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When Colleen Randall bought her house in 2016 for $174,000, she figured it was the perfect starter home. Then the past few years made the deal even sweeter: She doubled the square footage after redoing her unfinished basement. Now the three-bed, three-bath house in Hagerstown, Md., is worth at least $260,000. Refinancing in 2020 also lowered her mortgage rate from 3.25 to 2.75 percent and knocked off her private mortgage insurance.

And that’s the problem.

Randall, 33, and her husband want to have a second child, but their third bedroom is a sunroom and wouldn’t work for a new baby. They would normally just look to move and sell it. But they can’t imagine giving up their ultralow rate for a new mortgage above 6 percent on a bigger house. The more likely scenario: delay having another kid and stay put.

“My mortgage payment would essentially double if we purchased a house with around the same square footage, with just a better layout,” Randall said. “I just can’t do it. If I could predict the future, we’re probably going to stay where we are. It’s just too comfortable a position.”

Mortgage rates rise above 7 percent as Fed scrambles to slow economy

People like the Randalls are everywhere, and they’re causing unanticipated problems for the housing market. Home values soared in the past few years, as the pandemic reshuffled people’s housing needs, and buyers clamored for the few listings available. To cool that demand — and tame inflation throughout the economy — the Federal Reserve has been hiking interest rates at the fastest pace in decades. Those moves sent mortgage rates surging past 7 percent last fall, and while they’ve pulled back somewhat, the 30-year fixed rate was still around 6.35 percent last week, according to Freddie Mac.

But those increases are also discouraging owners from putting their homes on the market and forfeiting the low rates at which they borrowed money before last year. And that is cutting down on the supply of houses, especially for conventional starter homes that have long helped first-time buyers gain a foothold in the market.

It’s the perfect starter home. But it’s only for rent.

“The world is going back toward normal, but we still have the aftermath of what happened,” said Skylar Olsen, chief economist at Zillow. “That’s moving the housing market to behave this way.”

Striking a balance between supply and demand in the housing market is key to getting inflation under control. But experts say they don’t see the logjam getting better until rates simmer down, which probably won’t happen until next year. Even then, the days of super-low rates are likely over for a generation of home buyers who came of age when it was much easier to get a cheap loan.

The vast majority of homeowners have rates below today’s average. At end of 2022, 62 percent of mortgage holders had a rate below 4 percent, and 82 percent had a rate below 5 percent, according to Redfin data. A whopping 92 percent had a rate below 6 percent.

The number of new listings hitting the market are also far below normal levels, as millions of homeowners decide not to budge. In February, listings were down more than 23 percent from the year before, according to Zillow, and more than 32 percent from pre-pandemic levels.

Five reasons you shouldn’t buy a house right now

The drop is more dramatic in certain areas. Listings in Winston, N.C., were down 65.6 percent in February compared with the year before, according to Zillow, and they dropped 49.6 percent in Milwaukee, 39 percent in Las Vegas, and 36.8 percent in D.C.

The decline in listings is unusual, even compared with before the pandemic. By that measure, listings fell 67.3 percent in Winston, and 45.9 percent in Las Vegas.

In normal times, Knoxville, Tenn., would have around 10,000 active listings at any given moment. But by the time Hancen Sale was shopping for his first home in late 2020 and early 2021, only 1,300 properties were for sale. He still managed to buy a three-bedroom, two-bathroom historic home with a 2.75 percent mortgage rate for $291,000.

Sale works for the Knoxville Area Association of Realtors and has seen how the pandemic turbocharged the college town’s housing market. In 2021, the annual income needed to afford the average house with a 10 percent down payment was $55,677, according to his research. By the end of 2022, it was $88,808. So at age 25, he can’t imagine giving up his situation, and if he ever did outgrow the house, he’d rent it out.

“It’s going to be hard for me, financially, to move elsewhere,” Sale said. “It’s kind of frozen me in place in a lot of ways. And even if I did move, I would probably be holding onto a house like this, because the rate is so low, it would be a good revenue-generating investment for me.”

White House unveils new tenant protections amid soaring rental costs

Meanwhile, scores of people are clamoring to find any homes available, even if that means taking on a high rate.

Emily Engel and Tyler Young have been trying to buy their first home together for six months — ever since Engel’s landlord told her he wanted to sell the property where she lives. The long-distance couple has been scouring for a home in north-central Connecticut for around $325,000. They’ve lost out on six offers.

Last month, they were getting ready to put in their seventh. But while they were on the phone with their real estate agent, they were told someone else had just put in a massive bid. The only way for Engel and Young to get back to the front of the line would be to put down an extra $100,000 — cash.

“There’s an overwhelming sense of hopelessness — that’s the word — that washes over me every time,” Engel said. “This is insane. We’re not going to win. We’re not rich. We don’t have $100,000 extra. I’m almost 40. Am I not mature enough to own a house? You feel like a kid.”

