So stop putting it off: Now is the time to step on the gas in preparing your home to sell. We talked with experts to learn which home improvements will hit the right note with buyers beyond the pandemic.

1. Upgrade your outdoor space

Photo by Paradise Restored Landscaping & Exterior Design

Most of us are suffering from an acute case of cabin fever these days. It’s little wonder that outdoor space has become more important than ever to prospective buyers.

“Even pools are becoming more popular in areas where they weren’t before,” says Bill Walker, chief operating officer of Kukun, a web resource for home improvements.

That doesn’t mean you need to splurge on a new in-ground pool; even a minor landscaping refresh can make a big difference and increase curb appeal. Depending on your budget and your neighborhood, you might also consider adding an in-ground fire pit or outdoor kitchen to maximize your outdoor space.

If you live in a cooler climate, extending the usability of your outdoor space will be a big draw for buyers.

“Get a low-cost outdoor heater and area rug to stage the space as an outdoor living room,” says Francie Malina, a real estate agent in New York’s Westchester County.

2. Create a functional home office or classroom

Photo by mercer INTERIOR 

Many workers aren’t heading back to the office until later this year—if at all. That means home office space is at a premium.

“People need a dedicated space for multiple people to be able to be on calls at the same time,” says Walker, who currently works at home alongside his wife. “It definitely creates challenges when we all need to be on calls and need space to work.

Even if you don’t need two home offices or a remote learning station for your own family, consider staging your home to show the possibilities for buyers.

“Staging a guest bedroom as a home office or classroom is a good idea,” says Walker, who points out that most of us host guests in our guest rooms for less than a month per year. “The potential buyer can see the room being used in a versatile way and visualize it for themselves.”

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Watch: These DIY Projects Promise Serious ROI

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3. Add separation of space

Open floor plans are so 2019.

“Open floor plans are losing a bit of luster,” Malina says. “Homeowners are looking for distinct spaces for family members to work or study.”

If your space isn’t well-segmented, you may want to create separate spaces by adding barn doors or pocket doors—or even room dividers for a quick and easy solution.

Having distinct rooms helps to minimize volume from other people’s activities, and can also create a different feeling in each part of the house.

“As people are spending more time at home, they want room and different environments to not feel stuck inside,” Walker says.

4. Add space for a home gym

Photo by ColleenRoach 

Many people were forbidden from the gym during the pandemic, forced to work up a sweat from home to minimize risks of coronavirus transmission. That means people are looking for space to house gym equipment, from yoga mats to treadmills and stationary bikes.

Your home may not have the space for a fully equipped home gym, but you can still carve out a corner where home buyers will be able to picture their future at-home HIIT workouts or yoga flows.

5. Give your in-law suite a makeover

If you have a guest house, this can be an attractive feature for buyers right now—especially those with multigenerational households, or people looking for a potential source of rental income.

“With people bringing elderly family members home, [additional dwelling units] are a good option, especially if there is a kitchen and bathroom,” Walker says. “Even if this space isn’t used for personal reasons, it can be an investment property.”

6. Spruce up the laundry room

Photo by Plain and Posh

Concerns about cleanliness and hygiene have been at an all-time high during the pandemic, which means “laundry rooms are more important than pre-COVID,” Malina says.

People are doing laundry more often after running errands, and many of us have become more diligent about washing our bed linens. Plus, who couldn’t use more room for ironing, folding, and hang-drying clothes?

“Having a dedicated space to do laundry is a wonderful luxury, and buyers often want the space to be beautiful like the rest of their homes,” Malina says.

The post 6 Home Upgrades Buyers Want in the COVID-19 Era appeared first on Real Estate News & Insights | realtor.com®.

Not everyone who’s behind on their rent qualifies for help. In addition, some states and cities require more paperwork than others, which can make accessing the funds more difficult. Also, landlords and tenants typically must work together to apply for the aid, and some landlords are refusing to help.

For now, most renters are protected by various eviction bans — at national, state and sometimes local levels — but someday those will end. In the meantime, owing your landlord can lead to credit damage, collections calls and lawsuits. If you’re behind on your rent, you’d be smart to start exploring your options for dealing with this debt.

