Sell

Apache is functioning normally

Real estate has the power to change your life for the better, but it can do so much more than that. Today’s guest, Jen McConnell, used her commissions to fight pediatric cancer, and she later created a foundation to help further the cause. On this podcast, Jen shares how real estate changed her life and has given her the ability to impact the lives of countless others. Jen also covers the advantages of running your own brokerage, ways to deliver five-star customer service, and more.

Listen to today’s show and learn:

  • Jen McConnell’s start in real estate [1:34]
  • What agents learn selling homes for builders [5:31]
  • The Charleston real estate market [6:47]
  • McConnell Real Estate Partners’ sales and team structure [8:04]
  • The advantages of running your own brokerage [13:32]
  • Social media as a tool for real estate agents [15:20]
  • The financial crisis compared to this correction [17:17]
  • About The McConnell Foundation and donating to causes that matter [18:33]
  • Restarting in real estate after major life challenges [22:18]
  • Advice on starting a non-profit foundation [26:53]
  • Advice for agents on giving five-star service to get referrals [27:29]
  • Jen’s favorite CRM: Follow-Up Boss [30:19]
  • The post-closing checklist: When to follow up with buyers [31:13]
  • Transitioning from paid leads to referrals [34:42]
  • Where to find and follow Jen McConnell [36:25]

Jen McConnell

Jen was fortunate enough to start her real estate career when she was a junior in college.  Now with over 17 years of experience in the industry, she has a particular expertise in luxury real estate and custom home building. She moved to Charleston in 2006 after receiving her B.A. in Marketing from Ashland University. In 2022 Jen was awarded the South Carolina Women in Business Award, and chosen as a Top 40 Under 40 Real Estate Agent in Charleston.  Jen has also been featured on Charleston Home Showcase & Lowcountry Live and has been featured in Charleston Real Producers Magazine, Charleston Style & Design Magazine, Southern Living Magazine, The Post & Courier, Charleston City Paper, Charleston Regional Business Journal, Charleston Daily, Greenville Business Journal, Columbia Business Journal and many others. She is a Certified Luxury Home Marketing Specialist through the Institute for Luxury Home Marketing where she has been awarded the prestigious Million Dollar Guild award. Jen has also earned the coveted Realtor of Distinction Award achieving the highest rank possible as a Platinum Award winner through the Charleston Trident Association of Realtors. The Platinum Award places Jen in the Top 2% of agents in Charleston.

Jen is the Co-Founder of King Tide Investment Group and Blue Ocean Investments, both residential real estate investment companies based in Charleston, SC and Greenville, SC respectively. In 2021 Jen and her husband Josh opened their own brokerage on Isle of Palms and formed McConnell Real Estate Partners where she is the broker-in-charge.

Jen met her husband, Josh, in Charleston and was married at Wild Dunes on Isle of Palms in 2010. They now live on Isle of Palms and welcomed their daughter Bennett in 2016 and their son Bodhi in 2017. They have embraced all Charleston has to offer but most especially the outdoor living, the amazing restaurants and long summer days at the beach. The McConnell’s are avid Clemson Tigers, strong supporters of MUSC Children’s Hospital, the South Carolina Aquarium, Pet Helpers Adoption Center and are members of First United Methodist Church on Isle of Palms.

Jen prides herself on being persistent, utilizing her experience to always find the most advantageous terms for her clients, and providing unparalleled professionalism and expertise for her clients in each and every transaction. Whether you’re looking to buy, sell or invest in real estate throughout the Charleston area, Jen would love to share her passion and market knowledge with you.

Related Links and Resources:

Thank You Rockstars!

It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.

-Aaron Amuchastegui

Source: realestaterockstarsnetwork.com

Apache is functioning normally

Four lawsuits filed in New York and California are part of the settlement, which names Sprout, its affiliated company Recovco Mortgage Management LLC, and former top executives, including its founder Michael Strauss, as defendants. 

Defunct Long Island-based Sprout, led by industry veteran Strauss, informed hundreds of workers it was closing its doors on July 6 after a sharp rise in mortgage rates saddled the company with loans it was unable to sell to investors in the secondary market at par. 

HousingWire previously reported that ex-employees alleged the company did not pay the former employees’ last paychecks and severance package. The company also canceled health insurance coverage retroactively to May 1, resulting in several lawsuits against the lender.

In the request for the settlement approval, the plaintiff’s attorneys said they do not “believe Defendants even have a defense to the allegation that the Company failed to pay its employees for several weeks of work performed once the corporate entities shut down.”

To justify the settlement, the attorneys wrote, “Our primary concern has been the limited assets left in the accounts of the Corporate Defendants (Sprout and Recovco) and our ability to collect on a judgment against the primary individual defendant, Michael Strauss.”

The negotiations started seven months ago and included two mediations, in-person and virtual meetings and dozens of phone conferences. 