Engel said she doesn’t see any signs demand in New England is cooling. But the housing market is extremely sensitive to changes in interest rates, and there are some indications that the Fed’s moves are working as central bankers intended. The median existing-home price fell 0.9 percent in March from a year earlier, to $375,700, according to the National Association of Realtors. That marked the largest year-over-year price decline since January 2012.

Homes that do make it onto the market are taking longer to sell, which helps boost inventory and tame the buyer frenzy from earlier phases of the pandemic. Fed officials are betting that the slowdown will eventually trickle to the rental market, a crucial step since rent costs have become the main driver of inflation throughout the economy.

“We’re not seeing it yet in housing services,” Fed Chair Jerome H. Powell said in February. “But we expect to see that. We need that to happen. That’s another big part of the economy. It’s got to come. It should come in the second half of this year.”

But prices probably won’t drop markedly until there are simply more homes available. Experts have various estimates for how many more houses the country needs, with figures sometimes ranging from 1.5 million to 5 million. Last year, the White House unveiled its Housing Supply Action Plan, which aims to help close the country’s housing shortfall in five years.

Persistent supply chain issues, labor shortages and the rising costs of construction have few experts hopeful that the plan can come to fruition. But the trend is at least moving in the right direction; the number of listings coming from new construction has been steadily climbing since 2016. At the end of 2019, right before the pandemic, almost 19 percent of listings came from new construction, according to Redfin data. By the beginning of 2023, that figure had grown to more than 33 percent.

Still, there is a long way to go, especially when it comes to luring people with ultralow rates.

Jonathan Levitt, 32, took advantage of remote work and moved from Boston to Boulder, Colo., during the pandemic. In 2021, he bought a three-bedroom house for $865,000. He locked in a 3.05 percent interest rate, and he estimated that if he bought the same house today, the monthly payment would be at least $1,000 higher.

Levitt keeps an eye on Zillow listings, and sees other, less-appealing homes in his neighborhood selling for $200,000 more than he paid. He’s put money into upgrading the house — with solar panels, a sauna and workout equipment. He might rent it out down the line. But he can’t imagine selling, or going back to his old Boston apartment with no outdoor space or parking.

“I’m losing money in that scenario,” Levitt said, “versus gaining.”

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Source: washingtonpost.com

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Yesterday The Consumerist pointed to a couple of Curbly posts about how to buy stuff on Craigslist [one, two]. These articles have some good tips, but I think there’s more to say.

My Craigslist Experience

Cragislist is one of the seven wonders of the internet. You can use it to find a job, buy a car, get a date for Saturday night, and sell that old couch. The site is free to use for almost everything. It’s community-policed, which means spam is taken down as users flag it. Kris and I made extensive use of Craigslist when we bought our new house. Over the past three years we’ve purchased:

  • 67″ x 36″ antique mirror with beveled edge: $45
  • Another mirror, battered but okay: $20 and a long wait in traffic
  • Solid cherry Dania shaker desk: $175 and buyer’s remorse
  • A housekeeper to perform a final, thorough cleaning when we moved out of our previous house: $75
  • A futon bed/couch in excellent condition: $100
  • “Cool, stout wooden chair” for my smoking porch: $25
  • A 30 x 60 folding table: $30
  • Two shelving units stolen from Borders by disgruntled employees: $20
  • Free-standing metal cabinet that matches those in our kitchen, delivered: $75
  • Newer double bed with metal frame: $50
  • Doctor’s balance scale: $30
  • Box of 40+ wine glasses: $20
  • An old rototiller: $50 (which I sold two years later for $30)

We’ve also swapped some stuff, too.

  • A dozen raspberry starts and a cubic yard (or more) of fresh manure, all delivered: six rose bushes from our garden
  • A 6mp digital camera: my Nintendo Gamecube
  • A personal computer: my Magic Online account
  • I traded a Wii game I didn’t like for one that I did

Every year I list our neighborhood garage sale on Craigslist. When our business needed to hire a truck driver, I listed the job on Craigslist. I use it to keep tabs on community activities and events.

Here’s an example of an actual Craigslist transaction: For two months, Kris watched for a mattress and bed frame. Beds came and went, but never exactly what she wanted. One afternoon her ideal bed finally appeared. She contacted the seller immediately and arranged for us to pick up the bed, which we did that night. I borrowed the van from work, we grabbed some cash from the ATM, and we drove to the seller’s house. We inspected the bed, and it met with our approval. The seller was friendly — he helped us load the bed into the van. We chatted a little. And then we were on our way. During this transaction, we did several things to make things smoother.

