You might be considering taking the leap from renting to buying your first home!  This is a very exciting step to take, but it also comes with a lot of questions.  Before you decide on whether or not you want to purchase a home, take a look at these frequently asked questions by first-time buyers!

Why should I buy instead of rent? 

A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year because the interest you pay will make up most of your monthly payments for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner.

How much of my income should go towards a mortgage?

When you own a home, the ideal percentage of your gross monthly income that should go toward your mortgage is 20 percent. That means if you make $1,000 per month, no more than $200 should go toward your monthly mortgage payment and related expenses, such as taxes and homeowners’ insurance. 

How much money should I save before purchasing a house?

Saving for a down payment is a big part of purchasing your first home. Although it is common to put 20% down on a house, if you are a first-time homebuyer, you may qualify to put down as little as 3%. But putting down less than 20% may mean higher costs and paying for mortgage insurance (PMI), and even a small down payment can still be hefty.

For example, a 5% down payment on a $200,000 home is $10,000.  The good news is once you hit your 20% down payment, you no longer have to pay the PMI. There are programs and first-time homeowner loans you can look into that will allow you to put a smaller down payment and have the same monthly payments.   

You will also want to make sure that you account for any closing costs and moving expenses when you are budgeting for your next move! 

While it might be tempting to put all of your savings into a down payment, don't forget that you may want to keep some to purchase items you’ll need to help maintain your new home.

What other costs will I need to account for when buying a home? 

In addition to your mortgage, you will have your monthly utilities. If your utilities have been covered in your rent, this may be new for you. Your real estate agent will be able to help you get information from the seller on how much utilities normally cost. In addition, you might have homeowner association dues. You'll definitely have property taxes, and you also may have city or county taxes. Taxes normally are rolled into your mortgage payment. 

Another cost to consider is if you might need to be paying Homeowners Association fees. Your real estate agent can help you determine what these costs will be and help you determine your home’s price range accordingly.  

While buying your first home can seem like a stressful and complicated process, we are here to make sure that every step.

Laurel Jonas

Northwest Realty Group

208-758-9000

208homesforsale@gmail.com

The first thing you should know as a prospective home seller is, it’s still a great market! That’s right, for over 2 years now, sellers have been uniquely positioned to get the best possible value for the sale of their homes. We even saw sellers receive offers well above asking price on occasion. It’s Economics 101: when you have more buyers than product, the price will often rise.

There are a number of reasons why sellers are still enjoying a great market. First, let’s talk a little more about that concept of inventory. During the pandemic, people everywhere began reassessing their priorities. Many decided to downsize, move out of town or even across the country for a variety of reasons. In essence, everyone was in the market for a home at the same time. Mid-priced homes, particularly, entered and left the market in record time. Current inventory is actually up from last year but it’s still less inventory than the industry was accustomed to pre-2020.

Next, there’s this business with interest rates. Interest rates are certainly up by contemporary standards. However, let’s put things in perspective. At the turn of the century, the average interest rate was over 8%. Twenty years before that, it was closer to 18%. So, while rates are higher than say 5 years ago, they’re still pretty low from a historical standpoint.

Right now, as a seller you’re holding the key to the most important tangible asset out there. No, not your vintage Beanie Baby collection, your home! For the time being, multiple offer situations look to be the norm. Lots of buyers want what you have and they’re willing to offer a fair price to get it. If only that were the case with Beanie Babies. What am I supposed to do with all these things?

Don’t think it’s all a done deal though. As a seller, focus on maximizing the curb appeal of your home to increase interest and value, especially considering a more “normal” looking housing market could be on the way sooner than later. Or, if there’s one thing we’ve learned over the last few years, a new version of normal. So, make those repairs, add that new coat of paint, and keep standing out from the competition!

Laurel Jonas

Northwest Realty Group

208-758-9000

Homesforsale@gmail.com

The 30-year fixed mortgage rate has been bouncing between 6% and 7% this year. If you’ve been on the fence about whether to buy a home or not, it’s helpful to know exactly how a 1%, or even a 0.5%, mortgage rate shift affects your purchasing power.

