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IBuyers Flipped 1 In 5 Homes To Institutional Investors In 2021

In one ‘hot spot within a hot spot’ — McDonough, Georgia — 70% of homes flipped by iBuyers like Zillow Offers and Opendoor were resold to institutional investors, many without being listed.

One in five homes resold by iBuyers Zillow, Opendoor and Offerpad in 2021 ended up being flipped to institutional investors and other private entities, “a secret pipeline” with the potential to exacerbate inventory shortages in markets where iBuyers are active, according to a Bloomberg analysis.

Bloomberg’s analysis of 100,000 property records compiled by Attom Data Solutions found that iBuyers were 60 percent more likely to flip homes to investors in predominantly non-white areas, with thousands of homes sold to landlords backed by KKR & Co., Cerberus Capital Management, Blackstone Inc., and other private ventures.

In one “hot spot within a hot spot” — McDonough, Georgia — Bloomberg found that 70 percent of homes flipped by iBuyers were resold to investors, many without being listed. Located 30 miles southeast of Atlanta, McDonough is two-thirds African American.

“These companies go around saying, ‘We’re going to help mom and pop and inject liquidity into the market,’” Inman contributor Mike DelPrete told Bloomberg. “They don’t say, ‘We’re going to suck up houses from the ordinary market and sell them to Wall Street.’ ”

Although Zillow announced in November that it was closing down its iBuying service, Zillow Offers, it’s still in the process of selling off homes it acquired.

Zillow spokesman Viet Shelton told Bloomberg it’s common for iBuyers to sell homes through “varied sales channels” including families, small investors and institutional landlords and nonprofits.

An Offerpad spokesperson told Bloomberg its sells most of the homes that it buys to individuals, but the company has “a diverse mix of customers that benefit from the ease and simplicity of our services,” and that “where investors choose to do business is a function of their strategy.”

Offerpad, which went public last fall with a $2.7 billion valuation, is seeking to take on more than $600 million in additional debt to buy more homes as it expands into new markets.

Opendoor — the leader in the category, with 15,181 homes bought and 5,988 sold during the third quarter — is also taking on hundreds of millions in debt to fuel growth.

Investors bought 18 percent of U.S. home sold during the third quarter — the highest share in records going back 20 years, Bloomberg reported, citing research by Redfin Corp., which has also dipped its toe into iBuying.

But iBuyers say that they’re still relatively small players in terms of overall market share, and shouldn’t be blamed for the remarkable runup in home prices during the pandemic. An analysis by Zillow concluded that during the second quarter, iBuyers collectively accounted for 1 percent of the U.S. home sales market.

Bloomberg pulled deed records from a national database of iBuyer transactions compiled by Attom Data Solutions and matched records where the seller’s name corresponded with an entity used by Offerpad, Opendoor or Zillow. Buyers whose names didn’t appear to be a person or a family or living trust were categorized as an investor or “other entity.”

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Enjoying Your Outdoor Living Space in Winter

However, if you’re anxious to have an outdoor get-together with friends and families, the cold weather doesn’t need to stop you! Read below for some ideas on how you can still enjoy your outdoor space in the colder months.

Bring the Heat

If you’re inviting company over for an outdoor get-together, a heat source needs to be your first priority. A firepit or outdoor fireplace will not only keep your guests warm, it will also help bring some ambience to your outdoor space. And if it’s a new purchase, then you already have a great conversation piece (and an excuse for bringing guests over in the first place!) If you don’t have space for a firepit, or you’re looking for a more affordable option, don’t worry- a portable outdoor heater will be sufficient for most cold weather. You can also invest in some heat lamps to place above or near the seating area.

In addition to your heat source, make sure to decorate your outdoor living area with warm blankets (wool, fleece, or flannel will be your best options). Serving hot beverages such as coffee, hot cocoa, or tea will also help to keep your guests warmed up.

