Home Solutions Archives - Home-Solutions

How Millennial Buyers are Shaping Real Estate

As millennials continue to come of age and enter the housing market, their influence on real estate trends has become increasingly evident. From preferences in location to technological advancements, this article explores the profound impact of millennials on the housing market. Gain insights into how the real estate industry is adapting to meet the needs and expectations of this influential generation.

“It’s not a good time to buy”—it’s a phrase that has echoed throughout the U.S. over the past year or two. Shockingly low housing inventory, high price tags and record-setting interest rates are making it tough for some would-be buyers to achieve homeownership.

As an executive in the mortgage services industry for many years, I know that it’s critical to understand how and why borrowers react to the ebbs and flows in market conditions. One of the ways my company keeps the pulse of today’s buyers and homeowners is by producing an annual consumer survey. This year’s survey found that many have abandoned the homebuying process over the last few years.

In fact, 49% of all respondents considered buying but ultimately decided against it. That’s more than double the number who said they abandoned the process in the 2022 study. Another 22% took it a step further and actually attempted to buy a home but were unsuccessful. Housing prices and high mortgage rates were the main deterrents in both instances.

However, despite the obvious factors that would disqualify and discourage some buyers, there’s a generation that is particularly adamant about achieving their homeownership goals.

Last year, I wrote an article where I laid out the depth of determination of the Millennial homebuying cohort. It touched on areas where they’re willing to take a leap of faith and how to best serve them in the 2022 market and climate. In this current article, I’d like to dive a little deeper, with even more insight into how they’re currently shaping the market, moving forward and making a name for themselves in the history books.

Optimistic Outlook

When many are retreating, Millennials (born between 1981 and 1996) are forging ahead. They’re not afraid to test the waters when others are telling them it’s not a good time. Why? It all comes down to their optimistic outlook. In the study, 60% of Millennials said conditions are favorable for buying a home compared with 53% for Gen-Z and 46% for Gen-X. Baby boomers, by the way, had the least positive outlook, and 53% said conditions were not favorable for buying.

Additionally, 61% of Millennials surveyed said they planned to buy a home in 2023; this flies in the face of those who still want to categorize them as the renter generation. In fact, Money reports there are now more Millennial homeowners in the U.S. than Millennial renters at 18.2 million and 17.2 million, respectively. Homeownership by this generation has spiked 64% over the past five years.

Willing To Give And Take

In my many years in the mortgage and transactional services business, I’ve seen quite a few trends emerge from this generation. While many Millennials may have purchased during the days of the pandemic when mortgage rates were historically low, those in the market today still overall desire to secure a slice of the American dream—even if it’ll cost them.

Considering the tight supply and competition right now, it appears they’re willing to pay higher price tags and interest rates in order to not lose out on the home they really want (the one with additional square footage, office space, tech upgrades, etc.). I believe that Millennials are savvy enough to know that when rates drop, they can refinance and secure a lower rate (and subsequent mortgage payment). In other words, they’re not afraid of a little short-term suffering for long-term gain, at least with respect to achieving homeownership.

In my company’s study, millennials led the pack, with 57% saying they were “very likely” or “likely” to refinance in 2023. That’s compared to 48% for Gen-X and 44% for Gen-Z. Millennials also refinanced in the highest numbers over the past three years. This continues the trend that other surveys show, where Millennials refinanced at almost double the national average in 2021. I see refinancing as a tool they’re not only using but planning to use when rates drop down into more favorable territory.

Opportunistic Group

Inventory is tight right now. In fact, one report shows that housing volume is only about half of what it was before the pandemic. Even when faced with availability issues, Millennials tend not to be afraid to look elsewhere for alternative housing options. Their resourcefulness has led to an uptick in interest in the auction market, for example, with 39% of Millennials surveyed saying they’re open to buying a house at auction.

That number was even higher (55%) in last year’s study, suggesting that the appetite for such properties remains healthy. Gen-Z, the up-and-comers behind Millennials, are equally as interested in auction properties at 39%.

How To Best Serve Millennials

Considering the evidence that shows they’re market savvy and eager to take the plunge into homeownership, how do we best serve this powerful generation?

If they’re in the market to buy a home or refinance, lenders should find ways to position themselves as proactive, trusted sources that provide information, direction and access. Survey results indicate this generation is most likely to lean on real estate agents and lenders during the home-buying process.

Additionally, I’ve found that Millennials crave transparency. When asked what they’d change about their mortgage experience, transparency into the steps and fees ranked highly. This underscores the importance of providing relevant information so they can make clear, informed decisions.

And finally, fit into their consumption patterns. These are digital natives who buy, sell and do business on their phones and tablets without batting an eye. They expect forward-thinking solutions that align with their digital lifestyle. In other words, electronic signing capabilities, virtual closing options and the like are more likely to get their attention.

Millennials have made their mark on the housing market, and I suspect they’ll be a force for several more years. However, it’s up to the rest of us within the industry to carefully consider how to better serve both this and future generations of trendsetting homebuyers.

Navigate the changing tides of the housing market with Home-Solutions. Embark on your real estate journey with confidence and success! Call us today at (954) 545-3027 and follow us on Instagram @homesolutionspm.

Reference: [https://www.forbes.com/sites/forbesbusinesscouncil/2023/08/31/going-against-the-grain-millennials-impact-on-the-housing-market/?sh=7d62f4fd2956]

How to Boost Your Home’s Desirability

If you’re a homeowner seeking to maximize the appeal of your properties, we’ve got some tips. From modern amenities to energy-efficient features, discover how these strategic enhancements can elevate your property’s allure and position it as a sought-after gem in the rental market. If you would like to speak with us and gain our insights first-hand, we are here — and have been doing this in excellence for many, many years. Give us a call!

Ready to take your property’s rental potential to the next level? Let our professional experts guide your home property management. Call us today at (954) 545-3027 and follow us on Instagram @homesolutionspm.

