Barndominiums – The Hottest Trend

For the past few years, people have been ruthlessly shedding the excess in their lives to squeeze into a home smaller than a walk-in closet. Well, move over tiny houses, millennials are trading their minimalist, cramped space for the expansive lifestyle of the barndominium.

A barndominium is a play on words originally used to describe a living space built inside a barn or auxiliary building primarily used to house on-site employees. Over time, it morphed to include guest suites or rental units over garages and now it incorporates a new design style. Barndominiums typically are mixed-use structures, including either a workshop, garage or other utility room.

Modern barndominiums use simple barn or industrial buildings and convert them to spacious homes. Often these can be added to an existing structure, but home builders have latched on to this growing trend with building kits or quick-install prefabricated buildings. All incorporate wide open spaces; a blank canvas for the homeowner to use in creating the perfect home for their needs.

Merging farmhouse rustic with contemporary industrial style, these homes offer big open rooms that often house living, dining, and kitchen areas. Because there is minimal internal construction – few walls, open ceilings – building costs are lower than traditional homes, making this an attractive option for younger home buyers who don’t want to sacrifice style to save money.

Barndominiums bring the simplicity of an urban loft to the softer, rustic design of an upscale farmhouse. After years of craving the simplicity of a tiny house, modern homebuyers are finally taking the concept of an easy lifestyle but enjoying the luxury of expansive living space.

Considering Solar Panels?

With soaring energy costs, many homeowners are turning to solar for both their homes and their cars to save money. With solar companies touting huge monthly savings for electricity costs, how can you know what makes sense for your needs? Here are the basics of solar panels to help you start the process.

How do solar panels work?

Solar panels are positioned on your roof and absorb energy when the sun shines on them directly. The amount of energy generated will be affected by the amount of square footage of the panels. Therefore, your roof must have enough area with extended direct sunlight each day to be effective.

How to find a solar panel company?

There are a lot of solar panel companies advertising their service right now. Some companies specialize in panels as well as roofing companies adding solar as an option and big-box home improvement stores. It’s important to consider both price and expertise when choosing a contractor to install the panels. You should read reviews and get referrals before making a final decision.

How long will the panels last?

Solar panels are typically guaranteed to last 20-30 years. The amount of energy generated will decrease over time and you should choose a warranty that guarantees the amount of energy over the life of the panels.

Summary

Solar panels can offer significant energy savings and lessen your reliance on shifting prices. A solar system is also a large expense, so before purchasing or leasing a system, do your due diligence and learn your options.

10 Most Common Home Buyer Questions

Buying a new home is exciting and confusing. There are a lot of steps to buying a home, and people have questions. These are the most common questions home buyers have, and the answers.

1. How do I get started? – The first step is to speak with a lender and get a pre-approval. This will tell you, and potential sellers, how much you can afford.

2. How long does it take to close on a home? – Typically, it takes about 30-45 days once contracts are signed to complete the lending, appraisal, and inspection processes.

3. What does my agent do? – A buyer’s agent will negotiate terms and manage the closing process from start to finish.

4. How much do I pay for a buyer’s agent? – Nothing. The seller’s agent gives the buyer’s agent a portion of their commission from the seller.

5. What credit score do I need to qualify? – A 620 FICO score or higher is required for most home loan programs. Talk to a lender for other options for lower scores.

6. How much money do I need for a down payment? – It varies. FHA loans start as low as 3% and most lenders offer standard programs for a 5% down payment.

7. What other fees will I need to pay? – Closing costs and loan origination fees will add another 2-4% to the costs.

8. What if I change my mind? – Your agent will work with you to build in contingencies for condition, loan terms/approval, and other protections to allow you time to evaluate the home during escrow.

9. When do I get the keys? – Unless you’ve negotiated extra time for the sellers to move, you’ll get the keys at the closing.

10. What’s the best advice for home buyers? – Trust the experts and ask lots of questions. Buying a new home is exciting. Reduce any anxiety by finding a good buyer’s agent who can help you make the best choice for your needs.