In October 2022, plaintiffs demanded about $20 million in unpaid wages, liquidated damages, and damages under the federal WARN and COBRA notice violations. In turn, the company responded that it would not have the financial ability to “pay an eight-figure judgment and that the collection risk against Strauss was high.”

“We learned many potentially valuable assets were, in fact, encumbered or no longer in Defendant Strauss’ possession. This information helped us to offer principled advice to our clients regarding settlement decision making,” plaintiffs’ attorneys wrote in court filings. 

Strauss is reportedly trying to sell a property at 610 Park Avenue in New York for $22.5 million and has started a new mortgage company. However, he is facing some resistance. Strauss and his company, Smart Rate Mortgage, appealed in April a decision from an Illinois regulator to suspend their licenses to operate in the state. Meanwhile, the licenses remain active.  

Scott Simpson, one of the attorneys for the plaintiffs at Menken Simpson & Rozger LLP, said in an email to HousingWire that the timeline for former employees to receive compensation will depend on when the court rules on the motion and any further dates set by the court.  

“If the court approves the settlement, a settlement administrator will send checks out to eligible class members,” Simpson said. 

“Our clients have no comment at this time,” Marc Wenger, an attorney for the defendants at Jackson Lewis P.C., said.

Source: housingwire.com

Apache is functioning normally

Loyalty? Not in the mortgage business. That is, if you actually want to save money on your home loan.

A few years back, an HSBC survey revealed that 52% of U.S. homeowners “switched providers” (sorry, they’re British) when obtaining subsequent mortgages.

This was mainly driven (53%) by the desire to get a better deal, aka a lower mortgage rate with fewer closing costs.

That survey also found that 46% of consumers investigated a mortgage switcheroo, again either to save money or to lock in a new low rate due to rising interest rates.

Other reasons homeowners decided to go with another mortgage company were because they moved and purchased a new property.

Or due to their current mortgage deal was expiring. I think they mean an adjustable-rate mortgage resetting.

Is It Bad to Switch Mortgage Lenders?

mortgage retention

A new report from Black Knight claims that loan servicers retained just 18% of the estimated 2.8 million homeowners who refinanced a mortgage in the fourth quarter of 2020, the lowest share on record.

Interestingly, those who refinanced to improve their rate and/or term were retained at a higher rate (23%) versus those pulling cash out as part of the transaction (11%).

This could be due to cash out refinances being harder to come by lately, and thus offered by fewer lenders. Or it just feeling more complex to the homeowner.

But here’s the biggie – among higher-credit quality rate and term refinances, borrowers who switched mortgage lenders received more than an eighth of a percent lower rate than those who refinanced and remained with their current lender/servicer.

In other words, you might get a lower mortgage rate if you switch mortgage lenders, instead of remaining loyal.

So is it bad to switch mortgage lenders? Not if you want to save money! Of course, your old lender might not feel the same way.

Mortgages Are Mostly a Commodity

  • Home loans aren’t all that different from one another
  • This is why lenders are increasingly coming up with unique ways to sell you one
  • The vast majority are 30-year fixed products whose only difference might be the interest rate or fees involved
  • And the majority just follow the underwriting guidelines of Fannie Mae, Freddie Mac, or HUD

It’s really no surprise that a lot of consumers don’t stay with their original mortgage lenders and/or loan servicers.

Aside from some existing lenders sometimes talking borrowers out of a refinance, the product is mostly the same no matter where you get it.

That makes customer retention difficult, especially when other lenders are aggressively marketing to homeowners.

These days, the majority of home loans are backed by the agency guidelines of Fannie Mae, Freddie Mac, or the government via FHA loans and VA loans. I think it’s something like 90% of mortgages.

This means mortgage loans are pretty homogeneous, despite what channel they’re originated in, or which institution provides the financing.

You could get the same exact home loan from a local credit union, a big bank, an online mortgage banker, or a mortgage broker.

And who really cares where you get your mortgage as long as the company is competent enough to close the thing, and honest in terms of rate and fees?

It’s not like you’re going to walk around and brag about your cool mortgage from X bank after the fact. It’s certainly not a status symbol, or a conspicuous transaction.

I’m pretty sure I’ve never had a conversation about someone’s branded mortgage before.

And I doubt an “influencer” is going to post about theirs on Instagram. Well, I take that back, they might…because someone paid them.

Mortgage Advertising Is Following the Insurance Model

  • Like mortgages, most forms of insurance are similarly boring and unoriginal
  • But that doesn’t stop mega insurers like Geico from advertising to you 24/7
  • Other insurers create catchy new names for run-of-the-mill coverage that isn’t really unique
  • Mortgage lenders are beginning to do that too in a bid to separate themselves from the crowd

This is exactly why insurance companies use celebrity endorsements and smart marketing gimmicks to get you to switch, or conversely, to stick around.

Car insurance isn’t cool or exciting and never will be, nor are mortgages, as much as I want them to be.

Ultimately, we’re all being sold the same thing, it’s just that some companies try to differentiate themselves by slapping clever names onto their products.

