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Are you a Renter? It May be Time to Own Your Home.

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In the Sacramento Bee, Vincent Moleski covers in detail rental costs across Sacramento and surrounding areas. I know for myself when I rented, I would check to see what my rent could buy me as far as getting a home and having a mortgage. If you have not checked lately, it may be that time. Read on as rent prices escalate depending on area.

Rents in Sacramento grew moderately in the past year, outpacing national trends with a year-over-year growth rate of 4.1 percent and a month-over-month growth rate of two-tenths of a percent, bringing the city’s average rent to $1,401, according to RentCafe’s most recent monthly report.

RentCafe, an online real estate service and apartment listing marketplace, analyzed nationwide housing data from the month of July using the Yardi Matrix and found that average rents in Sacramento grew faster in the last year than the U.S. average, although rent in the California capital is still cheaper.

Nationwide, the average monthly cost of rent was $1,469 as of July, an increase of 3.4 percent in the last year — a bit under Sacramento’s growth rate — and 0.2 percent in the last month, which matched Sacramento’s month-over-month growth rate, according to the report.

Some pricey Sacramento suburbs saw sharp rent increases in the last month, such as Folsom — which saw the sharpest monthly price spike in the area — where the average monthly rent of $1,873 increased by 1.5 percent, Rocklin, where the average monthly rent of $1,718 increased by 1.2 percent and Roseville, where the average monthly rent of $1,790 increased by 0.9 percent, according to RentCafe.

Elk Grove’s rent costs averaged $1,753 and grew a full percentage point in the past month, while Rancho Cordova’s rent costs averaged $1,396 and grew 0.6 percent in the past month, according to the report.

Other suburbs remained relatively affordable. Rents in Carmichael average $1,205 and grew by 0.5 percent in the last month, while rents in Citrus Heights average $1,342 and grew by 0.2 percent in the last month and rents in Fair Oaks average $1,440 and grew 0.3 percent in the last month, according to RentCafe.

Davis is the most expensive place in the state to rent in, according to RentCafe, and although housing costs increased by just $2 in the past month, the average monthly rent in the Yolo County city is $2,169 — though that still beats out Bay Area prices.

San Francisco, one of the most expensive cities in the country, has an average monthly rent of $3,706, an increase of fourth-tenths of a percent from last month, while in San Jose renters can expect to pay $2,792 per month, according to the report. The only place more expensive than San Francisco is Manhattan, where renters pay $4,222 monthly on average.

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Finding Down Payment Money for Your Home

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For my family, down payment and closing costs were the toughest part of owning our next home. Making the mortgage payment was not an issue. Having the money to get started and be able to look for homes with confidence and loan in hand were a challenge. We found our help through family. That was a good day.

David Reed helps us out with more ways to find a down payment for your home. It may be time for you to stop renting. Take a read and see.

One of the biggest challenges, if not the biggest challenge, is coming up with the money for a down payment on a home. Even if someone is taking advantage of the new conventional 3.0 percent down program or the FHA mortgage, most every loan requires some sort of a down payment. While 3.0 percent doesn’t sound like a whole lot, if you’re buying your first home it usually is. On a $250,000 home, that comes out to $7,500. That’s not even mentioning closing costs. But there are sources for down payment funds that might sometimes be overlooked.

The Bank.

Okay, this is the obvious source. From a checking or a savings account, accessing readily available cash from a bank account is the most common. Consumers can save up a little each month until the minimum amount of funds needed have accrued. The lender will ask for copies of the most recent bank statements showing available funds as well as documenting the source of those funds. Most often the deposits are from an employer via direct deposit. Self-employed borrowers who do not receive a regular paycheck on the 1st and 15th will be asked to provide business bank statements as well.

A Gift.

There are those fortunate few who do receive a financial gift from a family member. Gift funds must also be tracked to make sure the funds are coming from an acceptable source. Gift funds can come from a family member, relative, or someone in a committed relationship. Lenders want to make sure the gift funds aren’t a loan that must be paid back at some point in the future. There needs to be a signed “gift letter” included with the loan file stating the amount of the gift, the donor’s name and where the funds are coming from. Lenders won’t ask for bank statements from the donor but do want to know the funds came from an account in the donor’s name.

A Retirement Account.

If someone has a retirement account with an employer such as a 401(k), that person can take out a loan against the fund. This is allowable per lending guidelines but is also subject to the employer’s approval. Most retirement funds allow for someone to borrow up to one-half of the employee’s vested balance in the account. With an IRA, first time buyers can withdraw up to $10,000 without penalty. The withdrawal will still be subject to any income tax due.

An Appraisable Asset.

If someone owns something that can be appraised by an independent third party, the proceeds when selling that asset are an acceptable source. Selling an automobile is acceptable, for instance, because it has an appraised value. Even a highly prized baseball card is an appraisable asset. It’s important to document the transaction from the initial sale to the deposit in the account.

A Down Payment Assistance Program.