Furniture & Covering

To fully utilize your patio or garden during the winter months, you’ll want weather-resistant furniture. You’ll be more likely to enjoy your outdoor space if you don’t have to bring furniture out of storage every time you plan to use it. Materials such as teak and polyresin wicker are best for withstanding the elements, and should last for many winters. However, make sure to cover the furniture when you’re anticipating rain or snow to ensure the best longevity.

Bring out cushions and pillows when you’ll be spending time outside. Along with the blankets mentioned earlier, this will help make sure your guests are comfortable and cozy.

Light it Up

You may already have string lights, lanterns, or other outdoor lighting fixtures to decorate your patio or backyard during summer. These will be even more important in winter, since it will get darker much earlier. Paired with a firepit, the right lighting can provide your space with the perfect ambience for a small party or barbecue.

Don’t forget to add track lights or path markers if your guests will need to navigate through the yard or driveway. If you currently have your outdoor lights on a timer, you may need to adjust the timing for winter hours.

Outdoor Dining If you’ve been anxious to grill again, I have good news- you can fire up that grill in any season! If you often host barbecues during the summer, you may want to evaluate your usual menu and adjust for warmer, winter-appropriate selections (if necessary). To keep yourself warm when the grill top is down, consider investing in a heat lamp for the cooking area. While your guests are waiting for the main course, hand out some marshmallows and stickers to roast over the fire.

By our Preferred Vendor, Choice Home Warranty.

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Did you accomplish your real estate goals in 2021?

With all the craziness that happened in 2021 were you able to accomplish your real estate goals for the year and have you set new goals for 2022?

Are you, or someone you know, considering buying, selling, or investing in residential or commercial real estate within the next 12 months?

Buying? Interest rates remain at historic lows in the low to mid 2% range which gives buyers more buying power and bang for their buck. Are you wondering how much you might qualify for and need the name of a trusted residential or commercial real estate lender? We can help.

Selling? Inventory is still very low and as a result the basic law of supply-and-demand applies now more than ever in the real estate market. So if you have been considering selling, right now would be the time to take advantage of selling at the peak of the market.

Additionally, selling in the winter months when your competition is lower than the springtime will even further your opportunity to get top dollar for your property.

Investing? It’s always a good time to invest in real estate and in fact, despite the amazing run the stock market is having right now, real estate has outperformed stocks by a 2 to 1 ratio for the last 20 years and there are no indications that will change anytime soon. So even if you are currently invested heavily in stocks, real estate is always a great way to diversify your investment portfolio. https://www.investopedia.com/investing/reasons-invest-real-estate-vs-stock-market/

Refinancing? Simply refinancing and dropping your interest rate by as little as 3/4% to 1%  could save you several hundred dollars a month on your monthly mortgage. Need the name of a trusted residential or commercial real estate lender? We can help.

Renovating? You’ve owned your property for a while and you are still fond of it, but it’s no longer exactly what you need/want, or, you are concerned you won’t be able to find exactly what you are looking for in this competitive market, and you question whether or not you should put it up for sale and move on, or upgrade and settle in for the long haul? We can help answer that question.

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FILING FOR HOMESTEAD EXEMPTION IN 2022

Homeowners may need to provide their Warranty Deed book and page, proof of residence,
social security numbers, driver’s license and car tag info. In most counties, to be eligible for
the current year, you must have owned and occupied the property as of January 1 st . If the
property is located within city limits, the homeowner may be required to file with the city as
well.

Cherokee County – deadline is April 1, 2022 678-493-6120
http://www.cherokeega.com/Tax-Assessors-Office/homestead-exemptions/

Clayton County – deadline is April 1, 2022 770-477-3311
http://www.claytoncountyga.gov/government/tax-commissioner/exemptions

Cobb County – deadline is April 1, 2022 770-528-8600
http://www.cobbtax.org/property/exemptions.php

DeKalb County – deadline is April 1, 2022 404-298-4000
https://dekalbtax.org/file-homestead-exemption

Douglas County – deadline is April 1, 2022 770-920-7272
http://www.celebratedouglascounty.com/340/Exemptions