For example, Quicken Loan’s Rocket Mortgage is about reinventing the mortgage process, not the mortgage itself.

You’re still probably going to get a 30-year fixed home loan or some other ordinary mortgage that you would get anywhere else.

It’s just the way you get it that might change. Instead of meeting face-to-face with a banker, you might upload documents on your smartphone and authorize the release of documents electronically.

This could make the experience a lot easier and more pleasant, but it doesn’t mean you’re necessarily getting anything different.

Because everyone is basically offering their customers same thing, it comes down to price, customer service, and now perhaps clever marketing.

The one exception is portfolio home loan programs, which are actually unique to the mortgage lender providing them. These are loans kept on the originating bank’s books that contain distinct underwriting guidelines.

We’re starting to see more of them, though most lenders remain fairly cautious with the mortgage crisis still a not-too-distant memory, despite taking place a decade ago.

For example, a lot of the zero down mortgages you see are unique to the companies offering them, the latest one I came across from Ideal Credit Union.

And some of the so-called fintech disruptors like SoFi Mortgage are actually providing unique offerings like a 5/1 ARM with an interest-only option and jumbo loans as high as $3 million with just 10% down.

Be Careful Not to Pay More for the Same Exact Mortgage

  • While it’s important to use a mortgage lender you can trust
  • Such as one that can actually close your home loan competently without major delays
  • It doesn’t really matter what “brand” the mortgage it is after it funds
  • And there’s a good chance it’ll be resold to a different company shortly after closing anyway

Those exceptions aside, many of us have very similar mortgages that are only unique in terms of where they originated from.

As noted, most of today’s mortgages are conforming loans, meaning they meet the guidelines of Fannie and Freddie. Or they’re simply backed by the government via the FHA, VA, or USDA.

And just about all of them are 30-year fixed-rate loans that function exactly the same.

That’s why you have to ask yourself – if the company isn’t offering anything different, why pay more?

Might as well bargain shop and find the best mortgage rate with the lowest closing costs, instead of simply going with a household name because of a funny commercial.

At the end of the day, as long as they get you to the finish line, you’ll probably never think about your mortgage company again. Just make sure they’re reputable first…

Chances are your mortgage will be sold off in a matter of months anyway, so the company you get it from likely won’t even service it.

In fact, your final correspondence might be a notice of your home loan changing hands…

(photo: lamdogjunkie)

Source: thetruthaboutmortgage.com

Apache is functioning normally

The real estate market carnage continues with all the major iBuyers pausing home purchases thanks to the coronavirus.

Zillow Offers Pauses Purchases

This morning, Zillow announced that it had stopped home buying via Zillow Offers amid the “market uncertainty” related to COVID-19.

While it’s unclear if it was mandated, they did note that the move was “in response to local public health orders related to COVID-19,”and also to ensure the protection and safety of its staff, customers, and partners.

Specifically, some states like California have implemented emergency orders requiring individuals to stay at home and cease all non-essential business, which includes some real estate activities.

The company said it would continue to market and sell homes through Zillow Offers, despite halting open houses for its homes last week.

Zillow said it ended 2019 with 2,707 homes in its inventory, and as of March 19th, had reduced it to approximately 1,860 homes.

All 24 markets where Zillow Offers currently operates are affected by the move.

Opendoor Cash Offers Suspended

Meanwhile, Opendoor is putting cash offers on hold as a result of COVID-19.

In a statement posted on their website, the iBuyer said, “If you’re currently in our offer process, be on the lookout for communication from us. If you’re not, here’s how we can still help with your home sale.”

In terms of that help, they are still allowing third parties to make a cash offer for your property, as opposed to Opendoor itself.

If you take them up on that option, you can still skip the showings, prep work, and choose you own close date.

They said they’ll get back to customers via email within 2-3 days if eligible.

You can also use one of their partner real estate agents to list your home in traditional fashion, though I think we all know selling right now probably doesn’t make a ton of sense unless absolutely necessary.

Offerpad Might Be on Hold Right Now

I visited Offerpad’s website to see how they were being impacted, but couldn’t get a totally clear answer.

However, they do have an “important notice” posted at the top of their website that reads:

“To ensure that our customers, employees, and third parties are safe to the best of our ability, our processes have been subject to temporary changes.”

“We need to ensure that all services, including third parties, associated with a customer’s purchase or sale will be available. We appreciate your flexibility during this time.:

So there’s a good chance they are following suit and putting new purchases on hold as well.

As reported last week, RedfinNow was the first to temporarily halt home purchases, as indicated in an 8-K filing.

Two Takeaways to Consider

One issue, as mentioned by Zillow, is that real estate isn’t necessarily an essential business activity.

At least when it involves investors trying to make money by buying and selling real estate.

For everyday Joes looking to buy or sell a home, I assume it’s still okay to do so. It certainly can be argued as essential in certain situations.