Reference: [https://americanlifestylemag.com/real-estate/buying-selling/5-smart-upgrades-that-increase-your-homes-appeal/]

Beginner’s Guide to Successful Landlordship

Becoming a landlord can be a rewarding venture, providing a steady source of income and the opportunity to invest in real estate. However, it can also be a complex and challenging endeavor, especially for beginners. We bring you this beginner’s guide to help you with essential tips, strategies, and best practices.

Taking on the role of landlord is a huge undertaking. You have renters to find (and trustworthy ones at that), a property to look after, and being the go-between for the many different people involved in this process. Follow these tips to ensure that being a landlord is rewarding, rather than being a headache-inducing responsibility.

Screen tenants properly

Too often, landlords don’t screen potential tenants as thoroughly as they should, often causing mishaps further down the line. Don’t get so bogged down by other responsibilities that you forget to screen the people who will be living in your property. Look at credit scores, references, and if they have adequate employment before moving forward with an application.

Don’t short yourself

Your profit is coming from the rent, so make sure you’re charging the right amount to maximize your revenue. Look at the comps in the area, as well as accounting for any renovations you made to the space, and set the amount accordingly. You don’t want to short-change yourself, especially after the contract is signed and rent is locked into place.

Be as organized as possible

When it comes to managing a property and the tenants who live there, spreadsheets are your best friend. Keep track of important documents, make copies of everything, and stay on track with the various transactions and events that pop up throughout this process. You don’t want to be scrambling at the last minute if anything were to come up.

Make your guidelines clear

All of your rules and regulations should be outlined in the lease, but remember to reiterate in person. This is especially important concerning any pet restrictions, what day of the month rent is due, and what (or if) interior changes can be made to the space. Having these guidelines in writing is important, but it’s even more crucial to emphasize in person before the lease is signed.

Embark on a profitable journey as a landlord. Home-Solutions can help you navigate your home property management. With our services, you can enjoy the benefits of rental income without the hassle. Call us today at (954) 545-3027 and follow us on Instagram @homesolutionspm. We are here for your questions! Let’s talk!

Reference: [https://americanlifestylemag.com/real-estate/buying-selling/beginners-guide-landlord/]

Diversify Your Portfolio Through Apartment Complex Ownership

Investing in real estate can be a lucrative venture, and owning an apartment building is an excellent option when seeking a long-term and stable investment. Aside from the potential for significant financial returns, an apartment building provides several other benefits, such as providing a consistent income, increasing and diversifying your existing portfolio, and the opportunity to increase your overall assets.

1. Steady Rental Income:

One of the most attractive aspects of owning an apartment building is the potential for steady rental income. Unlike single-family properties, apartment buildings offer multiple rental units, which means multiple sources of income. With proper management, you can ensure a consistent cash flow that can help cover mortgage payments, operating expenses, and generate a profit.

2. Scale and Portfolio Diversification:

Owning an apartment building allows investors to scale their real estate portfolio. Instead of investing in individual properties, an apartment building offers the opportunity to own multiple units under one roof. This scale not only provides greater potential for returns but also diversifies your investment. With a variety of tenants and rental units, the risk is spread across different income sources, reducing the impact of any single vacancy or non-payment.

3. Appreciation and Asset Building:

Real estate has historically appreciated over time. While there are market fluctuations, owning an apartment building can lead to long-term wealth building. As property values increase, so does the equity in your investment. Additionally, you can leverage this equity to secure financing for future investments or property improvements, further enhancing your portfolio’s growth potential.

Owning an apartment building as an investment has its advantages. However, the management of the property is vital to ensure profit; therefore, it’s crucial to consider the responsibilities and challenges associated with property management. Managing an apartment building involves tasks such as tenant screening, lease agreements, rent collection, maintenance, and addressing tenant concerns—and apartment rental agents can take care of it all! Our team is well-versed in property management and can navigate any potential problems that may come your way. Follow us on Instagram or give us a call at 954.545.3027 to see how we can help optimize your investment..

Well-Written Vacate Notice is Crucial for Landlords

Property owners often face challenges related to managing tenants and their leases, and sometimes, landlords might need the tenant to move out for various reasons, seeking assistance from a real estate agent. It’s important to handle the situation professionally and effectively. One of the essential steps in this process is writing a termination of rental agreement letter by the landlord, with the help and guidance of a real estate agent. This notice communicates important information to your tenants and helps ensure a smooth transition. Here are some insights, with input from a real estate agent, to help you draft a clear vacate notice.

There are times when you may need to evict a tenant for failure to pay rent or for breaching their lease in some way. Or perhaps the lease has run its course and you feel there may be a more suitable tenant for your property.

In most states, you’re required to provide at least 30 days’ notice if there is no particular reason to ask a tenant to move out. When violations happen, or failure to pay rent comes up, a landlord may provide less notice. Having to evict a tenant or ask them to move out is hopefully rare, but it’s still important to know how to tell a tenant to move out nicely. Failing to provide a 30-day notice to the tenant or a notice of termination of the lease could complicate the process, so follow our sample landlord letter to tenant to vacate to do it correctly.

What is a landlord’s notice to vacate?

Often referred to as a 30-day notice to vacate, it’s an official letter asking a tenant to move out. The termination of rental agreement letter by the landlord notifies the tenant in writing to avoid any misunderstandings and protect you legally if the tenant refuses to move out. This is different than the notice to vacate letter a tenant would have to write if they do not wish to renew their contract with you.

Why is a 30-day notice to tenant important?

In most states, the 30-day notice to vacate is legally required. Your tenants will need time to find another rental to live in, as well as pack and move out. Not sending the 30-day notice to the tenant will cause you trouble if you can’t prove in a court of law that you properly notified your tenant by providing them with a notice of termination of the lease.

When do you use a 30 day notice to vacate?

As the owner of the property, you have a right to provide a 30 day notice to vacate to the tenant — as long as the reason is valid and the tenant was properly notified in writing. Termination of rental agreement letter or end of lease letter by the landlord can be broken down into two main types:

Notice of termination of the lease with cause

You can issue this letter after you’ve warned a tenant to correct a lease violation, as long as the individual is not protected by COVID-19 eviction moratoriums. Tenants may also send a landlord a notice of termination of the lease with cause if the owner has breached the rental agreement, such as failing to make repairs in a timely manner.