Fayette County – deadline is April 1, 2022 770-461-3652
http://www.fayettecountytaxcomm.com/subpages/Exemptions.asp

Forsyth County – deadline is April 1, 2022 770-781-2106
http://www.forsythco.com/Departments-Offices/Board-of-Assessors/Homestead-Exemption

Fulton County – deadline is April 1, 2022 404-612-6440
http://www.fultonassessor.org/exemptions/

Gwinnett County – deadline is April 1, 2022 770-822-8800
https://gwinnetttaxcommissioner.publicaccessnow.com/HomesteadExemptionApplication.aspx

Henry County – deadline is April 1, 2022 770-288-8180
https://www.henrytc.org/#/property

Paulding County – deadline is April 1, 2022 770-443-7581
http://www.paulding.gov/index.aspx?NID=89

This information was provided by one of our preferred closing attorneys Neel, Robinson, & Stafford, LLC. All rights reserved. NRS has multiple offices to choose from including Glenridge, Buckhead, West Cobb, Inman Park, Alpharetta, and Acworth.

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Home inventory hits all-time low

Fewer homes were available in November than in any period on record, driving prices 15% higher than last year, Redfin reports. Home inventory has grown even more scarce as the number of houses on the market reached an all-time low last month, Redfin reports.

The seasonally adjusted number of homes for sale was 18 percent lower in November than it was at the same time last year, according to a new report from Redfin’s data team.

This tighter inventory was part of a broader picture that drove home prices 15 percent higher than their November 2020 levels, reaching a median sale price of $383,100 in November.

“I wish I had better news for homebuyers this holiday season, but in many ways the housing market is more challenging than ever,” Redfin Chief Economist Daryl Fairweather said in the report. “At least buyers have the benefit of low mortgage rates. But by next year, inflation may spread to more consumer goods.”

For the second consecutive year, these numbers defy traditional expectations of a steep seasonal slowdown in the home market in the late fall and winter months. For well over a year, the pandemic’s disruptions — and the low mortgage rates that have accompanied them — have driven an extraordinary level of activity as new buyers entered the market and sellers looked to take advantage of sky-high prices.

Still, there were signs that the market might be easing off the gas.

Homes spent an average of 22 days on the market in November, Redfin reports. They were selling a week faster on average than the same time last year, but also a week slower on average than they were during the frenzied month of June.

Homes were also a bit less likely to sell above list price last month. Approximately 44 percent of homes sold above list price in November, the result of a significant decline from 56 percent in June. Sale-to-list price ratio remained above 100 percent nationwide, but had declined a full 2 percentage points from June.

In the long run, rising mortgage rates and inflation levels could place downward pressure on home price growth, Fairweather said in the report.

“So even though our new year’s forecast includes more listings and slower home-price growth, buyers may feel so pinched by other expenses that they have to reduce their housing budgets,” Fairweather said in the statement.

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Zillow cancels 400 Zillow Offers contracts due to closing restraints

Hundreds of sellers awaiting new builds will have to sell their homes another way after Zillow canceled contracts for closings set for late 2022 through its defunct iBuyer, Zillow Offers.

Key Moves Real Estate Investors Should Make Before The End Of 2021

Whatever your goals as an investor, now’s the time to take stock and determine the best way to close out 2021 in order to position yourself for success in 2022. Here are some things to keep in mind.

The end of the year is often a time to tie up loose ends and get one’s finances in order. For investors, it might mean reassessing their portfolio, making some tactical purchases, reallocating funds and making a strategy for the year ahead.

Whatever your goals as an investor, now’s the time to take stock and determine the best way to close out 2021 in order to position yourself for success in 2022. Here are some things to keep in mind.

Tax-specific moves

Minimize capital gains taxes

For investors who have earned capital gains over the course of the year, now is the time to think about putting those capital gains into a new investment to avoid costly taxes on them.

