A rate lock helps protect your buyers from fluctuating mortgage rates as they’re getting ready to buy a home. It locks in the interest rate for a loan for a certain period of time until the buyer makes it to closing. Your buyers will know what to expect and won’t then fall mercy to a week of rising rates, for example. However, if rates dip, they could get stuck paying a higher rate too. So it can be a catch-22.

Here is when your buyers likely will want to lock in their mortgage rate right away:

1. An offer has been made, accepted, and is under contract. Many lenders will lock in a rate for free for 30 days. But you may want to lock in for longer, for example, if the buyer is giving sellers more time to find a home or if they’re self-employed and a lender needs longer in underwriting their loan. As such, lock-ins are also available for 90 days, 120 days, or even 150 days. But expect to pay to get longer lock in periods.

2. Interest rates are rising. If interest rates are trending higher, lock in sooner rather than later, say mortgage experts.

3. Interest rates are volatile. If interest rates are going both up and down, buyers may want to lock in sooner for greater stability during their house hunt. “Rates today are unusually volatile—they are making large moves up and down in short periods of time,” says Joe Parsons, a loan officer at Caliber Home Loans in Dublin, Calif. “For this reason, prudent borrowers are locking their rates early in the process.”

4. You may not qualify for a loan otherwise. A buyer may need to lock in a rate sooner if they are borrowing near their limits. A fluctuation in rate could prevent them from getting their loan approved. For instance, if a higher interest rate pushes a buyer’s monthly mortgage payment above a 28 percent threshold (most lenders believe a house payment should be no greater than 28 percent of your gross monthly income) then a lender may not approve her for a mortgage.

“An early rate lock means there are no hidden surprise down the road,” says Mark Livingstone, president of Cornerstone First Financial, a mortgage lender in Washington, D.C.

Source: “When to Lock in Mortgage Rates: 4 Signs It’s Time,” realtor.com® (Jan. 23, 2017)

A home’s interior can be used to spark “memorable moments” that appeal to homebuyers emotions, new research suggests. Certain rooms in a home can make homeowners conjure up positive emotions and memories. Researchers call those areas “hot spots,” and urge designers to pay careful attention to those spots in making a home more inviting.

Read more: Real Estate Lessons From the Design World

“The interior space can enhance emotional experiences,” says Wayne Visbeen, an architect in Grand Rapids, Mich.

A room’s ability to evoke positive emotions and memories is directly tied to the design and amenities of that room, suggests a study sponsored by Napoleon Fireplace, which sought to identify the emotional connections homeowners have with their homes.

For example, features like fireplaces, high ceilings, and built-ins can help increase the appeal of rooms, the study noted.

The most popular areas of the home are centered around three elements: socializing, relaxation, and function. The greater of these elements a room has, the better job it does in creating a “hot spot,” researchers note.

BUILDER offers up an example: Designers can add a socialization space to a kitchen with an island or wet bar. Or, they can integrate the dining room with the kitchen to add greater functionality.

Visbeen and David Brown, partner at Hoffman York, a marketing and ad agency in Milwaukee, also said more emphasis should be placed on the design of the master suite. They say a “transition space” can make the bedroom feel more separate from the master bath and closet. This could be done in smaller areas too, such as with a small vestibule between the closet and bathroom. Then, “if one partner is getting ready in the morning and one is sleeping it’s a really nice feature,” Visbeen says.

Also, they emphasize accenting the fireplace in a home. Many special moments often occur around a fireplace, they say. Make sure to spotlight it or even add a firepit at the front entrance too.

Source: “Energize Buyers With Design Hot Spots,” BUILDER (Jan. 11, 2017)

The number of home buyers ages 55 and older is expected to grow over the next decade, and builders across the country are ramping up to serve them. At the International Builders’ Show in Orlando, Fla., this week, the National Association of Home Builders is educating attendees about how to support the industry’s efforts to cater to this segment of the market.

In one session, Deryl Patterson, president of Housing Design Matters in Jacksonville, Fla., offered ideas of how to design, remodel, and market spaces so that they’ll be more appealing to older home buyers. She says one important element is to avoid treating baby boomer clients as if they’ve suddenly developed a whole new set of living preferences. Patterson told attendees it makes more sense to think of boomers as “mature” in the sense that they are experienced buyers who know what they want. She described their mindset about their home purchase as: “I’m going to do it right this time, finally.”

