What Are Accessory Dwelling Units and How Can They Benefit You?

Accessory Dwelling Units (ADUs) are secondary residential units that are either attached to or located on the same property as a primary single-family home. They are also known as granny flats, in-law suites, or backyard cottages. ADUs can be converted garages, basements, separate units within the existing home, or standalone structures.

ADUs offer several benefits for homeowners:

1. Rental income: ADUs provide an opportunity for homeowners to generate rental income by renting out the unit to tenants. This can help offset mortgage payments or provide additional cash flow.

2. Multigenerational living: ADUs allow homeowners to accommodate aging parents, adult children, or extended family members while still maintaining privacy and independence for both parties.

3. Increased property value: Adding an ADU to your property can increase its market value and appeal to potential buyers. ADUs are in high demand, especially in areas with housing shortages or high rental costs.

4. Flexibility: ADUs can serve various purposes, including a home office, guest suite, or space for hobbies and recreation. They offer flexibility in how homeowners utilize their property.

5. Affordable housing: ADUs can help address the housing affordability crisis by providing smaller, more affordable housing options within established neighborhoods.

6. Sustainability: ADUs promote sustainable development by making efficient use of existing infrastructure and reducing the need for new construction. They can also be designed with energy-efficient features.

Before considering building an ADU, it's important to check local zoning and building regulations, as well as consult with professionals such as architects, contractors, and real estate agents to ensure compliance and maximize the benefits of adding an ADU to your property.

Laurel Jonas

Northwest Realty Group

208homesforsale@gmail.com

208homesforsale.com

➡️New Listings: 313 Up 1%

➡️Pending sales: 235 Up 6.3%

➡️Closed Sales: 202 Down 15.5%

➡️Days on Market Until Sold: 65 Down 1.5%

➡️Percent to List Price Received: 97.9% Down .1%

➡️Months of Inventory: 4.5% Up 12.5%

➡️Average Sales Price: $789,234 Up 10%

👉Stats are compared to July 2023- Previously owned properties only in Kootenai County.️

For more Coeur d'Alene Idaho Real estate market information, please call, text or email me.

Laurel Jonas

208-758-9000

208HomesForSale@gmail.com

Northwest Realty Group

Why Should You Stage Your Home To Sell?

As the real estate market turns sluggish, you may have to take steps to set your home apart from others. It won't be enough to just put out a for-sale sign and wait for potential buyers. One way that homeowners can sell their homes more speedily is by home staging, which can have the added benefit of pushing up the selling price of your home. Basically, staging consists of arranging your home's décor and furniture in such a way as to make the home have more of an appeal to prospective buyers.

In some cases, home staging can be a relatively simple and inexpensive undertaking. You may be comfortable with just cleaning up your home and removing all day-to-day items. On the other hand, you may want to consider investing a more substantial amount of time and money into your home staging project. The main benefit of investing in landscaping, painting and new furniture is that a potential buyer will come away from a visit to your home with a better idea of how his or her new home will look.

Home staging has been around since the 1970s. Although it began on the West Coast of the United States, the concept eventually spread to the rest of the country. There's more to home staging than just decorating. The general idea behind home staging is to depersonalize your home so that a prospective buyer will be able to imagine him or herself living in it. By removing piles of newspapers and family photos, you'll be able to increase your home's appeal. Another tip is to choose neutral colors for your home's carpet and paint. If it's within your budget, you'll also want to think about buying new appliances. Although many people do a good job of staging their own homes, you can also hire a professional to do the job for you.

Laurel Jonas

Northwest Realty Group

208homesforsale@gmail.com

208homesforsale.com

➡️New Listings: 381 Down 7.3%

➡️Pending sales: 237 Up 3.5%

➡️Closed Sales: 187 Down 27.2%

➡️Days on Market Until Sold: 61 Down 6.2%

➡️Percent to List Price Received: 98.2% Up .2%

➡️Months of Inventory: 4.4% Up 10%

➡️Average Sales Price: $669,659 Down 12.4%

👉Stats are compared to May 2023- Previously owned properties only in Kootenai County.️

For more Coeur d'Alene Idaho Real estate market information, please call, text or email me.

Laurel Jonas

208-758-9000

208HomesForSale@gmail.com

Northwest Realty Group

Long-Distance House Hunting

Regular house-hunting isn't always easy, but adding distance into the mix can present challenges you don't have when looking a few neighborhoods over for a new home. While it may not be a walk in the park to buy a home from far away, it is possible. If you find a great agent and follow these steps, you can take away some of the stress that comes with moving long-distance.

1. Start Your Research

Knowing what is in your neighborhood is something we tend to take for granted. You know where the best sushi place is and exactly what grocery store is closest to your home for those last minute runs. When moving to a new neighborhood, especially in a new state, it is key to decide what is important to you when it comes to proximity. Does your new house need to be near a park for your kids? Do you need to be 5 minutes from the closest Starbucks? You'll also want to look into crime rates and school ratings if you have children. Researching your potential neighborhoods will help you feel better about choosing a new home that may be far away.