“You might want to consider investing in an opportunity zone,” Jilliene Helman, CEO of Realty Mogul, told Inman in an email. “Any investor facing a capital gains tax bill can defer the tax by investing in an opportunity zone. Profits from the sale of any investment asset — including stocks, a business, or real estate — invested in a Qualified Opportunity Zone (QOZ) within 180 days from the asset sales date receives a full deferral of capital gains tax due through the end of 2026.”

Take advantage of 1031 exchanges

Similarly, anyone who is looking to avoid capital gains taxes through a 1031 exchange, essentially swapping one investment property for another and deferring the taxes, would be wise to get moving on a deal as soon as possible. Within 45 days of selling a property, the replacement property must be declared. A qualified intermediary must also be used to oversee both transactions, holding the profits of the first until the second transaction is completed.

“You do want to speak with either a tax attorney or an accountant, about 1031 exchanges before doing one,” Spark Rental Co-Founder G. Brian Davis said during a December 2020 episode of his Live Off Rents podcast. “And you will need to bring in a qualified intermediary, which does not have to be a professional. They don’t need to be licensed or anything, but they can’t be you and they can’t be your immediate family member. And they can’t be someone who’s already serving as your agent, such as a realtor or an attorney, property manager, someone who is already working for you in some sort of agent capacity.”

Make capital improvements

Depending on the job and what the current demand is like for home improvements in a specific market, there may still be time to make capital improvements to a property too, which are tax deductible. Any permanent structural change to a house, like installing a new septic system, adding a porch to a property or installing new marble countertops all fall into this category.

Consider a REIT

Helman also advised that anyone who is concerned about inflation or stock market volatility consider participating in a private placement deal or a real estate investment trust (REIT) because the generated value from these investments has the potential to increase in an inflationary environment.

“Twenty percent of all U.S. dollars in circulation were created in the past 12 months,” Helman said. “And that figure closely corresponds to the appreciation many real estate markets have seen in the same time period. REITs or private placement real estate investments (especially those investing in equity specifically) can benefit from inflation relative to fixed income investments or fixed rate debt, as you can charge higher rents at the properties in an inflationary environment and capture additional income, potentially.”

“Fixed income [or] locked rate debt investments can get crushed by inflation,” she added, “as your yield becomes inferior to what the market is paying post-inflation.”

Property-specific moves

Consider buying another property

If you have the available resources to invest in another property, consider whether or not it makes sense to do so now, factoring in your investment goals as a whole. Doug Brien of Mynd and Gary Beasley of Roofstock, experts in the single-family rental sector, recently gave a sound recommendation for investing in single-family rentals now, during a panel at Inman Connect Las Vegas.

“If you have a long-term view and the right financing … the risk is relatively low,” Brien said at the time.

Individuals interested in the short-term rental space may also want to pull the trigger now, while short-term rental demand is at peak levels and mortgage rates are still relatively low.

Look for sellers on a deadline

For any investor looking to buy a new property within the next month, Helman said a good strategy is to seek out deals with a seller who needs to close before the end of the year, since the investor, as a buyer, may have a bit of leverage to work with.

“Real estate is inherently an irrational market and there may be sellers willing to sell for cheaper in order to close before year-end for their own personal tax reasons,” Helman said.

Evaluate your existing portfolio

On the opposite end of the spectrum, with home prices continuing to skyrocket of late, it’s also a great time to unload properties that are no longer worth the responsibility.

“Because property values are so high right now and attractive mortgage rates are driving an increase in buyer demand, now’s a really good time to sell a home,” Maurie Backman wrote in a recent post for Millionacres on end-of-year tips for short-term rental investors. “Think about whether that makes sense for you.”

Price short-term rentals competitively
Depending on a short-term rental property’s location, demand can surge this time of year (in a ski town) or it can dwindle (in a beach town). Monitoring traffic and using dynamic pricing tools can help property owners get the most bang for their buck as demand fluctuates.

“Keep in mind that because of generally strong demand, you might manage to command a higher price for your rental than you normally would,” Backman advised on Millionacres. “See what other properties in the area are asking for rent, and come up with a strategy that works well for your home.”