Notice of termination of the lease without cause

Unless you own in a rent-control area, landlords can issue a 30 day notice to vacate if the lease ends and the tenants are renting month-to-month. The landlord doesn’t have to provide a reason for why they decided to ask the tenant to leave.

The different situations when a notice to vacate comes into play

A 30-day notice to tenant or lease termination letter is needed for several scenarios:

The lease may be ending soon and you don’t wish to renew

Just like the tenant, a landlord has a right to decide whether to continue renting their property. You may be selling the property, want to make improvements or find an alternative tenant. Sending the tenant a 30-day notice to vacate without cause informs them they should find alternative housing arrangements and move out.

The tenant stopped paying rent

In this scenario, you’ll need to provide a notice to vacate with the cause. Before you do, you should provide the tenant a “Pay Rent or Quit” notice detailing how much they owe with a deadline. If the tenant does not pay the back rent, you can then provide a notice to vacate or start eviction proceedings.

The tenant has violated the terms of their lease

If a tenant has broken rules specified in the lease, they’re in breach of their signed contract. You can send a notice of termination of the lease, but as with failure to pay rent, it’s best to provide them with a warning first. Sending a letter pointing out the violation, such as a no-pet or no-smoking policy, and providing them with a short window of time to correct the violation. If they ignore your written request, you can send a notice of termination of the lease with a cause.

What should you include in a landlord notice of termination of the lease?

termination of rental agreement letter by landlord word

It’s important to write your notice of termination lease carefully. A clearly written letter will minimize any misunderstandings, provide the tenant guidance on the move-out process, and will serve as evidence if the tenant refuses to leave and eviction proceedings must be started. A 30-day notice to vacate should be created on your letterhead with details of why key dates in the process and any other instructions your tenant needs to know.

Landlord-to-tenant notice to vacate letter template

According to LegalZoom, you should write your landlord-to-tenant notice to vacate letter on official company letterhead and include the following information:

  • Date of the notice
  • Tenant’s name and rental address
  • A request asking the tenant to vacate the rental by a specific date, typically at least 30 days out
  • The reason for termination if there is cause
  • Reference to the section in the lease which allows you to terminate the agreement
  • Move-out instructions, including keys, must be returned and the tenant must leave the premises in “broom-clean” or “good” condition
  • The time and date you’d like to do the final walk-through of the property
  • A request for the tenant’s new mailing address where the security deposit (minus any damages) will be returned to

Best practices when delivering a landlord notice to vacate

Some tenants may not take kindly to a notice to vacate. Avoid delivering the letter in person. Additionally, slipping the notice under their door or personally putting it in their mailbox or taping it to their door can be argued later that it was never received.

It’s best to keep confrontation to a minimum and mail the letter instead. Sending the letter by certified mail ensures your tenant receives it — and you are provided with official confirmation that the tenant personally signed for the notice.

The bottom line

A notice to vacate is sometimes necessary to end a lease early or to have a tenant on an indefinite month-to-month agreement move out. Knowing how to correctly write the notice will save you from any misunderstandings or having to pursue eviction proceedings. Fortunately, the letter is simple enough to draft on your own when you follow the template provided.

Home Solutions Property Management understands the challenges that property owners face. That’s why we offer expert home property management to help you navigate these challenges with ease. From tenant screening to lease management and more, we can handle it all. Call us today at (954) 545-3027 and follow us on Instagram @homesolutionspm.

Reference: [https://www.mymove.com/moving/renters/how-to-write-vacate-notice-to-tenant/]

A Step-by-Step Guide to Renting Out Your Home

Renting out your home can be a great way to earn extra income, especially if you’re not using the space yourself. However, becoming a landlord can also be daunting, especially if you’re unfamiliar with the process. This article will provide a comprehensive guide to renting out your home, covering everything you need to know. And remember — taking care of the details — all the details — is what we do, in excellence. So don’t let the process feel too daunting, we can take care of it all for you! Just give us a call to discuss!

The time has come. You bought an investment property. You upgraded the cabinets, patched up the walls, and put in fresh new carpets. Finally, you are ready to start renting out your house — or are you?

As a first-time landlord, you might be wondering what do you need to rent a house and feeling a little bit anxious about choosing the right tenant and entering into a binding lease agreement with them. After all, you may be stuck with them for a while. There are requirements to rent a house that you need to be aware of, and the process of renting a house can seem overwhelming at first. But as a new landlord, learning how to deal with unexpected situations goes with the territory. To help you on your journey, follow these steps to renting an apartment, and you will be well on your way toward managing your rental like a pro.

Set your price and paperwork.

Figuring out how much would my house rent for starts with evaluating your property. One of the first things you need to do is to establish a fair market price for your rental. The best method is to research comparable rental properties in the area. Choose other rental homes that have similar features and amenities to yours for a more accurate comparison.

Another thing that is absolutely essential to do before listing your rental is to make sure you have an ironclad understanding of state and federal fair housing laws. The Federal Fair Housing Act makes it illegal to discriminate against tenants on the basis of race, color, national origin, religion, sex, familial status, or disability. Know that various states have laws that protect additional classes. In practice, this means you need to be very careful in how your rental listings are worded. For example, saying your home is “great for families” would be a violation as it potentially discriminates based on familial status.

Finally, you’ll need to prepare a rental application and a lease agreement. The lease is a binding agreement between you and the tenant that grants them the right to inhabit and use the property. It also outlines the duration of the lease, the monthly rental amount, any fees, and policies — such as whether pets are allowed or not. Because state laws vary, you’ll need to make sure that any lease or application form you choose conforms to the laws where your rental is located. To be on the safe side, consider getting an attorney to draft these documents for you.

