While watching the stock market recently may have started to feel pretty challenging, checking the value of your home should come as welcome relief in this volatile time. If you’re a homeowner, your net worth got a big boost over the past few years thanks to rising home prices. And that increase in your wealth came in the form of home equity. Here’s how it works.
Equity is the current value of your home minus what you owe on the loan. Because there was a significant imbalance between the number of homes available for sale and the number of buyers looking to make a purchase over the past few years, home prices appreciated substantially. And while rising inventory and mortgage rates have cooled the market some in recent months, home prices nationally remain strong.
That’s why, according to the latest Homeowner Equity Insights from CoreLogic, the average homeowner equity has grown by $60,000 over the last 12 months. While that’s the national number, if you want to know what happened, on average, over the past year in your area, look at the map below from CoreLogic:
Why This Is So Important Right Now
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), helps explain why this matters so much today:
“. . . the decline in the stock market has dented overall net wealth. It has fallen by $6 trillion from the first to the second quarter. Only housing wealth has held on, with homeowners’ real estate wealth (home value minus mortgage balance) rising by $1.2 trillion.”
While equity helps increase your overall net worth, it can also help you achieve other goals like buying your next home. When you sell your current house, the equity you built up comes back to you in the sale, and it may be just what you need to cover a large portion – if not all – of the down payment on your next home.
Bottom Line
There’s volatility in today’s stock market, but home equity is still incredibly strong. To find out just how much equity you have in your current home, let’s connect.
Pumpkin patches bring a touch of farm life to Southern California cities, but many have more to offer than supplying the raw materials for Halloween jack-o-lanterns.
They have carnival rides, activities for children, petting zoos and often live entertainment.
Here are some of the places at are opening between now and early October.
Los Angeles County
Cal Poly Pumpkin Festival: Oct. 1-30. Pumpkin patch with photo stops, hayrides, goat petting, corn maze, fair food and live entertainment. Tickets are only available online for reserved time slots. $6-$10 for general admission; $5-7 for ages 3-12. There will be a preview Sept. 30 with food and drink samples and entertainment; tickets are $70. AGRIscapes Center, Cal Poly Pomona, 4102 S. University Drive, Pomona. cpp.edu/~pumpkinfestival
Carved at Descanso Gardens: Oct. 7-31. Hundreds of carved pumpkins on display, hay maze, holiday foods. $20-$26 for members, $32-$38 for non-members.1418 Descanso Drive, La Cañada Flintridge. 818-949-4200, descansogardens.org
Forneris Farms: Oct. 8-31. Pumpkin patch and corn maze. Entry is $5, cash only, and there are additional charges for other attractions. 15200 Rinaldi St., Los Angeles. fornerisfarms.com
La Verne Heritage Foundation: Oct. 7-30. Pumpkin patch, tractor-pulled rides, petting farm. Heritage Park, 5001 Via De Mansions, La Verne. laverneheritage.org
Mr. Bones Pumpkin Patch: Oct. 7-30. Pumpkin and teepee villages, bounce houses, straw maze, petting zoo, giant rocking horses. Admission $10-$30 depending on date and time, extra charges for activities. 10100 Jefferson Blvd., Culver City. 310-276-9827, mrbonespumpkinpatch.com
Mr. Jack O’ Lanterns Pumpkin Patch, Farmers Market: Oct. 15-31. Games, activities and animals. Free admission, extra charge for activities. 6333 W 3rd St., Los Angeles. mrjackolanternspumpkins.com
Mr. Jack O’ Lanterns Pumpkin Patch, Torrance: Oct. 1-31. Games, activities and animals. Free admission, extra charge for activities. 17520 Prairie Ave., Torrance. mrjackolanternspumpkins.com
Mr. Jack O’ Lanterns Pumpkin Patch, West Los Angeles: Oct. 1-31. Games, activities and animals. Free admission, extra charge for activities. 11852 Santa Monica Blvd., Los Angeles. mrjackolanternspumpkins.com
Pa’s Pumpkin Patch: Sept. 30-Oct. 31. Petting zoo, pony rides, corn stalks and fair foods. Advance reservations are required and can be booked online. 6701 E. Pacific Coast Highway, Long Beach. paspumpkinpatch.com
Shawn’s Pumpkin Patch: Oct. 1-31. Pumpkin bounce house, train rides, petting zoo, carnival games. No entrance fee, but activities cost $3.50-$7. 11650 Santa Monica Blvd. Los Angeles. shawnspumpkinpatch.com
Toluca Lake Pumpkin Patch: Sept. 26-Oct. 31. Petting zoo and haunted maze. $10 for admission to both. 10601 Riverside Drive, North Hollywood. 818-505-8039
Orange County
Hana Field Pumpkin Patch: Oct. 1-29. U-pick pumpkins and sunflowers, corn maze and barnyard. $10 admission, $15 for flower-picking, activities extra. 427 Anton Blvd, Costa Mesa. 949-653-2100.
