(BPT) – Maintenance is an important part of home ownership, but many people delay tasks, thinking a few weeks or even months won’t do any harm. However, putting off home maintenance is risky because small issues that are simple to fix now can quickly lead to complex problems that are expensive to fix later.

Spring is the ideal time to give your home a once-over both inside and out to flag any issues and create a maintenance to-do list. According to the experts at State Farm, here are some top spring maintenance tasks to help protect your home:

Roof and gutters

Your roof provides fundamental protection of your home from the elements in all seasons. Inspect your roof at least once annually for damage, discoloration, loss of granules and missing, worn or curling shingles. If you have the skills, you can do this yourself, or, call a qualified contractor who can come and do an inspection.

Some additional things to keep in mind, especially during rainy spring months: Gutters and downspouts should be safely attached, clear of leaves and other debris, and have no leaks. Position downspouts to direct water away from the home so it doesn’t impact the foundation. Also, check that flashing is secure — the thin, metal material that’s around windows, vents and chimneys to direct water away.

HVAC systems

HVAC stands for your home’s heating, ventilation and air conditioning systems. These systems work together to keep your home comfortable throughout the seasons. Regular maintenance helps keep them working well today and extends their life in the future while also saving on energy costs.

Start by setting a reminder every few months to replace filters. Dirty filters can block airflow and make the HVAC system work harder, decreasing efficiency and increasing energy costs. Then, schedule a spring maintenance check with a local HVAC professional. Pros will often check the thermostat, clean or replace filters, lubricate moving parts, check refrigerant levels, inspect the condenser and coils, and investigate unusual noises.

Garage spaces

Garages can quickly become cluttered and certain items pose risks, such as fuel that can start a fire or items that can be attractive to pests. Embrace spring by planning a day to clean out the garage so it is organized and safe.

Smoke detectors

Get in the habit of checking your smoke alarms on a regular basis, such as at the start of every season. Do this by hitting the test button on each device. If you don’t already have them, make sure a smoke detector is located in every bedroom and living space. This small investment and maintenance step can help save lives.

Additionally, don’t wait until the alarms chirp at you to tell you batteries are low. Once a year, replace all the batteries in all the alarms to give you peace of mind that these critical devices are set up to work well in an emergency.

If you need assistance with any of these spring home maintenance tasks, consider hiring a qualified, insured contractor in your area. Reach out to your local State Farm agent for a list of trustworthy professionals who can help.

Copyright 2023 Brandpoint

There’s no denying the housing market is undergoing a shift this season, and that may leave you with some questions about whether it still makes sense to sell your house. Here are three of the top questions you may be asking – and the data that helps answer them – so you can make a confident decision.

1. Should I Wait To Sell?

Even though the supply of homes for sale has increased in 2022, inventory is still low overall. That means it’s still a sellers’ market. The graph below helps put the inventory growth into perspective. Using data from the National Association of Realtors (NAR), it shows just how far off we are from flipping to a buyers’ market.

While buyers have regained some negotiation power as inventory has grown, you haven’t missed your window to sell. Your house could still stand out since inventory is low, especially if you list now while other sellers hold off until after the holiday rush and the start of the new year.

2. Are Buyers Still Out There?

If you’re thinking of selling your house but are hesitant because you’re worried buyer demand has disappeared in the face of higher mortgage rates, know that isn’t the case for everyone. While demand has eased this year, millennials are still looking for homes. As an article in Forbes explains:

“At about 80 million strong, millennials currently make up the largest share of homebuyers (43%) in the U.S., according to a recent National Association of Realtors (NAR) report. Simply due to their numbers and eagerness to become homeowners, this cohort is quite literally shaping the next frontier of the homebuying process. Once known as the ‘rent generation,’ millennials have proven to be savvy buyers who are quite nimble in their quest to own real estate. In fact, I don’t think it’s a stretch to say they are the key to the overall health and stability of the current housing industry.”

While the millennial generation has been dubbed the renter generation, that namesake may not be appropriate anymore. Millennials, the largest generation, are actually a significant driving force for buyer demand in the housing market today. If you’re wondering if buyers are still out there, know that there are still people who are searching for a home to buy today. And your house may be exactly what they’re looking for.