General Tips For Using Craigslist

  • Spend some time learning the site. Familiarize yourself with the interface (it’s fairly straight-forward). Pick a category to watch for a week so that you can get a feel for how things work.
  • It’s cool that you can subscribe to your favorite categories. This can get overwhelming, though. Do you really want to sift through a thousand lame free items every day? Of course not. But you might be keen on learning about every free piano that comes along, for example. Or maybe you want to see every job posting searching for a writer. You can subscribe to a feed of any Craigslist search. This is amazingly powerful. (It’s also a dangerous time-sink.)
  • Always be polite. People are grateful to deal with kind, helpful strangers. When a woman came to take 500 square feet of free sod we’d dug from our lawn, I spent an hour in the rain helping to load her trailer. Though the sod had been listed as free, she sent me $50 in restaurant gift certificates to thank me for helping her.
  • Don’t feel pressured. If you drive out to the seller’s location and find that the item is not as described, or that you’ve changed your mind, don’t feel obligated to buy. If a buyer arrives and tries to change the terms of the deal, call it off.

Tips For Buying on Craigslist

  • The most important thing to remember when looking for things on Craigslist is that you must be both patient and impulsive. This may seem like a paradox, but it’s true. First, you must know what it is you want. And then you must be patient, waiting for that thing to be listed. When you finally see the item available, send e-mail immediately or you may lose your chance. (An e-mail expressing interest is not a commitment to buy, but it puts you at the head of the line in most sellers’ minds.)
  • Be ready to purchase the item when you meet the seller. If you drive to look at a desk, be ready to pay for it and to haul it away. Sellers generally want to get rid of their stuff now. We’ve been able to buy stuff even when we weren’t the first to arrive with cash, but were the first to arrive with cash and a van.
  • Some people sell unwanted gift cards, generally for about 80-90% of their face value. For example, if you know that you’re making a trip to the hardware store for a home improvement project, check Craigslist first to see if there aren’t any gift cards that you might be able to use. Important: verify the balance on the gift card before purchasing it. Many cards contain printed instructions on how to verify the balance, but you might want to meet the seller at the store.
  • Negotiate. Offer the seller less than the asking price, especially if the listing is old. (This won’t work for a brand-new listing.)
  • Use cash and exact change when possible. Some sellers will take a check or give you change, but don’t count on it. Arrange the form of payment before you meet the seller.

Tips For Selling on Craigslist

  • Offer detailed descriptions. Provide essential information. Give the size, the color, the style, or any other relevant information a buyer might need to make a decision.
  • Be honest. You’re not going to fool anyone. If you say something is “like new” and a potential buyer shows up to discover it’s well-worn, you’re not going to make the sale and you’re going to have a cranky customer on your hands. Tell the truth.
  • You don’t need to post a photograph, but you’re going be more successful with certain items if you do. I spent two months searching for the perfect desk on Craigslist. There was a strange disconnect between the text people used to describe their desks and the actual desk as shown in a picture. I wasn’t about to bite on a post that didn’t include an image. But if you’re posting an ad for a used Nintendo Wii game, a photo isn’t required.
  • Ask a reasonable price. If you’re not sure what’s reasonable, watch Craigslist for a week or two to see what similar items fetch. If you price your item too low you’ll sell it but you will have left money on the table. If you price your item too high you’ll never get a response.
  • You will get many responses, but few will follow through. That’s just how Craigslist works. Don’t let it bother you. Be grateful for the few that do follow through.
  • Don’t let buyers talk you into alternate forms of payment. If you’re asking $250, don’t accept a trade for something you don’t need. I’ve made this mistake twice, and one time it really bit me. (I traded for a computer that didn’t work — long, stupid story.)
  • Take down your ad once you’ve sold the item.
  • From my experience, collectibles do poorly on Craigslist. It’s the wrong audience. I watch for comic books because I’m a collector. People have unrealistic expectations of what comics are worth and what the demand for them is. I would never try to sell comics on Craigslist. That’s what eBay is for.

Other Craigslist Resources

Here are additional resources to help you get the most out of Craigslist:

Craigslist is a cheap and fun way to get stuff you need, or to get rid of stuff you no longer want. But be careful. Don’t spend more than you should — it’s easy to get carried away!

Source: getrichslowly.org

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Have you ever misplaced your car keys inside an Old Navy bag stuffed with bras you couldn’t bear to have smooshed so you packed them with oranges that went rotten before you found them—the keys, that is. Well, and the oranges. We’re not even going to talk about the bras.

MOVING MAKES YOU CRAZY FOR A REASON.

Even if you move because you’ve found a situation you prefer over your old one, you are not exempt from the crazy.

It’s just a matter of which type you are.

The Procrastinator

Checklist, shmecklist. You spend 90% of your time on a problem that’s 10% of what’s important. On deadline, you pull all-nighters like a dentist pulls teeth—which leaves holes in your sanity.

