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Talk of another housing bubble is not new. In fact, pundits have been fretting about another bubble for over a year now thanks to rapidly rising home prices, with Las Vegas and Phoenix already considered to be bubble markets.

That’s the problem with good news – eventually the pessimists come out and somehow turn it into bad news.

Every quarter, real estate lister Trulia releases its “Bubble Watch” report, which reveals whether home prices are undervalued, overvalued, or just right.

No National Housing Bubble, Yet…

On the national level, the company believes home prices are still undervalued, although not by much.

During the first quarter, they said national home prices were 5% undervalued, which means we aren’t in a nationwide bubble.

However, one quarter ago national home prices were 6% undervalued, and a year ago they were 10% undervalued.

So you can see how quickly we can go from undervalued to overvalued, and eventually to full-blown bubble status.

But with home price appreciation finally moderating, we might be able to buy a little more time before the sky falls again.

For the record, national home prices reached a bubblicious high in the first quarter of 2006, when they were 39% overvalued, before crashing to a low of 15% undervalued in the fourth quarter of 2011.

Local Housing Bubbles Are Forming, Mainly in California

That’s the national outlook, but what about local housing markets? Well, those are a mixed bag, per usual, though there is growing concern in some regions, namely California.

During the first quarter of 2014, 19 of the largest 100 metros were classified as overvalued. That’s the highest number since the fourth quarter of 2009.

Additionally, home prices were overvalued by more than 10% in four large metros, the highest total since late 2009.

Still, it’s nowhere near as bad as the height of the previous boom when all 100 metros were overvalued, with a staggering 91 by more than 10%.

Let’s talk about the new bubbles, all of which happen to be in my neck of the woods. The worst one is in Orange County, California, aka mortgage central.

Home prices in the OC were 16% overvalued relative to their fundamentals in Q1 and asking prices were up 16.9% year-over-year.

Los Angeles, CA wasn’t far behind, with prices seen as 13% overvalued in the first quarter. Asking prices were up 18.9% year-over-year, so clearly homeowners aren’t shy about asking for a little bit more.

Honolulu (13% overvalued), Austin (11% overvalued), and Riverside-San Bernardino, CA (10% overvalued) rounded out the top five most overvalued metros.

Another three of the top 10 overvalued metros can be found in California, including San Jose (+8%), San Francisco (+7%), and Ventura County, CA (+6%).

The Golden State is decidedly bubbly, with eight of the 11 largest metros in California now deemed overvalued, with Bakersfield, Fresno, and Sacramento the lone exceptions.

Where Homes Are Still Pretty Cheap

If you’re looking for a deal, there are still places where homes are cheap relative to their historic norms.

You’ll want to look first in Detroit, Michigan, where home prices are still 20% undervalued.

Nearby Lake County-Kenosha County, IL-WI is also having a sale, with homes 18% undervalued, similar to homes in Cleveland and Toledo, Ohio.

If you’re not a fan of cold weather, head south to the Palm Bay-Melbourne-Titusville, FL metro where prices are 17% undervalued.

Comparable discounts are available in Memphis, Hartford, Chicago, and certain parts of Connecticut.

The takeaway is that a normal housing market will always have areas that are overvalued and undervalued, which is why the experts say to pay attention to your local market, and less so the national story.

And you certainly need to “go local” when determining if it’s the right time to buy or just keep on renting.

In the meantime, let’s enjoy the recovery.  We can all start worrying when home prices in every major metro are overvalued (or at least half of them), which they clearly are not.

Source: thetruthaboutmortgage.com

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Whether you’re already a resident of Pensacola, FL, or considering it as your new home, a plethora of attractions await you. From seeking the perfect rental apartment to finding your dream home to buy in Pensacola, you have many diverse options. With many engaging activities and dining establishments, newcomers might find the choices overwhelming. To simplify your transition, Redfin has curated a list of must-try experiences, exceptional dining venues, and unique activities recommended by locals. Get started on your Pensacola bucket list today. 

1. Visit the Pensacola Beach Boardwalk 

Experience the lively charm of Pensacola Beach Boardwalk, where stunning views, delightful shops, and delectable dining converge. Stroll along the inviting promenade, bask in the sun-soaked ambiance, and indulge in an array of coastal treasures.

“One of the areas in Pensacola Beach that I love is near the Pensacola Beach Boardwalk,” shares travel blogger Wayne Kask of Always On The Shore. “You can park at Quietwater Beach, which is just a tiny stretch of beach on the Sound Side. From here, walk on over to the boardwalk which is filled with restaurants, shops, bars, and entertainment. Grab a seat on the deck at Flounder’s Chowder House and try their Free Range Gulf Fish, while you enjoy the views and listen to live music.” 

If you are planning to spend a day at the beach, Tricia Vines photography provides a great way to capture your memories with a beautiful photoshoot on Penscola’s sandy white beaches. 

2. Discover the Rich History of Fort Pickens

Step into a bygone era at Fort Pickens in Pensacola, FL. Uncover the layers of history within its weathered walls as you explore the well-preserved grounds of this coastal fortress. From intriguing architecture to tales of military significance, Fort Pickens offers a fascinating journey through time. 

“Going to visit Fort Pickens is an absolute must,” says owner of Riptide Media Jimmy Warr. “Seeing a historic, Civil War era fort still standing is something to behold. As the nation’s oldest city, Pensacola has so many things to offer the avid history buff.”

3. Enjoy Brunch at The Fish House 

“Enjoy a leisurely Sunday brunch with friends at The Fish House, where fresh fish and sushi are highlights of the menu, and the Smoked Salmon Avocado Toast is a favorite,” states travel writer Gemma Arnold of TopFlight-Travel.com. “Be sure to arrive just before 11am to snag a table, as reservations aren’t accepted. The deck is perfect for relaxing with drinks into the afternoon.”  

4. Discover the Gulf Coast’s Hidden Depths

“Exploring the depths of Pensacola’s underwater wonders is an adventure like no other,” says Taylor Kulik of H2O Below Dive Charters. “ As a seasoned multi-passenger Dive Charter boat in the region, we’ve been navigating these waters for nearly two decades. From novices to seasoned divers, our excursions cater to all levels, inviting you to discover the Gulf Coast’s finest diving spots.”

5. Craft sand castles by the shore

Participate in the joy of sculpting sand castles at the beach. Let your imagination run wild as you shape turrets, moats, and more. Whether young or young at heart, this timeless activity promises smiles and cherished memories along the shore.  “This unique activity showcases our beautiful Gulf Coast while guiding you through the process of making bigger and better sand sculptures,” shares Janel Hawkines, owner of SandCastle University.

6. Stroll down the tree-lined Historic Palafox Street

Visit Palafox Street in Pensacola and learn why this street is known to locals as the gateway to their city with its interesting architecture, unique shopping, and delightful dining opportunities,” states Emerald Coast Connected staff writer June Scroggin. “Part of the charm is the prevalence of art here. A must-do is visiting Blue Morning Gallery, a local art co-operative, the gallery features original works of art in all types of media.”

7. Attend the Pensacola Seafood Festival 

“Our #1 Must-Do in Pensacola is the Pensacola Seafood Festival,” says Executive Director Bridget Middleton. “In its 46th year, this three-day festival boasts hundreds of vendors serving delicious seafood, artists and craftspeople from around the US; a children’s area, local restaurants serving their best dishes at ‘Gulf to Table’ and cooking demonstrations from some of the area’s greatest chefs. To top it off, there is live music on the Main Stage all weekend and entry to the festival is free.” 