Emergency assistance for low-income renters

Congress approved $25 billion in renters’ assistance in December, followed by an additional $21.5 billion in March. The money is being distributed to state and local governments. Many programs have just begun to process applications while others are still getting set up.

“That money is now getting out to tenants and landlords, but slowly,” says Diane Yentel, president and CEO of the National Low Income Housing Coalition, which advocates for affordable housing.

To qualify, at least one member of the household must be eligible for unemployment or have lost income or incurred expenses related to the pandemic. A tenant must have an income that is 80% or below the area’s median income, but program administrators are required to give a preference to applicants with incomes that are 50% or below. The money can be used to pay rent or utilities that are already owed or to assist with future rent, Yentel says.

Each state and local program has its own criteria for applicants. You may need to fill out a simple form — or you may have to come up with copies of everything from your W-2s to a utility bill from last spring.

“Some have very simple application processes that allow for self-certification for almost all eligibility requirements,” Yentel says. “Others require really burdensome documentation that can be very hard for some of the lowest-income and most marginalized people to produce.”

Some programs also have requirements for landlords, such as mandating that they forgive a portion of the unpaid rent or forgo rent increases for a certain period, Yentel says. Not all landlords are willing to agree to that. The programs are allowed to pay tenants directly in those cases, Yentel says, but some simply move on to the next applicant on the list.

The housing coalition maintains a list of programs on its site, or you can search for your state or city and the words “emergency rental assistance.” You also could contact a HUD-approved housing counselor by calling 877-542-9723 to learn about your available options.

Eviction bans don’t protect you from financial fallout

The Centers for Disease Control and Prevention has extended its ban on most rental evictions until June 30, and some areas have additional protections (self-help legal site Nolo has a list). These may keep a roof over your head for now, but they typically don’t prevent your landlord from charging you late fees or turning your account over to a collection agency, which can damage your credit. Plus, your landlord likely will start eviction proceedings as soon as the moratorium expires. An eviction — or even the legal filing that starts the process, in some states — can effectively prevent you from renting decent housing for years.

“A lot of landlords will say, ‘Forget about it. I don’t want to deal with that,’” says Deborah Thrope, deputy director of the National Housing Law Project, a nonprofit advocate for housing rights for the poor.

To avoid that, consider reaching out to your landlord to discuss your options. You may be able to work out a repayment plan — if you’re back at work, for example, or can tap other resources such as tax refunds, stimulus checks, savings, or a loan from friends or family. (Get the agreement in writing, to protect yourself in case the landlord files eviction proceedings anyway.) If you can’t afford the place where you’re living, ask if the landlord would be willing to let you end your lease early to avoid incurring more debt.

If all else fails, you likely still have an option to deal with rent debt: bankruptcy court. Bankruptcy can temporarily stave off eviction to allow you more time to negotiate a repayment agreement. In most cases, you would need to file before your landlord starts eviction proceedings. If you can’t come to an agreement, then bankruptcy can legally erase the debt.

Contact a bankruptcy lawyer for more information; the first consultation is often free.

The article How to Line Up Rent Aid — and a Backup Plan originally appeared on NerdWallet.

One smart first step to understanding mortgages is a mortgage calculator or a refinance calculator, where you can plug in a few numbers to learn how refinancing will affect your house payments and how much money you could save. Also check out this handy list of some smart reasons to refinance that might persuade you to apply for a refi sooner rather than later.

1. You want to get rid of credit card debt

While interest rates on home loans are currently in the single digits, credit card interest rates often ride well into the double digits. All things being equal, it’s better to owe 4% interest on a loan rather than 18% on a credit card.

As an added benefit, the interest you pay on your mortgage is tax-deductible; the interest you pay on plastic is not, says Kristen Euretig, a certified financial planner and co-founder of Brooklyn Plans.

Of course, this is assuming you won’t just run up more credit card debt once you’ve refinanced, so be sure to curb your card use and/or get in a debt management program to keep your spending in check.

