If you can't see the newsletter, or would like to view it online, use this link If you have received this newsletter indirectly and would like to be added to our distribution list, use this link
  Provided to you Exclusively by Bruce Gordon
Bruce Gordon
Bruce Gordon
Integrity Lending
Mobile: 410-207-6365
Direct: 410-581-0055
Email: bruce.ilc@verizon.net
Website: www.integritylendingcorp.com
  Integrity Lending
For the Month of January 2023 --- Vol. 17, Issue 1
  In This Issue  

"The home should be the treasure chest of living." - Le Corbusier

What to Watch - How will the market hold up after borrowing costs and housing soared in 2022?

3 Tips for Getting to Know Your Local Market - Use these tips to forecast what the real estate market might look like in your community in the next few years.

5 Winter Landscaping Tasks to Maintain Your Curb Appeal - Tackle these crucial landscaping tasks during the winter so your yard will be ready come spring.

Q&A: When Is the Best Time to Begin a Major Home Renovation Project? - If you're looking to start a major home renovation, consider tackling it during this time of year to save money.

Please feel free to forward this newsletter to friends, family or co-workers who may find it helpful.

  What to Watch  

Housing and Mortgage Forecasts for 2023

On the radar in 2023 for most of those in the housing and mortgage business is how the market will hold up after borrowing costs and housing prices soared by mid-2022.

A recent forecast from Fannie Mae showed home sales in 2023 are forecasted to total 4.57 million units from the previous read of 4.42 million. Sales in 2022 are expected at 5.27 million units. Fannie sees a rebound in 2024 to follow thereafter, with total sales rising 14.7% to 5.24 million units from 5.25 million. Additionally, they expect economic growth to return and mortgage rates to stabilize. The outlook for overall mortgage originations for the three-year period from 2022 through 2024 is essentially unchanged from a recent forecast at $2.35 trillion, $1.70 trillion, and $2.11 trillion, respectively.

Fannie Mae's Senior Vice President and Chief Economist, Doug Duncan said, "We expect housing to continue to slow, even though mortgage rates have come down recently. Home purchases remain unaffordable for many due to the rapid rise in rates over the last year and the fact that house prices, though certainly slowing and in some places declining, remain elevated compared to pre-pandemic levels. Of course, refinancing is still not practical for the vast majority of current mortgage holders, which we expect will also continue to constrain mortgage origination activity."

Industry expert Rob Chrisman recently wrote," Keep in mind that people need a place to live, and usually financing to accomplish that, and someone has to give them those loans!" So true, households form every day and there will always be a need for shelter either in renting or owning.

Source: Mortgage Market Guide

  Housing News  

3 Tips for Getting to Know Your Local Market

Having a solid understanding of the real estate market can give you a clearer picture of what is going on locally and help you forecast what should happen in the next few years. If you're looking for an investment property or hoping to find your next residence, use the following three tips to make smarter real estate decisions.

Look at employment numbers. Stay up-to-date with developments regarding local businesses. For instance, if a major employer plans layoffs, the local economy suffers. These former employees have less purchasing power and might leave the community to find another job.

Know government policies. Legislation can affect your local real estate market when it comes to property demand and prices. Tax credits and deductions can increase demand, thus affecting inventory.

Examine affordability. One of the main factors that affect the real estate market involves the affordability of homes. You could live in a beautiful area but if the property values are outside your ideal range, it could be an issue. Take a look at home prices, household income, and interest rates.

Learning more about your community can help you better understand what to expect if you're looking for a home or want to put yours on the market. If you need additional assistance in understanding your local real estate market, connect with a trusted real estate agent.

Sources: Biggerpockets.com, Freedommentor.com, Colibrirealestate.com

  Home Improvement  

5 Winter Landscaping Tasks to Maintain Your Curb Appeal

You might believe that when winter hits, your landscaping work is done until the temperature rises. However, you can still complete several tasks so your yard looks healthy and vibrant when spring returns.

Prune trees. The best time to prune trees is when they're in a dormant phase. Most trees drop their leaves in the fall so you should be able to determine which branches have issues. Also, pruning in the winter allows the trees to prepare for robust growth in the spring.

Protect your plants. If you have early spring blooming plants or bulbs, try to protect them from cold temperatures by placing mulch over them. Bushes and small trees can benefit from burlap wrapped around them to keep warm.

Prepare trees. Place plastic or metal mesh guards around trees to protect them against invading pests. This step can also give them added support against heavy snowfall or winter storms. Try to do this step in the earlier days of winter.

Check your tools. Winter is an excellent time for an inventory of all your gardening and landscaping tools. Clean them as best you can, sharpening and oiling as needed. Take a look to determine if you need to purchase any additional items.

Fertilize gardens. Consider mulching tree branches and dead leaves together to create a natural fertilizer. This plant material can provide essential nutrients to your gardens.

Winter isn't simply about sitting inside and neglecting anything outside, so don't let the colder temperatures deter you from taking care of your landscaping. Completing these tasks will make your yard look fresh once the temperatures rise.

Sources: Msarchitectural.com, Gardeningchannel.com, Customtruck.com

  When Is the Best Time to Begin a Major Home Renovation Project?

QUESTION: Is there a best time of year to start a major home renovation project?

ANSWER: While urgent renovations should happen immediately, colder months can bring forth huge savings depending on what you want to tackle. Winter is one of the most underrated times of the year to deal with major home renovations, so take advantage of the lull and set your construction start dates during this time.

Flooring is one of the best projects to tackle in January. Many times flooring companies put out their new products at the beginning of the year, so you may be able to purchase leftover flooring at a reasonable price.

Frigid temperatures and snow can make exterior renovations almost impossible in the winter. You might want to consider starting larger remodeling projects, such as those that involve the kitchen and bathroom, during the winter.

Contractors are typically more available for interior projects during the colder months simply because they cannot complete many tasks outside. Try to start planning for your project during the late summer and early fall to ensure your contractor orders materials well enough in advance. It's not a bad idea to factor in some additional time, though, in case of any delivery delays.

For kitchen renovations, you might find deals on appliances around President's Day since many home improvement and appliance stores offer discounts around that holiday. Also, remember that you will be without access to your kitchen for several weeks or months, so make sure you're not hosting any gatherings that require kitchen access during that time.

Ultimately, deciding when to tackle a major home renovation project works best based on your schedule and budget. However, if you want to save money, consider renovating your residence in the winter.

Sources: Thompsoncreek.com, Angi.com, Renofi.com


Equal Housing Lender