures outside. Fall is a season that invites us to embrace warmth, comfort, and a connection to nature. The 2024 fall decor trends are poised to blend timeless seasonal elements with fresh ideas, offering a perfect blend of tradition and innovation. In this Rent. guide, we’ll take an in-depth look at what to expect this season and how to incorporate these trends into your home, whether you’re buying a home in Annapolis, MD, or renting an idyllic San Diego apartment.
Setting the scene for fall
At the tail end of the summer heat, it can be tricky to think far ahead of other seasons. Before tackling your next season’s decor, get into the right state of mind. “I love fall,” interior designer Laura Medicus with The Colorado Nest begins, “first order of business to get your home and mind ready – put on Taylor Swift’s Folklore album and bake some pumpkin bread so the house smells great. Then, work in some velvet. Velvet pillows in mustard yellow, deep charcoal, forest green, or burgundy work magic. Pair those with a plaid throw in cozy colors, add some candles, and find some thrillers to read as the nights grow longer,” Medicus concludes. By setting the scene, and starting small, you’re ensured to embrace the fall vibes earnestly.
1. Earthy tones and warm neutrals
The color palette for fall 2024 is all about earthy tones and warm neutrals. “Embrace the fall 2024 decorating trends with the trending colors of the season; deep forest green, cream, and tan, or go with vintage glamour with rich burgundy, gold accents, and dark walnut softened with blush pink and ivory,” recommends Libier Reynolds, lifestyle expert and Christian speaker. ” Incorporate natural textures and warm earth tones into your beautiful living space; opt for terracotta pots, wooden accents, and cozy textiles like linen and velvet. Most of all, be grateful for and enjoy your space. Remember a little love makes any space a home.
These colors are known for their ability to create a cozy, inviting atmosphere that makes any space feel like a warm hug on a chilly day. And how you combine them is equally as important as the hues themselves. “This year’s color schemes are making a clear diversion from years’ past popular trends of rust, camels, and taupe,” explains Anna Markow with Buy Wholesale Clothing.
So what’s replacing those fall staple colors? “In this early autumn preview I’m seeing a wide spectrum of hues being entertained from magenta to forest green and what can be said with certainty is yellows, mustards, and rusts have fallen greatly in popularity. My early pick for the winning color combination for the upcoming fall and winter would be a mix of greens and darker hues like charcoal with a pop of color sprinkled in including the aforementioned magenta,” Markow predicts.
Image courtesy of Lisa Audit Art
2. Sustainable and natural materials
Sustainability continues to play a crucial role in shaping decor trends, and this fall is no exception. In 2024, there’s a growing emphasis on using natural, eco-friendly materials that not only enhance the aesthetic appeal of our homes but also contribute to a more sustainable lifestyle.
“Embrace sustainable decor to enhance your living space this fall 2024,” recommends Interior designer, Kelly Moorcroft with Spaces by Kelly. “This can be easily achieved by incorporating the beauty of nature and being mindful of our impact on the environment. Shop sustainably by sourcing a reclaimed wooden table, repurposing vintage furniture, or selecting natural materials in warm, earthy tones. Choose quality, timeless pieces instead of fast decor trends to reduce waste and create a warm space filled with your own personality and memories – perfect for relaxing during long fall evenings,” Moorcroft explains.
Natural materials add texture and depth to a space while creating a connection to the natural world. “This fall, I am embracing the season by incorporating nature-inspired elements into my décor (surprise, surprise),” shares Dorothy Huntsman with Dayhouse Studio. “Warm, earthy tones like deep greens, burnt oranges, and rich browns as well as pops of blues can create a cozy and inviting atmosphere.
I’m also adding layers of texture with natural materials such as plants and flowers, wood, soft wool, textured wallpapers, and stone to enhance the sensory experience. As a bonus, these elements are known to improve your health. Plants purify indoor air by removing toxins and increasing oxygen levels and natural materials lower cortisol levels, reducing stress and promoting relaxation as well as improving mood and decreasing feelings of anxiety and depression,” Huntsman shares. “So it’s pretty much a no-brainer for me and my clients to incorporate these elements into the home environment. Right?”
Though plants are often recommended decor items, no one specified that they have to be living. “Dried flowers are making a beautiful comeback this fall, offering a timeless and elegant way to decorate,” artist Lisa Audit shares. “I simply love using them to add a touch of nature indoors. Their neutral palette of soft beige, with hints of orange, yellow, and deep red, creates a warm and inviting atmosphere. Perfect for any arrangement, dried flowers bring a cozy yet sophisticated charm that’s ideal for the 2024 fall season,” Audit concludes.
3. Vintage and retro revival
Nostalgia will be a key influence in fall decor trends for 2024, with a resurgence of vintage and retro styles. This trend is all about bringing the past into the present in a way that feels fresh and contemporary. Decor from the ’70s and ’80s, characterized by bold patterns, retro color schemes, unique textures, and classic furniture shapes, is making a comeback, adding a touch of character and history to modern homes.
This revival isn’t just about replicating past styles but rather blending them with modern elements to create a unique, eclectic look. “The trends this fall are about embracing rich textures and elegant details. Velvet is making a huge comeback, especially on golden hues,” shares lifestyle blogger, Sonya Burgess. “Scalloped edges bring in a playful element, while marble accents continue to be a classic staple. Add these to traditional fall favorites such as layering textures, natural elements, and the warm glow of seasonal candles to create the beloved cozy fall feel to your home.”
To avoid overwhelming your space with too much retro influence, mix these vintage elements with contemporary pieces. For example, pair a bold, retro-patterned wallpaper with sleek, modern furniture or add a vintage armchair to a room with minimalist decor. This blend of old and new creates a dynamic contrast that feels both nostalgic and fresh.
Image courtesy of Maeve
4. Maximalist decor with a cozy twist
For several years, minimalism has been the go-to trend in home decor, but 2024 is seeing a shift towards maximalism, particularly in the fall. This trend is about embracing abundance — filling your space with colors, patterns, textures, and objects that reflect your personality and interests. It’s about creating a space that feels lived-in, cozy, and welcoming.