2. You want to save more for retirement

Similarly, if you are falling behind on retirement savings, you may want to use the savings from a refi to make contributions to your 401(k)—after all, these contributions are not taxed, and if your employer matches your contribution, your savings work double time, points out David Schneider, a certified financial planner and founder of Schneider Wealth Strategies in Manhattan.

Also, as a third benefit, since your 401(k) is withdrawn from your paycheck before it is taxed, your overall income is lower and your tax bill is smaller at the end of the year.

3. You’re underwater on your mortgage

Being “underwater” is where a property’s value has slipped below the cost of its mortgage. In such cases, traditional refinancing through a bank is pretty much off the table. Yet there are places you can turn to that could help refinance—namely the Freddie Mac Enhanced Relief Refinance program.

The relief program is designed to help people who are underwater by offering more affordable mortgages with lower monthly payments. The program also nixes certain requirements in most instances that are standard in other refinance programs such as appraisals and minimum credit scores. This can help make it easier for underwater borrowers to qualify.

However, borrowers do have to meet some requirements: The program is available only to those whose mortgage applications were received on or after Nov. 1, 2018. Additionally, you must have made timely mortgage payments for at least six months, and you can’t have been more than a month late more than once in the 12 months before you apply.

In a nutshell, the Freddie Mac program’s flexible eligibility guidelines make it a compelling option for people who may struggle to qualify for standard refinance programs. The main drawback is that refinancing won’t reduce your principal balance, and you must typically have equity in your home to be approved.

4. Your current mortgage interest rate isn’t great

Just because you have a decent 30-year fixed mortgage rate and you are happy in your home doesn’t mean you should become complacent. It’s in homeowners’ interests to keep a watchful eye for a better deal by checking current mortgage interest rates, as the savings could be significant.

For instance, if you borrowed $100,000 with a 4% rate, you would pay just shy of $335 per month and nearly $120,000 in interest over the life of the loan. But if you borrowed that same sum with a 3.09% rate, your monthly payments would come to just a little over $257 per month, and you’d pay roughly $92,700 in interest. That’s a savings of $27,300.

5. You have an an adjustable rate mortgage

There’s a reason why most financial advisers recommend clients steer clear of adjustable-rate mortgages, or ARMs: It’s a high-risk loan where the interest rate “adjusts” after a certain period of time. If that rate balloons, borrowers could easily lose their homes if they can’t make monthly payments.

For many first-time buyers, ARMs are the only way they can afford to get into the market. Yet if interest rates are rising, this may be an optimal time for ARM holders to secure a less risky, low-rate mortgage.

“If you have an adjustable-rate mortgage, you might try to lock in a fixed-rate mortgage,” says Schneider. “Particularly if something is changing in your life, like if you’re about to retire or you’re on a fixed income.”

The post 5 Smart Reasons To Refinance Your Mortgage Right Now appeared first on Real Estate News & Insights | realtor.com®.

The doorbuster deal in question? The chance to buy a newly built townhouse, 18 of which were listed for sale on Saturday morning at a fixed price of $1.2 million, reports NBC Bay Area. The properties were constructed by SummerHill Homes, which has completed more than 70 developments in the last 40 years, according to its website. Nuevo is among its most recent projects, debuting 331 homes as well as 20,000 square feet of retail and restaurant space in Sept. 2019.

#Update:
People waiting overnight for a shot to buy townhomes at Nuevo in Santa Clara (opening tomorrow) .. are now going to sleep in tents. pic.twitter.com/EqKPVD5zsG

— scott budman (@scottbudman) April 24, 2021

“It’s really hard to get a house in Silicon Valley,” real estate agent Nancy Reynolds told NBC Bay Area, adding that she took turns waiting in the line overnight with her clients. “And probably most people in line know which lot they want.” 

Another realtor, Jeremy Naval, said he had been at the development since Wednesday. The general consensus among those vying for one of the townhouses was that it was easier to wait in line for hours than to engage in a bidding war. 

MORE: The Bay Area real estate surge is back as COVID eases

“My client just really, really wanted to be the first one, so I promised him. I said, ‘Whatever I have to do to get you the first one, I’ll do it,’” Naval told NBC Bay Area.  

