American Express is notoriously secretive about the details of the Centurion Black Card. For many years, the company didn’t acknowledge the existence of the Black Card. And there’s some evidence that the card became a part of pop culture lore before becoming an actual product.
But today, the Centurion Card very much exists as a product for a select group of high net worth individuals willing to shell out a generous sum of money to carry perhaps the most exclusive credit card out there.
Here are 10 things we know about the AmEx Centurion Card.
1. The Centurion Black Card is invitation-only
You don’t get the Centurion Card by applying for it.
If you want to join the exclusive club of cardholders who carry the Centurion Black Card, you must get an invitation from AmEx. And a Centurion Card invitation isn’t something AmEx hands out lightly. While AmEx services over 100 million cardholders, there are estimates that AmEx only has 100,000 Centurion cardholders worldwide.
2. It will cost you $10,000 to get one
The Centurion Card carries a hefty initiation fee. Reports vary, but the most recent information is that AmEx charges $10,000 to become a Centurion member.
You might think paying a five-figure fee would be enough to grant you a lifetime of benefits, but not with the Centurion Card.
If you want to keep the card, you’ll have to shell out $5,000 per year. And that annual fee is not waived in the first year.
3. You can request a Centurion Card invite online
While the Centurion Black Card is invite-only, it is possible to request an invitation online. You must have an AmEx card to make the request. AmEx also clearly states that an invitation request does not mean you will receive an invitation.
4. You need to be a big spender to get a Centurion Black Card
It is widely accepted that you need to be a big spender for AmEx to give you a Centurion Card.
Reports on the internet range from requiring $250,000 to over a million dollars of annual spending. AmEx has not confirmed any specific spending requirements, and there’s no known threshold at which Platinum cardmembers receive an invitation.
While the exact amount you need to spend on your cards is a matter of speculation, you probably need to spend at least six figures annually on an AmEx card to get a Centurion Card.
5. Centurion Cardmembers still get to bring guests into the Centurion lounge
Centurion cardmembers didn’t suffer this cut and still retain expanded access. Centurion cardmembers may bring in two guests or immediate family members. Eligible immediate family members include a spouse, a domestic partner and children under 18.
6. The Centurion Black Card offers an unbelievable level of concierge service
For the multimillionaires and billionaires who carry the AmEx Centurion Card, probably the most helpful benefit is the Centurion concierge.
The concierge service offered on The Platinum Card® from American Express is limited to helping with travel reservations, getting event tickets, making restaurant reservations and fulfilling shopping requests. The concierge service offered by the Centurion Card offers seemingly unlimited service.
Centurion cardholders report using the Centurion concierge for things you might expect. One cardholder says that his concierge makes travel bookings considering his seat preferences based on the airline cabin configuration. His concierge also contacts hotels to inform them of the cardmember’s arrival time.
But Centurion concierges have also handled requests such as arranging elaborate tours, getting front-row tickets for in-demand concerts, locating personal items lost during travel and even arranging emergency evacuations.
For someone who might not have a full-time personal assistant, the Centurion concierge can offer an alternative.
Like many other things about the Centurion Black Card, the card’s perks are shrouded in secrecy. AmEx doesn’t provide much information about the card on its website and most reports about the card’s perks are based on third-hand accounts and speculation.
However, we have confirmed a partial list of benefits offered to Centurion cardmembers. Here are some of these exclusive benefits:
An auto program that allows cardmembers to anonymously negotiate prices on luxury automobile purchases through a members-only website.
Global chef partnerships, which grant access to daily table reservations at fine dining restaurants around the world.
Exclusive seating in ticket blocks reserved for Centurion cardholders at many major events worldwide.
Various onboard credits, excursion credits and vouchers are available exclusively to Centurion cardmembers through Centurion Cruise Partners.
Private jet arrangements can be made for Centurion cardholders through the AmEx Private Jet program.
8. Yes, you can buy a mansion or a private jet on a Centurion Card
Like many aspects of the Centurion Black Card, the card’s purchasing power has been the subject of much speculation. The card offers no preset limit, but how far does that go? While there are no credible reports of someone buying a Gulfstream or even a Cessna Citation (private jet) with a Centurion Card, the card has been used for some substantial purchases.
In 2015, The New York Times reported that Chinese billionaire Liu Yiqian purchased a Modigliani painting at Christie’s auction house in New York. The price? $170.4 million. If you can put a $170 million painting on an AmEx card, why not a jet or a mansion?
9. You can get many of the Centurion Card’s perks from The Platinum Card® from American Express
Many of the perks offered by the AmEx Centurion Card can be had with The Platinum Card® from American Express, a card that carries a much more affordable $695 annual fee compared to its counterpart. Here are some of the perks that the Centurion Card shares with The Platinum Card® from American Express:
The Global Lounge Collection grants access to 1,400 airport lounges across 140 countries.
The AmEx International Airline Program offers preferred airfares with participating airlines.
Presale ticket access.
And just like The Platinum Card® from American Express, the Centurion Card earns Membership Rewards, which can be transferred to any of AmEx’s transfer partners.
Terms apply.
10. You can get better rewards on many other cards
The AmEx Centurion Card isn’t the card to get if you want to earn the maximum rewards on your spending. And even if it were, you’d have to chase a lot of category spending to compensate for the card’s annual fee.
If you’re looking for generous rewards on your spending, consider a card that earns 2% cash back on all purchases. Many of these cards have no annual fee.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
Credit journeys begin with credit reports. With a copy of your report in hand, you can generate a plan: you can get out of debt, remove errors, or apply for great-value financial products, for example. If you don’t know how to do a soft credit check—or if you’re worried that you’ll damage your credit score by pulling a copy of your credit report—you’re in the right place. Read on to find out how to do a soft credit check and check your own credit score.
What Is a Soft Credit Check or Inquiry?
A soft credit check occurs when someone pulls your credit report but not to evaluate you for a loan or other credit you applied for. Here are some examples of soft credit checks:
You pull your own credit. If you check your own credit through any type of app or via AnnualCreditReport.com, it’s technically a soft credit check.
A company pulls your credit for a preapproval offer. If you haven’t applied for additional credit but your card company pulls your credit to find out if it can send you a preapproved offer, it’s a soft inquiry and not a hard inquiry.
A bank checks your credit before setting up a checking account. Not all banks check your credit. When they do, it might be a soft or hard inquiry. It depends on the policies of the bank and what type of account you’re applying for. When you think someone is going to check your credit, you can always ask if it will be a soft or hard inquiry. It is important to note, any check of your credit must have your consent.
Why Do You Want to Perform a Soft Credit Check?
There are many reasons to perform a soft credit check on your own credit. Most people simply know this as “pulling their own credit report.” You should do this regularly to:
Check for errors. From typos to cases of mistaken identity, numerous types of errors show up on people’s credit reports. When these errors include negative information, they can reduce your credit score and impact your ability to get loans or favorable rates. When you check your credit and identify these errors, you can file a dispute to get them corrected and protect your credit history and score.
Understand where your credit is. Your credit score is always changing. If you conduct a soft credit pull through a service like ExtraCredit®, you can get a look at your credit scores to know where you are in the score range. This is a good idea if you’re planning to apply for credit soon, as it helps you understand what type of credit card or loan you might be approved for.
Make a plan for improving your credit. If your score isn’t where you want it to be, checking your credit report regularly gives you the information you need to make a plan to improve it. You might find out you don’t have a good credit mix, for example, or your credit utilization is too high. Once you discover those things, you can take specific steps to improve the situation.
Hard Versus Soft Inquiries
Two different types of credit inquiry exist: hard and soft. Applications for credit generate hard inquiries on your credit report. Soft inquiries do not show up on your credit report.
Hard Inquiries
When you apply for credit, you give the financial institution permission to pull your credit report so that it can decide whether or not to approve you. When the credit card or loan company asks for your credit report, the credit bureau notes the request—and that, in a nutshell, is a hard inquiry.
Hard inquiries stay on your credit report for up to two years, but they make less of an impact after around 12 months. The more hard inquiries you have on your credit report, the more your score may decrease.
Tip: Companies need your permission (in the form of your application) to run a hard credit check. If you see a hard inquiry on your report that you did not authorize, you may want to work with a credit repair organization to challenge it.
