The Central Valley housing market seems to be finding its new normal, as median home sale prices have bounced back by 8.3% in Stanislaus County since the start of the year.
TrendVision reports from April show a changed market since last summer when the Federal Reserve began aggressively raising key interest rates to fight ongoing inflation. Those increases have more than doubled the mortgage rate from around 3% through much of 2020 and 2021 to now about 6.2%.
But rates have dropped from their peak last September of about 7.1%. While the higher rates and subsequent higher monthly payments have priced some potential buyers out of the market, PMZ Real Estate broker Daniel Del Real said the demand remains high.
“Buyers want to buy not on face value, but on monthly payments. That caused the process to slow down and a pull back at the end of last year. But now they see the inventory is not increasing, but they have a need because rent is going up,” he said. “People were hoping the market would come down, but they see it’s not happening and are stepping back in. You’re seeing almost an adaption to the new normal of the interest rate.”
For the first four months of 2023, median home prices in Stanislaus County were up 8.3% at $455,000 this April, but still down 6.1% from their peak in April 2022 of $485,000.
Del Real said the volatile market caused by inflation and the interest rate hikes had some predicting a dramatic drop in home prices, or even a wave of foreclosures. But neither has materialized so far, he said, largely because many potential sellers have decided to stay put due to their legacy 3% mortgage rates.
That has squeezed the area’s inventory of houses on the market. Indeed, TrendVision reports show that the number of available houses has dropped steadily since last June, when it hit a recent peak of 868 houses on the market. In April that number was down to 351.
As a result, pending home sales in Stanislaus County are up by about 25% in April from March, signaling strong demand despite the limited inventory. Del Real said Stanislaus County traditionally has had a cushion of about four to six months worth of houses on the market. But now as fewer homes get listed, that is down to less than a month and a half of inventory locally.
Since February of this year, the cumulative days on market — the number of days a home is active on the market — have dropped in Stanislaus County from 58 days to 36 days in March, another indicator of the demand for homes in the area.
With spring and summer historically the busiest home buying seasons, Del Real expects transactions to continue to climb while inventory continues to stay low. With the announcement of the Federal Reserve’s last interest rate hike of 0.25% earlier this month, the institution also signaled that the increases could be paused if inflation continues to ease as expected.
Mortgage rates could come down more over the summer, but the market inventory is likely to remain low. So instead, real estate experts like Del Real have been advising potential home buyers to work on deals that will lower their overall rates, instead of just focusing on the total purchase price.
“You have to be engaged in this market. But if you are patiently disciplined, double check your budget and make sure you are using creative negotiations, you can have success,” he said. “Terms are more important than price right now. It’s better to pay $10,000 more for the sale price now, and finance a buy down of your interest rate that can save you $50,000 to $100,000 over the course of 30 years.”
5 Home Buying Tricks That Can Save Veterans $53,000
If you ask any twenty Veterans whether they want to own their own homes someday, chances are all of them will say yes.
But data from the past five years reveals that 94% of Veterans have bypassed this benefit, only one of them has used a benefit that makes home buying unbelievably easier.
VA mortgage rates are at historical lows. Now is the time to lock in your rate. Even a modest jump in interest rates can have big consequences when applied to loans as large as a home mortgage. For example, consider the cost of waiting too long and having VA interest rates rise by a mere one percent. The difference between a 30-year, fixed-rate mortgage of $250,000 at 4% APR and one at 5% APR is nearly $150 per month and more than $53,000 over the life of the loan!
Click here to check your VA loan eligibility >>
Good News: There’s Still Time to Lock in a Low Rate
The Veteran’s home loan program began in 1944 as a “thank you” to servicemembers returning from World War II. Since then, millions of current and former military personnel have purchased homes with no down payment and easier qualifying terms.
Click here to check your VA loan eligibility >>
Veterans who use this loan program have access to 5 advantages that make Veteran loans hands down the best loan product out there.
No Down Payment. Most loan programs require at least 3% down and as much as 20%. But a VA loan requires no down payment whatsoever. This saves Veterans years of scrimping and saving prior to buying a home.
No Mortgage Insurance. Most home buyers pay hundreds of dollars per month in mortgage insurance if they make a down payment of less than 20%. Veterans who use a VA home loan do not pay PMI so they buy more house with less money.
Less-than-Perfect Credit OK. The non-Veteran home buyer often needs stellar credit to buy a home. This isn’t the case for Veterans. Credit score minimums are much easier to reach.
Tip: Many Veterans assume they are not eligible for their home buying benefit. But the minimum service requirement is between 90 days and 2 years for most Veterans. Check your eligibility >>
Lower Rates. Veteran home loan interest rates are about 0.25% lower than rates for conventional loans, according to a recent lender survey. Veteran home buyers will likely end up paying less in interest compared to the average home buyer.
Closing Cost Reduction. Veteran home loans come with limits on how much you can be charged in loan fees. These loans come with built-in protections for Veterans.
Here’s How to Find Out if you Qualify
Veterans eager to get the process started should send their request to a VA lender.
Ready? Set? The time to prepare for your home sale is NOW!
Start now and you’ll be set to list during the peak home-selling season, ensuring you get top-dollar for your house.
Spring is almost here. Bears leave hibernation and people get moving. Literally.
That’s right. Spring and summer consistently see a greater volume of home sales than fall and winter. Why? Are you kidding? Who needs more reason than a simple aversion to moving in cold, dark weather? Besides that, moving in the winter interrupts the school year for those folks who have kids. Plus, homes show better when flowers are blooming and grass is green. You and the rest of the nation are probably dreaming of flowers this very February minute. It’s not a secret. Spring and summer pretty much rock for home sales.
Not only do houses typically move faster during the on-season, they sell for more money. This is probably due to the high demand for houses and a sense of “time running out” as autumn, and the school year, approach. An influx of buyers can create a situation called a bidding war, when more than one buyer offers on a house. This sometimes causes the house to sell for higher than the asking price as buyers compete.
How do you get in on this fast-selling, high-price season?
Imagine it. You wait until the weather is nice and buyers are already shopping. You start thinking about how you want to sell. Then you trip on the broken grate of your fireplace which you didn’t see because of the missing lightbulb overhead. You realize that fixing up the flaws in your home is 1) the only way to get the best price for it, and 2) a time-consuming process. Buyers are already touring the homes they will buy and you’re not on the race track. You’re not ready to list and you won’t be anytime soon, potentially for months.
Now imagine instead that you look February in the eye and declare that it’s no match for you. That’s right.
You prep your home now.
Start with these six steps and come back to our blog often. Over the weeks, we will dish out tips on what you can do to get your home sold at a good price.
Shop Homie and other websites as if you are a buyer looking for a home in your neighborhood. Learning a market is best done over time, not in a cram-session. For the next month, search new listings daily to get a sense of what sells quickly and where prices are at. This will help you know how to price and show your home.
List problem areas of your home. Walk the home and property. This might require a jacket, but it’s worth it. Write down everything that doesn’t function properly or is unsightly.
Prioritize your repairs and upgrades. Organize your list of problem areas from the most to the least important. Think small-to-large and front-to-back. In other words, now is not the time to tackle large renovations, which do not always give a full return on investment. List first the small things that will repair quickly and inexpensively, with an extra focus on items that will be seen first by potential buyers. So, the front of the house, the front rooms, and the kitchen. You may not get to all items.
Get estimates for the repairs you hope to make and set aside money for them. Putting money into the house during this phase of home-selling is a wise investment, as serious buyers often walk away from homes that need too much work. Other buyers will give low-ball offers because they sense that the seller is not truly prepared to show the home well.
Set a deadline for when you hope to put your house up for sale. You can always bump it back, but having a goal helps to organize your repair personnel and your own time. There will be bumps along the way. Don’t lose hope! The housing market is strong and by starting early, you have more time on your hands than most.
Contact Homie. When it comes to selling homes, Homie’s got your back. Homie quickly and painlessly walks you through the first steps to the last without the traditional 6% commission fees. Some of the steps to selling a home can even be done with the touch of a button on your phone! So relax. Selling a home has never been cheaper—or easier. Sign up to sell with Homie today.
