curb appeal of home

Fun Spring Ideas To Boost Curb Appeal

It is finally spring, aka project season!

There are numerous fun and easy ways to enhance your home’s curb appeal. Simple upgrades can combine to create a polished look you’ll be proud of. Boosting curb appeal is especially important if you’re selling your home. From landscaping to cosmetic enhancements, here are some projects to try that are not only easy, but you will enjoy doing!

Paint The Front Door

Give your entryway a pop of color by painting your front door to stand out while still playing nice with the rest of your house’s hues!

Add Window Shutters

If your home lacks shutters, installing them will jazz up the exterior with symmetry and flair.

Update Your House Numbers Display

House numbers are easy to make or replace, but make all the difference. A great way to make a big impact is to match the new numbers with the finish of your exterior light fixtures.

Update Existing Light Fixtures

Lighting has a significant effect on your home’s curb appeal. Make a statement on your porch with large lighting fixtures, and add accent lighting to your greenery to create a cozy, yet elegant atmosphere.

Make an Inviting Seating Area

Look at this step as “dressing up your porch”. Add the cozy feel of a living room with rugs, throw pillows, and end tables. Some color, texture, and print will perfectly brighten the porch for spring.

These are just a few things to spruce up your home’s curb appeal, and will make all the difference. So get out some tools, go shopping, and most importantly..keep it fun!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

man reading about today's foreclosure numbers

Today’s Foreclosure Numbers: What’s the Truth, Richmond?

 

You’ve likely seen headlines about the number of foreclosures climbing in today’s housing market. That may leave you with a few questions, especially if you’re thinking about buying a house in the Richmond or Midlothian area. Understanding what today’s foreclosure numbers really mean is mission-critical if you want to know the truth about what’s happening today.

According to a recent report from ATTOM, a property data provider, National foreclosure filings are up 6% compared to the previous quarter and 22% since one year ago. As media headlines call attention to this increase, reporting on just the number could actually generate worry and may even make you think twice about buying a home in Richmond for fear that prices could crash. The reality is, while increasing, the data shows a foreclosure crisis is not where the market is headed.

Let’s look at the latest information with context so we can see how this compares to previous years.

It Isn’t the Dramatic Increase Headlines Would Have You Believe

In recent years, the number of foreclosures has been down to record lows. That’s because, in 2020 and 2021, the forbearance program and other relief options for homeowners helped millions of homeowners stay in their homes, allowing them to get back on their feet during a very challenging period. And with home values rising at the same time, many homeowners who may have found themselves facing foreclosure under other circumstances were able to leverage their equity and sell their houses rather than face foreclosure. Moving forward, equity will continue to be a factor that can help keep people from going into foreclosure. In Greater Richmond, especially, home equity is strong.

As the government’s moratorium came to an end, there was an expected rise in foreclosures. But just because foreclosures are up doesn’t mean the general or Richmond housing market is in trouble. As Clare Trapasso, Executive News Editor at Realtor.com, says:

There’s no reason to panic, at least not yet. Foreclosure filings began ticking up . . . after the federal foreclosure moratorium ended. The moratorium was enacted in the early days of COVID-19, when millions of Americans lost their jobs, to prevent a tsunami of homeowners losing their properties. So some of these proceedings would have taken place during the pandemic but got delayed due to the moratorium. This is a bit of a catch-up.”

Basically, there’s not a sudden flood of foreclosures coming. Instead, some of the increase is due to the delayed activity explained above while more is from economic conditions. As Rob Barber, CEO of ATTOM, explains:

This unfortunate trend can be attributed to a variety of factors, such as rising unemployment rates, foreclosure filings making their way through the pipeline after two years of government intervention, and other ongoing economic challenges. However, with many homeowners still having significant home equity, that may help in keeping increased levels of foreclosure activity at bay.”

To further paint the picture of just how different the situation is now compared to the housing crash, take a look at the graph below. It shows foreclosure activity has been lower since the crash by looking at properties with a foreclosure filing going all the way back to 2005.

While foreclosures are climbing, it’s clear foreclosure activity now is nothing like it was during the housing crisis. In addition to all of the factors mentioned above, that’s also largely because buyers today are more qualified and less likely to default on their loans.

Today, foreclosures are far below the record-high number that was reported when the housing market crashed.

Bottom Line

Right now, putting the today’s foreclosure numbers into context is more important than ever. While the housing market is experiencing an expected rise in foreclosures, it’s nowhere near the crisis levels seen when the housing bubble burst, and that won’t lead to a crash in home prices.  If you would like to discuss further or talk about selling and/or buying in the Richmond area or Midlothian, we’d love to help!