Hard inquiries happen when:
A bank checks your credit when you apply for a loan
A mortgage company checks your credit when you apply for a mortgage
A credit card company checks your credit when you apply for a card
Soft inquiries happen when:
You check your own credit
Companies check your credit before making preapproved credit offers
Employers pull credit reports as part of background checks
Do Credit Inquiries Impact Your Credit Score?
Soft credit checks don’t impact your credit score at all. In fact, most people who pull your credit report can’t even see soft credit inquiries. Only you can see them on your credit report. This lets you know who’s looking at your credit information.
However, hard inquiries do impact your score. Each hard inquiry can have a slightly negative effect on your score. If you have too many hard inquiries on your credit in a short time, the impact can be bigger and more noticeable. Depending on where your credit score was in the first place, it can even be enough to drop you from good credit to only fair credit.
Why Do Hard Credit Checks Affect Your Score?
One of the reasons hard credit checks impact your score negatively is that they can be an indicator that all is not right in your financial world. Someone who’s managing money and credit well typically doesn’t need to apply for tons of credit over a few weeks or months. If you’re applying all over the place for credit, it can signal you might have money problems. That means you’re less likely to be able to pay your bills on time and as agreed, so you’re a bigger risk to creditors.
That being said, there are some occasions when people might legitimately have several hard inquiries all around the same time. If you’re shopping rates or loan terms for a mortgage or vehicle, for example, you might apply with several creditors. In these cases, numerous hard inquiries within a few weeks of each other are treated as a single inquiry as far as their impact on credit scores goes. That means the impact is minimal.
Hard inquiries typically cause your credit score to drop by a few points unless you have multiple inquiries within a short window.
How Long Do They Stay on Your Credit Report?
Hard inquiries stay on your credit report for up to 2 years. However, the impact each inquiry has on your credit score diminishes over time, and they no longer affect your score at all after 1 year.
How to Do a Soft Credit Check
Checking your own credit shouldn’t hurt your credit score one bit. You can pull your own credit report in a number of different ways.
A Credit.com Credit Report Card: Head over to Credit.com and sign up to receive a handy credit snapshot. The Credit Report Card includes information from your Experian credit report, including your Experian VantageScore 3.0 credit score. Your report card updates every 14 days, so check back regularly to see how your score has changed.
ExtraCredit®: ExtraCredit from Credit.com includes five different credit-centric tools to help you monitor, build, protect, and restore your credit profile—and get cashback rewards on select offers. ExtraCredit includes reports from all three bureaus, plus 28 FICO® scores that lenders see to make credit-based decisions.
Free annual reports: All United States residents are entitled to one free credit report from each credit bureau—Experian, Equifax, and TransUnion—every 12 months. To claim your free report, visit each bureau’s website or go to https://annualcreditreport.com/AnnualCreditReport.com.
Paid reports: If you’re out of free reports and want to check again, you can pay credit bureaus to pull your report.
If you apply for credit but get refused, you’ll receive a letter called an “adverse action notice.” An adverse action notice gives you the right to claim a free copy of your credit report from the applicable bureau within 60 days of your credit denial.
What’s in a Credit Score?
Lots of factors influence your credit score. In basic terms, your credit score is a numerical representation of how reliable you are from a credit perspective. When you make loan repayments on time, for instance, this should have a positive impact on your credit score depending on other scoring factors. Most credit scores are based on the following five things:
Payment history—35%: Do you pay credit card bills and loans on time? It’s a significant portion of your score, so make sure you pay your bills on time every month.
Credit utilization—30%: Using too much of your available credit can demonstrate that you depend on credit and may have a difficult time keeping up with your financial obligations. Try to keep credit utilization under 30% across all of your accounts.
Length of credit history—15%: This is the average time all your accounts have been open. To maximize your credit history, try not to close your oldest credit accounts.
Types of credit—10%: Credit cards are revolving lines of credit, while mortgages and loans are installment credit lines. It’s good to have a diverse mix of credit types to demonstrate you can be responsible with all types of credit.
Account inquiries—10%: When you apply for credit, lenders request credit reports, creating hard inquiries. These stay on your report for two years, so only apply for credit you truly need.
So, 90% of your credit score isn’t based on account inquiries—and soft inquiries don’t make any impact at all. Depending on your credit history and other factors though, making several applications for credit in a short time could drop your score temporarily.
Take Charge of Your Credit
Is it bad to check your credit score? In a word, no. If you’re curious about your credit report, we recommend signing up for ExtraCredit. Doing so won’t impact your credit score—in fact, the knowledge you gain could better help you maintain a good credit history. You can use the information you find to build a custom credit plan or to work to drive your score up from good to great.
Dusaan, an Indian homegrown marketplace that provides premium home decor at affordable prices, have 150+ brands, including 10+ international brands across 40+ categories under their umbrella and are only expanding further.
Simran Kohli, the Founder of Dusaan Retail Technologies, promotes Dusaan as a destination for affordable, premium home furnishings. She started her career at McKinsey and Company – working on coveted clients in finance and banking, private equity, and industrials. She later became an investor at Sequoia Capital and focused on early-stage consumer companies, and eventually started her own company.
Also read: The Art of Symmetry: European Classical Interiors
Her vision for Dusaan Retail Technologies is to make the user’s experience easy and smooth when shopping for their home, and for the marketplace to become the go-to destination for everything home. She aims at doing that by providing all home furnishings in one space.
It was co-founded with Moulshree Aggarwal, (both founders were ex VCs) after seeing a wave of opportunity in the home furnishings industry. Within six months of making the brand operational, they now have thousands of happy customers and more than 15,000 products listed on the marketplace. There are more than 150+ coveted brands listed on Dusaan, which includes top international names as well.
Simran Kohli, , the Founder of Dusaan Retail Technologies, speaks to Indulge about what make the e-commerce platform unique, inspiration behind the venture, future plans and more.
What makes Dusaan unique when compared to other e-commerce platforms?
Dusaan is a meticulously established and unique platform that deeply comprehends the special bond you share with your home. With us, you can explore a handpicked selection of top-notch brands from all over India, allowing you to bring home products that resonate with your style and preferences. Dusaan prides itself on its distinctive blend of convenience, rigorous quality checks, and thoughtful curation, setting it apart from the rest. Given that not everyone has home decor expertise, Dusaan helps customers design their classic living spaces entrancingly.
What was the inspiration behind this venture?
The home decor industry is a $10 billion industry and growing, yet 85% of it is still unorganised. More than just a place to live, a person’s home is also a blank canvas on which they can showcase their artistic flair. At Dusaan, we want to provide a one-stop destination for all things home. Curating a home should be a joyful experience, but it ends up being a hectic one. Thus, we aim to bring the best quality products to all homeowners at affordable prices while also spoiling them with amazing choices. It’s a truly personalised design journey that will make your space a true reflection of your taste and personality. It can be started by visiting the Dusaan website, where you will find an unrivalled selection of home furnishings and decor items.
Did you face any challenges?
There are unique challenges that come with being a novice in the field. Firstly, acquiring new customers for the platform and then converting them into loyal customers; secondly, bringing on reliable, high-calibre vendors. The home decor industry can be difficult because there are many well-established businesses and new competitors who are constantly vying for market share. However, keeping in mind the various expectations and preferences of customers in this field, we are willing to offer comprehensive solutions to these challenges and provide clients with the best products accessible.
In your opinion, what are the must-have features of a great e-commerce platform?
To provide your clients with a fantastic shopping experience, your e-commerce platform absolutely must possess the qualities listed below.
● Simplified navigation: Online shopping should be an easy experience, as the customer has shown interest and is spending time going through the platform. The homepage, catalogue, product page, etc. should be easy to navigate for customers to find exactly what they are looking for.
● Wide collection: A wide collection is essential for e-commerce because it caters to diverse preferences, meets customer expectations, enhances satisfaction, capitalises on trends, and provides a competitive advantage. It also offers cross-selling opportunities, addresses seasonal demand, and facilitates international reach while providing valuable data insights for informed decision-making.
What are some of the unique brands that are featured at your site?
● Joseph Joseph: Born in 2003 in England, Joseph Joseph has simple, brilliant, and thoughtful designs that make daily tasks faster and more efficient. From kitchen tools to kitchen organisation, one can unlock much superior performance by using them.