‘For fall 2024, dive into maximalism by embracing bold, sophisticated decor that truly expresses your personality,” Ana Medeiros, creative director of Maeve recommends. “Mix rich colors, intricate patterns, and a variety of luxurious textures to create a vibrant and inviting space. Layer rugs, throws, and cushions, and don’t shy away from combining different finishes and styles. This trend is all about creating a visually stimulating, cozy environment that’s uniquely you,” Medeiros shares.
5. Artisanal and handmade pieces
In a world where mass production often dominates, there’s a growing appreciation for artisanal and handmade items. In the upcoming fall season, you will see a continued focus on unique, handcrafted decor that adds a personal touch to your home. These pieces, whether they’re pottery, textiles, or furniture, bring a sense of craftsmanship and authenticity that mass-produced items often lack.
Artisanal and handmade pieces are fantastic ways to add texture to your space as well, which quickly elevates any room. “One of the delightful things about the change in weather in the fall is the opportunity to add comforting textures to your spaces,” notes Karen Highland with Frederick Real Estate Online. “You can easily elevate your autumn decor by adding textured elements such as cozy throws, plush pillows, and knit blankets. Woven baskets, faux fur, and velvet cushions also bring a comforting touch to any room. These pieces not only provide warmth but also infuse your room with a seasonal charm that embodies fall. By incorporating these textural accents, you can create a welcoming and inviting atmosphere perfect for the cooler months.”
6. Small, thoughtful changes
For those who want to refresh their decor without overwhelming their space or budget, this upcoming fall is all about small, thoughtful changes that make a big impact. This approach is perfect for anyone who wants to embrace the season’s vibes without committing to a full redesign.
“My biggest tip for decorating for a season like fall is to make simple changes to your everyday lifestyle,” recommends interior designer Rashmi Patel with Rushme Home. “For example, I love changing out pillows, it’s such a subtle way to change up the colors and go for more burgundy and greens. I also love updating my faux stems on the kitchen island or a console table to liven up the space for fall. The last tip is to add a nice deeper-toned throw blanket on the couch or an accent chair for a pop of color for the season. Decorating for fall shouldn’t be stressful, it should be fun, easy, and a quick way to feel the season,” Patel shares.
By making these small updates, you can infuse your home with the warmth and charm of the season, creating a space that feels fresh and inviting without the need for major renovations.
Image courtesy of Marbella Studio
Fall 2024 season at a glance
“Get ready for fall 2024 with the hottest interior design trends. Embrace the cozy elegance of neutral tones paired with organic textures, setting a serene and inviting mood. This season, expect to see geometric patterns making a bold statement in pillows and decor, adding a dynamic touch to your space,” shares interior design experts at Marbella Studio. “Modern lighting, such as globe pendants, will illuminate your home with a warm, contemporary glow. Decor tips: incorporate natural elements like stone or ceramic vases, and layer your seating with plush throws and textured cushions for added comfort. Transform your living space with these trends and make your home the epitome of autumnal sophistication.”
Depending on your geographic location, your fall season may look unique and tailored. Camille Duvall, real estate expert, shares her take on the upcoming fall season in Lake Tahoe. “As you prepare your Lake Tahoe home for fall, embrace cozy warmth and style by incorporating Tibetan lamb throws and pillows. Swap out summer linens for those in earthy jewel tones and organic neutral shades to complement the soon-to-be snowy backdrop,” Duvall shares.
“Instead of traditional bear motifs and kitschy ski posters, opt for local organic handmade pieces, such as live-edge furniture and woven baskets crafted by local artists. Tribal art and unique textures will add depth and a contemporary flair to your space, creating a fresh look that embodies the essence of Tahoe’s natural beauty and artistic spirit.”
Coziness is always in style
This fall season is shaping up to be a season of warmth, comfort, and personality in home decor. By embracing both earthy and unexpected jewel tones, sustainable materials, vintage pieces, cozy maximalism, and artisanal decor, you can create a home that feels inviting and reflective of the season.
Whether you’re looking to make big changes or simply update a few pieces, these fall decor trends offer endless inspiration for a stylish and cozy fall home. So, as the leaves begin to fall and the days grow shorter, take the opportunity to refresh your space and create a haven that celebrates the beauty of the season.
Sacramento often flies under the radar compared to its flashier neighbors, but those who live here know it’s a gem worth discovering. Known for its abundant sunshine, farm-to-fork dining, and rich tree canopy, Sacramento offers a unique blend of urban amenities and natural beauty. As a city that has grown rapidly in recent years, it attracts new residents with its relatively affordable cost of living, thriving job market, and laid-back vibe. Not sure if Sactown is for you? Read on to find out what to expect if you’re considering a move to the Sacramento area in 2024.
You know it from: Lady Bird, Sacramento, Step Brothers
Average 1 bedroom rent: $2,022 | Sacramento apartments for rent, Sacramento houses for rent
Average home price: $520,000 | Sacramento homes for sale
Average cost of full-service moving services: $182/hr for 2 movers
Average cost to rent a moving truck: $19 – $39/day
Top industries: Agriculture, Health Care, Education
Move here for: Farmer’s markets and fresh food, tree-lined streets, great biking and outdoor opportunities
Be sure to bring: Your bike and your sunscreen
1. Sacramento’s weather is perfect for sun lovers
Sacramento enjoys over 260 days of sunshine each year, making it a haven for anyone who craves warmth. Summers can get scorching, with temperatures often exceeding 90°F, but the low humidity makes it bearable. Winters are mild, with occasional rain but rarely dipping below freezing. If you love basking in the sun or enjoy outdoor activities year-round, Sacramento’s climate won’t disappoint. Just be prepared with sunscreen and stay hydrated during those hot summer days.
2. The farm-to-fork capital lives up to its name
Sacramento takes pride in being the “Farm-to-Fork Capital” of the U.S., and it’s not just a catchy slogan. With its proximity to fertile farmland, the city boasts an impressive array of fresh, local produce. Farmers markets abound, and restaurants highlight seasonal ingredients, making it a food lover’s paradise. Dining out in Sacramento means enjoying meals that are fresh, flavorful, and locally sourced. Whether it’s a casual café in Midtown or a high-end restaurant Downtown, you’ll taste the difference.