If this is you, try:

  1. Setting aside chocolate chips or Andes mints—something small to be used as a daily reward. Be sure to reward yourself often. Studies show positive encouragement—even from yourself—is the surest way to motivate. Try writing down each task you accomplished, creating the opposite of a to-do list. It’s a GOT-DONE list.
  2. Organize your time by postponing work in a strong area until you take a baby-step in a weak area. For example, say you’ve packed the den, but can’t face the phone calls needed to book your moving day personnel. Don’t allow yourself to pack the garage until you at least get the truck reserved. Use a simple printable checklist for moving.
  3. Be aware of time passing. Procrastinators enjoy focusing on tasks deeply, until time “stands still.” Um, except that three hours just slipped by. Set timers. Have a daily countdown until The Big Day.
  4. Dude, you’re a procrastinator. Factor that in to your estimates of how long each task will take. It’s okay. It’s part of loving yourself the way you are.

The Pack Rat

In our early 20’s, my husband and I moved from a studio apartment to a duplex, and I thought my storage problems were over. Wrong. When we later moved into a  small home, I thought the same thing. Wrong again. The storage space was not the problem. We were the problem. If we have 120 linear feet of shelf space, we acquire 180’s-worth of things within seconds of entering the door.

If you buy stuff routinely (you do) but don’t get rid of stuff routinely (semi-annually at least), you have a hoarding problem. Owning too much overloads your working memory, kills your processing-speed, and basically makes you batty. Here’s the low-down:

  1. Moving forces you to face your clutter. This is good! It may seem overwhelming, but items entered the house little by little and they leave the same way. Try visiting a blog with home organization tips.
  2. If possible, don’t pack yet. Instead, start in one room and sort items into:
    1. Trash
    2. Give-away
    3. Critical items (items you need daily, like shoes and toiletries)
    4. Short-term storage (items that can stay packed during the moving process, like books)
    5. Long-term storage (items already considered storage, like Christmas decorations)
  3. As you sort, think like a retail store does. We all know time is money, but stores know space is money, too. Customers demand a navigable space where products are accessible. Before a store can stock more items, it must purchase more shelf-space, and that means paying a higher lease at a bigger store. The same is true for your new home. The cost of your home per square foot is hundreds of dollars. It dwarfs the replacement cost of a pair of lacrosse shoes you haven’t worn since middle school.
  4. When sorting is complete, remove trash and give-away items from your home.
  5. Gather critical items together.
  6. Pack short-term storage into boxes.
  7. Spend a few hundred dollars buying matching plastic storage bins for all long-term storage items. They act as moving boxes and keep you organized once you’ve moved in. Double bonus.

The Crisis-Mover

Sudden moves brought on by death, divorce, eviction, job loss, or other negative events can create a genuine crisis. If you find yourself in this camp:

  1. Breathe. Life happens.
  2. Assemble help.
    1. Ask for specific favors. You may balk at asking a neighbor to watch your kids day and night for a week, but being proactive about getting your family into a stable situation helps everyone. Don’t wait for the situation to deteriorate further.
    2. The more people you assemble to help, the less you fatigue any one person. Look to churches and youth service groups. Put out calls on social media.
    3. If you are able to, provide treats or food to volunteers. And say thank you!
  3. Ditch doing things “right” and get through the move.
    1. Schedule a moving truck and assemble volunteers.
    2. Throw away obvious garbage and pack everything else. You’ll go through it later.
    3. On moving day, have boxes and/or large, sturdy garbage sacks for volunteers to use in moving you. Lack of container-space is the bane of sudden moves.
  4. Once in your new place, use check a list like this one to get after those stray to-do items, such as switching your utilities and forwarding your mail.
  5. The move is over, and it’s time to take steps to ensure you’re able to stay on your feet. Give back to your friends and family where possible. It’s empowering to be on the other side of giving. And you could use some bold moves after your crisis-move!

The Stress Case

You are a list-maker. You list-make in the shower and during family meals and in bed at 4 a.m. and at 5 a.m. and at 6 a.m. and you know you’re less than a minute from a panic attack at all moments and STOP AND READ THE STEPS ALREADY.

  1. Get proper rest. Put the list aside in time to unwind for the night. Try meditation.
  2. Pay attention to your emotional and mental health. Make a check box for daily happiness, setting aside at least a half an hour. Try to focus on social things, like playing with your toddler or meeting a friend for lunch.
  3. Use a robust checklist for moving that does much of your thinking for you.
  4. Plan to experience failure. Will you forget something during the move? Absolutely. Something really, really important? YES! Okay, maybe not, but even if you do, you’re capable. You can fix these problems—and fixing them is much less effort than you would spend stressing about every what-if.

So . . . which crazy do YOU need to conquer? No matter what it is, don’t forget the final step of every moving-day checklist: make sure to enjoy your new home! To save money while you buy or sell homes, visit our Buy Any Home page or sign up to sell with Homie today.

Source: homie.com

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Multi-family homes can be a great way for novice real estate investors to get started buying properties that will generate passive income. However, these properties, which contain multiple units for more than one household, have some challenges that single-family homes don’t have. If you’re considering buying a multi-family home, here’s what you need to know before jumping in.

What is a multi-family home?

A multi-family home is a single building that’s divided to accommodate more than one family living separately. They can range from a duplex, which has two dwellings within a single building, to homes or small apartment buildings with up to four individual units. (Buildings with more than four units are typically considered commercial properties.)