8. Dine at George Bistro 

Indulge in this restaurant’s amazing flavors in the heart of Pensacola. Experience an unforgettable evening of exceptional dining. “My absolute favorite restaurant in Pensacola is Geroge Bistro,” shares local blogger Sarah Ritchie of Genuine Sunshine Blog. “Everything I’ve tried on their menu is incredible. Make a reservation in advance because it does book up. My favorites are the Alfredo Pappardelle and the Short Ribs + Mushroom Ravioli, but their Filet Mignon is also delicious. They also do an amazing brunch—you really can’t go wrong with anything on the menu. Also great service and delightful cocktails and coffees.”

Pensacola bucket list: the bottom line 

Discover essential Pensacola experiences for your bucket list. From the vibrancy of Pensacola Beach to the serenity of historic forts, and the dynamic allure of downtown exploration, each adventure contributes to Pensacola’s distinct charm. Whether you’re a resident or visitor, these cherished memories will stay with you for a lifetime.

Source: redfin.com

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Life has gotten a lot more convenient over the past decade thanks to our friend the Internet.

Today, we can shop for clothes, groceries, and just about anything else online, do our banking with text messages and smartphones, or hail a ride home with the touch of a button.

But one area that still needs improvement is real estate, including the notoriously chaotic mortgage world where paperwork continues to be beyond burdensome in the digital age.

Remember when MBA chief David Stevens claimed that the average mortgage file had grown to more than 500 pages?

Well, hopefully the smart guys and gals up in Silicon Valley have a solution for that as well.

Say Hello to Opendoor, the Instant Home Buyer

  • Opendoor is one of the biggest iBuyers of residential real estate
  • They want to help you sell your home quickly with the push of a button
  • Instead of having to clean it, list it, show it, and wait for the offers to come in
  • And make it easier to acquire a new home while getting rid of your old one

A group of San Francisco-based tech disruptors (that’s the buzzword these days) have big plans to make selling your home a lot easier and faster.

Their company, called Opendoor, has one mission. To make it easy to sell your home. To quote them exactly, their tagline appears to be, “The easiest way to sell your home.”

Note the word easy; nowhere on their one page website do they say highest price. Or anything to do with price for that matter. Just that you’ll receive an “instant offer” online and be able to close in 3 days. Wow.

Simply put, they want to bring liquidity to real estate, similar I suppose to how stocks are bought and sold within milliseconds online.

That’s the draw of buying stock. You can unload it whenever you want and get your hands on the cash for other needs with minimal delay.

One of the major downsides to real estate as an investment (or in general) is that it’s extremely illiquid.

If you own a piece of property and want to dispose of it, you’ll need to hire a real estate agent, create a listing, spruce up the place, let people tour the property, and hopefully land a suitable offer.

The process, if you’re lucky, will only take a month. More realistically, it’ll take a few months from start to finish, barring the recent home buying frenzy that has probably given every homeowner unrealistic expectations on selling timelines.

It Might Make Sense to Use Opendoor If You Must Sell Quickly

  • Like most convenient services there is a price that must be paid
  • Opendoor may make sense if you have to sell your home quickly for some reason
  • But there’s always a cost to doing things easier
  • And that could mean a significantly lower offer price for your home

To be clear, Opendoor doesn’t plan to replace real estate agents or reinvent the entire process. At least, not just yet.

They simply want to provide a quicker way to sell when you don’t have time to go through the entire process, whether because you’re relocating for a job or simply because you need capital this week, not three months from now.

Perhaps you’re having trouble keeping up with mortgage payments and just want to avoid foreclosure. There are plenty of reasons why homeowners may want to sell immediately.

Apparently there’s some algorithm that determines an appropriate selling price, similar to how Zillow provides you with a Zestimate.

So far they’ve snagged $9.95 million in funding, though the lead is from Opendoor co-founder Keith Rabois of Khosla Ventures.

Other notable individuals involved with Opendoor include PayPal co-founder Max Levchin, former YouTube and Facebook CFO Gideon Yu, Yelp CEO Jeremy Stoppelman, and Facebook vice president Dan Rose.

With that group of investors, it’s certainly going to get interesting in a hurry.

How Selling a Home with Opendoor Works

  • You request an offer to sell your home
  • A “home expert” prepares an offer based on market data in 24 hours
  • You review the offer and sign if you accept it
  • They provide a free home assessment to determine repair costs
  • You choose a closing day and they buy your home

Opendoor basically takes the guess work and uncertainty out of selling a home by just agreeing to buy it from you for a certain market-driven price.

That makes them an iBuyer, or instant buyer, of homes, as opposed to a maybe-buyer who takes 30-45 days to close on your home, assuming they get to the finish line.

Instead of having to find a real estate agent, clean it, list it, stage it, hold open houses, and wait and hope that it sells for the price you want/need, they’ll buy it for you in a matter of days.

All you need to do is request a free, no-obligation offer by entering your address and telling them about your home.

If your home qualifies, a local market expert will  prepare your offer in just 24 hours, relying on your property’s unique features and market data.

The offer is good for five days, but you can proceed whenever you’d like. It can also be refreshed at any time after that period.

Assuming you accept, it will be subject to an in-person inspection to determine if repairs are necessary.

If they are, you can make them yourself or leave it up to Opendoor, in which case the costs will be deducted from your sales proceeds.

You get to choose your closing date as well, between 14 and 60 days, whether you want to unload it quickly or at a later date (and changes can be made free of charge).

That can come in handy if you need a quick sale, perhaps to avoid a contingent purchase. Or if you need cash fast from the sale of your home.

But they’re happy to let you stick around a while too. This flexibility is one of the main perks of iBuying, especially if you’re acquiring a new home.

Opendoor Pricing and Fees


Despite the enormous convenience, Opendoor claims to save you money too, with the average service charge around 7.1% of the sales price versus a 7-10% cost if you go the traditional route.

You can see a breakdown above of what a traditional sale might cost versus selling to Opendoor.

Of course, what’s the sale price in both scenarios? If they’re the same, great. If the one with Opendoor is significantly lower, the math changes quickly.

These head-to-head comparisons always seem to feature the same sales price, which probably isn’t a reality.

Another key factor is repair costs. Will Opendoor hold you accountable for thousands in repairs, or will they go relatively easy? I guess it depends on the property in question.

Regardless, you do have to factor in some “cost” for the time and effort saved by not having to list yourself.

And as they point out, there is a cost to owning two homes at once, assuming you’re not benefiting from it.

Opendoor Versus the Competition

Not all iBuyers are created equal, despite there being several of them nowadays like Zillow Offers and Offerpad.

Opendoor points out the subtle, but important differences in their offerings versus the competition.

Notably, they allow you to cancel your home sale at any time for any reason, which apparently isn’t the case with Offerpad.

They also allow a 14-day “Late Checkout” if you need to stay in your home a bit longer before you move into your new abode.

However, my guess is all these companies will make adjustments over time to match up with the others.

So ultimately it will probably come down to pricing if you shop different iBuyers at the same time.

Buying an Opendoor Home

  • Opendoor sells the homes it buys shortly after refurbishing them
  • So you can search their listings on their website/app
  • And then buy a home directly from them too
  • With or without your own real estate agent

If you happen to be a home buyer, you can purchase an Opendoor property.

After all, if Opendoor is buying properties from home sellers, they’ve got to unload them on the other side.