3. The cost of living is rising but still reasonable
Compared to other California cities like San Francisco or Los Angeles, Sacramento’s cost of living remains relatively affordable, but that gap is closing. Housing prices have been climbing steadily, with the average home costing around $520,000. Renters will find that decent apartments are still available, but they go fast. While Sacramento’s cost of living is 20% higher than the national average, it’s still more manageable than in other major California cities.
Moving Tip: Be prepared to act quickly if you find a house or apartment you like. Competition is fierce, whether you’re looking to rent or buy a home. The average single family home only stays on the market for 11 days. If you are looking for buy, working with a local real estate agent can help ensure you find the perfect home.
4. Traffic can be a frustrating reality
Sacramento’s traffic isn’t as notorious as L.A.’s, but it can still be a headache. I-5 and Highway 50 see regular congestion, especially during rush hour. The city’s rapid growth has outpaced its infrastructure, leading to bottlenecks and delays. On the bright side, Sacramento is investing in its public transportation system, which could ease some of the traffic woes in the future.
Moving Tip: If you’re commuting from suburbs like Elk Grove or Roseville, expect to spend a fair amount of time in your car. If you’re hoping to rely on pubic transit, you’ll want to live closer to the city center.
5. Sacramento is a cyclist’s dream
With its flat terrain and bike-friendly streets, Sacramento is a cyclist’s paradise. The American River Parkway offers 32 miles of scenic bike trails, perfect for weekend rides. Midtown and Downtown are particularly bike-friendly, with ample bike lanes and easy access to local shops and restaurants. If you’re looking to ditch your car, Sacramento makes it easy to get around on two wheels.
Moving Tip: Sacramento’s commitment to cycling extends to its community, with frequent bike events and a growing network of cycling clubs.
6. The local craft beer scene is thriving
Beer enthusiasts will feel right at home in Sacramento, which boasts a vibrant craft beer scene. With over 50 breweries in the region, there’s always something new to try. Midtown, in particular, is a hotspot for craft beer, with popular spots like Device Brewing and Urban Roots offering diverse selections. Sacramento’s beer culture is laid-back and welcoming, making it easy to strike up a conversation with fellow beer lovers. Whether you’re into IPAs, stouts, or sours, you’ll find plenty to satisfy your palate.
7. The tree canopy is something to behold
Sacramento is often called the “City of Trees,” and for good reason. The city’s tree canopy is one of the densest in the nation, with over 100,000 trees lining its streets. Walking through neighborhoods like Land Park or East Sacramento, you’ll be greeted by towering oaks, elms, and sycamores that provide shade and beauty. The trees not only enhance the city’s aesthetics but also help keep temperatures cooler during the hot summer months. If you appreciate nature, Sacramento’s lush greenery will be a daily delight.
8. The job market is growing but competitive
Sacramento’s job market has been expanding, particularly in government, healthcare, and tech sectors. Major employers include the State of California, Sutter Health, and Intel, offering a variety of career opportunities. However, the job market can be competitive, especially for those seeking positions in specialized fields. Networking is key, and connecting with local professionals through events or LinkedIn can make a difference. If you’re relocating for work, it’s wise to have a job lined up or at least a solid plan for your job search.
9. Public transit is improving but still lags
While Sacramento’s public transportation is better than it used to be, it still has room for improvement. The Sacramento Regional Transit (SacRT) system offers light rail and bus services, but coverage can be spotty outside of the city center. If you live in Downtown or Midtown, you can get by without a car, but suburban areas might find it less convenient. On the plus side, SacRT has been expanding its services and improving reliability, making it a viable option for some commuters.
10. Sacramento’s art scene is flourishing
Sacramento’s art scene is experiencing a renaissance, with murals, galleries, and performance spaces popping up across the city. The Wide Open Walls mural festival has transformed the city into an open-air gallery, with stunning street art around every corner. Midtown and Downtown are hubs for creativity, featuring galleries and institutions like the Crocker Art Museum and monthly art walks. Whether you’re into traditional art, modern installations, or street performances, Sacramento offers a thriving cultural experience that’s worth exploring.
11. The proximity to nature is unbeatable
Living in Sacramento means being just a short drive away from some of California’s most stunning natural landscapes. Lake Tahoe, Yosemite National Park, and the Napa Valley are all within a few hours’ reach. Whether you’re into skiing, hiking, or wine tasting, weekend getaways are a breeze. Even within the city, parks like William Land Park and the Sacramento River provide plenty of opportunities for outdoor activities. If you love nature and adventure, Sacramento’s location is a major perk.
12. Sacramento’s food scene is diverse and delicious
Sacramento’s culinary landscape is as diverse as its population, offering everything from authentic Mexican tacos in South Sacramento to upscale dining in Midtown. The city’s food scene reflects its agricultural roots, with farm-to-table dining being the norm rather than the exception. Food trucks are also a big deal, especially at events like SactoMoFo, where you can sample a variety of cuisines in one place. Whether you’re a foodie or just love a good meal, Sacramento’s dining options won’t disappoint.
13. Sports fans have plenty to cheer about
Sacramento might not have as many professional sports teams as larger cities, but it’s home to some passionate fans. The Sacramento Kings have a loyal following, and game nights at the Golden 1 Center are electric. Soccer enthusiasts can catch Sacramento Republic FC in action, with plans for the team to join Major League Soccer in the works. If you’re a sports fan, Sacramento offers plenty of opportunities to get in on the action.
Moving Tip: Local sports bars like The Zebra Club are always buzzing with excitement, whether it’s for NBA, NFL, or college games.
Methodology: Average rent prices sourced from Rent.com August 2024. Home prices sourced from Redfin August 2024. Average moving costs sourced from MoveBuddha. Employment data sourced from Executech.
You’ve probably heard about the big NAR settlement that could completely change how real estate works going forward.
But if you haven’t, or are unsure of what’s changing, there are two new rules set to go into effect August 17th, 2024.
The first is that offers of compensation will be prohibited on Multiple Listing Services (MLSs).