As of Sunday morning, over 240 homes at Nuevo have been sold, encompassing more than 70% of the development.

Freddie Mac, the federally chartered mortgage investor, aggregates rates from around 80 lenders across the country to come up with weekly national averages. It uses rates for high-quality borrowers with strong credit scores and large down payments. Because of the criteria, these rates are not available to every borrower.

The survey is based on home purchase mortgages, which means rates for refinances may be higher. The price adjustment for refinance transactions that went into effect in December is adding to the cost. The adjustment, which applies to all Fannie Mae and Freddie Mac refinances, is 0.5 percent of the loan amount. That works out to $1,500 on a $300,000 loan.

The 15-year fixed-rate average fell to 2.29 percent with an average 0.6 point. It was 2.35 percent a week ago and 2.86 percent a year ago. The five-year adjustable rate average edged up to 2.83 percent with an average 0.3 point. It was 2.8 percent a week ago and 3.28 percent a year ago.

“The Freddie Mac interest rate for a 30-year loan slid again this week,” said Danielle Hale, chief economist at Realtor.com. “Long-term bond rates, which shifted from a gradual climb to an accelerated one in early 2021, have done an about-face since mid-March due to the [Federal Reserve’s] patient approach to monetary policy. This has given investors confidence that the Fed won’t push rates up too quickly.”

The yield on the 10-year Treasury fell to its lowest level in more than a month this week, dropping to 1.57 percent on Wednesday.

“After a sustained sell-off in 2021’s first quarter, demand for Treasurys has increased recently, keeping downward pressure on yields and thus mortgage rates,” said Matthew Speakman, a Zillow economist. “Continuing a recent trend, yields showed little regard for strong economic data reports released last week.”

Even though mortgage rates have fallen the past three weeks, Speakman doesn’t expect the slide to last.

“Despite another weekly downtick, the longer-term trend for mortgage rates remains to the upside and barring a significant economic or pandemic-related setback, it’s unlikely that this downward movement in rates will continue for an extended period,” he said.

Bankrate.com, which puts out a weekly mortgage rate trend index, found the experts it surveyed evenly divided on where rates will head in the coming week. Half said they will go down, the rest said they will remain about the same.

Ken H. Johnson, a real estate economist at Florida Atlantic University, is one who predicts rates will decrease somewhat.

“Ten-year Treasury yields have been moving slightly lower over the past week,” Johnson said. “Seeing no imminent threat to the financial markets, 30-year mortgage rates should move slightly down as well. Moderating 10-year Treasury yields are really helping keep a lid on long-term mortgage rates right now.”

Mortgage delinquencies declined last month as many borrowers used their stimulus checks to catch up on overdue payments. According to data from Black Knight, a mortgage and real estate technology and data provider, the national mortgage delinquency rate fell to 5.02 percent last month from 6 percent in February, a 16.4 percent drop. Such big drops often happen in March because borrowers use their tax refunds on missed mortgage payments. Even so, last month’s decline was higher than the usual 10 percent decline in March.

Despite the big drop in delinquencies, 1.9 million mortgage-holders remain at least 90 days past due on payments. That’s 1.5 million more than a year ago and five times pre-pandemic levels.

Meanwhile, mortgage applications picked up again after a weeks-long slump. According to the latest data from the Mortgage Bankers Association, the market composite index – a measure of total loan application volume – increased 8.6 percent from a week earlier. The purchase index climbed 6 percent from the previous week, and the refinance index jumped 10 percent. The refinance share of mortgage activity accounted for 60 percent of applications.

“Mortgage rates dropped to their lowest level [in MBA’s survey] in nearly two months last week, leading to an increase in total mortgage applications for the first time since late February,” said Bob Broeksmit, MBA president and CEO. “Applications to buy a home jumped considerably on a weekly and annual basis, and after six weeks of declines, lower rates led to a resurgence in refinances.”