Irvine Park Railroad: Sept. 17-Oct. 31 Free haunted house, hay maze, hay pyramid, picture stands. Other activities cost extra, including train and hay rides, bounce houses, face painting and panning for gold. Great Pumpkin Weigh-off, Saturday, Sept. 24. Free admission, but parking is $3-$7. Irvine Regional Park, 1 Irvine Park Road, Orange. 714-997-3968, irvineparkrailroad.com
Pick of the Patch Pumpkins: Sept. 17-Oct. 31. Giant slides and inflatables. Admission is free; wristbands for inflatables cost $17-$30. 101 W. Avenida Vista Hermosa, San Clemente. abctreefarms.net
Pumpkin City, Anaheim: Sept. 30-Oct. 31. Carnival rides, games, petting zoo, entertainment. 2180 E. Lincoln Ave., Anaheim. pumpkincity.com
Pumpkin City, Laguna Hills: Sept. 30-Oct. 31. Carnival rides, games, petting zoo, entertainment, Oktoberfest beer garden. Laguna Hills Mall, 24203 Avenida de la Carlota, Laguna Hills. pumpkincity.com
Tanaka Farms: Open now through Oct. 31. U-pick pumpkins, wagon rides, arts and crafts. $10 general admission; extra for activities. Parking passes are required, fee is $10 on weekends. 5380 University Drive, Irvine. 949-653-2100.
Zoomars at River Street Ranch: Saturday, Sept. 24-Oct. 31. Petting zoo with goats, sheep and guinea pigs, pony, train and mini-tractor rides. Admission is $15, $12 for children12 years and younger, 31791 Los Rios St., San Juan Capistrano. 949-831-6550, riverstreetranch.com
Riverside County
Big Horse Corn Maze & Pumpkin Patch: Oct. 1-30. Giant maze at Big Horse Feed and Mercantile. Food vendors and beer garden on weekends. 33320 Temecula Parkway, Temecula. $15 admission, $10 parking on weekends. 951-389-4621, bighorsecornmaze.com
Hunter’s Pumpkin Patch: Open now through Oct. 30. Carnival games, rides, barrel train, food. 12125 Day St., Building Q, Moreno Valley. 951-440-2027, hunterspumpkinpatch.com
Peltzer Pumpkin Farm: Saturday, Sept. 24-Oct. 31. Petting zoo, games, mining, face painting, rides. $2 admission on weekdays, $3 on weekends, extra for attractions. Pumpkin painting classes for $20 Tuesdays and Thursdays in October. 39925 Calle Contento, Temecula. peltzerfarms.com
Pick of the Patch Pumpkins: Saturday, Sept. 24-Oct 31. Giant slides and inflatables. Admission is free; wristbands for inflatables cost $17-$30. 18614 Dexter Ave., Lake Elsinore. abctreefarms.net
Pumpkin Factory: Oct. 1-31. Rides, bounce houses, petting zoo. 1545 Circle City Drive, Corona. thepumpkinfactory.com
San Bernardino County
Frosty’s Forest: Sept. 30-Oct. 30. “Hocus Pocus”-themed corn maze, sunflower labyrinth, petting zoo, bounce houses, carnival games. $5-$10 admission. A scary corn maze called Haunted Harvest is on the property with $30 separate admission.14861 Ramona Ave., Chino. frostysforest.com, thehauntedharvest.com
Greenspot Farms: Opens Oct. 1. Rides, farm animals, duck races, crafts and hay maze. Free admission. Scary nighttime attractions will be offered Oct. 16-31, including Haunted Hayride and Haunted Trail. Tickets are $15-$30. 10133 Ward Way, Mentone. 909-794-7653, greenspotfarms.com
Live Oak Canyon Pumpkin Farm: Open now through Oct. 31. U-pick pumpkins, more than 50 attractions including corn maze, petting zoo and rides. Live entertainment in October. $10-$25 admission for adults, $5-$20 for children; extra charge for some attractions. Live Oak Canyon Road at the 10 Freeway, Yucaipa. liveoakcanyon.com
SkyPark at Santa’s Village: Oct. 8-30. Pumpkin patch, activities, live entertainment and trick-or-treating on weekends. $59 for adults, $49 for children. 28950 Highway 18, Skyforest. skyparksantasvillage.com