In other words, listing agents won’t be able to say they’re offering 2% or 3% to the buyer’s agent on the MLS.
The logic is that this type of co-op commission leaves the buyer out of the conversation, which isn’t fair if the buyer ultimately pays for it.
While they may not pay it directly, a pre-determined commission might result in a higher sales price.
In addition, there’s also not much transparency about the fee, nor do consumers know such fees are negotiable.
Simply put, this move is intended to boost transparency and ideally lower fees for consumers by letting buyers negotiate with their agents separately.
But there might be some unintended consequences as a result, which I’ll get to in a moment.
The other major change is that buyers must sign a written agreement before they can tour a property. At that time, compensation will also be discussed.
Real Estate Agent Fees May Drop, However…
Now about those unintended consequences I alluded to. While the standard commission might go down thanks to these new rules, from say 2.5% to 1.5% or even 1% on the buy-side, there’s still the question of who pays it.
As noted, the seller can continue to offer buyer agent compensation, it just can’t be included on the MLS.
So hypothetically this could be conveyed in other ways, such as on their own brokerage website listing, via phone call, text, etc. At least that is what some think for now.
That too could change if this evolves into a situation where co-op commission is completely banned and decoupled.
But as of now, many real estate agents assume they can still make offers of compensation via channels other than the MLS.
In theory, this means nothing might change in some transactions. For example, a seller could tell their listing agent to offer 2.5% to a buyer’s agent. And a buyer’s agent may ask for 2.5% from their buyer.
The logic here is that they want to move the property quickly, and being stingy could backfire.
If they only offer 1%, or offer nothing at all, a buyer’s agent may need to make up the shortfall with the home buyer.
At that point, the buyer may balk or simply be unable to come up with the out-of-pocket funds to pay it.
When all is said and done, the seller might lose a buyer and kick themselves for not just offering compensation and getting a decent sales price.
On the other side of the coin, a buyer might be OK with getting nothing from the seller and paying their agent themselves to sweeten their offer (assuming multiple bidders).
So there are a lot of scenarios here and still a lot of uncertainty about how this could evolve.
But some things I’ve seen thus far are a real estate sign that makes clear the seller will offer buyer agent compensation, buyers forgoing an agent and contacting the listing agent directly, and some even signing a form that says they won’t tour homes that don’t offer compensation to the buyer’s agent.
It’s going to be very interesting. And like I said, it’s still very fluid and there’s a lot we still don’t know.
How Will Home Buyers Pay for Buyer Agent Compensation?
Beginning August 17th, 2024, home buyers will have a few options to pay the buyer agent compensation.
They can maintain the status quo and hope the seller offers it, with the buyer’s agent fee coming out of the sales proceeds.
They can go direct to the listing agent and request a dual agency, where the listing agent represents both buyer and seller.
They can hire a real estate lawyer and have them guide them through the process for a flat fee, assuming such a setup is permitted.
Or they can foot the bill themselves by simply paying it out of pocket.
Some folks seem to think buyers are going to increasingly pay the buyer’s agent commission themselves.
While I don’t fully agree, given the fact that most Americans can barely scrape together their down payment and closing costs funds, it’ll likely happen more frequently.
And if and when it does, it could burden some home buyers, especially the aforementioned who don’t have deep pockets.
That brings us to the original question in this post. If they’re unable to pay cash, can real estate commissions be financed instead?
Real Estate Commissions Can’t Be Financed
At the moment, real estate commissions can’t be rolled into the loan amount, aka financed.
This goes for all major loan types, including conforming loans backed by Fannie Mae and Freddie Mac, along with FHA loans and VA loans.
The same is true of USDA loans for that matter as well, as seen in the screenshot above.
However, it’s important to note that real estate commissions aren’t considered in the maximum interested party contribution (IPC) calculations.
So you can get the seller to pay your buyer’s agent and still get the full amount of seller concessions for other stuff like lender fees and third-party costs, including title insurance and home appraisal.
Both Fannie Mae and Freddie Mac issued letters to confirm that real estate agent commissions won’t count towards the IPC limits if they continue to be customarily paid by sellers.
And the VA released a circular because their regulations specify that a veteran cannot pay for real estate brokerage charges.
In light of the settlement, veterans will be permitted to pay it, assuming buyer-broker charges are not included in the loan amount. In addition, it won’t be considered a concession.
As for why real estate agent commissions can’t be financed, for one it never really came up since the seller would typically pay the buyer’s agent via sales proceeds.
This was essentially a non-issue prior to the landmark NAR settlement.
The other wrinkle is loan-to-value ratio (LTV) restrictions. If the borrower had to add an additional 2-3% of the purchase price in real estate agent commissions to their loan amount, they might no longer qualify.
This is especially true when putting down 0% to 3.5%, which is quite common these days. The homes simply won’t appraise and the max LTVs will be exceeded.
Could this change in the future? It’s possible but not necessarily probable for the issues mentioned above.
What About Using a Lender Credit to Pay Real Estate Commission?
Now let’s talk about a potential solution if the seller won’t offer buyer agent compensation and you don’t have cash to pay it out of pocket.
One viable option could be the use of a lender credit, which technically can’t be used for real estate agent commissions.
However, if the lender credit were used for other costs, such as lender fees and third-party fees, it would free up cash to be used elsewhere.
For example, say you’ve got a $500,000 loan amount and the buyer’s agent wants you to pay them 1%.
A 1% lender credit frees up $5,000 in cash to pay those other costs, allowing a buyer to compensate their agent with the freed up cash.
It’s still very early goings and unclear if such an arrangement will be permitted. After all, co-op commission might be on the chopping block next. But it’s something to consider.
Ultimately, it will likely be best for most home sellers to continue to pay the buyer’s agent via the sales proceeds.
This should maximize the number of eligible buyers/bidders and not shut out first-time home buyers, who are most at risk due to limited funds.
The good news is these real estate agent fees could come down as a result, saving both buyers and sellers some money along the way.
Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 18 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on Twitter for hot takes.
Welcome to my Printify Review! Are you thinking about starting a print-on-demand business? Printify might be the perfect partner for you. It’s a print-on-demand service that helps you design, create, and sell custom products like T-shirts, mugs, and more without worrying about inventory. Whether you want to make extra income with a side hustle or…
Welcome to my Printify Review! Are you thinking about starting a print-on-demand business?