Family Opportunity Mortgages

Baby boomers have reached retirement age. This generation is healthier and more active than their predecessors and many want to age in a home of their own. Many of these potential home buyers have fixed incomes and with soaring home prices, they are unable to qualify for a new home when they are ready to downsize. This is where a Family Opportunity Mortgage can help.

A Family Opportunity Mortgage is backed by Fannie Mae and allows you to purchase a home for your elderly parents if they cannot qualify on their own, at the same favorable down payment and interest rates as a primary residence. This is a significant advantage over loan programs for second home or investment properties.

The terms of the loan program are simple. The borrower needs a 620+ FICO score, steady employment, and enough income to qualify for both their current housing and the new loan. Total debt-to-income ratios cannot exceed 45% and that must include all the new costs. Finally, the parents must demonstrate that they do not have the income to qualify for the loan on their own. It’s important to understand that bad credit is not sufficient to use this loan program, it must be a lack of income that disqualifies them. This program can also be used to help an adult child with disabilities.

As more people choose to live independently in retirement, the need for housing will continue. By taking advantage of a Family Opportunity Mortgage, qualified borrowers can purchase a home for their parents at very favorable owner-occupied rates and terms. Make sure to talk to a licensed mortgage lender to learn more.

Modern Farmhouse Styles – The Trend Gets an Update

Farmhouse décor has been a trend for the last decade. The look combines functionality with a relaxed, lived-in feel. Pieces look slightly worn, rustic, and inviting. The ease of the farmhouse style is one of the reasons for its lingering appeal as designers look to modernize and update the look.

Modern Farmhouse style continues to emphasize a neutral color palette and sustainable materials, such as reclaimed wood and used brick but adds more sophistication to the theme. Capitalizing on the boho trend, the Modern Farmhouse style might include accent pieces in wicker or kilim rugs and pillows, warming the room and merging it with more traditional elements.

Contemporary designs such as Industrial and Scandinavian also get an update when mixed with Modern Farmhouse. The bright, light rooms of a Scandinavian Farmhouse look might include a rustic kitchen table or distressed flooring. While cold, Industrial design adds warmth with a sliding barn door entry or rich leather chairs.

The farmhouse style focuses on comfort, practicality, and an informal lifestyle. Today’s family enjoys this kind of living environment because it offers an easy and flexible design. Inexpensive accent pieces are also readily available which makes the style accessible to everyone. Modern Farmhouse is an updated version of the original, incorporating fresh looks and merging textures and palates to suit the contemporary homeowner.

2022 Real Estate Technology Innovations

Real estate is changing at a rapid pace and each year brings innovations to the industry. Pushed forward by thought leaders, the real estate industry embraces advancement of products and services quickly, all designed to stay ahead of the competition.

Here are a few tech trends for 2022 that are having people talking.

· Immersive AR/VR for Property Touring – The pandemic forced a drastic change in the way agents marketed and showed properties to prospective buyers. New technologies are using Artificial Intelligence and Virtual Reality to allow buyers to “walk through” the properties with an immersive experience.

· Digital Marketplaces for Buyers and Sellers – Nobul is leading the field with its digital marketplace. They offer transparency regarding fees and commissions and use a sophisticated algorithm to match buyers and sellers with agents who align with their criteria and values.

· Blockchain and Tokenization – Blockchain technology is used as a ledger for Bitcoin transactions, but it offers much more. Blockchain is impossible to tamper with, shows instantaneous changes, and is publicly visible. Investors are using this to bring greater accountability to the process.” Blockchain technology is also used in real estate tokenization that allows investors to purchase a small fraction of a property, lowering the entry threshold to a new class of investors.

· IoT in Property Management – Property Management can now offer smart technology systems linked via IoT (Internet of Things) hubs to bring real-time visibility and security to more properties.

The real estate industry has always embraced innovation as a way for agents to differentiate themselves in this highly competitive market and serve their clients better.

Prepping an Empty House for Sale

You read that right. Should you “prep” an empty house? This is not about adding furniture or plants to a vacant home, but it’s about looking at the empty home and making it more appealing to buyers.