Here are some home features you can be on the lookout for when working with buyers in the 55-and-over age group, or items you can emphasize if you’re trying to ensure your listing appeals to them.

More ideas: Creative Ways to Market Odd Spaces

1. Rethink the laundry room. After the kids move out, many home owners spend less time in the laundry room, but that doesn’t mean they want to ditch it entirely. As the house becomes less chore-centric, Patterson says, home owners are more prone to focus on fun. Try carving out a space for crafts or pet care if a huge laundry room feels like a waste of space to buyers.
2. Boost the light. Patterson noted that as people age, the lens of the eye thickens and lets in less light. This means a 60-year-old needs six times as much light as a 20-year-old. Look for inexpensive ways to add light in unexpected places, such as inside drawers and cabinets.
3. Be subtle about accessible features. Everyone wants to be able to age in place, but few want to think of a time when they’ll be physically limited. Thankfully, many features that make a home more navigable and safer for those with mobility issues aren’t very obvious, such as even, level surfaces that make it easier for those using wheelchairs, canes, or walkers. Patterson also noted that many bathroom product manufacturers are now making grab bars that look more like shelves and towel racks than institutional-style safety features.
4. Point out low-maintenance features. Patterson said one of the first things that comes to mind when people are looking for a low-maintenance home is the size of the lawn, but she noted that there’s much more to taking care of a home than that. “I want you to think beyond yard maintenance,” she told attendees. She noted that stain-resistant quartz countertops and roofs that don’t have nooks where leaves can collect can be important qualities of a listing.
5. Examine where the stairs lead. Steps can be problematic for those with mobility issues, but they aren’t an automatic no-no for communities targeted at older buyers. It just depends on what’s at the top of the staircase. A bunk room for the grandkids or an exercise room is a much better use for second- and third-floor space than a master bedroom or another place the primary resident might have to visit frequently. Also, landings and railings are both safety musts, Patterson says. “Stairs are the number one reason people go to the emergency room, and not just those over 55.”

—Meg White, REALTOR® Magazine

Some home sellers use the holidays to showcase the warmth and character of their home to potential buyers. But they need to be careful not to cover up their home’s finest attributes with their festivity.

Read more: Rules for Tasteful Holiday Décor

A recent article at Houzz provides some of the following tips for holiday decorating when your home is for sale:

Watch the size of the decorations. Displaying large multipiece holiday decorations on your fireplace, for example, may cover up this important selling feature. Ask yourself: Does this piece positive showcase the space, light, and charm of the room? Or does its large size distract from it? This includes the Christmas tree. Owners may want to choose a smaller size when they’re selling because larger trees and decorations can make a room appear smaller, notes Houzz columnist Neila Deen.

Don’t block the light. Make sure the holiday décor doesn’t cover up any natural light from windows and doors. Sure, owners love to display their Christmas trees in front of windows so you can see it from the outside. But they need to realize that they could be covering up a picturesque window as well as making a room appear darker. Instead, place the tree far away from the window so that it isn’t blocking any natural light from flowing in.

Coordinate colors. Keep the holiday décor in line with the room’s overall color-coordinated design. If the holiday decorations clash with a current color scheme, don’t use them. Metallics – gold, silver, or copper — are a good way to add holiday décor accents without fears of clashing. White also can be a good choice. Consider swapping out multicolored tree lights with sparkling white lights for a more elegant choice, Deen notes.

Sellers who have pets are devoted to their furry friends, but dogs, cats, and other household animals don’t always make a home sale easy. “Pets are either an attractive distraction, so cute that they distract prospective buyers from looking at the real estate, or completely the opposite — smelly, frightening, or otherwise off-putting,” says Diane Saatchi, a broker with Saunders & Associates in East Hampton, N.Y.

Here are some tips from realtor.com® recently for pet-proofing a listing prior to a showing:

Get the yard ready. Make sure the yard is clear of any pet droppings, and repair any spots where the family dog may have been digging holes. Be sure to double-bag any waste so it doesn’t smell up garbage cans in the garage. Also, address any brown or yellow spots in the yard created by pets’ urine. Realtor.com® suggests aerating and seeding any bare spots, or even consider replacing patches with new sod.

Watch the smells. Have a professional service clean the carpets and rugs to help remove pet odors. If the odor is too potent, replacing the carpet entirely may be necessary. Also, encourage clients to bathe their pets regularly to help prevent odors.