However, a bigger concern is if this is the canary in the coal mine.

If billion-dollar companies like Redfin and Zillow aren’t interested in buying our homes, what does that say about the health of the real estate market?

I think the worry is if this situation doesn’t improve in the next several months, we might see scores of foreclosures flood the market, which could lead to lower home prices.

Conversely, if the government and loan servicers get ahead of it and work hard to help unemployed homeowners, things might turn out okay.

And really, with all the spending going on, there’s bound to be inflation, which could benefit homeowners as the world recovers.

Source: thetruthaboutmortgage.com

Apache is functioning normally

Weddings are a big deal. You plan them for months or even years and invite everyone you know, then you have the highly-anticipated, heavily-photographed event and they all live happily ever after. (Cue the end credits.)

So much goes on behind the scenes before the big day, as anyone who’s ever attended or been in a wedding should know. But what you don’t really find out until you plan one for yourself is just how expensive and wasteful they can be. 

What’s Ahead:

The true cost of a wedding

When I was planning my wedding between 2018 and 2019, I learned pretty quickly what weddings actually cost. And I’m not just talking about the bill. 

Each year in the U.S., couples spend thousands of dollars on average on their weddings. In 2022, the national average price of a wedding was around $30,000, according to The Knot. Of course, these averages vary by state and city but could be much higher. And destination weddings can add another several thousand onto your final total.

And every year, these averages go up.

I didn’t know any of this when I got engaged. But once I started actually planning and crunching the numbers using quotes from vendors and venues, I realized that there was no way I could afford the “average wedding,” and I wasn’t sure I wanted to. 

Creating my lists also had me thinking about how all of these different “to-do” items would eventually become “to-dump” items. Those flowers would have to go somewhere, right? The table decorations would need to be disposed of, the cards tossed, and the wrapping paper from the gifts thrown in the trash. 

So I decided to try to do things a little differently. Both out of necessity because I was poor when we got married – like still in college, barely 22 years old poor – and out of a desire to be eco-friendy. 

I’m going to share seven real ways I made my wedding greener and some ideas for making your big day low(er)-waste too.

Read more: Are you financially ready to get engaged?

1. Swap the flowers

Sola wood flower bouquet

My flower total: $94.55

Swapping real flowers for sola wood, paper, fabric, or anything else that will last is a smart place to start. Because the fact of the matter is, flowers are incredibly expensive. And then they wilt and die, as cut plants are prone to doing.

For my flowers, I opted for sola wood. This is a material that comes from tapioca that can be treated and shaped almost like paper. It’s lightweight and looks darn close to the real thing.

I found a shop on Etsy that sold individual sola wood flowers in a bunch of different colors and varieties, and I used 24 of these for my bridal party. For myself, I purchased a pre-made sola bouquet from another store so I didn’t have to cobble one together. 

The great part about using sola or another material for your flowers isn’t just that it’s inexpensive but also that you get a keepsake.

I let my bridesmaids keep theirs as a memento and I have the leftovers in vases.

For me, that was it in the way of flowers. I used other decorations for everything else, including repurposed antiques and some DIY items. But there’s nothing saying you couldn’t go all out with the sola since it’s a fraction of the cost of live flowers.

Tip: Purchase sola flowers in large quantities to save even more, and buy them early so you can match them to your other decorations and customize them.

2. Buy your dress secondhand

My dress total: $700 (without alterations)

I know, I know. This one is a harder sell. Many brides have very clear visions in their heads about how they want their dresses to look and make them feel, and purchasing secondhand limits your options. Plus, thrifting a top or a pair of jeans is different from thrifting one of the most important outfits of your life.

But hear me out. No one is going to know someone else wore your dress before you. Wedding dresses usually get worn once, maybe twice, before collecting dust. And creating gowns is so labor and resource intensive that even repurposing one has an impact.

For my dress, I went to The Brides Project in Ann Arbor, Michigan. This is a nonprofit bridal boutique that collects donated dresses, sells them, and uses the profits for charitable causes. The Brides Project donates to the Cancer Support Community of Greater Ann Arbor and everyone who works there is a volunteer. 

Buying secondhand saves serious money and prevents a dress from being wasted. At the end of the day, I spent $700 on my dress and I loved it. This was in 2018 when the average cost of a wedding gown was right around $1,750. 

Tip: If you don’t have access to a secondhand bridal shop, check out your local consignment and thrift stores, go on eBay and Poshmark, or browse a marketplace specializing in pre-owned bridal gowns.

Secondhand marketplaces include:

Point is, you’ve got options.

3. Use one venue

Wedding venue with dance floor and tables and chairs set up

My venue total: $1,850

If you can find a venue with enough room for both your ceremony and reception, book it. This is one of the best decisions we made. Venue rental fees will eat up a big chunk of your budget no matter where you go, but choosing one for the whole event can help you save a little money and make things easier on yourself – and your guests.