● Madehome: It’s a sustainable kitchenware brand that curates products with natural materials like neem wood. The brand aims to bring customers back to their roots and enjoy wholesome serveware.
● House of Banjara: The House of Banjara is the essence of Boho living with artisanal decor, creating a truly sophisticated and unique experience for your home. Their curated collection embodies the Bohemian spirit, blending intricate craftsmanship with contemporary aesthetics to offer a diverse range of sophisticated decor pieces.
● Ministry of Decor: The Ministry of Decor provides carefully crafted and manufactured home decor products through a team of experts in innovation, design, aesthetics, and quality. The brand was born with a vision to provide high-end boutique products that won’t burn your pocket.
Which e-commerce trend do you consider essential?
In our opinion, the most significant e-commerce trend that we consider essential is curation, which allows online retailers to tailor product offerings to individual customer preferences. With the overwhelming number of products available online, customers often face decision fatigue and information overload. Curation helps streamline the shopping process by presenting a thoughtfully selected collection of products, making it easier for customers to find what they are looking for quickly.
Also read: IKEA’s new collection MAVINN brings sustainable home decor and furnishings
Are you doing something special on handloom day?
We’ll put together a unique assortment of handloom goods, such as rugs, table runners, floor mats, etc. This collection will be prominently featured on our online storefronts. In addition to celebrating Handloom Day, we also want to show our consumers how much we value them and their choices and emphasise how important the handloom industry is to the socioeconomic development of the entire country. As a home decor company, we cherish and believe in the beauty of handloom textiles, and we want to pass this legacy on to future generations.
If you’re considering buying a house in Georgia, you’re embarking on an exciting journey towards homeownership in one of the most charming states in the U.S. Whether you’re drawn to a condo in Alpharetta, a historic house in Macon, or the scenic beauty of the Blue Ridge Mountains, Georgia offers a diverse range of real estate options to suit every lifestyle. However, for first-time homebuyers and homeowners, the process can be exhilarating and complex, involving crucial steps such as property research, financial preparation, and navigating legal intricacies.
This Redfin guide will shed light on the essential aspects of buying a home in Georgia, providing valuable insights to ensure a smooth homebuying experience in the Peach State.
What’s it like to live in Georgia?
One of the highlights of residing in the Peach State is its pleasant climate, with warm summers and mild winters, making it ideal for outdoor activities year-round. Whether exploring the pristine beaches along the Atlantic coast, hiking through the picturesque North Georgia mountains, or strolling through the charming streets of Savannah with its historic architecture and oak-lined squares, Georgia’s natural beauty never fails to impress. Moreover, the state boasts a rich cultural heritage, evident in its music scene, culinary delights like southern barbecues and peaches, and numerous annual festivals celebrating everything from arts to film and food. Check out this article to learn more about the pros and cons of living in Georgia.
Georgia housing market insights
The Georgia housing market has experienced some notable recent changes in demand and supply. While housing demand experienced a slight decrease this year, the number of available homes has declined by 3.6% year-over-year. Despite this shifting demand, the median sale price has continued its steady ascent, increasing by 1.3% compared to the previous year. The effects of these price increases are particularly evident in cities such as Calhoun, Redan, and LaGrange, which are among the metros with the fastest-growing prices.
Rising mortgage rates have played a significant role in deterring some buyers from entering the market. Nevertheless, several cities in Georgia continue to maintain a competitive edge. North Decatur, Cumming, and Sugar Hill, in particular, have remained at the forefront, holding their positions as the top three competitive cities in the state.
Finding your perfect location in Georgia
Georgia is diverse, offering a wide array of living environments, from bustling urban centers to tranquil rural communities and scenic coastal areas. Each region has a unique charm, amenities, and proximity to various attractions and services. You’ll want to choose the city that aligns with your preferences, such as access to quality schools, proximity to work, recreational opportunities, and cultural activities. Additionally, considering factors like home trends and what neighborhood you’ll live in can significantly impact your long-term investment and satisfaction with your home.
Using tools like a cost of living calculator will aid you on your journey and point you to which cities align with your needs. Here are five of the most popular cities in Georgia to give you a head start.
#1: Columbus, GA
Median home price: $207,000 Columbus, GA homes for sale
Along the scenic Chattahoochee River, Columbus provides residents ample opportunities to enjoy outdoor activities such as kayaking, fishing, and biking along the RiverWalk. The cost of living in Columbus is 9% lower than the national average, making Columbus a great city to check out. The city boasts a vibrant arts scene, with the RiverCenter for the Performing Arts hosting various cultural events and performances throughout the year. Columbus is also home to Fort Benning, one of the largest military installations in the United States.
#2: Augusta, GA
Median home price: $211,950 Augusta, GA homes for sale
Augusta is perhaps best known for hosting the prestigious Masters Tournament, attracting golf enthusiasts worldwide. The city’s picturesque landscapes, including the Savannah River and the Augusta Canal, provide outdoor activities like boating, fishing, and hiking opportunities. Explore some of Augusta’s charming suburbs, where residents can explore historical landmarks such as the Augusta Museum of History. The city’s revitalized downtown area, Augusta’s Broad Street, features a vibrant arts and entertainment scene, with art galleries, theaters, and local eateries showcasing the region’s diverse flavors.
#3: Savannah, GA
Median home price: $333,990 Savannah, GA homes for sale
Moving to Savannah, you’ll be surrounded by well-preserved antebellum architecture and oak-lined streets. The city’s rich cultural heritage is celebrated through various festivals, like the Savannah Music Festival and the Savannah Film Festival, adding to its lively arts and entertainment scene. With its proximity to the Atlantic Ocean, residents can indulge in beachside relaxation and water activities at nearby Tybee Island. The cost of living in Savannah is 9% lower than the national average, making Savannah a good place to live. The city’s warm climate makes outdoor exploration a joy, whether strolling through Forsyth Park, visiting the Mercer-Williams House, or taking a riverboat tour along the Savannah River.
#4: Athens, GA
Median home price: $341,000 Athens, GA homes for sale
As the home of the University of Georgia, Athens exudes a vibrant college-town atmosphere, with a dynamic music scene that has earned it the title “The Classic City of the South.” The city’s downtown area is brimming with quirky shops, local eateries, and live music venues, making it a hub for creativity and entertainment. Residents can explore cultural gems like the Georgia Museum of Art and the Georgia Theatre, contributing to the city’s rich cultural landscape. Athens’ lush green spaces, such as the State Botanical Garden and Sandy Creek Park, allow outdoor enthusiasts to enjoy nature and recreational activities. The cost of living in Athens is 7% lower than in Atlanta, and if this city interests you, check out some of the best Athens suburbs to consider living in.
#5: Atlanta, GA
Median home price: $439,200 Atlanta, GA homes for sale
As Georgia’s bustling cultural and economic capital, moving to Atlanta boasts a thriving arts scene, with renowned institutions like the High Museum of Art and the Atlanta Symphony Orchestra. The city’s culinary landscape is equally diverse, featuring restaurants offering global cuisines and Southern delights. Atlanta’s rich history is evident in its iconic landmarks, such as the Martin Luther King Jr. National Historic Site and the Atlanta History Center. Additionally, if you’re looking for affordable Atlanta suburbs, there are several options for a more budget-friendly location.
The homebuying process in Georgia
After finding your ideal neighborhood, you’re ready to jump into the homebuying process.
1. Prioritize your finances
Before embarking on this significant investment, assessing your financial health, understanding your budget, and determining how much you can afford is essential. This involves reviewing and increasing your credit score, as it greatly impacts your eligibility for a mortgage and the interest rates you may qualify for. Preparing the necessary documents, such as bank statements, tax returns, and pay stubs, streamlines the mortgage application process and increases your credibility as a serious buyer.
There are various programs available for first-time homebuyers in Georgia, including the Georgia Dream Homeownership Program – CHOICE, which can assist with up to $7,500 in down payment assistance.
2. Get pre-approved from a lender
Getting pre-approved from a lender is crucial when buying a house in Georgia, as it offers several significant advantages. Pre-approval involves a thorough evaluation of your financial situation by a lender, which clearly explains how much you can borrow and what type of mortgage you qualify for. Armed with this information, you can confidently search for homes within your budget, saving time and avoiding the disappointment of falling in love with a property that may be out of reach.