Printify might be the perfect partner for you. It’s a print-on-demand service that helps you design, create, and sell custom products like T-shirts, mugs, and more without worrying about inventory.
Whether you want to make extra income with a side hustle or start a full-time business, this can be a way to start making money.
You can easily connect Printify with popular e-commerce platforms (like Etsy), making it simple for you to start selling. It has a free plan with unlimited product creation, which is great if you’re just beginning. With a large product catalog and reasonable pricing, Printify is a favorite among many online store owners.
You can learn more about Printify by clicking here.
Printify Review
Below is my Printify review.
What is Printify?
Printify is a company that has a print-on-demand service, and this means you can create custom products like T-shirts, hoodies, mugs, and more without worrying about keeping an inventory.
To start, you pick a blank item from Printify, such as a T-shirt. Then, you upload your own design or artwork to their platform.
When a customer buys from your online store, Printify takes care of making the product and shipping it. This makes it super easy to run an online shop without handling the products yourself.
Printify also integrates with popular e-commerce sites like Shopify, Etsy, Squarespace, Wix, Amazon, and WooCommerce. This makes it simple to set up your store and start selling quickly.
Here are some features of Printify:
No minimum orders – You can sell one item or hundreds without any restrictions.
Wide product selection – From apparel to home goods, there’s a lot to choose from with Printify’s product catalog.
Automated fulfillment – Printify handles printing and shipping, saving you time.
Mockup generator – With this tool, you can get a better idea of what your print on the product will look like.
Using Printify, you can easily start a print-on-demand business with little upfront cost. It’s a great way to earn money by selling custom-designed products online.
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This freebie will teach you about print-on-demand as well as give you a list of 17 hot-selling products you can sell via print on demand.
What is print-on-demand?
Print-on-demand, or POD, is a service that lets you sell custom-made products without keeping any inventory yourself, and you can make money with just your laptop.
You design items like T-shirts, mugs, and phone cases. When someone orders, the POD service prints your design on the item and ships it directly to the customer.
Many people buy items from print-on-demand services all the time, and you might have also without even knowing it. Whether it’s a custom T-shirt with a funny saying, a unique mug with a motivational quote, or a phone case with a special design, print-on-demand makes it easy to get personalized items.
This way of doing business lets sellers sell lots of products without keeping any stock because items are only made when someone orders them. Because of this, print-on-demand is a popular way for creative people and entrepreneurs to earn extra money. It’s a great way for shoppers to find unique items and support independent artists and small businesses too.
You can learn more about starting a print-on-demand business at How I Make $1,500 Monthly With My Print-On-Demand Business. This is an interview I did with someone who has a print-on-demand side hustle and she profits around $500 to $1,500 per month. She has made over 6,000 print-on-demand product sales too!
I recommend signing up for the freebie 17 Hot-Selling Print-on-Demand Products That Can Pay for Your Next Vacation and More! to learn more.
How Printify works
Printify makes it easy for you to start selling custom products online without handling inventory or shipping.
Here’s a simple guide to understand how it works:
Sign up for a free Printify account using your email address. Once you’re logged in, complete your profile with personal details.
Browse through the catalog of over 350 products. Choose items you want to sell, like T-shirts, mugs, or phone cases. Make sure to select a print provider that has the best price and shipping time for your target audience.
Upload your custom designs. You can create designs using Printify’s tools or hire a freelancer for professional help. If you’re not a designer, there are plenty of options available to you.
Integrate your Printify account with an online sales platform like Shopify, Etsy, Walmart, or WooCommerce. This integration will automatically send orders from your store to Printify.
Once everything is set up, optimize your store and start selling. When a customer makes a purchase, Printify takes care of printing, packaging, and shipping the product directly to them.
This process lets you focus on marketing and growing your business while Printify takes care of everything else. With Printify, turning your designs into a successful online store is easy and stress-free.
What can you sell through Printify?
With Printify, you can sell a wide variety of custom products. It’s a print-on-demand service, which means you can create and sell items without keeping any inventory.
Popular items to sell on Printify include T-shirts, hoodies, mugs, phone cases, posters, tote bags, stickers, blankets, pet accessories, stationery (like notebooks and planners), jewelry, pillows, shower curtains, and custom canvas prints.
You can even hire graphic designers (you can find a graphic designer online and give them an idea of what you want them to create) if you don’t want to create designs yourself, and then you can apply these designs to any Printify product you choose to sell.
How does the quality of Printify’s products hold up in real-world use?
Printify products are known for their good quality, and they have hundreds of different items like T-shirts, hoodies, and calendars.
The print quality is overall good too.
However, quality can vary based on the supplier you select. Some suppliers are better with certain items than others, so you’ll want to make sure that you check reviews for each supplier.
How Much Does Printify Cost?
Printify has three pricing plans to fit different business needs: the Free plan, Premium plan, and Enterprise plan. You can learn more about each Printify monthly subscription below:
Free plan
Cost: $0 per month
Best for: Those starting a business
Features: Unlimited product designs
Premium plan
Cost: $29 per month (or $24.99 per month if billed annually)
Best for: Those with growing sales
Features: Unlimited product designs, up to 20% discount on all products
Enterprise plan
Cost: Custom pricing
Best for: Those with significant daily sales
Features: Unlimited product designs, additional discounts, unlimited stores per account
With the Free plan, you can start without any upfront costs. The Premium plan has value for stores that need discounts and more features. The Enterprise plan is tailored for high-volume businesses, giving them special rates and additional perks.
I recommend that you pick the plan that fits your business needs to save money and make more profit.
Printify Reviews
Printify is a popular print-on-demand service. Here are some common things I found when searching for other Printify reviews.
Printify reviews on Trustpilot
On Trustpilot, Printify has many positive reviews with a 4.7 rating out of 5 stars and over 3,000 reviews. I browsed through Printify reviews on Trustpilot, and many customers said the platform is easy to use and they like that you don’t have to handle inventory. Many also say that the customer support is very helpful and responds quickly.
