JUST LISTED - BEAUTIFUL MUIRFIELD VILLA

This beautiful villa went ACTIVE on MLS on Friday, December 22 

and went UNDER CONTRACT the same day.  

Click HERE for photos.

 

In case you missed it... Be sure to check out this recent blog posting:

Reasons To Sell Your House Before the New Year

MERRY CHRISTMAS!

However you are celebrating this holiday season, 

may it be a meaningful time filled with love, joy and hope.

Best wishes from my family to yours.

 

Experts Project Home Prices Will Rise over the Next 5 Years

 Article Courtesy of Keeping Current Matters/The KCM Blog

Even with so much data showing home prices are actually rising in most of the country, there are still a lot of people who worry there will be another price crash in the immediate future. In fact, a recent survey from Fannie Mae shows that 23% of consumers think prices will fall over the next 12 months. That’s nearly one in four people who are dealing with that fear – maybe you’re one of them.

To help ease that concern, here’s what the experts say will happen with home prices not just next year, but over the next five years.

Experts Project Ongoing Appreciation

While seeing a small handful of expert opinions may not be enough to change your mind, hopefully, a larger group of experts will reassure you. Here’s that larger group.

The Home Price Expectation Survey (HPES) from Pulsenomics is a great resource to show what experts
forecast for home prices over a five-year period. It includes projections from over 100 economists, investment strategists, and housing market analysts. And the results from the latest quarterly release show home prices are expected to go up every year through 2027 (see graph below):

 

And while the projected increase in 2024 isn’t as large as 2023, remember home price appreciation is cumulative. In other words, if these experts are correct after your home’s value rises by 3.32% this year, it should go up by another 2.17% next year.

If you’re worried home prices are going to fall, here’s the big takeaway. Even though prices vary by local area, experts project they’ll continue to rise across the country for years to come at a pace that’s more normal for the market.

What Does This Mean for You?

If you’re not convinced yet, maybe these numbers will get your attention. They show how a typical home’s value could change over the next few years using the expert projections from the HPES. Check out the graph below:

In this example, let’s say you bought a $400,000 home at the beginning of this year. If you factor in the forecast from the HPES, you could potentially accumulate more than $71,000 in household wealth over the next five years.

Bottom Line

If you’re someone who’s worried home prices are going to fall, rest assured a lot of experts say it’s just the opposite – nationally, home prices will continue to climb not just next year, but for years to come. If you have any questions or concerns about what’s next for home prices in your local area, connect with a real estate agent.

Preventing Frozen Pipes

Information Courtesy of Christa McMillan, CISR
Personal Risk Consultant at Main Street Insurance 

How to Prevent Frozen Pipes

Frozen pipes can present an invisible threat – one that you might not recognize until the weather starts to warm. By then, the water damage can be significant and costly. Fortunately, keeping your home warmer, at a consistent temperature, and better insulated can help protect your pipes from freezing this winter.

What Do You Do if You Have a Frozen Pipe?

If you suspect pipes in your home have been exposed to freezing temperatures, or

water is not flowing through a faucet normally, follow these steps to help reduce the

potential for water damage:

• Locate and close the main water shutoff valve as soon as possible and before temperatures rise above freezing.
• Open all faucets including those outside to drain remaining water from pipes.
• Have buckets, towels and fans available to contain, clean-up and dry water leaks.
• Slowly turn water back on and inspect for leaks. If there are leaks, be prepared to turn the water off immediately.
• Also inspect pipes for damage in areas like attics and crawl spaces, where it is safe to do so.
• Never use torches or heat guns to facilitate thawing as these can create fire hazards.
• As temperatures increase above freezing, watch and listen for signs of water leaks.
• If there is pipe damage, call a licensed plumber for repairs.

Why is a Frozen Pipe a Concern?

When water begins to freeze, it expands. This can cause both plastic and metal pipes to burst, possibly leading to significant water damage to your home.

• Since water expands when it freezes, it puts unwanted pressure on pipes.
• As water freezes, the force exerted from the expansion can cause a pipe to burst, regardless of the strength of the material.
• You may not know you have a burst pipe as the water has turned to ice. Once the temperature starts to warm and thawing begins, leaking and flooding can occur.

Which Pipes Are Most at Risk?

Pipes that are most exposed to the elements, including those outdoors and along the

exterior walls of your home, may need extra protection during winter months. These

include the following:

• Outdoor hose hookups and faucets.
• Swimming pool supply lines.
• Lawn sprinkler lines.
• Water pipes in unheated, interior locations such as basements, crawl spaces, attics, garages and kitchen and bathroom cabinets.
• Pipes running against exterior walls with little or no insulation.

How to Help Prevent Frozen Pipes

Before winter:

• Check your home for areas where water pipes are located in unheated or poorly insulated areas. Be sure to check your basement, attic, crawl space, garage and within cabinets containing plumbing. Hot and cold water pipes should both be insulated.
• Products such as pipe sleeves or UL-listed heat tape or heat cable can help insulate or heat exposed water pipes.

During winter:

• Close inside valves supplying water to outdoor faucets and hookups.
• Open outdoor faucets to allow residual water to drain; be sure to keep them open during the cold weather months, while the water supply is turned off.
• Keep garage doors closed to help protect water pipes located in the garage.
• Open the doors on cabinets where plumbing is located. This can help allow warmer air to circulate around the pipes.
• For pipes that are at risk of freezing (both hot and cold water pipes), let water drip from faucets.
• Keep the heat in your home set at a minimum of 55 degrees.

 

Christa B. McMillan, CISR

Personal Risk Consultant

Main Street Insurance
www.mainstreetins.com
cmcmillan@mainstreetins.com