Why You Should Have a Monthly Budget

Many people reach the end of the month and wonder where their money went. Unplanned and unnecessary purchases can make it difficult to finance long-term goals and may even cause you to struggle to cover necessary expenses today. Creating and sticking to a budget can help you focus on your priorities and meet your goals.

Find out Where Your Money Is Going
By creating a budget, you can see where you’re spending money. It’s easy to make several small, seemingly insignificant purchases and then wind up without enough left over for essentials like housing and car payments. Accounting for each dollar will help you figure out if you’re spending more than you realize on things that aren’t really important.

Work Toward Your Goals
If you know that you’ll need money for an important purchase or retirement, or if you want to build up an emergency fund, budgeting can make it easier. A long-term goal can seem more achievable if you look at your budget and identify small changes that you can make on a regular basis that’ll add up to substantial savings over time. By paying close attention to how much you spend each month, you’ll know if you’re in danger of falling short and will be able to find areas where you can make adjustments to stay on track.

If you want to take out a loan to buy a car or a mortgage for a house, you’ll need to figure out what you can comfortably afford. Knowing how much you spend for other things each month can allow you to see how much you have left over to cover new debt. You’ll then be able to decide if you need to make changes so a loan will be more manageable.

Encourage Family Members to Work Together
People approach the issue of money in a variety of ways. If you and your loved ones have different priorities and approaches to spending and don’t communicate, it can be difficult or impossible to achieve your goals. Creating a family budget can help you avoid conflicts and misunderstandings.

Focus on Financial Security
Budgeting is especially important if you have a limited income or if you’re trying to achieve a long-term goal. Creating a budget can provide you with helpful insight into your spending habits, but that information will only be beneficial if you use it to make sound decisions. Figure out what your priorities are, take a careful look at where your money is going each month, and figure out what changes you can make so that more of your money will go toward things that are truly important. Discuss your goals and plans with family members so you are all on the same page.

Good Reasons to Buy During the Holidays

Did you know that the holidays are among the best times of the year to buy a home? Put a giftwrapped set of house keys under your Christmas tree and ring in the new year with a new abode you’ll love. Here are a few reasons why now is the time.

Home prices aren’t going down. The U.S. Economic Outlook from the National Association of REALTORS in September 2019 predicts that this year will end with a median national home price of $269,600, while home prices in 2020 will reach $278,500, a difference of $8,900 or 3%. In fact, home prices steadily rose for 89 months as of July 2019.

Mortgage interest rates are favorable. Advises Mortgagereports.com, mortgage interest rates are at or near three-year lows and are expected to stay low, making it possible for fall homebuyers to lock in record-low interest rates. That’s something to give thanks over in November! Lower rates make homes more affordable than they were a year ago, when rates were higher.

Less competition for homes. Over 51% of homes were sold in less than a month in July 2019, as families were pressed to move into their new homes before the new school year that begins every August. Housing traffic historically slows down in cooler weather. Sellers may be more willing to negotiate if they know you’re serious about buying a home. Get prequalified for your loan and be willing to move during the holidays, and you could score a great deal.

Staged Homes Sell Faster

In a survey released this year, the National Association of REALTORS found that 83% of buyers’ agents said that staging helps homebuyers visualize themselves living in the home and influences them enough to make higher offers.

Sellers’ agents report that homes sell faster and for more money. Over half said that staging sells a home faster, and about 22% say offers improve by 5%, while 17% reported improved offers of up to 10%. Two percent say offers increased by over 20 percent – over $50,000 for a median priced home, reports Housingwire.com.

These are just a few of the advantages to staging your home to sell, but there are other benefits for home sellers. 

Staging gives you a deadline. Getting your home ready to sell can seem overwhelming, but you don’t have to list it until it’s complete. Online photos and agent showings should showcase your home at its best – decluttered, freshly painted and staged with new furniture and accessories.

Staging gives you great ideas. You’ll learn a lot about making rooms flow, creating focal points, improve lighting, and how to use color.

Staging helps you decide what to keep or discard. If your furnishings are hand-me-downs, out of date, or not your taste, why take it all to your next home? Staging can help you determine what you love so you’ll have far less stuff to move.

Ask your Berkshire Hathaway HomeServices network professional if staging is part of their service or to recommend a good stager.

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Happy Thanksgiving from all of us here at Berkshire Hathaway HomeServices Showcase Properties!