Home Selling Tips • Sellers • May 14, 2024

Golden Years, Golden Choices: Should Baby Boomers Buy or Rent in Winston-Salem After Selling Their Homes?

by DaRhonda Morgan

Golden Years, Golden Choices:

Should Baby Boomers Buy or Rent After Selling Their

Winston-Salem Homes?

The decision of whether Baby Boomers should buy or rent after selling their houses depends on various factors. Here are a few considerations to help make an informed decision:

Financial Situation: Assess your financial position, including retirement savings, income, and expenses. Determine if buying another property aligns with your budget and retirement plans.
Lifestyle and Flexibility: Consider your desired lifestyle in retirement. Also, consider if renting or buying will provide the flexibility you desire.
Maintenance and Upkeep: Owning a home comes with maintenance and repair costs. Renting eliminates these responsibilities, making it an attractive option for those seeking a more carefree lifestyle.
Market Conditions: Evaluate the local real estate market. Determine if it’s a seller’s or buyer’s market. Market type can impact the potential return on investment and affordability of purchasing a new property.
Equity and Cash Flow: Selling your house may provide a substantial amount of equity. Consider how this equity can be utilized to generate income or enhance your retirement savings.
Tax Implications: Consult with a financial advisor or tax professional to understand the tax implications of buying or renting in your specific situation.

Ultimately, the decision between buying or renting should be based on individual circumstances and preferences. It may be helpful to consult with a financial advisor to explore all available options and make an informed decision.

Looking to turn your golden years into your best years? Reach out to me for guidance on whether to buy or rent in Winston-Salem after selling your home.

Buyers • Real Estate Market • May 9, 2024

Why Is Housing Inventory So Low?

by DaRhonda Morgan

Why Is Housing Inventory So Low?

There are several factors contributing to low housing inventory in many markets:

Strong Demand:

Strong demand has led to more buyers competing for limited inventory. This is driving up prices and reducing the time homes spend on the market.

Lack Of New Construction:

Secondly, the lack of new construction is a significant factor. The number of new homes being built has not kept pace with demand due to labor shortages, rising construction costs, and difficulties obtaining permits and financing.

Homeowners Staying Put:

Additionally, many homeowners are choosing to stay in their current homes for longer periods. This may be due to factors such as low inventory and the desire to avoid the hassle and costs associated with moving.

Investor Activity:

Investor activity, both institutional and individual, purchasing homes as rental properties has further reduced the available inventory for sale.

Foreclosure Moratoriums:

Foreclosure moratoriums put in place during the COVID-19 pandemic have prevented distressed properties from entering the market. This is contributing to the limited inventory available.

Lack Of Affordable Housing:

Lastly, the shortage of affordable housing options makes it challenging for first time homebuyers and those with lower incomes to find suitable homes.

It’s crucial to note that the reasons for low housing inventory can vary by location. Local market conditions, government policies, and demographic trends all play a role.

Looking for assistance with your real estate needs or have questions about the current market? Contact me today to get guidance and support in buying or selling your home!

XOXO,

DaRhonda

Buyers • Real Estate Tips • May 7, 2024

From Savings to Success: Invest Your Tax Refund in Real Estate Today!

by DaRhonda Morgan

From Savings to Success: Invest Your Tax Refund in Real Estate Today!

If you’ve begun researching the home buying process or have previously purchased a home, you are likely aware that the down payment amount needs to be considered. The down payment amount can vary depending on the type of financing you qualify for. Therefore, it is always a good idea to start saving as much as possible as early as you can.

If tax refund money is tucked away into savings, this presents the perfect opportunity to utilize that cash. In a competitive market that shows no signs of cooling off, the time to buy is now. Using your tax refund for your down payment can help ensure you have the necessary funds when you find ‘the one’. Additionally, it can prevent future heartache. Feel free to give me a call today. I can connect you with a lender to get pre-approved. The lender will determine the amount you need to have saved.