The chart below helps show the general relationship between mortgage rates and a typical monthly mortgage payment:

Even a 0.5% change can have a big impact on your monthly payment. And since rates have been moving between 6% and 7% for a while now, you can see how it impacts your purchasing power as rates go down.

What This Means for You

You may be tempted to put your home buying plans on hold in hopes that rates will fall. But that can be risky. No one knows for sure where rates will go from here, and trying to time them for your benefit is tough. A good explanation is: It is typically a fool’s errand for a homebuyer to try to time rates in this market . . . But volatility in mortgage rates right now can have a real impact on buyers’ monthly payments.

That’s why it’s critical to lean on your expert real estate advisors to explore your mortgage options, understand what impacts mortgage rates, and plan your home buying budget around today’s volatility. They’ll also be able to offer advice tailored to your specific situation and goals, so you have what you need to make an informed decision.

Bottom Line

Your ability to buy a home could be impacted by changing mortgage rates. If you’re thinking about making a move, let’s connect so you have a strong plan in place.

Laurel Jonas

Northwest Realty Group

208-758-9000

208homesforsale@gmail.com

New Listings: 308 Down 32.3%
Pending sales: 244 Down 3.2%
Closed Sales: 225 Up 17.8%
Days on Market Until Sold: 66 Up 24.5%
Percent to List Price Received: 98 Up 0.5%
Months of Inventory: 3.7  Up 8.8%
Average Sales Price: $718,922 Down 5.8%

These statistics are based on Kootenai County Previously Owned Homes.

If you are interested in buying or selling a home in North Idaho, please reach out. I would love to be of assistance.

Laurel Jonas

208-758-9000

Northwest Realty Group

208Homesforsale@gmail.com

Stats are compared to July 2022 previously owned properties only in Kootenai County.️

Even though activity in the housing market has slowed from the frenzy we saw over a year ago, today’s low supply of homes for sale is still a seller’s market. But what does that really mean? And why are conditions today so good if you want to list your house?

It starts with the number of homes available for sale. The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Today, we have a 2.6-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers.

What Does This Mean for You?

When the supply of homes for sale is as low as it is right now, it’s much harder for buyers to find one to purchase. That creates increased competition among purchasers and keeps upward pressure on prices. And if a buyer knows they’re not the only one interested in a home, they’re going to do their best to submit a very attractive offer. As this happens, sellers are positioned to negotiate deals that meet their ideal terms. 

Economists at NAR say:

“Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.”

Right now, there are still buyers who are ready, willing, and able to purchase a home. If you list your house right now in good condition and at the right price, it could get a lot of attention from competitive buyers.

Bottom Line

Today’s seller’s market holds great opportunities for homeowners ready to make a move. Listing your house now will maximize your exposure to serious, competitive buyers. Let’s connect to discuss how to jumpstart the selling process.

Laurel Jonas

Northwest Realty Group

208-758-9000

208HomesForSale@gmail.com

For many of us, the hustle and bustle of day-to-day life means our houses see more chaos and traffic than a rush-hour train station. The idea of an oft-used space like the dining room looking buttoned-up with sophisticated decor is almost laughable.

But lately we’ve noticed a return to formality: More homebuyers are seeking out properties with a formal dining room, and current homeowners are warming to the idea of bringing more refined furnishings into their dining area. Some experts chalk it up to a stark reaction to the years we spent being casual and cozy indoors during the COVID-19 pandemic.

So with the spring season right around the corner, now is a great time to focus on adding a bit of elegance to your dining room decor. To inspire your aesthetic overhaul, here are five trending looks:

1. Mauve velvet chairs

Jewel-tone velvet dining chairs have had a hold on the design world for a while now. The trend toward using velvet dining chairs in shades like mauve is driven by a desire for warmth, coziness, and a touch of glamor. These chairs pair well with a variety of dining tables, from traditional to modern, and work particularly well with brass or gold accents. They also bring sophistication, elegance, and depth to the overall design of the room.

Get the look: Smarten up your dining room with a few mauve side chairs.