Consider ways to boost your investment.

boost your investment

  • Add solar panels: The addition of solar panels not only appeals to conscious tenants but lowers utility costs as well. Google’s Project Sunroof can calculate the savings potential for your home.
  • Adding rental storage spaces: Adding additional storage space, such as a backyard shed, is an amenity that can boost the rental amount. If you have a tenant that isn’t interested in the storage space, you could rent it out to someone else for storage only.
  • Make it pet friendly: While you might be inclined to not allow pets because they might cause damage, any incidents are typically covered by rental deposits and by the best landlord insurance policies. By allowing pets you will widen your potential tenant pool and can earn additional income by charging pet rent.
  • Include a washer/dryer: An in-unit washer dryer is one of the most sought-after amenities. Some renters won’t even consider your home without it. Having one in the unit or house will allow you to charge more for rent each month.
  • Don’t neglect the yard: Curb appeal matters when it comes to rentals. Great-looking landscaping can help you command higher rents. Outdoor living spaces such as patios, decks, and fire pits, can add value as well.

Get listed.

The moment you’ve been waiting for — advertising your rental. There are a handful of methods for getting bites on your property, but we will start with the most basic first. If you’re lucky, putting a “For Rent” sign out front might be all it takes. But unless your property is on a busy street, you might be waiting a while. Classifieds in your local paper are the next logical step. You can also list on Craigslist or rental listing aggregators like Apartments.com for a small fee.

Your other option is to hire a real estate agent who will tell you exactly how to become a landlord — by finding you a tenant. Realtors typically charge anywhere from half a month’s rent up to the full monthly rental rate as a commission. This might seem steep, but could be worth it if your rental is in a particularly competitive market and you are having trouble attracting tenants on your own.

You may also potentially be able to list on a home rental site like Streeteasy. The site includes all of New York and its boroughs, and you can set up listings to include what amenities you’re offering, any limitations your property has, and more. Streeteasy also allows you to upload photos and videos of the property and show potential tenants the surrounding neighborhood, all for a small fee. You can also work with a brokerage to list here. Other areas also have sites similar to this, Apartments.com, and even Zillow that can help you find tenants more quickly.

Conduct tenant screenings.

Once you find a prospective tenant, you’ll need to screen them. This primarily involves checking their credit report, verifying their income, and looking to see if they have any criminal convictions. You will also want to ask about their previous rental history. What minimum standards you are willing to accept is up to your discretion, but it is a good idea to have those in writing so they are applied equally to all prospective tenants.

Primarily you will want to avoid running afoul of fair housing laws, so make sure you don’t ask any questions that could be considered discriminatory, whether in person, on the phone, or in a rental application. Some questions you can ask include:

  • How many other occupants will be living with you?
  • What do you do for work?
  • Why are you moving?
  • Do you own any pets?

Set up your payment portal.

When putting the lease together you’ll need to let your tenant know how rent is to be paid. As a landlord, you can generally choose which forms of payment you are willing to accept, but it must be written into the lease. For example, you may choose not to accept cash or personal checks. You also need to establish not only when rent is due every month, but also how rent can be paid, whether it is by mail, placed in a drop-off box or via a payment portal.

In addition to the previous, you should also establish a policy for late rent. Oftentimes, landlords provide a grace period, allowing rent to be paid up until the third or fifth of the month, but it’s important to have a fee schedule in place in case your tenants don’t pay rent on time. This can be up to your discretion, but including it in the rent will make it clear to the tenants.

Many landlords are opting to accept payments via online payment portals. These are becoming more commonplace as landlords discover the reliability they offer in terms of collections. Some platforms are free for landlords to use, while others offer more robust features for a nominal fee. Including this information in the lease packet for a new tenant will make sure you’re both on the same page.

Ready to take the hassle out of managing your rental property? We’re here to help! Our team can maximize your investment and minimize your stress. From managing showings to timing rent collection — we do it all for you. Let us know if you have any questions. Call us today at (954) 545-3027 and follow us on Instagram @homesolutionspm.

Reference: [https://www.mymove.com/moving/renters/how-to-rent-out-a-home/]

Avoid These Mistakes When Selling Your Home

Few things are as significant as selling your home. Whether it is your first or your fourth time selling, it can be a complicated and stressful process. Often, people can overlook the obvious in the blur of coordinating everything that needs to happen. And when it comes to an event of such importance as selling your house, you want to make the fewest mistakes possible. Here are a few to avoid.  

Learn how to get the best price for your house

Selling your home can be surprisingly time-consuming and emotionally challenging. It can feel like an invasion of privacy when strangers open your closets and poke around. They will openly criticize your home and your decorating abilities, and to top it all off, they will offer you less money than you think your home is worth.

With no experience and a complex transaction on your hands, it’s easy for home sellers to make mistakes. The best way to sell a house comes down to a few basics:

  • Keep your emotions in check and stay focused on the business aspect.
  • Hire an agent. It’ll cost you in commission, but it takes the guesswork out of selling.
  • Set a reasonable price.
  • Keep the time of year in mind and avoid the winter months if possible.
  • Prepare for the sale. Your home must look its best to compete.
  • Take time over your listing and add lots of high-quality photographs, inside and out.

See more below on the fatal errors that can prevent you from selling your home.

Getting Emotional

It’s easy to get emotional about selling your home, especially your first one. You spent a great deal of time and effort to find the right one, saved up for your down payment and furniture, and created many memories. People generally have trouble keeping their emotions in check when it comes time to say goodbye.

Think it’s impossible? It’s not. When you decide to sell your home, start thinking of yourself as a businessperson and salesperson rather than just the homeowner. In fact, forget altogether that you’re the homeowner. By looking at the transaction from a purely financial perspective, you’ll distance yourself from the emotional aspects of selling the property.

Also, try to remember how you felt when you were shopping for that home. Most buyers will also be in an emotional state. If you can remember that you are selling a piece of property as well as an image and a lifestyle, you’ll be more likely to put in the extra effort of staging and doing some minor remodeling to get top dollar for your home. These changes in appearance will not only help the sales price; they’ll also help you create emotional distance because your home will look less familiar.