Not all homes need furniture to sell for top dollar, but even a vacant home needs attention before it’s ready for showing. The key is to remove anything that would distract from a buyer seeing the home in its best light and highlight its best features.

What Should You Remove from a Vacant House?

· Anything that isn’t clean – Remove dirt from ceiling fans, baseboards, sink, dishwasher, windows, shelves, etc.

· Leftover Items – Hangers in closets, old batteries from drawers.

· Cable and Cords – Neaten walls and floors by removing or hiding.

· Worn or Stained Carpet – Replace old, damaged, stained, or dated carpet.

· Old Window Treatments – Old dated curtains and tired Venetian blinds are distracting, remove them. · Spider Webs and Dust Balls – Check those corners for dead bugs, cobwebs, and dust.

· Leave Behind Furniture – Don’t be tempted to leave indoor or outdoor furniture you no longer want.

· Dead Leaves – Clean the yard and remove all debris.

Vacant homes offer a blank canvas for buyer’s imaginations. To sell quickly, make sure the home is clean, fresh, and ready for showing by removing distractions and anything which appears old, dirty, or shabby

Tips for Staging with Plants

Natural design elements have been on trend for the past few years. Sustainable wood, stone, and fabrics add simple beauty to spaces in all parts of the home. The color palette of these materials tends to be soft beiges, creams, and browns; lovely tones but without a pop of color, create cool, drab rooms that lack personality. In keeping with the natural theme, designers and stagers are using plants to add dimension and warmth.

Decorating with plants takes more strategy than adding a pretty pot to a coffee table. Here are a few tips for incorporating plants into the design scheme that home stagers use to make a home more appealing:

• Choose Low-Maintenance Plants – Choose plants that do not require a lot of attention and water. This is especially helpful if the home is for sale.

• No Pollen – Asking ahead of time if a plant can trigger allergies will prevent issues for guests and buyers.

Mix and Match – Choose a variety of colors, heights, and textures.

• Showcase Home Features – Bight plants will attract attention. Consider a tall plant to showcase the ceiling height or a bright bloom to draw the buyer’s attention to a great view.

• Remember Stands and Pots – Make sure to choose pots or stands that complement the design of the room.

Home design has embraced sustainable, green themes. Adding lush greenery to a light-toned room will add warmth and make the home more inviting to potential homebuyers.

Could You Trust Your Partner to Pick the Right House?

Couples dream of buying a home together, leisurely enjoying a latte while dropping by open houses to look at remodeled kitchens and manicured backyards. Today’s market is quite different. Desirable homes are snapped up the moment they hit the market, often with multiple offers. Homebuyers in this climate must move quickly. This may require jumping on an opportunity without both partners adding their input.

Adding more complexity to a heated real estate market is job mobility. The US is experiencing an unprecedented job market. More employees than ever before are offering remote work environments. This business climate not only offers flexibility in living location but also the opportunity to make a career move. Making a change in location, regardless of the reason, often means one partner can travel for house hunting.

So, how can you trust your partner to find the right house?

Before starting the home search, it’s important to work together to identify what features are essential to the new home:

• Size

• Yard

• Bedrooms/bathrooms

• Schools

• Commute

• Community amenities

• Local services; shopping, restaurants, entertainment, gyms, parks, etc.

All these and more should be discussed and expectations set. Fortunately, we also have extensive virtual tools to use in the home search. Not only virtual tours, video, and drones, but a simple cell phone can easily take the absent partner on the house tour in real-time.

Can you trust your partner to choose the right house? With some honest conversation, careful planning, and technology – yes, you can!

Would You Buy Your Home Again?

Buying a home is often an emotional decision; perhaps even more so than a practical, financial decision. Real estate marketing has recognized this for decades which is why agents have emphasized curb appeal and staging to their clients. Open houses have featured the smell of fresh baked cookies and soothing music, all in an effort to appeal to the buyer’s sense of home and comfort.

Many homeowners ponder this question, along with whether they can make adjustments via remodels or additions. The fact is that our tastes, needs, and lifestyles change and evolve over time. The past few years have dramatically changed the way we look at our homes. More people than ever before now work from home. That cute cottage or condo might have been the perfect home base for evening and weekend activities, but fall short of the ideal full-time work space.

