That is why there are so many pieces of advice about when to buy a house. The truth is that there is no one answer for anyone. Because market conditions can vary dramatically, there is no way to safely predict if or when the neighborhood you are looking at will be ripe for the picking. These are the times when having a really knowledgeable Realtor comes in handy.

Today’s Real Estate Market: An Overview

You should have some idea of what you are walking into before you jump in the real estate market. Sometimes the supply can be way too much (too many houses for sale) and not enough buyers — known as a “buyer’s market,” because buyers have the upper hand in negotiations. Sometimes there are too many buyers and not enough supply — a “seller’s market.” Often, there are roughly balanced parts supply and buyers, which makes for a very healthy and predictable market.

We are not in a healthy and predictable market at the national level. There are currently way too many buyers who want to buy at any price and not nearly enough new homes being built, nor are there enough existing homes to meet demand. Generally, this would push prices up. However, since interest rates are increasing, some buyers are starting to get squeezed out of the market entirely, which should be pushing prices back down, but does not seem to be.

What we seem to have right now, as of the writing of this blog, is a market that is sort of stalling. Normally, the summer is the craziest time of the year for Realtors — no one wants to pull their kid out of school mid-year to move across the city. Although many Realtors are reporting that they have plenty of potential, well-qualified buyers, they are fighting over scraps as the supply continues to shrink.

Should You Be Trying To Buy Right Now?

Depending on who you are and where you are in your life journey, the competitive, weirdly stalled market we have this year may be as good a time as any for you to buy. Below is a brief breakdown of major buyer types and how the market could affect them if they were to buy today:

First Time Home Buyers. Jumping into the real estate market as a first timer is always a little terrifying, but the current market may give you a serious complex. If you are buying a house to live in, not one that you expect will make you a bundle down the road, and your life is fairly settled, there is no time like the present to go down the home purchase road. Just bear in mind that you will probably have to write several offers before you land that starter home — give yourself plenty of time for houses that will get away.

Maturing Family. When you are looking for that last house, the one you are going to send your kids away to college from, the most important thing is finding a house that is suitable for your family. There is no time that is better or worse for this purchase, especially if your plan is to hold it indefinitely. Sure, you may end up paying a little bit more now than you would have a couple of years ago, but the value you get from living in the house, as well as natural appreciation, generally ensure you come out a little bit ahead. It beats renting, anyway.

Empty Nester. Aging in place is the thing these days, and for good reason. That just creates one big problem: not enough inventory that will accommodate mobility equipment like walkers and wheelchairs that you may ultimately need. Housing starts are really rising, though, so you might as well visit a few Open Houses to see if there is a builder out there that you can picture building the home where you will retire. Although existing homes can work for your needs, new construction gives you the option to create an age in place friendly universal design from the foundation up.

Investor. Investors! You are literally the only group on this list that should be seriously concerned about the timing of your purchases. Since owner-occupied homes tend to be held for the long term, the risk to those buyers is minimal, but you are looking to buy and almost immediately start making money.

Finding a good price on a listed home may be tricky right now, but switching gears to the building of new homes will introduce a lot of competition. Buying and holding properties as rentals could pay off, but only if you really buy them right. Now may not be a great time for you to buy if you have investments that are already paying for themselves. It would, however, be a pretty good time to unload properties that you’ve fully depreciated or those that just really don’t fit in with your portfolio.

When it comes down to it, the biggest factor you should be considering when purchasing real estate that you intend to occupy is whether or not you are really ready for home ownership. A close second, of course, is whether or not you can really afford a house, but your Realtor and mortgage lender will help you with that part.

You will have to decide for yourself if today is a good day to buy, there is no way to know what the market will look like in five to 10 years when you may want to buy again.

The Right Tool For The Job

First, it’s important to note that you need the tool you need on any given job. Trying to improvise can result in connections that don’t connect quite fully, excessive and unnecessary damage to your home or damage to fasteners that will make them hard to back out later. Always use the right tool. If you don’t know which tool is the right tool, ask someone at the hardware or home improvement store — they’re usually pretty friendly and ready to help.

Without further ado, here are our picks for the top tools all homeowners need:

7. Stud Finder. When you need to hang something heavy, you really should hang it on a stud. Although people with really good hearing can use the tap test on sheetrock, it’s always better to be certain that you’re hitting a stud, rather than tapping and hoping.

