Blog - Real Estate Tips

Should I Wait Until A Recession To Buy A Home?

Is It Smart To Wait For A Recession?

I've had friends and family ask me if they should wait to buy a home once a recession hits. My answer to them is has anyone actually made an accurate prediction of a recession? You may wait years before one ever happens and at that point it would most likely have been smarter to buy your home before the years you waited to get a "deal" because home prices have historically rose. 

Tennessee real estate has increased ~6-8%/year for the past 5 years, according to the Federal Housing Finance Agency. So if you wait two years you're going to miss out on a potential ~$12,360 to $16,640 for every $100k you spend if Tennessee keeps it up.

Do Recessions Actually Lower Home Values?

Most recessions…

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Must-Have Smart Home Features

We pour so much love and care into helping our home take care of us - it’s about time for our homes to help us out a little, right? (Mostly joking - but hey, we take what we can get with our homes, right?). All jokes aside, it’s an amazing world we’re in that we can have switches, appliances, security - you name it - as part of our  “smart home” set up. This means that things that would normally be manual are either automated, activated by voice, synchronized, connected, etc. 

A recent study by a major real estate firm showed that ⅔ of agents agree that buyers are more interested in homes with smart home features than just two to five years ago. Just like any new home feature - while smart home features aren’t yet expected by homebuyers, they are…

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Top Interior Design Trends for 2020

In 2019, we witnessed the departure of several design trends that had simply worn out their welcome. Dark wood cabinets, pre-packaged looks, all-gray spaces, wall-to-wall white, and solo accent walls were all out, and warm coppers and sparkling coastal blues made a grand entrance.

Whether you’re redecorating your space in 2020, purchasing a new home, or getting ready to stage a home for sale, it’s time to prepare for the new decade of interior design. The following trends are fresh and updated yet classic, and easily adaptable to suit your home’s existing character.

Color Trends

Several companies announced their 2020 pick for “Color of the Year” as 2019 drew to a close, and we’ve picked our favorites. Whether used together or separately, they…

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Saving For A Downpayment

Saving for a downpayment is one of the first steps to buying a home --apart from getting pre-qualified for a mortgage. Starting your savings also requires quite a bit of commitment. It takes discipline to forgo that weekend getaway with friends or reduce everyday purchases like your usual morning latte. But when you're saving for a house, every purchase and dollar saved must be a deliberate choice.

But where's the best place to store your home-savings nest egg? After all, you'll be saving in the tens of thousands, not just a couple of thousand. Lenders will also need to verify where your downpayment came from, meaning they'll want to see a record of deposits that prove your savings efforts or gifted funds.

Here are some suggestions for where to…

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Benefits of Selling in the Winter

This is not a time of year typically associated with a lot of home sales, but real estate experts advise that owners can actually tap this unique market. All it takes is a different type of prep work and a positive attitude. 

While highlighting bright, sunny days coupled with warm weather and green grass can seem like the best way to market a home, some industry insiders actually prefer to market a home in winter, according to the Realty Times. Homes tend to be more brightly lit, and - in certain cases - even festively decorated in a way that makes a listing look a lot more "home-y" in photos and videos, as well as in person. 

Everyone is motivated 

Another huge benefit that comes with putting a home up for sale in the winter…

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Tax Breaks for Second Homeowners

In 2018, the US enacted significant tax reforms. Homeowners like you are among those who will have taken note of these changes, and may be wondering: under the new code, what are the tax breaks for second homeowners? Does it matter whether the second home is going to be a rental or a vacation getaway, or whether it’s a boat or a chalet?

When comparing the new tax code to the pre-2018 rules, there are four key ways the new tax code affects second homeowners. If you’re considering buying a second home or want to know how the new rules will impact your plans for an Airbnb income stream, read on! Our team at Parks has the information to help you second homeowners make the most of each potential tax break in 2020.

1.) Tax Breaks on Second Homes…

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Moving Closer to Work: Is It Right For You?

Moving closer to work sounds reasonable but is it actually worth it? That’s what we want to help you answer with this article. If any of the points below sound like you, then buying a home closer to work may be the best move you could make.

Ready to buy your next home (or first home!) for reasons other than shortening your commute? We can make that happen! Contact us today to get pre-approved for a home loan and start home shopping.

Will buying a home closer to work save you money?

Sometimes you live out of the immediate work area because of high property values, thinking that it would be less expensive to commute. But the real test is to add up the cost of living, including the mortgage payment, utilities, and property taxes PLUS the cost…

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Pet Essentials for Your Luxury Home

When luxury homes collide with pet lovers, there are more than a few items when it comes to what’s on the luxury homeowners’ “must-have” list. Considering in 2018 that American pet owners spent $72 Billion on their pets, there is no shortage of love for all things “pet”. Below are some of our favorite pet elements to think about for luxury homes (in order from most practical to most lavish):

Food & Water Bowls

As something that is seen every day, usually right smack dab in the middle of the kitchen or other central places, having both stylish, and practical pet bowls are a great place to start. Depending on the aesthetic, pet owners are excited to add a little luxury by thinking about the height of the bowls, the freshness of the water, and…

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Locked vs Floating Mortgage Rate: Which Is Better?

Mortgage rates have been relatively consistent, but don't let that get you too comfortable. Rates are changing all the time --by how much, and whether it will be in your favor, we cannot say. We can make intelligent guesses, but we can't predict with any certainty.

However, that doesn't mean that you are entirely powerless when it comes to taking charge of the mortgage rate you qualify for. You hold a lot of power, including the ability to qualify for a lower rate by improving your credit score, buying points, and exploring the rates of various home loan options.

And here is another idea for getting a low mortgage rate in an uncertain market: get a floating mortgage rate.

Locked and Floating Mortgage Rate Compared

Mortgage Rate Lock

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Things to Keep in Mind About the Fall Market

While some potential homeowners were unable to purchase a property this summer due to fierce competition and a short supply, many experts say autumn is actually the best time to shop. With fewer people in the market to buy a home, and those who listed properties before still anxious to sell, this season creates a greater probability for better deals and price.

The biggest thing that can help facilitate real estate sales at this time of year is that most homes still on the market have been there for some time - usually a few months, according to Trulia. Sellers are more likely to bring down their prices and provide a little more wiggle room than they might have during the summer to get a deal done expediently, especially if they're looking to sell…

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