Preparing your exterior home for winter is essential

  Preparing the exterior of your home for winter is essential to protect it from the harsh weather and prevent potential damage. Often times we get busy and forget...until the snow starts to fly, then we scramble to get everything done. In our haste, we can forget some very important steps that need to be taken to protect the exterior of your home, so we put together a useful checklist for you to review. Here are the steps you can take to prepare your home for the winter: Clean Gutters: Clean out your gutters and downspouts to ensure proper drainage. Leaves, debris, and dirt can accumulate in your gutters, causing blockages that can lead to water damage or ice dams. Make sure the gutters are securely attached to your home, and consider installing gutter guards to prevent future debris buildup. Exterior Caulking: Check the caulking around your doors and windows. If you find cracks or gaps, recaulk them to prevent drafts and heat loss. Properly sealed windows and doors will help maintain a comfortable indoor temperature and reduce heating costs. Winterize Your Sprinkler System: If you have an underground sprinkler system, it's crucial to winterize it to prevent freezing and damage. Follow these steps: a. Turn off the water supply to the sprinkler system at the main valve. b. Drain any remaining water from the system by opening the drain valves or using compressed air. Ensure that all water is expelled to prevent pipe damage due to freezing. c. Disconnect and drain hoses and store them indoors. d. Insulate outdoor faucets with hose bib covers or wrap them in insulating materials to prevent freezing. Insulate Pipes: Insulate any exposed water pipes, especially those in unheated areas like basements, garages, and crawl spaces. This helps prevent frozen pipes, which can burst and cause significant damage. Use pipe insulation or wrap pipes with heat tape. Check Roof and Attic: Inspect your roof for any damaged or missing shingles and replace them as needed. Ensure that the attic is properly insulated to prevent heat from escaping and forming ice dams on the roof. Seal Cracks and Gaps: Inspect the exterior of your home for any cracks or gaps in the siding, foundation, or other surfaces. Seal them with appropriate materials to prevent drafts and water intrusion. Trim Trees and Shrubs: Trim overhanging branches and bushes that are close to your home to prevent them from causing damage during winter storms or heavy snowfall. Store Outdoor Furniture: If you have outdoor furniture, store it in a sheltered location or cover it to protect it from winter weather. Test Heating System: Before the cold weather arrives, test your heating system to ensure it's working correctly. Replace air filters if needed and consider scheduling a professional inspection and maintenance service. Stock Up on Winter Supplies: Stock up on winter essentials, such as rock salt, sand, and shovels for de-icing walkways and driveways. Make sure you have an adequate supply of firewood if you have a fireplace or wood-burning stove. By following these steps, you can help protect your home and prepare it for the winter season, keeping it comfortable and safe during the colder months.   cell 719.238.0330 office 719.536.4444 Marquesa@ColoradoHearthstone.com 6760 Corporate Drive, Ste. 300 | Colorado Springs, CO 80919

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Renters Missed Out on $51,500 This Past Year

Rents have increased significantly this year. The latest National Rent Report from Apartmentlist.com shows rents are rising at a rate much higher than the three years leading up to the pandemic: “Since January of this year, the national median rent has increased by a staggering 16.4 percent. To put that in context, rent growth from January to September averaged just 3.4 percent in the pre-pandemic years from 2017-2019.” Looking back, we can see rents rising isn’t new. The median rental price has increased consistently over the past 33 years (see graph below):If you’re thinking of renting for another year, consider that rents will likely be even higher next year. But that alone doesn’t paint the picture of the true cost of renting. The Money Renters Stand To Lose This Year A homeowner’s monthly mortgage payment pays for their shelter, but it also acts as an investment. That investment grows in the form of equity as a homeowner makes their mortgage payment each month to pay down what they owe on their home loan. Their equity gets an additional boost from home price appreciation, which is at near-record levels this year. The latest Homeowner Equity Insights report from CoreLogic found homeowners gained significant wealth through their home equity this past year. The research shows: “. . . the average homeowner gained approximately $51,500 in equity during the past year.” As a renter, you don’t get the same benefit. Your rent payment only covers the cost of shelter and any included amenities. None of your monthly rent payments come back to you as an investment. That means, by renting this year, you likely paid more in rent than you did in the previous year, and you also missed out on the potential wealth gain of $51,500 you could have had by owning your own home. Bottom Line  When deciding whether you should rent or buy in the future, keep in mind how much renting can cost you. Another year of renting is another year you’ll pay rising rents and miss out on building your wealth through home equity. Let’s connect today to talk more about the benefits of buying over renting.   " class="Apple-web-attachment Singleton" style="display: block; opacity: 1;" src="https://cdn.chime.me/image/fs/cmsbuild/2023111/9/original_2433858a-7e53-48f1-8fb7-570c8ad1e74c.png" alt="original_357d80f6-e308-4196-82c5-544f04f27559.png" /> cell 719.238.0330  |  office 719.536.4444 Marquesa@ColoradoHearthstone.com 6760 Corporate Drive, Ste. 300 | Colorado Springs, CO 80919