6. Hammers. Yes, it’s a broad category, but you really need one of each of these:

* 10 oz. hammer. This tiny hammer, otherwise known as the “tack hammer” is handy beyond imagination. Not only is it great for projects that require finesse (you can’t take a big whack at anything with this baby hammer), it’s also dainty enough to use to pull delicate trim work or tiles off the wall.

* Rubber mallet. It gets the award for best rubbery-headed hammer for its ability to pound things without leaving a dent. If you decide to put down certain kinds of laminate floors, for example, this guy is a must-have.

* Standard claw hammer. Everybody needs a standard hammer. They’re general purpose tools that can put nails in and take nails out. Claw hammers also double as pry bars in a lot of situations.

5. Pliers. Another combo group. It wouldn’t be fair to break the family up, after all. Plus, these pliers all do different jobs. Check them out:

* Locking pliers. These adjustable pliers also have a clamping feature, making them a multi-purpose wonder. You can clamp, you can hold, you can adjust! If you buy only one pair of pliers, choose a mid-sized pair of locking pliers. They’ll do everything regular pliers can do, plus some things groove joint pliers can.

* Groove joint pliers. This iconic plumbing tool is good for other stuff, too. The grooves allow you to expand the plier opening across a wider range of sizes than your locking pliers, but you have to hold them closed yourself. They are incredibly handy at 3 am when the plumbing’s sprung a leak.

* Needle nose pliers. In a totally different class, needle nose pliers are helpful when you’re trying to wire anything or fish out tiny things when you drop them in weird spaces. Primarily, though, wiring things in your home. Always turn the power off before wiring anything, even a new smart thermostat.

4. Utility Knife. If you don’t have one of these, it’s high time you got one. Or six. Skip the disposables and go for the heavy metal options, you will not regret it. A good utility knife is perfect for cutting through boxes, carpet and vinyl flooring.

3. Level. Everybody’s seen those pictures on your wall, but they’re afraid to say anything about how badly leveled they are. Is it because you didn’t own a level when you hung them? The level on your phone is all fine and good for an estimate, but things like cases change how well they can work. An old fashioned level will never steer you wrong. Ideally, you’ll want a set, including one that’s about six inches long, another that’s two foot long and a third that’s four feet long if you intend to do any construction work in your home.

2. Tape Measure. Look, I know you know exactly how long your shoe is and that you never vary in your strides, but for the sake of appearances, pick up a good tape measure. The wider models with 25 feet of tape are really flexible choices. Guess what? You can also use a tape to level if you didn’t pick up a level. Just choose either the ceiling or floor to level with, then measure from either point to the place where your shelf or picture is going to go. Make a mark, then go to the other side and repeat, making sure your tape isn’t slacking. Set as many points as you need between the two ends, being sure to mark at the same height each time.

1. Screwdrivers. You’re not going to get very far in your homeownership without interacting with a screw. That’s why you need screwdrivers. But instead of keeping track of a pile of screwdrivers, choose a really good model with magnetic bits. The longer the bit shaft, the better for the really tough jobs. You can also get kits that contain sockets, as well as hex and torx bits. This will be your favorite screwdriver — and your only screwdriver. Ratcheting screwdrivers can be more trouble than they’re worth, but well-made models do significantly cut down on wrist strain.

If you have a little extra cash rattling around, you should seriously consider a battery powered tool set that contains, at minimum, a drill and small circular saw. These two tools can get almost any job done, though you may have to buy different bits or blades. Eighteen volt models are much better at being tools than the lower voltage units, many are designed for professional work, they’re that tough.

Even Simple Changes Create Huge Home Impacts

After the stress of moving is over and the dust has settled, you may start to ponder other ways to enhance your new home. When you moved in, it was pretty generic, with cream-colored walls, light brown carpet and an outside paint job that absolutely no one could find offensive. A lot of houses end up in this generic state when the owner is wanting a fast sale, but that doesn’t mean it has to stay that way!

Take a look at these small projects that can really make your home pop:

Replace the front door. According to Remodeling Magazine’s 2018 Cost Versus Value Report, replacing your front door is one of the most value-packed changes you can make to your home. A new door not only creates a new focal point, it allows you to really get personal. These days you can special order doors in nearly any size with exquisite touches like frosted or stained glass, as well as bigger units that have full size windows on either side.