3. Can I Afford To Buy My Next Home?

If current market conditions have you worried about how you’ll afford your next move, consider this: you may have more equity in your current home than you realize.

Homeowners have gained significant equity over the past few years and that equity can make a big difference in the affordability equation, especially with mortgage rates higher now than they were last year. According to Mark Fleming, Chief Economist at First American:

“. . . homeowners, in aggregate, have historically high levels of home equity. For some of those equity-rich homeowners, that means moving and taking on a higher mortgage rate isn’t a huge deal—especially if they are moving to a more affordable city.” 

Bottom Line

If you’re thinking about selling your house this season, let’s connect so you have the expert insight you need to make the best possible move today.

Preparing your home for sale may start with ideas for staging the house or spackling and painting over nail holes, however, it also requires a considerable amount of planning and organization. Before opening your home to tours, either virtual or in person, be aware of what buyers might notice.

“Getting your home ready for sale may seem like an overwhelming task, but it’s important to make your home as attractive as possible,” said Bonnie Lee, vice president of property claims at Mercury Insurance. “Not only does it give a favorable first impression, but it also shows that the home was well maintained and cared for. Most buyers expect to tour and eventually purchase a clean, well-cared for home.”

Walk through each room of your home and take note of what needs to be cleaned, repaired or replaced.

Eliminate clutter

For many homeowners the beginning of the home selling process is the chance to clear out any unwanted items. Take this time to throw away, donate or sell items that are no longer purposeful. Remember that potential buyers are likely to open closet doors and built-in cabinet drawers to determine the amount of storage space available, meaning you won’t be able to simply store unwanted items in a closet. Buyers want to visualize themselves and their belongings within the living space so depersonalize and remove any large visual distractions such as large, distinct artwork or family photos.

Bulkier items such as furniture can change the perceived size of a room. Make sure buyers are able to walk around living spaces without bumping into furniture. If you don’t plan to take certain large items with you, check if your local municipality will pick them up.

Deep clean your home

Before scheduling tours of your home, do a deep clean, especially in areas like the kitchen and bathrooms. Home buyers are savvy and can detect when candles or air fresheners are being used to mask unpleasant scents of a home.

“A home that hasn’t been cleaned can be perceived as needing a lot of work or has underlying serious problems like water or structural damage,” Lee said. “Keeping your home clean will boost that ever-important first impression and maximize the selling cost.”

Make small repairs

Wear and tear from everyday living is normal. However, fixing these small repairs before listing your home might be a slight inconvenience for you, but might be seen as part of a larger, underlying issue to a potential buyer. Thoroughly go through each room of your home and touch up any dings on baseboards or doors. Make any minor repairs like filling in and repainting any holes left in the walls from hanging items. Check for leaking faucets or running toilets and replace any worn or damaged caulking around sinks, showers, bathtubs or windows.

Curb appeal
Your home’s exterior is the first thing buyers see as they approach the house. Trim any trees or shrubs outside of your property, especially along walkways, for a well-manicured look. Inspect any trees around your home to make sure they aren’t scraping shingles off of your roof or blocking gutters. Keep walkways and driveways free of clutter such as gardening tools or children’s toys. Replace or repair any damaged screens or windows and make sure that any house numbers are visible.

“A well maintained outdoor area that has been properly cared for is not only aesthetically pleasing but can also be a reflection of how well the home was cared for overall,” Lee said.

Get a CLUE

A Comprehensive Loss Underwriting Exchange (CLUE) report provides a detailed history of any insurance claims that may have been filed on the house within the last seven years. While this report is extremely useful to buyers, it can be equally important to sellers. “Sellers whose homes have had no insurance claims within the last seven years can use a CLUE report as a selling tool. It gives potential buyers the assurance that they are not buying a home with a history of problems and increase a seller’s chance of selling their home quickly,” Lee said.

Under the federal Fair Credit Reporting Act, you can request a copy of your CLUE report from LexisNexis by calling 1-866-312-8076 or by visiting consumer.risk.lexisnexis.com.