The owner of a multi-family home can either live in one of the units and rent out the others, or live elsewhere and rent them all out. The rules for financing a multi-family property are different depending on whether the owner will live there or not: If you don’t plan to live in your property, you’re considered an investor. You may be able to use the projected rental income from the property to help you qualify for a mortgage, and you may also qualify for a higher loan amount.

“When you’re looking at a single-family home, you’re thinking about your own needs only,” says Charlotte Winckowski, a Realtor with iKey Realty in Toledo, Ohio. “When you’re looking at a multi-family home, you have to think of it more as a business: What will the needs of your tenants be? What kinds of income will it produce, and what will your expenses be?”

Multi-family vs. single-family homes

While you can rent out some or all of a single-family home, multi-family homes have other distinct characteristics. Some started out as large single-family homes that an owner or developer decided to divide into multiple units. Each unit in a multi-family home has its own address, its own kitchen and bathrooms and typically its own entrance. However, those living in multi-family homes may have less privacy than those living in single-family homes because of shared walls.

Types of multi-family homes

There are various kinds of multi-family homes to consider, with different offerings in terms of layout and living space. Each type of house has its own pros and cons, as well.

Duplex/Triplex

The term duplex refers to two units or homes that are connected either via a common wall, ceiling or floor. A triplex has three. Each home in a duplex or triplex has its own entrance. The units may also have separate yards and garages.

Condo

A condo is typically an individually owned unit within a community or building made up of other individually owned units. In most cases, condo owners are required to pay monthly fees to a homeowners association. These fees cover the costs of upkeep for any amenities that may be included, and in some cases they cover insurance for the building or community, as well.

Townhome

Similar to duplexes, townhouses or townhomes are homes that are attached to one another via a common wall. Typically they have two or three stories. They are more spacious than apartments and generally involve far less maintenance and upkeep than a single-family home.

Semi-detached house

Like townhomes, semi-detached homes include a shared wall with another home. However, semi-detached houses are typically bigger than townhomes. These types of homes can be more affordable than a freestanding single-family home. They may also offer less costly maintenance, as the owners of semi-detached homes may share upkeep expenses.

Pros and cons of multi-family homes

Pros

  • The rental income a multi-family property earns can help offset the cost of your mortgage and other expenses, providing you with an income stream. “For some owners, the rent is enough that they don’t have a house payment at all,” says Paul Wyman, managing broker of the Wyman Group in Kokomo, Indiana. “They’re able to use income from other units to cover their mortgage and insurance, and that frees them up to use their cash for other things.”
  • You’ll be able to tackle repairs and maintenance more easily. If you live in or close to your rental property, you are less likely to miss major issues and will be able to respond faster when problems arise.
  • You can write off much of your home maintenance as a business expense and prorate part of your mortgage interest payments.
  • These properties can be an ideal option for multi-generational families who want to be close but retain their privacy. (They also help you keep such options open in the future.)
  • If you start out living in one unit but ultimately move out, you can still keep it as an income-producing investment, earning even more once you start renting it out.

Cons

  • Since you’re buying more than one unit, it may cost more upfront to purchase a multi-family home than it would to buy a single-family home.
  • Being a landlord is a time commitment, and living in the immediate vicinity of your tenants means you may get knocks on your door at any time. You’ll also need to be comfortable negotiating lease terms and screening your tenants, not to mention dealing with them in a business-like way when the rent is overdue, there are issues with noise or there’s damage to the property.
  • If your units go vacant or a tenant is late with the rent, you’re still responsible for paying your mortgage. You also have to cover the cost of (quickly) repairing problems, like a leaky roof or clogged toilet. “Even if you don’t have a housing payment every month, there is still financial risk in multi-family homes,” Wyman says.
  • You’ll need a substantial emergency fund. The more units you have, the less impact an individual unit will have on your overall cash flow, but landlords should have plenty of money set aside to cover unexpected repairs and rent on vacant units.
  • It can be complicated to sell a multi-family property that has tenants in place, since you’ll need to coordinate showings and appraisals — and keep the tenants apprised of the process.

Maximizing returns on a multi-family home

In most cases, a multi-family home will also serve as an investment property for the owner. In order to maximize your investment, it’s important to understand the costs associated with the property, including not only your mortgage, property taxes and homeowners insurance, but also other expenses, such as utilities, real estate agent fees, advertising (to attract tenants) and legal fees.

“An evaluation of the property should include an inspection by a licensed inspector and market research to include a market lease-rate analysis along with current market rental conditions,” Wyman says.

Who are multi-family homes best for?

Purchasing multi-family real estate is best for those who are interested in getting into real estate investing to generate wealth and are comfortable with the added responsibility and time commitment that comes with being a landlord. These types of homes can allow you to live rent free, if you occupy one of the units and the rent from the other units generates enough income to cover your monthly expenses. Once the mortgage is covered, the rent from multi-family homes can become a passive stream of income.