With flooring options that run the spectrum from “a breeze to DIY” through “you should probably get a professional,” the best place to start is by evaluating your budget, desire to get hands-on and vision for the overall space. Then, with rented tools for your project or flooring professionals able to manage the work for you, you can transform your living space in a way that suits your lifestyle.

As you start your search, here are a few jumping-off points for inspiration:

This herringbone flooring sets the perfect stage for a living room filled with transitional-style furniture and decor. Picture it with some breezy curtains, poured acrylic artwork and an oversized linen sofa. With just the right blend of personality and function, the vinyl planks make it simple to create an interesting, maximalist pattern.

When you’re just moving into a home, it can take a while to decide where furniture looks best. With these vinyl planks, you don’t have to stress about scratching the flooring while pushing a chair from corner to corner. If you want to play it extra safe, try using The Home Depot’s Augmented Reality tool through the app to find furniture to complete the look. It’s a simple (and fun!) way to visualize how furniture will look in your new space that requires no heavy lifting.

There is no living room flooring material more timeless than hardwood—but even it can stand an update every few decades. With wide planks, this richly colored hickory flooring is a classic selection to complement detailed rugs, antique sideboards and tufted armchairs.

Engineered hardwood gets you an authentic hickory top layer with high density fiberboard underneath, making it a great fit for both your vision and your budget. As an added bonus, this style of engineered hardwood uses the click-lock installation method, one of the most popular choices for DIYers.

Modern, meet maximalism in the form of these large slate tiles. By tying in with monochromatic decor, well-placed colorful accents and interesting design lines, tiles like these can take your living space from “we just moved in” to “we made it our own.”

If you don’t have time to take on another project, The Home Depot can take over once you’ve made your flooring selection. This starts with a no-commitment, in-home measurement appointment with a flooring professional who can then provide a quote. The Home Depot also guarantees the lowest overall price, so you can feel good about moving the project along.

If you gravitate to an eclectic design scheme, you are probably already familiar with maximalism. Maximalism is the opposite of minimalism—leaning toward generous use of color, bold art and collections. You’re never one to fear mixing patterns and showing off your favorite treasures, and your living room flooring can also be a canvas for showcasing your style. With these Moroccan-inspired vinyl tiles, DIY installation is simple. And The Home Depot makes it even easier to keep your project on track with scheduled home deliveries.

If you’re someone who values adventurous design choices, another benefit of these tiles is that you can swap them out for something new in another year. Or keep them! Even though they are simple to install, these vinyl tiles don’t skimp on durability. In other words, your options are wide open.

Even if you love midcentury modern style, we bet you don’t want your grandma’s wall-to-wall shag—so you’ll be glad to discover that carpet design has come a long way in the past few decades. While most carpet is neutral, it will complement anything else you want to incorporate in your living room, from an egg chair to a wooden coffee table to a graphic print on the wall. Choose a neutral shade for your wall-to-wall and layer on patterned area rugs to help create smaller zones in a large living space.

With free carpet installation through The Home Depot available on most carpet purchases, all you have to do is make your flooring selection and schedule an in-home measurement. The licensed installers from The Home Depot will even move furniture and discard old carpet—because we bet you’re over moving things for the moment.

The post Flooring Forecast 2021: Here’s What’s Trending in Living-Space Floors appeared first on Real Estate News & Insights | realtor.com®.

Other highlights from the week’s oldest homes include a daffodil-yellow cottage from 1690 near Manchester-by-the-Sea, MA, and an elegant kitchen makeover in a 1703 home in Rhode Island.

So relax and dream of sunny days spent napping by the lake and surrounded by flowering trees at one of these enchanted slices of history. Because some things just never go out of style.

Price: $1,100,000
Year built: 1672
Norfolk’s finest: This 17.5-acre parklike property offers spectacular views of Crystal Lake. The four-bedroom main house measures in at a generous 4,038 square feet.

Formal rooms like a library with fireplace are broken up with casual spaces, including the family room with fireplace and wet bar. There’s also a kitchen with wood beams overhead offering room for a crowd, a screened porch, and a bedroom suite with cathedral ceiling.

