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If you really need to sell your home, you don’t have to wait until after the holidays. While there are fewer homebuyers, those actively searching are often committed to making a swift move due to reasons such as lease endings, job relocations, or military transfers.

You can make your home stand out in several ways:

Price it right. A lower price will excite buyers, but only accept a fair offer.

Clean and declutter. For a few hundred dollars, a cleaning crew will make your home look spotless. Pack away anything you don’t need in moving boxes and store them in a seldom-used room.

Keep holiday decor simple. String lights and evergreen branches. Skip the big tree and place a small one on a tabletop instead. Bake cookies and serve cinnamon cider for showings.

Prioritize the exterior. Make sure leaves are picked up, snow is shoveled, and walkways are safely de-iced.

Let someone else host dinners and parties. You can still enjoy holiday festivities without doing all the cooking and planning yourself. Friends and relatives will understand.

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When you apply for a mortgage loan, you’ll receive a standardized form called a loan estimate within three working days. The purpose is to give you the opportunity to compare multiple offers from lenders and to negotiate terms where applicable. Once you choose a lender, this pre-approval allows you to shop for a home with confidence, but keep in mind that the loan estimate is not a final approval, nor does it mean you’re locked into the loan.

A loan estimate is exactly that—an estimate of the interest rate, monthly mortgage payments, fees, closing costs and the cash needed to close. The reason that the estimate isn’t final is that things change. The loan can’t go through the lender’s underwriting until you’ve put a contract on a home with a closing date. Underwriting examines your credit more thoroughly and ensures that the home you’re buying, the loan and its terms meet government lending guidelines.

Once approved, your lender will prepare your final closing documents three days before close of escrow.

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If you’re planning to buy a home in a community managed by a homeowners association (HOA), you’ll need to join, pay fees, and adhere to the association’s rules as a member. Your purchase contract should include a contingency that gives you the right to review the HOA’s financial records and its covenants, conditions, and restrictions (CC&Rs) so you’ll know whether the HOA is in good financial health and has sensible rules and regulations.

Be on the lookout for the following:

High monthly dues: HOA fees can affect your mortgage qualification by reducing the amount you can borrow. Only consider properties with amenities you’ll genuinely use to avoid unnecessary costs.

Not enough reserves: Reserves are fees set aside for future maintenance, but if the HOA doesn’t charge enough in fees, you may be hit with “special assessments” to cover unplanned costs. Look at how and when reserve monies will be used.

Too many regulations: Rules should only address personal safety, home values and the HOA’s financial health—not limit front doors to three bland paint choices.

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Rising home prices and borrowing costs are making large homes less affordable, leading to a trend of smaller new homes. After years of increasing sizes, buyers might need to adjust to homes with less square footage and fewer rooms—but this shift could be beneficial.

For the first time, new homes are cheaper than pre-owned homes by $3.50 per square foot. Not only would you save money, but you won’t have remodeling costs for years to come, not to mention that the home will be move-in ready.

Other good news is that more homes are being built in the affordable range between $200,000 and $350,000 which is saying a lot, considering that the latest national median home price was $439,950 in July 2024. According to the U.S. Census Bureau, new single-family homes had a median 2,140 sq. ft. in Q1-2024—that’s 116 square feet smaller than the median new home size in 2023.

Smaller homes also offer economic benefits, including lower utility and insurance costs, as well as easier maintenance.

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Marketing the square footage of a home can work against sellers. Buyers tend to want more space than they currently have, but if your home is on the small side, they may not even consider it. Your smaller home may actually be more comfortable and feel more spacious than one with a bigger but less efficient footprint. On the other hand, some homebuyers want a manageable space, so a big home could be viewed as too much maintenance and expense.

Professionals measure homes differently: some by exterior dimensions, others by room measurements using a laser or tape. Without a standard method, results vary, and accuracy can be uncertain.

Measuring your home yourself can lead to disputes and potential liability if buyers contest your figures.

Instead, use third-party data for square footage, such as a bank appraisal or property tax records. The original builder’s floorplan with measurements is even better. Ultimately, buyers want to know how much living space they’re getting for their money.

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Refinancing your mortgage is worth it if you get a lower interest rate, a shorter term, or a smaller monthly payment. According to The Mortgage Reports, it’s usually beneficial if you can lower your mortgage interest rate by one percentage point. For a $400,000 loan, reducing the rate from 6.5% to 5.5% saves $257 per month, nearly 20% of the payment. With $8,000 in closing costs, you’ll need to keep the loan for 2.6 years to break even.