Note: This post is the first of our Home-Sellers’ Journey series, where we walk you through every step of selling a home during peak season. For more details on selling your home, visit our post How Homie Helps You Sell Your Home and be sure to check back soon for our next post in the series, Tips for Staging Your Home.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
The Christmas season is here and you want fun ideas to do!
To help make your life easier this year, I created a bucket list full of over 100 activities. You can use it as an actual bucket list or just enjoy scrolling through some fun things to do with friends and family before December 25th.
You will find everything from decorating ideas for your home (from simple snowflakes that are easy enough for kids to make) all the way to DIY recipes for Christmas treats.
Who doesn’t love a good list?
This Christmas bucket list is things you can do with your family around the Christmas season to make it more lively and enjoyable.
I made this list for my own kids, but I thought I would share it with you to use it too!
How can you make your Christmas bucket list more fun?
There are many different ways to make your Christmas bucket list more fun.
One way is to focus on new activities that you haven’t done before. Another way is to add food-related activities, which always make Christmas special.
You can also try incorporating some outdoor activities, even if it’s just for a (snowy) day.
And don’t forget about family traditions! They’re a big part of the holidays and can really enhance the experience.
No matter what you do, make sure you enjoy yourself (and not stress yourself out)! The holidays are a time for celebration and should be spent with loved ones. Merry Christmas!
Memorable Christmas Bucket List
While we love the classic Christmas bucket lists, we also are always looking for unique ideas to add to your holiday bucket list.
Some of these out-of-the-box ideas are pretty sweet and you may want to do them year and year again.
You can find everything from baking cookies to attending a German market to spending Christmas at a lodge. No matter what you choose, make sure you keep in touch with your family and friends during the holidays.
1. Go to Mexico. This is one of our Christmas traditions! There is something relaxing about enjoying the beach while Felix Navidad is playing in the background. (Gift hint… all of the beach gifts can be given to be used on the trip.)
2. Book a Wintery Mountain Stay. On the flip side, there is something magical about sipping hot cocoa while by the fireplace when giant snowflakes are falling outside.
3. Participate in a Neighborhood Luminaires Night. Organize one night for all of your neighbors to put luminaries outlining their driveways. It is a symbolic event with neighbors coming together in peace.
4. Roast Chestnuts. Just like in the famous song by Nat King Cole, it is your turn to roast chestnuts on an open fire.
5. Wrap Presents with Friends. For some wrapping presents is fun, for others it is a task. But everything is always sweeter to do with friends, so plan a time to wrap presents with friends. Appetizers and drinks are optional.
6. Order Matching Christmas Pajamas. This is a popular Christmas tradition for most families. Make sure you order your matching Christmas Pajamas in time. Some of my favorite places to find them are Kohl’s, Macy’s, and Amazon.
7.Wear Matching Christmas Pajamas. Depending on the age of your kids and spouse will depend on how well the matching outfits go over. Make sure to snap pictures!!
8.Kiss Under the Mistletoe. This is a fun Christmas tradition for kids and adults. Kids love this because it’s not just kissing their parents on the cheek, but they get to kiss everyone in the room! Adults love this too because it’s a great opportunity to get some alone time with your significant other.
9. Host a Progressive Dinner. This is a great idea to host a fun holiday party. For each course of a meal, you move houses.
For example, you start at house A for appetizers.
Then, move to House B for dinner.
Finally, wrap up at House C for dessert.
If you have more houses participating, then you can easily stretch to a 7-course meal.
10. Buy Ugly Christmas sweaters. This is a love-hate for many people. Are you totally into buying Christmas sweaters or do you want to shy away? Either way, it is always helpful to have at least one ugly Christmas sweater in your closet.
11. And then host an Ugly Sweater Christmas Party. Time to invite all of your introvert friends for an epic ugly sweater party. The winner walks away with a prize!
12. Go to a Christmas Eve Service. If you’re feeling a little more spiritual, there are many churches that offer Christmas Eve services. If it’s your first time going to one, consider this a good opportunity to introduce the whole family and get them interested in going.
13. Classic Christmas Movie Marathon. This is always a popular idea! Especially one that is next to free to do! Pull up the classic movies and enjoy!
14. Read Christmas Books. This is another one that is uber-popular in our house! We try to stick with Christmas-only books in the month of December. One of our favorites is JK Rowling’s latest book!
15. Go on River Cruises. The river is a great place to find some peace and quiet. You can go during the day or at night.
16. Stay Downtown. Whether you are looking in another state or in your own city, you’ll find a new adventure.
17. Snowman Building Competition. Set up a snowman building competition in your neighborhood and let the winners decide what charity to donate the money raised! Bragging rites until the next competition is held.
18. Shake a Snowglobe. Maybe even add to your snowglobe collection. There is a great children’s book called Snow Globe Family. That is a super fun read.
Classic Christmas Bucket List Ideas
This is the list you think of when it comes to Christmas things to do!
Whatever you decide to do this holiday season, make sure it’s something that will create memories that will last a lifetime.
19. Bake Christmas Cookies. This is the classic holiday bucket list idea. Here are some of our favorite Christmas cookie recipes.
20. Watch Christmas Hallmark Movies. Did you know there is a countdown to when the Hallmark Channel releases their Christmas movies?!?! Yes, this is a must-do for many people. In fact, you may want to buy them the same Hallmark socks we gave our moms.
21. Host a Christmas cookie exchange. Yes, please! Cookie exchanges are the best. In fact, it is one of the most popular Christmas challenges.
22. Go Christmas Caroling. Is it a tradition? Or is it just something that you love to do with your friends and family? Bring joy to your neighborhood or nursing home by singing traditional Christmas carols.
23. Volunteer. This could be serving at a soup kitchen, organizing an event for people who can’t afford gifts to “shop,” or lending a hand to a neighbor in need. There are many organizations looking for help.
24. Build a Snowman. Yes, this is the ultimate idea for families. Make sure you have the snowman supplies to dress up your Frosty the Snowman properly. Don’t forget the carrot nose!
25. Build a Gingerbread House. This is a classic activity for many kids and you can easily pick up a gingerbread house kit for under $10. However, it is not just for kids. Check out this family’s gingerbread house display!
26. Christmas Portrait Time. Thankfully, this time of year you can find plenty of Pinterest-perfect backdrops to take portraits at. You can take family photos or one of each person in your house. This accessory helps your amateur photos look professional!
27. Mail Christmas Cards. This may have been a long-standing tradition for many years and slowly making a comeback. You can take Christmas photos just for the occasion or a collage of photos. Order your Christmas cards here.
28. Read Twas the Night Before Christmas. This Christmas classic must be read at least once on Christmas Eve. Grab your copy of the classic book.
29. Find Creative Ideas for Elf of the Shelf. Let’s face it. You jumped on this tradition … hook.line.and.sinker. Now, you must keep up with all of the Pinterest perfect ideas.
Christmas Outdoor Bucket List
Time to get outside and explore. Fresh air is always helpful!
30. Go Sledding. This is a classic bucket list item. Check out a new sledding hill in your neighborhood.
31. Build a Snow Fort. This is personally one of my favorite activities, but Mother Nature must cooperate with tons of snow! Grab some shovels and start building a fort!
32. Snowball Fight Time. Who doesn’t love a good snowball fight?!?! Grab some friends and head out for an epic snowball fight. Even better if you built the snow fort prior to game time!
33. Go Ice Skating. This is a classic especially if you live in the upper midwest. There are plenty of recreation centers that make ice skating a reasonable cost activity.
34. Skiing. Fresh powder sounds like the perfect Christmas tradition. Just make sure to book your ticket early.
35. Plan a Wintery Picnic. Grab a blanket, lunch, some hot cocoa, and your Christmas Pajamas for an outdoor picnic this winter! Make this time special with a special picnic basket to use.
36. Go Snowboarding. Time to shred the slopes. Check out the latest snowboarding gear.
37. Time to Go Tobogganing. What is tobogganing exactly? Much like sledding except you hit the snow-covered slopes and artificial-ice-covered chutes with a toboggan.
38. Give the Gift of Nature. Take your family on an outing to see some beautiful nature! Get out in the fresh air and enjoy the beauty of nature.