With one venue, nobody has to kill time in between, you don’t have to get multiple places set up, and you don’t need to pay for twice the decorations. You save your elderly relatives from climbing into a car more than necessary and nobody gets lost.

This creates less waste and simplifies your planning. Plus, without all those cars on the road getting from one place to another, you’re not responsible for as many carbon emissions.

Tip: To pull this off, you have to love whatever venue you choose. Rather than picking a “blank canvas” venue you’d have to style from floor to ceiling, consider one with some personality. If you choose a place that suits your style, you don’t need to do as much decorating. 

We got married in a city club that had vintage art, furniture, and accents throughout, and our wedding was in spring when the flowers were blooming. It felt timeless and setup was minimal.

Overall, highly recommend. 

4. Skip (some of) the cards

My card total: $117.19

Physical engagement announcements, save-the-dates, invitations, and programs are nice to look at. But that’s a lot of material that’s probably just going to get recycled. And wow is it pricey.

The only paper I purchased was invitations and RSVPs. We ordered these from Paper Culture, a company that creates custom eco-friendly cards using recycled paper and bamboo. 

The cards included links to our wedding website where people could RSVP and find out everything they needed to about the event. We did receive some physical RSVPs back, but the majority of our guests used the website to “joyfully accept” or “regretfully decline.”

There are so many wedding planning websites and apps that organize everything from responses to registries in one place. You can pretty much skip most of the cards if you want to.

Great wedding websites include: 

  • The Knot
  • Zola
  • Joy
  • WeddingWire

Tip: Send invitations a little earlier than recommended if you’re doing digital. This will give guests more time to “save the date” and you more time to track down RSVPs. And you might need to give your tech-averse relatives a call if they don’t respond.

As for programs, you might not need them. I wrote down the schedule of events with times on an extra-large mirror (that I got on sale for $35) and displayed this centrally at the venue. I still have this mirror today, with the writing on it, on my wall.

Bonus tip: Not everybody needs a plus-one

Maybe this seems selfish, but we gave out plus-ones very sparingly. If we had met a person’s significant other, they were invited. Otherwise, we didn’t really want to give them hugs in the receiving line or pay for their dinner.

We made a note on the RSVPs that if someone wanted to request a plus-one they could, but no one actually did this. People get it. 

5. Choose food wisely 

Appetizers on trays and stands at wedding

My food total: $3,077.50

For many couples, the food and drink bill ends up being the biggest. The Knot 2022 Real Weddings Study found that the average food bill for a wedding comes out to $75 per person. 

But most people don’t go to a wedding for the food. In fact, this is often the worst part (just stating facts). Don’t put too much pressure on the meal you’re serving to be a highlight of the day or evening, and don’t fork over more cash than necessary.

That said, we decided to do a menu of just appetizers. We ordered enough that everybody would be able to pile their plates with several individual bites and have plenty to eat, but not so many that we’d have leftovers to deal with. 

Every venue is different, but ours charged a per-plate or per-head price on dinners and a per-item price on appetizers (or hors d’oeuvres if you want to be fancy). By choosing apps instead of plates, we saved a ton of money and gave our guests more options. They were able to enjoy dinner-sized portions and we still hear from people about how fun this was.

Tip: Some venues require you to use their caterers and might place a minimum on how much you need to order. Try to get this information before signing a contract to rent a venue. And if your venue doesn’t offer appetizers or you’re not into the whole strolling dinner thing, buffet-style meals can be an economical alternative to plated dinners.

For 130 guests, we could have spent over $9,000 going the traditional route. I’m glad we didn’t.

6. Ask for money

It’s not weird anymore to tell people you just want cash.

Especially if you and your partner already have most of the things you need or have been living together for a while, chances are you don’t need a gift from everybody coming to your wedding. Feel free to ask for money.

Many wedding planning websites have built-in options for collecting cash contributions (we called ours the “Honeymoon Fund” but I’ve also seen “Newlywed Fund”). This is easier for your guests because they can just virtually send cash without having to buy and wrap a gift and better for you because you can get what you really need. Bonus, there are no boxes or piles of wrapping paper to get rid of.

Tip: Don’t worry about offending anyone. A lot of your guests have been in your shoes. They know weddings are expensive and would probably be more than happy to help you out this way instead of buying you a pan or sheet set.

7. Rethink the diamond

My ring total: $2,000

Okay, so this one isn’t technically for the wedding. But it’s important.

Consider an alternative to a diamond engagement ring if you’re planning to get engaged. There are much more sustainable options out there than the standard diamond, and ones that won’t break the bank.

Moissanite is one of the trendiest non-diamond stones but precious gems like sapphires, emeralds, morganite, and opal can be fantastic choices for couples looking to save money. 

And if you love traditional diamonds, that’s great too! There are so many ways to buy diamond rings that don’t involve going to a big box store.

Tip: Antique shops and estate sales are perfect for finding vintage rings and many online retailers carry gorgeous rings without the markups you typically see. Try Blue Nile for discounted conflict-free diamonds.