They can also be a smart choice for multi-generational families interested in buying a property together while having their own dedicated space. Typically including anywhere from two to four units, multi-family homes allow extended families to live under the same roof while still enjoying the benefits of having the privacy of individual units.

How to find a multi-family home

Like single-family homes, multi-family properties are listed for sale on real estate search websites, where you can typically filter the results of your search based on the type of property you’re seeking.

A real estate agent, either with a residential or commercial specialty, may be able to help you find investment opportunities in your area, as well, and could even know of some opportunities that have not been advertised online.

As with any house hunt, do your homework to see what multi-family home prices are like in your market and what you might expect to pay.

Find other housing types

Apartment Apartments are suited for anyone looking to stay in a prime location for a cheaper price near shopping, restaurant and entertainment centers, often at a more affordable cost than buying a condo or single-family home.
Condominium Condos appeal to those looking for a lower-maintenance living, home with a sense of security, opportunities to be social with neighbors, among other factors.
Townhouse Townhouses are a particularly good option or first-time homebuyers or other budget-minded home buyers who want more space than typically afforded in a condo.
Modular home Modular homes are enticing to empty-nesters looking to downsize, couples looking for backyard units like tiny homes or families looking to upgrade their dated properties in nice but expensive neighborhoods.
Single-family home Single-family homes are best for families who prefer a huge yard and plenty of room to spread out. Others still prefer a low-maintenance condo or townhome that includes benefits like landscaping, snow removal and exterior maintenance.
Multi-family home Multi-family homes are best for those who are interested in getting into real estate investing and are comfortable with the added responsibility and time commitment that comes with being a landlord.
Bungalow home At between 1,000 and 2,000 square feet, bungalows are a great option for young families looking for a starter home or retirees hoping to downsize in a home without stairs, or single homeowners who want the single-family home lifestyle without managing a huge property.
Co-op Co-ops are most often found in major cities, and they can be good for those looking for security or neighbors who largely adhere to the building’s rules and policies.
Patio home Typically capped at one-and-a-half stories and part of a larger association, patio homes are best for homeowners who don’t want to deal with stairs or maintenance.
Ranch home Ranch homes are ideal for anyone who prefers single-story living. Singles, couples and families with children can find something to love about a ranch home.

Source: thesimpledollar.com

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Known for its rich history, vibrant culture and lush landscapes, Mississippi boasts a number of exceptional college towns.

The best college towns in Mississippi offer students a blend of academic excellence, exciting entertainment options and a true taste of Southern hospitality. From the literary haven of Oxford to the spirited atmosphere of Starkville, Mississippi’s best college towns are as diverse as they are inviting. Join us as we traverse the Magnolia State and uncover the best college towns in Mississippi.

Our journey begins in the charming town of Oxford, home to the prestigious University of Mississippi, affectionately known as Ole Miss. With its historic campus adorned with stately buildings and ancient oak trees, this university is the epitome of Southern elegance. Oxford has long been a literary hub, attracting writers like William Faulkner, John Grisham and Barry Hannah, whose influences have left a lasting impact on the town’s identity and academic prowess.

As you stroll through the picturesque Downtown Square, you’ll find a variety of independent bookstores, art galleries and specialty shops, all of which contribute to Oxford’s unique vibrancy. Be sure to visit Rowan Oak, William Faulkner’s former home, now a museum dedicated to the life and works of the acclaimed author.

Oxford’s culinary scene is another highlight, featuring an array of diverse eateries that showcase tasty eats from all over. Leading the charge in this restaurant resurgence are the fine folks at City Garage Restaurant Group, the company behind many of the most popular college hangouts in the city. From fine dining establishments to casual barbecue joints, you’ll find no shortage of delicious options in this college town.

With its strong literary roots, unparalleled academic prowess and thriving artistic community, Oxford is undoubtedly a standout among the best college towns in Mississippi.

Next, we travel to Starkville, a lively college town that is home to Mississippi State University. With a strong sense of school spirit and a deep commitment to research and innovation, this bustling town provides students with an engaging and supportive environment in which to pursue their education.

The heart of Starkville is its vibrant downtown area, where you’ll find a variety of locally-owned shops, restaurants and entertainment venues. Don’t miss the opportunity to indulge in some authentic Southern barbecue or catch a live performance at one of the town’s many music venues.

Starkville’s enthusiasm for sports is contagious, with the Mississippi State Bulldogs drawing large crowds to their football, basketball and baseball games. This spirited atmosphere extends beyond the campus, fostering a strong sense of community and camaraderie throughout the entire town.

With its energetic vibe, strong academic programs and passion for sports, Starkville is a deserving addition to our list of the best college towns in Mississippi.

Heading south, we arrive in Hattiesburg, a bustling town that is home to the University of Southern Mississippi and William Carey University. With a strong emphasis on the arts and a diverse range of academic programs, Hattiesburg offers students a well-rounded educational experience in a supportive community.

