The economy has witnessed job growth for 39 consecutive months, marking the fifth-longest period of job expansion on record. Mortgage rates experienced a slight increase in the past week, driven by the absorption of strong end-of-month data from the previous week and anticipation surrounding the upcoming jobs report. Since 2019, the number of single, female-headed households, including widowed, separated, or divorced individuals, has risen by 1.4 million, with one million of them being homeowners.

In other news, despite challenges in the housing market, the traditional American dream of homeownership persists. A recent Realtor.com survey reveals that while most Americans still view owning a home as attainable, many prospective buyers are waiting for interest rates to drop below 6%. However, Millennials and Gen Z respondents show greater flexibility, with nearly half willing to buy even if rates exceed 8%. The Hispanic homeownership rate reached 49.5% in 2023, with a net gain of 377,000 Hispanic owner households from the previous year, reflecting a promising trend in the housing market.

With millions of rentals available worldwide, short-term vacation listing companies are turning the hospitality world upside-down. Homeowners are renting out their homes for music festivals, sporting events, weddings, and more. They’re turning places like Broken Bow, Oklahoma, and Knoxville, Tennessee, into popular short-term rental hubs. Unique properties made from space ships, train cabooses, grain silos, and treehouses become “Guest favorites” when they reach over 2 million views on Airbnb, while property hosts can achieve “Premier Host” status on Vrbo with gracious acts of hospitality. 

So how can you get in on the action? You and your listing have to get attention in an increasingly crowded marketplace. According to Arrived.com, it’s all about maximizing the occupancy rate—attracting bookings and limiting cancelations. Professional property managers, cleaning services, architects, interior designers, home stagers, and real estate photographers can help you and your property become superstars with top reviews from renters.

Your listing must shine in photographs to highlight the home’s stunning views and beautiful décor. To get high ratings, your property must be meticulously clean, well-maintained and landscaped. Surprise your guests with welcome baskets, coupons from local businesses, and maps and lists of fun things to do in the area.

To become a superhost, you must achieve a high response rate to renters, rent your home for a certain number of nights, and maintain a 4.8 overall rating or at least 80% 5-star reviews. Don’t overbook your home to raise your occupancy rate. Cancellation rates above 1% count against you.

The luxury homeowner’s bathroom for 2024 is more than a spa-like retreat where sumptuous comfort is paramount. It’s a step back in time to a calmer, more natural world that comes alive with a touch of 70’s boho chic.

According to the National Kitchen and Bath Association, many of the colors, textures, and sustainable materials that were popular in the 1970s are getting renewed attention for their timeless appeal, including warm treetop and fernlike greens, teak and other natural woods, and woven textures of linen, hemp, and cotton. The trick is to incorporate these elements with modern aesthetics, including minimalism, universal design principles, and personalization.

Water closets: A room within a room, the “toilet room” can be closed off with a door, screen or cabinet for privacy. It can also include a one-person sink and storage for paper supplies. 

Curbless showers: With the shower floor flush with the rest of the bathroom, spraying water is kept in check with a subtle cascading drain and strategically placed open glass door. Enhance the look and safety underfoot with a pebbled stone tile.

Unique focal points: Personalize the bath with something hand-crafted—a one-of-a-kind antique chest, rattan vanity stool, or a fine hand-knotted tribal rug from Asia. Handsomely framed mirrors should be backlit and all lights should be dimmable.

Concierge features: Make coffee or a cold drink at a built-in bar complete with a mini fridge.

New-old colors: Choose colors that have warm yellow-gold undertones, including greens, yellows, and ochre.

In a fast-moving housing market, you may conclude that you don’t need to do much to sell your homes. But, selling a home “as is” may cost you more than you know.

Your listing contract will include a clause that says the home is being conveyed “as is,” which means you’re selling the property in its current condition with no intention to make repairs or improvements. That doesn’t absolve you of responsibility to the homebuyer—you’ll still have to provide a state-mandated seller’s disclosure attesting to what you know about the home’s condition. 

If the buyer includes a home inspection contingency in the sales contract, it allows them to come back and ask for repairs before closing or they can ask for a price reduction. You can refuse, and the home will go back on the market, wasting precious marketing time. In the event that the buyer intends to tear down or gut the home, the sales contract can be drafted without an inspection contingency or it can be contingent to major systems only.

There’s also a stigma to selling “as is” which means the buyer is purchasing the property sight-unseen and will likely make a much lower offer—if they make one at all. Your home could stay on the market longer than you want, leaving you obligated to manage expensive carrying costs, including the mortgage, home insurance, HOA fees, utilities and taxes.

Ask your Berkshire Hathaway HomeServices network professional for advice before you decide to sell “as is.”

For those who aren’t married, the housing market doesn’t have to pass you by: you and your significant other, best friend, family member, or business partner can purchase a home together as joint owners. Simply decide how you want to buy, use and, eventually, sell the property to determine what form of ownership goes onto the deed—as tenants in common, or as joint tenants with the right of survivorship.   

As tenants in common, you both own shares of the property, you both have the right to use the property and you can make your own financial agreements. Either of you can sell your share of the property to a third party or pass your share to heirs.

Joint tenancy with right of survivorship (JTWROS) has specific requirements: each joint tenant must take title of their share at the exact same time, using the same legal instrument to create a JTWROS. Each tenant must have an equal interest in the property and can use and/or profit from the property equally, but shares cannot be sold or inherited, instead going to the remaining tenant(s).

The benefits of joint ownership are numerous as long as you each disclose your finances honestly and are willing to share the responsibilities of maintaining the property. You share the debt on the property, making it more affordable to own. Building equity leads to more financial security and having a clear deed that outlines your ownership rights helps to protect your interests and those of your partner.