On the other hand, some homeowners have realized that they have under utilized their property. During the pandemic, we saw home cooking, gardening, and crafts boom. Yards have been redesigned to include vegetable beds and fruit trees. Kitchen remodels have emphasized cooking space and gathering areas for family.

For anyone who has lived in their home for 7+years, it’s natural to wonder if the property still suits their needs. Families grow and contract, lifestyles and jobs change, and as life moves on, homeowners should periodically ask themselves if they would buy their current home today.

Two Ways Homebuyers Can Win in Today’s Market

It’s no secret that many prospective homebuyers are finding the current real estate market challenging. One of the more unexpected consequences of the Covid pandemic was the hyper-focus on one’s home. This has resulted in a robust market where sellers are seeing advancing home sales prices and multiple offers.

While competition is fierce, clearly for sellers to sell, they need buyers. If your goal is to find a new home this year, there are a couple ways you can maximize your ability to have your offer accepted.

Two Ways Homebuyers Can Win in Today’s Market

1. Act Early - There are a couple reasons why home buyers should start early this year. With rising inflation, interest rates are likely to rise this year. While conventional wisdom may suggest lower real estate prices with an increase in mortgage rates, this is a gamble. Lower interest rates can not only save homeowners thousands of dollars over a 30-year term, but also provides better buying power with lenders, providing more choices.

2. Buy Now and Move Later - The rapid pace of the current market affects not only buyers but sellers as well. In a typical market, sellers often have weeks or months to find their replacement property. Buyers can sweeten their offer by asking about the sellers needs and allowing them extra time to move, offering to close quickly but renting to the sellers for 2-3 months to allow them time to find their new home.

The bottom line is that home loan rates and home prices will likely continue to advance throughout 2022. Potential homebuyers who move quickly can maximize their buying power and ability to win the home.

How to Survive Your Neighbor’s Construction Project

Any kind of construction project is loud and dirty. For homeowners starting their project, they have the anticipation of the finished product to look forward to. But what if the project isn’t your own but your neighbor’s? You have all the hassle with none of the excitement of the result. Having construction going on next door is never fun, but you can mitigate the negative aspects by following a few tips.

Talk to Your Neighbor, Then Talk to the Contractor

In a perfect world, your neighbor will come to you first, but this isn’t always the case. At the first sign of construction, get in touch with the owners and discuss the scope and timeframe of the project. Discuss any specific issues or occasions you have planned that the project could impact, such as family illness, new baby, or backyard celebration.

Noise and Dust

Plan to be away as much as possible during the project. Keep doors and windows closed to prevent particles from entering your home, that can cause health issues. Check with your local building department to understand the hours that a construction company can work and work with your neighbor to hold them accountable. Finally, remember that this will end. You may need to live next door to the owner for years to come and maintaining a good relationship with your neighbors is more important than a few weeks of hassle.

How to Buy from the Best Home Builder

Whether you plan to buy a single-family home, condo, or townhouse, buying in a new development can cause years of issues if you don’t choose a property with a solid, reputable home builder.

It’s exciting to consider buying new construction, a brand-new home suited to your specific needs and taste. Yet unlike the resale homes, there are no previous owners to provide disclosures detailing issues with construction, lot, or property. In this case, one is relying on the builder to provide a high-quality home in both construction and materials.

As with any home purchase, doing your homework ahead of time can save you thousands of dollars over the long run. Start by researching the builder of the subdivision. Check for other projects, both current and past. Visit any projects still available and drive by the other properties to see how the homes have weathered. Watch for signs of repairs, such as new roofs or paint.

When visiting the model homes, watch for the qualify of construction. Do the doors and drawers open and close smoothly? Are the floors finished at the baseboards neatly? Ask for a tour of unfinished homes as well. Check to see if the workmanship is uniform and careful.

Finally, have a home inspection before closing on the property. A staple of the resales housing market, few homebuyers of new construction consider it. By taking the time to do your research ahead of time, you can make the right choice in a new home.

