If you’re taking a look at your expenses as you retire, saving money where you can has a lot of appeal. One long-standing, popular way to do that is by downsizing to a smaller home. When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.com shares: “A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something smaller.” That windfall is thanks to your home equity. If you’ve been in your house for a while, odds are you’ve built up a considerable amount of equity. And that equity is something you can use to help you buy a home that better fits your needs today. Daniel Hunt, CFA at Morgan Stanley, explains: “Home equity can be a significant source of wealth for retirees, often representing a large portion of their net worth. . . . Retirement planning can be complex, but your home equity shouldn't be overlooked.” And when you’re ready to use that equity to fuel your next move, your real estate agent will be your guide through every step of the process. That includes setting the right price for your current house when you sell, finding the home that best fits your evolving needs, and understanding what you can afford at today’s mortgage rate. What This Means for You If you’re thinking about downsizing, ask yourself these questions: Do the original reasons I bought my current house still stand, or have my needs changed since then? Do I really need and want the space I have right now, or could somewhere smaller be a better fit? What are my housing expenses right now, and how much do I want to try to save by downsizing? Bottom Line Want to save money in retirement? Consider downsizing – it could really help you out. When you’re ready, check out Belmonte's award-winning ranch and primary down floor plans.

Buying a home is a big deal and can feel especially complicated if you don't know the terms used during the process. If you want to become a homeowne r this year, it's a good idea to learn these key housing terms and understand how they relate to the current housing market. That will help you feel confident when you buy a home.

Are you putting off your plans to sell because you’re worried you won’t be able to find a home you like when you move? If so, it may be time to consider a newly built home and the benefits that come with one. Here’s why. Near-Record Percentage of New Home Inventory Newly built homes are becoming an increasingly significant part of today’s housing inventory. According to the most recent report from the National Association of Home Builders (NAHB) “Newly built homes available for sale accounted for 31% of total homes available for sale in November, compared to an approximate 12% historical average.” That means the percentage of the total homes available to buy that are newly built is well over two times higher than the norm. And even more new homes are on the way. Recent data from the Census shows there’s been an uptick in both housing starts (where builders break ground on more new homes) and housing completions (homes where construction just wrapped). And while some people may worry builders are building too many homes, that isn’t a concern – if anything, the recent increase is really good news. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains : “Even more home building will be needed with the housing shortage persisting in most markets . . . Another 30% rise in home construction can easily be absorbed in the marketplace . . .” How This Helps You Since the supply of existing homes for sale is still low right now, the increase of new-home construction can be a game changer because it gives you more options for your search. Just remember, the process of buying from a builder is different from buying from a home seller, so it’s important to do your research and work with a builder with a reputation for exceeding expectations.

Belmonte Builders was honored to receive four (4) awards on Thursday, November 2nd at the 2023 Capital Region Builders & Remodelers Association’s (CRBRA) Best in Building Awards dinner. We were proud to be recognized for excellence in the following categories: Best New Construction Floor Plan (for our Westerly ranch - model home in Forest Grove) Best New Merchandised (staged) Model (for 2 Daintree Drive, model home in Forest Grove) Best New Twin Home or Townhome Project (for our Twin Homes at Forest Grove) Best Use of Green Building Concepts (for 8 Scarlet Street, Waite Meadows model home) The CRBRA Best in Building Awards is the Capital Region’s premier award program recognizing creativity, ingenuity and advancement in residential building. Through the Best in Building Awards competition, CRBRA builder, remodeler and industry-related associate members enter their best projects from kitchens and baths to floor plans and home features.