There’s no denying the housing market is undergoing a shift this season as buyer demand slows and the number of homes for sale grows. But that shift actually gives you some unique benefits when you sell. Here’s a look at the key opportunities you have if you list your house this fall.
Opportunity #1: You Have More Options for Your Move
One of the biggest stories today is the growing supply of homes for sale. Housing inventory has been increasing since the start of the year, primarily because higher mortgage rates helped cool off the peak frenzy of buyer demand. But what you may not realize is, that actually could benefit you.
If you’re selling your house to make a move, it means you’ll have more options for your own home search. That gives you an even better chance to find a home that checks all of your boxes. So, if you’ve put off selling because you were worried about being able to find somewhere to go, know your options have improved.
Opportunity #2: The Number of Homes on the Market Is Still Low
Just remember, while data shows the number of homes for sale has increased this year, housing supply is still firmly in sellers’ market territory. To be in a balanced market where there are enough homes available to meet the pace of buyer demand, there would need to be a six months’ supply of homes. According to the latest report from the National Association of Realtors (NAR), in July, there was only a 3.3 months’ supply.
While you’ll have more options for your own home search, inventory is still low, and that means your home will still be in demand if you price it right. That’s why the most recent data from NAR also shows the average home sold in July still saw multiple offers and sold in as little as 14 days.
Opportunity #3: Your Equity Has Grown by Record Amounts
The home price appreciation the market saw over the past few years has likely given your equity (and your net worth) a considerable boost. Danielle Hale, Chief Economist at realtor.com, explains:
“Home owners trying to decide if now is the time to list their home for sale are still in a good position in many markets across the country as a decade of rising home prices gives them a substantial equity cushion . . .”
If you’ve been holding off on selling because you’re worried about how rising prices will impact your next home search, rest assured your equity can help. It may be just what you need to cover a large portion (if not all) of the down payment on your next home.
Bottom Line
If you’re thinking about selling your house this season, work with a real estate professional so you have the expert insights you need to make the best possible move today.
💡 For more Real Estate Tips like these, Home Maintenance Tips on Mondays, and Fun Fridays, follow us at @carealestategroup — we are more than just real estate!
What’s the dirtiest place in your home? Despite all the germs floating around your bathroom, there’s actually way more nastiness happening in—yikes!—your kitchen, than practically anywhere else in the home, according to a study by the National Sanitation Foundation (NSF).
“The areas in which food is prepared actually contain more bacteria and fecal contamination than many other places in the home,” the study says.
If you’re horrified and ready to grab the disinfectant and head straight to the kitchen, you’re not alone. But you probably want to know which items in your kitchen are making it such a thriving cesspool—and how you can fight against this potentially dangerous bacteria. Here are the grossest items in your kitchen, according to the pros.