XOXO,

DaRhonda

Home Selling Tips • Sellers • May 2, 2024

Key Skills Your Listing Agent Must Have

by DaRhonda Morgan

Key Skills Your Listing Agent Must Have

When choosing a listing agent for your real estate needs, there are several key skills and qualities you should look for. Here are some important ones:

Market Knowledge:
A good listing agent should have a deep understanding of the local real estate market. They should be familiar with current trends, comparable sales, and the competition in your area. This knowledge will help them price your property accurately and strategically.
Marketing Expertise:
Your listing agent should have strong marketing skills to effectively promote and advertise your property. They should be proficient in various marketing channels, such as online listings, social media, photography, and virtual tours. A well-marketed property attracts more potential buyers, increasing your chances of a successful sale.
Negotiation Skills:
Negotiating is a crucial aspect of the real estate process. Your agent should be a skilled negotiator who can advocate for your best interests. They should know how to navigate offers, counteroffers, and any potential obstacles that may arise during the negotiation process.
Communication Skills:
Effective communication is essential in any real estate transaction. Your listing agent should be responsive, keeping you informed and updated throughout the selling process. They should be able to explain complex concepts clearly and address any concerns or questions you may have.
Professional Network:
A well connected agent can tap into their professional network to benefit your listing. They should have relationships with other real estate professionals, such as lenders, home inspectors, and contractors, to streamline the selling process and provide you with reliable referrals.
Problem Solving Abilities:
Real estate transactions can sometimes encounter challenges. Your agent should be resourceful and proactive in finding solutions to any issues that may arise. Their problem solving skills will ensure a smoother transaction and minimize stress for you as the seller.

Choosing the right listing agent with the key skills and expertise is crucial for a successful home selling experience. If you’re ready to sell your home and want a dedicated professional by your side, look no further. I’m here to help you navigate the selling process with confidence and ease. Reach out to me today, and let’s make your home selling journey a smooth and rewarding one!

XOXO,

DaRhonda

DIY • Real Estate Tips • Uncategorized • April 30, 2024

DIY or Pro? 5 Home Projects Worth Outsourcing

by DaRhonda Morgan

DIY or Pro? 5 Home Projects Worth Outsourcing

We live in a DIY world. If there is a video online for how to do something, there’s a good chance you can figure out how to do it. While saving money by doing certain projects yourself can be rewarding in many different ways, there are some projects that should be left to the professionals. Unless you have training in specific fields, these 5 things usually require a professional contractor:

Electrical Wiring

Without any electrical experience, you run the risk of causing damage to both yourself and your entire electrical system. Even if you do shut off the power before messing with any wiring, there can still be many issues that arise afterwards – including electrical fire. Avoid the danger and call an electrician!

Wall Removal

Knocking down a wall can sound like a fun idea. Even if you were getting excited to release any anger on that wall in your home, this is a time when it is best to call a professional. Walls are a key component in maintaining the integrity of your home, and it’s structure. If you accidentally knock down a load bearing wall, you could cause catastrophic damage.

Foundation Alteration

The name of the structure itself should already make you proceed with caution. Your foundation is the most integral part of your home, and messing with it without experience could land you in a very tough spot.

Flooring (Floor Leveling)

While some flooring can easily be done alone, some of the bigger projects should be left to the professionals. If leveling the floor is part of the project, it may be time to call someone in.

Plumbing

Just like electrical projects, plumbing projects can be extremely complicated. When not done correctly, you can end up with burst pipes, flooding, and interior water damage. Save the stress and call a plumber!

Ready to tackle your next home project with confidence? Contact a professional contractor today and ensure your home improvements are in safe hands. Remember, if you need recommendations for reliable contractors or have any real estate-related questions, feel free to reach out to me.