Not Hiring a Real Estate Agent

Although real estate agents command a hefty commission—usually 5% to 6% of the sale price of your home—it’s probably not a great idea to try to sell your home on your own, especially if you haven’t done it before. It can be tempting, especially if you’ve seen all those “for sale by owner” signs on people’s front lawns or on the internet. So does it pay to hire an agent?

A good agent generally has your best interests at heart. They will help you set a fair and competitive selling price for your home, increasing your odds of a quick sale. An agent can also help tone down the emotion of the process by interacting with potential buyers and eliminating tire kickers who only want to look at your property but have no intention of making an offer.

Your agent will also have more experience negotiating home sales, helping you get more money than you could on your own. If any problems crop up during the process, an experienced professional will be there to handle them for you. Finally, agents are familiar with all the paperwork and pitfalls involved in real estate transactions and can help make sure the process goes smoothly. This means there won’t be any delays or unforeseen legal ramifications in the deal.

After reading all this, should you really hire an agent? Only you can decide.

What to Do If You Don’t Use a Real Estate Agent

So you’ve decided not to hire an agent. That’s fine because it’s not like it can’t be done. There are people who sell their own homes successfully. Remember, though, you’ll need to do your research first—on recently sold properties in your area and properties currently on the market—to determine an attractive selling price. Keep in mind that most home prices have an agent’s commission factored in, so you may have to discount your price as a result.

You’ll be responsible for your own marketing, so make sure to get your home on the multiple listing service (MLS) in your geographic area to reach the widest number of buyers. Because you have no agent, you’ll be the one showing the house and negotiating the sale with the buyer’s agent, which can be time-consuming, stressful, and emotional for some people.

Because you’re forgoing an agent, consider hiring a real estate attorney to help you with the finer points of the transaction and the escrow process. Even with attorney’s fees, selling a home yourself can save you thousands. If the buyer has an agent, however, they’ll expect to be compensated. This cost is typically covered by the seller, so you’ll still need to pay 1% to 3% of the home’s sale price to the buyer’s agent.

Setting an Unrealistic Price

Whether you’re working with an agent or going it alone, setting the right asking price is key. Remember the comparative market analysis you or your agent did when you bought your home to determine a fair offering price? Buyers will do this for your home, too, so as a seller you should be one step ahead of them.

Absent a housing bubble, overpriced homes generally don’t sell. In a survey conducted by the informational home sale website HomeLight.com, 70% of real estate agents said that overpricing is the top mistake that sellers make.

Don’t worry too much about setting a price that’s on the low side, because in theory, this will generate multiple offers and bid the price up to the home’s actual market value. In fact, underpricing your home can be a strategy to generate extra interest in your listing, and you can always refuse an offer that’s too low.

Expecting the Asking Price

Any smart buyer will negotiate, and if you want to complete the sale, you may have to play ball. Most people want to list their homes at a price that will attract buyers while still leaving some breathing room for negotiations—the opposite of the underpricing strategy described above. This may work, allowing the buyer to feel like they are getting good value while allowing you to get the amount of money you need from the sale.

Of course, whether you end up with more or less than your asking price will likely depend not just on your pricing strategy but also on whether you’re in a buyer’s market or a seller’s market and how well you have staged and modernized your home.

Selling During Winter Months

Believe it or not, there really is a right time to sell during the year. Winter, especially around the holidays, is typically a slow time of year for home sales. People are busy with social engagements, and the cold weather across much of the country makes it more appealing just to stay home.

Because fewer buyers are likely to be looking, it may take longer to sell your home, and you may not get as much money. However, you can take some consolation in knowing that while there may not be as many active buyers, there also won’t be as many competing sellers, which can sometimes work to your advantage.

You may be better off waiting. Barring any mitigating circumstances that may force you to sell during the winter or holidays, consider listing when the weather begins to warm up. People are usually ready and willing to purchase a home when it’s warmer.

Skimping on Listing Photos

Because so many buyers look for homes online these days, and so many of those homes have photos, you’ll be doing yourself a real disservice if you don’t have high-quality visuals of your home. At the same time, there are so many poor photos of homes for sale that if you do a good job, it will set your listing apart and help generate extra interest.

Good photos should be crisp and clear and taken during the day when there is plenty of natural light available. They should showcase your home’s best attributes. Consider using a wide-angle lens if possible—this allows you to give potential buyers a better idea of what entire rooms look like. Ideally, hire a professional real estate photographer to get top-quality results instead of just letting your agent take snapshots on a phone.

Consider adding a video tour or 360-degree view to further enhance your listing. This can be easily done with any smartphone. You can certainly entice more potential buyers into walking through your doors for showings. You may even get more offers if you give them an introductory walk-through of your property.

Not Carrying Proper Insurance

Your lender may have required you to acquire a homeowners insurance policy. If not, you’ll want to make sure you’re insured in case a viewer has an accident on the premises and tries to sue you for damages. You also want to make sure there are no obvious hazards at the property or that you take steps to mitigate them (keeping the children of potential buyers away from your pool and getting your dog out of the house during showings, for example).

Hiding Major Problems

Think you can get away with hiding major problems with your property? Any problem will be uncovered during the buyer’s inspection. You have three options for dealing with any issues. Either fix the problem ahead of time, price the property below market value to account for it, or list the property at a normal price and offer the buyer a credit to fix the problem.

Remember: if you don’t fix the problem in advance, you may eliminate a fair number of buyers who want a turnkey home. Having your home inspected before listing is a good idea if you want to avoid costly surprises after the home is under contract.

Further, many states have disclosure rules. Some require sellers to disclose known problems about their homes if buyers ask directly, while others decree that sellers must voluntarily disclose certain issues.

Hiding Major Problems

Not Preparing for the Sale 

Sellers who do not clean and stage their homes throw money down the drain. Don’t worry if you can’t afford to hire a professional. There are many things you can do on your own. Failing to do these things can reduce your sales price and may also prevent you from getting a sale at all. If you haven’t attended to minor issues, such as a broken doorknob or dripping faucet, a potential buyer may wonder whether the house has larger, costlier issues that haven’t been addressed either.