Your cutting boards
It’s no surprise this common kitchen item makes the top of the list, with all the food prep we do here. The NSF found that 18% of cutting boards contain fecal contamination from E. coli bacteria, which is often found in raw meat. And in recent years, both wood and plastic cutting boards have proven harder to keep clean than originally thought, especially if they’re several years old.
“The issue arises when people are unable to clean cutting boards properly because they have deep grooves from being used so much,” explains dietitian and food safety expert Bri Bell. “Bacteria can live in the grooves and contaminate your food. It’s time to get a new one if you can fit a fingernail in the groove, because then you know it’s too deep to properly clean.”
“We use cutting boards to prepare foods like raw meat, which can spread salmonella and E. coli,” says Brian Sansoni, spokesman for the American Cleaning Institute. “A good rule of thumb in safe food preparation is to avoid cutting raw meat, poultry, or fish on the same surface without thoroughly cleaning it between uses.”
Even better, he says: “Have two cutting boards: one reserved for meat and the other for fruits and vegetables.”
Your kitchen faucet
If you thought your door handles were dirty (and they are), then this next bit will really make you run for the disinfectant. According to the NSF, 45% of kitchen sinks were found to contain salmonella and E. coli. Even if you aren’t regularly rubbing raw chicken on your kitchen faucet, there’s still a logical reason why it’s one of the nastiest places in your home.
“The faucet is a high-touch area,” Bell says. “We often touch it with dirty or wet hands, so it gets dirty quickly between washes, and people tend to clean them only when they look dirty—not realizing it has bacteria regardless.”
To keep the poop particles out of your kitchen sink, wash the sink regularly with disinfectant.
“Particularly during the fall and winter, when colds and flu are at their peak, it’s a good idea to keep faucet handles clean to prevent the spread of germs,” Sansoni says. “At least once a day, wipe down faucet handles with a disinfectant wipe.”
Your refrigerator
Here’s another item that comes in close contact with our food but tends to be neglected when it comes to regular cleanings. And if you’re anything like the participants of this 2019 study by the American Cleaning Institute, chances are you can’t even remember the last time you cleaned the fridge.
And there’s a reason why that’s scary: “Spoiled food and spills can attract germs,” Sansoni says. To be more specific, these germs include things like salmonella, listeria, and E. coli, according to a 2013 Germ Study by NSF.
The best way to keep yourself from getting sick due to contamination in the fridge is by regularly inspecting and cleaning it.
“Wipe up spills with a paper towel and warm water as they occur,” Sansoni advises. “Every week, before doing your grocery shopping, do a quick purge of food that has expired or gone bad, then clean the inside of the fridge by emptying out all the contents, removing the drawers, and scrubbing with a sponge, warm water, and liquid dish soap.”
It might sound like a lot of work, but it certainly beats food poisoning.
Your kitchen sponge
This item is so gross we decided to save it for last (just in case you started reading this while snacking, now’s a good time to stop). Kitchen sponges, dishrags, dishcloths—whatever you call them—are the downright nastiest thing in your kitchen—if not your entire home.
In fact, more than 75% of sponges contained salmonella and E. coli, the NSF found—and since we often use them on things like countertops and dishes, you can only imagine how that bacteria spreads.
“The sponge holds onto moisture and bacteria from food after washing the dishes,” Bell says, “so it’s a perfect environment for bacteria to multiply, and people don’t tend to clean it, because it’s considered a disposable item.”
Although this news makes it tempting to replace your kitchen sponge between each and every use, Bell explains there’s an easier way to keep the grossness at bay.
“The best way to clean a sponge is to run it through the dishwasher with your regular dishes, or microwave a wet sponge for one minute,” she says. “Both these methods will kill most of the bacteria growing in the sponge that is likely to make you sick, but it will still contain some bacteria.”
In fact, Bell makes a case for ditching the beloved kitchen sponge entirely.