Selling a Property with Tenants in Place

The strong seller’s market has prompted homeowners across the country to consider selling their homes. What if your property is a rental unit with tenants in place? Can you still sell and take advantage of the rising home values? Yes, by understanding the steps and following a few tips, you maximize your profit in this strong market.

The first step in selling your home with tenants in place is to understand your rights and responsibilities. The kind of lease you hold will determine if you can simply give notice to the tenants or if the new owners will buy the home with a lease in place. Only month-to-month leases can be terminated unilaterally with proper notice.

Next, meet with the tenants and discuss the situation. Explain your reasons for selling and assure them that you wish to make it as easy as possible. Offer to sell the home to the renters first, and then discuss any future plans they may have. If they can’t or don’t want to buy the property, you may be able to offer them money to move. Your goal must be to have the cooperation of your tenants so they will help facilitate showings and maintain the home.

When you have tenants, who will remain in the home after the close due to their lease, then you must disclose the lease terms to the buyer. The new owner will be legally obligated by the lease. In a strong market, you may find a buyer willing to wait for the expiration of the lease, even if they intend to occupy the home.

Selling with tenants in place doesn’t have to be difficult. Do your homework, understand your obligations and be transparent with the renters and potential buyers. This way, you make it easy on all parties and can reap the reward of high home values.

Sellers: Expect Multiple Strong Offers this Season

The winter season has traditionally been a slower time for home sales. The guidance in the past has been to wait for the warmer months of spring before listing. However, the current real estate market has created a strong seller’s market and if you’re considering a move, it may be better to sell now rather than risk a slowdown if interest rates rise in the coming months.

Well-priced homes have always attracted multiple offers. Often these proposals varied in strength, allowing the seller to easily make the best decision based on price and terms. In this current climate, with inventory so low, well-qualified buyers are searching for homes and making swift decisions. As a result, sellers are receiving multiple, strong offers.

According to recent data by the National Association of Realtors®, the average seller receives 3.7 offers on their home. These are typically well-qualified, serious home buyers and many are all-cash. While this is a good “problem” to have, it can also lead to confusion as sellers struggle to choose the right offer.

Working with your agent, consider each offer carefully and review both price and terms, such as contingencies and close date. Remember that the value for any buyer financing the purchase will be subject to an appraisal; this will prevent you from accepting an unrealistic offer that may cost you time and money if the appraisal doesn’t support the value and you need to start over.

The bottom line is that this is a great time to sell your home. If you’ve been considering a move, no need to wait for spring.

Home Decor Goes Back to the Future

It was only a matter of time until home designers looked to the 1980s for inspiration. Showrooms are looking more like a TV set of the Golden Girls rather than the bland, gray-toned backdrops of the past few years. Color, shapes, and playfulness are making a comeback.

Bringing rooms back to life is the theme for this design trend. What’s New?

• Round Shapes – Gone are the sharp edges and squared-off furniture. Round tables, sofas, and chairs are making an entrance this year.

• Lower Furniture – Just like its mid-Century modern cousins, 80’s furniture was lower to the ground than contemporary styles.

• Color – 1980s seafoam green and peach have morphed into teal and mauve this season and taking center stage in home décor.

• Rattan – Rattan furniture is no longer for retirees in Florida or vacation condos in Hawaii. This versatile material is now a mainstay in homes. Consider a piece or entire room of rattan furniture to brighten your space.

• Lucite – Clear furniture offers an illusion of floating in the room. Small spaces become larger by adding clear chairs or accent tables.

• Ceramics – Shell-shaped lamps and art deco styles vases are an essential decorating element for the 1980’s style.

• Kitsch – Pop Art pieces are back.

Think Andy Warhol prints and oversized novelty decorations like oversized pencils or giant teacups. Fun is the essential theme of the 1980’s style. As designers put a modern twist on an old décor, more homeowners are dusting off their 80’s décor and adding a bit of whimsy to their home.

What Does Pending Sale Mean?