2. Use Technology To Your Advantage

Google Maps may not be constantly updated, but checking out an aerial view can give you an idea of what your neighborhood looks like if you don't have the opportunity to travel right away. Getting the lay of the land is just another way to feel comfortable about your new neighborhood.

3. Have a Travel Budget

Even if you have a great agent showing you as many homes as possible, you need to plan for the possibility of making more than one trip to your future home state if you want to see it in person. While you may have adjusted your budget already to purchase a home, consider factoring in travel costs so you aren't stressed about eating out or gas money during your trips - that way you can focus on finding your dream home.

4. Decide Your Non-Negotiables

Choosing a home from out of town already comes with challenges. If you're heading in to check out houses and have a weekend filled to the brink with potential home tours, it will make your life easier if all of those homes meet your requirements. Instead of seeing all homes that 'might' fit, have your agent remove any houses that have a non-negotiable feature - whether that is no backyard or not enough bathrooms. It will make the most of your time and remove some of the stress of seeing homes that aren't for you.

Laurel Jonas

Northwest Realty Group

208homesforsale@gmail.com

208homesforsale.com

Discover the perfect home in North Idaho with the most up-to-date listings at

208homesforsale.com. Start your journey today by visiting our interactive map

search and connect directly with expert realtor Laurel Jonas.

Maximizing Your Investment: Financial and

Practical Aspects of Renting vs. Selling

Written by Seth Murphy

Photo by Pixabay

Deciding whether to rent out or sell your newly renovated property is a significant

financial and practical decision. Both options have their unique benefits and

potential drawbacks, and the right choice depends on various factors including

market conditions, personal financial goals, and long-term plans. In this article,

we will explore the key considerations you should take into account when

assessing the financial and practical aspects of renting versus selling your

upgraded home.

Understand the Local Rental Market

Begin by researching the current rental rates in your neighborhood to gauge what

similar properties are fetching. Exploring online listings and consulting with local

real estate agents like Laurel Jonas can provide insights into what tenants are

currently paying. This knowledge is vital for accurately assessing the possible

revenue from leasing your property. If your area is experiencing high demand and

competitive rental prices, opting to rent could be the more lucrative choice. This

preliminary research is essential for making an informed decision on whether to

rent out your home.

Analyze the Costs

Evaluate the costs associated with both renting and selling your home. When

renting, consider ongoing expenses like property management fees, maintenance

costs, and potential vacancies. Selling involves closing costs, real estate agent

commissions, and potential capital gains taxes. Calculate the potential profits

and losses for both scenarios. This analysis will clarify which option offers better

financial returns based on your unique situation.

Gauge the Current Housing Market

Take stock of the current housing market. A seller's market, where demand

exceeds supply, can yield higher sale prices and quicker sales. Conversely, in a

buyer's market, you might struggle to get the desired price. Understanding

market trends and economic factors influencing property values will help you

decide if selling now is advantageous. Renting might be more viable if the market

conditions are unfavorable for sellers.

A Home Sale Requires Preparation

If you decide to sell, preparing your home for the market is essential. Start with a

thorough cleaning and decluttering. Consider making any additional minor

repairs and updates to enhance the properties appeal. Staging your home can

significantly impact buyer's; perception and increase the likelihood of a quick

sale. Professional photos and a compelling listing description will attract 

potential buyers. Collaborate with real estate agent Laurel Jonas to ensure your

home is priced competitively and marketed effectively.

Renting Requires Marketing

Marketing your home effectively when you decide to rent it out is crucial for

attracting quality tenants. As a landlord, this becomes a small business, and

leveraging cost-effective marketing tactics can significantly benefit your efforts.

Utilizing online platforms, social media, and local advertising can help you reach

a broader audience without breaking the bank. Additionally, DIY marketing tools

like online logo creators allow you to create your own logo for free, giving your

rental property a professional and appealing identity. Simply select a style and

icon, then add the necessary text to complete your logo.

The Challenges of Being a Landlord

Becoming a landlord involves various responsibilities. You need to manage

tenant relationships, handle maintenance requests, and ensure timely rent

collection. Consider if you have the time and temperament to deal with these

tasks. Being a landlord can be rewarding, but it requires patience, organization,

and problem-solving skills. Assess your readiness to take on these duties before

deciding to rent out your home.

Streamline Property Management with Pros

If renting is a go but managing the property yourself seems daunting, you can

hire help. Property management companies can handle tenant screening, rent

collection, and maintenance issues. This service reduces your workload and

ensures the property is managed professionally. Additionally, hiring a real estate

attorney can help with lease agreements and legal matters. These professionals

provide peace of mind and make renting a more feasible option if you lack the

time or expertise.

Choosing between renting and selling your fixer-upper requires a thoughtful

assessment of several critical factors. If selling, ensuring your property is well-

prepared and effectively marketed is crucial for a swift and profitable

transaction. For those considering renting, understanding the responsibilities of a

landlord and possibly engaging professional management can make this option

more viable. Ultimately, your decision should support your financial security and

lifestyle preferences, guided by informed evaluations and strategic planning.

Laurel Jonas

Northwest Realty Group

208-758-9000

What Is Earnest Money and Why Do I Need It?