You can ask your lender about a no-closing-cost refinance, where you pay a slightly higher interest rate, but avoid upfront costs. This strategy allows you to sell your home anytime without penalty. Alternatively, you can roll closing costs into your new loan, ideal if you plan to stay for several years. You’ll pay more interest, but it can be cheaper than a higher-rate, no-closing-cost loan.

You can also replace an adjustable-rate mortgage with a fixed 30-year term, or switch a 30-year loan to a 20- or 15-year term. Principal payments will be higher, but the interest rate will be lower.

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When you purchase a home, you have the right to have the property professionally inspected. Any inspection can reveal issues, but what matters is whether a problem is fixable, what that might cost, and whether you or the seller will pay for it

Here are a few items that should alarm you:

A seller’s disclosure with no useful information: Sellers should let you know if they’ve fixed leaks, replaced roof tiles or had a sewer line replaced. If the home is older, you need to know if asbestos or lead paint has been removed.

A damp, musty odor in the bathroom: You can’t go behind walls or under floorboards, but your nose can tell you there’s a problem. If the bathroom looks clean and smells dank, there could be a hidden leak.

Systems at the end of their lifespan: If the roof is 15 to 20 years old, you’ll have to replace it in a few short years.

Signs of bad DIY work: DIY homeowners can cut corners, ignore code violations and use the wrong materials.

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With fall and winter approaching, it’s essential to have your home’s heating systems inspected and serviced, according to the Consumer Product Safety Commission. A trained technician can check chimneys, central heat, gas heaters, heat pumps, electric heaters, and more to ensure they function properly and don’t produce dangerous carbon monoxide (CO). They can also install CO detectors throughout the house to ensure occupant safety.

Carbon monoxide is odorless and colorless, making it undetectable without alarms. CO poisoning symptoms can be mild or severe and are often mistaken for the flu. Low-level exposure can cause headaches, fatigue, shortness of breath, nausea, and dizziness. High-level exposure can lead to confusion, vomiting, loss of coordination, unconsciousness, and even death.

To prevent CO poisoning, the CPSC and Environmental Protection Agency recommend:

Installing interconnected CO alarms that all sound together.
Never using portable generators indoors; keep them at least 20 feet away from the home.
Not using cooking appliances for heat.
Opening the fireplace damper before and after use.
Avoiding barbeque grills in semi-enclosed spaces like garages.

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Homebuyers saw a turning point in interest rates as of June 2024. The Federal Reserve decided not to raise overnight borrowing rates, keeping them at 5.25%-5.50%. This is a sign that inflation is moving closer to the Fed’s 2% target. However, the Fed anticipates only one rate cut by year-end, which could impact the housing market.

Mortgage rates have decreased to their lowest levels since March 2023 but remain around 7% for the 30-year fixed mortgage. This rate is typically available only to those with excellent credit and a 20% down payment, which might explain why housing sales are 10% below mid-2023 levels.

Most economists expect rates to drop slightly by the end of 2024. Fannie Mae predicts an average rate of 7%, while the Mortgage Bankers Association, Realtor.com, and Wells Fargo forecast a drop to 6.5%. The difference between 7% and 6.5% is $122 per month on a $400,000 mortgage.

Talk to your Berkshire Hathaway HomeServices network professional for insights on the current market, as buying now might be advantageous if home prices are rising.

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Each room in your home serves a unique purpose, so painting the entire house white, grey, or beige might not be ideal. Instead, choose a palette of three to five complementary colors to match each room’s mood.

Start by considering how you want colors to make you feel. Look for inspiration on Pinterest or Houzz, or choose a theme like blue beachy tones or desert-inspired terra cottas. You can also pull colors from existing items (e.g. favorite rug or painting).

Color trends evolve every few years. For instance, Pantone’s 2024 Color of the Year, “Peach Fuzz,” is a soft peach tone that bridges youthful and timeless aesthetics. While Peach Fuzz may not suit everyone, it could pair well with a deep green in the living room, a soft blue in the den, or a sensual mauve in the owner’s suite.

Remember, contrasting colors are energizing, monochromatic colors are calming, and neutrals highlight textures.

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