​Are you tired of your current living room layout? It’s tempting to splurge on new furnishings, but that is not always practical or necessary. Before heading out to the furniture store, check out these easy ways to revitalize your current setup without spending any money.

Switch Up Your Seating Arrangement
One of the simplest ways to change the look of your living space is to rearrange your current seating arrangement. If you have a large living room, consider pulling your couch and chairs inward by at least six inches to create a more inviting and intimate space.

If your living room is small, avoid placing seating right up against walls. This can actually make your room appear confined. Instead, pull seating forward by just a few inches. You can also place seating at an angle to create the illusion of a larger space.

Add Height to Your Room
If you have a bookcase, armoire, or other tall piece of furniture, consider using it in your living room. Tall furniture can be used in corners or against large walls to make your ceiling appear higher. This trick instantly adds height to any room and is also practical. You can store decorative items on bookcase shelves to tie the room together or fill them with cubbies for a chic storage solution.

Repurpose Old Furniture
Most people have a piece of furniture that they just don’t know what to do with. It never seems to look right in any room and often times winds up in the garage collecting dust. If you can relate to this, it may be time to give that piece of furniture a new purpose.

There are many creative ways to repurpose furniture. For starters, you can paint it to give it a fresh look. For tall or bulky furniture, consider painting it the same color as the walls in your home. This trick is used by interior designers to instantly create a more uniform look that is easier on the eyes.

Another way to breathe new life into furniture is to remove unnecessary components. This trick works especially well on furniture with doors. By removing these dispensable parts, you can turn your piece of furniture into something new, such as a modern storage cubby or plant stand.

Get Rid of Clutter
Clutter not only gets in the way but also can make you feel more irritable. If your living room has become more like a dumping ground, getting rid of the clutter may be the change you need. Clutter is distracting to the eye and can ruin the look of any interior design.

For the fourth month in a row, existing-home sales fell, according to the National Association of Realtors (NAR). Yet the decline was moderate, and all four sales regions of the country posted year-over-year sales gains. According to Lawrence Yun, chief economist for the NAR, a “lack of inventory continues to be the overwhelming factor holding back home sales, but falling affordability is simply squeezing some first-time buyers out of the market.” Despite this, Yun sees encouraging signs in the housing market: “Supply is expected to improve, which will give buyers more options and help tamp down record-high asking prices for existing homes.”

More Housing Inventory Needed
The increase in inventory levels cannot come soon enough. At the end of May, there were 1.23 million available units on the housing market, a level of inventory that was 7% higher month over month but 20.6% lower year over year. At the current sales pace, inventory levels would supply the market for just 2.5 months, a slight improvement from the 2.4-month supply in April but down significantly from the 4.6-month supply available in May 2020. The average property remained available for sale for just 17 days in May, unchanged from a month earlier but down from 26 days a year earlier. Of all the homes sold in May 2021, 89% remained on the market for just 30 days or less.

Prices Up 23.6%
The lack of supply is having a direct—and striking—impact on home prices. In May, the median existing-home price soared to a record-high $350,300, marking the 111th straight month of year-over-year price increases since March 2012. In comparison, in May 2020, the average home price reached $283,500. Every sales region in the country posted increases in median sales prices.

Who’s Buying Homes?
First-time buyers are often the first to be priced out of the housing market by rising prices. This group accounted for just 31% of all home sales in May, unchanged from April but down from 34% in May 2020. According to the NAR “2020 Profile of Home Buyers and Sellers,” first-time buyers represented 31% of the buying public in all of 2020. Meanwhile, a significant number—23%—of May’s transactions were all cash. Individual investors and second-home buyers, two groups who account for many all-cash sales, were responsible for 17% of all transactions in May, unchanged from a month ago and up from 14% from a year ago.