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Price: $1,595,000
Year built: 1690
Prime location: This Colonial sits on nearly 3 acres less than a half-mile from Manchester-by-the-Sea and just a few minutes from the beach. The four-bedroom house measures 3,954 square feet and includes a sunroom. The grounds feature a detached two-car garage and carriage house, which could be turned into a guesthouse, studio, or office.

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Price: $359,000
Year built: 1700
Country cottage: An ideal getaway for a harried New Yorker? The interiors of this country jewel let the substance and beauty of its antique construction speak for itself.

The two-story, four-bedroom farmhouse features a wood-burning fireplace, old wood beams on the ceilings, and wide-plank wood floors. Set in the countryside, the yard of this 2-acre property is ideal for families, pets, and kids.

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Price: $475,000
Year built: 1703
Colonial charm: This historic four-bedroom home has been transformed into a jewel thanks to elegant updates throughout.

The remodeled kitchen is a true highlight for cooks. Other highlights include a dining room with original clapboard siding, covered porches, and wide-plank wood flooring.

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Price: $299,000
Year built: 1715
Hop River: Can you rescue this 300-year-old home? Currently in critical condition, this three-bedroom Cape Cod is prime for a remodel.

For an enterprising buyer, there’s material to work with, including a large, built-in kitchen fireplace, original beadboard walls, gunstock beams, and wide-plank pine floors. The 5-acre property is also zoned for commercial use and is being sold as is.

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Price: $369,000
Year built: 1717
Storybook home: Built from local fieldstone, this Bucks County beauty also has exposed stone walls throughout the interior spaces.

Other timeless details include deep windowsills, hand-hewn support beams, random-width floorboards, a pie staircase, and a walk-in fireplace. Updates to the kitchen and modernized systems ensure this place offers the conveniences today’s buyers want.

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Price: $575,000
Year built: 1720
Rare historic beauty: Currently set up as a duplex, this handsome Colonial could be converted back into a three-bedroom, single-family residence, according to the listing. It’s the second-oldest home in the city and located close to downtown.

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Price: $669,000
Year built: 1725
The Pines: This pre-Revolutionary home has been updated and expanded over the years and now features four bedrooms and two bathrooms.

The 10-acre property includes a barn with a one-bedroom apartment and loft. The main house has charming exposed beams and stone walls, a stone fireplace, original pumpkin pine flooring in the living room, and a kitchen fireplace.

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Price $670,000
Year built: 1730
Country fare: Full of rich history, this three-bedroom, 2,674-square-foot home is filled with rich woodwork, front and back stairs, and a beehive oven. The 1.5-acre lot includes a greenhouse, orchard, and an attached two-car garage.

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Price: $425,000 (off market)
Year built: 1731
Amazing barn: The listing notes this property comes with an “amazing barn.” With exposed beams from centuries ago, it doesn’t disappoint.

The interiors of the four-bedroom main house have been meticulously maintained and updated. The 4.5-acre parcel abuts the Nashua River and Marion Stoffard Conservation area and has its own chicken coop. There’s plenty of space to add new buildings.

(Although this property was listed just days ago, it is now labeled “off market”—which may mean it has an offer, or that the owner had a change of heart. Stay tuned!)

The post A Lakefront Colonial Estate Built in 1672 Is the Week’s Oldest Listing appeared first on Real Estate News & Insights | realtor.com®.

For many Hispanic buyers, COVID-19 cemented their desire and accelerated their plans to become homeowners. Record-low mortgage rates also served as an incentive, driving down monthly mortgage costs.

“Despite significant headwinds, Latinos drove homeownership growth in America for the sixth consecutive year,” NAHREP CEO and co-founder Gary Acosta said in a statement.

The Hispanic homeownership rate peaked in the real estate boom years of the mid-2000s—and then tumbled a little during the financial crisis. Since 2014, it’s been on the upswing, reaching between 48% and 49% in 2020, according to the report.

Over the past decade, Hispanic buyers have made up more than 50% of homeownership growth, according to projections from the Urban Institute. They’re expected to make up 70% of new homeowners over the next 20 years.

