NAR: Buyer demand is stronger than it appears as 15%-27% of buyers (by ethnic group) wait for lower home prices and 18%-25% wait for lower mortgage rates.   WASHINGTON – The current real estate market’s high home prices and mortgage rates, as well as limited inventory, are the top reasons that Realtors® and prospective homebuyers across races and ethnicities cite as barriers to purchasing a home, according to two new reports from the National Association of Realtors® (NAR). In partnership with Morning Consult, NAR’s 2023 Experiences & Barriers of Prospective Home Buyers Across Races/Ethnicities report surveyed white, Hispanic/Latino(a), Black and Asian prospective homebuyers about their experiences. NAR’s 2023 Experiences & Barriers of Prospective Home Buyers: Member Study surveyed residential Realtors about their latest buyer and compares findings with the consumer study. “Homebuyers face the most difficult affordability conditions in nearly 40 years due to limited inventory and rising mortgage interest rates,” says Jessica Lautz, NAR’s deputy chief economist and vice president of research. “The impact is exacerbated among first-time buyers who are more likely to be from underrepresented segments of the population.” Among prospective home buyers, Asian (27%), Hispanic (24%), Black (20%) and white (15%) respondents say the main reason they have not yet bought a home is because they are waiting for prices to drop. Prospect homebuyers also cite other reasons, including: waiting for mortgage rates to decline (18%-25% of all four groups) and not enough available homes within their budget (19%-24% of all four groups). Realtors agree. They cite the same top three reasons: not enough homes available for purchase in buyers’ budgets (34%), buyers waiting for mortgage rates to drop (18%) and buyers waiting for prices to drop (9%). Buyers also report a challenge saving for a down payment, or at least enough to be competitive with other buyers. That was cited by 6%-9% of the groups. When asked about the reasons, they noted current rent/mortgage payments (43%-56%) and credit card payments (38%-57%). There is help for down payment problems, but many buyers weren’t aware of them. Only 8%-15% of all four groups applied to a down payment program; 20%-33% considered one but did not apply; 21%-32% did not consider the programs at all; and one-third (30%-33%) didn’t know any programs existed. Those who knew about them but still didn’t apply said they didn’t know enough about them. Realtors understand buyer’s down payment challenges: 53% say at least one issue held their latest buyer back from saving a competitive down payment, most likely current rent or mortgage payments (23%) or credit card balances (17%). Only 1 in 4 Realtors (23%) say that their buyers struggling to come up with a down payment have applied for down payment assistance programs, notably because their income is too high (30%), they did not know enough about the programs (19%), or they worried about the competitiveness of their offers in multiple-bid situations (17%). “Down payment assistance programs often fly under the radar for potential homebuyers,” says Lautz. “Using programs – like FHA, VA or USDA loans – can make homeownership more attainable. Experts … can educate potential buyers about these programs. Doing so will bring in more first-time buyers and narrow the racial homeownership gap.” Discrimination in homebuying Discrimination also plays a role in the homebuying process. About one in six (13%-16%) prospective homebuyers across races and ethnicities reported discrimination – more than half of Black (63%), Asian (60%) and Hispanic (52%) buyers who reported it say it was due to their race or ethnicity. In general, the top form of discrimination reported was steering toward or away from specific neighborhoods (36%-51% of all four groups) followed by more strict requirements (32%-48%). Despite this, most homebuying discrimination goes unreported: 47%-81% who describe it did not report it to a government agency or legal aid organization. Realtors surveyed broke ranks with buyers a bit on this question. Only 1% of Realtors who took the survey said that their buyers experienced discrimination during the homebuying process, with 13% not sure. Of the few Realtors who did report discrimination based on race or ethnicity, most cited their mortgage lenders in the type of loan product offered (43%) or that buyers did not receive a call back from lender(s) (29%). Of those Realtors who report discrimination, 57% was based on race, 29% based on age and 21% based on familial status (including marriage or parental status). Just 7% say that a buyer reported the discrimination to a government agency or legal aid organization. © 2023 Florida Realtors®  

Broward County, Florida is an excellent place to call home. With a booming real estate industry, a thriving job market, and endless recreational activities, it's no wonder why so many people are making the move to this sunny destination. Here are 10 reasons why you should consider moving to Broward County, Florida. 1. Affordable Real Estate: Broward County has a variety of housing options to suit every budget. Whether you're looking for a luxury waterfront home or a cozy condo, you're sure to find a property that fits your needs. 2. Perfect Weather: Broward County's sunny and warm weather makes it an ideal destination for those who love spending time outdoors. You can enjoy year-round sunshine, beautiful beaches, and endless recreational activities. 3. Booming Job Market: Broward County has a diverse economy that offers a variety of job opportunities. The county is home to many large companies and has a growing entrepreneurial community. 4. Excellent Education: Broward County has an excellent public school system, with several top-rated schools. The county also has many prestigious private schools and universities. 5. Cultural Diversity: Broward County is a melting pot of cultures, with a diverse population from around the world. This cultural diversity is reflected in the county's food, music, and art scene. 6. Family-Friendly: Broward County is a great place to raise a family, with plenty of parks, playgrounds, and family-friendly activities. The county also has many top-rated schools and family-friendly neighborhoods. 7. Endless Recreation: Broward County has something for everyone, from beautiful beaches to world-class golf courses, parks, and nature preserves. The county also has a thriving nightlife scene with plenty of bars, restaurants, and entertainment options. 8. Health and Wellness: Broward County has a strong focus on health and wellness, with many gyms, health clubs, and fitness centers. The county also has many organic and farm-to-table restaurants for health-conscious individuals. 9. Proximity to Other Destinations: Broward County is conveniently located near other popular Florida destinations, such as Miami, Palm Beach, and the Florida Keys. You can easily explore other parts of the state without having to travel far. 10. Community Spirit: Broward County has a strong sense of community, with many community events and festivals throughout the year. The county also has many volunteer opportunities for those who want to give back to their community. In conclusion, Broward County, Florida, is an excellent place to call home. With its affordable real estate, perfect weather, diverse economy, excellent education, cultural diversity, family-friendly atmosphere, endless recreation, focus on health and wellness, proximity to other destinations, and strong sense of community, it's no wonder why so many people are making the move to this sunny destination.