3. Connect with a local agent in Georgia
A local agent possesses invaluable knowledge of the Georgia housing market, including current trends, neighborhood insights, and property values. They can guide you in identifying areas that align with your preferences and budget, providing personalized recommendations tailored to your needs. So whether you need a real estate agent in Savannah or an agent in Atlanta, they’re here to help.
4. Start touring homes
During home tours, pay attention to the house’s interior and exterior features. Look for structural integrity, signs of maintenance or repairs, and the property’s overall condition. Consider the layout and flow of the rooms, ensuring they suit your lifestyle and plans. Assess the natural lighting, storage space, and functionality of essential amenities like the kitchen and bathrooms. Take note of the neighborhood’s proximity to schools, work, shopping centers, and other vital amenities.
5. Make the offer
When making an offer, it is essential to consider the property’s fair market value based on recent comparable sales and the current state of the real estate market in the area. Your real estate agent can provide valuable insights and guidance to help you formulate a competitive and reasonable offer. Once you’ve decided on the offer price, you’ll draft a written purchase agreement outlining the terms and conditions, such as contingencies, closing date, and financing details. This offer is then submitted to the seller or agent, who can accept, reject, or counteroffer.
6. Close on the house
The closing process involves a series of essential tasks, including signing legal documents, settling financial transactions, and disbursing funds. Buyers typically can review and sign various closing documents, including the mortgage agreement, title deed, and other necessary paperwork. Any outstanding fees, such as closing costs and property taxes, are settled during the closing, and the final purchase price is paid.
For more information about each step of the homebuying process, check out Redfin’s First-Time Homebuyer Guide.
Factors to consider when buying a house in Georgia
When buying a house in Georgia, there are several unique factors to consider due to the state’s diverse landscape, climate, and cultural nuances. Here are some unique aspects to keep in mind:
Natural disasters
Georgia experiences weather-related events, including hurricanes, tornadoes, and flooding, particularly in coastal and low-lying areas. Understanding the potential risks of these natural disasters can help you make informed decisions about the location and safety of your chosen property. Being well-informed about these natural disaster risks ensures that you can take necessary precautions and make sound decisions to protect your investment and ensure your family’s safety and well-being in your new home in Georgia.
Historic preservation
When buying a house in Georgia, it’s essential to be aware of the state’s historic preservation laws, especially in areas with rich historical architecture and cultural significance. Georgia takes pride in its historical heritage, and many cities, such as Savannah and Atlanta, have implemented strict preservation regulations to protect historic properties and districts. These laws may restrict alterations, renovations, and demolitions of a historic home to maintain their architectural integrity and historical value. As a potential homebuyer, understanding these preservation laws is crucial, as it may impact your ability to make certain modifications to the property.
Humid subtropical climate
For those considering buying a house in Georgia, it’s essential to be mindful of the state’s humid subtropical climate. Georgia experiences hot and humid summers, often exceeding 90 degrees Fahrenheit and high humidity. Winters are generally mild, but occasional cold snaps can bring freezing temperatures. Additionally, homeowners should consider landscaping choices that can withstand the heat and humidity. Mold and mildew prevention become essential concerns, and proper ventilation and insulation should be prioritized in the home.
Home insurance rates
Coastal regions, such as Savannah, Brunswick, and St. Simons Island, are particularly vulnerable to potential damage from hurricanes and storm surges. As a result, insurance providers often charge higher premiums to cover these risks. Homebuyers in these areas should carefully research and compare home insurance from different providers to find the most suitable coverage that balances protection and affordability. Additionally, homes located in flood zones may require separate flood insurance, adding to the overall insurance costs.
Buying a house in Georgia: Bottom line
Buying a house in Georgia offers potential homeowners a wealth of opportunities and experiences. With its diverse landscapes, vibrant cities, and rich cultural heritage, the state presents a range of choices to suit varying lifestyles and preferences. It’s important to be well-prepared, considering factors like the humid subtropical climate, natural disaster risks, and potentially higher insurance rates. By staying informed and connecting with local experts, buyers can confidently navigate the homebuying journey.
Buying a house in Georgia FAQ
What are the requirements for buying a home in Georgia?
Having a good credit score, typically around 620 or higher for conventional loans, is essential. It’s necessary to demonstrate stable income and employment to prove mortgage repayment capability, with lenders evaluating the debt-to-income ratio for manageable monthly payments. While the down payment requirement varies based on lender and loan type, it remains a crucial component. Additionally, obtaining pre-approval is vital for homebuying in Georgia, as it indicates readiness for securing a loan. To make an informed decision, conducting a property appraisal and home inspection is advisable to assess the property’s value and condition thoroughly.
What is the average down payment on a house in Georgia?
The average down payment on a house in Georgia typically ranges from 3% to 20% of the home’s purchase price. Conventional loans often require a down payment of around 5% to 20%, while government-backed loans like FHA loans may have lower down payment options, sometimes as low as 3.5% for qualified borrowers. It’s essential to consult with a mortgage lender or a real estate professional to determine the most suitable down payment amount based on your financial situation and the specific loan program you may qualify for.
How much does it cost to buy a house in Georgia
The cost of buying a house in Georgia can vary widely depending on various factors, such as the location, size, condition, and property features. The median sale price is $375,500 which is lower than the national median. However, home prices can range from below the median for smaller homes in more affordable areas to several million dollars for larger homes or properties in upscale neighborhoods. Factors like real estate market conditions, interest rates, and demand for housing can also influence home prices. Apart from the purchase price, buyers should also consider additional costs such as closing costs, property taxes, home insurance, and potential homeowner association fees.
Have you ever recognized benign habits that you wish you could give up, but they seem pretty harmless? You’re not alone. Many of us have compulsions, addictions, and unhealthy habits that can affect every aspect of our lives—and they’re often overlooked due to their subtle nature. From eating too much sugar or ice cream to checking one’s social media notifications several times a day, the need for instant gratification has taken its toll on society today, leading many people down an unhealthy path without even noticing it.
In this blog post, we’ll be exploring the top 13 addictions and habits that everyone should be aware. If you’ve been looking for ways to make positive changes in your life and reduce stress, then dive into this comprehensive list!
1. Checking the News
One Redditor shared, “NEWS addiction.”
Another replied, “People get addicted to the cortisol hit from getting outraged, so a lot of news outlets realize they just need to keep the cortisol flowing. Edit: Per comments, I changed ‘dopamine’ to ‘cortisol’.”
One commenter added, “It’s neurologically a very similar addiction to gambling. In both cases, it’s less about getting something positive and more about getting something negative and then feeling they have to cancel or counterbalance the negative with a positive… that always seems just out of reach but never seems to come. So they dig themselves a hole of negativity.”
Another user posted, “A few years ago, I realized it was taking a toll on me. The first thing I’d do when I got up was check the news, then periodically check it throughout the day, and it was frequently the last thing I did before falling asleep. So, I just decided I have to check it maybe once or twice to stay informed, but that’s it. I even hid political subreddits, so I won’t see them unless I actively go to them.
“There’s just no reason to be glued to the news all day long. That much anger or depression or whatever is no good for your mental well-being, and it’s very rare that something is going on in the world where you need hourly updates. I think most people would be a lot happier if they cut back on gorging on news and politics.”
“YES! Absolutely. Especially the doom-scrolling and sensationalized side of things. I’ve just written a much longer comment about this, but it creates a physical dopamine dependency and changes habits,” replied another user.
2. Justified Outrage
One user posted, “Outrage is an addiction. Some people seek it out, actively searching for a reason to hate their neighbors just so they can get their hit of dopamine. It feeds news addiction, tribalism, and eventually extremism. It’s the source of so much violence, so many divided houses and ruined lives, but we do nothing to curb it.”
“I remember my uncle, who had a history of domestic violence to my aunt before she passed of cancer, told the family he has an anger problem. My dad said, ‘But you’re able to keep it together every time a cop is around.’ The look on his face and the dead silence… An anger issue is not an excuse,” another replied.