2. Chinoiserie wall art

Create an elegant focal point in your dining room by adding some Chinoiserie-style wall art. The trend toward using Chinoiserie wall art is driven by a desire to bring a touch of Eastern-inspired beauty and elegance to the home. These pieces pair well with a variety of decor styles, from classic to contemporary, and work particularly well with light-colored walls. The intricate and colorful designs are inspired by traditional Chinese motifs and provide a timeless and classic style.

Get the look: Create a classic vibe in your space with framed prints.

3. Grass-cloth wallpaper

The dining room is a popular place for homeowners to experiment with wallpaper. And the grass-cloth wallpaper adds visual interest and sophistication to an otherwise dull space. Made from plants dried in the sun, grass-cloth wallpaper surrounds your room in warmth and texture. Its popularity is easy to trace since the biophilic design trend has been going strong for a few years with homeowners seeking out additional ways to bring the outside in. You can achieve the same look for less with a printed wallpaper in a grass-cloth pattern.

Get the look: Embrace the great outdoors this spring with faux grass-cloth wallpaper.

4. Large stone vase

If your dining room is lacking a central statement piece, seek out a stone vase. An oversized textured stone vase works well to create balance with another textured object in the room like a light fixture, furniture, or big spring flowers. It’s a natural look that feels right in a room with other earthy materials like linen, rattan, or even a beige area rug.

Get the look: Balance out your springtime bouquet with a handcrafted terra-cotta vase.

5. Blown-glass pendants

An elegant dining room doesn’t have to be stuffy! Get creative and add an artistic oomph above your dining table with blown-glass pendants. Blown-glass pendant lights are a functional way to bring an artistic element into your home. A homeowner with an eclectic style will be drawn to the opportunity to hang vivid colors and shapes over their dining room table.

Get the look: Find the perfect expression of your artistic vision by shopping collections of blown-glass pendants on Etsy.

Laurel Jonas

Northwest Realty Group

208-758-9000

208HomesForSale@gmail.com

Installing crown and other types of molding is an easy upgrade that can give a classy, traditional look to your home and add to its value. A good miter saw, which can make cross-cuts at various angles, and some patience make this a feasible do-it-yourself project. Not up on your molding lingo? Let’s start with the basics: Molding is a strip or block of wood that has been machined at a mill into any of a variety of designs, dimensions, and styles. It is used as decorative trim.

Framing a doorway

Front doors are a natural place for moldings. The decorative additions allow you to create a sense of grandeur for people entering the house. You can use moldings around both the outside and inside of the door. An architrave, or header, is the horizontal molding on the top of a door. Two common styles of headers are Craftsman and fluted (grooved). A keystone, or an angled block, placed in the center of the heading would give your door an even more ornate feel. The sides of the door can also be trimmed with fluted or plain casings. Interior doors can be dressed up with moldings, too. A narrow molding placed in rectangles gives a plain door a higher-class look. Wider moldings along the door frame can add style to almost any room.

Injecting flair to upper walls or cabinets

Crown molding can add flair to kitchen cabinets. It softens the transition from vertical wall to horizontal ceiling. Two or more shapes of moldings or profiles can be combined to create an individual, distinctive look. Cornice moldings project horizontally from a wall—”cornice” comes from the Italian “cornice,” meaning “ledge.”

Adding distinction to lower walls

In the dining and living rooms, panel molding and wainscoting are common wall treatments. Panel moldings come in a variety of shapes and dimensions. Wainscoting is paneling that has evenly spaced vertical grooves. Both are applied to the lower portion of interior walls. Chair rail is molding applied along the wall at the height a chair back would reach in a formal dining room, to protect the walls from being scraped.

Moldings can be used to add detail to baseboards and around window and door casings. A plinth block is used where the baseboard meets a door casing. Moldings are also helpful in older houses to cover gaps where the floor and wall do not meet or where a window jamb and the wall are not aligned. Moldings are a wonderful way to upgrade your home. Even if you need to hire a contractor for the installation, moldings are still a relatively cost-effective way to infuse your home with style.

