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| Provided to you Exclusively by Bruce Gordon |
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For the Month of March 2025 --- Vol. 19, Issue 3
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| In This Issue |
"Every home is a story waiting to be told, and every story begins with a dream." - Anonymous What to Watch: Is the U.S. Economy Headed for a Slowdown? And if so, what does it mean for the mortgage market? Housing: Dreaming of owning a vacation home? Our guide breaks down the most important considerations to make the most of your investment, whether you choose to use it as a personal retreat, a rental property, or both. Home Improvement: Is your home pet-friendly? Small changes can make a big difference when it comes to keeping your pets safe and comfortable. Discover smart pet-proofing tips to create a home your four-legged family members will love. Q&A: Thinking about adding a garage onto your property but unsure whether to go with an attached or detached option? Discover some of the most important factors to consider to make the best choice for your home. Please feel free to forward this newsletter to friends, family or co-workers who may find it helpful. |
| What to Watch |
Recent reports suggest a slowdown in manufacturing, job growth, and consumer spending. Consumer spending, which drives more than two-thirds of U.S. economic activity, fell by 0.2% from December 2024 to January 2025 - the first decline since March 2023 and the largest drop in nearly four years. This slowdown directly affects businesses. Retailers, manufacturers, and service providers are seeing reduced sales and revenue, forcing smaller businesses or those with thin margins to cut costs - think layoffs, reduced worker hours, or delayed investments in equipment and expansion. The latest national manufacturing report, the ISM Index, showed slight expansion in February but declines in both the employment and new orders indices, alongside rising inflation expectations. Consumer confidence also weakened in February, reflecting shifts in consumer attitudes, buying intentions, vacation plans, and expectations for inflation, stock prices, and interest rates. Within the Consumer Confidence Report, perceptions of current labor market conditions deteriorated. The labor market continues to grow, with the U.S. economy adding 143,000 nonfarm payroll jobs in January 2025, bolstered by upward revisions of 100,000 jobs for the prior two months. December 2024 saw a stronger gain of 256,000 jobs, suggesting resilience despite cooling trends. However, hiring has softened - private sector hiring has declined for 29 consecutive months as of December 2024, the longest streak since the 2008 financial crisis. What Does This Mean for the Mortgage Market? Given these trends, combined with the Treasury Department's efforts to push Treasury yields lower, home borrowing costs have now declined for six straight weeks, tracking the drop in the 10-year Treasury yield. As bond prices rise, yields and interest rates - like the 30-year fixed rate - tend to fall. For perspective, a new administration in the White House introduces some uncertainty about the economic future of the world's largest economy. Employers may delay hiring or inventory buildup, and consumers might scale back spending - a natural response during a transition of power. Bottom Line: Falling home borrowing costs could provide a tailwind as the spring home-buying season begins. Buying a home is never easy, but perseverance pays off. Source: Mortgage Market Guide |
| Housing News |
Whether you're dreaming of a beachfront escape or a cozy cottage in the mountains, a vacation home is an exciting investment that can serve as a personal retreat and provide potential financial rewards. Of course, just like any major purchase, it's important to assess the benefits, challenges, and financial implications to make the most of your second property. Here are some things to consider as you begin your search for your perfect getaway: Finances and budget: A vacation home is a long-term commitment that requires more than just enough to cover the property's monthly mortgage payments. Also consider down payment requirements, which are often at least 10% on second homes. Then, factor in property taxes, homeowners insurance, maintenance costs, and possible HOA fees. Location: Is the property you're looking at close enough for weekend visits, or will you need to factor in additional costs and time for travel? Pay attention to how far away the amenities and attractions you plan to use the most are, especially if you want to retire to your vacation property one day. If you're considering renting your vacation property out, make sure it's in a desirable area for tourists and zoned appropriately. Rental potential and management: It's common for property owners to rent their vacation homes when not in use to offset costs. However, managing a rental property comes with its own challenges. Consider whether you'll handle bookings, guest communication, and maintenance yourself or hire a property management company. It's also worth researching when the peak seasons are for rental demand. If you're serious about buying a second property, partner with a local real estate agent who specializes in vacation homes to find properties with the best investment potential. A real estate agent with experience in this area can also explain market trends, seasonal fluctuations, rental restrictions, and tax implications to help you make the most of your purchase. By making sure you're financially prepared and choosing the right location, your vacation home can provide years of enjoyment and might even help you build wealth. Source: Realestate.usnews.com |
| Home Improvement |
Whether you're preparing to welcome a new pet into your home, moving into a new property with your current furry friend, or simply want to make your living space safer for your animal companion, there are plenty of ways to prioritize their well-being while maintaining a stylish and functional space. Here are some tips to help you pet-proof your home: Secure cabinets and trash bins: Save yourself the headache of picking up garbage after a hungry critter decides it's snack time by securing your trash bins with a latch. It's also a smart idea to store cleaning products, medications, and food in high cabinets to prevent curious paws from getting into trouble. Hide electrical cords: This one is especially important if you have a cat, rabbit, or puppy. Use cord covers or secure cables to prevent chewing. Block off unsafe areas: If there are rooms or stairways that pose risks, especially to young or elderly pets, install pet gates to keep them out. Remove toxic plants: Some common houseplants, such as aloe vera, lilies, and pothos, can be harmful if ingested. Check the ASPCA's list of pet-safe plants before adding greenery to your home. Incorporate washable rugs and runners: Rugs help older pets gain traction and can protect floors from damage. Opt for machine-washable materials to make cleanup a breeze. Create indoor play zones: If you have the room, designate a specific space for your pets that includes interactive toys, scratching posts, or tunnels to keep them entertained and prevent destructive behavior. These tips for creating a safe and comfortable home for your pet might seem simple, but they can have a big impact on your furry friend's quality of life. Sources: Tiptotail.com, Thisoldhouse.com |
| Q&A |
| What Should I Consider When Deciding Between an Attached or Detached Garage?
QUESTION: What are some of the factors I should weigh when deciding whether an attached or detached garage is right for me? ANSWER: While both options have advantages, choosing between an attached or detached garage often comes down to convenience, security, space, and cost. A garage that's connected to your home offers easy access, so you can go from your car to your house without stepping outside. This can be beneficial if you live in a climate with extreme weather conditions or have a large family and find yourself hauling lots of groceries back and forth. If you're considering adding a garage onto an existing property, an attached garage can also provide cost savings. This is because attached garages usually share some walls, plumbing, and electrical connections with your main house. However, attached garages can pose some security risks if they're not properly secured, and you may be limited in your design options depending on how much space is available. A detached garage, on the other hand, can provide a flexible space that doubles as a workshop or studio. As a standalone structure, it may also reduce noise transfer to your home, especially if you plan to work on large projects. However, detached garages require extra effort to access, especially in inclement weather, and often involve higher construction costs due to the need for separate utility lines. To make your decision, consider your lot size, intended use, and long-term goals. Check your neighborhood's guidelines to determine whether there are any regulations about where you can build. And finally, work with a professional contractor to compare different design options and estimates to make sure you have all the information you need to make the best choice for your lifestyle, budget, and property. Source: Tilghmanbuilders.com |
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