Housing market updates, top home features and your April home maintenance checklist.
It’s April and Spring is in full swing! Some of the best weather of the year is ahead and the housing market sure is warming up - my kind of paradise. Pull up a chair, grab your beverage of choice and join me for the full spring low-down in our state.What's new?
April is sure one busy month for me personally! My son turned 6, we went to Disney World, I got a new roof, my brother is getting married, I have plenty kid’s birthday parties to attend, and oh yeah...work ;-)
On a professional front, I just had a very successful Home Buying Seminar and was asked to speak on a Top Producer Panel! I am excited to bring some beautiful homes on the market and get some clients into beautiful homes themselves!
What's happening around town? MA will be celebrating April with a handful of local events and happenings. Keep reading for more information below!
House-hacking: the generation that loves it most (and for good reason)
House hacking (n): the practice of renting out a portion or the entirety of one's home to generate additional income. Know who loves the growing trend the most? Millennials and Gen-Zers. It’s true — more than 55% of Millennials and 51% of Gen Z homebuyers expressed positive views on house hacking.
I worked with a client who was ready to get into a home of their own. Once they found the one, they rented a bedroom to a friend. Offsetting their monthly expenses was a major plus for them.
It’s important to note: Homebuyers will need to work with a lender to ensure they can afford the mortgage without the rent, and be comfortable making monthly payments with or without it.
This question saved my buyer $94,619
Asking your lender this ONE question could save you big.
Does my loan have a pre-payment penalty?
Making just ONE extra payment each year can shave years off your mortgage term and save you thousands in interest.
Let’s look at a client with a 30-year mortgage of $400,000 at a 6% interest rate. Without extra payments, the total interest paid over the loan term is approximately $463,353
With ONE extra payment of $2,400 each year ($200/mo) the interest drops to $368,734, and the loan would be paid off 5 years earlier than the original term.
And the savings hitting their pocket? $94,619 over the life of the loan
BUT Make sure to ask your lender about pre-payment penalties (penalties can be steep - often 2% of the loan balance).
Check with your lender so you can save on your timeline.
And if you need a lender recommendation, send me a message!
April Home Maintenance Checklist
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