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Real Estate Review and Forecast 2022

Real Estate Update as We Greet the New Year By Marquesa Hobbs, Realtor   CNE | MRP As 2021 comes to an end, we look forward into 2022, optimism is on the forefront as our economy and community continue to rebuild. The housing market on both a local and national level are rebounding; buyer demand, especially due to low interest rates and relative affordability remains high. The Market is leveling a bit over 2020, but when looking back thru the years over “normal” markets, we are still quite a bit ahead of before the pandemic.  Remember that excluding Sept 2020, sales are still the strongest since 2005 (Bill McBride, Calculated Risk).  We are still considerably outperforming the “normal market” of 2017-2019. Real Estate Statistics for El Paso County for October 2021 Active listings were up 12%, to 648 units (577 last year) Total # of new listings YTD is up 607 units (4.1%) The number of Sales were down 120 units (8.3%) Single Family Building Permits YTD were up 191 units List Price/Sales Price Ratio was 102.1% Average Sales Price jumped 18% & Median Sales Price is up 15% Average Days on the Market was 11  Some feel that the market may be adjusting; however, considering the lack of supply, the jump in sales price (average up 18%, median up 15%) and the highest sales price ever recorded in COS local MLS for a home at $8,000,000, the market looks to actually be ramping back up. As of November 21, there are 758 available homes on the market and nearly 270 of them are new builds. For the year, we have seen more than 15,000 new listings come on the market which is the largest number in the last 10 years. The massive demand certainly continues to push prices higher for the remainder of 2021 and will into well into 2022. National Overview Foreclosure Update Now that moratoriums have been lifted, foreclosures will rise, but nowhere near the volume of pre-pandemic years. Additionally, the average homeowner gained approximately $50,000 in equity this past year, presenting new options that leverage equity. Remember, that there were almost no foreclosures last year, and we are way behind “normal” numbers. Interest Rates & Prices on the Rise! As mortgage rates and home prices both continue to rise, affordability will be affected. The industry experts average out to about 5.1% appreciation next year compared to record breaking 18- 20% appreciation we’ve seen. The decelerated rate will allow more buyers to enter the market especially as more Sellers are gaining confidence to finally list. Additionally, builder inventory is finally starting to build as well. Are Mortgage Loans Decreasing in Volume? The actual number of mortgage loans are decreasing for refinance origination loans as interest is creeping up. However, new mortgage loans are forecasted to rise 9% in 2022. Remember that interest rates are still historically low! Should I Just Rent? With limited inventory, some consider renting. However, rental inventory is also low, and rent is rising; approximately 9.3% this year, the fastest increase in over 16 years.  Additionally, why pay someone else’s mortgage when you could pay yours and increase your financial portfolio? Home Sale Projections Home Sales are forecasted to enjoy a strong finish in 2021 and then potentially even exceeding that next year. This information supports the strength of the robust housing market nationwide as both Sellers and Buyers start to plan for the Real Estate strategies next year. Looking Forward We greet the new year grateful to live in a city where home value will continue to rise and our business community lends to a thriving economy. To understand more about today’s Real Estate market, or if you’d like a complimentary home valuation, please contact me direct    

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