Prep Your Home for Winter, and A Forecast for the Year Ahead

This is a paid post contributed by a Patch Community Partner. The views expressed in this post are the author's own, and the information presented has not been verified by Patch.

As we close out 2022 and enter another New England winter, it’s important to take care of our biggest asset. Our homes. As a homeowner, the maintenance can seem overwhelming, but as my favorite home inspector notes - it’s never a bad thing to be proactive and it almost always saves you some aggravation and money.

Here are a few easy ways to take care of your home before the flakes fly:

1. Service your home's heating and air conditioning systems
2. Check around the exterior of your home for chipping paint. Sand, paint/caulk, and seal any damaged exterior wood.
3. Seal your masonry and hard surfaces, particularly around your foundation to prevent critters and water infiltration
4. Clean out your gutters and downspouts, this can prevent moisture build-up and the potential for ice dams to form, which can damage your roof or siding.
5. If you plan to use your chimney this season you should have it professionally cleaned and serviced. This will help prevent chimney fires and prevent carbon monoxide from building up in your home.
6. Test your smoke and carbon monoxide detectors. Did you know they expire? Guidelines for what’s considered best practices also change frequently so make sure you have the right detectors in all of the correct locations.
7. Disconnect your garden hose and shut off the water to outside spigots in order to prevent freezing pipes.
8. Call your local tree professional and have them do a visual inspection of overhanging tree limbs. They can also check the health of trees that may be in danger of falling and causing damage during a storm.
9. Clean the space behind your clothes dryer and remove lint or dust that may have accumulated inside.
10. Do a visual inspection of your roof and call a licensed roofer to repair any hanging or damaged areas

TIP #1: If you’re headed out of town for a few days set your thermostat set no lower than 55 degrees and allow warm water to trickle from faucets overnight. This will help prevent your pipes from freezing, which is especially important in older homes that might not have sufficient insulation. If the water isn’t flowing, you may have frozen pipes. If you suspect frozen pipes, shut off the water supply and call a plumber to make repairs.

TIP #2: Check to see if your town has a MassSave program (Melrose) or WMGLD residential customers who have an energy analysis (energy audit) may be eligible to receive rebates for the purchase of qualified energy improvements they make – up to $1,500.

What can we expect in the year ahead?

Many know that the last few years have been an unusually strong seller’s market with double-digit gains in home values, bidding wars, low inventory, and historically low mortgage rates. This fall buyers in the market have pumped the brakes. While homes are still moving, we’ve seen a slowdown in the higher price points. Buyers have also been able to be pickier about the location/condition, they’re negotiating the price and even some inspection items again. So what does that mean for 2023?

In the first few weeks of December, we saw interest rates finally drop. This is expected to continue. “All indicators right now are pointing that the rates should slowly come down 1st qtr of 2023 barring any hiccups. The inflation numbers are going down one piece at a time. The rates have gone down a whole point since the end of October which is great! The hope for economists is that the rates coincide with spring market,” said Kate Rockett, VP of Mortgage Banking for William Raveis Mortgage.

There are also ways to combat the higher rates:

• Many local and smaller banks are offering lower mortgage rates than those advertised, so don’t pay attention to what’s advertised nationally.
• Smaller banks also generally have lower closing costs and better customer service
• Many local banks are offering either a 3-1 or 2-1 buydown. This is a great program for buyers to have a lower payment until they can refinance. With a buydown, you can buy down a rate from 6.5% to: 4.5% in year 1, 5.5% in year 2, and then the rate locks back in at 6.5% in year 3. This is just one example and it’s worth having a conversation with your lending professional.

Many Real Estate professionals are expecting the spring market to be stronger than we are currently experiencing, but not like in years past. Inventory will remain tight, and buyer demand will continue to be strong as many buyers have been sidelined by cash buyers and high prices. Rental rates are also expected to increase. There are many things that continue to make Greater Boston a very desirable location that won’t allow for a detrimental impact on the housing market: great schools, top-tier universities, exceptional healthcare, and the home to many of the country’s top companies.

While the national news may make things seem doom and gloom, it’s very important to remember that Real Estate is local, and as the market shifts, things become hyper-local. If you’d like a complimentary market analysis of your home please do not hesitate to reach out. For current market conditions in Melrose (click here) or Wakefield (click here). If you would like information on another location within the Greater Boston area I’m happy to provide that as well.

***
Samantha Jason Lehman is a full-time Realtor and Associate Partner with The Residential Group at William Raveis Real Estate, the #1 WRRE Sales Team in MA and ranked in the Top 1% company-wide. Samantha has been representing buyers, sellers, developers, and investors throughout the Greater Boston market for the past 15 years. In that time she has closed over 125+ Million in residential sales ranging from small condominiums, luxury lofts, single-family homes, and mixed-use developments. She resides in Wakefield with her husband, their two children and two pups. Learn more: SamanthaBoston.com

This post is an advertorial piece contributed by a Patch Community Partner, a local brand partner. To learn more, click here.