As homeowners, who doesn’t love the idea of improving our living spaces, especially when you can do it for under a couple hundred dollars? The great news is that there are several do-it-yourself weekend projects that can quickly transform your home in a weekend, and all without draining your wallet. Whether you live in a townhouse in Washington DC, or a cabin in Lexington, KY, we’ll explore nine affordable weekend home projects that you can complete quickly, and all for under $200. 1. Create a statement wall with wallpaper Wallpaper is an excellent way to add personality and style to any room. Opt for a bold pattern or  unique texture to create a statement wall in your living room, bedroom, or home office that’s sure to impress. Many home improvement stores offer affordable wallpaper options that are easy to apply, and you can quickly cover a standard-sized wall for under $100. The transformation will be immediate and remarkable, giving your space a unique touch that reflects your personal style. 2. Install energy-efficient LED lighting Upgrade your lighting fixtures with energy-efficient LED bulbs. LED bulbs consume less electricity and last longer than traditional incandescent bulbs and come in various color temperatures, allowing you to customize the ambiance of your home. With LED bulbs priced between $3 and $10 each, you can easily change the feel of your entire home for under $100. 3. Enhance your bathroom with new fixtures Give your bathroom a mini-makeover by replacing outdated fixtures such as faucets, showerheads, and towel racks. New fixtures can instantly update the look and feel of your bathroom from dated to luxury. Look for stylish and affordable options at home improvement stores or online retailers. With a budget of $200, you can find quality fixtures in many different finishes that will add a t 4. Create an outdoor oasis with potted plants Transform your outdoor space, or at least a part of it, into a serene oasis by adding potted plants and flowers. Choose among a variety of plant species that suit your climate and personal preferences in shape, size, and color. Colorful blooms and foliage can create visual interest and instantly enhance your curb appeal. With a budget of $200, you can easily shop for plants at local nurseries or take advantage of online deals and discounts and curate a beautiful collection of potted plants that will bring life and vibrancy to your outdoor area. This could be the perfect weekend project to complete this summer.  5. Refresh your walls with paint One of the most cost-effective ways to refresh your home’s interior is by painting the walls. A fresh coat of paint can instantly revive a room and create a new and inviting atmosphere. Choose a color that complements your existing furniture and décor. A gallon of paint typically costs between $30 and $60, and with proper preparation and a steady hand, you can achieve professional-looking results. Here are some popular colors this year to “swatch” out for. 6. Create a gallery wall Convert a plain wall into a captivating focal point by creating a gallery wall, which is a compilation of your favorite photographs, artwork, or prints arranged on a wall in a visually appealing way. Experiment with different frame styles and sizes to add depth and then add visual interest by placing your pieces on the wall in a way that allows your eyes to flow from one piece to the next. It may take some extra effort to get it just right, but you’ll be glad you spent the extra time. With affordable frames and prints available online or at local stores, you can create a stunning gallery wall within your budget. 7. Install a smart thermostat Upgrade your home’s heating and cooling system with a smart thermostat. These devices not only provide convenience but also help you save energy and reduce utility costs. Many smart thermostats are priced under $200, thought they can certainly go up from there, and offer features such as programmable schedules, remote control via smartphone apps, and energy usage insights. This may not necessarily change the look of you home by much, but it will have a big impact on keeping your home at a comfortable temperature every day. 8. Build a vertical herb garden Utilize your outdoor space or even a sunny corner indoors to create a vertical herb garden. Build a simple wooden frame or repurpose a hanging shoe organizer to hold small pots or planters. Choose herbs like basil, mint, parsley, or rosemary that you frequently use in cooking. Not only will this DIY project provide fresh herbs for your culinary endeavors, but it will also add a touch of greenery to your home. Embarking on DIY weekend projects allows you to unleash your creativity and make meaningful improvements to your living spaces that better reflects your personality and interests. The nine household DIY projects discussed above offer practical and budget-friendly solutions to upgrade your home, but there are so many more worth exploring. So, grab your toolkit, unleash your inner DIY enthusiast, and start transforming your home today. The post Transform Your Space on a Budget: Weekend Home Projects Under $200 appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.