39. Make a Snow Angel. This is the perfect activity for kids to do. Yet, very calming and peaceful if you decide to get down in the snow and create snow angels.
40. Hunt for the Perfect Live Tree. Grab your permit and go on a hunt for the perfect Christmas tree. Make sure to bundle up and wear snow boots!
41. Catch Snowflakes on your Tongue. Regardless of your age, this childhood memory needs to be done yearly for your Christmas bucket list. Drop all of your worries off your shoulders as you catch a snowflake on your tongue.
42 Skate on Outdoor Ice Skating Rinks. Skip the indoor rinks and head outside to skate. Even more romantic if the snow is falling.
43. Create a Winter Wonderland. This one is a do-it-yourself project that doesn’t require any crafting skills.
44. Go for a Holiday Walk. Take some time out of the hustle and bustle by taking a walk outside.
45. Neighborhood Christmas Light Competition. Another great idea is to put your home in a Christmas lights competition! This can be really fun if you have friends and family who live close by. All you need is some creative decorations and an appetite for holiday cheer.
Name That Entertainment Holiday Bucket List
Time for friends, laughter, and fun!!
These are the social must-haves on your entertainment holiday bucket list!
46. Host Christmas Eve Dinner at your home. If you have room, open up your home to friends or family who might otherwise be alone for Christmas. Our Christmas Eve tradition is fondue!
47. Christmas Party Night. Invite your friends and family over for a Christmas party night! This is a fun way to get everyone together in one place, have some laughs, and enjoy each other’s company.
48. Wear Christmas Dress Attire. Everyone wants an excuse to dress up. So, make sure you have a special occasion to year your Christmas cocktail dresses.
49. Find Entertainment from the Seasonal Classics. This could be watching The Polar Express (it’s on Netflix now!), listening to holiday music, or reading a children’s Christmas book.
50. Host an Advent Calendar Party. It is so much fun to count down the days before Christmas! This works especially well in a classroom setting. Each day is a new activity to count down the days until Christmas.
51. A Christmas Story. Watch A Christmas Story and then read a few of the lines with your friends!
52. Home Acting. Put on your own production of your favorite movie or theater production!
53. Misfit Toys. Collect a variety of small, inexpensive toys and have your guests guess which toy belongs to each guest. To make it more fun, be sure to include some items that are broken or missing pieces!
54. Mistletoe Bingo. Get your guests in the Christmas spirit by setting up a bingo board with different categories for them to fill out!
55. Birthday Party for Jesus. ‘Tis the reason for the season – the birth of Jesus Christ. Plan a birthday party to celebrate everything Jesus gave to us.
56. Holiday Game Night. Christmas is a time for fun and games, so why not have a Christmas-themed game night? Some popular game ideas include playing charades, Pictionary, or Cranium. You could also try some new games that you haven’t played before – like Elf on the Shelf or Monopoly.
Holiday Season Bucket List Around Town
One of the best things about the holiday season is there are SO MANY activities to do with no money. You can find something to do each day for free.
The paid events are classics that create lifelong memories!
57. Book a Limo to Check out Christmas Lights. What better way to enjoy watching the Christmas lights and not having to drive? Personally, this works great when sharing the limo costs with friends!
58. Attend a Local Craft Fair. These craft fairs are becoming a hot place to find personalized gifts. Plus it is a great way to give back to local small businesses as well as the high school teams and clubs who organize the craft fairs.
59. Book Tickets to a Lightshow. This is a hot commodity so make sure to book your tickets early – like around Halloween. That way you will get the prime time you want to attend the light show. Also, many areas have more than one popular light show to see!
60. Attend a Ballet Performace. While the Nutcracker is a popular dance performance, there are plenty of other ballets at this time of year.
61. Watch The Nutcracker Live. I have danced in and seen the Nutcracker so many times that I have lost count. However, I love the production, the costumes, and the music! Make it more magical by taking a young girl who has never seen the Nutcracker before and watching the production through their star-struck eyes.
62. Visit Your Local Christmas Market. Every town has one. A local store stocked with all things Christmas! Maybe even see if your area has a German Christmas Market and check out the varying traditions.
63. Attend a Holiday Tree Lighting Event. Right after Thanksgiving, there are plenty of local tree lighting ceremonies. Check with your city for dates and times.
64. Attend a Holiday Festival. The holidays are the perfect time to attend a festival with family or friends. By attending, you can enjoy the activities and experience new things that may be on your list for next year!
64. Attend a Christmas Parade. Get out and see the Christmas spirit in all of your favorite holiday traditions. Most cities kick off the holidays with a parade.
Christmas Bucket List in the Kitchen (Recipes a Must!)
Around the holidays, the kitchen is the hub of the activity. More money is spent on food and drink in November and December. So, you must include a few of these Christmas activities on your list.
65. Decorate Sugar Cookies. This is a great project that tastes delicious. It’s also really easy and you’ll be surprised how much your decorating skills improve each year.
66. Make Hot Cider. Hot cider is a great drink to have this time of year. This Christmas treat can be made in the oven or on the stovetop, with just enough heat that it’s still perfect for kids and adults. Plus it makes your house smell naturally festive.
67. Enjoy Hot Chocolate with Marshmallows. This is a perfect wintertime drink. Surprise the family with cute Christmas mugs.
68. Drink Egg Nog. This is a classic must-have during the holidays. There is something that warms your belly with the creaminess of egg nog. Make sure to buy your Egg Nog early as many stores ran out at Christmas time. Which eggnog flavor is your favorite?
69. Gourmet Hot Chocolate Bar. Set up a hot chocolate bar with all of your favorite toppings, like cinnamon, heavy cream, and gourmet chocolates. This will make the holidays even more special!
70. Snowy Ice Cream Treats! Make some delicious homemade ice cream and put it in bowls or cups and hand them out to your loved ones.
71. Visit a Bakery. These places are filled with great ideas! If you don’t have time, pick up one of their creations. Or try to make your own at home.
72. Make Your Own Gingerbread House Kit. This gingerbread house kit contains everything you need to make a gingerbread house this season.
73. Make Homemade Marshmallows. These are so simple to make and perfect for hot chocolate or in a sugar cookie recipe!
74. Make a Birthday Cake for Jesus. There is a huge reason to celebrate! So, let’s bake a cake and celebrate!
Crafty Christmas Bucket List
You don’t have to be super crafty for any of these projects. Simple ways to make decorations!
For many people, making their own gifts is a great way to give awesome Christmas gifts when you are broke.
75. Get crafty! There are thousands of Christmas crafts you can do during this season! Some ideas include making ornaments or wreaths, cutting out snowflakes, decorating a gingerbread house, or making your own Christmas cards.
76. Make DIY Christmas Tree Ornaments. Okay, I will be honest … there are so many great ideas for DIY Christmas Tree ornaments that I freeze on which project to actually complete. So, pick 1 or 2 that you know are within your crafty skills and get started!
77. Make Paper Snowflakes. This is a classic Christmas activity to do.
78. Make a Christmas Wreath and Decorations with your kids or family members. This is great for the whole family to do together, as it helps create memories that are sure to last a lifetime.
79. Wonder the Craft Stores. With no agenda and plenty of time! Let your mind wander and fill with amazing Christmas crafts you could make.
80. Make Salt Dough Ornaments. This is the simplest Christmas craft for the non-crafty person! Learn how to make salt dough from Katie.
81. Create Candy Care Garlands. The options are endless on this one! You can use big candy canes or mini candy canes to make your garlands.
82. Decorate a Christmas Photo Frame. This is a fun project that can be completed in just minutes! Take any old frame and spray paint it white. Then, add Christmas decorations around it or use spray painted puzzle pieces.
83. Knit Christmas Mittens. This is a quick and easy project to knit up for the holidays!
84. Make Your Own Snowmen. Make your own snowman out of rice or beans, it’s fun and easy.
85. Put Snowflakes on the Windows. This is a fun and easy way to decorate for the holidays.
86. Make Your Own Poinsettia Wreath. These wreaths can be made in no time at all!
87. Find Creative Ideas for Elf of the Shelf. Let’s decorate the elf and make its day bright!
88. Make Wreath Cards from Last year’s Christmas Cards. This is a great way to upcycle and make unique Christmas ideas. Watch this YouTube video to learn how.