You can also choose an “imperfect” diamond. This is what I did. I have a salt-and-pepper diamond from Alexis Russell and it’s pretty perfect to me. It’s certified conflict-free and made with recycled gold. 

When I got engaged in 2018, my husband spent $2,000 on this ring. That year, couples were spending over $7,800 on average for engagement rings. 

Read more: Where’s the best place to buy diamonds? 

When to splurge

The great thing about getting married is that you get to do what you want. It’s your day. 

You and your partner can strive for a greener wedding if you feel compelled, and that can look however you want it to look. Compromising in some areas and splurging in others is the best way to have the wedding you’ve been dreaming of without too much guilt or sticker shock.

You should splurge on the parts of your wedding that matter most to you and your partner, and try to save on the things that don’t. For example, maybe you love fresh flowers. You can’t imagine a wedding without fresh flowers, so you get these and rent the rest of your decorations or buy them used.

Or maybe the pictures are most important to you. To balance out this cost, maybe you serve cupcakes or cookies instead of a tiered wedding cake. 

There are no wrong answers, as long as you’re doing what makes you happy.

Bottom line

The wedding industry is due for a shake-up, and enough people making tiny changes to their big days could have a huge impact on the planet.

With careful planning and some compromises, we were able to completely recoup what we spent on our wedding in gifts and cash contributions. That means we got married without debt, and that was worth celebrating in and of itself.

Our wedding was by no means the most eco-friendly it could have been. And if I were to plan it again today, I’d probably try to do better. But I feel good about the little changes we did make.

Read more: 

Source: moneyunder30.com

Apache is functioning normally

All 12 Federal Reserve districts have seen issues with a lack of housing inventory, which is largely due to existing homeowners holding back on listing their homes after previously locking in low mortgage rates. 

Demand from the buyer side has remained steady or increased, however, and new home builders have responded to inventory shortages by increasing speculative inventory production, according to the Federal Reserve Beige Book, released Wednesday. 

The Beige Book is a compilation of data and interviews with bank and branch directors, community organizations and economists from on or before May 22.

“Residential real estate activity picked up in most Districts despite continued low inventories of homes for sale,” the report states. 

The Beige Book also notes that “home prices and rents rose slightly on balance in most Districts, after little growth in the prior period.”

In return, the lack of inventory of homes for sale pushed demand for rental properties in some areas — including New York, Chicago, St. Louis, Kansas City Federal Reserve districts.

Following are excerpts of statements on housing conditions from each of the 12 Federal Reserve districts. 

***

Boston – Contacts around the District attribute the still-low sales numbers to low inventories more than to weak demand, as slightly lower mortgage rates have helped bring more buyers to the market.

House price appreciation has slowed on average but remains slightly positive, with the exception that home prices in Massachusetts (not including Boston) have experienced modest declines from a year earlier. The modest price growth in the Boston area marks a trend reversal from the preceding few months. 

Contacts anticipate that, despite healthy buyer demand, home sales are likely to experience only a modest seasonal increase moving forward, owing to extremely low inventory levels.

New York – The residential sales market has been strong across the District. A New York City-area contact reports that the sales market in and around New York City has picked up strongly in recent weeks after a brief pause in early April, which was due to uncertainty in the banking sector.

After a slow start to the year, housing markets in upstate New York have also started to pick up, with bidding wars and multiple offers becoming more common. Inventory remains exceptionally low and is restraining sales activity in much of the District. A key factor suppressing new listings is the prevalence of homeowners with historically low interest rates on their existing mortgages, reducing the incentive to sell and move.

A strong economy and relatively high mortgage rates have pushed some movers to the rental market, boosting demand.

Philadelphia –  High interest rates have continued to dissuade existing homeowners from listing their house and losing their low interest rate. Existing home sales have fallen moderately in this district, and prices have continued to rise as the market heats up again. New home builders have benefited from the unseasonably modest sales of existing homes as the resale market has slowed. 

Cleveland – Demand for residential construction and real estate has stabilized in this District, and contacts attribute this stabilization to the arrival of spring and flattening interest rates.

Homebuilders have reported an increase in speculative construction projects in this District, as many buyers want to purchase and move into homes immediately, in part to avoid further rises in interest rates.

Richmond – Residential real estate respondents indicate in the report that the spring market is off to a good start, with sales prices continuing to appreciate, but not at the same pace as last year. For-sale inventory remains constrained due to fewer people putting their homes on the market, but buyer traffic has been steady while the days on market has increased slightly in the last month. 

However, fluctuations in mortgage rates have caused buyers to pull back, with pending sales and closed sales both down in this District. Builders have been offering strong incentives to close deals. 

Atlanta – Housing demand throughout the District has remained strong despite interest rate and home price volatility. Though home sales are down compared to a year ago, sales in many markets in this District have increased on a monthly basis, as buyer sentiment has modestly improved. 