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Tips for finding private money lenders to completely fund your investments

To leverage more deals than you have cash for, you can obtain capital from private money lenders. Unlike a traditional mortgage loan, hard money lenders care more about your real estate track record than your credit score. They want to be protected by having a first deed of trust—or the primary mortgage—on the property. That means their money is secured by a hard asset. If you don’t pay, the property serves as collateral.

Unlike hard money lenders, private money lenders are more relationship-based. They may even be a friend or family member.

Before we delve into finding lenders, it’s important to know how to use private money. The simple answer? Any way that you and the lender can agree to. You can use it for buy and hold, fix and flip, and everything in between. Lending terms can be short or long term; money can come in lump sums or installments, with or without interest payments, with profit-sharing or not. The possibilities are only limited by you, the lender, and the creativity you both bring to the table.

Now that you know what private money is and the ways you can use it, let’s answer the first question this article poses: “Who should I approach to raise the equity capital?” There are three circles of people you can reach out to fund your deals.

Related: Creative Financing: 5 Outside-the-Box Tools Savvy Investors Use to Build Wealth

The primary circle
This circle is made up of family, friends, and acquaintances. It could be a parent, aunt, coworker, the goalie from your rec soccer team—any individual you personally know. Many real estate investors find their first funding from this circle. Why? Because there’s a low barrier of entry. Also, they are inclined to say yes because they know you and hopefully would want to partner with you.

There are, however, negative aspects of raising money from friends and family. They may not be knowledgeable enough to know the difference between a good and bad deal. Be very clear about the risks. Make sure your lender truly has enough money for the deal and could afford to lose the investment if it goes south. Otherwise, the deal may sour the relationship.

This circle can provide that essential initial source of funds—like an earnest deposit money. Using money from primary circle lenders gives you time to create value by locating and locking up deals so that you can raise additional money.

The secondary circle
The secondary circle of investors is the friends and colleagues of your primary circle. The bigger your primary circle, the bigger your secondary—so get out there and make more friends and contacts through the BiggerPockets Forums and other social networking groups. Your secondary circle is, appropriately, the second-best source for raising capital. They’ll generally be receptive to listening to your proposal, given that your primary circle’s mutual contact gave the nod of approval.

But take the good with the bad: It will likely take more time to raise money, since this group is less positively inclined to say yes. You’ll need to prove your worth by preparing an investment presentation and meeting investors face-to-face.

The third-party circle
This circle consists of people you don’t know personally, like investors removed from your network. This circle is the biggest capital pool that you can access, but it takes the longest to convert them into capital partners since they don’t know you personally or professionally.

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Should You Raise Private Capital for Your Next Investment Project?

Just like private investments are not for everyone, raising private capital is not for every company. However, compared to other funding options, raising private capital is appealing to many small companies looking to take their business to the next level.

There are a few reasons for this. Private capital doesn’t cost as much or take as long as a public offering. It also doesn’t have the pressure of immediate repayments like debt, and it opens up greater access to more significant and higher-quality assets than self-funding.

If you’re considering raising capital from passive investors for your real estate ventures, you need to ask yourself hard questions. Doing private capital right versus wrong could mean the difference between taking your business to the next level versus facing potential legal headaches—not only from investors, but also from the SEC and state securities regulators.

Let’s start with who raising capital from private investors is not suitable for.

1. This is your first rodeo

You should never start in a new investment class or industry with investor capital. And you certainly shouldn’t take investor capital if you’re not prepared or organized. You should already have experience in the industry and asset class in which you’re trying to raise money, and have a clear business objective and plan for achieving that objective.

If you’re unsure about any of the following key elements of the potential asset or investment, don’t take private capital.

• You’re unsure about current market trends involving your target asset.
• You’re unsure of the demographics or key economic metrics of the area or neighborhood you’re targeting. If there are fundamental market movements you’re missing, such as an exodus of workers, then you could be putting yourself in harm’s way.
• You don’t have experience with number crunching, and you’re not good at estimates, spreadsheets, or bookkeeping.
• You don’t have a team to compensate for your deficiencies with numbers, organizing, marketing, networking, etc.
• You haven’t conducted due diligence on or even inspected your target asset. Your investors will be doing due diligence on the asset. If you’re not prepared to answer questions based on your due diligence, don’t bring on investors.