What are some common complaints about Printify from customers?
Some users have negative experiences, like with any business. A frequent complaint is about the quality of some products. Customers mention that the print sometimes fades, and delays in shipping have also been a problem for a few users.
Printify vs. Competitors
Printify is a popular print-on-demand service, but how does it measure up against the competition? Here, I’ll compare it with some other popular print-on-demand platforms, such as Printful, Shopify, Redbubble, and Gelato.
Printify vs. Printful
Printify and Printful are both top choices for print-on-demand. Printful has apps for both Android and iOS, with the iOS app having a 4.7-star rating. Printify’s app is only available on Android. If you’re an iOS user, this might be a point to consider.
Printful’s Trustpilot rating is 4.6 stars (out of 5), with over 5,000 reviews.
Printify vs. Shopify
Shopify is primarily an e-commerce platform, different from Printify which focuses on print-on-demand. You can integrate Printify with Shopify to add print-on-demand products to your Shopify store. This makes it easy to manage your products and sales in one place.
Printify vs. Redbubble
Redbubble is a marketplace for artists, making it easy to sell your designs without needing a separate store. You upload your designs, and Redbubble handles everything from printing to shipping.
Printify requires you to have your own store or sales platform. This gives you more control over branding and profit margins but also means more work. If you want more control over your store, Printify might be a better fit.
Redbubble’s Trustpilot rating is 3.8 stars (out of 5), with over 27,000 reviews.
Printify vs. Gelato
Gelato has print-on-demand services with a focus on global printing. They have printing partners in multiple countries, which can mean faster delivery times for your customers.
Printify also has a wide network of printing partners, but Gelato’s global focus can sometimes lead to quicker shipping times. Both services have no minimum order requirements, but Gelato might be preferable if international shipping speed is a priority for you.
Gelato’s Trustpilot rating is 4.7 stars (out of 5), with over 1,900 reviews.
Frequently Asked Questions
Below are answers to common questions about Printify.
Is selling through Printify worth it?
Yes, selling through Printify can be worth it if you have creative designs, a good marketing plan, and you are interested in starting a print-on-demand business. It’s a great option for those who want to sell custom products without holding inventory.
Does Printify really make you money? Can you actually make money from Printify?
You can make money with Printify if your products sell well. Your earnings depend on your pricing, product choice, and marketing efforts. Many users have found success by promoting their stores effectively.
Are there any hidden costs when using Printify for your business?
Printify has a free plan, but there may be other costs like premium plans for more features, shipping fees, and product costs.
Does Printify automatically make and ship the item after the sale is made on Etsy? Or, do I have to put an order in?
Once a customer places an order, it is sent to Printify automatically. The system is designed to take care of the printing, packaging, and shipping. This means you can focus on creating and promoting your products. But remember, orders must be marked as “Paid” on Etsy for Printify to process them. If an order doesn’t appear in Printify, check if the payment status is “Paid.”
How is Printify’s customer support?
Printify’s customer service is generally helpful and responsive. They have support through email and live chat to help with any issues you may come across.
Who pays shipping on Printify?
The seller is responsible for paying the shipping costs, but you can charge your customers for shipping through your online store, so you’ll want to make sure to set the shipping rates correctly.
Do I get paid through Etsy or Printify?
If you sell through Etsy, you get paid directly through Etsy’s payment system. Printify handles the printing and shipping, while you manage the sales and payments on Etsy.
Is Printify good for beginners?
Printify is great for beginners who want to start a print-on-demand business. It has an easy-to-use website where you can make and sell custom items like T-shirts, mugs, and phone cases without needing to store any inventory.
Printify Review – Summary
I hope you enjoyed my Printify review.
Printify is a print-on-demand service and it is great for anyone wanting to sell custom products without holding inventory. You upload your designs to items like T-shirts, mugs, and hoodies. When a customer buys, Printify handles production and shipping.
One great thing about Printify is that they have a free plan, so you can test it out and see what you think. It is also easy to use and they have a wide variety of products, such as T-shirts, mugs, wall art, and more.
People buy print-on-demand items all the time, and most of my shirts are actually from companies that use POD platforms to sell them. I love supporting small businesses and getting fun and interesting graphics on the things that I own.
You can learn more about Printify by clicking here.
What do you want to sell in your online store? What other questions do you have for my Printify review?
To qualify for a mortgage, borrowers need a good credit score and sufficient savings for a down payment. A rent-to-own agreement is an alternative path to homeownership that involves renting a home with either the option or the requirement to buy the property by the end of the lease.
You probably haven’t seen many rent-to-own homes advertised on typical real estate sites, so you may be wondering, how do I find rent-to-own homes? And how does the process work? Here’s a closer look at how rent-to-own homes work, strategies for finding them, and tips for negotiating a rent-to-own agreement.
First-time homebuyers can prequalify for a SoFi mortgage loan, with as little as 3% down.
Questions? Call (844)-763-4466.
Understanding Rent-to-Own Homes
Rent-to-own homes, also known as lease-to-own homes, give renters a way to buy a home while living in it. If you’re on the fence about whether to buy or rent a home, this could potentially be a good option to try out a property and build up your finances before committing to homeownership.
Typically, the rent-to-own agreement outlines the duration of the lease, monthly rent, home sale price, and the option-to-buy fee. The latter effectively serves as security deposit for the renter’s right to buy the home at the end of the lease. This cost will likely be a minimum of 1% of the home price, and can often be applied toward the down payment later on.
With a rent-to-own arrangement, the monthly payment may include both rent that’s paid to the seller and a contribution toward a future down payment on the property, known as a rent credit.
There are two common types of agreements on rent-to-own homes: a lease-option agreement and a lease-purchase agreement.
A lease-option agreement grants some flexibility by allowing the renter to choose whether they ultimately buy the home when the lease expires. Both the home selling price and timeline for deciding to buy are included in the signed agreement, so it’s important to negotiate with the owner beforehand.
On the other hand, a lease-purchase agreement obligates the renter to buy the home at the end of the lease. Thus, it’s worth looking into mortgage preapproval beforehand to be prepared to obtain a home loan. Also make sure you can afford the purchase price outlined in the agreement. Completing a home inspection is good practice to identify any necessary repairs or expenses you would be on the hook for as the new owner.