XOXO,

DaRhonda

Buyers • Real Estate Tips • April 25, 2024

Smart Strategy or Risky Move? Using Your 401(k) to Buy a Home

by DaRhonda Morgan

Smart Strategy or Risky Move? Using Your 401(k) to Buy a Home

Using a 401(k) to buy a home is a personal decision that requires careful consideration. While it can be an option, there are several factors to keep in mind. Here are a few things to consider before making a decision:

Eligibility:Check with your employer to ensure that your 401(k) plan allows for withdrawals for home purchases. Some plans may have restrictions or penalties for early withdrawals.
Costs and Penalties:If you withdraw funds from your 401(k) before reaching the age of 59½, you may be subject to income taxes and a 10% early withdrawal penalty. This can significantly impact your savings.
Impact on Retirement:Withdrawing from your 401(k) means reducing your retirement savings. Consider the long-term effects on your retirement goals and whether you can make up for the withdrawal later.
Alternatives:Explore other options for financing your home purchase, such as mortgage loans, down payment assistance programs, or saving for a larger down payment. These alternatives may have fewer financial implications.
Consult a Financial Advisor:It’s always a good idea to consult with a financial advisor who can provide personalized advice based on your specific situation. They can help you understand the potential consequences and guide you towards making the right decision.

Remember, buying a home is a significant financial decision, and it’s essential to consider all aspects before tapping into your retirement savings.

Ready to make a move in the real estate market? Reach out to me for personalized assistance with buying, selling, or any real estate inquiries you may have.

Bathroom Ideas • DIY • Real Estate Tips • April 23, 2024

Modernize Your Bathroom: Signs It’s Time for a Change

by DaRhonda Morgan

Modernize Your Bathroom: Signs It’s Time for a Change

Just like your bedroom, your bathroom should be a relaxing place. Whether you unwind in the shower or with a hot bath, making sure your bathroom is a place of comfort and not stress is key to making your home a happier place. Because it is a room you will definitely spend time in every single day, these signs might indicate that it is time for some changes and some tips to help you do so.

1. Poor Lighting
You can consider investing in brighter bulbs and updating your light fixtures.

2. No Storage Space
You may want to install a larger vanity or additional shelving above the toilet.

3. Outdated Paint Color
Updating your wall color with something more neutral, light, and timeless can help bring your bathroom back to life.

4. That ‘Bathroom’ Scent
Checking for mold, fixing any leaks, or adding ventilation can help relieve any scent you can’t seem to get rid of.

5. Leaks
Calling a plumber to make repairs is usually necessary if you have brown water stains.

6. Time to Sell
If you’re getting ready to sell, updating whatever needs updating will increase your home value.

Considering selling your home? Contact me for a complimentary consultation to discuss your selling goals, and let’s get started!

Real Estate Tips • April 18, 2024

Maximizing Your Property: The Ultimate Guide to Accessory Dwelling Units (ADUs)

by DaRhonda Morgan

Maximizing Your Property:

The Ultimate Guide to Accessory Dwelling Units (ADUs

Accessory Dwelling Units (ADUs) are secondary residential units that are either attached to or located on the same property as a primary single family home. They are also known as granny flats, in-law suites, or backyard cottages. ADUs are often converted garages, basements, separate units within the existing home, or standalone structures.

ADUs offer several benefits for homeowners:

Rental income: ADUs provide an opportunity for homeowners to generate rental income by renting out the unit to tenants. This can help offset mortgage payments or provide additional cash flow.
Multigenerational living: ADUs allow homeowners to accommodate aging parents, adult children, or extended family members while still maintaining privacy and independence for both parties.
Increased property value: Adding an ADU to your property can increase its market value and appeal to potential buyers. ADUs are in high demand, especially in areas with housing shortages or high rental costs.
Flexibility: ADUs can serve various purposes, including a home office, guest suite, or space for hobbies and recreation.
Affordable housing: ADUs can help address the housing affordability crisis by providing smaller, more affordable housing options within established neighborhoods.
Sustainability: ADUs promote sustainable development by making efficient use of existing infrastructure and reducing the need for new construction. They can also be designed with energy-efficient features.

Before considering building an ADU, it’s important to check local zoning and building regulations, as well as consult with professionals such as architects, contractors, and real estate agents to ensure compliance and maximize the benefits of adding an ADU to your property.

Incorporating an Accessory Dwelling Unit (ADU) into your property can not only add value and versatility but also provide a unique solution to various housing needs. Contact me today to explore how ADUs can benefit you. Let’s work together to unlock the full potential of your property.