They provide some benefits to buyers as well, including the ability to view an Opendoor home via the Opendoor Homes mobile app.

You can actually open the door so to speak by unlocking it with the app. Or at least getting the code to the lockbox. And each home is open daily from 6am to 9pm, so there’s always a convenient time to visit.

Once you’re ready to make an offer, you can do so via the Opendoor app or their website, and it only takes 48 hours or so to hear back.

They say it generally takes 20-30 days to close, similar to a traditional home purchase, and they require you to be pre-approved for a mortgage before making an offer.

If you have a buying agent, you can use them and Opendoor will pay them a commission. But it might affect your sales price.

Lastly, there’s a 30-day satisfaction guarantee if you don’t love your home, they’ll buy it back.

Update: They also recently launched a trade-in program where you can sell your home and get a new one all through their company.

Where Opendoor Is Currently Available

At the moment, Opendoor is available in the following metros/cities:

  • Asheville, NC
  • Atlanta, GA
  • Austin, TX
  • Boise, ID
  • Charlotte, NC
  • Columbia, SC
  • Dallas Fort-Worth, TX
  • Deltona, FL
  • Denver, CO
  • Greensboro, Winston-Salem and High Point, NC
  • Houston, TX
  • Jacksonville, FL
  • Killeen, TX
  • Knoxville, TN (and Chattanooga)
  • Lakeland, FL
  • Las Vegas, NV
  • Los Angeles, CA
  • Miami, FL (including Fort Lauderdale and Palm Beach)
  • Minneapolis-St. Paul, MN
  • Nashville, TN
  • Ogden, UT
  • Oklahoma City, OK
  • Orlando, FL
  • Ormond Beach, FL
  • Oxnard, CA
  • Phoenix, AZ
  • Portland, OR
  • Prescott, AZ
  • Provo, UT
  • Raleigh-Durham, NC
  • Reno, NV
  • Riverside, CA
  • Rochester, MN
  • Sacramento, CA
  • Salt Lake City, UT
  • San Antonio, TX
  • San Diego, CA
  • Sarasota, FL
  • Tampa, FL
  • Thousand Oaks, CA
  • Tucson, AZ
  • Ventura, CA
  • Winter Haven, FL

Their hope is to offer the service nationwide at some point in the near future, and they have plans to expand to additional metros this year.

Opendoor’s Mortgage Division

  • You might be able to finance an Opendoor home with an Opendoor home loan
  • If buying in the states of Arizona or Texas
  • The company provides a 1% credit for closing costs
  • And the ability to get pre-qualified quickly

The company has since introduced a financing arm known as “Opendoor Mortgage” that provides financing for buyers of Opendoor homes. It’s only available in Arizona and Texas at the moment though.

The name has since been changed to Opendoor Home Loans.

They claim to offer competitive mortgage rates and the ability to get pre-qualified in under 30 minutes. And if everything happens under one roof, they might be able to close faster.

So it seems they’re trying to make it a one-stop shop, which makes sense because time is of the essence and you can’t have a third-party lender slowing things down.

At the moment, they have a promotion where a buyer can get a so-called “ultimate mortgage.” I’m not exactly sure what that means, but it does come with 1% off the purchase price in the way of a credit for closing costs.

This could make Opendoor Mortgage more competitive than other lenders assuming the mortgage rates and lender costs are comparable.

Opendoor Acquires Open Listings

In September 2018, Opendoor acquired Open Listings, a discount real estate brokerage that connects home buyers with local real estate agents.

It’s different in that agents and their services are on-demand, as needed. So a home buyer can control as much or as little of the process as they wish.

And in exchange for that hands-off approach, home buyers who use Open Listings get up to 50% of the typical buyer agent’s commission back.

So instead of the typical 2.5% commission, only 1.25% is paid via the sales price and the other 1.25% is returned to the buyer either via reduced closing costs or via check in the mail.

The company has already refunded over $8 million to homeowners whose collective purchases exceeded $1 billion.

Open Listings was launched just three years ago in Los Angeles, part of Y Combinator, with a simple goal of making buying a home easier and more affordable.

The merger aims to create an end-to-end solution for buying, selling, and trading in homes, the first of its kind in the industry.

Opendoor and Redfin Partnership

In July 2019, Opendoor announced a partnership with competitor Redfin.

While it sounds like an odd marriage, given the existence of a very similar RedfinNow product, it opens up some new markets for Redfin.

The agreement will allow home sellers in the cities of Phoenix and Atlanta to request an Opendoor offer through Redfin’s website or mobile apps, as seen in the screenshot above.

Currently, RedfinNow isn’t available in those markets, so perhaps it a free test-run.

Well, Redfin will actually make a profit if a customer decides to sell to Opendoor, and they’ll be able to see demand for iBuying in those cities.

Opendoor’s home listings will also appear on Redfin’s website and mobile apps.

In mid-June 2021, the company announced that it had reached the 100,000-transaction milestone.

Read more: Is Google about to replace your real estate agent?

Source: thetruthaboutmortgage.com

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Broker Pricing and Non-QM Products; Seminars and Conferences; Rates Higher on Producer Prices

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Broker Pricing and Non-QM Products; Seminars and Conferences; Rates Higher on Producer Prices

By:
Rob Chrisman

Fri, Aug 11 2023, 10:22 AM

As the MMLA conference wraps up (congratulations to Dan Grzywacz, CMB, and nearly 40-year industry vet, who was this year’s James T. Barnes Award winner), the conversations still involve some seemingly endless topics. One of which is W2 versus 1099. There’s been a lot of “quacking:” about whether originators can be paid as independent contractors (1099) or need to be employees (W-2). Mortgage Muser and attorney Brian Levy has some new thoughts on this topic that are worthwhile even if he “ducks” providing legal advice in his entertaining and insightful mortgage blog. View past editions of the Mortgage Musings and subscribe to get emailed about new postings for free here. Another is sticky higher interest rates, and today at 3PM ET, Skylar Olsen, Zillow’s Chief Economist, will be co-hosting The Mortgage Collaborative’s Rundown, covering current events in the economy and mortgage market for 30-45 minutes. And there’s volume. According to Curinos, July 2023 funded mortgage volume decreased 30% YoY and 13% MoM. Curinos sources a statistically significant data set directly from lenders to produce these benchmark figures. (Today’s podcast can be found here and is sponsored by SimpleNexus, an nCino Company, developer of mortgage technology uniting the people, systems, and stages of the mortgage process into one seamless, end-to-end solution. Hear an interview with Equifax’s Joel Rickman on leveraging income and employment verifications during the home equity line of credit (HELOC) origination process.)

Lender and Broker Software, Products, and Services

“Brokers can now shop, lock, and deliver on one platform that seamlessly connects brokers, lenders, and originators. In this market, hustle is everything. You can’t afford to waste a single deal… Or a single minute. That’s why ReadyPrice has launched its innovative new Shop, Lock & Deliver loan exchange platform, designed to help independent mortgage brokers like you save time and money. Now you can shop competitive loan offerings from multiple lenders, get rate lock guarantees in real time, receive underwriting findings, and deliver the borrower’s complete loan file to lenders, and all on a single platform, at no cost to brokers. It’s the industry’s most powerful universal delivery portal, and it’s already helping thousands of brokers around the country thrive and compete in even the toughest market environments. Multiple lenders. One platform. Zero b.s. Come check us out today.”