“My recommendation is to actually stop using sponges for washing dishes, and instead use a scrub brush or washcloth that dries quickly and completely between uses,” she says.
But if you can’t live without your beloved sponge, at least do everyone in your household a favor by replacing it every couple of weeks.
As a homebuyer, it’s important to plan and budget for the expenses you’ll encounter when you purchase a home. While most people understand the need to save for a down payment, a recent survey found 41% of homebuyers were surprised by their closing costs. Here’s some information to help you get started so you’re not caught off guard when it’s time to close on your home.
What Are Closing Costs?
One possible reason some people are surprised by closing costs may be because they don’t know what they are or what they cover. According to U.S. News and World Report:
“Closing costs encompass a variety of expenses above your property’s purchase price. They include things like lender fees, title insurance, government processing fees, upfront tax payments and homeowners insurance.”
In other words, your closing costs are a collection of fees and payments made to a variety of individuals and organizations who are involved with your transaction. According to Freddie Mac, while they can vary by location and situation, closing costs typically include:
Government recording costs
Appraisal fees
Credit report fees
Lender origination fees
Title services
Tax service fees
Survey fees
Attorney fees
Underwriting Fees
How Much Will You Need To Budget for Closing Costs?
Understanding what closing costs include is important, but knowing what you’ll need to budget to cover them is critical to achieving your homebuying goals. According to the Freddie Mac article mentioned above, the costs to close are typically between 2% and 5% of the total purchase price of your home. With that in mind, here’s how you can get an idea of what you’ll need to cover your closing costs.
Let’s say you find a home you want to purchase for the median price of $350,300. Based on the 2-5% Freddie Mac estimate, your closing fees could be between roughly $7,000 and $17,500.
Keep in mind, if you’re in the market for a home above or below this price range, your closing costs will be higher or lower.
What’s the Best Way To Make Sure You’re Prepared at Closing Time?
Freddie Mac provides great advice for homebuyers, saying:
“As you start your homebuying journey, take the time to get a sense of all costs involved – from your down payment to closing costs.”
The best way to understand what you’ll need at the closing table is to work with a team of trusted real estate professionals. An agent can help connect you with a lender, and together they can provide you with answers to the questions you might have.
Bottom Line
In today’s real estate market, it’s more important than ever to make sure your budget includes any fees and payments due at closing. Work with a local real estate professional to be sure you have the knowledge you need to be confident going into the homebuying process.
🙌 We can help make sure you’re not surprised by closing costs. DM us with any questions you may have.
As we usher off a very hot (and fun) summer, it’s time to welcome the upcoming fall and the colder, wetter weather that comes with it. This is the perfect time to check off a few fall home maintenance items around your house. Then you can sit back and rest assured that your home is in good shape. Below is a quick checklist of home maintenance items you should be able to tackle in a few hours on a weekend. It’s time well spent that will give you peace of mind and prevent unwanted expensive surprises.
ROOFS & GUTTERS
1. Check for damaged, loose, or missing shingles. If you’re not comfortable climbing on ladders, this may be a job for a roofer or a local handyman.
2. Check for leaking, rusted, misaligned or damaged gutters & downspouts and clean them. Be sure the downspouts direct water at least 3 feet away from your foundation.
3. Cut back tree limbs growing on or over the roof or near any windows or power lines. If the trees are too close to the power lines, it’s best to let a professional tree trimmer handle it.
4. Check flashings around vent pipes, skylights, and chimneys. This is by far the biggest source of roof leaks. Roofing tar and a spatula are all you need.
EXTERIOR WALLS
1. Check painted wood surfaces for flaking paint. Patch and paint as needed.
2. Cut back and trim shrubbery against sidewalls. This tends to deteriorate wall surfaces and is a haven for rodents.
3. Maintain grading (soil) sloped away from foundation walls. This is a potentially significant problem during heavy rain.