89. Decorate Staircases with Ribbons. This is a simple trick to make your house look more festive!
90. Make Orange Peel Poppuri. This is a simple and quick recipe that will make your house smell fragrant.
91. Make Christmas Cards. This is the perfect time to make your own Christmas card with all of your family members, friends, and even pets! There are so many fun ways to customize these cards. You can be crafty with paper supplies or use a digital template.
Decoration Christmas Bucket List
The decor is the major component of the holidays! Make sure you are ready to get decorating!
92. Decorate the Christmas Tree. This “to-do” should be treated with a little more emphasis. Plan an event around decorating the tree and sharing memories while hanging ornaments.
93. Create a Themed Christmas Tree. Star Wars fan? Barbie lover? Marvel fan? Sports diehard? Time to unleash all of your passion and decorate a themed Christmas tree in honor of your fervor. Find some ideas to jumpstart your creativity.
94. Hang Chrismas lights. Even better make your house look better than the National Lampoon’s Christmas Vacation. Order your lights here.
95. Upgrade Your Christmas House Lights to a Christmas Light Show. Thankfully, technology has greatly approved and you do not need to be an engineer to figure it out. You can pick up this up and quickly set your lights to music.
96. Pick a New Scent for the Holidays. Personally, I like peppermint.
97. Buy Cute Christmas Dish Towels. This is a simple decoration tip from the pros. With this simple purchase, it looks like your house has been staged for the Pinterest perfect Christmas dinner.
Shopping Place for Holiday Activity
Every bucket list has gifts on it, so time to get your shopping done!
98. Create your Christmas Budget List. While this may not be on the top of your list, this is a very important money management tip to master. Learn how to make a Christmas budget that works for you.
99. Shop for Christmas Gifts. This is a great time to find gifts for your friends and family. No need to rush, but shop early if possible! Amazon has a ton of gift ideas that are easy on the wallet too! Find a list of the best Christmas gifts under $10 for kids.
100. Purchase Christmas Flowers just for You! Buy some fresh flowers from your local flower shop and enjoy them for the holidays!
101. Wear Christmas socks. Hello, we all love cool socks! Make sure you pick up some new Christmas socks for your holiday collection.
102. Start A Collection. If you are looking for some easy gifts, start a collection that can be added year after year! A few examples include Christmas ornaments, books about Christmas traditions from around the world, and ornaments made out of candy canes.
103. Shop A Christmas Store. Find a Christmas Store; they are worth a visit if you want to get into the holiday spirit! They have everything from traditional nutcrackers to more unique items like Santa toilet paper holders. No matter what your interests are, these specialty stores have something for everyone.
104. Give Money Creatively. Did you know you could give money besides just writing a check? There are over 45 different money gift ideas for you.
Christmas Bucket List for Family Activities
Entertaining the kids is a must! Thankfully there are so many things to do.
Plus you can see the magic of the season through their eyes!
105. Write a Letter to Santa. This needs to be done in the first part of December in time to reach the North Pole.
106. Make Reindeer Food. Fruit and vegetables make a great snack for the reindeer, so it’s easy to do this activity with your kids. You can also experiment with adding different spices into the mix such as cinnamon or nutmeg.
107. Watch the Holiday Funny Movie Marathon. This is a fun way to spend a cold or hot day. Pick out some of your favorite hilarious movies and get cozy in front of the TV! Laugh til you drop!
108. Make Winter Slime. Yes, every kids LOVES slime and what is better than just slime… WINTER SLIME! Pick up Iceberg Frozen Winter Slime for your kid’s Christmas Party.
109. Host a Kid’s Christmas Party. This is something we have done every year is to host a kid’s Christmas party. It is a simple and festive way to share in the Christmas season. Provide some simple Christmas crafts, hot chocolate (with marshmallows of course), and easy snacks.
110. Sing Christmas Carols. This is a fun family activity that will make you feel festive!
111. Visit Santa. This is an old-fashioned tradition that never gets old. Visit Santa and find out if you have been naughty or nice!
112. Make Paper Snowflakes. This activity is a must for kids. Simple and easy to make. Plus they will get lost in the activity for hours! Find paper snowflake ideas.
113. Make Rudolph Pancakes. One easy way to make your Christmas bucket list more fun is by adding some creative and festive tasks to ordinary things like making pancakes.
114. Talk to Santa Claus. It’s hard to believe, but there are actually people who talk to Santa every year and make sure he has everything he needs for Christmas Eve. You can talk to him on the phone or online, and it’s a great way for your kids to get in touch with their inner child.
115. Go for a Christmas Scavenger Hunt. This is a great family activity that will have your kids having fun and learning at the same time. You can make it as easy or as hard for them to complete, depending on their age.
116. Make a Christmas wish list and check it twice. Have the kids pick out gifts they would like for themselves as well as give to others.
117. Have a Holiday Movie Night with your Friends and Family. Make some popcorn, grab your favorite movie, and cuddle up on the couch for an evening of laughter!
Holiday Bucket List to Help Others
You don’t have to be a millionaire philanthropist to help others in your community. You can make a difference by doing small things that will go unnoticed, but still, provide assistance for those who need it.
118. Participate in Random Acts of Kindness. This is a fun way to do something nice for someone else this Christmas. It’s also a great opportunity to practice your own “random acts of kindness” you want to give back in the new year.
119. Polar Plunge: A Fun and Festive Way to Help Others. Create a team of people who will pledge money for every degree the temperature drops below freezing! Make sure to follow through and take the polar plunge!
120. Donate to a Food Bank. Make a donation to your local food bank or homeless shelter in order to help those who are less fortunate during this time of year. This is a perfect way to help those in need in the wintertime and continue the tradition year round!
121. Be Someone’s Secret Santa. This is a fun and heartwarming tradition that works well for your whole family. It’s simple, too: just give out the names of people you would like to be Santa Claus for in December and tell them not to let the person know who you are.
122. Donate Toys. There are a ton of organizations that accept donations of toys or other items. Find the best charities to donate your old toys and help those in need this holiday season!
123. Make a Financial Contribution to a Nonprofit. Most nonprofits receive the majority of their financial donations in the last months of the year. Maybe see if you could make it a part of your biweekly budget and give more often.
124. Visit the Animal Shelter for a pet adoption event. It’s not just cats and dogs that need homes on Christmas Eve! Many of our furry friends are forgotten about this time of year. Stop by a local animal shelter.
125. Adopt a Family for Christmas. If you’re not into the whole Santa Claus thing, why not take it upon yourself to give back to the community? Adopt a family for Christmas by purchasing gifts, food, and necessities that they might not otherwise have. There are many families in need this time of year and it’s truly an act of love and kindness to give back in this way.
126. Give the gift of music. If you’re a musician or know someone who is, offer to play at a nursing home or assisted living facility on Christmas Eve. If you’re not a musician, sponsor the music of a local choir or orchestra.
127. Give the Gift of a Smile. Visit an elderly neighbor and say hi. Smile to the person behind you in line. It takes more muscles to frown than smile.
128. Pick a Tag from a Giving Tree. Many companies set up a tree with tags of people who are in need. Then, their employees can pick a tag and purchase the selected item.
129. Baking for Others: A Fun Way to Help Others. Bake for someone in your neighborhood and donate the ingredients to an organization that feeds people in need!
130. Pray for Peace and Happiness. Don’t stop praying during these hard times. Pray for peace, happiness and prosperity around the world.
Something Else for Holiday Bucket List Items
These are the ones that are still awesome ideas but don’t fit in the above categories!
131. Empty your Christmas Schedule. This is a great way to destress, especially if you have been stressing about your holiday season.
132. Start Dreaming About Your New Year’s Resolutions. This one is my favorite! I love rolling over to a new year with fresh dreams.
133. Grab your Yearly Planner before January 1st. Yes! Especially with supply chain issues, I recommend getting your yearly planner in advance. Here is the current yearly planner I use.
134. Create Your Own Advent Calendar. It’s easy to create your own advent calendar. Use a simple white board and some markers to create your own countdown to Christmas.