The supply of existing homes for sale has remained low as homeowners have showed increased hesitancy to list homes for sale, especially if they financed at a low interest rate. Home prices remain down from peak levels but have recently shown month-to-month improvement.

New home builders have responded to inventory shortages by increasing speculative inventory production, and some have begun to reduce buyer incentives.

Chicago – Residential construction activity has been down modestly in this District. Contacts report that high-interest rates have led some projects to be postponed or canceled and that while construction costs had fallen, the decline isn’t enough to offset higher financing costs. 

Residential real estate activity has decreased modestly as well. Prices and rents have declined, and the low inventory of homes for sale has helped to prevent larger declines.

However, there have been reports of rising retail rents in some areas because of a lack of high-quality new construction.

St. Louis – Rental rates for residential real estate have increased slightly in this District. The number of new listings in residential real estate have dropped sharply in Louisville since our previous report, while new listings in the Memphis and Little Rock regions have remained unchanged. Seasonally adjusted home sales have remained unchanged since the previous report. 

Minneapolis – Residential construction has remained subdued. Single-family permitting in April was more than 40 percent lower year over year in the Minneapolis-St. Paul region; most other large markets in the District saw even bigger declines. Discounts have started to appear for some speculative developments.

Closed (residential real estate) sales in April fell notably year over year across the District, with many larger markets seeing declines of 30 to 50 percent. Median sale prices have declined in western and central Montana and have been flat in several other markets. 

Kansas City – Housing rental rate growth has remained elevated in several western District states, but the pace of increases has declined broadly and swiftly from the growth rate experienced during the past year. 

Dallas – Housing demand broadly has held up in the Dallas District, though sales have continued to be weaker than a year ago. Contacts have noted a decent spring selling season, with prices largely stable, and builders have been able to raise prices slightly in selected areas.

Outlooks have been cautious, however, with some voicing concern about whether demand would hold up beyond the spring selling season.

San Francisco – Activity in residential real estate has slowed further in this District. Contacts across the District have reported stable demand for single-family homes, although high mortgage rates have restrained prices. Existing single-family inventory has been low, and owners appeared hesitant to forego their existing low-rate mortgages by listing their homes.

Despite reported improvement in the availability and cost of materials, construction of new homes has been flat-to-down as developers responded to higher financing costs.

Source: housingwire.com

Apache is functioning normally

You’ve found the ideal house in a great location. Before you start packing your moving boxes, make sure it’s a sound investment too. Most of us wouldn’t dream of buying a used car without a mechanical checkup. Yet with only a couple of 20-minute walk-throughs, we consider buying a home that’s much more expensive.

That makes little sense to Joseph Zagone with CENTURY 21 Aspen Real Estate in Ruidoso, New Mexico. “An inspection is one of the best investments a buyer can make,” he says.
Inspection Protection image 1

Here’s what you should know—and what not to ask.

What to Expect: The inspector will check all components in your house, leaving termite, septic system, and well inspections to specialists. (Here is a list of checkpoints.) A typical inspection costs $300–$400 and takes about three hours. Even if you’re an out of state buyer, arrange to tag along, Zagone says. You can see problems firsthand and you may learn valuable things such as where to find the water shutoffs.

Why it Pays: Experienced do-it-yourselfer Rebecca Anderson didn’t think an inspection would find anything she hadn’t noticed—until the inspector opened up the furnace and discovered a cracked heat exchanger. The upshot? The sellers threw in half the cost of a new furnace.

The Forbidden Question: Only one question is off-limits: “Should I buy this house or not?” That decision is yours alone. “I tell them to read the report completely and call me with questions,” says Gary Havens, owner of Good Havens Home Inspections in greater Minneapolis/St. Paul. “If I feel real comfortable about it, I’ll say I’d feel good about my kids buying it.”

The Seller’s Role: There is nothing to keep a seller from being present for the inspection too, though Zagone doesn’t encourage it. He prefers to help his potential seller line up a handyman beforehand to repair any existing problems. It’s also wise to initiate a separate inspection of your own. Learn more on Ccentury21.com under the “Selling Advice” tab.

Joe Zagone CENTURY 21 Aspen Real Estate, Ruidoso, New Mexico; www.joezagonerealestate.com

HIS CODE: “I want to know about any problems and have them remedied before I place a house on the market. My goal is win-win negotiating, to sell a sound house with no surprises at the correct price.”

OFF-HOURS: In the winter Joe serves as a certified ski instructor on nearby slopes. In warmer weather—even in winter—he makes good use of the seven golf courses in his area.

WHAT GOT HIM INTO REAL ESTATE: “My dad wasan engineer and later a real estate agent in this area. I took economics and marketing in college and worked as a carpenter’s helper in the summers. It all added up to a great background for becoming an agent. I love it.” He’s been in real estate 30 years and has been the top-producing CENTURY 21® Professional Champion in New Mexico for seven of the last eight years. He and his wife, Joan—also a Sales Professional—have five children.