DOORS & WINDOWS
1. Check the caulking around doors, windows and window sills. This is the #1 source of rot damage. Re-caulk as needed.
2. Check weather-stripping around doors and windows. This is a potential area of heat loss.
INTERIOR
1. Close crawl space vents in fall/winter and open in summer. This is a huge energy saver in cold weather.
2. Check to make sure that the damper of your fireplace seals tightly. Air loss through chimneys is very common. Don’t pay to heat the outdoors.
3. Check the basement for dampness and leakage after wet weather. There are many reasons for moisture penetration into basements, such as hydrostatic pressure behind retaining walls and improper exterior site drainage. The sooner you spot it, the less expensive it will be to fix it.
4. Replace batteries in carbon monoxide detectors and smoke alarms. Change old-style smoke detector batteries, or better yet, install newer style detectors with 10-year batteries.
HEATING & COOLING
1. Change or clean furnace filters, air conditioner filters, electronic filters as needed.
2. Clean around cooling equipment, removing leaves, dust, overgrown shrubbery, debris. The cleaner your system is, the more efficient it will operate.
3. Cover or remove the AC window unit for the fall/winter. Again, this is a potential source of air loss and moisture penetration.
PLUMBING
1. Exposed exterior water lines and drains should be wrapped with insulation. Water lines under the house, in the crawlspace, should also be insulated for energy efficiency.
ELECTRICAL
1. Check exterior ground fault interrupters (GFCI) for proper operation. You can buy an inexpensive GFCI tester at any hardware store.
2. Check any exposed wiring and cables for wear or damage. Replace as needed.
KNOW THE LOCATION OF IN CASE OF EMERGENCY (Year-round)
1. The main water shut-off valve. This should be opened and closed at least once a year to assure proper functioning.
2. The main electrical disconnect or breaker, in case you need to shut it off or reset a tripped breaker.
3. The electrical panel box for breakers or fuses.
4. All fire extinguishers in the house. You do have extinguishers, right?
Believe me, this may seem like a long list, but you can easily make this into a family affair and have the kids or your spouse handle some items while you handle the others. After inspecting over 8,000 homes, I can’t emphasize how much regular maintenance can prevent costly repairs or replacements in the future. Good luck and as always, please don’t hesitate to call or email me with any questions.
Tony Escamilla is the founder of Villa Home Inspections. He founded Villa Home Inspections 23 years ago in 1998. With a background as a general contractor since 2000, Tony has been in the construction industry for many more years. He has personally performed over 8,000 inspections throughout Los Angeles, Orange, and San Bernardino Counties.
With everything going up in price this summer, going out to dinner with the whole family might just blow that budget right out the water! From the three fantastic blogs below, we rounded up a list of local Southern California restaurants in Orange County offering free meals and deals for kids!
Note: Details may be subject to change (we found that most restaurants have stopped deals and discounts due to the pandemic). In any case, be sure to call your local restaurant to confirm if they’re participating.
Home cooking is the best … except when the smell of your curry dinner lingers for days (or weeks?) after you’ve finished the meal.
The truth is, cooking at home can result in a potpourri of stubborn odors in your kitchen. After a while, the rich aroma of roasting lamb can curdle into the stale stench of fatty mutton.
So how can you 86 all these lingering cooking smells? For starters, turn on the range hood fan right off the bat, to ventilate your kitchen while you cook. And we highly advise against lighting scented candles, which will just add another heavy layer of odor. Instead, try one of the following methods, which have been proven to banish stinky cooking smells quickly.
1. Slow boil a simmer pot
The head chef of HelloFresh, Claudia Sidoti, combats icky odors after she cooks with a simmer pot of several aromatic blends based around citrus, which cuts through unpleasant smells.
She combines the ingredients—either 1) orange, cinnamon sticks, and cloves; 2) lemon, rosemary, and vanilla beans; or 3) orange, cranberries, and pine twigs—with three cups of water in a pot. She brings it all to a boil and then lowers the pot to a simmer.
The fresh and slightly sweet scent will cut through other smells and linger pleasantly in the room. But be careful! “Once the water evaporates, the citrus can easily burn,” says Sidoti.