Christmas Bucket List for Couples
These are the top 10 ideas from above just for couples!
Ice Skating at Night
Kiss Under the Mistletoe
Go on a Sleigh Ride
Romantic Movie Night
Catch a Snowflake on Your Tongue
Enjoy A Fireside Cuddle
Leisurely Stroll on a Snowy Mountain Area
Escape for a Night Away
Volunteer Together
Dream About Your Future
Christmas Bucket List Template
Okay, we gave you TONS OF IDEAS!
There is absolutely no way you can accomplish them all in one Christmas season.
So, here is a template to use to pick your top 25 activities to complete.
If you’re like us then setting up the tree is something that you always look forward to. From decorating the tree, baking cookies, and watching movies under it with your family this Christmas is sure to be a magical time for all of us!
What are some tips for creating an ultimate Christmas bucket list?
There are a few things to keep in mind when creating your ultimate Christmas bucket list.
First, make sure that it includes experiences that you will really enjoy. This is not the time for obligation or duty–the list should be filled with activities that you and your loved ones will love doing together.
Second, try to include a variety of different types of activities, from traveling and vacationing to visiting new places and trying out new experiences.
And finally, don’t forget to add some classic holiday traditions as well!
KEY TIP… Plan Your Day Ahead: What are you going to do tomorrow?
How can you make your Christmas bucket list more meaningful?
When it comes to the holidays, many people want to do as much as they can.
The Christmas bucket list is often a great way to make sure that you’re able to check off all of the items on your wish list. But sometimes, we can become overwhelmed by all of the things that we want to do. This year, consider making your bucket list more meaningful by doing activities that will bring you happiness and joy.
Idea #1 – Be Happy
One way to make your Christmas bucket list more meaningful is by only including activities that truly make you happy.
For example, if decorating the tree or going shopping for presents isn’t really your thing, then don’t put them down as items that you have to do this year! Instead, focus on doing things like baking cookies with loved ones or taking a walk in the snow.
Idea #2 – Spend Time Together
Another way to make your holiday season more special is by spending time together over a fire. Whether you build one in your backyard or take advantage of one at a local park, this is a great opportunity for conversation and reflection.
Consider lighting the fireplace and reading a good book together–or having some deep conversations about what’s been going on in each other’s lives!
Idea #3 – Make an Advent Calendar
Making your own advent calendar is a fun way to get into the Christmas spirit. You can make it as simple or as complex as you want, but the key is to include activities that will get you excited for the holiday season.
For example, one day you might do an act of service for someone else, and on another day you might bake cookies!
Now, start brainstorming ideas with your family and friends.
Idea #4 – Get Prepared
Take time to figure out what kind of holiday experience you want, which helps narrow down the items on your bucket list.
Another way to make your Christmas bucket list more special is by preparing for Christmas Eve the night before. One great idea is to create a box filled with all of the things you’ll need for the following day. This could include pajamas, breakfast foods, and even some presents!
Use the printable to prioritize which activities your family would like to do during the holidays.
Idea #5 – Make it Personal
Finally, why not add a personal touch to your Christmas this year?
Make your list as personal and meaningful to you as possible by only including activities that are important.
Instead of using store-bought wreaths and ornaments, try making them yourself! There are endless possibilities when it comes to homemade decorations, so get creative and have some fun!
This isn’t the time to make your season harder – only what you want to do.
What are some things you can do to make your Christmas bucket list more exciting?
There are many ways to make your Christmas bucket list more exciting!
One way is to add a variety of activities, from festive traditions to outdoor adventures.
You can also mix up the type of activities so that you have something for everyone in the family. Additionally, you can make a point to do new things every year and keep your bucket list updated.
This will help ensure that you have an enjoyable and memorable Christmas season.
What are some tips for making your Christmas bucket list more fun for everyone?
One way to make your Christmas bucket list more fun for everyone is to try and do something that is meaningful and fun for everyone in your family.
This could be anything from spending time by the Christmas tree together, to doing random acts of kindness this holiday season!
A great tip would be to have everyone include their top three ideas that make the family Christmas bucket list.
All in all, you want to start Christmas traditions that the whole family looks forward to each and every year. This may be as simple as starting a new family tradition or making homemade gifts for your friends and neighbors.
Which Holiday Activities do you Need & Love?
So many ideas, right?
Your head may be spinning, but only put the holiday activities on your list that you want to do.
If you’re looking for something special to do this year, consider checking out one of the many Christmas productions around the country. From The Nutcracker to A Christmas Carol, there’s something for everyone.
And don’t forget about all of the amazing light displays – they’re definitely worth seeing!
It’s the most wonderful time of year, so you might as well make your family traditions more exciting by adding some creative tasks to what is normally a boring list of chores.
What are some of your favorite Christmas traditions? I’d love to hear about them!
For more inspiration, check out our Christmas Pinterest board.
Merry Christmas!
Also, it might be time to start thinking about what do I want for Christmas?
Know someone else that needs this, too? Then, please share!!
By Peter AndersonLeave a Comment – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited April 28, 2009.
Watch out! Be on your guard against all kinds of greed; a man’s life does not consist in the abundance of his possessions. Luke 12:15
While it can be ok to have wealth, and alright to work hard to earn your money, it is even more important to remember to keep your guard up against “all kinds of greed”. It can lurk and sneak up on you, and sometimes you may not even realize you’re being greedy. You just need to have that new digital SLR camera, or need to make a quick bet at the casino on that sure thing (like the Patriots in the Super Bowl this year?).
The only sure thing we have in this life is our salvation in Jesus Christ. Anything else is just dust in the wind.
While there are a few different types of life insurance policies available, they fit into one of two umbrellas: term life and permanent life. Term life insurance is almost always cheaper than permanent life, as it provides coverage for a pre-established amount of time and lacks a cash value component. However, term life policies can be fitting for a variety of circumstances if the death benefit is only needed for a set number of years. Knowing how term policies work can empower you to make an informed decision when shopping for new coverage. Bankrate’s insurance editorial team breaks down term life insurance to help you better understand if this policy type is right for you.
Key takeaways
Term life insurance only stays in effect for a predetermined number of years —usually between 10 and 30 years — unlike permanent life policies.
Term policies are around three times cheaper than permanent life insurance, on average, because the chance of a payout on behalf of the policyholder is less likely.
99 percent of all term policies never pay a death benefit, because most term policyholders stop paying their premium, causing their policy to lapse.
If you want to see a return on payments towards a term life insurance policy, you may want to look into conversion riders or return-of-premium riders.
What is term life insurance?
Term life insurance is a type of life insurance policy that lasts for a predetermined number of years rather than your entire life. When purchasing a term life policy, you’ll choose a policy term, most commonly between 10 and 30 years.
To help understand how term life insurance works, imagine you purchase a 10-year term life insurance policy. During that decade, you would pay your monthly or annual premium on time. If you were to pass away within that 10-year period, your beneficiaries would receive the policy’s death benefit.
If the insured does not pass away within the policy term and the coverage expires, the policy would end and the beneficiaries would not receive a death benefit when the insured passes away. However, there are exceptions to this scenario. Many of the best life insurance companies offer specialized riders, like conversion and return-of-premium riders, that tweak the way term life insurance policies work. If you are purchasing term life insurance, you may want to speak with your agent about what riders are available for your specific policy.
Typically cheaper than permanent life insurance
No cash value component or investment potential to build wealth
Conversion and return-of-premium riders may add flexibility and peace of mind
Only covers a specified time period
Gives families the ability to cover significant financial liabilities that will eventually expire after a set period of time, such as mortgages and tuition
Sunk cost if you outlive the policy
Advantages of term life insurance policies
When choosing life insurance, it’s important to know how term and whole life insurance policies compare. Term life insurance has a couple of key advantages that make it an attractive option for those who need a larger death benefit for a specific period of time. It is typically the cheapest type of life insurance, especially for younger people or new parents. The larger death benefit at a reasonable price can provide for children dependents if something happens to the parent(s) earlier than anticipated.