Buying a home is a process. Once a buyer writes an offer, with the assistance of a Live Oak Realtor, and has it accepted, the listing is placed in a state called “pending sale.” During this stage, the principals involved perform all the elements of the contract, and once complete, the title is transferred to the new owner.

Sounds simple, but this stage can become incredibly stressful if the contract milestones are not met on time, or if problems are uncovered. Typically, a home sale outlines the term for escrow of 30-60 days. During this time, inspections are completed and reviewed, the appraisal is ordered, and final loan approval is obtained. If there are no delays, the escrow will close on time and the buyer gets the keys to their new home.

Unfortunately, there are often delays in this process, which can cause the sale to drag on. Some common hiccups include negotiated repairs, financing or credit issues, appraisal problems, missing paperwork, and title issues. However, our Live Oak agents are trained to help buyers and sellers navigate these issues.

At times, delays become excessive and either buyer or seller may be ready to move on. All contracts have milestones and benchmarks which outline by what date each step in the process must be completed. When these dates are passed, then the other party can make a demand to perform or close escrow. Working with an experienced real estate agent can help ensure you are protected from unnecessary delays during the pending sale.

The LO Down

Live Oak Real Estate is founded on the concept of growth and change. Our owners knew going into this business that their goal was to create a brokerage with agents who are ready and equipped to revolutionize their market. How do we, at Live Oak, equip ourselves? Through continual education, discussions, and constant motivation! With this concept in mind, our owners built The LO Down Podcast. 

The LO Down Podcast revolves around the importance of mindset in business and life. You will notice that Dustin Thomas and Andrew Fleeman bring fun and light to real life situations in the Real Estate world. Both of our hosts have experience in buying, selling, building, flipping and investing in real estate. Where their expertise caps, they are eager to bring business owners and entrepreneurs with drive and experience to guide us through their unique success story. 

Dustin and Andrews main goal for The LO Down Podcast is to give faith to anyone hovering over that line, wondering if they should take that leap of faith. Our host will not only give you the push, but are here to educate and encourage you through your journey. 

Check out their newest episode releasing tomorrow titled The Importance of Mindset in Business and Life. You can find this episode, along with the previous post, on all podcast platforms. 

Written by Brooke Harrell

Live Oak Goes To The Fair

Growing up, going to the town fair was a magical experience. I can see the colorful lights flashing, smell the yummy fried food, and hear the screams of kids being tossed around in the spinning rides. I think we can all agree that the fair brings our community together, in one place, for lots of memories made. 

Live Oak prides ourselves on being community focused. We love to be a part of community events where we can meet new people and begin building those strong connections! What better place to do that than the fair?

September has been full of opportunities to immerse ourselves in the community. You may have seen our green tent at the Paragould Fair, Jonesboro Business Expo, or the Jonesboro Fair. We’ve had the chance to talk with people, make great connections, and even raffle off a TV!

If you haven’t had a chance to stop by, we will be at the Jonesboro Fair through the end of this week. Come see us at the big green tent!

What Are Your Real Estate Goals?

Invariably, the first time you meet or speak to your Live Oak Real Estate agent, the same prompt starts the conversation: “tell me about yourself and your real estate goals.” Seems simple enough to answer. “I need more space” or “I’m ready to downsize” are common answers.

While these answers may be at the heart of the decision for change, they neglect to provide the concrete data your agent needs to identify the right prospective homes. This in turn leads to frustration and wasted time and energy—on both sides—and ultimately will not help find the best housing option for you.

Before meeting with your Live Oak Agent, consider the specifics of what you need. For example, when explaining that you need more space, be specific about what that means. Do you need more bedrooms for a home office or a new baby? Would you like to have a larger kitchen or a bigger yard? In other words, what does “space” mean to you?

Discuss specifics about your lifestyle as well. Would one “great room” be a better configuration than separate living and dining areas? Would you like to live close to a park or school? Would you value a private, gated community? These are just a few of the specifics your agent needs to know.

Our agents want to provide you the best options to tour; not only is that a good use of your time, but theirs as well. There is no reason to see 25 homes each weekend if only 4 of them suit your needs. By having clearer conversations upfront, you can save valuable time and find the right home faster.