Regional Breakdown
Northeast – Existing-home sales annual rate of 720,000; a decrease of 1.4% from April 2021 but an increase of 46.9% from May 2020. At $384,300, the median sales price increased 17.1% from May 2020.
Midwest – Existing-home sales annual rate of 1.31 million; an increase of 1.6% from April 2021 and 27.2% from May 2020. At $268,500, the median sales price increased 18.1% from May 2020.
South – Existing-home sales annual rate of 2.59 million; a decrease of 0.4% from April 2021 and an increase of 47.2% from May 2020. At $299,400, the median sales price increased 22.6% from May 2020.
West – Existing-home sales annual rate of 1.18 million; a decrease of 4.1% from April 2021 but an increase of 61.6% from May 2020. At $505,600, the median sales price increased 24.3% from May 2020.

​A homeowner’s association (HOA) is a private organization that oversees a group of homes in a community, common in condominiums, town houses, and master-planned subdivisions. The HOA is managed by a board of directors elected by the community’s residents, and anyone who buys a home in an HOA neighborhood is required to become a member and abide by the organization’s rules. Here’s what an HOA does for you:
 
Protects Home Values
HOAs enforce specific rules designed to maintain uniformity and uphold neighborhood appearances. For example, some HOAs prohibit residents from parking broken-down vehicles on front lawns, letting their grass grow too tall, or building unsightly attractions. An HOA may also enforce noise restrictions and curfews. Well-maintained and safe neighborhoods are more likely to draw in potential buyers.

Provides a Sense of Community
Forming an HOA fosters a greater sense of community among the residents. Neighbors have the opportunity to meet one another when using their shared amenities, attending HOA meetings, or participating in organized social events such as block parties. 

Maintains Common Areas and Funds Amenities
The homeowner’s association is responsible for maintaining the neighborhood’s common landscaping areas, which sometimes means planting trees and mowing the lawn in front of each home. Many HOAs also feature perks like community swimming pools, playgrounds, or tennis courts, all maintained and funded by the HOA.

Enforces Rules and Restrictions
With some stricter HOAs, you may need approval to make changes to your home’s exterior—even minor ones such as what color you can paint your door or how high a fence can be. There may also be restrictions on renting out your home or a limit on how many people can live there. Violating HOA rules could result in hefty fines.

Determines Costs of Benefits
Living in a community with an HOA has advantages, but you will need to pay HOA fees on a monthly or yearly basis. Generally, the more special features the neighborhood has, the higher the HOA costs will be.

Living in a community with an HOA can be a great option for homeowners. However, it’s not the right choice for everyone. Consider the benefits and drawbacks of an HOA as you look for your new home.

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There’s nothing better than being outdoors with friends and family during the summertime. Maximize your enjoyment of nature at home by building a fabulous outdoor patio to spend your summer outside. Use these design ideas to create comfort and functionality.

Protect the Area from Rain and Sun
A patio cover will protect you and your guests from the harsh elements. If you can, have your patio cover built to look as if it has always been a part of your home. Attach it to your house with construction that matches your home’s roof. Wood is an excellent choice for a gorgeous, natural patio cover that will hold up for many years.

Keep Cool with Fans
Installing one or more outdoor ceiling fans under your patio cover will help you stay cool during the hot summer months. Fans are also fantastic if you have pets that spend a lot of time outside—they will feel much cooler under a fan.

Add Some Fire
Having an outdoor fireplace means you can spend even more time on your patio when the sun goes down and the temperature drops, or you can feel comfy in front of the fire on days when it merely doesn’t get as warm. If you do not want a full fireplace, consider a fire pit.

Make Space for an Outdoor Kitchen
It’s enjoyable to cook outdoors in the summertime, so you’ll max out your patio usage over the summer months if it has options for cooking. This could be as basic as a grill for cooking meat and vegetables or as elaborate as a built-in pizza oven. Design a stone countertop with an outdoor sink for extra workspace. You can also add waterproof cabinets that are designed to withstand the elements so you can organize all the items you want to store outside.

Dine Alfresco
Add a table with ample seating for your family to eat and entertain outdoors. Cushioned chairs or other furniture set around your fireplace or fire pit will create a cozy conversation space. Sprinkle a few accent tables near seating for guests to set their drinks and snacks on.