Homeownership has been particularly important in helping Hispanic families build wealth. The equity in that property accounts for 57.6% of Latino wealth. Those who own their homes have a median net worth of $164,000—versus $36,050 for Latino families overall.

“For Latino households, owning a home is a central part of building a solid financial foundation, and increasing wealth over time,” says realtor.com® Senior Economist George Ratiu. “This preference became even more important during 2020, as the COVID pandemic accelerated many people’s reach for the safety of a home and the space to work, live, and school children.”

Who’s buying what kinds of homes?

Many Latinos are simply at the point in their lives when folks typically want to own homes. The median age of Latinos in this country is 29.8, which is typically when people start coupling up, starting families, and entering the housing market. Almost 1 in 3 Latinos is between the ages of 25 and 44, according to the report. That means many of them are first-time buyers.

“Even during a year beset by sharply shrinking inventory and rising prices, as well as declining credit availability, Hispanic buyers were looking to push their purchase timelines up,” says Ratiu.

They also are less likely to have a four-year college degree. Just 17.6% of Latinos 25 and older had completed a bachelor’s degree in 2019. While that can hurt their future earnings in many cases, it also means fewer Hispanic home buyers have student debt holding them back from saving up for a down payment.

However, those who buy tend to have stronger incomes. Last year, Latino households purchasing homes had a median income of $74,000, according to the report. The median value of the homes they purchased was $265,000 in 2020 for properties with mortgages.

Latino buyers are also 3.5 times more likely to be part of a multigenerational household than the rest of the population. Nearly 29% of all households with more than one generation of a family under one roof are Hispanic.

More than half of Hispanic buyers, 53%, would prefer a multigenerational home. Properties like this can accommodate aging parents as well as grown children and the grandchildren. This living situation may also be more affordable, as the family can pool resources to come up with a down payment and pay the monthly mortgage bill, utilities, and other expenses.

“Reflecting the economic challenges brought about by the pandemic, and building upon the cultural central place of the family, Latino households invested in multigenerational homes at a higher rate,” says Ratiu.

What’s holding back more Hispanic home buyers?

However, there are challenges that are holding back more Hispanic buyers from becoming homeowners. The market is the biggest one.

As the pandemic has dragged on, more people have begun searching for homes. At the same time, there are record-low numbers of properties for sale. That’s led to prices climbing to new heights, fierce bidding wars marked by offers over asking, all-cash bids, and homes selling in hours instead of days. In other words: It’s a difficult time to be a buyer today.

Then are many people who would like to purchase a home, but lost jobs last year. Unemployment across the nation soared as businesses were shuttered and people stayed home to curb the spread of COVID-19. Latinos, many of whom work in the service industry, were hit hard with a 10.4% annual unemployment rate last year, according to the report.

Even those who held on to their jobs may have a harder time qualifying for a mortgage. Latinos have a median 668 credit score, 41% median debt-to-income ratio, and typically have only 3.5% down payments.

Many lenders tightened their criteria for approving borrowers to hedge against the topsy-turvy economy. Those without stellar credit scores, steady and higher incomes, and little debt had a more difficult time qualifying for a mortgage.

“The pandemic-induced recession and accompanying job losses took a larger toll on many Latino families,” says Ratiu. “In addition, with credit availability reaching the tightest level in six years, many Latino families faced higher hurdles on their path to homeownership.”

The post Why More Latinos Became Homeowners During the Pandemic appeared first on Real Estate News & Insights | realtor.com®.

So while you as a homeowner may breeze through this space without thinking about it or even really seeing it, a potential home buyer is probably going to study every detail.

Is all this talk of optimizing your entryway piquing your interest? Good! We consulted several real estate and interior design experts on their top entryway upgrades, keeping budgets and time constraints in mind.

We’re happy to report you don’t need to have a fancy foyer or a hefty budget to give your entryway a boost. Whether you’re looking for a quick-fix project or a renovation you can really sink your time into, we have all the info below.

If you have 5 minutes

In just five minutes, you can seriously upgrade your entryway’s overall appeal. Geordie Romer, a managing broker for Windermere Real Estate in Wenatchee, WA, reminds buyers to take a quick peek outside first.