Mega Capital Funding is proud to be a 25 yr. partner to the broker community. The team at Mega Capital continues to grow and expand across the US. Mega has recently added another 10 outside AEs across the country to further support the broker community. The team at Mega is also expanding our products this month with additions to our Non QM suite. ITIN is new and improved along with our Expanded DSCR options which also includes a No Ratio DSCR. We at Mega are looking to continue to be a destination for brokers and bankers to find all their lending needs under one roof. Conv, FHA, VA, USDA, Jumbo and Non QM. Mega Capital is also excited to be at NAMB this year. Please come by and see us in Vegas.

Looking Ahead to Conferences and Training

A good place to start is here, and click on “events.”

The Mississippi Mortgage Bankers Association is holding its fall conference September 7-8 in Jackson. Our theme for this year is “Building a Strong MS” We are focusing on building relationships, strategies, and opportunities for the real estate housing industry in MS. Our fall conference is open to loan originators, realtors, and other industry affiliates. Realtors will receive Continuing ED (CE) credits for attending the Fall Conference.

Save the dates of September 10-12 and join lending professionals from the Pacific Northwest at the Riverhouse in Bend, Oregon, for the Pacific Northwest Lenders Conference. This event promises to be a catalyst for professional growth, offering a unique platform to expand knowledge, build valuable connections, and elevate lending businesses in the region.

Prepare to be amazed and delighted when you swing by the Plaza Home Mortgage® booth at the NAMB National Conference, September 8-11, at Caesars Palace in Las Vegas.

Register for free with the code PLAZAFREE and pop by Plaza’s booth #607 or schedule a meeting with us at [email protected].

Zelman’s Virtual Housing Summit is September 18-21, though not exactly in person.

Network and collaborate with your industry colleagues while learning the latest updates on mortgage industry standards at MISMO’s Fall Summit, September 18 – 21 in Washington, DC

New To MISMO? Check out this 20-minute presentation “Intro to the MISMO Summit Experience” to learn what to expect and how to best prepare so that you get the most out of the Summit.

AzAMP Annual EXPO, Luncheon, and 8-Hour NMLS CE Class, September 27–28, at the We-Ko-Pa Resort and Casino. Begin your experience on Wednesday, Sept. 27 with Part 1 of NMLS CE class. Full day of events begins on Thursday, September 28 including NMLS CE class Part 2, Luncheon with Keynote Speakers Allen Beydoun, UWM Executive Vice President and Rob Chrisman, The Chrisman Commentary Daily Mortgage News, followed by the AzAMP Expo.

Watch on demand, at your leisure: Millennials and Gen Zers represent the largest group of first-time homebuyers. In less than 10 years, 3.1 million will have entered the market. Of these buyers, roughly 75 percent of them report checking social media daily. Making social media a necessary strategy for loan officers. Join Homebot’s VP of Marketing, Ashley Remstad and Mortgage Advisor Sosi Avila as they discuss key strategies and tactics for using social media to your advantage. Register for the webinar here.

It’s time to register for the New England Mortgage Bankers two-day Conference, September 13-14 in Portsmouth NH. Multiple venues all within walking distance for a new NEMBC experience.

Register for the AzAMP Annual EXPO, Luncheon, and 8-Hour NMLS CE Class on September 27th and 28th at the We-Ko-Pa Resort and Casino. Don’t miss Luncheon Speakers Allen Beydoun, UWM EVP, and Rob Chrisman, The Chrisman Commentary Daily Mortgage News. Stay the night at the resort and attend all the events.

Registration for the NCEO 2023 Fall Forum in Houston, September 26-28 is now open. Featuring top industry experts and thought leaders, the forum will update you on the latest trends and best practices in employee ownership. Network with other employee owners and industry professionals from across the country, sharing ideas, challenges, and successes.

Secure early-bird pricing through June 23rd. From close-knit conversations to invigorating keynotes, the forum is the place to rocket your company into the stratosphere.

MBAC 67th Annual Convention Oct 1-4, 2023 at the Francis Marion Hotel, Charleston, SC.

Sponsorship opportunities available, reserve your room at the Francis Marion Hotel use Promo Code MBAC2023 for special rate, Last Day to reserve at this rate, September 11, 2023.

Mark your calendars and make plans for ACUMA’s 2023 Annual Conference! Registration is now open for the biggest event tailored for the credit union mortgage professional. This year’s theme, Make Your Mark, is the largest and most comprehensive event on ACUMA’s education calendar and is scheduled for Oct. 1-4 at the Gaylord National Resort in National Harbor, Maryland, just down the Potomac River from Washington, D.C. Make plans now to attend this year’s largest gathering of mortgage lenders, and plan to continue to Make Your Mark in credit union mortgage lending! Here’s the link to register! ACUMA 2023 Annual Conference.

At Turning Stone Casino & Resort, Verona, NY., October 4th at 12:00 PM – October 6th at 12:00 PM (EDT), NYMBA 2023 Annual Convention & Golf Tournament, a premier event that brings together industry leaders, professionals, and innovators in the mortgage banking sector. This convention serves as a platform to foster collaboration, share knowledge, and explore emerging trends, ultimately shaping the future of the mortgage banking industry in New York and beyond.

As we celebrate America’s independence, we have many other reasons to celebrate as well. This October 15-18, we’re taking the original gathering of real estate finance professionals to the birthplace of our country, and we’re celebrating some of the reasons you’re going to love it: MBA’s Annual Convention & Expo 2023.The largest annual gathering of real estate finance professionals, this is the one event you need to gain access to the industry’s power players and innovators. Be inspired and get informed by engaging speakers on the Main Stage. Meet with dozens of exhibitors in THE HUB and get hands-on access to the latest products and services. Dive deep into Breakout Sessions to get the insight you need on all the facets of the business.

There’s only one venue where you can get timely updates on where the reverse mortgage industry is headed, the 2023 Annual Meeting & Expo, October 23-25 in Nashville, TN.

Get the latest news on the HECM program. Learn about proprietary product opportunities. Find out what other regulatory changes are forthcoming. Pre-sale registration, the lowest registration rate, expires at midnight (Eastern Time) on Tuesday, August 22.

The kind of news you want to know, VIBE 2023, a very important broker exchange, is here! What is VIBE 2023?* The biggest growth mindset event for Mortgage Brokers featuring a VIP lineup of some of the most influential speakers in the country! Join us at the Westin South Coast Plaza in Costa Mesa, CA on 10/24/2023. Register to attend using your UNIQUE CODE**, provided by your Kind Account Executive. Learn more by visiting here. *VIBE 2023 event is open to all licensed Mortgage Brokers in the United States. No commitments to establish a partnership with Kind Lending are required to attend. **Unique Codes are provided by your Kind Lending Account Executive. If you do not have an account executive or are not yet working with Kind TPO, email us to learn more.

TMBA is working through the summer planning outstanding events including the 6th Annual Mortgage Symposium, November 6-7 at the Westin Dallas Southlake Hotel in Southlake TX. The Texas Women Mortgage Bankers event will be held on November 6 at the Westin Dallas Southlake Hotel.

October Research, LLC is happy to bring back the Women’s Leadership Summit (WLS) for its second year. It will be held November 6-7 at the Naples Grande Beach Resort in Naples, FL. We are now accepting registrations and speaker nominations! Built around the four pillars (Develop, Grow, Support and Empower) WLS provides attendees with the tools for success in a fun and supportive environment. Attendees come from across the country to learn from our visiting experts and each other about how to meet their goals. Visit OctoberResearchWLS.com for more information.