Recommended: How Much Should You Spend on Rent?
Benefits of Rent-to-Own
A rent-to-own agreement can offer benefits for both the seller and homebuyer.
It can be challenging to save for a house while renting. A rent-to-own agreement can be structured to allocate a portion of rent toward a down payment each month, putting renters in a better financial position to buy their home. Making regular rent payments can also build up the renter’s credit score — a key factor lenders look at to determine mortgage qualification. Renters could save on moving costs, too, in the lease-to-own homes scenario, as they’ll already be inhabiting the home by the time they purchase it.
For the seller, a rent-to-own arrangement provides rental income from tenants who are motivated to pay on time and maintain the property. These agreements can also bypass real estate listing fees if structured as for-sale-by-owner. Additionally, sellers can lock in the sale price in the agreement, providing peace of mind and a clear picture of their return on investment when the property is sold.
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Potential Risks and Considerations
There are also some possible drawbacks to account for when pursuing a rent-to-own agreement.
On the buyer side, the combined cost of rent and contributing toward a future down payment can be steep. If a renter decides not to buy, they could lose out on the money paid toward the option fee and down payment. And if personal finances change and they fail to qualify for a mortgage or miss rent payments, the agreement could be canceled and they’ll forfeit their opportunity to purchase the property.
Changes in home value could be a potential risk for buyers and sellers alike. If the property drops in value, buyers could have trouble qualifying for a mortgage or be required to put more toward a down payment. For sellers, agreeing on a sale price one or more years prior to selling the home could mean missing out on a higher return on investment if the property value increases beyond what is set in the agreement.
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Online Resources for Finding Rent-to-Own Homes
Looking to find legit rent-to-own homes but don’t know where to start? There are a variety of online resources to get started and narrow your search.
Dedicated Rent-to-Own Listing Sites
There are online portals and listing sites catering to prospective buyers looking for rent-to-own properties. Accessing these sites generally comes with a monthly cost, though there may be promotions for limited trials. Some popular sites include Hidden Listings, HomeFinder, and Rent-to-Own Labs, to name a few.
Real Estate Search Engines
Using a real estate search engine can help identify potential rent-to-own properties. Homes that are in foreclosure or listings that have been sitting on the market for a long time could be open to a rent-to-own agreement. Keep in mind that cold calling sellers about rent-to-own agreements can be a time-consuming approach.
Social Media and Online Forums
Aspiring homebuyers can broaden their search by looking for rent-to-own listings on online forums or specialty groups and pages on social media. These platforms enable buyers to take the initiative in making their own post that outlines the type of property and agreement they’re interested in.
When engaging on these channels outside your known network, practice extra due diligence in reviewing leads and opportunities to avoid rent-to-own scams.
Working with Real Estate Agents
Real estate agents may know how to find rent to own homes in your target area. Listing agents may have clients or contacts selling rent-to-own homes.
If you have a specific property in mind, a real estate agent could help negotiate the rent-to-own contract with the seller, although you’ll still want to consult a real estate lawyer to review the final agreement before you sign. Keep in mind that this may include commission versus pursuing a for-sale-by-owner situation.
Alternative Strategies for Finding Rent-to-Own Opportunities
There are other options that could help unearth rent-to-own homes: Spreading the word in your own personal network is a good place to start. And if you’re in an existing rental agreement or in the market for a new place to rent, asking about rent-to-own ahead of signing a lease could open up an opportunity with a landlord who may be looking to sell in the near-term.
There are real estate brokerages and companies that offer rent-to-own programs, too.
The Takeaway
The upfront cost of a down payment and credit requirements can be barriers to financing a home purchase. Rent-to-own homes offer another avenue for aspiring buyers to make homeownership a reality. There are multiple strategies buyers can implement to find a rent-to-own arrangement, including checking out online portals, contacting sellers directly, and working with a real estate agent or brokerage. When you’re ready to move forward with a rent-to-own arrangement or any home purchase, make sure you understand your home loan options.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.
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FAQ
Are there any risks involved with rent-to-own homes?
One potential risk with rent-to-own homes is paying an option-to-buy fee that may be non-refundable if you opt not to buy the property. If the property decreases in value between signing the agreement and applying for financing, the buyer may have trouble qualifying or have to put more money toward a down payment.
What are the requirements to qualify for a rent-to-own home?
The requirements to qualify for a rent-to-own home are negotiated with the seller, but may include an upfront option-to-buy fee, credit check, and demonstrating sufficient funds to cover rent.
What happens if you can’t buy the home after renting?
If you can’t buy the home after renting, you likely won’t be able to recoup any money you’ve already paid the seller, including the option-to-buy fee and rent credit.
Photo credit: iStock/Drazen Zigic
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Coming up with the money you need to buy a house can seem out of reach for many people to do alone. According to a recent survey, about half of Americans are willing to split the cost of buying a home with someone else.
Buying a home with your sibling may help you pool your resources and get into a nicer home than you could afford alone. But there are a few steps you’ll want to take to make sure the experience is a positive one. We’ll explore these below, as well as the pros and cons of co-owning a home with your sibling.
Key takeaways:
Buying a home with your sibling may help you qualify for a more expensive or nicer home than you could on your own.
Each sibling should be open about their financial situation, including their credit score, debt-to-income ratio, and other similar factors.
Disagreements in how you maintain or manage the home could potentially cause strain in your relationship.
Working with a real estate agent who is familiar with helping siblings and co-borrowers buy homes together could simplify the process.
Step 1. Consider financial options
Take a long, hard look at your financial situation as a whole. Each of you brings a certain set of circumstances to the table. Your combined and individual finances can make a difference in the type of home you can afford and the types of loans you may qualify for.
These are the factors you’ll want to consider before you start your search:
Your credit scores: Lenders prefer to work with borrowers with higher credit scores. Be sure to check your credit score as soon as you and your sibling decide to buy a house together.
Your down payment savings: Most lenders require you to pay at least 10% of the home’s purchase price as a down payment on the loan. Consider how much each of you can afford to contribute.