“The front door is your guest’s first interaction with your home,” Romer says. “Make sure the porch light is clean and has a good bulb. Is the doorknob clean and shiny? Does the hardware need lubrication or adjusting? Shake out the welcome mat, or better yet, get a new one. I always ask clients to replace their welcome mat when listing their homes. Think bright and seasonal.”

Cost: Doormats cost $10-plus.

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To make your entryway look more like a welcoming area and less like a shoe graveyard, Romer recommends buying a shoe tray or basket so that you and your family will have a way to keep shoes organized.

Cost: Shoe trays are $15-plus.

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If you have 30 minutes

“Even if your entryway is small, clutter tends to pile up there,” says James Bruno, chief construction officer at Curbio in Potomac, MD. “Start with the stoop and move inside, cleaning up mail, any debris and newspapers, along with jackets or shoes.”

Next, he recommends sweeping the inside area carefully and going over the nooks, crannies, baseboards, and windows by the front door with a wet cloth, to remove the dirt and dust that accumulates in the area. Flowers are also a nice touch if you have a place to put them, as they add life and a beautiful fresh scent to the home.

Cost: Flowers are $5-plus.

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Sometimes a quick upgrade is needed. Betsy Ronel, a real estate salesperson with Compass in Bedford, NY, recommends buying a fresh rug or a new table or bench from HomeGoods, Target, or a local resale shop.

“A small, new piece can really make the entryway pop,” she explains. It can also set apart the entryway as a separate space.

Cost: $75-plus

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Another fast way to rev up your entryway’s appeal is to add a statement mirror.

“This works even for small entryways,” says Ronel. “A cool, oversized mirror adds light and opens the space up. And who doesn’t want to give themselves a wink on the way in or out?”

Cost: Mirrors are $50-plus.

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If you have 1 hour

If you haven’t invested in statement lighting for your entryway yet, the time is now.

“Because there is relatively little furniture in an entryway, I recommend going big with lighting,” says Philip Ash, founder of Pro Paint Corner in Washington, DC. “It’s also a great way to accentuate the architectural style of the home and draw eyes up.”

The chandelier has been an iconic symbol of good taste and luxury for centuries, but if it simply isn’t practical for your home, a more modern light fixture can deliver oomph as well.

Cost: $75-plus, plus labor for installation, if necessary

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If you have 3 hours

Reset the entryway with some color and visual interest.

“It takes less than an hour to transform entryways with a painted accent wall, wallpaper, or paneling,” says Marcia Castro Socas, a real estate broker at Castro Realty Group in Orlando, FL. “It is especially transformative in smaller or darker spaces.”

Horizontally lined wallpaper makes the space look larger, and wainscoting is the way to go for homeowners with a more traditional aesthetic.

Cost: $50-plus

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Next, look around the space, and see if there is a better way to separate the entryway from the rest of the home. After decluttering, consider arranging a folding screen or console table that will clearly delineate the space.

“A lightweight console table decorated with a small plant, a scented candle, and a few hardcover books can add an element of sophistication and luxury,” says Michelle Madison, a professional home stager in Miami, FL. “The scent in that area should be refreshed frequently, especially if there are a lot of people going in and out and removing their shoes.”

Cost: $60-plus for a console table; $50-plus for console table decor

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If you have a weekend

With a full two days, you can take care of several of the projects mentioned above, while also tackling both of the to-dos below.

“If sellers have a weekend, I recommend that they use that time to sand, prep, prime, and paint the entry door and trim,” Bruno says. “Coordinate the paint with the exterior color scheme, and use a daring color like robin’s egg blue, which buyers love.”

Cost: $75 for tools and paint

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One feature that every homeowner or buyer wants is highly specific storage spaces, says Marie Bromberg, a licensed salesperson with New York City’s Compass.

“This can mean many things depending on space,” she says, “but adding floor- or wall-mounted shelving units with designated places for keys, phone, and mail, in addition to coats and shoes, adds a lot of appeal.”

Cost: Simple shelving costs upward of $20 per shelf. Larger shelving units are $400-plus.

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