One commenter added, “My Dad was always going on violent outbursts, literally every day. Remember a few times their doorbell would ring, and he’d flip to being charming in a split second. It’d be salespeople, charity collectors, and even Mormons. He was always extremely polite, and they probably saw him as one of the most pleasant people he encountered. Pure sociopathy.”
3. Shopping
“Shopping,” one user posted.
Another user replied, “I just got back this month after being in rehab for 2 months for weed, alcohol, and [other drugs], and at my therapy, they asked me if I noticed any cross addictions. I told my therapist I think I have a shopping addiction, and she told me it’s a common addiction that goes unnoticed way too many times.”
One user confirmed, “My hoarder mother 1000% has a shopping addiction.”
Another Redditor said, “My MIL is a hoarder, and it is ridiculous; she has 3 storage units (one she’s had for 20+ years), her home, and my husband’s grandmother’s garage full of her sh-t. We have tried to help clean out the garage, but MIL always has to be there when we try and has to go through every single box/bag/etc, and physically touch every single item. 9 years and the garage still has not been cleaned out.”
4. Video Games
One online user shared, “I always laughed at the idea of video game addiction. It sounded so overblown until I met a guy who honestly defined it for me. We used to chat and hang out weekly. He quit his job and now just lives at home with his mum, mooching off her to sit in his room and play games for close to 16 hours a day. After refusing to hang out long enough, I just gave up on him.”
Another user exclaimed, “FINALLY, I found someone who mentioned video games. I grew up gaming, I absolutely loved playing them throughout my entire childhood and into adulthood, but I have seen addiction to video games absolutely destroy people. Part of me is glad that I simply don’t have the time to play them much anymore. Maybe an hour or two a week. But I know adults in their 30s and 40s who are still obsessed, to the point of not wanting to do anything else.”
5. Addiction to Phones
“Phone addiction—no explanation needed,” one Redditor shared.
Another user added, “My stomach drops every time I see my daily average screen time. It’s hard to realize how much time you spend scrolling until you actually see the numbers.”
One commenter said, “That’s why I turned screen time off. I don’t need that type of negativity in my life, lmao.”
Another user added, “My phone addiction varies based on my mental health state. I’ve been in a depression that has apparently become a downward spiral, according to my therapist. I’m capable of doing the bare minimum to keep my kid alive, and then I live on my phone the rest of the time. I’m even on it at work. My therapist wants me to be an inpatient, but the idea of not having my phone for even the three-day minimum stay has me freaking out.”
6. Sleeping to Escape
One user shared, “When my depression is terrible, I’d say sleep. It’s a free, safe way to escape but ultimately feeds the depression, becoming a destructive cycle. It doesn’t sound that bad, but it’s consuming. Edit: Some people are confused, so I’ll clarify. It’s not because of a lack of rest. It’s not the sleep itself; it’s the dreaming (aka escape). A different ‘reality’ that feels very real and isn’t this one. Maybe I’m just not explaining it right, but yeah.”
Another user replied, “Thank you for saying this! I was labeled as a typical ‘lazy teenager,’ and it wasn’t till I was in my final year of uni that a friend asked if I was OK and explained oversleeping as a symptom of mental health issues.
“The truth was I was so miserable I just didn’t want to be conscious and experience it. Better to be asleep with a teeny tiny hope that I might feel a bit better when I woke up. I had virtually no awareness of mental health issues then and therefore had no vocabulary to articulate how I felt. I feel sad for that lost time, but at least I can recognize it now for what it was.
“Edit to add: this has, unfortunately, resonated with a few people. Keep your chin up; it can and does get better eventually. Get help from your support network of friends and family and professional help. I hope you feel better soon.”
“Well said. There are days I can sleep 4-5 hours, be productive and alert, and just kill it. Then there are days when I sleep at least 11+ hours and on my phone the other 13 while doing the BARE minimum to skate by, realizing that. Hey! You’re not eating better; the 50ish pounds you lost in 3 months is from depressively not eating. I hate being depressed and all the extra stuff it brings that makes life even harder than it is,” one user responded.
7. Workaholism
One Redditor posted, “Work Addiction—most people will say they dislike working extra, but the responsibility you feel towards your co-workers and the purpose work gives your life can make you work more than you should. Source: addicted to work.”
One added, “I worked for one manager who literally had an addiction to work so bad it was ruining her life. She was a recovering drug addict, and I guess staying busy helped her cope, but she just traded one addiction for another.
“We worked for a corporate retail chain; she would be the first one there and the last one to leave every day, and she never scheduled herself a day off. She would clock herself out when she hit her 40 hrs to avoid getting flak from her management, but she was easily working 110+ hours a week, and more than half of that was unpaid.
“Her family, her ex-husband, and her kids would come by periodically and try to get her to go home, and her entire staff, including me, constantly tried to get her just to go home, but she was afraid the place couldn’t run without her present for even a second. It was really sad because we could all see her obsession with being there was destroying her mentally and physically, as her sleep had to have been horrendously impacted since she was there 15-16 hours a day.
“I spoke with HR about it, and they said they had already been aware of it for some time and that they weren’t going to do anything about it. That incredible amount of incredulity and not giving a shit about the super illegal and dangerous fact that they were letting an employee work for free for 70+ hours a week were obviously huge red flags for me, so that was my last day.
“A couple of years later now, she still works there, and this is still happening.”
8. Addiction to Junk Food
One user shared, “Junk food. Sugar. Soda. I am addicted to these things and wish to break that habit.”
Another confirmed, “I quit smoking quite easily, but I cannot for the life of me quit sugar. So much harder, in.”
“I think I just swapped my after-dinner cigarette for after-dinner chocolate. Doesn’t matter how satisfying the meal was. I still crave some chocolate later,” one user replied.
Another user shared, “Apologies in advance for the unsolicited advice, but your comment hit a chord with me. Is it specifically chocolate you crave? ’cause I used to crave chocolate constantly. It got to the point where I’d buy the cheapest milk chocolate bars from my grocery store and eat a couple of pieces every day, trying to limit how much chocolate I was eating but also trying to stop the constant craving for it.
“Supposedly being low in magnesium can cause chocolate cravings. I figured more magnesium couldn’t hurt, so I started eating more food with magnesium, and the craving went away! I still have a massive sweet tooth, and I love chocolate, but that never-ending chocolate craving has stopped, thank goodness.
“Maybe something to try if it seems relevant to you? I know this is just a very unscientific anecdote; maybe it was something else going on with me that just naturally stopped. Maybe the slight changes in my diet I made solved it in some other way. Who knows!”
9. Social Media
“Social media addiction,” one user responded.
Another user replied, “Including Reddit. Source: Reddit addict.”
“Yup. I spend way too much time on this stupid app,” one user confirmed.
One user commented, “I tell myself I’m learning new stuff every day. Then my wife asks me to tell her something new and interesting I found on Reddit, and I can’t think of a single thing.”
10. Dermatillomania
One Redditor commented, “Skin picking, aka, dermatillomania. It’s so overlooked that our society has glorified it. We have a show called Dr. Pimple Popper! Wtf!”
Another user commented, “I wish I could replace that [terrible] habit somehow.”
One user replied, “Same. I don’t get the Dr. Pimple Popper thing. Mine is picking at any skin that is not smooth on my skin. On the scalp, around my nails, blemishes on my face, arms, and chest. If I have a scab, that will take forever to heal because I do it subconsciously on occasion and even do it at night when I’m asleep, no matter where it is on my ‘pick zones.’ Something in my mind says if I pick it, I may reveal healed areas beneath it… and then it starts all over again once it starts bleeding. Looking at it typed out is really disturbing, tbh. But I’m proud that I stopped picking at my lips!!!”
11. Tribalism
“Tribalism. People become indoctrinated and too engrossed to realize it. People become so addicted they choose to kill over sports, vehicle types, religion(s), politics, etc… and it’s by design. People act less intelligent when they’re a part of a group. (Mob mentality).
“Edited because syntax/grammar police attacked my auto-fill. Proofread everything, kids,” one user shared.
One Redditor replied, “Outrage is the addiction; tribalism is just one of the many crack pipes through which it is consumed. People are seeking Outrage. Tribalism gives a sense of legitimacy to the Outrage.”