Capital Markets

Not only do the earth’s temperatures keep going higher, but inflation does as well, but at a slower pace! It was revealed yesterday that the consumer price index rose a temperate 0.2 percent in July and 3.2 percent year-over-year, matching consensus expectations. That marked the smallest back-to-back gains in more than two years, adding to a steady wave of disinflation in recent months. Excluding the volatile food and energy components, the “core” index rose 4.7 percent year-over-year versus 4.8 percent in June. The index for shelter accounted for 90 percent of the increase, but is almost back to pre-pandemic levels and will continue to moderate after home price appreciation peaked last year.

While the recent trend is encouraging and confirms that inflation is headed in the direction the FOMC wants, it’s likely premature to get overly excited about a sustained return to the Fed’s 2 percent inflation target. The Fed’s fear is that a pause will reignite home price appreciation, exacerbate the affordability problem, and push inflation higher. Look for the Fed to leave interest rates unchanged at the next policy meeting in September, but add the caveat that the job isn’t done yet. Initial claims also moved in a direction last week to corroborate the thinking that there is some softening in the labor market, which is what the Fed expects and hopes to see. However, bond yields rose by the day’s close after the U.S. Treasury closed out this week’s auction slate with a weak $23 billion 30-year bond offering.

Today’s calendar kicked off with MBA reporting that the delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 3.37 percent of all loans outstanding at the end of the second quarter of 2023, down 19 basis points from the first quarter of 2023 and down 27 basis points from one year ago. The percentage of loans on which foreclosure actions were started in the second quarter fell by 3 basis points to 0.13 percent.

We’ve also received the July Producer Price Index, which increased .3 percent month-over-month and .8 percent years-over-year versus 0.2 percent month-over-month and 0.6 percent year-over-year expectations and both 0.1 percent month-over-month and year-over-year previously. Core PPI rose (), +2.7 year over year. The only other release scheduled for today is at 10AM ET with the preliminary August Michigan sentiment. We begin the day with Agency MBS prices worse .125-.250 from last night and the 10-year yielding 4.13 after closing yesterday at 4.08 percent.

Employment and Transitions

“Keith McKay, CEO of Prime Choice Funding, invites you to participate in reshaping the mortgage industry. Our mission for 2023 is to become the top mortgage broker in the nation. Join our team and expand your professional horizon with our diverse loan programs, flexible compensation plans, and a unique opportunity to earn extra by offering solar solutions to your clients. Backed by comprehensive marketing resources, cutting-edge platform, and robust operations support, your potential for growth is limitless. With a history dating back to 2007, Prime Choice represents stability and innovation in finance and sustainability. Register for our webinar today and explore these rewarding opportunities.”

The Maryland office of USA Mortgage has added nationally prominent Loan Officer, Sam Rosenblatt, to its roster. Rosenblatt joins William “Bill” Sohan in his venture to expand USA’s national footprint. Active in the mortgage industry since 1995, Rosenblatt was the #1 producer in units in Maryland in 2021, filing 978 closed loans valued at $338,087,603, and is among the top 50 originators in the nation. “I’m excited to join USA Mortgage because they have great loan options for my clients, state-of-the-art marketing, and cutting-edge technology that makes the mortgage process as efficient and smooth as possible”, he said. Founded in St. Louis in 2001, USA has offices in 34 states and is licensed in 49 states plus the District of Columbia. For a confidential conversation about joining USA, contact Brooke Anderson at 609-500-1520.

Switching gears, Michael Dresden, the President of Dart Appraisal, sent the sad news that Tim Laden, Dart’s Chief Appraiser, passed away. “Tim impacted so many appraisers across the country through his love for coaching and mentoring. Tim was such an asset to Dart and helped us elevate many areas of our business. We’re better because of Tim.”

 Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

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Creating YouTube content is a great way to generate new clients, especially in real estate. Today’s guest, Sam Caudle, started his channel in 2021. Now, just two years later, he gets 99 percent of his business from YouTube with minimal effort and extremely low expenses. Listen and learn everything you need to know in order to start generating real estate leads from YouTube now. In addition to content ideas, Shelby and Sam discuss titles, thumbnails, video length, editing options, and more!

Listen to today’s show and learn:

  • About Sam Caudle [1:53]
  • Sam Caudle’s start in real estate [2:41]
  • Creating a YouTube channel for real estate leads [5:18]
  • How to get better with content creation [9:44]
  • The difference between paid leads and YouTube leads [11:22]
  • Tips for getting started on YouTube [13:23]
  • A simple formula for success with YouTube videos [14:49]
  • What to research before recording a real estate video [16:36]
  • How long your YouTube videos should be [18:32]
  • Two things not to do when creating YouTube content [20:07]
  • Why you should not edit your own videos [23:24]
  • Ideas for creating video thumbnails and titles [24:27]
  • Topics and tools for getting more views [25:46]
  • Time blocking video tasks to save you time and more on thumbnails [28:41]
  • Tips on where and how to shoot videos [32:10]
  • Why it’s not too late to get started with YouTube now [34:03]
  • How to convert viewers into subscribers and clients [36:04]
  • Easy ways to collaborate with editors [38:45]
  • Expenses to expect when starting a YouTube channel [40:15]
  • A mistake new YouTubers make that kills channel growth [42:31]
  • Sam’s plans for his YouTube channel in the future [44:03]
  • Doing a video series on areas in your market [47:25]
  • Sam’s final advice on starting a real estate YouTube channel [49:29]
  • Why agents should improve their skills as a storyteller [50:54]
  • Where to find and follow Sam Caudle [53:02]

Sam Caudle

Sam Caudle is a creative business developer, investor, and consultant. His primary focus is attracting real estate clients through a YouTube channel called, Living in Tampa, FL. Same visited 30 countries and had more than 30 jobs before he turned 30. All of these experiences are at work now as he builds his business through YouTube. Sam has many things in the works at all times. Follow Sam on YouTube and IG @thesamcaudle to see what he is up to.

Related Links and Resources:

It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.

-Aaron Amuchastegui

Source: realestaterockstarsnetwork.com

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Spirit Airlines is one of the most established low-cost airlines in the U.S., with destinations throughout the country, the Caribbean and Latin America.

With so many flights operating each day, there’s a good chance that something can and will go wrong. If that’s the case, you’ll likely want to contact Spirit Airlines customer service.

Let’s take a look at the different ways you can reach them and answer some questions you may have about dealing with Spirit Airlines after a mishap.

How do I reach Spirit Airlines customer service?

Spirit Airlines has a number of different methods of communication in the event you need to reach them. For common questions, Spirit maintains a wide-reaching FAQ resource.

Otherwise, you can reach Spirit by chat, SMS/WhatsApp or email.

How to call Spirit Airlines customer service

The Spirit Airlines customer service number is 1-855-728-3555. This number is good for reservations, baggage, changing a flight or when you receive an error online.

Can you chat online with Spirit Airlines?

It’s possible to have a live chat with a Spirit representative on the Spirit website from 6:00 a.m. to 8:00 p.m. Central time daily. There’s also a chatbot available 24/7 that can help answer some questions.

How to message Spirit Airlines

If you’d prefer not to make a phone call, you can message Spirit Airlines on Twitter (also known as X) or Facebook. Spirit’s Twitter handle is @SpiritAirlines.