Have a friend or an agent (someone with a fresh pair of eyes) point out areas of your home that need work. Because of your familiarity with the home, you may be immune to its trouble spots. Decluttering, cleaning thoroughly, putting a fresh coat of paint on the walls, and getting rid of any odors will also help you make a good impression on buyers.

Not Accommodating Buyers

If someone wants to view your house, you need to accommodate them, even if it inconveniences you. Clean and tidy the house before every single visit. A buyer won’t know or care if your house was clean last week. It’s a lot of work, but stay focused on the prize.

Selling to Unqualified Buyers

It’s more than reasonable to expect a buyer to bring a pre-approval letter from a mortgage lender or proof of funds (POF) for cash purchases to show that they have the money to buy the home. Signing a contract with a buyer may be contingent on the sale of their own property, which may put you in a serious bind if you need to close by a particular date.

Frequently Asked Questions

Can You Sell a House With a Mortgage?

Yes, you can sell a house with a mortgage. During the escrow process, you will get a mortgage payoff statement (sometimes called a payoff quote) from the lender holding your mortgage that lists the exact remaining balance. When your loan closes, the escrow agent will send the balance of your mortgage to your lender, paying off your mortgage.

Should I Stage My House?

Staging a home can lead to quicker sales and higher home prices.6 However, not everyone needs to hire a professional staging service. Just taking a few steps like cleaning and decluttering can have a significant impact on a home’s sale and will need to be done before moving regardless of the sale.

How Much Will I Make Selling My House?

How much you will make depends on the sale price, agent commissions, closing costs, and the remaining mortgage balance. If working with a real estate agent, you should receive a seller’s net sheet before you even list your property, which details what you can estimate to make. When you have accepted an offer and are in escrow, you will get a closing disclosure from your lender that details exactly how much you will receive after your loan closes.

Should You Sell Your Home for Cash?

Selling a home for cash is a quick way to avoid the hassle and stress of staging a house, showing it, making repairs, and juggling competing offers. However, most cash buyers won’t buy a home for more than 75% of the home’s value, minus any anticipated fixing-up expenses.
Selling a home for cash is easier, but at a significant financial cost that should be considered.

The Bottom Line

Learning how to sell a house is crucial. Make sure you prepare mentally and financially for less-than-ideal scenarios, even if you don’t make any of these mistakes. The house may sit on the market for far longer than you expect, especially in a declining market.

If you can’t find a buyer in time, you may end up trying to pay two mortgages, having to rent your home out until you can find a buyer, or, in dire situations, in foreclosure. However, if you avoid the costly mistakes listed here, you’ll be a long way toward putting your best foot forward and achieving that seamless, lucrative sale for which every home seller hopes.

There is no going wrong when you choose a company like Home Solutions to assist and support you with your real estate needs. We pride ourselves on responsibility, accountability, and operating with the utmost integrity. Our philosophy is simple. Customer service is our core principle. We are professionals who understand you deserve the very best. Let us help you! Get in touch today by calling (954) 545-3027 or connecting with us here.

Reference: [https://www.investopedia.com/articles/mortgages-real-estate/08/home-seller-mistakes-selling-house.asp]

Millionaire Renters Have Tripled Since 2015

The world of real estate — like almost every other industry and sector — has seen monumental changes over recent years. Where once buying a home was a long-term goal of every generation, the newer demographics are not as motivated; they prefer to rent. Additionally, millionaires are capitalizing on the benefits of renting more than ever, as evidenced by this eye-opening insight into the phenomenon. 

Homeownership is the one true goal for Americans seeking financial security. At least that’s the advice handed out like candy at Halloween or beads at Mardi Gras. But, in fact, many Americans choose to rent, not because they can’t afford to buy a home, but because they find renting to be advantageous.

A newly published report from RentCafe.com about high earners and millionaire renters indicates that the American household is changing as homeownership is not a priority for everyone, especially not for Millennials and Gen Zs. With 43 million families living in apartments, the highest level in half a century, renting is popular even among high earners who are able to buy, but prefer to rent their home instead. In fact, the most recent analysis of IPUMS (Integrated Public Use Microdata Series) data shows that the number of renters with annual incomes of over $150,000 grew by 82% between 2015 and 2020, faster than renters overall, who inched up by 3.2% during the same time frame. There are now 2.6 million high earners living in rentals in the U.S. and among them is a new ritzy kind of tenant: the millionaire renter.

High-income renters earning $150,000 or more saw rapid growth of 82% in five years — the most significant increase among all income groups — followed by renter households with annual incomes between $100,000 and $150,000. At the same time, middle-income renters grew at a slower pace, but still posted double-digit increases. The only segment to register a drop was that of households earning less than $50,000, which decreased by 11.2%. This is explained by low-income renters moving in with family members when the pandemic started, as well as households whose earnings grew and transitioned to higher income groups.

Why would those who can afford to buy turn to renting? Part of the answer may be found in high home prices, which made homeownership less attractive, especially for those well-heeled residents in pricey locations. This becomes even more obvious when comparing home prices to renter income in the cities with the highest increases in high-income renters: In nine of the 10 cities where the number of top-earning renters leapfrogged considerably, growth in home prices was higher than the national average (29%.)

An even more interesting phenomenon of the past few years is the rise of an unlikely new kind of tenant — the millionaire renter. The number of renter households with incomes of more than $1 million reached a record high of 3,381 in 2020 — three times as many as there were in 2015, when 1,068 millionaires were renting their homes in the U.S., according to the most recent data from IPUMS.

While home prices could be considered an obstacle even for high-income renters, what stops some millionaires from stepping on the homeownership ladder? It might be an issue of comfort and smart investing. Often homebuyers are struck with the realization that their new property needs more maintenance than expected. Couple this with the flexibility of moving between cities to pursue new career opportunities and that explains why even the most affluent sometimes choose to rent their home. Additionally, some high-earners, including some millionaires, prefer to funnel their cash into other types of assets that hold value.