12. Nasal Spray Addiction
A user posted, “Nasal spray. There are plenty of other, much worse things I could shove up my nose, but still. I can’t breathe through my nose without it, and I can’t stand that it’s like this.”
One user replied, “I’ve been there! It’s pretty fast to reverse the dependency, though—you can switch to saline or Neti pot for a couple of days to get you over the hump, but I’ve found my nose clears up after 2-3 days without it. 2-3 VERY uncomfortable sleepless days, mind you.”
The OP responded, “I’ll have to give that a shot! Thanks!!”
13. Addiction to the Gym
One of the online users shared, “Gym addiction. It’s the only thing keeping me sane these days. Started because I wanted to gain muscles, now the thought of taking a prolonged rest is quite dreadful.”
Another user replied, “The rest is so true. It’s so difficult to let yourself rest, even if it’s just for a week. Interestingly, sometimes you end up coming out of the rest week stronger than if you’d kept lifting through it, too!”
“This is something I learned while I was a soldier. I struggled at first with my PT tests, so I worked out all the time. Eventually, someone told me that rest and recovery were basically as important as working out and that I NEEDED to let my body rest and heal. Lo and behold, I was stronger and faster after rest breaks because my body was actually recovered and I could properly use the strength and speed I had been working on building in the gym,” one Redditor commented.
Do you agree with the things listed above? Share your thoughts in the comments!
Source: Reddit.
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New York is obviously mecca for the small but mighty boutiques. I’ve found a must-visit spot for the next time you find yourself in the Big Apple. We’re so excited to give you an exclusive look at the shop that is curated to perfection–the East Village boutique Still House.
Still House is just a few years old, yet it still has some serious sophisticated style. This could be due to the fact that Urte Tylaite, the owner, hand picks everything that comes through their doors. Focusing on emerging artists and designers out of New York, Japan, Scandinavia and Europe, you’re sure to find a piece as unique as it is beautiful!
I love every single vignette in this store. When I see great styling, I’m always taking notes, thinking how I can replicate it at home–it’s a good exercise to do! It really gets the stylist wheels of the brain turning! LIke combining your best necklaces with a fun piece of vintage art!
Still House has everything from beautifully crafted jewelry to great home decor items and unique gifts for friends. I’m obsessed with any type of home office supplies and this brass geometric paper weight is calling my name! I love tacking up what inspires me on my inspiration board, whether it be a post card, magazine clipping, or small print. The card below must go up! “Forget love–I’d rather fall in chocolate…”
The ebony stained floors in the shop are gorgeous! They’re a little gritty, distressed and almost chalkboard like. They feel so New York. But really, can we talk about the star of the show? The owner’s dog is beyond adorable and of course she matches all of the goods in the store. Now that’s what we call incredible curation!
Still House is definitely a boutique to add to the long list of shopping bests in the city. Anybody in NYC? I would love for you to snap up some Instagrams of this store and share all the pretties that we missed!!
If you’re itching much like me I’m obsessed with this ring! and can’t wait till your next New York visit, you can shop everything online here!
At the beginning of 2020, no one expected the United States would be in the position it is in today, including me. With social distancing the new normal, many people are still hoping to buy a home; now they’re stuck wondering if they should purchase a home right now or wait out the pandemic.
As with most financial questions, the answer depends on many factors. You have control over some of these things. Other aspects are out of your hands. People that consciously examine their current position and the risks can make a somewhat educated decision.
My wife and I started the process of buying our current home and selling our old home in December 2019 before the pandemic was on anyone’s radar. By the time we ended up closing on both homes at the end of February 2020, COVID-19 had just started spooking the United States markets.
I’ve included our experiences and personal thoughts to help you get a feel for what real buyers and sellers are going through.
What’s Ahead:
What are the pros of buying a home during the pandemic?
There is lower competition for homes due to fewer people actively shopping and buying homes right now.
Mortgage interest rates may be near all-time lows resulting in lower monthly mortgage payments.
You have the potential to get a better deal on a home’s price than a few months ago if a seller needs to sell or wants to put a house behind them.
What are the cons of buying a home during the pandemic?
You risk contracting COVID-19 every time you leave your current home.
Housing inventory may be lower as some sellers wait until this passes to list their homes or they don’t want people coming through their house.
You may not be able to move through the home buying and mortgage process smoothly.
Housing prices may decrease in the near future.
Mortgage lenders may have stricter lending guidelines that disqualify you when you may have qualified for a mortgage prior to the pandemic.
You may have a harder time finding top-notch home inspectors, appraisers, and other professionals during the pandemic.
Moving may be more difficult as friends and family probably won’t volunteer to help due to social distancing guidelines.
Mortgage lenders to consider if you do decide to buy a home during the COVID-19 pandemic
For well-prepared individuals with a strong financial position, now may be the perfect time to buy the home of your dreams. You’ll have to hope the right home comes on the market and you can get a good deal on it. If everything comes together, it is still possible to buy a home during the pandemic in most cases.
When you’re ready to start mortgage shopping, make sure you check out Credible to help figure out if you’re getting a good deal.
Credible helps you shop multiple mortgage rates at once. It only takes three minutes to enter some basic information and get pre-approved for a loan. You’ll then see personalized rate quotes from a variety of lenders.
Credible doesn’t do a hard pull of your credit score to qualify you. That means you won’t have to worry about your score dropping while you’re preparing to buy a house. Credible also doesn’t provide your information to lenders, so the pre-qualification process is between you and Credible.
Credible Operations, Inc. NMLS# 1681276, “Credible.” Not available in all states. www.nmlsconsumeraccess.org.”
Credible Credit Disclosure – Requesting prequalified rates on Credible is free and doesn’t affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.
Why some people are concerned about buying a home during the pandemic
People have good reason to be concerned about buying a home during the COVID-19 pandemic. This disease has drastically changed how the United States works.
The buying process increases the risk of COVID-19 transmission
If you fear for your health, buying a home may not be a good idea right now. The process of buying a home typically involves many in-person interactions.
While you may be able to mitigate some of these interactions with social distancing, being careful, and washing your hands, it may not be enough. The more you leave your home and interact with others, the higher your chance of catching the virus is.
In particular, you usually meet with a real estate agent in person. You tour many homes you’re interested in, most of which have people that live in them.
You may want to attend any home or pest inspections in person to understand exactly what you’re buying and to see any potential problems firsthand. Once everything with the sale is wrapped up and ready to sign, you have to go to a closing and sign paperwork with a closing agent.
There are other steps in between that could also expose you to the virus, but these are the most essential. You could take virtual home tours and some states may allow for virtual closings. Even so, very few people would buy a home without setting foot in it first. I don’t blame them.
The mortgage lending process is facing challenging times
Getting a mortgage is usually a predictable process. You apply for a mortgage and give the lender the requested paperwork. This paperwork helps the lender feel confident you can afford the mortgage. Things aren’t as simple today as they once were, though.
Mortgage rates are all over the place
Lenders tend to offer fairly competitive rates in a stable environment. Some lenders may offer better rates than others, but the difference between lenders is normally relatively small.
Our original mortgage process was straightforward without any problems. After we closed on our home, mortgage rates dropped fast. We decided to refinance our mortgage right after closing on our home.
For the refinance, finding a lender with a great rate was a bit harder than we thought it would be. We had to do a lot of shopping around to find the best rates as some lenders had rates that were much higher than others were offering.
Rate quotes were as much as 2% different between lenders over the course of a couple of weeks. This is insane in a stable mortgage market.
Some mortgage processes have become more strict
Underwriters review the information you’ve submitted to see if you qualify for the loan. They look to see if they need any additional information and eventually approve your loan for closing. Usually, this is straightforward and borrowers know what to expect. Today, requirements may be changing.
Mortgage companies have started altering their requirements to take out a mortgage. Chase stated back in April that buyers of certain home loan programs will have to have a credit score of 700 and a 20% down payment to get certain types of mortgages. And many lenders have followed their lead.
We could tell the process was getting stricter when we refinanced in March, as well. To our surprise, one lender would have required us to sign an affidavit saying we hadn’t lost our jobs and our income situation hadn’t changed at closing.
I didn’t have to sign this paperwork when we originally closed on our purchase loan. Lenders seemed like they were taking a more in-depth look at the mortgages they had in process, and this was in mid-March. As this crisis continues to drag on, lenders may get even more stringent.