Down payment assistance programs are typically overseen and/or issued by a county or state agency. Such programs typically require the borrowers’ gross monthly income to not exceed certain limits and are often available to first-time buyers. These programs can also be geographically targeted to help low to moderate-income communities flourish. Down payment assistance can come in the form of a grant, which means there is no repayment required or a loan which can be forgiven after living in the property for a certain period of time, typically three years or more.

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8 New Tricks for Keeping Mosquitos Away

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There is something about mosquitoes. When you see just one, you feel that you just have to start scratching an imaginary itch. If a mosquito gets in your car, you spend more time trying to kill it than driving.

Jaymi Naciri has eight good summer tips to help keep the mosquitoes away.

Mosquitos. They’re universally despised, and there’s not much we wouldn’t do to keep them away, right? Personally, we’re always on the hunt for a new serum or device or prayer that will help keep them away of the yard so we can actually enjoy our time out there without coming back inside covered in itchy welts.

So, behold the latest list tricks and tools to keep them at bay.

Repel them

This Thermacell Patio Shield Mosquito Repeller is said to provide 12 Hours of DEET-free repellent and is also scent-free and cordless. Reviews are mixed on Amazon, but, at under $25, we’re willing to give it a shot!

Wipe them away

Actually, these Repel Insect Repellent Mosquito Wipes with 30% DEET keeps them away, and, they’re much easier to use (and less messy) than bug spray. If you’d prefer DEET-free wipes, you can find them, too.

Dab on the essential oils

This was the winning strategy during a recent trip to a very humid, very mosquito-prone land. Liberal amounts of peppermint and rosemary with reapplication about every 30 minutes did the trick.

Burn your coffee grounds

“Reusing coffee grounds offers benefits from fertilizing plants to repelling mosquitoes,” said Hunker. “Coffee grounds have a smoldering effect after you light them that keeps insects at bay. Mosquitoes, like other insects, are repelled by the odor created from the coffee grounds burning.”

Plant some lavender

It smells lovely to humans (and is beautiful to look at, too), but mosquitos hate it. Lemongrass, lemon balm, and marigolds are a few more plants you can add to your garden to keep the mosquitos out.

Grow some herbs

Add basil, garlic, and rosemary to your garden for another potent anti-mosquito punch. One of the best is something you might want to grow for other, tastier, reasons as well.

“Basil is so effective at repelling mosquitos (and adding a delicious flavor to Italian fare!) that you’ll want to grow it all around your house,” said POPSUGAR. “Windowsills, porches, the garden…the possibilities are endless!”

Plug in the fan

In a Consumer Reports test, a standing fan proved more successful at keeping away mosquitos than several other “tried-and-true” methods. “CR has tested three methods for controlling mosquito activity in a large area: citronella candles, an oscillati

ng pedestal fan, and a battery-powered area diffuser that emitted geraniol, a natural repellent derived from plants,” they said. “We found that the fan was far more effective than citronella candles or the geraniol diffuser. In fact, our tests showed that the fan reduced mosquito landings by 45 to 65 percent for folks sitting nearby.”

Grab a dryer sheet

These little wonders have more uses than eliminating static cling. “Turns out, there’s actually science behind this age-old myth,” said Buzzfeed. “Dryer sheets contain two chemicals that keep gnats and mosquitoes away: linalool, which is toxic to some types of insects, and beta-citronellol, which is found in citronella, the ultimate mosquito repellent. So, yeah, keep one in your pocket, or if you’re really committed, rub one on your arms and any other exposed skin.”

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Investors Are Buying More of the U.S. Housing Market Than Ever Before

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Laura Kusisto writing for the Wall Street Journal gives us a housing investor update. It seems that there is always a way to capitalize on real estate.

The share of investor purchases of U.S. homes have climbed to an all-time high, a sign that rising home prices have done little to dampen demand for flipping homes or turning them into single-family rentals.

Big private-equity firms, real-estate speculators and others that buy properties comprised more than 11% of U.S. home purchasers in 2018, according to data released on Thursday by CoreLogic Inc.

The investor purchases are the highest on record and nearly twice the levels before the 2008 housing crash. The investor interest poses a challenge for millennials and other first-time buyers who are increasingly looking to buy starter homes and are forced to compete with deep-pocketed cash buyers.

Big commercial property owners like Blackstone Group LP and Starwood Capital Group began buying thousands of homes out of foreclosure during the housing bust. Many economists credit investors with helping to stabilize the housing market in 2011 and 2012 by buying with cash when prices were low and mortgage credit froze.

But analysts expected those purchases to slow, as the market rebounded and properties could no longer be had for fire-sale prices.

Instead, demand for properties has intensified. While these purchases dipped slightly when the market started to recover in 2015 and 2016, they have rebounded to surpass the previous peak of six years ago.

Strong rental demand, technology that facilitates buying homes online and low interest rates that make other investments less appealing have fueled investor appetite.