Airlines are generally good about fielding responses on Twitter, so this may be an avenue you wish to take if you feel like you aren’t getting anywhere with your requests.

You can also text the airline at 48763 or use 1-855-728-3555 on messaging service WhatsApp.

How to send mail to Spirit Airlines

If you want to kick it old school, you can send snail mail to Spirit’s offices. The address is: Corporate Guest Relations, 2800 Executive Way, Miramar, FL 33025.

Whom do I contact about my Free Spirit loyalty account?

The frequent flyer program for Spirit Airlines is Free Spirit. Members of the program can earn Free Spirit points toward free flights, as well as elite status, which can get you shortcut boarding, extra bonus points and free carry-on luggage.

If you have a concern about your Free Spirit account, you can contact the company through its general support lines.

Does Spirit give refunds for canceled flights?

Like all U.S. airlines, Spirit is required to give refunds for flights that it cancels. This is dictated by the Department of Transportation rather than the individual airlines.

🤓Nerdy Tip

Spirit flight credits typically expire within 90 days of issuance.

Generally speaking, Spirit Airlines’ cancellation policy is not very generous, especially when you compare it to airlines like Southwest, which allows passengers to cancel up to 10 minutes before departure.

How to find lost luggage on Spirit Airlines

If your bag cannot be located, inform a Spirit agent at the airport’s Baggage Claim area or at the Baggage Service Office. If there’s no one available at those locations, find a Spirit representative at the airport check-in counter.

For lost luggage, guests traveling domestically must file an incident report and receive a File ID within 4 hours of arrival, whereas international travelers can file a report within 21 days of arrival.

Where do I offer feedback or send a complaint to Spirit Airlines?

Once you’ve gone through all the steps, you’ll be prompted to fill out a form detailing your experience. Spirit will then get back to you.

Customers in need of immediate assistance should pursue the alternative communication methods outlined in this article.

The bottom line

Spirit Airlines offers airfare at appealing price points, but sometimes even the best-laid plans go awry and you may need to contact the airline for assistance.

Happily, the company is easy to contact by phone, email, postal mail or social media.

(Top photo courtesy of Spirit Airlines)

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:

Source: nerdwallet.com

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Are you ready to create your very own DIY shed without breaking the bank? Whether you’re in sunny Orlando, FL, dealing with the winds in Oklahoma City, OK, or facing the seasons in Rochester, NY, this step-by-step guide is here to help you construct a shed that perfectly suits your needs and location. We’ve got you covered with various shed models, ensuring your build is a success, no matter where you are, while fitting your lifestyle. 

How to build a DIY shed on a budget

From planning and design to installing doors and windows, here are the essential elements to ensure a successful and cost-effective shed-building journey.

1. Planning and design

Proper planning and design are crucial when building a DIY shed on a budget. Start by assessing your specific needs for the shed, whether it’s extra storage space, a workshop, or a place to pursue hobbies. By clearly defining its purpose, you can determine the ideal size and layout to minimize unnecessary expenses. Sketch out the shed’s design, considering practical aspects like door and window placements to ensure adequate light and ventilation. It’s essential to plan for cost-effective construction methods, such as simple roof designs and standard dimensions, to reduce material waste and expenses.

When planning cost-effective construction, opt for straightforward shed designs that don’t require complex angles or special tools. A rectangular or square shape with a single-pitched roof is not only easier to build but also more budget-friendly. Moreover, think about incorporating salvaged materials like old doors, windows, or reclaimed lumber into your design. Reusing materials can significantly cut costs while adding a unique touch to your shed.

For those looking for an even simpler and more budget-conscious option, DIY shed kits are worth considering. Shed kits typically include pre-cut and pre-measured materials, along with detailed instructions, making the construction process more accessible for beginners. These kits often come in various sizes and styles, allowing you to choose one that fits your needs and budget. While DIY shed kits may have a slightly higher upfront cost, they can save you time and labor, ultimately translating into potential cost savings.

Additional Tip: Before purchasing any materials or starting construction, check with local authorities about building permits and regulations. Compliance with local codes is essential to avoid potential fines or setbacks during the construction process. 

2. Acquiring materials

Consider using pressure-treated lumber, which is durable and resistant to decay, at a lower price point than premium lumber. Reclaimed or salvaged materials can be excellent options for siding, roofing, and finishing touches, adding character to your shed while reducing expenses. Explore local classifieds, online marketplaces, or salvage yards to find discounted or secondhand building supplies. Additionally, reaching out to friends, family, or local community groups might lead you to unused materials they’re willing to part with. Being resourceful in sourcing materials can significantly contribute to cost savings.

Here is a checklist of basic tools needed for shed construction:

  • Measuring tape and level for precise measurements
  • Circular saw or hand saw for cutting lumber
  • Power drill with various bits for drilling holes and driving screws
  • Hammer and nails for traditional fastening
  • Screwdriver for assembling components
  • Safety equipment (gloves, safety glasses, ear protection) for protection during construction
  • Ladder for reaching higher areas during the build
  • Carpenter’s square for ensuring accurate angles

By having these essential tools on hand, you’ll be well-equipped to handle the construction efficiently and avoid costly delays or trips to the hardware store for missing items.

3. Preparing the site

Begin by selecting a level area with good drainage to prevent water accumulation around the shed. Clear the site of any debris, rocks, or vegetation that may interfere with construction. If the ground is uneven, consider using a shovel or a rented plate compactor to level the surface. Installing a base or foundation is essential for elevating the shed above the ground to protect it from moisture. For budget-friendly options, consider using a gravel or concrete block base, which requires less material and labor compared to a full concrete slab. Make sure to follow local building codes and regulations regarding setbacks and property lines.

Before construction, it’s a good idea to check the local utility lines and mark their location to avoid accidental damage during digging. Additionally, consider adding a layer of landscaping fabric beneath the foundation to prevent weed growth and improve drainage. If the site is susceptible to heavy rainfall or flooding, you might also consider building a raised platform or using pressure-treated lumber for the foundation to protect the shed from moisture. Proper site preparation will not only provide a stable base for the shed, but also prevent potential problems and costly repairs in the future.

4. Building the foundation

Depending on your budget and site conditions, there are several cost-effective options available. One of the simplest and budget-friendly choices is using concrete blocks or pressure-treated lumber as piers, which elevate the shed off the ground and prevent direct contact with soil and moisture. Another budget-friendly option is a gravel foundation, consisting of compacted gravel or crushed stone, which provides good drainage and stability. Follow the shed’s design and local building codes to determine the number and placement of piers or gravel pads. Once the foundation is in place, double-check its levelness and stability before proceeding to the next steps.

Consider adding cross-bracing or additional support beams to enhance the stability of the foundation, especially if your area experiences high winds or seismic activity. When using concrete blocks as piers, ensure they are level and evenly spaced to evenly distribute the shed’s weight. For gravel foundations, it’s crucial to create a stable and well-compacted base to prevent sinking or shifting over time. 

5. Constructing the frame

The frame is the backbone of your shed, providing structural support and determining the shed’s overall strength. Use pressure-treated lumber or other cost-effective materials for framing components, such as joists, studs, and beams. The frame should follow the shed’s design and dimensions accurately, and all connections must be secure. Precisely cut the lumber according to your measurements and join the components using nails, screws, or appropriate hardware. Ensure the frame is square and level to avoid any structural issues down the line.