Slower processes could challenge your closing timeline
Unfortunately, coronavirus has made the mortgage process more difficult. Due to the virus, interest rates on mortgages have generally dropped. This is great news for your monthly payment, but it also means mortgage lenders are much busier than usual processing refinance requests.
This can slow down the mortgage approval process because lenders don’t necessarily have enough staff to handle the higher refinance demand. To make matters worse, COVID-19 has forced many employees to work from home. At home, the employees may be less efficient and not have the tools they need to complete their jobs as quickly.
The lender usually orders an appraisal to make sure the home isn’t worth less than you’re paying for it, too. This requires an appraiser to visit the home and complete an appraisal report. The virus has posed challenges for these appraisers.
Many home sellers may not want to let a stranger enter their home to assess its value. There is no telling if the appraiser has the virus or not. Even if you can get an appraiser, they may have to take extra precautions which could slow down the process.
If a mortgage lender can’t complete the entire mortgage process in time, it could delay your closing on your home. This could result in penalties or your contract falling through altogether.
So, should you buy a home during the pandemic?
Buying a home during the pandemic could work out in your favor. If you have your finances in great shape, you could take advantage of the down market during these tough times.
Get a good deal on houses that must sell
Some people absolutely must sell their homes right now. They may have already bought another home elsewhere and can’t afford to make two mortgage payments for long. Others may have had to relocate for work and don’t want to wait to see if COVID-19 drags their old house’s value down.
In these cases, you can test the willingness of the sellers to wait out the COVID-19 pandemic. Some sellers may not be willing to budge on price. Other sellers may drastically reduce their selling price to sell and avoid future uncertainty. If you’re not picky about getting a particular house, you could get a great deal.
If our prior house didn’t sell before the pandemic took hold, this very well could have been our family. It could have resulted in us getting a much lower price than we ended up selling our home for, or us holding on to our home for a much longer period to get the price we wanted. Either way, it would have cost us money.
Avoid homes you won’t own for long
Be careful about what type of home you buy during the pandemic. Now is not the time for most people to buy starter homes that they plan to move out of in a few quick years. If housing prices drop, you may be stuck in the home.
Buying long-term or forever homes may work out fine
Buyers purchasing a home they plan to spend a significant amount of time in, such as a decade or more, should hopefully be able to weather any negative short term impacts the housing market faces. Nothing is guaranteed, though.
Why shouldn’t you buy a home during the pandemic?
Buying a home during the pandemic isn’t a good move for everyone. In fact, you may be better off waiting to buy.
Limited housing supply
As a home seller, we’re delighted we sold when we did. If we still had our home on the market after the COVID-19 pandemic took hold and we still lived there, we would not have been comfortable with others coming through our home to view it.
If we hadn’t put our house on the market already, chances are we would have waited until after the pandemic was over to list our home. It would have put our mind at ease that we wouldn’t have to find another place to live while the world is in lockdown should we be lucky enough to sell.
Other potential sellers are facing similar dilemmas. This could result in fewer houses being put on the market, resulting in a tighter home supply during a typically busy spring market.
Housing prices could decline
No one knows how the housing market will end up on the other side of this pandemic. It could result in lower housing prices in the future. This result could be temporary or it could last for years.
Even if you think you’re getting a deal today, prices may decrease even more before the pandemic is over. Without a sizable down payment and equity in your home, you may end up underwater and be unable to sell it or move.
As a home buyer, we’re happy with our purchase. Even so, part of me wonders if we’ve now bought at a peak in prices. We are very aware we might see housing prices decrease in the future.
This doesn’t worry us as much as it may bother others. We plan to live in this house for at least 10 years. It has plenty of space and is in a great neighborhood with good schools. If this was a starter home, we would be very concerned about our ability to resell it for a profit in a few years.
You could lose the income you use to pay your mortgage
Another reason to avoid buying a home right now is uncertainty about your job. Those that need a paycheck every two weeks to make their mortgage payment could end up getting foreclosed on if they get furloughed or laid off.
Unless you have substantial financial reserves that could help make mortgage payments until you find a new job, buying a home right now probably isn’t a good idea. Instead, you may be better off focusing on building reserves.
Buying a home would exhaust your cash reserves
Most people save for years to be able to afford a down payment for a home. When they close on their home, some people use almost all of their available cash to do so. This leaves them with no emergency fund to speak of.
If this is you, don’t buy a home right now. If anything bad happens after you purchase your home, it could put you in financial ruin. Losing a job could result in foreclosure. A large home maintenance item that suddenly needs to be taken care of, such as a damaged sewer line, could put you into debt.
Instead, wait until you have enough money for a down payment while still keeping a cash reserve after you close on your home. Something unexpected always pops up.
When we bought our first home, we quickly found out our air conditioner needed to be replaced. That was an unexpected $3,000 expense on a $79,000 home, but it could have been much more if we needed a new roof.
You may not be able to sell your current home
If you would have to sell your current home to afford your next home, now isn’t a great time to buy. Whether you want to move to a different area or move up to a nicer home, there is no guarantee your current home will sell in time.
If it doesn’t sell and your contract to buy falls apart, you may lose your earnest money and any other fees you paid throughout the process. The other potential issue could be selling your home for much less than you’d otherwise get if you weren’t crunched for time. Either way, you could lose out substantially if things don’t work out as anticipated.
Summary
Buying a home could be a good move for you if your finances are in order, you’re buying a home for the long haul and the right house comes along.
However, those with an uncertain future or just enough funds to barely make a down payment on a house would likely be better off waiting until there is more certainty before buying. You may not get as good of a deal, though.
Eleanor wrote with a question that could test even the mightiest personal finance expert. “What,” she asks, “can you do when you want to save money and your roommates don’t care?”
I share a house with four roommates. This saves me at least $200 a month from what I would be paying if I lived in an apartment. But roommates raise expenses in other, unexpected ways. I have been trying to cut down on monthly bills and am finding it incredibly difficult.
For example, I live with roommates that want digital cable and high-speed internet bundle. I can live without the cable (I don’t watch TV) and don’t mind having a lower-speed connection. But because three of my five roommates want the more expensive package, that’s what we get, and instead of splitting a $60/month bill five ways we’re splitting a $100/month bill. I end up paying more money overall. While I can simply not watch cable and argue with them that I won’t pay for that fractional cost of the bill, there’s no way I can somehow use a lower speed internet connection without some serious technological finagling.
Another way I find it difficult to cut down on monthly bills is electricity usage. I try to turn off lights, appliances, the air conditioner, and my computer when I’m not using them. My roommates would prefer to leave their computers and air conditioner on and are not as vigilant as turning off lights. The electricity bill is higher, but it still gets split five ways. Again, I have no idea how I would go about dividing the bill by individual electricity usage — how would you even start to go about measuring such a thing, when no one remembers who left the kitchen light on?
But perhaps I’m being too nitpicky — as annoying as these extra expenses are, I doubt they make it worth moving to an apartment.
It’s been a l-o-n-g time since I lived with roommates — wife and cats notwithstanding — and I’ve forgotten some of the stuff that occurs. I certainly remember the passive-aggressive games we used to play out of spite, but I think that, in general, I never had a living situation in which splitting money was an issue.
AskMetafilter often has roommate-related questions. Many of them involve money problems, but none that I could find involve this sort of problem. Though it doesn’t address Eleanor’s specific concerns, UK-based iOWEYOU looks like a great little web tool for tracking roommate accounts:
iOWEYOU is an expenses sharing calculator. It is ideal for people living in a shared house. To use iOWEYOU, you log all the items you buy that you share with your group. This may be bills, food shopping, light bulbs, TV license, etc., etc. iOWEYOU then tells you how much you all owe each other.
What general advice do you have for keeping money matters between roommates peaceful but fair? What specific advice do you have for Eleanor?
This is a guest post by Mehdi, author of StrongLifts.com. If you enjoy this post, check out his site.
Eating healthy is important.
Eating healthy:
Lowers disease risks
Increases productivity
Gives you more energy
Makes you stronger
You probably think eating healthy is expensive. I’ll be honest — it is. But there are tricks to spare your savings account and keep it low cost. Here are sixteen ways to eat more healthy while keeping it cheap.
