What’s The Tea with 4D? 🍵

Hello friends,

I know it’s hard to believe, but we’re closing in on the transition from summer to fall. The official start of fall this year is September 22, 2024—less than a month away!

I’d love to say I’ll miss summer and that it lived up to its potential, but let’s be honest—we got pretty robbed this year. Smoke and scorching temps kept many of us cooped up inside.

But don’t worry—the beautiful Autumn Equinox is almost here! (My favorite time of year!) Sweaters and boots, hot tea, and crisp air… sigh. It’s simply the best.

And you know what else it means? It’s time to start prepping the house for cooler days ahead! This week, I’ve got a great checklist to help you make the seasonal switch.

Here’s a guide to get you started:

1. Inspect and Clean Gutters

   • Clear Debris: Get rid of leaves, twigs, and other debris from gutters and downspouts. This helps prevent water damage from clogged gutters.

   • Check for Damage: Look for cracks or sagging sections that could cause leaks. Fix any issues so water flows smoothly away from your home.

2. Seal Gaps and Cracks

   • Weatherstripping and Caulking: Check windows, doors, and other openings for drafts. Apply weatherstripping or caulk to seal gaps—this will keep your home cozy and cut down on energy bills.

   • Inspect the Foundation: Look for cracks in the foundation and seal them to keep moisture out and pests at bay.

3. Check the Roof

   • Inspect Shingles: Spot any missing, damaged, or loose shingles. Fixing these now can prevent leaks and bigger roof problems later.

   • Clean the Roof: Clear off any debris that could trap moisture and lead to mold or rot.

4. Prepare the Heating System

   • Service Your Furnace: Schedule a professional inspection to make sure your furnace is running efficiently. Change the filter and check the thermostat for proper operation.

   • Chimney and Fireplace: If you’ve got a wood-burning fireplace, have your chimney cleaned and inspected to prevent chimney fires and make sure it’s ready for cozy nights.

5. Test Smoke and Carbon Monoxide Detectors

   • Replace Batteries: Test your smoke and carbon monoxide detectors, and replace batteries if needed. These are crucial for home safety, especially as you start using your heating system.

6. Reverse Ceiling Fans

   • Switch Direction: Set your ceiling fans to rotate clockwise. This will push warm air down from the ceiling, keeping your rooms toasty during the colder months.

7. Inspect Insulation

   • Check Attic Insulation: Make sure your attic is properly insulated to prevent heat loss. Adding insulation is a cost-effective way to boost energy efficiency.

Starting these tasks early in the fall will make your home more comfortable and help you avoid potential issues when winter hits. Taking these steps can lead to energy savings, better safety, and peace of mind as the seasons change.

If you have any questions or your own go-to tips for prepping for cooler weather, I’d love to hear them. Enjoy the last bits of summer, my friends!

Curious about the local market? Let's catch up and discuss your plans and questions. Your first coffee or tea is on me! 😊

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Sales of Existing Homes Tick Up in July but Remain Sluggish Ahead of Rate Cut

By Keith Griffith, sourced from Realtor.com

Sales of previously owned homes increased slightly last month, but remained near historic lows as many homebuyers waited on the sidelines for mortgage rates to fall further.

Total existing-home sales ticked up 1.3% from June, to a seasonally adjusted annual rate of 3.95 million in July, the National Association of Realtors reported on Thursday. The July sales figure, which excludes new construction, represented a 2.5% decline from one year ago and was the slowest July sales pace since 2010.

The median sales price for existing homes was $422,600 in July, up 4.2% from one year ago and the highest price on record for the month of July. Prices rose in all four U.S. regions on an annual basis.

“Despite the modest gain, home sales are still sluggish,” says NAR Chief Economist Lawrence Yun. “But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.”

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.85% for the month of July. That was down from 6.92% in June. Rates have since dropped further ahead of a widely expected cut to the Federal Reserve’s benchmark rate next month, and the Realtor.com economics team expects mortgage rates to hit 6.3% by the end of the year.

“Mortgage rates have moved in a buyer-friendly direction after playing the foe for much of the peak homebuying season,” says Realtor.com Chief Economist Danielle Hale. “Easing inflation helped accelerate the decline in mortgage rates in mid-July, and rates currently hover near 15-month lows. This is likely to bode well for buyers in the fall—a typically advantageous season for home shoppers.”

Limited Inventory Keeps Home Prices High

The median sales price of existing homes in July dropped slightly from the all-time high set in June, a decline that follows typical seasonal trends. But July’s median price of $422,600 was still well up from a year ago, marking the 13th consecutive month of year-over-year price gains.

On a call with journalists, Yun said that lingering supply constraints could be part of why prices continue to rise, even as the number of home sales lingers near historic lows.

According to NAR, the supply of homes for sale at the end of July was 1.33 million units, which equals a four-month supply at the current sales pace. Although that’s up 20% from a year ago, it remains well below the six-month supply that economists say represents a balanced market.

“This is a transitional phenomenon that’s happening right now, where inventory is trying to increase back up to normal, but it’s not back up to normal yet following disruptions from the COVID-19 pandemic,” says Yun.

One unusual consequence of this situation is that newly built homes are now typically cheaper than previously owned homes, reversing longstanding trends.

During the second quarter of this year, the median price of a new home in the U.S. was $412,300, or 2.3% less than the $422,100 price for a median existing home, according to an analysis from the National Association of Home Builders.

“With the nation facing a housing affordability crisis, additional, attainable housing supply is the only way to sustainably ease housing cost burdens for American families,” says NAHB Chairman Carl Harris.

Sales Activity Up Everywhere Except the Midwest

Closed transactions for existing homes rose on the month in every region except for the Midwest, where they were unchanged in July at an annual rate of 920,000. That was down 5.2% from the previous year. The median price in the Midwest was $321,300, up 4.5% from July 2023.

In the West, existing-home sales rose 1.4% in July, to an annual rate of 750,000, also up 1.4% from a year ago. The median price in the West was $629,500, up 3.4% from one year ago.

The real estate market is in a delicate balance, with slight increases in home sales overshadowed by historic lows and rising prices. Easing mortgage rates offer some relief to buyers, but limited inventory continues to drive prices up. Regional differences are evident, with the Midwest showing the most significant slowdown. As the market adjusts, expanding affordable housing supply is essential to meeting demand and stabilizing prices.