According to a survey from Charles Schwab, Americans consider that an average net worth of $1.1 million represents being “financially comfortable.” And being financially comfortable appears to be a Millennial trait, with this demographic making up a majority (28%) of millionaire renters. For many Millennials of homebuying age and with above-average incomes, lifestyle renting is a better choice than owning. This mindset is mirrored among millionaire Millennials, too, who, unlike their Baby Boomer parents, decide to rent despite having the financial resources to own.

Gen X follows closely behind, making up 23% of millionaire renter homes. As the first generation that redefined and broke away from the American dream of homeownership, Gen Xers initially turned to renting due to the strain brought on by the 2008 housing crisis. Today, they’re following the same lifestyle renting trends as their younger counterparts.

According to IPUMS data, the rental home size of millionaire households varies across the U.S., with three-bedroom homes being the national average. Millionaire renters in Washington, D.C. have the largest homes. On average, they have five bedrooms, followed by Jersey City, NJ with four. Alternatively, in cities like Los Angeles, San Francisco and New York, the average home size is three bedrooms.

Wealthy renters live mainly on the coasts, specifically in California, New York and Washington, DC.

Do you have rental property and need help leveraging its value, finding the ideal tenants, or managing it? Leave your real estate needs in the hands of the Home Solutions experts! We are here to enhance your real estate ventures with personalized, concierge-like services that we will design exclusively for you! Get in touch today by calling (954) 545-3027 or connecting with us here.

Best Healthy Home Upgrades For 2023

In an increasingly fast-paced, busy, and stress-inducing world, it is a small wonder that people are placing more value on making their homes a haven of self-care and wellness. Making a few upgrades to your home can enhance your quality of life while you are there and increase its attractiveness to potential buyers if you were ever to sell. There are rarely such win-win opportunities, and it does not need to break the bank to get there. Consider some of these healthy home upgrades for the new year ahead.

There are countless articles and blog posts focusing on which home improvements will yield the greatest financial return on investment. But there’s another way to look at the ROI conversation: Which home improvements offer the best potential for improving your personal well-being. Those include the five facets of wellness design: health and fitness, safety and security, accessibility, functionality, and comfort and joy. Given the increasing importance of wellness to homebuyers, they might also add to the salability of your home when you do choose to put it on the market.

“It’s understandable why everyone is concerned about maintaining a healthy home,” comments Caroline Danielson, director of showrooms for upscale chain retailer Ferguson Bath, Kitchen & Lighting Gallery, adding that with recent research being made more widely available on the links between home and health, “It is no surprise that many homeowners are considering renovations that improve more than the look of a home.” These can all help homeowners clean faster, cook smarter and rest easier, she notes.


The topic of technology for wellness – including air and water quality, tunable lighting, and acoustic comfort – are all gaining popularity. “The pandemic brought the interest level up even higher,” observes Josh Christian, CEO of the Home Technology Association trade organization. Covid made the need for healthy indoor air urgent. Wildfires add to that urgency, with their smoke and ash infiltrating homes in nearby regions, and pollution is an ongoing issue in some areas.

“In-room portable air purifiers have exploded in popularity,” Christian shares, “though many homeowners aren’t aware that their whole home can have pure air with specialized air filtration systems.” These installations can be done through home technology integrators, he adds. “A good system can improve the safety of people in a home.” Real-time monitoring capabilities for water quality are not as advanced, Christian notes, “but when water filtration is part of a smart home system, there is extensive testing done up front to identify the best solution for the specific location needs.”


This is a challenging topic, because so many products offer both wellness benefits like softness underfoot, flame retardants and antimicrobial protection, while unfortunately introducing chemicals that can be damaging to our bodies. “The chemicals that help make a product flexible, light, sturdy have major side effects on our health including cancers, decreased fertility in both men and women and other hormonal related health issues, thyroid disease and elevated cholesterol,” cautions Alison Mears, director of the Healthy Materials Lab at Parsons University.

Looking at one surfacing material you’ll find in every home: countertops, Mears suggests porcelain slab manufactured without lead or asbestos, and natural materials like wood and granite (that may require more upkeep). For flooring, she warns against one of the most popular materials on the market today: luxury vinyl tile. Toxic dioxins are released during their manufacture that an persist in the body for years after exposure, she reveals. “With links to cancer, reproductive disorders, and hormone disruption, they have been called the most toxic man-made substance ever created. [Vinyl] floors also contain phthalates, which are endocrine disruptors. It is important [to] seek healthier alternatives in linoleum, cork, natural rubber, or bio-based materials that avoid any inclusion of vinyl,” she recommends. Options Mears prefer include floating engineered hardwoods with natural finish, ceramic tiles without heavy metal glazes, linoleum and polished concrete with a nontoxic finish.

When it comes to cabinetry, carcinogenic urea formaldehyde is a major element to avoid, Mears advises. NAUF (no added urea formaldehyde) products that reduce its use are a safer option. You’ll also want a cabinet with nontoxic finishes.


Danielson points to appliances as one category where technology has always been a trending topic; lately it’s been heavily focused on wellness. “From steam ovens that allow homeowners to effortlessly prepare healthy meals to high-capacity, sanitizing dishwashers with settings to eliminate 99.999% of food soil bacteria by adding a high-heat final rinse to sanitize dishes, appliance technology is becoming more sophisticated.”

She points to a new category too: indoor plant growers. “Herb growing cabinets have captured homeowners’ imaginations,” the retailer observes. “Imagine making a salad with farm-fresh micro greens or cooking a meal and having the ability to use fresh herbs available right in the kitchen. All organic greens offer superior flavor and the best nutrition.”

Another category Danielson notes is the clothing refresher, which adds convenience to time-pressed homeowners. These allow homeowners to care for delicates without using harsh chemicals common in dry cleaning, she notes. They can also safely sanitize bedding between guests and children’s stuffed animals.

Fixtures and Faucets

“With the push for better health and wellness, home fixtures and faucets are now a great way to improve your overall well-being,” Danielson shares, pointing to the latest in water filtration systems and steam showers. The former will help ensure that the household is drinking clean water daily. “In addition to filtering out contaminants like lead or chlorine, these systems can also reduce smells and tastes that make your drinking water less desirable,” she says.