What is Healthy Food? Before we start, let’s define healthy food. It consists of:
Protein. The building blocks of muscles, needed for strength.
Fat. A balanced intake of omega 3, 6 & 9.
Veggies. All kinds, especially green fibrous veggies.
Fruit. Full of vitamins.
Water. 1 liter per 1000 calories you expend.
Whole grain food. Oats, rice, pasta, breads, …
On with the tips.
1. Switch to Water. I drank huge amounts of soda daily for more than 15 years. Then I started Strength Training and switched to water:
It’s healthier
It’s cheaper
Quit the soda & drink water. Take a bottle wherever you go.
2. Consume Tap Water. Check the price of water on your tap water bill. Now check the price of bottled water. Quit a difference, isn’t it? So why are you buying bottled water?
Cleaner? Not necessarily.
Better taste? No, simply a matter of Adaptation.
Bottled water companies get their supply from the same source you do: municipal water systems. It’s like selling ice to Eskimos. If you don’t trust the quality of tap water, filter it yourself. I use a Brita Pitcher. One $7 filter cleans 40 gallons water.
3. Eat Eggs. I always have eggs at breakfast:
Full of vitamins
High in proteins
Low in price
Don’t believe the Eggs & Cholesterol myth. Dietary cholesterol is not bound to blood cholesterol. Want to make it cheaper? Buy a chicken.
4. Eat Fatty Meats. Fatty meats are cheaper & more tasty than lean meats. You think it’s not healthy? Check the Fat Myths:
Fat doesn’t make you fat, excess calories do
You need a balanced intake of fats: omega 3, 6 & 9
I’m on the Anabolic Diet, I buy beef chuck instead of sirloin.
5. Get Whey. The cheapest source of protein. 70$ for a 10lbs bag lasting 4 months. Nothing beats that. Use whey in your Post Workout Shake to help recovery.
6. Tuna Cans. Canned tuna is cheap & contains as much protein as meat. Alternate tuna with eggs, meat & whey. You’ll easily get to your daily amount of protein.
7. Buy Frozen Veggies. I mostly buy frozen veggies:
Take less time to prepare
You don’t waste money if not eaten in time
Can be bought in bulk for discounts & stored in your freezer
If you can afford fresh veggies, then do it. I go frozen.
8. Use a Multivitamin. Pesticides lower the vitamin levels of your fruits & veggies. Two solutions:
Buy organic food. Expensive.
Use a multivitamin. $10 a month.
Choose what fits your wallet best. I take the multivitamin.
9. Fish Oil. Omega-3 is found in fish oil. Benefits of omega-3 consumption include:
Lowered cholesterol levels
Decreased body fat
Reduced inflammation
You need to eat fatty fish 3 times a week to get these benefits. Time consuming & expensive, I know. Try Carlson‘s Liquid Fish Oil with Lemon flavor. One teaspoon daily. You’ll be ok.
10. Buy Generic Food. The box might be less attractive, it’s certainly more attractive to your wallet. Brand-name food will always be more expensive. You’re paying for the name. Get real. Food is food. Go generic.
11. Buy in Bulk. Think long-term. Buying in bulk is more expensive at the cashier, but cheaper in the long run:
Gets you discounts
Saves time
Saves car fuel
Invest in a big freezer. Buy meats & veggies in bulk and freeze them.
12. Go to One Grocery Store. This grocery store is cheaper for meat, that grocery store is cheaper for veggies, the other grocery store is cheaper for fish… How many grocery stores are you going to, trying to find the cheapest food? Think!
Time is money. Stop losing a day shopping.
Cars don’t run on water. Lower your fuel expenses.
I get all my food in a big grocery store near my place. It hasn’t the cheapest price for all foods, but it saves me time & fuel.
13. Make a Plan. A classic, but worth repeating. Everything starts with a plan.
Make a list of what you need
Eat a solid meal, don’t go hungry
Go the grocery, get what’s on your list & get out
No need to take your partner or kids with you. This is not a recreational activity. Just get your food & get back home.
14. Take Food To Work. Ever counted how much money you throw away buying food at work daily? Start preparing your food for the day on waking up:
Get up earlier
Eat a solid breakfast (like Scrambled Eggs)
Prepare your food for work in the meanwhile
Total time 30 minutes. No stress during the day about what you’ll be eating & you get healthy food while sparing money.
15. Eat Less. This one is obvious. The less you eat, the lower your grocery bill. If you’re overweight, get on a diet. Your health & bank account will thank you.
16. Don’t Buy Junk Food. The last one. Stop buying anything that comes out of a box, it’s:
Unhealthy
Expensive
If you actually find junk food that is cheaper than whole food, think long-term. Health implications.
Mehdi is author of StrongLifts.com , a blog about Strength Training, nutrition, lifestyle & attitude. His articles include the Anabolic Diet & the Beginner Strength Training Program. Join him at StrongLifts.com for the fascinating journey toward more strength, bigger muscles, low body fat & a better health.
[Note from the editor: Originally published on Thomvest’s Blog]
Today we’re pleased to release an updated version of the real estate technology market map we originally published in 2018. A high-resolution version of the map can be accessed here, and the full list of companies is available here.
This market map includes 180 real estate technology companies operating across every phase of the home purchase value chain. These companies have collectively raised more than $20B in venture capital, and range from seed stage businesses to public companies. If you’d like to suggest a company to be added to this market map, please submit them using this form.
You’ll notice that several companies are included in more than one section — this is due to the fact that many of these businesses have expanded their product areas to capture multiple phases of the transaction process. For instance, while Blend’s original product focused specifically on the mortgage point-of-sale, the company has since expanded to offer home insurance and digital closings. As such, we’ve included the Blend logo in those areas.
At Thomvest, we’ve been actively studying how technology is being utilized in real estate. We view technology as both a means of lowering transaction costs and an enabler of new transactions by better matching demand and supply. Software is also being adopted across some of the more labor-intensive areas of real estate — for instance, in property management and home improvement — as a means of improving efficiency and productivity.
Personally, I’ve been impressed by the quality of entrepreneurs building technology companies in residential real estate. Founders here are passionate about creating better experiences for consumers. Many have experienced their own frustrations when buying or selling a property, and aspire to rebuild the experience from the ground up. Others are seasoned operators within real estate and see technology as a competitive advantage in an otherwise analog asset class.
Impacts of COVID-19 on technology adoption
Every constituency within the real estate sector — including agents, lenders, title companies, and attorneys — are scrambling to adjust to life under lockdown. In my last post on the housing market, I touched on the dramatic impact COVID-19 has had on transaction volume and home showings. In many ways, the pandemic has accelerated existing trends around digitization of the home buying process. There are a few areas in particular where technology is being utilized:
1. Deepened reliance on “home shopping” apps Shelter-in-place is created new behaviors around the home shopping experience. Rather than spending a half day touring open homes, prospective buyers are relying on apps like Zillow and Realtor.com to “tour” properties in lieu of an in-person visit. Zillow created 525% more 3D home tours in April compared to February, and CEO Rich Barton recently remarked that “the virtual tools home shoppers need for safety today will become their expectations for convenience tomorrow.”
2. Rapid adoption of digital tools for real estate transactions Many of the processes associated with closing a real estate transaction are traditionally completed in-person. These include appraisals, inspections, notarizations and local government filings. Fortunately, startups are here to help. Companies like Blend, Modus, Side and Snapdocs offer products that enable digital closings. 46 states now let notaries do their jobs using a combination of video and online document sharing, up from 23 prior to the pandemic. Additionally, large mortgage buyers like Fannie Mae and Freddie Mac are increasingly relying on automated home valuations in lieu of in-person appraisals. We believe these new methods are here to stay, which will be a strong tailwind for startups building digital home buying experiences.
3. More tools for homeowners to manage their largest asset Startups in the real estate vertical must take advantage of their agility relative to incumbent banks, and design products and services that reflect today’s changing consumer needs. This can take the form of better credit products (for example, smart loans powered by LoanSnap or HELOCs offered by Figure), or novel home equity products like Unison. We’re also seeing a number of interesting businesses that help homeowners maintain and improve their property, including Pro.com and Made Renovation. These startups help automate much of home renovation process, including design, planning & construction.