Check your insurance. An unknown visitor entering your clients’ home may prompt even a normally calm pet to lash out. If a potential buyer is scratched or bitten by a pet, your client could be held liable. Have your client check their homeowners insurance to see if they’re covered for such incidents. If their pet isn’t covered, it may be best to keep the animal out of the house during showings.

Stow away the evidence. Ask that all pet caretaking items — leashes, toys, water bowls — be put away during a showing. Don’t forget the cat’s litter box, too!

Crate or relocate. If the pets must stay during showings, ask your client to crate them or confine them to an area. Warn other real estate professionals the pets are there so they can let their clients know. The best-case scenario is that your clients will relocate their pets during the showing so they won’t distract potential buyers.

Source: “6 Essential Steps for Selling a Home with Pets,” realtor.com® (Oct. 25, 2016)

Basements often have the reputation as being dark and dank. But the basement shouldn’t be forgotten when it comes to staging a property.

Read more: 9 Basement Revamp Mistakes to Avoid

“Buyers will definitely poke their heads down in this cold, dark place,” notes an article at realtor.com®. “So, imagine their pleasant surprise when it’s actually a functional, comfortable room where they might even want to hang out.”

Here are a few tips:

Declutter: The basement can be prime spot for towers of boxes and piles of belongings. “Make sure the space is organized and doesn’t appear to be a dumping ground,” Katie McCann, a professional organizer with Maeve’s Method, told realtor.com®. Add storage bins or shelving to give everything its place. And instead of showing it as a dumping ground show it as the perfect spot for organized storage.

Add some cosmetic improvements: “This part of the house often gets more wear and tear than the other rooms, so invest in new carpeting for a fresh feel and repaint the walls,” suggests Gale Sitomer of Gale Sitomer Interior Design in New York City.

Watch the smell: Address any musty odors. “Keep a fan on for circulation, and use subtle air fresheners as needed,” Lisa and Chris Gulliver with Showhomes suggests. For a damp basement, buy a dehumidifier.

Brighten up the space: Don’t let the space feel dark and cold. Sitomer suggests painting the walls an off-white, use light-colored window treatments, and adding in plenty of lamps to warm up the area.

Show the possibilities: “Where possible, try to include a spot to watch TV, a place to lounge at one end, and a kids’ play area a the other,” suggests Jack Menashe, an interior designer and owner of Menashe Design. He also recommends an open library wall in-between spaces as a stylish way to help define the separate areas.

Source: “Home Staging Ideas to Take Your Basement to the Top,” realtor.com® (Sept 16, 2016)

The average time it takes to complete a new single-family home is seven months, according to recent Census Bureau data. That completion time includes nearly a month for getting the permit to start the project and then another 6 months to complete the construction.

Read more: New Homes Are Getting Bigger and Pricier | Realtor Magazine

Houses built for sale took the shortest amount of time – 6 months to complete after obtaining building permits. On the other hand, homes built by owners averaged the longest time at nearly a year. Homes built for rent averaged about 9 months from permit to completion, the data shows.

Home buyers will likely have the longest waits for their new home in the New England area, which had the longest time from permit to completion at 10 months. On the other hand, the Mountain region had the shortest amount of time at 6 months. The region also has the shortest waiting period from permit to construction start.

Here’s a breakdown by region of the average months from permit to completion of single-family new homes:

• Pacific: 8 months
• Mountain: 6 months
• West north Central: 8 months
• West South Central: 7 months
• East North Central: 8 months
• New England: 10 months
• Middle Atlantic: 10 months
• South Atlantic: 6 months

The Census data also reveals the average days by region from permit to start on the new home:

• Pacific: 31 days
• Mountain: 15 days
• West North Central: 20 days
• West South Central: 35 days
• East North Central: 23 days
• East South Central: 25 days
• New England: 28 days
• Middle Atlantic: 27 days
• South Atlantic: 27 days

Homes in metro areas took, on average, nearly 7.5 months to complete, about 2 months shorter than homes started in non-metro areas.

The data also shows that in 2015 the share of single-family homes sold while under construction was 66 percent. Thirty-two percent of those homes sold before the construction started and 12 percent sold during the same month of completion, according to the Census data. The percentage of single-family homes completed last year that were unsold was only 6 percent, as of the first quarter of 2016.

Source: “Time to Build a Single-Family Home in 2015,” National Association of Home Builders’ Eye on Housing blog (July 20, 2016)