“Steam showers allow users to relax while enjoying aromatherapy benefits. They are especially beneficial for those with respiratory conditions or muscle tension as the warm steam helps open airways and decreases muscle soreness,” Danielson comments.

“The wetroom is seeing a surge in demand due to its frameless, zero entry design concept that creates an open and spacious atmosphere.” These spaces that place a tub within an oversized shower enclosure provide aesthetic appeal and greater accessibility, but as the Ferguson executive notes, their “increased popularity is largely due to their ability to keep germs from hiding in hard-to-reach places and allows for easy maintenance and cleaning.”

In general, she is seeing an increased focus on hygiene-enhancing fixtures. “Touchless faucets can help limit exposure to dirt and bacteria, while providing users with convenience and ease,” she notes.


The pandemic has definitely had an impact on lighting. “Homeowners clean the air with a ceiling fan that cools and circulates the air using ultraviolet technology, verified through independent laboratory testing to kill 99.99% of SARS-CoV-2 (causes COVID-19) and other airborne pathogens while safely neutralizing allergens, odors, and fumes,” Danielson says.

She also points to lighted exhaust fans as problem blockers: “By removing moisture and odors effectively with a lighted exhaust fan, homeowners can prevent mold, bacteria and fungi growth on surfaces in bathrooms, laundry rooms or other humidity-prone environments.”

Danielson is bullish on preset dimmers as a great new lighting option for wellness, she says, noting they “make it easy to adjust your lighting levels depending on the time of day and can be set to ensure you have enough light without causing eye strain or discomfort.” This is a particular benefit to older adults for both safety and comfort. “This age-friendly feature ensures that you don’t have to worry about straining your eyes when trying to find something in a dark area or dealing with overly bright lights when going outside at night.”

Circadian lighting, also called tunable lighting or human centric lighting, is another way to boost wellness in this category. Many more manufacturers are offering these solutions now and the category has massively grown in the past four years, HTA’s Christian observes. This has also led to lower prices and more availability, but you get what you pay for when it comes to this technology, he warns.

Outdoor dark sky lighting is another new innovation that helps the health of your household and the planet. Health-wise, it reduces blue light emitted from LED bulbs, linked to sleep disruption in some individuals, Danielson comments.

Chromotherapy is another great innovation, often used in primary bathrooms. “This type of lighting uses certain colors to promote relaxation and healing properties in the body,” the Ferguson executive says. “Using different shades of blue or purple, you can create a calming environment that will reduce stress and anxiety while cleansing yourself or taking a warm bath or shower.”

Wellness Tips from the Pros

“When looking to upgrade your home in a way that promotes health and wellness, it’s important to visit reputable showrooms and work with a designer or contractor you trust,” Danielson recommends. “There are special certifications for wellness and universal design. For example, a certified universal design professional will help homeowners create an environment that emphasizes comfort and safety for all ages and abilities. Homeowners can ask the designer about their certification and determine if their specialty matches their wellness goals.”

Christian highlights the importance of working with professionals too. “Homeowners, architects, interior designers, and builders need a qualified home technology professional to consult about the latest in wellness tech,” he recommends and this consultation needs to start at the beginning of the planning process.

Mears keeps it simple: “Ask the questions: What is it made of? Do I need it?”

Last Words

One of the happy coincidences of climate change action is that can create healthier home interiors too. This urgency is driving local, state and federal legislation and incentives to reduce fossil fuel consumption, as Mears points out. Since their byproducts go into surfacing materials like LVT, cutting back on their use could lead to healthier homes too. Cutting greenhouse-causing emissions helps drive incentives to swap gas cooktops with induction models. What’s healthy for the planet can be healthy for you and your home.

You don’t have to be a billionaire to make healthy home changes either. “What we are learning is that affordability varies a lot based on budget, region and creativity. And a lot of what we can do to decrease costs or direct the budget to better materials is to change our practice,” Mears shares. She also notes that a simpler material palette might allow for higher volume in selected products and possibly offer better pricing. Being strategic with choices – e.g., a one-coat paint and primer combo – can reduce labor costs and, of course, working with a wellness designer who has relationships with healthy products manufacturers and flexible margins can save the homeowner money.


  • Healthier Cabinetry – Healthy Materials Lab
  • Materials Collections – Healthy Materials Lab
  • Six Classes: A new Way to Eliminate Harmful Chemicals – Green Science Institute
  • Acoustics Guide – Home Technology Association
  • Technology Resource Guide — Home Technology Association


I’ll be sharing more healthy home upgrade tips with Mears’ Healthy Materials Lab colleague Leila D. Behjat, Christian and Danielson in an hour-long Clubhouse conversation tomorrow afternoon (December 7, 2022) at 4 pm Eastern/1 pm Pacific. You can join this WELLNESS WEDNESDAYS discussion here. If you’re unable to attend, you can catch the recording via Clubhouse Replays here or on my Gold Notes design blog here the following Wednesday.

Follow me on Twitter or LinkedIn. Check out my website or some of my other work here.

We pride ourselves on responsibility, accountability, and operating with the utmost integrity. Our philosophy is simple. Customer service is our core principle. We are professionals who understand you deserve the very best. Get in touch today by calling (954) 545-3027 or connecting with us here.

Become a Vendor

If you are already one of our Vendors you can sign in to receive work orders or review your account. If you have any questions or want to speak directly to us please call (954)-545-3027 or send an e-mail to hspm@home-solutions.com.

Broward County

  • Weston
  • Margate
  • Coral Springs
  • Tamarac
  • Plantation
  • Miramar
  • Parkland
  • Coconut Creek
  • Pembroke Pines
  • Lighthouse Point
  • Pampano Beach
  • Sunrise
  • Deerfield Beach
  • Davie
  • Lauderdale by the Sea
  • Dania Beach
  • Lauderhill
  • Wilton Manors
  • Hollywood
  • Fort Lauderdale

Other Counties We Serve

  • Palm Beach County
  • Miami-Dade County