DIY • Real Estate Tips • April 16, 2024

HOW TO FIX 5 COMMON BATHROOM ISSUES

by DaRhonda Morgan

HOW TO FIX 5 COMMON BATHROOM ISSUES

Homeownership has plenty of perks. You can make changes whenever you want, but that also means you are responsible for making any fixes that you want (or need)! Instead of calling the local handyman for small jobs, you can try out these quick fixes for common bathroom issues that arise while saving yourself some money along the way.

1. Shifting Toilet Seat

Is your toilet seat wobbling every time you sit down? Sometimes, there are visible bolts to tighten, but that just doesn’t fix the issue. Many are unaware that you can actually purchase a toilet seat tightening kit. Most home improvement stores will carry an inexpensive kit, usually around $10. Rather than investing in a new toilet seat, you can save time and money by picking up a kit the next time you’re out.

2. Slippery Shower

There are two main options to remedy a slippery shower. A shower chair may be the best option to provide security. These chairs can be as affordable as $20 and can offer peace of mind when it comes to the safety. If chairs aren’t for you, a non-slip bath mat will keep you from falling in the shower and cost as much as a few coffees.

3. Clogged Shower Head

Do you normally have great water pressure, but now your shower feels like a slow leak? Your shower head is likely clogged from a build up of minerals in your water. Instead of calling the plumber or heading to the store to buy toxic chemicals, you can use ingredients already in your home to fix your problem. All you need to do is fill a sandwich bag halfway full with white vinegar, submerge the shower head into the vinegar in the bag, and tie the bag to the piping and allow the head to soak overnight. When you remove the bag, you should wipe the head to remove any excess and then your shower should be back to normal pressure.

4. Slow Drain

Before calling a professional, consider trying a Zip-It tool. You can find one at your local hardware store for around $5, but you have to be willing to deal with a little bit of gunk. The tool is placed in the drain and pulls out whatever is clogging it, usually hair and soap. If you can get past that, you’ll save yourself the price of a plumber.

5. Leaking Water Valve

Instead of heading to the store for a replacement water supply valve, try tightening the packing nut on the valve. A quick video search online will show you which nut to tighten, and it will only take a few minutes. Now you’ve saved time and money!

Incorporating these tips can help you save $$$$. Want more advice and DIY tips? Stay on the lookout for upcoming blog posts focused on improving your DIY skills!

XOXO,

DaRhonda

Decorating Ideas • DIY • April 11, 2024

5 Painting Mistakes to Avoid

by DaRhonda Morgan

5 Painting Mistakes to Avoid

DIY interior painting can be a money-saver if you know what you’re doing. While saving a few dollars is definitely worth trying out painting yourself, it is important to avoid mistakes often made in the process. Here is how to avoid them.

Mistake #1: Not Using The Correct Applicator

If you are willing to pay for premium paint, you should be willing to invest in a good applicator. Invest in good brushes or rollers up front to avoid hair on the wall or lumps of roller lint under the paint.

Mistake #2: Not Preparing Correctly

You always want to do repair work first so that your walls are smooth, clean, dry and free of loose debris before you begin painting. A repair will be much less obvious if it is done before a new coat of paint.

Mistake #3: Overextending Your Brush Dips

One of the most frequently made mistakes by DIYers is that they often continue applying a dip of paint until the brush or roller is dry. When you overextend each dip, the paint can dry in the brush bristles, and the fabric on rollers can mat down. You want to maintain a smooth line of paint. Once you can see the paint starting to break up, it’s time to re-dip.

Mistake #4: Breath Interference

Your breathe when painting can impact the steadiness of your hand. When cutting in near edges or other times when you need to be precise, you should hold your breath or breathe out to limit your movement as much as possible.

Mistake #5: Allowing Paint To Dry Out

Touch-ups are not ideal if your paint has dried out. To extend the life of water-based paint, place a piece of clear plastic wrap directly on the surface of the paint, then reseal the container. For oil-based paint, add about a half-inch of water on the surface before resealing.

Incorporating these painting tips can elevate your DIY projects. Want more advice and DIY tips? Stay on the lookout for upcoming blog posts focused on enhancing your home improvement skills!

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