 | DECEMBER 2023 | Whether you own a home or looking to buy or sell one, here are the latest Good To Know articles for when you're ready to take the next step in finding your Forever Home. |
 | | DAVID BURKE REALTOR® | Lic# DRE #01426860 74-990 HWY 111
Indian Wells, CA 92210 |
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| | | HOMEOWNERS, TRENDS, HOME VALUES, HOMEBUYERS, RENTS | | All About ADUs, Granny Flats and Rental Income | Homeowners who want to add more value to their properties are turning to an evolving trend: building a second home in their own back yards. With housing costs higher than ever, some housing experts believe that additional dwelling units (ADUs) are a viable answer to the current housing shortage. The only problem is overcoming outdated building codes, but that's improving rapidly. ADU is an umbrella term that covers granny flats, guest houses, cabanas, carriage houses, tiny homes, and garage apartments, to name a few. ADUs can be attached to the main house, converted from garages, attics or basements, or built as stand-alone homes from the ground up or by using manufactured housing kits. These scaled-back homes are typically much smaller in square footage than the main house, yet they feature full amenities. A popular layout might offer a living and dining room, kitchen or kitchenette, one or two bedrooms each with a full bath, laundry room, closets, storage, and a patio or porch. For privacy, ADUs always have separate entrances, making them ideal for an aging parent or retiree, college student, or young couple. As an investment, an ADU is cost-effective, as the homeowner already owns the land and is able to recover construction or conversion costs more quickly. An ADU can add as much as 30% more value to a given property. To learn if your property is suitable for an ADU, contact your local government's zoning and building permit department, or visit sites such as AccessoryDwellings.org. | | FINANCE, HOMEBUYERS, MORTGAGE INTEREST RATES | | How to Navigate High Mortgage Interest Rates | Mortgage interest rates are hovering at the highest levels in over 23 years, causing mortgage demand to sink to a 27-year low. Waiting for home prices to come down has had little success for homebuyers due to an unprecedented imbalance in housing supply. What can you and other homebuyers do to increase your buying power? One advantage of higher interest rates is that they can make you money in other investments until you're ready to buy your home. Start with a debt consolidation loan to pay off high-interest credit cards. Do some research to learn where it's best to park some cash in savings, the term of the investment(s), and penalties for early withdrawals, if applicable. High-yield savings accounts. Most savings accounts have variable annual percentage yields (APYs), which means the return is linked to Federal Reserve overnight funds rate changes. Currently, you can get yields between 4.00% and 5.00% APYs while a traditional savings account is 0.50% or less. Certificate of deposit (CD) accounts. The average 12-month CD is about 1.49%, still much higher than a typical savings account. But many online financial institutions are paying 4.5% to 5% APY, reports CBS. Corporate bonds. To raise capital, some corporations issue debt securities which means you're loaning money to the company in return for regular income payments and the return of your initial capital when the bond reaches maturity. The benefits are lower risk for investment-grade corporate bonds, lower volatility, and greater diversification that's not tied to the stock market. | | HOME SELLERS, MARKETING ADVICE, MARKET CONDITIONS | Yes, Winter is a Great Time to Sell Your Home | Cold weather won't deter a motivated homebuyer. Corporate relocations often take place before the new year and those employees want to find a home now. Buyers want to get their children enrolled in school before the second semester begins. Homebuyers may feel they have a better chance of finding a home while their competitors nest at home until the snow melts. You also have a timeline to sell, move, and settle into a new place, perhaps for a new job, birth of a child, up- or down-sizing, etc. Why not sell when there's less competition from other homeowners who're waiting to sell until spring? There are a few things you'll need to do to make your home attractive for cold weather shoppers: Decorate for coziness. Some homes are at their best in the winter. Pull out your most fabulous afghans and quilts. Throw some logs on the fire, or keep the gas or electric fireplace on for showings. Fill the home with evocative aromas. Cinnamon, cloves, and oranges boiling on the stove will stimulate pleasant memories. Use a pine or lavender-based cleanser on your floors and surfaces. Make a place for muddy shoes. Buy a box of booties and put them next to a chair for homebuyers to put on. Taking their shoes off will make them feel welcome and more comfortable. Keep the drive, sidewalks, and walkways cleared. Snow drifts are dangerous and could discourage homebuyers. Keep your Berkshire Hathaway HomeServices network professional informed of road conditions. | | HOME MAINTENANCE, HOMEOWNERS, HOME SELLERS, HOMEBUYERS | Why You Should Test the Air Quality of Your Home | If you're wondering if those sniffles and low-grade headaches you or your family are experiencing could be due to air-borne allergens, you may be surprised to learn that there could be another cause. According to the Environmental Protection Agency (EPA), 90% of our time is spent indoors, so breathing problems could be caused by poor air quality in your home. If you test the air quality in your home, you may get some surprising answers. Purchase air quality sensors that test for the following: - Humidity: can increase the potential for mold and mildew growth.
- Temperature: high temps can cause insufficient humidity and health risks.
- Volatile organic compounds: chemical pollutants can come from building materials, carpet, and other installations.
- Particulate matter: dust mites and other allergens are airborne.
- Air quality index: this measurement is provided by the EPA for both indoor and outdoor air quality.
Air quality sensors test for toxins, harmful gases, and pollutants as well as specific problems such as carbon monoxide, a toxic gas. The sensors take in air, run algorithms to capture the number of particulates, store the data and prepare it for analysis and read out. The EPA recommends that you monitor your health symptoms for a few weeks to identify improving or worsening symptoms. If you're nauseous and confused, carbon monoxide may be present, while allergies tend to present with a scratchy throat or watery eyes. Lastly, buy a good air purifier to help remove particulate matter from the air. |
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