Source: century21.com

Apache is functioning normally

To remain completely safe and protected in any situation, insurance is a necessity.  A lot of people think about life insurance as a financial tool that protects them and their families. It’s one of the best decisions that you can make to protect your loved ones if you were to pass away. Not having life insurance can be one of the worst mistakes that you can make.

This may be obvious for many people, but it applies to more than an individual. Life insurance can also be used as a tool in businesses.

A business requires insurance to avoid legal and financial issues that could threaten to shut everything down.

The security insurance can offer help to keep people employed and the business running, no matter what problems the company may face in the future.

Having business insurance keeps everyone safe from the disasters that could happen. These may cover many different things, but there is one thing that they all have in common, which is the total protection of both the business and everyone who works there. This helps to avoid problem areas and holes that could otherwise cause the business to shut down.

Knowing what is out there and how they can benefit the company as a whole is an important step to ensure everything runs as it should, if not better than it did, for years.

Buy-Sell Life Insurance

One type of insurance that every company must consider is buy-sell life insurance. When the owners buy this for themselves, they can have peace of mind for the future. If one owner were to die, the other owner can then purchase their share of the company. This gives the deceased’s family the money they need and avoids possible problems within the business. Since new owners can be disa

strous, even if they are family, this prevents their takeover and the fall of the company after such a tragic event. With others who invest their time and money into the company, this also keeps them interested and free of worries. 

This is a great way that owners can protect themselves and they can know that their family and business will be secure if anything were to happen to them. You’ve worked hard to make your business successful, don’t let all of that work be wasted.

This can also be a very affordable life insurance policy for the business to take out.

Key Man Life Insurance

Another type of insurance to consider is key man insurance. With most companies, there are several people who matter a lot and keep the company up. When this person passes, the company may suffer as a result.

Whether this is someone high up, like an owner or investor, or an employee whose contribution cannot be replaced, having insurance on them can save the company from going under.

This provides the company with enough money to do what it has to do so that problems can be avoided completely. With the absence of someone of such high importance, this could keep everyone from losing what they have.

The Importance of Business Insurance

Keeping a business up and running takes money. Business life insurance, and insurance for those who are important in the company, can keep everything in the green if something tragic were to occur. With the death of a co-owner, buy-sell life insurance can help the other owner avoid dangers. This makes sure no one else can come in to become a majority owner and that the family of the deceased is well cared for with the passing of a loved one.

Key man insurance is another type that can keep everything moving smoothly. If someone important were to die, this insurance gives the business money so that the person’s absence does not create a financial hole. These keep businesses afloat in dark times, helping to ensure everyone is free from worries.

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The Advantages to Key Man Insurance

If you’re a business owner, or a co-business owner, imagine a scenario where something tragic happens to you or your business partner. What would happen to the business? Would your family be left with business debt or personal debt? Would your business partner be able to recover from losing you? These are a lot of questions that most business owners never consider.

Maybe it isn’t an owner, maybe it’s a key employee, an adviser, or someone else. Regardless of who it is, losing someone inside of your business can be devastating, it could even cause your business to close. Key man insurance can help protect you against these losses and give you the funds you  need to replace that person, outsource the job, or find a way to get the business running again.

Aside from deciding which type of policy you need for your business, you also have to determine how large of a policy you’ll need. There is no “perfect number”, especially when it comes to key man insurance policies. A lot of this decision is going to depend on how important that person is, what their duties entail, how much it would cost to replace them, have their job completed otherwise, and how much you pay that person. While there is no magic number, most insurance agencies agree that anywhere from 5 – 10 times that person’s annual salary is a good target for your insurance policy (this is the most that the majority of insurance companies will approve).

Getting a Business Insurance Policy

Getting a key man insurance policy, or any other type of business insurance is just like getting a typical life insurance policy. You’ll submit an application with basic information about the person you are insuring.

There is going to be several different questions that you wouldn’t see with a normal insurance policy. The insurance company will need to know basic information about the business, like when it started, what type of business you run, how much the net worth is, and what type of rationality the insured person has.

If you’re looking to buy a business insurance policy, or even a traditional policy, we can help. Our agent are experienced in every type of insurance policy and they can answer your questions and point you in the direction of the policy. There are hundreds of companies that offer different insurance plans, it can be difficult choosing which one works well for you and your business. Let us give you the lowest rates from the best-rated companies in the U.S.

When you run a business, or you are a vital part of that business, the main goal is to make sure that you’re making money. You want to keep your profits up and your expenses down. Regardless of the size of your business, you don’t want to have to pay more for insurance than you have to. One of the best ways to ensure that you’re getting the best rates possible is to compare several different companies before you choose one that works for you. You could spend hours researching companies in your area and calling dozens of insurance agents, but your time is valuable and we know that. Let us do all of that work for you. Fill out the quote form and we can give you some of the lowest rates in your area based on your specific situation.

Source: goodfinancialcents.com