Copyright 2022, Brandpoint

If you own a home, your net worth likely just got a big boost thanks to rising home equity. Equity is the current value of your home minus what you owe on the loan. And today, based on recent home price appreciation, you’re building that equity far faster than you may expect – here’s how it works. dBecause there’s an ongoing imbalance between the number of homes available for sale and the number of buyers looking to make a purch

ase, home prices are on the rise. That means your home is worth more in today’s market because it’s in high demand. As Patrick Dodd, President and CEO of CoreLogic, explains:

“Price growth is the key ingredient for the creation of home equity wealth. . . . This has led to the largest one-year gain in average home equity wealth forowners. . . .”

Basically, because your home value has likely climbed so much, your equity has increased too. According to the latest Homeowner Equity Insights from CoreLogic, the average homeowner’s equity has grown by $64,000 over the last 12 months. While that’s the nationwide number, if you want to know what’s happening in your area, look at the map below. It breaks down the average year-over-year equity growth for each state using the data from CoreLogic. 

The Opportunity Your Rising Home Equity Provides

In addition to building your overall net worth, equity 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. In a market where homeowners are gaining so much equity, it may be just what you need to cover a large portion – if not all – of the down payment on your next home. So, if you’ve been holding off on selling or you’re worried about being priced out of your next home because of today’s ongoing home price appreciation, rest assured your equity can help fuel your move.

Bottom Line

If you’re planning to make a move, the equity you’ve gained can make a big impact. To find out just how much equity you have in your current home and how you can use it to fuel your next purchase, let’s connect so you can get a professional equity assessment report on your house.

(BPT) – Much of the country is still in the middle of a red-hot real estate market. Home values are rising due to high demand and first-time homebuyers should be aware of how the value of their home impacts the way their home insurance premiums are calculated. Location and structure type are two examples of considerations that can affect your premiums, but so do the features of the home, policy limits, and, in some states, even a homeowner’s personal finances. Policyholders should be aware of the variables that are factored into their insurance coverage.

Location

Location is perhaps the largest component when it comes to the costs of your insurance premium since it deals with exposure and hazard to the home’s physical structure. The type of home you have, where you live and the state or city in which you reside can drastically affect how much you will pay. In fact, location is such a primary factor that coverage in certain areas may require special policies.

For example, many homeowners moved from the city to the country during the pandemic and found that they now live in wildfire- or flood-prone areas and that additional coverage is needed due to environmental risk factors not covered under available homeowners insurance policies in the area. Homeowners living in or near large urban areas may find that their premiums cost more due to the higher cost for construction or repairs.

Take a close look at what factors are impacting the cost of your home insurance rate. The size of your home, regional vulnerability to natural disasters, and different building material options like brick or wood and their relationship to the environment may determine your premium’s cost.

Replacement cost

The more your home costs to replace, the more you will need in coverage to insure it.

“Replacement cost is a measure of the amount it would cost to replace or rebuild your home after a loss with a similar home of like kind and quality,” said Bonnie Lee, Mercury Insurance vice president of property claims. “This amount takes into account factors such as the square footage of your home, the local construction costs per square foot, and construction details unique to your home.”

While replacement costs refer to the cost of rebuilding a house to the same standard as before, it does not include features such as the neighborhood, amenities, and even proximity to schools which can affect a property’s attractiveness.

“Replacement costs and market value are often used interchangeably, but they are two completely different concepts. Market value accounts for how the neighborhood and its conveniences impact a property’s attractiveness to buyers, while replacement costs only refers to the expense of rebuilding a home after a loss,” Lee said.

Deductible

The insurance deductible is one of the most important parts of a homeowners policy and plays a significant role when determining insurance premiums. The deductible is the amount of money a policyholder must pay before the policy pays out for repairs or a loss.

For example, if covered damage to your home costs $20,000 and your deductible is $5,000, you would be responsible for the first $5,000 in damages and your insurance company would pay the remaining $15,000. Homeowners that pay a higher deductible may decrease the cost of their premiums, but may have to pay more out of pocket when filing a claim.

When researching and selecting a new home owner’s insurance policy, you’ll want to consider all of these factors to get the best coverage for your needs at a reasonable cost.

Copyright Brandpoint 2022