2. Break out the essential oils
A great way to neutralize offensive smells is by introducing purifying essential oils in your kitchen. Use a spray bottle filled with water and about eight to 10 drops of either lemon, eucalyptus, or lavender essential oils. Then lightly mist the mixture into the air.
“Or if you want to create a DIY diffuser with what you have on hand in the kitchen, you can soak some cotton swabs in vanilla and place them around your countertop for a quick, pleasant scent,” says Dr. John Gilmer, PhD and food/cooking/nutrition expert at ActiveIron.com.
3. Neutralize with vinegar
If a cooking smell really persists, you need to step up your game and clean your kitchen cooking surfaces and countertops with vinegar, a remarkably effective cleaner and deodorizer. “Vinegar is an acid, and acid degrades the other lingering odors,” says Abe Navas, general manager of Emily’s Maids, a house-cleaning service in Dallas.
Let the vinegar soak into surfaces for 15 minutes, and then clean again with soapy water. Rinse with lots of clean water.
4. Clean up quickly before and after dinner
After you’re done cooking, cleaning up immediately is a great way to chase away odor, according to Kealia Reynolds, an editor at HouseMethod.com. “Cleaning up right away prevents smells from aging and becoming more pungent on your kitchen surfaces,” she says.
Place all strong-smelling meat and vegetable castoffs, such as onion peels, fish skin, and garlic, into a plastic bag inside a closable trash can. Take the trash outside rather than leave it in the kitchen overnight.
Rinse all cutting boards the moment you’re done with them. If you’ve cut garlic, onions, or other strong-smelling foods on a cutting board, the scent can seep into the surface and last for days if not cleaned properly—and quickly. Stick plastic cutting boards in the dishwasher for a deep clean, and use half of a lemon sprinkled with salt to clean wooden cutting boards.
And after the meal has been served, rinse and wash all the dishes as soon as possible.
5. Absorb strong odors overnight
If you are too exhausted after cooking a huge meal to do a massive kitchen cleanup, let items from your pantry work for you as you snooze.
“Leave a small bowl of white vinegar, coffee grounds, or baking soda out overnight on the counter,” says Gilmer. Each of these items are great at absorbing smells.
Another nighttime tip? Be sure to close your bedroom and closet doors before you turn in. “These rooms are full of odor-absorbing fabrics that will cause smells to permeate your home,” Gilmer adds.
6. Deep-clean the drain
Many of those displeasing kitchen smells may be coming from your sink, where odors can get trapped. “We recommend freshening your kitchen drain monthly,” says Jenn Nicken, founder of The Chef & The Dish, a global marketplace with chefs around the world via Skype. “Simply put about half a cup of baking soda into your kitchen drain, then pour one cup of vinegar into the drain. Let sit for 15 minutes, then run hot tap water for 60 seconds.”
7. Manage the microwave
The microwave is guilty of trapping odors, in the form of splattered sauce and hardened food scraps. Be sure to wipe down the inside of your microwave a couple of times a week.
“And if you have lingering smells in your microwave, use a few drops of lemon essential oil and wipe down the interior of the appliance,” Reynolds says.
If you’re raring to buy a home, chances are you’ll need a mortgage. But which kind of mortgage should you get?
Home loans aren’t one size fits all, but come in a variety of forms to suit home buyers in different circumstances. One good place to start figuring out your options is a mortgage calculator, where you can plug in various home prices and and have this sum broken down into monthly payments. Still, in addition to a home’s price, you should carefully consider the type of loan you get.
Two of the main types of mortgages home buyers consider getting are a fixed-rate mortgage and an adjustable-rate mortgage, or ARM.
So what’s the difference between these two types of home loans? In a nutshell, a fixed-rate mortgage has an interest rate that stays the same over the life of the loan. An ARM, by contrast, has an interest rate that changes over time.
Before you seek out mortgage pre-approval, let’s break down the pros and cons of each loan so you can decide which one is right for you.