Remodeling Magazine ranked front door replacement third in cost recuperation; the best value return on the list was also a door. Consider your garage door while you’re upgrading. Like front doors, garage doors are becoming increasingly detailed, with lots of options for personalization. Because they take up so much real estate on the front of your house, a new garage door can make your home look completely different.

Choose a paint scheme with more than two colors. That’s not to say that you should go wild and paint your house in every color of the rainbow, but by using at least three colors, you can draw attention to the neat little details instead of letting them get lost in a monotone trim color. For example, if your post-World War two era home has neat porch brackets and dentils, you might paint those features to match the front door so they pop out from the trim. Just don’t go crazy with color or the effect will be lost in the cacophony.

Add shutters and window boxes. On the right house, shutters or window boxes can pack a huge visual wallop. Choose shutters that are appropriate for the style of your home, even if you need to special order them. You can keep them seriously low-maintenance by selecting vinyl shutters in the color you’re after — just hang them and forget it. The same goes for window boxes. Low maintenance boxes with colorful flowers can help perk up plain windows.

Relight the night. Details matter and that includes your lighting. Get rid of those generic carriage lights and clunky motion detecting flood lights and install some impressive lighting on the outside of your home. There are lots of styles to choose between, many with motion detection built-in, and several sizes. Lighting that fits in the space appropriately, provides lots of light and matches your home’s outer theme is an important element in a total shoestring makeover.

Raise some flower beds. Growing plants on your lawn can become a messy proposition as the summer’s heat starts to bear down. Built-up beds are easier to maintain than patches in the grass and they lend a bit of formality to the space. Choose a location that makes sense, like along a walkway or up against the porch so visitors are greeted with your cheery plants.

It doesn’t take a huge budget to make changes to the outward appearance of your home. Planning colors and accessories strategically makes all the difference, especially when you’re on a limited budget.

Not Sure You’re Ready for Painting or Installing Fixtures?

Not everyone is handy or inclined to find out if they can paint by doing it, and that’s ok, too. These inexpensive projects can be tackled by a home pro easily. Just log in to HomeKeepr to find a painter, electrician, landscaper or general handyman that your Realtor has already recommended! Your house will be refreshed and renewed in no time.

They pinpointed the following:

• The view angle from the backyard: The maximum angle that opens up to scenery or nature from your backyard (measured from no scenic view at all from your backyard to 180 degrees, indicating that the view is scenic from every angle).
• Frontage length: The length in feet of the street-facing side of the home’s lot. (Frontage length was tied to an increase in home values.)
• Backyard exposure to neighbors: The measurement of how easily neighbors can see into a home and backyard. Privacy from neighbors was found to be an asset.
• Privacy: Researchers factored in backyard slope, distance to neighbors, home density, and other metrics to determine a privacy score. (The more private, the more desirable.)
• Backyard slope: Researchers measured the slopes of the backyards to determine the influence. Homes with downhill-sloping backyards tend to be more desirable than homes with backyards that slope uphill.

The study found that backyard views count. In counties with homes that had larger view angles, the home values tended to be higher—“showing that buyers in those areas put a premium value on their backyard views,” according to the study.

Homes with frontage length saw a boost in home value in nearly 80 percent of the counties analyzed, according to the study. “Counties in the South tend to place higher relative importance on frontage length,” Alex Villacorta, HouseCanary’s EVP of Analytics, writes in the study’s findings. “Frontage length is going to be a bigger driver of home value in Charlotte, S.C., or Athens, Ga., than it is in Salt Lake City or in San Francisco.”

Many buyers also don’t want to have a view into their neighbor’s yard, the study found. Researchers found that lack of backyard privacy from neighbors was a negative factor in the overall majority of counties analyzed. “The more backyard that was exposed to neighbors, the lower the home’s value,” Villacorta summed up. “This was especially clear in the Northeast, which seems to place more importance on limiting backyard exposure than other parts of the country—in Rochester, N.Y., or Boston, homes with less backyard exposure were more highly valued, and in some parts of the country, like Buffalo, Wyoming, and just south of Spokane, Washington, homes with more backyard exposure to neighbors actually [had] higher values.”

Privacy tended to be an important factor in home values. In 1,089 of the 1,836 counties analyzed, homes with higher privacy scores also had higher values.

The slope of the backyard also matters. In 640 of 1,836 counties analyzed, researchers found a negative relationship between home value and backyard slope. Homes with backyards that slope uphill tended to have lower values than homes with backyards that slope downhill from the primary residence on the property. Homes with downhill-sloping backyards tended to be more desirable, the study found, and flat yards were also found to be more desirable than uphill yards.