If you’re new to carpentry, take extra care when measuring and cutting the lumber to ensure accurate dimensions. Utilize a carpenter’s square to check for right angles, and consider using diagonal measurements to verify the frame’s squareness. Additionally, using galvanized or weather-resistant fasteners will enhance the frame’s durability and protect it from rust or corrosion.

6. Installing roofing and siding

When it comes to roofing and siding options for a budget-friendly shed, consider materials that offer durability without breaking the bank. Asphalt shingles are a cost-effective roofing choice, providing adequate protection against the elements. Metal roofing is another affordable option that offers longevity and easy installation. For siding, T1-11 plywood or oriented strand board (OSB) are economical choices that can be painted or stained for added protection and aesthetics. Alternatively, consider using salvaged materials or repurposed wood to create a rustic and budget-friendly exterior. Properly install the roofing and siding, paying attention to weather-proofing and sealing to ensure the shed remains dry and resistant to moisture.

To maximize cost savings, consider using a combination of new and salvaged materials for roofing and siding. Check local salvage yards or building material recycling centers for discounted or reclaimed materials that can be suitable for your shed. Additionally, apply weather-resistant barriers like roofing felt or house wrap beneath the roofing and siding to further protect the shed from moisture and drafts.

7. Adding doors and windows

Consider cost-effective options for doors, such as pre-hung exterior doors or repurposed doors from other projects. For windows, single-pane or salvaged windows can be more budget-friendly than high-end, energy-efficient models. Install weather stripping and proper sealing around doors and windows to minimize air leakage and improve energy efficiency. Additionally, consider positioning the doors and windows strategically to maximize natural light and ventilation within the shed.

If using salvaged doors or windows, ensure they are in good condition and provide adequate security and insulation for the shed. Applying a fresh coat of paint or stain can revitalize their appearance and extend their lifespan. For added security, consider installing simple and budget-friendly locking mechanisms or latches on doors and windows.

8. Finishing touches and interior

Install trim and moldings to cover any exposed edges and add a polished look. Apply a weather-resistant paint or stain to protect the exterior from the elements and prevent premature deterioration. Consider using leftover or salvaged materials for interior finishes, such as reclaimed wood for shelving or repurposed cabinets for storage. Organize the interior to maximize space and functionality, adding hooks, pegboards, or wall-mounted racks to keep tools and equipment neatly stored. Adding proper lighting, either through natural light from windows or affordable LED lighting fixtures, ensures a well-lit and functional workspace.

To further save on costs, explore creative DIY solutions for shelving and storage. Utilize old crates, pallets, or cinder blocks to create custom storage units. Additionally, consider using recycled materials or inexpensive alternatives for flooring, such as gravel or rubber mats, to create a comfortable and budget-friendly surface. 

9. Safety and security 

Regularly inspect the shed for any structural issues, such as loose nails or rotting wood, and address them promptly to prevent further damage. If your area experiences extreme weather, consider adding hurricane straps or anchors to reinforce the shed’s stability. Install a budget-friendly lock or latch on doors and windows to deter potential intruders and safeguard your belongings. In regions prone to pests, use weather stripping and sealant to close any gaps and prevent entry.

Incorporate additional safety measures such as smoke alarms or fire extinguishers, especially if you plan to use the shed for activities involving heat or flammable materials. If you have electrical outlets or wiring in the shed, ensure they are installed correctly and up to code to prevent potential fire hazards. 

Types of sheds

Here are a few examples of the different types of sheds and their purposes. 

1. Storage shed

The primary function of a storage shed is to provide ample space for storing various items, such as gardening tools, lawn equipment, bicycles, and seasonal decorations. Storage sheds typically have a simple design with single or double doors for easy access. They may include shelving, hooks, or pegboards for organizing and maximizing storage capacity.

2. Garden shed

A garden shed serves as a dedicated space for gardening activities, such as potting plants, storing gardening tools, and housing supplies like soil and fertilizers. Garden sheds often have workbenches or planting tables to facilitate potting and transplanting. They may also include windows or skylights to provide natural light for gardening tasks.

3. Workshop shed

Workshop sheds are designed as functional spaces for DIY projects, woodworking, or hobbies that require a dedicated workspace. Workshop sheds have sturdy workbenches or workstations with ample storage for tools and materials. They may have multiple electrical outlets and good lighting to support various projects.

4. Home office shed

Home office sheds provide a quiet and separate workspace away from the distractions of the main house, making them ideal for remote work or personal projects. Home office sheds are insulated and climate-controlled, with windows for natural light and ventilation. They often have space for a desk, chair, storage, and electrical outlets for electronic devices.

5. She shed

A she shed is a retreat space designed for relaxation, hobbies, or personal escape, providing a peaceful and private environment. She sheds are customizable and can include cozy seating, bookshelves, art supplies, or a mini-fridge for refreshments. The decor and furnishings are tailored to the owner’s preferences and interests.

Source: redfin.com

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Pensacola, Florida, is a city renowned for its beautiful coastal landscapes and rich historical heritage. Alongside its stunning beaches, Pensacola is also home to several exceptional parks that offer residents and visitors a chance to revel in the region’s natural beauty. If you’re considering relocating and renting an apartment in Pensacola or buying a home, you’ll be delighted to discover the well-loved parks that are cherished by the local community. In this Redfin article, we’ll explore some of the most popular parks in Pensacola, Florida. Let’s dive in!

1. Gulf Islands National Seashore

No visit to Pensacola would be complete without exploring the breathtaking Gulf Islands National Seashore. Stretching over 160 miles, this protected area encompasses pristine white sand beaches, picturesque dunes, and abundant wildlife. Visitors can enjoy activities such as swimming, sunbathing, snorkeling, and birdwatching. Additionally, the Fort Pickens area within the park offers a glimpse into the area’s military history, making it a perfect blend of natural wonder and historical significance.

2. Bayview Park 

Situated on the shores of Bayou Texar, Bayview Park is a local favorite for outdoor recreation and family gatherings. The park boasts a large playground, walking trails, and open green spaces perfect for picnics and leisure activities. Bayview Park’s scenic waterfront location provides a serene backdrop for kayaking, paddleboarding, and fishing. With its stunning views of the bay and amenities for all ages, this park is a treasured gem in Pensacola.

3. Perdido Key State Park

If you’re in search of a quieter and more secluded beach experience, Perdido Key State Park is the place to be. Nestled between the Gulf of Mexico and Perdido Key’s Intracoastal Waterway, this unspoiled park offers visitors a chance to immerse themselves in nature. Enjoy long walks along the pristine shoreline, observe diverse coastal wildlife, or simply relax in the peaceful surroundings. Perdido Key State Park is a true haven for nature lovers.

4. Veterans Memorial Park 

As a tribute to those who have served their country, Veterans Memorial Park stands as a solemn and poignant reminder of sacrifice and honor. The park’s centerpiece is the Wall South, a half-scale replica of the Vietnam Veterans Memorial Wall in Washington, D.C. The serene surroundings make it an ideal place for reflection and paying respects to the brave men and women who have served in the military.

5. Big Lagoon State Park 

Big Lagoon State Park offers a serene escape into nature, with its lush landscapes and waterways. The park is an ideal destination for kayaking, canoeing, and hiking, with several scenic trails winding through the coastal forest. Birdwatchers will also find delight in the park’s diverse bird population. The panoramic views of the lagoon and the Intracoastal Waterway make this park a peaceful retreat for all nature enthusiasts.