Fixed-rate mortgage
According to Wells Fargo Home Mortgage Area branch manager Chris Jurilla, the majority of homeowners tend to prefer fixed-rate mortgages. And for good reason: A fixed interest rate means your mortgage payments remain steady over the life of your loan.
“Fixed-rate mortgages provide more long-term stability,” Jurilla says. “And with rates still low, borrowers prefer the security of not risking a rate increase or adjustment if the market were to turn.”
If you’re a home buyer with steady employment who wants to put down roots in a community, a fixed-rate mortgage might appeal to you. This kind of loan is also advantageous to people approaching retirement, because the fixed payments make it easier to plan their finances.
The pros of a fixed-rate mortgage:
Predictability: The interest rate doesn’t change for the life of the loan, giving home buyers peace of mind.
Fixed costs: You can budget more easily as the rate and payments remain constant.
Straightforward numbers: The math involved with figuring out your loan is way easier than for an ARM.
Stability: This predictable loan is more appealing for the risk-averse.
And the cons:
You’re locked in: You won’t be able to take advantage of falling interest rates without refinancing.
Your borrowing has a ceiling: You may not qualify for as much house as you would like, because those mortgage payments are typically higher.
Adjustable-rate mortgage
An ARM starts out at a fixed, predetermined interest rate, likely lower than what you would get with a comparable fixed-rate mortgage. However, the rate adjusts after a specified initial period—usually three, five, seven, or 10 years—based on market indexes. If those indexes go up, your payment will go up, too (sometimes way up).
If you’re a more mobile or first-time home buyer who wants to keep your long-term options open, an ARM’s low introductory interest rate is certainly tempting. As long as you’re ready to move on before the introductory period ends, you’ll benefit from the advantage of making lower payments while you’re living in the home. And because your lender will be qualifying you based on a lower monthly payment, you could qualify for a more expensive house than you would with a fixed-rate mortgage.
“ARMs are best suited for investors or home buyers who have short-term ownership goals in mind,” says Jurilla. “Most opt for an ARM if they don’t foresee themselves staying in the home for an extended period of time. There are some who use it as a stepping-stone loan, a short-term solution with a lower monthly payment.”
The pros of an ARM:
Low initial rate: There are lower rates and payments early in the loan term than in a traditional fixed-rate mortgage.
You can borrow more: You have a chance of being approved for a more expensive house because your lender will look at the lower payment when qualifying you for the loan.
Falling rates: Some ARMs allow you to automatically take advantage of lower rates without the hassle and expense of refinancing.
And the cons:
Unpredictable rates: After the introductory term, payments and rates can rise substantially. However, if market indexes go down, that doesn’t necessarily mean your mortgage payments will, too. Be sure to read the fine print on your mortgage.
Complicated mortgage agreements: You’ll need to understand the complex terms of your agreement, such as margins, caps, and adjustment indexes.
Math and more math: You have to put in significantly more work to figure out the math of an ARM and how it could potentially affect your budget.
Prepayment penalty: You can’t pay off your loan for the number of years specified in your agreement. So if interest rates jump while you still have a prepayment penalty in place, you can’t refinance or sell your home without incurring a huge cost.
Choose the loan that’s best for you
The 30-year fixed-rate mortgage is the most popular in America, but that doesn’t mean it’s perfect for you. An adjustable-rate mortgage can work well for many young or financially savvy homeowners. Still, many borrowers would rather deal with the stability of a fixed rate than the fluctuating payments of an ARM.
So, who wins? Either mortgage can—it all depends on your individual circumstances. Talk to a mortgage lender or mortgage broker to learn more about which one is right for you. And be sure you understand each loan’s terms, and always compare rates before signing onto a mortgage.
ListReports | Aug 4, 2022
“Depreciation” and “Deceleration” are two similar but different terms that you may be seeing in headlines right now.
If you follow the news you may be reading headlines right now that give the impression that home prices are going to take a dive. The reality is that this isn’t completely accurate, and headlines don’t provide a full picture into what’s going on. If you have questions about the market and current trends I’m here to help shed some light.
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