2. You covet investment capital but don’t understand the actual cost of that capital

Raising private capital is not cost-free or labor-free. If you don’t understand or are not willing to learn about all the ins and outs of what it will take to launch a private offering, then you shouldn’t go down this route. Here are some of the expense and time demands to consider.

• Professional fees and third-party provider expenses to prepare legal documents, financial statements, and marketing materials.
• Personal time required to prospect and engage investors.
• Time and expense required to prepare supporting materials to pitch to investors, including an executive summary (offering memorandum) and financial statements

3. Like your investors, you’re looking for a passive solution

There is no such thing as a turnkey private offering solution. Raising private capital will require experience, knowledge, and expertise on your part and, at the very least, oversight to guide the capital raising process to its end goal. You may hire the best professionals and third-party providers to assist you in your venture, but if you’re not willing to oversee their work, then raising private capital is wrong for you. Here’s why.

• If you’re not willing to review offering materials prepared by attorneys, mistakes can cost you. Attorneys can provide the legal framework for your offering materials, but they can’t describe your business or terms of your offering as you intend. The only way to ensure accuracy is for you to review the docs.
• If you hire licensed brokers, you can get railroaded by their fees and commissions if you’re not vigilant. Did you know that the NASAA and FINRA 10% limits on underwriting compensation and 15% limits on front-end load do not apply to private placements?
• You should only take accredited investors. If you’re lax about this requirement, not only will you run into legal problems, but history has shown that non-accredited investors will be the first to complain to the SEC if they grow impatient. Accredited investors understand risk, are patient, and have the financial means to withstand investment losses. Nobody likes to lose money, but accredited investors are sophisticated and experienced and know to give sponsors the breathing room they need to grow the business.

4. You want to get paid whether your company is successful or not

The successful capital raisers are those who get paid only if the company is profitable. Front-loaded compensation is a turn-off for sophisticated investors.

5. You like your space and don’t like to be annoyed with partners who ask you questions

If you like investor money but don’t like investor questions, then private capital is the wrong path for you. Sophisticated investors prefer private investments for transparency and access to management. If you’re not willing to be open, don’t take on investors.

Who is private capital right for?

Now that you’ve asked yourself the hard questions about whether raising private capital is wrong for you, let’s explore who private capital is suitable for. If this describes you, then raising capital from passive investors should be a viable option for you.

• You’re confident in your experience and knowledge.
• You’re up on market trends and have a finger on the economic pulse of the neighborhood, area, and region in which you intend to invest.
• You have the infrastructure, personnel, and processes in place to execute your business objective and vision.
• You have meticulously calculated your financial projections and gone through them with a fine-toothed comb. You’re good at running numbers, projecting estimates, and accounting for contingencies and worst-case scenarios.
• You understand the risks of your investment and are confident in mitigating those risks. You’re not afraid to lay everything on the line and disclose those risks to like-minded investors.
• You’re thorough and willing to review the work of professionals and third-party service providers.
• You’re willing to give input but would prefer to get out of the experts’ way and let them do their jobs, and would rather defer to the expertise of professionals. In other words, you’re not a micromanager.
• You take your stewardship over investor capital and their trust in you seriously. You’re willing to defer compensation to give them preference with respect to cash flow and profit distributions.
• You’re willing to be open and transparent with your investors. You’re willing to always keep the line of communications open with them—good or bad.

Only you can decide whether to pursue private investors, but hopefully this gives you some essential questions to mull before taking this critical step. Taking private capital is serious business, but if you do it right, have a plan, and have the personnel and processes in place to execute your plan, it could be a gratifying endeavor for both you and your investors.