Your debt-to-income ratio (DTI): Most lenders prefer working with borrowers who have a DTI of 36% or less. If your DTIs are higher, you may still qualify for a loan, but you may want to pay off some of your debt before you apply for a mortgage.
Employment history: Having a stable employment history looks better on mortgage applications. If you’ve job-hopped, you may find it harder to qualify for a loan.
The types of home loans you’re interested in: Explore your options and come to an agreement with your sibling about the types of loans you’re interested in.
Be honest with each other as you have this conversation. This way, you’ll know exactly where each of you stands.
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Step 2. Choose the best ownership agreement
When you’re buying a house with a family member, you’ll want to establish a clear ownership agreement. This outlines what happens to the property if one of you passes away. There are two main ownership options to consider:
Joint tenancy: This type of ownership agreement allows each sibling to have an equal share of ownership over the property and guarantees rights of survivorship, meaning the remaining sibling(s) will inherit the deceased sibling’s share in full.
Tenancy in common: This ownership agreement allows siblings to have unequal shares of ownership in the property. It also gives each sibling the right to sell their share at any time. Each sibling can appoint a designated person to inherit their share if they pass away.
Ultimately, the ideal ownership agreement will depend on what works best for you and your sibling.
Step 3. Consult with a real estate attorney
Real estate attorneys can help you protect your interests by making sure ownership agreements and any questions of inheritance are established legally and in a way that works for your needs and goals.
Your attorney can help you and your sibling come up with an agreement that works for both of you. And if there’s ever a dispute, your attorney can help you find a solution while still honoring the contract you and your sibling entered into.
Here are a few questions you’ll want to ask each attorney before you commit to working with them:
How much experience do you have helping siblings purchase a home together?
How will you communicate with us throughout the process?
What are your fees/how do you charge for your services?
The right real estate attorney should have experience working with siblings or at least helping two or more buyers purchase a home together. They should also be willing to communicate with you in a way that works for you, whether that’s via email, phone calls, or text messages. You’ll also want to make sure you can afford their fees and that you’re comfortable with how they bill for their time.
Step 4. Create an ownership contract
To protect both of your interests, you and your sibling will want to create a clear ownership contract. At a minimum, you’ll want it to touch on the following terms:
Your ownership agreement
Your exit strategy if either of you decides to sell in the future
Who is responsible for which payments and in what amounts or percentages
Who can inherit the property
How you’ll handle life changes like moving to a new state, getting married, or having kids
This written agreement will be legally enforceable, giving you both peace of mind. If you enter into a dispute, the contract will provide guidelines for how you can handle those disagreements.
Step 5. Find the perfect home
Before you start touring properties, take some time to discuss what you both want the property to have and what you both need in a home. This will depend on your situation. Take your time and come up with a list of wants and needs that you both agree on.
Using that list, you can start looking at properties that meet your needs. Consider working with an experienced real estate agent who is familiar with helping siblings purchase homes together. Real estate agents can explain the ins and outs of buying a house with a sibling, making the process easier. They can even help you negotiate the best price on your new home.
Remember, you may need to view several properties before finding the perfect home. As you tour each property, be open and honest with your sibling and your real estate agent.
Pros and cons of buying a house with a sibling
Buying a home with a sibling can be a great way to get into a nicer or more expensive home, but it’s not the perfect option for everyone. Here are a few pros and cons of co-owning a home with a sibling that you’ll want to be aware of.
Benefits of co-owning with a sibling
Affordability: Sharing the down payment and mortgage payments can make homeownership more attainable for both siblings.
Shared Responsibility: You can split household chores, maintenance tasks, and decision-making, lightening the load.
Trust and Familiarity: Buying with a trusted sibling can be less risky than co-owning with someone you don’t know well.
Building Equity Together: Both siblings benefit from the property’s value appreciation over time.
Potential Rental Income: If you buy a multi-unit property, you could generate rental income to help offset costs.
Buying a home with a sibling can make homeownership more affordable and less risky since you’ll be buying with someone you already know and trust.
Risks of a sibling co-owner
Financial Disparity: Unequal credit scores or income can cause complications with mortgage applications and create resentment between siblings.
Lifestyle Compatibility Concerns: Living styles, preferences, and guest policies can clash, leading to friction.
Communication Challenges: Open and honest communication is crucial, but disagreements and misunderstandings can arise.
Difficult Decisions: Making decisions about renovations, repairs, or selling the property can be challenging if you disagree.
Relationship Strain: Unexpected financial burdens, disagreements, or life changes could strain your relationship with your sibling.
Sibling co-ownership isn’t the perfect fit for everyone. If you and your sibling aren’t on the same page and confident that you’ll be able to live together harmoniously, you could end up hurting your relationship in the long run.
Buying a house with a sibling FAQ
Here are a few frequently asked questions about buying a home with a sibling so you can make the best decision for your situation.
Can siblings buy a house together?
Siblings can buy a house together. By pooling your resources, you may be able to get into a nicer home than you could on your own.
What is the best way for siblings to buy property?
Every situation is unique, but many siblings buy property together as co-borrowers with a joint loan. Co-borrowers are responsible for making mortgage payments and contributing to the upkeep and maintenance of the home together.
Can siblings get a home loan together?
Siblings can get a home loan together by applying as co-borrowers on a joint mortgage. Each lender will have different requirements, so do your research.
Can 3 people buy a house together if they’re siblings?
Most lenders restrict joint mortgages to four borrowers over the age of 18. However, there is no legal limit in place, and some lenders may allow more siblings to apply.
Does each sibling have to contribute equal amounts of money to the home?
Siblings can contribute equally to the home purchase if they want to or can afford to. However, if one sibling makes significantly more, they can choose to assume a greater portion of the mortgage, upkeep, and other costs.
Prepare to buy a home with help from Credit.com
Buying a house with a sibling can be a great choice for buyers needing help to qualify for a home. But before you start looking at homes, have an honest conversation with your sibling about how much you can afford to spend and what types of loans you may want to apply for. Once you’re on the same page, compare mortgage rates at Credit.com to find the best home loan for your needs.