6. Plaza de Luna

Situated along the Pensacola Bay waterfront, Plaza de Luna is a lively park that hosts various community events and concerts. With its picturesque views of the bay, this park is a popular spot for evening strolls and relaxing by the water. Visitors can also find sculptures and memorials that showcase Pensacola’s rich history and culture. During the evenings, the park’s vibrant atmosphere comes alive with street performers and local vendors, making it a fantastic spot to soak in the city’s vibrant energy.

A final note on parks in Pensacola

Pensacola, Florida, is a city brimming with natural beauty, and its parks offer a diverse array of outdoor experiences. From coastal seashores and bayfront parks to serene getaways, these parks cater to various interests and provide a chance to connect with the area’s natural landscapes. So, whether you’re a resident or a visitor, be sure to explore these parks in Pensacola, and savor the delights they have to offer.

Source: redfin.com

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Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations.

In 2022, the national average electric bill was $137 per month, and residents consumed an average of 907 kWh of energy monthly.

If you’re trying to save money, you may be examining your electric bill to see how much you’re spending each month. But how do you know if you’re overpaying and need to decrease your energy usage?

In this article, we take a closer look at the average electric bill in the U.S. and each state to help you determine how much to budget each month.

How Much Is the Average Electric Bill?

According to the U.S Energy Information Administration (EIA), the national average electric bill in 2022 was $137 per month, with residents consuming an average of 907 kWh of energy monthly. After adjusting for inflation, this is a 5% price increase and a 2% energy usage increase from the previous year.

As of the first three months of 2023, the monthly average electric bill was $133 per month, which is a 5% increase from the same time period last year.

Average Electric Bill by State

The average electric bill varies by state based on a number of factors, including local power plant costs, weather conditions, state regulations, electricity transmission and distribution systems, and fuel costs.

Utah has the lowest monthly bill, which costs residents $80.87 on average. Meanwhile, Hawaii has the highest bill, with an average of $177.78 per month, due in part to the cost of importing petroleum fuels.

Reference the chart below to see your state’s average monthly consumption, average unit price, and average monthly bill according to the EIA.

State

Average Monthly Consumption (kWh)

Average Price (cents/kWh)

Average Monthly Bill (Dollar and cents)

AK

594

22.55

133.89

AL

1,140

12.96

147.75

AR

1,098

11.27

123.69

AZ

1,048

12.54

131.35

CA

542

22.82

123.67

CO

704

13.07

91.96

CT

713

21.91

156.21

DE

950

12.52

118.85

FL

1,096

11.90

130.40

GA

1,072

12.51

134.11

HI

531

33.49

177.78

IA

861

12.73

109.63

ID

961

10.16

97.62

IL

728

13.18

95.86

IN

946

13.37

126.51

KS

890

12.98

115.53

KY

1,084

11.50

124.67

LA

1,192

11.02

131.37

MA

596

22.89

136.37

MD

973

13.12

127.62

ME

584

17.02

99.44

MI

670

17.54

117.57

MN

776

13.50

104.76

MO

1,039

11.41

118.55

MS

1,171

11.56

135.31

MT

872

11.22

97.84

NC

1,063

11.32

120.38

ND

1,041

10.85

112.93

NE

1,005

10.75

108.09

NH

631

19.85

125.24

NJ

687

16.35

112.39

NM

646

13.52

87.31

NV

959

11.49

110.17

NY

599

19.48

116.70

OH

879

12.77

112.21

OK

1,088

11.00

119.69

OR

936

11.37

106.49

PA

851

13.76

117.11

RI

585

22.30

130.40

SC

1,078

12.86

138.65

SD

1,019

12.22

124.50

TN

1,183

11.07

130.98

TX

1,094

12.11

132.40

UT

775

10.43

80.87

VA

1,094

11.96

130.92

VT

567

19.26

109.24

WA

984

10.11

99.45

WI

690

14.52

100.18

WV

1,066

12.15

129.61

WY

867

11.17

96.82

What Contributes to a High Electric Bill?

When examining your electric bill, you’ll likely see your charges grouped into two categories: supply and delivery charges.Knowing what these charges mean can help you understand what’s contributing to your high electric bill.  

Supply Charges

Supply charges account for the cost of generating the energy you use. The total you are charged each month depends on the amount of energy you use and the cost per kWh of electricity. Your utility provider determines the unit rate (kWh) and should be noted in your contract.

It’s also important to check if you have a fixed-rate or variable-rate electric plan. With a fixed-rate electric plan, your unit rate will remain the same for a set duration. With a variable-rate plan, your unit rate will depend on the cost to supply electricity, which changes minute by minute depending on electricity demand. However, most customers pay a seasonal average rate (a type of variable rate), so they don’t experience these constant fluctuations.

Delivery Charges

Delivery charges are the costs associated with delivering electricity to your home. These charges are categorized into the following rates on your electric bill:

  • Distribution rate: This charge pays for distributing electricity to your home via power lines. This fee also includes metering services, billing services, and customer service.
  • Transition rate: This fee helps cover utility companies’ costs in building and maintaining power plants.
  • Transmission rate: This charge is controlled by the Federal Energy Regulatory Commission and helps cover the cost of the high-voltage power lines, which transport electricity from the power plants to the utility company.

How Can You Budget for Your Electric Bill?

While it can be difficult to pinpoint exactly how much your electric bill will cost each month, the National Foundation for Credit Counseling suggests spending no more than 10% of your monthly income on utilities. For example, if you earn $3,000 monthly, you shouldn’t be spending more than $300 on utilities each month.

If you’d prefer to take the guesswork out of budgeting for utilities, you can sign up for budget billing through your utility company, which involves paying a set amount for monthly utilities based on your average usage. Contact your utility company to learn more about budget billing.

Tips to Lower Your Electric Bill

If you’re spending too much on your electric bill, try incorporating these tips to save money:

  • Unplug appliances you don’t use: Walk around your house and unplug anything you don’t frequently use. For example, if you only make a smoothie once a week, you don’t need to leave the blender plugged in 24/7.
  • Get smart power strips: Smart power strips work by automatically shutting down the power to devices not in use. This is a great option if you frequently forget to unplug your devices.
  • Switch to LED light bulbs: LED bulbs use approximately 75% less energy than incandescent lighting, according to Energy.gov.
  • Limit your hot water usage: Heating water requires a lot of energy, so avoid washing your clothes or running the dishwasher using hot water. You could also try taking cooler showers, too.
  • Avoid running appliances until they’re full: When it comes to doing laundry or running the dishwasher, hold off until you have a full load.
  • Adjust the temperature when you’re not home: Heating and cooling are typically one of the main culprits for high energy bills. While you don’t need to set your thermostat to 80 degrees in the dead of summer, adjusting the temperature when you’re not home can help lower your bill. You can even program your thermostat to turn off automatically during times of the day you’re not home.
  • Regularly change your air filters: According to the Department of Energy, replacing a dirty air filter can lower your AC’s energy usage by up to 15%.
  • Get an energy audit: An energy audit involves a professional reviewing your electric bills and assessing your home to provide specific recommendations on how to lower your energy costs.

Does Paying Utilities Build Credit?

Typically, paying your utility bill doesn’t build credit since most utility companies don’t report payment history to the three credit bureaus. However, if you’re making timely payments and want to build credit, you can use a third-party service to report your utility payments for you.

ExtraCredit®’s Build it tool helps youreport utilities and rent and provides other services to help you manage your credit. Try it for free today.

Source: credit.com