If you’re looking to buy a home this fall, there are a few things you need to know. Affordability is tight with today’s mortgage rates and rising home prices . At the same time, there’s a limited number of homes on the market right now and that’s creating some competition among buyers. But, if you’re strategic, there are ways to navigate these waters. The first thing you’ll want to do is get pre-approved for a mortgage. That way you’ll know your numbers and can set yourself up for success from the start of your home search. What Pre-Approval Does for You To understand why it’s such an important step, you need to know what pre-approval is. As part of the homebuying process, a lender looks at your finances to determine what they’d be willing to loan you. From there, your lender will give you a pre-approval letter to help you know how much money you can borrow. Freddie Mac explains it like this: “A pre-approval is an indication from your lender that they are willing to lend you a certain amount of money to buy your future home. . . . Keep in mind that the loan amount in the pre-approval letter is the lender’s maximum offer. Ultimately, you should only borrow an amount you are comfortable repaying.” Basically, pre-approval gives you critical information about the homebuying process that’ll help you understand how much you may be able to borrow. Why does this help you, especially today? With higher mortgage rates and home prices impacting affordability for many buyers right now, a solid understanding of your numbers is even more important so you can truly wrap your head around your options. Pre-Approval Helps Show Sellers You’re a Serious Buyer Let’s face it, there are more buyers looking to buy than there are homes available for sale and that imbalance is creating some competition among homebuyers. That means you could see yourself in a multiple-offer scenario when you make an offer on a home. But getting pre-approved for a mortgage can help you stand out from other hopeful buyers. As an article from Wall Street Journal (WSJ) says: “If you plan to use a mortgage for your home purchase, preapproval should be among the first steps in your search process. Not only can getting preapproved help you zero in on the right price range, but it can give you a leg up on other buyers, too.” Pre-approval shows the seller you’re a serious buyer that’s already undergone a credit and financial check, making it more likely that the sale will move forward without unexpected delays or financial issues. Bottom Line Getting pre-approved is an important first step when you’re buying a home. The more prepared you are, the better chance you have of getting the home you want. Connect with a trusted lender so you have the tools you need to purchase a home in today’s market.

Before you decide to sell your house , it’s important to know what you can expect in the current housing market . One positive trend right now is homebuyers are adapting to today’s mortgage rates and getting used to them as the new normal. To better understand what’s been happening with mortgage rates lately, the graph below shows the trend for the 30-year fixed mortgage rate from Freddie Mac since last October. As you can see, rates have been between 6% and 7% pretty consistently for the past nine months:

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If you’re looking to buy a house , you may find today’s limited supply of homes available for sale challenging. When housing inventory is as low as it is right now, it can feel like a bit of an uphill battle to find the perfect home for you because there just isn’t that much to choose from. If you need to open up your pool of options, it may be time to consider a newly built home. According to the latest data from the U.S. Census, there’s positive news when it comes to new home construction. When you look at the numbers, you’ll find: More new homes were completed and are ready to sell. This gives you more move-in-ready options for your search. Builders broke ground and started construction on more single-family homes. This means there are more homes intended for one household in the beginning stages of construction, allowing you the opportunity to customize one to your liking. The number of permits for building new single-family homes ticked up. This shows builders are ramping up to start on even more home construction soon. And, while this is all good news for broadening your options for your home search, there are other perks that come with considering a newly built home. Customization When you buy a new home under construction, you can tailor it to your unique needs and taste. Bankrate says : “Building means customizing. . . . instead of wishing your home had a certain kind of flooring, a sunroom or some other special amenity, you’ll be able to tailor the property to your exact needs.” With a new home, you have the opportunity to choose everything from the floor plan to the technology to the interior design. It's your opportunity to build the home you reflects who you are, your values and that tells your story from the ground up. Whether you are looking for a ranch, primary down, primary up or a twin home, Belmonte has a variety of floor plans to choose from and lots of options for personalization. Brand New Everything Another perk of a new home is that nothing in the house is used. It’s all brand new and uniquely yours from day one. That means full warranties, no need to do a deep clean before moving in and the luxury of being the 1st to use everything. Minimal Repairs And, because everything is new, you’ll likely find there are fewer maintenance and repair needs up front. As Realtor.com explains : “. . . if something does go wrong with your new home, not only are there likely some manufacturer warranties in place, but many builders also include additional home warranties . . .” Energy Efficiency