Source: “Top 5 ‘Hidden’ Factors That Influence Home Value,” HouseCanar

Why are residents so happy in Fremont? Researchers posit that the nearness to San Francisco and Silicon Valley may have something to do with that. Job opportunities abound and real estate prices may be high, but not as high as nearby Silicon Valley. Also, the nice weather may be lifting residents’ spirits.

“Sunlight and temperature are proven to have an impact on human emotions,” says Shane Lee, an analyst with RentHop. “Based on the list, it seems that many of the cities with nice weather are ranked higher. Eight out of the top 20 cities on this list are in California, for instance.”

However, the happiest cities are not always the most obvious choices, Cara Ameer, a real estate professional in California, told realtor.com®.

“Bismarck and Fargo may be hidden gems, which have quietly boomed as a result of the oil and gas industry there,” Ameer says. “Plus you’ve got the gorgeous landscapes with big skies and mountains.”

The happiest cities in America, according to WalletHub’s rankings, are:

1. Fremont, Calif.
2. Bismarck, N.D.
3. San Jose, Calif.
4. Pearl City, Hawaii
5. Plano, Texas
6. Fargo, N.D.
7. Sioux Falls, S.D.
8. Irvine, Calif.
9. Huntington Beach, Calif.
10. Grand Prairie, Texas

If homeowners renovate the home and add to its worth, they’ll likely see their property taxes increase. Converting a basement into livable space or a walk-up attic into a new room can all trigger an automatic reassessment, says Rita Patriarca, a real estate professional with RE/MAX Encore in Wilmington, Mass.

A revaluation can also prompt higher property taxes. Communities will periodically reevaluate properties to figure out the current assessed value of homes. These are conducted to ensure the tax burden is spread equitably and accurately. Assessors will factor in a home’s location, size, type, any changes since the last evaluation, as well as other variables like home sales and valuations in the neighborhood and changes in the economy. A revaluation does not mean your taxes will always go up, but it certainly can be one reason behind a rising bill.

Other reasons for an uptick in property taxes may involve new schools. The construction of a new school can come with a high price tag for a community, and an area may increase taxes in order to help pay for school projects.

Homeowners who believe their property taxes are too high can appeal their home’s property assessment.

“Most municipalities have a process to contest your property tax bill,” financial planner David Rae, president and founder of DRM Wealth Management in Los Angeles, told realtor.com®. “I’ve contested the value of my home in the past, and the assessor shaved $150,000 off the taxable value of the home. Definitely worth the effort.”

It’s important for homeowners to ensure property records reflect their home’s amenities accurately, such as the number of bedrooms and bathrooms. For any mistakes, notify the assessor’s office.

Source: “5 Common Reasons Why Property Taxes Go Up, No Matter Where You Live,”

Singles are facing more than 10 years of saving, assuming they make a 20 percent down payment on a median-priced property, an analysis by Zillow reveals. Conversely, couples can do it in half the time: 4.6 years.

In addition, buyers have limited options when solo: 45 percent of inventory, compared to couples, who can afford 82 percent of supply.

“Nearly two-thirds of Americans agree that buying a home is a central part of living the American Dream, but for unmarried or un-partnered Americans, that dream is increasingly out of reach,” says Aaron Terrazas, senior economist at Zillow. “Single buyers typically have more limited budgets, which means they are likely competing for lower-priced homes that are in high demand. Having two incomes allows buyers to compete in higher-priced tiers where competition is not as stiff.”

The challenge is intensified in markets with rising values, the report shows. Couples face 14 years of saving in San Jose, Calif.—already a haul—but for singles, that span stretches over 30 years. In San Francisco, Calif., couples can amass enough for 20 percent down in 12.6 years, but singles have a longer road, at 27.8 years.

A handful of markets are more realistic for singles: Indianapolis, Ind. (7.5 years of saving); Cleveland, Ohio, and Detroit, Mich. (8 years); and St. Louis, Mo., and Pittsburgh, Pa. (8.1 years).

Across the largest metros:

Analysts assumed buyers are portioning off 10 percent of their income each year to savings. According to 2016 Census data, annual earnings were a median $80,800 for couples and $34,500 for singles.