Create a Cozy Atmosphere
String pretty lights above your patio or add tiki torches for evening lighting. Music is essential to set the mood, so install a sound system or buy portable speakers to stream your favorite playlist for a relaxing summer dinner party. Add lively greenery and color with hanging baskets and flower planters around your patio area.

Homeowners can make their dream outdoor space a reality. Get a refinance cash out. Call me at (650)796-5565 to find out more.

​A home warranty provides homebuyers with financial protection and peace of mind. It can be especially beneficial for someone investing in an older home. If an appliance or system covered under the warranty malfunctions or fails, then it will be repaired or replaced at no cost?except for the cost of service.

While some sellers include home warranties in the sale, others do not; in which case, you may want to consider buying a home warranty on your own.

What Does It Cover?
A basic home warranty will typically provide coverage for the home’s plumbing system, electrical system, heating system, water heater, ceiling fans, garbage disposal, exhaust fans, and some of the kitchen appliances. Enhanced home warranties will often provide additional coverage for washing machines, dryers, garage door openers, air conditioners, and other kitchen appliances. You can also add on individual components such as pools, septic systems, and more for additional fees.

How Much Does a Home Warranty Cost?
A basic home warranty will typically cost between $300 and $600 per year. This means that when a seller includes a home warranty with the house, it’s actually a nice perk, especially if it’s an enhanced home warranty that provides even more coverage. Keep in mind that even though you may receive a free warranty, you’ll still have to pay a service fee for every repair or replacement you request.

What Are the Cons?
If the seller isn’t including a home warranty in the sale, then you’ll need to buy a home warranty on your own. If you’re buying a newly built home, it’s unlikely you’ll benefit from the home warranty, simply because the systems and appliances are nearly new. It’s also worth noting that home warranties will not cover appliances or systems that were already broken when you purchased the house. Additionally, you won’t be able to choose your own repair person and are limited to the repair person selected by the warranty company. You also won’t be given the option to repair or replace. If repair is possible, that is the course they will typically take even if replacing it makes more sense.

Home prices are soaring to new heights. In March, the median existing-home sales price climbed year over year by 17.2%, creating a new record. Every sales region in the country posted price increases in the double digits. According to Lawrence Yun, chief economist for the National Association of Realtors (NAR), "Consumers are facing much higher home prices, rising mortgage rates, and falling affordability; however, buyers are still actively in the market." This fact is reflected in home sales figures. While existing-home sales dipped for the second month in a row, sales were up overall year over year. Yun believes that March's home sales could have been stronger had there been more inventory on the market. "Days-on-market are swift, multiple offers are prevalent, and buyer confidence is rising." That confidence might continue to increase over the coming year. While mortgage rates have risen, the overall rates are still favorable, and the country's economic outlook is encouraging. "At least half of the adult population has received a COVID-19 vaccination, according to reports," says Yun, "and recent housing starts and job creation data show encouraging dynamics of more supply and strong demand in the housing sector."

Housing Inventory at Record Lows
At the end of March, there were 1.07 million units available for sale, up a slight 3.9% from a month earlier but down a staggering 28.2% from a year earlier. At the current sales pace, the housing stock would supply the market for 2.1 months, up from a two-month supply in February but a decline from the 3.3-month supply recorded in March 2020. Since NAR began tracking the single-family home supply in 1982, inventory levels have rarely dropped so low. According to Yun, "Without an increase in supply, the society wealth division will widen with homeowners enjoying sizable equity gains while renters will struggle to become homeowners."

Time on Market
As a result of this lack of inventory, homes sold quickly in March. Of all the homes sold in March, 83% were under offer in less than 30 days. The average property remained available for sale for just 18 days, down from 20 days a month ago and 29 days a year ago.

Who's Buying?
Undeterred by the lack of supply, first-time buyers still managed to gain a foothold in the housing market; this group accounted for 32% of all purchases in March. Individual investors and second-home buyers—a group that typically accounts for most all-cash sales—made up 15% of all buyers. Twenty-three percent of all sales in March were all-cash transactions.