Many financial planners encourage people who buy term life insurance to invest the money saved from not purchasing more expensive permanent life insurance. For policies with level premiums, the cost will not increase with age for the policy’s life as it does with some other life insurance options.
Learn more: Compare life insurance quotes
Disadvantages of term life insurance policies
Term life insurance does have a few limitations to keep in mind. For example, term life insurance policies pay out a death benefit when the insured passes away, but these policies do not include a cash value account. Whole life insurance policies, on the other hand, typically include a cash value account that may accumulate limited interest and capped returns. Some permanent life insurance policyholders use their cash value accounts to build wealth, but that option does not exist with a term life policy.
Another potential downside to having a term life insurance policy is that it only remains in effect for a certain period of time. Because policyholders can outlive their policies, there’s a chance that the death benefit will never be paid out. In fact, a study done by Penn State University indicates that 99 percent of all term policies never pay out a death benefit. However, that’s because most term policyholders don’t pay their premiums and let their policies lapse, not because they outlive the policy term, according to Entrepreneur.
Learn more: Best term life insurance companies
Types of term life insurance
There are several different term life insurance options, and some offer more guarantees than others. Usually, the more guarantees the policy offers, the more expensive the policy is. Here is a breakdown of the major types of term life insurance policies:
Level term insurance: Both the premiums and the death benefit remain constant over the policy’s life with this form of term coverage. Level term insurance usually lasts for anywhere from 10 to 30 years.
Decreasing term insurance: This type of term insurance, usually used to cover a shrinking debt such as a mortgage, is typically less expensive because the death benefit slowly decreases over time.
Guaranteed renewable term insurance: This type of term coverage allows the policyholder to renew the policy at the end of the term without having to undergo a medical exam or prove insurability again. It is generally more expensive overall, and it is important to note that the policy premiums will still increase with each successive term. A yearly renewable term is a form of guaranteed renewable term coverage.
Convertible term insurance: If you purchase a conversion rider and outlive your policy term, your coverage would turn into a permanent life insurance policy. Typically, you will not have to undergo another medical exam during policy conversion. Keep in mind that your premium or death benefit amount will change based on your age at the time of conversion. For example, if you wish to continue paying around the same premium, your death benefit would decrease, whereas you’d pay more to maintain around the same death benefit.
Return-of-premium term insurance: Some policyholders may be worried about signing up for a term policy, outliving their term and “wasting” the premiums they paid over the course of the policy term. This specialized rider provides a partial or full refund if you outlive the policy term. However, the rider will cost you extra during the policy term.
Riders for term life insurance
A standard term life insurance policy may not cover certain events such as critical illnesses, financial protection for your loved ones after you pass, and more. A rider, also referred to as an endorsement, is an optional type of life insurance coverage that can be added to your existing policy. It can be beneficial to add a rider to cover some of the gaps in coverage in a term life insurance policy. Here are three riders that are available for term life insurance:
Child term rider: This is only available for term life insurance policies. A child term rider provides coverage if your child passes away before a certain age and would pay out a death benefit. Additionally, this rider enables the term policy to be converted to a permanent policy without needing a medical exam.
Return of premium rider: For an additional fee, this rider ensures you receive back the money you paid into the policy if you don’t pass within the policy’s term. If the policyholder passes away before then, the money would be paid to the beneficiaries listed as normal.
Waiver of premium rider: If you become critically ill, injured or disabled and cannot go to work, a waiver of premium enables you to pause your monthly premium until you’re able to go back to work. However, qualifying scenarios are determined by the particular insurer. Additionally, with this rider you are typically only covered up to a certain age — usually your retirement age.
How much does term life insurance cost?
Term life insurance premiums are calculated based on the age and health of applicants. Because of this, pricing for a term life insurance policy varies but is typically significantly cheaper for younger applicants. Keep in mind that age and health are the main determinants of your premium, though you may still see some variance if you get quotes from multiple life insurers.
Comparing life insurance companies may be most helpful when you focus on what type of policy riders are available, how positive the customer satisfaction may be or what the insurer’s financial strength ratings are compared to other insurers.
Learn more: Affordable life insurance companies
Will I get my money back at the end of my term?
Unless you purchase a return-of-premium term life insurance policy, you will not get any money back at the end of the term. Paying premiums without receiving a death benefit is one of the potential disadvantages of purchasing term life insurance. A return-of-premium rider would increase the cost of your term life insurance, but would allow you to recoup a portion or all of your paid premiums. If you want to receive money back in the event that you outlive your policy term, you may want to discuss this option with your life insurance agent.
How much term life insurance do I need?
Deciding how much term life insurance you need hinges on your financial goals and specific situation. For instance, a parent of a young child may want to purchase a life insurance policy with a 15-year term. A term of this length could make the most sense as it could ensure that their child will be financially secure if the parent passes away while the policy is in place.
On the other hand, a childless couple with 10 years left on their mortgage may only want a term life insurance policy to be active while they are still paying off their home.
Some other factors to consider when determining your life insurance coverage needs include:
What is your yearly income and what are your expenses? How much room do you have in your budget for life insurance?
Are you the sole breadwinner? If not, does your spouse or partner make enough to cover your family’s current and future expenses if you aren’t there?
How many children do you have, and what are their ages? Do you plan to cover their higher education costs?
Are you a caretaker for any disabled family members?
Do you have a mortgage or other debts? If so, how many years will it take to be debt free?
How much financial help would your spouse need to keep your home afloat if you passed away?
It’s essential to consider your coverage needs to keep your life insurance premium within budget. If you carry too much coverage, you could find it challenging to keep up with your life insurance bill, putting yourself at risk of policy cancellation. If you don’t have enough coverage, your beneficiaries may struggle financially after your death. A life insurance calculator can help guide you on your life insurance shopping journey, as can a consultation with a certified financial planner.
Frequently asked questions
At the end of a term life insurance policy’s term, most plans will expire; however, policyholders may have the option to either renew the policy for a predetermined term of their choosing or convert the policy to a permanent plan, if they have elected these options at the onset of their policy. While letting the plan expire in most term policies means losing the money paid into premiums, some providers offer “return-of-premium” options that allow people to pay higher premiums in exchange for the option to have some or all premium payments returned if they outlive their term.
While it is possible to take out a life insurance policy on someone else, there are some stipulations. For instance, there must be insurable interest between the person purchasing the policy and the person being insured, such as business partners, spouses, parents or children. The person purchasing the policy must prove that the death of the insured person would have an adverse financial impact on them. Additionally, the insured person would also need to provide their consent, as you cannot take out a policy on someone without their knowledge or agreement.
Choosing a life insurance beneficiary is a personal choice. Many choose spouses, children, parents or a trust for the benefit of a family member to be their life insurance beneficiaries, but no rules dictate that these are your only options. Your life insurance beneficiary doesn’t have to be a person at all — you can choose to list a church or charity as your beneficiary if you wish. One of the most important things when selecting a life insurance beneficiary is remembering to do it. Forgetting to name a life insurance beneficiary can cause financial hardship for the person (or people) you thought would be collecting your death benefit.
Roughly 68 percent of Americans think its a good time to buy a home, down from 70 percent in June, according to the third quarter 2010 Fannie Mae National Housing Survey.
Meanwhile, 29 percent think its a bad time to buy, up from 26 percent in the previous survey.
And an overwhelming 85 percent think its a bad time to sell a home, up from 83 percent a quarter earlier.
Less Optimism About Home Prices
Just one-quarter of respondents believe home prices will rise in the next 12 months, down from 31 percent in June, while 22 percent expect home prices to fall, up from 18 percent a quarter earlier.
But Americans think rental prices will rise more than home prices, and for the first time since January, delinquent borrowers say they are more likely to rent than buy their next home.
Those who said they would buy have declined by 11 percentage points, while those who say they would rent increased 10 percentage points from January’s levels.
That spells opportunity for those buying investment properties, a trend that could diminish the impact of the shadow inventory overhang.
More Homeowners Aware of Mortgage Problems
Interestingly, 48 percent of Americans (63 percent of delinquent borrowers and 58 percent of underwater borrowers) know someone who has defaulted on their mortgage, up three, seven, and 10 percentage points since June, respectively.