The town’s commitment to the arts is evident in its numerous galleries, theaters and performance spaces, which host events ranging from gallery exhibitions to symphony orchestra concerts. Be sure to visit the Hattiesburg Arts Council Gallery and the historic Saenger Theater for a taste of what makes this cool college town so unique.

Nature enthusiasts will appreciate the town’s abundance of outdoor recreational opportunities, like the scenic Longleaf Trace, a 44-mile trail perfect for biking, jogging or leisurely strolls. Hattiesburg is also home to the beautiful Hattiesburg Zoo, where visitors can observe a variety of animals and explore the lush botanical gardens.

With its strong focus on the arts, diverse academic offerings and ample opportunities for outdoor recreation, Hattiesburg earns its place among the best college towns in Mississippi.

As we continue our exploration of the best college towns in Mississippi, we arrive in the quaint town of Clinton, home to Mississippi College, the oldest institution of higher education in the state. Founded in 1826, this historic college boasts a picturesque campus with stately buildings and a serene atmosphere, making it an ideal environment for students seeking a close-knit academic community steeped in history.

Clinton’s historic charm is evident in its beautifully preserved downtown area, where brick-lined streets are dotted with an array of local shops, cafes and boutiques. History enthusiasts will enjoy exploring the town’s numerous historic sites, including the Clinton Visitor Center, which showcases the town’s storied past and its path toward a brighter future.

Outdoorsy types will appreciate the town’s numerous parks and trails, like the scenic Natchez Trace Parkway, a historic route that offers ample opportunities for hiking, biking and connecting with nature. With its historic charm, strong academic programs and welcoming atmosphere, Clinton is a delightful addition to our list of the best college towns in Mississippi.

Our journey through Mississippi’s best college towns concludes in Cleveland, a vibrant town that is home to Delta State University. Known for its strong academic programs and commitment to the arts, Cleveland offers students a diverse range of educational and cultural experiences.

Cleveland’s rich musical heritage, particularly its connection to the blues, is a defining aspect of the town’s identity. Be sure to visit the nearby Dockery Farms, considered the birthplace of the Delta Blues, and the GRAMMY Museum Mississippi, which celebrates the enduring legacy of Mississippi’s musical icons.

In addition to its musical roots, Cleveland is also home to a thriving artistic community, with galleries, theaters and performance spaces showcasing the talents of local artists and students. Don’t miss the chance to catch a show at the Bologna Performing Arts Center or explore the works on display at the Fielding Wright Art Center.

With its strong connection to music, diverse academic programs and commitment to the arts, Cleveland rounds out our tour of the best college towns in Mississippi.

Make the move to a Mississippi college town today

From the literary charm of Oxford to the spirited atmosphere of Starkville and the rich musical history of Cleveland, Mississippi’s top college towns offer a diverse range of experiences for students and recent graduates alike. Each town featured above boasts a unique blend of academic excellence, cultural attractions and Southern hospitality that make the Magnolia State an ideal destination for anyone seeking a memorable college experience and an unforgettable adventure.

Source: rent.com

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Leaving Las Vegas? Kerry King, at least, appears to be heading out.

The co-founder and co-lead guitarist for heavy-metal band Slayer has listed his ultramodern, boxy mansion in Sin City.

King picked up the primo property brand-new in 2020 for $3,819,000, and now he’s asking $4,299,000 for the place.

This 6,000-square-foot, five-bedroom, seven-bath, contemporary dwelling is certainly unusual to behold.

Built in 2020

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Living room

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Dining room

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Kitchen

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Australian photographer Peter Lik, who has ventured into real estate, oversaw the incredible details of this custom-built manse. There’s a beautiful floating staircase, floor-to-ceiling glass walls, gorgeous wood floors, and clean lines at every turn. Each room offers access to the sunny backyard and pool, via glass pocket doors.

Exterior shutters welcome fresh breezes into the house, which is especially delightful in the hot, Southwestern climate. But it gets chilly in the desert sometimes, so the fireplace in the primary bedroom suite comes in handy. And the adjacent bathroom is nearly unbelievable, with its massive vanity and a sculptural tub that sits in a window overlooking the pool.

There’s also a soaking tub outside the main bedroom, on the deck, and a sauna to nudge the luxury quotient upward. Speaking of, a wine room, pool house, and an outdoor kitchen with a bar are ready for top-tier leisure. And eco-aware buyers will appreciate the smart-home automation and solar technology, too.

Main bedroom

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Primary bathroom

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Tub in the window

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Wine room

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Pool

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Pool house and outdoor kitchen

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Slayer seems to have disbanded, having played its last show in November of 2019 in Los Angeles. But King is still jamming with a new iteration of his former group. This band includes ex-Slayer drummer, Paul Bostaph, and is slated to start performing this year.