Laurel Jonas

Northwest Realty Group

208-758-9000

208HomesForSale@gmail.com

NO

You just finished unloading the final box from the moving truck, and now you’re officially moved in to your new home! You go to take a shower to wash off the day, only to realize you don’t have a shower curtain. After spending a full day moving into a new home, the last thing you are going to want to do is dig through all of your unopened boxes to find an outfit or a charger (or even a shower curtain). The next time you’re moving, create a ‘first night box’ so that your essentials aren’t hidden at the bottom of another box. Here is a list of what you should pack:

1. Toiletries

You may have thought about keeping your tooth brush in an easy-to-find place when packing, but you’ll need more toiletry essentials to get through the first night or two. Be sure to pack toilet paper, towels, a shower curtain + rod, shower items, and a first aid kit. 

2. Clothes

Unless you are an extremely organized packer, finding an outfit for the next few days isn’t going to be easy if you have to dig through multiple boxes.  Pack 2-3 days worth of clothes and pajamas.

3. Electronics

Don't forget your chargers. Make sure you've got your phone, laptop, and any other charger you may need for your devices during the first few days at home. Pack any necessary cords and cables needed if you plan to unbox your television the first night  Be sure to pack a flashlight as well just in case!

4. Air Mattress/Bedding

If your bed hasn't made it to your new room yet, you will want to make sure you have an air mattress in your first night box. Check to ensure the air pump is packed as well! If your furniture is unloaded, you will sleep better if the bedding you love is easily accessible on that first night in your new home.  

5. Eating Utensils & Kitchen Items 

Avoid the mess of dirty dishes your first night home and pack disposable eating utensils.  You may also want to pack wipes to quickly clean up any messes made at mealtime and a garbage bag to be able to dispose of any waste quickly. Cleaning supplies typically aren't the first thing on our minds when moving into a new home, so be sure to pack these items so that you aren't scrambling to the store after a long day when you're ready to clean up after a meal. 

Laurel Jonas

Northwest Realty Group

208-758-9000

208HomesForSale@gmail.com

New Listings: 405 Down 24.6%
Pending sales: 251 Up 21.8%
Closed Sales: 252 233 Down 6.8%
Days on Market Until Sold: 65 Up 35.4%
Percent to List Price Received: 98.1% Down .8%
Months of Inventory: 3.7 Up 23.3%
Average Sales Price: $767,881 Down 2.7%

These statistics are based on Kootenai County Previously Owned Homes.

If you are interested in buying or selling a home in North Idaho, please reach out. I would love to be of assistance.

Laurel Jonas

208-758-9000

Northwest Realty Group

208Homesforsale@gmail.com

Stats are compared to June 2022 previously owned properties only in Kootenai County.️

Cooler temperatures may have you missing greenery. If everything outside has prepared for winter, you can always bring your own green indoors! While there may be a list of plants you’ve been dying to get, you may want to scan your shopping list first if you have pets. Even if you don’t have curious pets, there are some houseplants that are better to avoid altogether if you have furry friends in your home. It is always important to research any plant you consider purchasing, but there are a few tried and true that pet experts recommend! Here is a list of pet-friendly plants to add to your home:

Ferns.

True ferns are an easy addition to a pet-friendly home. They pose no threat to your pets and are usually hung in spaces where your pet cannot reach them anyway!

Kitchen Herbs.

This is the best way to bring green to your indoor space while also serving another purpose - to eat! Basil, cilantro, dill, fennel, and sage are all easy indoor garden additions. 

Orchids.

Orchids may not be easy to grow, but a huge range of orchids are safe for pets.

Palms.

True palms are generally safe, but cycads are not. A few safe palms to look for include areca palm, bamboo palm, dwarf palm and the ponytail palm.

Peperomia.

This group of plants is known for its easy care requirements and textured leaves, making peperomias perfect plants for a busy house with pets. Most are pet friendly, but you can stick to the basics like blunt leaf peperomia, ivy peperomia and metallic peperomia if you want to be safe.

Succulents.

Succulents and cacti, as a group, are pretty safe for pets. Though the plant may not be toxic, it is important to consider if your pet can reach a plant that is covered in spines.