At the end of 2017, the average home seller gained $54,000, or a 29.7 percent return on investment (ROI), in the transaction, according to ATTOM Data Solutions’ recently released Year-End and Q4 2017 U.S. Home Sales Report. Contradictory, however, is their length of stay: 8.18 years—the longest since 2000.

“It’s the most profitable time to sell a home in more than 10 years, yet homeowners are staying put longer than we’ve ever seen,” says Daren Blomquist, senior vice president at ATTOM Data Solutions.

The best rates of ROI are clustered on the West Coast, the report reveals. The San Jose, Calif., market has the highest return, at 90.9 percent, followed by San Francisco, Calif., at 73.7 percent, Merced, Calif., at 64.6 percent, Seattle, Wash., at 64.4 percent, and Santa Cruz, Calif., at 59.8 percent.

Appreciation, generally, improves the potential for profit. Annual appreciation has been highest in Ocala, Fla. (+14.3 percent), Kansas City, Mo. (+13.4 percent), San Jose (+13.3 percent), Salem, Ore. (+12.9 percent), and Nashville, Tenn. (+12.5 percent), the report shows. Additional areas are considerably growing, as well: Las Vegas, Nev. (+12.3 percent); Salt Lake City, Utah (+10.9 percent); Seattle (+10.8 percent); and Orlando and Tampa-St. Petersburg, Fla. (both +10.7 percent).

“While home sellers on the West Coast are realizing the biggest profits, rapid home price appreciation in red state markets is rivaling that of the high-flying coastal markets and producing sizable profits for home sellers in those middle-American markets, as well,” Blomquist says.

Source: ATTOM Data Solutions

Some owners are knocking down walls during home renovations to have their own open floor plan. But before doing so, they may want to reconsider if an open floor plan is what they really want or if they’re just motivated because of its popularity.

Realtor.com® recently highlighted some pros and cons of open floor plans to help owners and buyers decide if it’s right for them:

Pros

• Takes advantage of square footage: “An open floor plan home will feel bigger because you don’t have all this unused space,” says Jay Kallos, vice president of architecture for Ashton Woods in Atlanta.
• Brightens a home: More natural light from windows can spread throughout an open home.
• Fosters social gathering: Open floor plans can make it easier to socialize, putting family and guests all in one space together.
• Encourages flexibility: “Open floor plans create a usable space that’s flexible, based on your needs,” says Jimmy Branham, a real estate professional with the Keyes Company in Fort Lauderdale, Fla. Homeowners can define the space without having to make architectural changes.

Cons

• Smells travel: The cooking heat and kitchen aromas will be impossible to contain, so the smells are more present in an open floor home.
• Offers less privacy and can be noisier: You may have a tough time hiding from noise—the lack of walls makes the space echo and absorb less sound.
• Can’​t hide messiness: Without separate rooms, any mess will be on display. You can’t conceal anything behind closed doors.
• Being a fad that fades: The open floor plan is a hot trend right now, but everything eventually goes out of style. The trend doesn’t appear to be slowing yet, but realtor.com® cautions that you could be setting yourself up to look outdated in 10 or 20 years.

Source: “Open Floor Plan Homes: You Really Want One? The Pros and Cons,” realtor.com® (Jan. 22, 2018)

“After about a two-year slowdown, rent growth is starting to pick back up across the nation,” says Aaron Terrazas, senior economist at Zillow. “The slowdown in rental appreciation, combined with consistent income growth, gave renters some reprieve from worsening rental affordability over the past few years.”

However, “As rental growth begins to catch up with income growth, affordability will deteriorate, placing a squeeze on budget-constrained renters,” Terrazas says.

An analysis conducted last year by Zillow found that the average renter would need more than $150 extra each month to accommodate rent raises. At the time, Zillow expected a 1 percent rise for the year.

The challenge is intensified in markets with rapid rent raises, according to the report: Sacramento, Calif., where the median has gone up 7.5 percent year-over-year ($1,829); and Riverside, Calif., where the median has gone up 6.2 percent ($1,847).

The cost could prod renters, says Terrazas.

“Looking into 2018, rent is expected to continue gaining steam in growing employment centers like Dallas and New York, as well as a few smaller markets like Cleveland,” Terrazas says. “More widespread rent growth could mean home-buying demands stay high, as renters who can afford it move away from the unpredictability of rising rents toward the relative stability of a monthly mortgage payment instead.”

By Suzanne De Vita