Source: realtor.com

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What is your home worth? What should you pay for your new home? While you can check your estimated value on a bunch of different websites for free, we recommend you tap the expertise of someone who can give you a more definitive answer of your home’s value based on similar properties in the market. That person is called an appraiser. Now let’s learn more about the appraisal process!

Who is an Appraiser?

An appraiser is someone who is certified in doing research and determining the fair value of homes. They determine a home’s value based on square footage, lot size, features, finishes, and other unique things about it. In addition to what makes up the home, the appraiser looks at the surrounding area. That includes school districts, the city, and other outside influences. An appraiser is a key player in the purchase or sale of a home.

A buyer’s lender typically requires that an appraiser comes to confirm the contract value of the home. This is all done to make sure that the buyer isn’t overpaying for the property and the lender has adequate value to cover the loan amount.

Sellers sometimes bring in appraisers to help them price their home right, but it is not necessary and many real estate agents help seller’s price their home. Some brokers even have dedicated pricing specialists to do the important work of determining the right list price.

What Happens During an Appraisal?

The appraiser evaluates the home in question by reviewing all the important stuff, as listed above. If housing prices were stable over time, the job would be done at that.

The reality is, the housing market fluctuates. To assess the strength of the housing market in the home’s specific area, the appraiser will research the prices of homes sold recently in nearby neighborhoods. They will look at the homes comparatively based on what they had to offer buyers.

How Much Does an Appraisal Cost?

Home appraisals typically cost between $400 and $500.

Appraisals are usually requested by the lender after the home is under contract. However, if you’re selling and are not sure where to price your home, you can purchase one early. A good option for this is the economical desktop appraisal.

Sellers who use Homie are provided with a value report, which is like a desktop appraisal. This service is performed by a dedicated pricing specialist who uses comparable home sales and local market knowledge to determine the value of your home. Unlike a full appraisal, a value report does not include a visit to your home and does not replace a full appraisal for a buyer who is planning on taking out a home loan.

Do I Need to Get a Home Appraisal?

Federal regulations require lenders to hire an independent appraiser for each new loan, which means that buyers must have the home appraised even if the seller has already had it appraised.

Home inspections are often confused with appraisals, but they are separate and performed by different licensed companies. A home inspection is conducted by an inspector who checks the build of the home to make sure everything is in good working order. They look over everything from roofing to plumbing and door jams to light switches.

They don’t assess the value of the home. An appraiser for example, may use the condition of the home to determine the value but the inspector will tell you exactly what’s broken and needs repair.

What to Do for an Appraisal

If you’re selling your home, you want to sell for the highest amount possible. This means when it’s time for the lender appraisal, you want to show the home at its best.

On the day of the home appraisal, be your home’s best advocate. Jot down a list of any improvements you’ve made to the home, like upgraded counters or a new water softener. Leave this list for the appraiser.

Make sure the lawn is mowed, the house smells sweet, the blinds are open and the surfaces aren’t cluttered. Theoretically, little details like this shouldn’t affect the price of a home, but you want to make a good impression. Don’t worry about a large renovation like finishing a basement but if you were going to repair something anyway now would be the perfect time. Most often large renovations or repairs don’t increase the value of your home by as much as they cost to complete. Instead, focus on showing off what’s already there and making sure that every part of your home is clean and in good repair.

What Happens After I Get an Appraisal?

Good question. Once the appraisal is complete, it is sent to the buyer’s lender or bank. In cases where the buyer is putting a relatively small down payment on the home (less than 20%), banks will approve loans only when the estimated appraisal value is the same or greater than the sale price of the home.

Sound confusing? Let’s talk about it.

Imagine a house gets an offer of $300,000 but only appraises for only $250,000 and the buyer is only putting 10% down (in this case $30,000)The bank may not fund a loan for the home at the higher asking price. It will not lend $300,000 for a house that, in the case of a default, might only sell for $250,000 because that would leave the bank short on its investment.

If you are in the process of purchasing a home and the home appraisal comes back lower than the negotiated sale price, you have some options.

What happens if you really want the house? Many buyers will try to renegotiate the sale price if the appraisal comes in low. If the seller is unwilling to lower the price, buyers can walk away. If the buyer is still absolutely in love with a home they can choose to increase the down payment amount so the lender approves the mortgage. Adding to the down payment decreases the amount the bank has to fund for the home.

If the appraisal comes in low, you should consult with your real estate agent about your options.

Got a Home You Want to Sell?

Homie wants to help you sell your home for top dollar! Get started on the listing process now! It only takes four steps to complete, and then your dedicated real estate agent will be reaching out to you to complete your listing. Don’t worry, we’ll advise you every step of the way. The best part? We do it all for a low fee. Click here to get listing or call us with any questions!

Want to Buy Your Dream Home?

If you’re ready to buy a home, click here to browse what’s for sale. Once you find the one you’ve been dreaming of, simply click Request a Tour and a Homie agent will get in contact with you!

Source: homie.com