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Prepping Your Home Appliances for Thanksgiving

Turkey Day is right around the corner! Thanksgiving means great food along with great company – while spending a LOT of time in the kitchen and other common areas. If you’re planning to host Thanksgiving this year, here are some tips to prepare your home and kitchen to minimize your stress this holiday.

Prep Your Oven

This may be an obvious one, but can you imagine anything more disastrous than discovering your oven isn’t working properly on the big day? Before you begin to prepare for cooking, start first by cleaning your oven’s interior with an oven cleaner or natural home cleaner. For a natural home cleaner, mix equal parts of water and baking soda to create a paste. Spread paste onto the oven’s interior and let sit for at least 12 hours. In the meantime, soak oven racks for at least two hours and then scrub and wash with soap. After 12 hours of the paste sitting, wipe clean with damp cloth. If you have trouble getting off the paste or tough grease stains, spray white vinegar onto the area which will cause baking soda to foam and be easy to wipe clean. Once your oven is sparkling clean, it’s time to check your oven’s temperature. Pre-heat your oven to the temperature you’d like to test, then check the temperature on the oven thermometer inside. If you don’t have an oven thermometer, you can also test your oven’s temperature by using sugar.

Check Your Vents 

Many people don’t even realize how important their kitchen exhaust fans are until there’s a breakdown. Since you’ll likely be using your stovetop as well as your oven on Thanksgiving Day, you’ll want to make sure your kitchen’s exhaust fan has maximum ventilation. An easy way to diagnose if there’s an issue with your exhaust fans is to turn them on and listen. If you hear the exhaust fan’s motor make an unusual “whirring” type of sound, it may be due to the fact that the motor is struggling to keep the fan running. When it gets to this stage, it’s likely the motor will burn out and its best to have the exhaust fan replaced. On the other hand, if you hear a rattling sound from your exhaust fan – this may be a sign that there are loose or defective components that will have to be corrected. In either case, it’s best to have a professional come inspect the fans to further diagnose the problem. If you don’t hear any of these sounds, but would like to test how well your kitchen’s exhaust fan is working, you can take a single square of toilet paper and put it up against the fan. The fan should suck the toilet paper up and should stay attached to the fan. If it doesn’t stay attached, it’s likely that your exhaust fan is not working properly.

Clean The Ice Maker

The ice maker is another oft-neglected household appliance that may need some attention before all your guests are using it for their drinks. Ice makers can sometimes become polluted with flavors from all the food in your refrigerator and freezer (unless they have separate climate controls). Be sure to check your refrigerator’s water filter – which is usually connected to the ice maker and water dispenser on most refrigerators. These filters should be replaced every six months if you use your water dispenser and ice maker on a frequent basis. Filters can be replaced through the refrigerator’s manufacturer or can be found at most home improvement stores. After replacing your water filter, clear out the existing ice. Clean the ice container with warm soapy water and dry completely and let it fill up with new fresh ice. Keeping your ice maker clean will assure there is no debris or minerals, two main causes of musty taste and health problems. Your Thanksgiving guests will appreciate your fresh, ice-cold (pollution-free!) drinks.

After The Meal                  

If you didn’t appreciate your dishwasher already, you’ll surely be grateful for it when you have company over on Thanksgiving! There will be mounds of dishes and utensils just waiting to be washed. Make sure your dishwasher is thoroughly cleaned and maintained before Turkey Day. If it’s been a while since you’ve given your dishwasher a thorough deep clean, now is the time to do it.  Wipe down the interior door, scrub the door gasket with a soft toothbrush, and clean the filter. Remove the racks from the dishwasher and check the sprayer arm nozzles for any clogs and clean them as necessary with some toothpicks or pipe cleaners. When the spray arm nozzles are clean, they will spray better and make your dishes sparkle. Run a cycle of vinegar in your dishwasher to remove any soap scum and to get your dishwasher completely ready for an easy Thanksgiving clean up.

By our Preferred Vendor, Choice Home Warranty.