If you’ve never been through the home-buying process, some of the terminology can seem a bit foreign. One of the many phrases you might come across is earnest money. 

When making an offer on a home, it is often encouraged to include earnest money with that offer. Earnest money is a payment of 1-3% of the offer price that is intended to show the seller you are really interested in their property. The amount isn’t set in stone and it usually depends on the market. So how is that money used?

When you make it to closing, that earnest money will be directed towards any closing costs, down payments, or other items you would typically pay out of pocket. It is treated as a credit toward any expenses that come up in the process, and is in no way a bribe for the seller. 

There are a few situations where your earnest money will be refunded if you don’t make it to close. This usually requires a stipulation or clause to be added to your offer, and those can vary. Financing not going through, the seller not being able to close, and an unacceptable home inspection are all reasons that if you are protected in your contract, you should receive your earnest money back. If you do decide to back out of the contract with no real reason other than changing your mind, the seller may be able to keep it.

Laurel Jonas

Northwest Realty Group

208homesforsale@gmail.com

208homesforsale.com

Is It Time to Update Your Bathroom?

Just like your bedroom, your bathroom should be a relaxing place. Whether you unwind in the shower or with a hot bath, making sure your bathroom is a place of comfort and not stress is key to making your home a happier place. Because it is a room you will definitely spend time in every single day, these signs might indicate that it is time for some changes and some tips to help you do so.

1. Poor Lighting
You can consider investing in brighter bulbs and updating your light fixtures.

2. No Storage Space
You may want to install a larger vanity or additional shelving about the toilet

3. Outdated Paint Color
Updating your wall color with something more neutral, light, and timeless can help bring your bathroom back to life.

4. That ‘Bathroom’ Scent
Checking for mold, fixing any leaks, or adding ventilation can help relieve any scent you can’t seem to get rid of.

5. Leaks
Calling a plumber to make repairs is usually necessary if you have brown water stains.

6. Time to Sell
If you’re getting ready to sell, updating whatever needs updating will increase your home value.

Laurel Jonas

Northwest Realty Group

208homesforsale@gmail.com

208homesforsale.com

➡️New Listings: 426 Up 2.2%

➡️Pending sales: 227 Down 5.8%

➡️Closed Sales: 195 Up 3.2%

➡️Days on Market Until Sold: 63 Up 14.5%

➡️Percent to List Price Received: 97.9% Down .3%

➡️Months of Inventory: 4% Up 14.3%

➡️Average Sales Price: $727,520 Down 8.7%

👉Stats are compared to May 2024- Previously owned properties only in Kootenai County.️

For more Coeur d'Alene Idaho Real estate market information, please call, text or email me.

Laurel Jonas

208-758-9000

208HomesForSale@gmail.com

Northwest Realty Group

People Are Still Moving, Even with Today’s Affordability Challenges

If you're thinking about buying or selling a home, you might have heard that it’s tough right now because mortgage rates are higher than they’ve been over the past few years, and home prices are rising. That much is true. Take a look at the graph below. It breaks down how the current affordability situation stacks up to recent years.

The National Association of Realtors (NAR) explains how to read the values on the graph:

“To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home.”

The red dotted line represents that 100 value on the index. Essentially, the higher the bar, the more affordable homes are. As you can see, the orange bar for today shows higher mortgage rates and home prices have created a clear challenge. But, while affordability is definitely tighter right now, that doesn’t mean the housing market is at a standstill.

According to NAR, based on the pace of sales right now, just under 4 million homes will sell this year. With some simple math, let’s break down what that really means for you:

* 3.96 million homes divided by 365 days in a year = 10,849 houses sell each day


* 10,849 divided by 24 hours in a day = 452 houses sell per hour


* 452 divided by 60 minutes in an hour = about 8 houses sell each minute


So, on average, over 10,000 homes sell each day in this country. Whether you're a buyer or a seller, this goes to show there are still ways to make your move possible, even at a time when affordability is tight.

An Agent Can Help You Make Your Move a Reality
You may be wondering how other homebuyers and sellers are making this happen now. One of the biggest game-changers in today’s market is working with a trusted local real estate agent. Great agents are helping other people just like you navigate today’s market and the current affordability situation, and their insight is invaluable right now.

True professionals will be able to offer advice tailored to your specific wants, needs, budget, and more. Not to mention, they’ll also be able to draw on their experience of what’s working for other buyers and sellers right now. This could mean broadening your search, if needed, to include other housing types like condos, townhouses, or neighborhoods a bit further out to help offset some of the affordability challenges today. 

Bottom Line
You might think there aren’t many people buying or selling homes right now since affordability is tighter than it’s been in quite some time, but that’s not the case. It’s true that buying a home has become more expensive over the past couple of years, but people are still moving.

If you’re hoping to buy or sell a home today, know that other people are still making their goals a reality – and that’s happening in large part because of the help and advice of skilled local real estate agents. Want to talk to a trusted professional about your own move? Let’s connect.  

Laurel Jonas

Northwest Realty Group

208homesforsale@gmail.com

208homesforsale.com