Regional Sales Breakdown
Northeast - Existing-home sales annual rate of 760,000; a decrease of 1.3% from February 2021, but an increase of 16.9% from March 2020. At $364,800, the median sales price increased 21.4% from March 2020.
Midwest - Existing-home sales annual rate of 1.28 million; a decrease of 2.3% from February 2021, but an increase of 0.8% from March 2020. At $248,200, the median sales price increased 13.5% from March 2020.
South - Existing-home sales annual rate of 2.7 million; a decrease of 2.9% from February 2021, but an increase of 15.9% from March 2020. At $283,900, the median sales price increased 15.6% from March 2020.
West - Existing-home sales annual rate of 1.27 million; a decrease of 8% from February 2021, but a increase of 15.5% from March 2020. At $493,300, the median sales price increased 16.8% from March 2020.

After two months of gains, existing-home sales declined by 6.6% in February. Yet, according to the National Association of Realtors (NAR), sales were still 9.1% higher than at this same time last year. What’s more, every sales region in the country posted year-over-year gains. According to Lawrence Yun, chief economist for NAR, “Despite the drop in home sales for February—which I would attribute to historically low inventory—the market is still outperforming pre-pandemic levels.” He warned that higher home prices and rising mortgage rates will affect home affordability, ultimately creating a slowdown in home sales growth. Yet, overall, Yun expects 2021’s existing-home sales to be ahead of 2020’s, what with the widening distribution of COVID-19 vaccines and a sense of normalcy returning to many areas of the country. “Many Americans have been saving money,” he stated, “and there’s a strong possibility that once the country fully reopens, those reserves will be unleashed on the economy.”
 
Home Prices up More Than 15%
For the 108th month in a row, the median existing-home price increased; prices in February were 15.8% higher than last year. Prices for all housing types climbed in every sales region of the country. The newly released “2021 Home Buyers and Sellers Generational Trends Report” by NAR highlighted one key effect of the increasing prices: Buyers are struggling to save enough money for a down payment. According to Yun, affordability is weakening. “Various stimulus packages are expected and they will indeed help, but an increase in inventory is the best way to address surging home costs.”

Mortgage Rates Rising
Though mortgage rates remain near historic lows, rates are starting to climb toward levels not seen since the start of the pandemic. For the week ending April 1, 2021, the 30-year fixed-rate mortgage averaged 3.18%. In comparison, a year ago the rate averaged 3.33%. According to Sam Khater, chief economist for Freddie Mac, potential buyers are starting to take notice of the rising rates. “In fact, homebuyer demand has gone from 25% above pre-COVID levels at the start of the year, when mortgage rates hit record lows, to 8% above pre-COVID levels today.”

Available Homes Selling Fast
The lack of inventory is not helping to improve potential buyers’ confidence in the housing market. At the end of February, total housing inventory was down 29.5% from a year earlier. At the current sales pace, unsold inventory would supply the market for just two months, up from the 1.9-month supply in January but down from the 3.1-month supply in February 2020. The average property remained available for sale for just 20 days, down from 21 and 36 days a month ago and a year ago, respectively. Of all the homes sold in February, 74% were available for less than one month.
Regional Breakdown

Northeast - Existing-home sales annual rate of 770,000; a decrease of 11.5% from January 2021, but an increase of 13.2% from February 2020. The median sales price increased 20.5% from February 2020.

Midwest - Existing-home sales annual rate of 1.31 million; a decrease of 14.4% from January 2021, but an increase of 2.3% from February 2020. The median sales price increased 14.2% from February 2020.

South - Existing-home sales annual rate of 2.77 million; a decrease of 6.1% from January 2021, but an increase of 9.9% from February 2020. The median sales price increased 13.6% from February 2020.

West - Existing-home sales annual rate of 1.37 million; an increase of 4.6% from January 2021 and 12.3% from February 2020. The median sales price increased 20.6% from February 2020.