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Tish Mills 2022 Kitchen Trends

The kitchen is truly the heart of the home.   Today this is truer than ever, especially since most people have spent the past year living, working, and playing at home.  The kitchen has become the gathering place for the family and now again friends and guests as well.    This space more than just functional place now – it’s command central.

One of the biggest trends we are seeing is the open floor plan is now segueing to less of a public space.   Many new builds and renovations are including a way to delineate the space or even close it off, so that the kitchen is its own room with the opportunity to connect as much or as little as wanted at any given time.  Being all home together during Covid brought back the idea of needing individual spaces rather than one big open concept space.  The kitchen is no exception!

From a design perspective, we are seeing that kitchens are taking their cue from the more maximalism approach of design in general.  Their role is more than just function they are a part of the overall design aesthetic of the home.

White kitchens will always be classic, so have no fear that you need to rip out your white cabinets!  But they are not trending in most new kitchen designs.  Rich woods like walnut and oak are coming to the forefront, along with bold color for either an entire kitchen or the accent areas like islands, and bars.

The back kitchen or large pantry is a consistent request now.  These spaces allow for less or no upper cabinets, giving the kitchen more of a designed room look and less like a traditional kitchen.  Many small or secondary appliances are being moved to the back hidden areas.

Mixing materials are key when it comes to how the kitchen is pulled together.

Think of beautiful woods , natural stones, event plaster and concrete.  Metals are very strong showing up on hoods, door fronts and even fixtures.   They are not necessarily shiny any longer, we are now using more of a rich range of bronze finishes.   The solid surface plain countertops are out and are being replaced by bold, strong color and veining of some of the new Quartzite that have hit the market.  A whole house color scheme could come from some of these exciting stones.  They either replace a backsplash or set the tone for the tiles used and accent colors within the cabinetry.

The kitchen definitely reflects the personality and aesthetic of the homeowners today.  It is time to splurge on that light fixture that was reserved for the Dining Room in past times, and can now hang in all its glory over the island.

Tish Mills Kirk of Tish Mills Interiors, a preferred vendor of The Meridian Real Estate Group, is an award-winning interior designer who has been working with clients in their homes for more than two decades. She believes that it is essential to put together a cohesive plan for your home renovation before you get started that can be carried out by the team of experts you assemble. www.harmoniousliving.net

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 Photos provided by Chris Little.

HARD VS. SOFT CREDIT INQUIRIES

When you get a copy of your credit report, you’ll see more than just your current and historical credit accounts. You’ll see your payment history, including any payments made more than 30, 60, and 90 days past the due date, along with your account balances and credit limits. You’ll also see credit inquiries.

A credit inquiry is simply an instance where you or a third party has looked at your credit report. Some credit inquiries can have an impact on your overall credit scores, but not all inquiries are so consequential. There are two types of credit inquiries – a hard and a soft inquiry.

Soft inquiries are common and somewhat frequent. The most common type of soft inquiry is one where a creditor is curious about offering you a new credit account, so they check your score to make sure you qualify. If you’ve ever received an offer for a credit card that’s preapproved, that company has done a soft inquiry on your report.

Other types of soft inquiries include potential employers checking your credit, or when you check on your own score. It’s important to understand that soft inquiries have no impact on your credit, but they will be noted on your report and can be done without your consent.

Hard inquiries occur when you apply for a loan, credit card, or mortgage and you’ve given written consent to a creditor to check your scores. Several hard inquiries in a row for a credit card can negatively impact your score, as this type of action may give the impression you’re scrambling for credit ahead of some financial hardship. Multiple hard inquiries in a row from an auto, mortgage, or student loan lender are less likely to have a negative impact. In these instances, reporting agencies are more likely to assume you’re “rate shopping,” and the multiple inquiries are viewed as a single inquiry.

Hard inquiries stop impacting your score after a year’s time, but they will remain on your credit report for 24 months. While inquiries do play a part in assessing an individual’s credit, they represent only about 10% of what goes into a credit score. Things like making payments on time and your overall debt burden have a far greater impact on the health of your credit reputation.

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