And delinquent borrowers are nearly three times more likely to have considered stopping their mortgage payments completely if they know someone who has defaulted on their mortgage.
But 55 percent of underwater borrowers, 51 percent of all mortgage borrowers, and 43 percent of delinquent borrowers (up 11, 6, and 6 percentage points since January, respectively) think their mortgage lender would pursue other assets beyond their home if they defaulted on their mortgage.
What was your first reaction when you saw “salvage title” in the headline? Cringe and shudder? Outrage, that anybody could seriously suggest something so risky on a respectable site like this? In mixed company, no less? Step away from the ledge, slowly, exhale, and then hear me out.
I used to feel the same way … until my friend Peter showed me his “new” 4Runner. Peter is a super-frugalista, and he saw the surprise in my eyes. He laughed, “Hey, it’s a salvage title — I got it real cheap.”
He bought his son one of those, seven years back, and that car has run problem-free all that time. So he thought, “Why not get one for myself?”
Why not, indeed?
What is a Salvage Title?
It begins with what people sometimes refer to as a car being “totaled” or “written off.” “Total” is simply shorthand for “total loss,” meaning the amount an insurance company pays out for the car’s full insured value. Most often, it’s a collision that causes a car to be totaled; but they can also be totaled after a fire, flood, hail, or even theft. (If a car is stolen and not recovered for three to four weeks, depending on the jurisdiction, the insurance companies have to pay the insured, which, of course, turns the theft into a total loss.)
Insurance companies typically total a car damaged by accident, fire, hail or flood when that damage is greater than its value. They naturally want to pay the smallest amount possible and, if that’s the value of the car, then that’s what they pay. When they do that, they effectively buy the car and its title passes to them. If they subsequently sell it, they are required to sell it with what’s called a salvage title.
Why Even Consider a Salvage Title?
A car only gets a salvage title when something bad happened to it. Buying a used car is such a crap shoot to begin with, why compound that by even thinking about buying one with a salvage title?
One word, the word we associate most with Get Rich Slowly — “money.”
A fully repaired car with a salvage title typically sells for 30 to 40 percent less than one with a clean title. If you were eyeing that $15,000 used minivan, a comparable (i.e., fully repaired) one with a salvage title would typically go for $9,000. That’s a savings of $6,000.
That’s a pretty compelling number if you’re interested to save money.
I don’t know if you heard, but someone just paid more than $30 million for a used Ferrari at the Pebble Beach auctions last week. The car was in a major wreck, but it was restored. The point is: a wreck doesn’t necessarily mean the utter demise of a car. Any car can be repaired or restored to mint condition. The trick, of course, is not to overspend —and to know it was done right.
Does a Salvage Title Make Sense for You?
The first thing you need to do is find out if your state allows vehicles with a salvage title on the road. Colorado, where I live, does. (That’s how I found out about it.) So, if your state allows it, you could potentially save a lot of money on your next car if you are one of the following kinds of people:
1. You drive your cars for many years. A salvage title stays with the car for the rest of its life. If you bought it for 60 percent of its normal value, you will only be able to get 60 percent of its normal value when you sell it. The longer you drive the car, the smaller the penalty at the time of selling. The net result is that you save a lot when you keep it for a long time. However, if you sell your car every two or three years, your savings at the time of buying will be negated at the time of selling, when you’ll have a harder time trying to sell it and you’ll have to take less. (In most states, sellers have to disclose a salvage title at the time of sale.)
Also keep in mind that most dealers will not take a car with a salvage title as a trade-in.
None of those issues present a problem if you plan to drive the car into the ground and then give it to your son going off to college in thirty five years’ time. 🙂
2. You usually buy older cars to begin with. The cost to repair a new car is not much different than repairing an older car. That means it will take pretty extensive damage to a fairly new car to get it totaled, because it’s still quite valuable. On the other hand, an older car is worth much less, even if it’s in good condition, and it doesn’t take much in the way of damage to get the insurance company to total it. In fact, a fender bender will often do it.
What that means is you can save 30 to 40 percent on an older car with a salvage title that has suffered only minor damage. (It’s a good general rule to stay away from salvage-title cars less than three or four years old.)
3. You’re not afraid to do some repair work yourself. If you know your way around a junk yard and you’re not averse toscraping your knuckles a bit, you can save even more than the 30 to 40 percent by buying a salvage-title car that hasn’t been fully repaired yet. If you can figure the cost of the repairs still needed, you deduct that from the 60 to 70 percent before you make your offer. Then you add some weekend and evening sweat equity to add that value back to the car —and you know the quality of the work that’s been done.
Buying a car with a salvage title is obviously not appropriate for everyone, and this post doesn’t try to make that point. All I hope to do is spotlight an option you may not have considered before but which might work for you.
Tips for Buying a Salvage-Title Car
As the saying goes, there’s no free lunch. In order to capture the gain of having a serviceable car at a 30 to 40 percent discount, you have to put in some time you wouldn’t ordinarily spend. Remember your first reaction above when you first heard the term “salvage title”? Everyone you deal with will have the same reaction. And because they’re not getting a big discount on their purchase, they don’t have any incentive to stray outside the box to accommodate you. That means more work for you.
1. Negotiate. Sellers will try to slide by with a discount of, like, 15 to 20 percent on the normal price, hoping buyers won’t know the appropriate discount from normal. Salvage-title vehicles is a buyer’s market; be sure to pursue the maximum advantage.
2. Financing: You should be able to get financing for a car with a salvage title, but it won’t be nearly as easy as for one with a regular title. The bank’s problem is the resale value of the car, which is much less than that of a comparable car with no title problems. If you are paying a lot less for the car to begin with, this isn’t that much of a problem. Expect to do more shopping, though. Personally, I think cash is the best way to buy a salvage-titled car, especially because of the next point.
3. Insurance: Insurance companies, for the most part, won’t offer the comprehensive insurance lenders require. They will offer collision and liability coverage; but, again, expect some push-back and more time shopping around for insurance. If you buy an older car for cheap, your insurance requirements aren’t that much, and you can get what you need. Most insurance companies will insure salvage titles cars just fine. Just be mindful that for them there’s not much difference in repair costs; so don’t expect any price break, even though your car was a lot cheaper than a comparable “regular” car.
4. History: Before you even make an offer on a car with a salvage title, you would be well advised to spend the time necessary to track the entire history of the car’s title. In particular, it’s important to find out (not from the person trying to sell you the car) what happened: what type of crash and the extent of the damage. CARFAX is a good starting point, but expect to do more digging.
Also included in the history research is the seller. Some businesses who sell salvage-title cars are reputable; others are not. Be sure to check with the Better Business Bureau to see if this seller has had issues.
5. Inspection: It is good practice to have a professional inspect any used car you’re interested in buying. Although it may cost a hundred or two, I look at that as insurance: It’s much better to find out about any defects before you plonk down your money. If it’s a good idea for all used cars, it’s essential for a salvage titled car. In particular, you need to have someone check out the wheel alignment. In the old days, they used to talk about frame damage, but most of today’s cars don’t have frames any more — the entire body acts as the frame. If the axles get twisted out of alignment, the car is a pain to drive and it will double your tire wear. A body shop inspection will quickly reveal if that’s a problem or not.
6. Pre-registration: Some states require a police inspection and a certificate from the police before they will register a car with a salvage title. This is aimed at making it difficult for stolen cars to get back into circulation. You will need to do your homework on this issue before making your purchase as well.
In Conclusion
Good wisdom says even if you buy a clean-titled, used car you should do most of these things (e.g., have someone check out the car and research the title history) so the additional legwork might not be that much for you.
My wife and I tend to buy used cars and then keep them till they’re seriously long in the tooth, and then we give them away. Given the success my friend had with his salvage-title car, I’m seriously going to consider going that route next time we buy. The key, I believe, is to be very careful and to be prepared to kiss many frogs before finding the salvage-title prince.
Like many things in life, there’s a reward for risk and/or hard work. If you’re prepared to consider buying your next car with a salvage title, you may be able to pocket a significant savings. It’s not for everyone, obviously, but it’s nice to know an option like this exists.
LendingHome, a marketplace lender that claims it’s “the best way for borrowers to get a mortgage,” announced this week that it funded more than $550 million in mortgage loans during 2015.
That represents a 600% increase from 2014 as marketplace lending continues to surge in popularity.
If you’re wondering just what the heck marketplace lending is, it’s essentially a setup where individuals obtain and invest in mortgages at the same time.
LendingHome refers to themselves as a “direct lender with a marketplace of investors who buy our loans.” They close the loans with their own funds and then offer them to investors via a secondary sale.
So Joe Investor backs a mortgage (via a fractional note) taken out by Jane Homeowner after LendingHome funds it. Institutional investors are also involved in the process.
To that end, some $200 million in principal and $20 million in interest has been doled out to investors in LendingHome mortgages.
LendingHome Mortgage Products: Fix & Flip or Primary Residence
If you’re a borrower seeking a mortgage, you have the ability to choose from either a “fix & flip” product or a standard owner-occupied mortgage.
Let’s talk about the first option first. Assuming you’re an investor, you get the ability to apply for a purchase or refinance loan on a rental property.
LendingHome will ask you a series of questions online about the property, including whether you’ve found it yet, and if an offer has been made.
As far as the loan goes, you have the ability to add rehab funds on top of the desired loan amount if you need to finance improvements before unloading it again. The loan term appears to be set at 12 months because it’s basically a bridge loan.
They ask the typical questions such as property value, loan-to-value, your estimated credit score, and your real estate experience. Specifically, they ask how many properties you’ve purchased in the past six and 12 months, the number you’ve purchased in your lifetime, and the average purchase price.
The product is available in Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Maryland, Michigan, Missouri, North Carolina, Nevada, New York, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, and West Virginia at last glance.
LendingHome Rates Appear to Be Favorable
If you want to take out a mortgage on a primary residence you intend to occupy, it appears you can only do so in Nevada and Oregon at the moment, though I’m sure that list will grow soon enough.
I did a mock application to see what kind of rates you can get and they weren’t bad at all. For a 30-year fixed, the rate was advertised at 3.5% with no mortgage points. For a 15-year fixed, the rate was 2.75%, and for a 5/1 ARM it was 2.625%.
LendingHome’s rate estimates assume a $750 origination fee and a $400 escrow fee plus 0.07% of the loan amount. There’s also a smaller application fee.
For the record, I geared the quote toward a pristine borrower with excellent credit and a sizable down payment. When I inputted a 600 credit score it was deemed too low for financing.
However, a 620 credit score got me back in the game and rates were still low, with the 15-year fixed unchanged at 2.75% and the 30-year fixed a slightly higher 3.875%.
So a borrower with a low credit score may benefit from their forgiving pricing structure.
LendingHome aims to be speedy, with a three-minute rate quote, a 20-minute full application, and a closing date in just 10-14 days. In fact, they aim to close all loans in less than 2 weeks. That’s pretty fast!
The process is also done 100% online, with questions answered via online forms and documents uploaded via their website. You can also keep track of your loan progress via their customer portal and contact a human if you so wish.
If anything changes along the way, they may need to adjust your rate, but they’ll let you know if and when that happens.
For those who wind up getting denied, the company claims it will work with you to provide a creative counter-offer if at all possible.
Becoming a LendingHome Investor
If you want to invest in LendingHome mortgages, you need to be an accredited investor. This typically requires a six-figure income and assets north of $1 million. If that sounds like you, there’s an option to earn a healthy yield on mortgages.
Assuming you choose to invest, LendingHome’s marketplace requires a minimum opening balance of $50,000, with a minimum investment of $5,000. When you invest in one of the company’s mortgages, you can earn a “yield upwards of 10 percent on average.”
The company differentiates itself from other FinTech platforms by allowing investors to put their money behind secured loans backed by real estate, as opposed to unsecured loans offered through competing marketplace lenders like SoFi.
Once you choose a mortgage to invest in, you’ll receive a monthly payout of principal and interest when the borrower on the loan makes a payment.
And because you’re taking a fractional interest, you can diversify your mortgage holdings so you don’t just wind up with one sour loan.
Your money is basically locked up until the loan matures, which could be earlier than the actual loan term if the mortgage is prepaid.
Should You Apply for a Mortgage at LendingHome?
All in all, it appears that LendingHome is targeting a niche market that has either been shunned by traditional mortgage lenders, or simply doesn’t want to deal with them because of the many restrictions investors with lots of properties face.
While I don’t know what the mortgage rates are for the fix & flip loans, my assumption is that they’re going to be significantly higher than what you’d find with a conventional mortgage lender. I’ve heard something about rates being closer to say 7-10%, as opposed to the 6% rate you’d find on a traditional 30-year fixed issued by a large national bank, credit union, or mortgage banker.
However, companies like LendingHome (and Sindeo or Lenda) may offer more flexibility than the big mortgage players, which is probably why a borrower would seek them out in the first place.
As noted, their rates on owner-occupied loans are quite competitive, though they only appear to be offered in two states at the moment. You may also be able to gain approval even if the loan doesn’t fit the Qualified Mortgage rule.
What’s great is how simple the process appears to be. Their automated system even recognizes and removes documentation requirements that a traditional mortgage provider would ask for but isn’t needed for your loan. They’re all about speed and convenience, something Millennials seem to be pretty fond of.
If they can compete on price and keep closing costs low (via technology), they should be a viable alternative to the standard big bank approach, even if you’re a vanilla borrower.
On December 8th, 2016, LendingHome announced that it had surpassed $1 billion in mortgage loan originations.
In late August 2018, the company said it had surpassed $3 billion in origination volume, with the third billion lent out in a mere eight months, 33% quicker than the time it took to dole out the second billion and some 375% quicker than it took to originate the first billion in home loans.
Save more, spend smarter, and make your money go further
Last month’s average temperatures nationwide were the second highest ever recorded, and July is showing no signs of relief. The hot weather paired with many large utilities already raising customer rates means that Minters could see their highest utility bills ever this year.
Luckily, there are steps you can take now to reduce the cost of cooling your home. So sit back, pour yourself a cold drink and take advantage of these tips to keep your utility bill from heating up.
Replace Your Air Filters
You should be replacing your air filters once a month, especially during the summer. Dirty filters restrict airflow, which means the air conditioner runs longer and uses more energy. Replacing a clogged filter will reduce your energy consumption by up to 15%! Buy several filters at once and create a recurring calendar reminder on your phone.
Cool Down Your Bed, Not The Room
Feeling hot when you try to fall asleep is uncomfortable at best, but running the air conditioning all night is the quickest way to a steep energy bill. Instead of turning down the temperature on your thermostat, consider purchasing a bed fan or cooling mat. Bed fans are special bed-height units that send cool air between your bed sheets, using much less energy than central air or a wall unit. Cooling mats use no energy at all! Just pop it in the refrigerator during the day, and place in your bed when you’re ready to turn in for the night.
Consider a Smart Thermostat
Your thermostat controls half of your energy bill, so any cost savings strategy deserves a long look at that tiny box on your wall. Thermostat innovator Nest reports that a correctly programmed thermostat – ones that make adjustments based on your activity – can save about 20% on your heating and cooling bill. In fact, average annual savings with the Nest Learning Thermostat is $173/year – with units costing around $250, you’ll see a return on your investment in your second year.
You can use Nest’s online tool to calculate how much money you can save based on your location, home size and system specifications. Even if you don’t have a smart thermostat, don’t forget: adjusting your temperature just one degree can cut your energy use up to 5%.
Get an Estimate for Radiant Barriers
If you live in a region with prolonged hot temperatures, updating your home’s insulation is a great option for reducing cooling costs for good. Radiant barriers – also known as reflective insulation – reflect heat away from the home.
Heat travels in three ways: conduction, convection, and radiation. Traditional insulation materials slow conductive and convective heat flow, but do not account for radiant heat that travels through your roof and into your house. Radiant barriers are easiest to install in new construction, but can be installed in your existing house, especially if it has an open attic. Studies show that radiant barriers can reduce cooling costs 5% to 10% when used in a warm, sunny climate.
What are some tips and tricks you use to keep things cool around your house? Share with us in the Comments or on Twitter with #MyMintTips.
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