Investors are an especially powerful force at the bottom of the market, where they often pay all cash. Investors purchased one in five homes in the bottom third price range in 2018, according to the CoreLogic analysis, up 5 percentage points from the 20-year average of less than 15%.

“These are the homes that first-time home buyers would logically be buying,” said Ralph McLaughlin, deputy chief economist at CoreLogic.

Shane Parker, a real-estate agent in metropolitan Detroit, said first-time buyers he works with are struggling to win bidding wars against out-of-state buyers. The locals he works with are becoming more aggressive, putting in escalation clauses and agreeing to pay the difference if properties don’t appraise.

One of his clients, Michael Burnett, a tech writer in Detroit, and his wife are looking for their first home so they can have a treehouse for their young girls. They have visited 25 properties and bid on half a dozen but keep losing out to cash buyers.

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Save or Splurge? Where You Can Scrimp

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Once again Jaymi Naciri writing for Realty Times, has come with something new to keep us thinking about the best ways to spend or scrimp on our home.

Saving money is great. But saving money can also prove problematic. While a piece of furniture that’s not used a lot or a knickknack that is not prominently displayed might be fine, you want to be careful when pinching pennies if it means compromising on quality.

Furniture

This is a mixed bag. You can get away with an inexpensive coffee table, and you may be able to score a killer deal on a dining table that looks far more expensive than it is. But when it comes to upholstery, proceed with caution—especially with large pieces. Cheap textiles can pill, rip, wear out easily, and stain permanently. Plus, the material is often scratchy and uncomfortable.

“The sofa is one of the most significant items you’ll ever buy for your home. It takes up a lot of visual space, it’s important for comfort purposes, and it’s something you could have for two or even three decades,” said The Spruce. “Look for something made with high-quality materials such as kiln-dried hardwood and eight-way hand-tied spring construction, and purchase a classic style so that over the years it can be recovered if you want to update the fabric and give it a different look. Remember the rule that a high-quality sofa should last around 25 years while one of average quality should last about 10.”

Art

Many designers will tell you that money is no object when it comes to art. “Unlike a rug that may get dirty in a couple years or a glass that could end up breaking at your next dinner party, the art you invest in is likely to stay with you for many years, or maybe even a lifetime,” said Real Simple. “The key is to take your time finding art you love, that you’ll want to spend years living with, and that fits your style.”

We agree with all of that, except for the “need to splurge” part. It’s gonna be awhile before we’re playing with Picasso money. In the meantime, we love finding great new resources to buy inexpensive art—especially those that allow us to support emerging artists instead of buying stuff that’s mass-produced. From Society6 to Minted to to Etsy, there are a number of places you can find great stuff without a great expense.

Flooring

Skimp out on your flooring and you might find yourself having to redo it soon—or living with the consequences of a poor choice. Everything from a wood product that is made too thin, and therefore is damaged easily, to poor adhesive, to carpet that doesn’t have the quality to stand up to kids, pets, or everyday use can cause problems sooner than you may expect.

Rugs

“One of the best items to buy cheap is an area rug, Gen Sohr, one half of the husband-and-wife team behind Pencil & Paper Co., a Nashville-based interior design firm, said to Real Simple. “I think there are so many wonderful area rug options that are a complete steal. And really who wants to break the bank on something that’s going to eventually get soiled and need to be replaced?” she says. For an option that’s both affordable and durable, she recommends a natural sisal rug, which also hides the appearance of dirt. A flatweave wool rug is another popular option, and Sohr recommends finding deals on Overstock.com or Rugs USA.”

Mattresses

It can be tempting to go cheap on a mattress simply because it so expensive. But, if you really spend a good third of your life in bed, it’s worth it to pay for quality. If you can’t pay outright, it’s usually possible to get a zero-interest payment plan from a mattress stores if you have decent credit.

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See How 1 Kitchen Style Works With 5 Types of Wood

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Barbara Milner, a Houzz contributor, shows us just how good a kitchen can look.

If you’re considering the contemporary style for your kitchen, one challenge you may face is how to make it cozy. Choosing wood cabinets is one wonderful way to add warmth.

These five kitchens are contemporary, a design style characterized by clean lines, a lack of adornment and, often, a neutral color scheme. It’s the second most popular style for remodeled kitchens, according to Houzz research. Each kitchen shows a different type of wood cabinetry. Which material would you choose for your kitchen?

1. Flat-Cut Red Oak on Island and Upper Wall Cabinets

Red oak is a popular hardwood in North America and a dominant species in U.S. forests. It has a distinctive grain and gets its name from the tree’s leaf color in the fall (which explains why, despite the name, this wood is not always red in color). It’s considered a timeless classic and used in furniture, flooring, cabinetry and architectural millwork.

“Flat cut” refers to the way the wood in this kitchen was cut. This method creates a cathedral pattern, sometimes called peaks, on the face of the board.

How it’s used. Designer Lisa Lev used flat-cut red oak on the kitchen island, upper wall cabinets and tall pantry cabinet. The gables — or sides of the cabinets — are also red oak and nicely frame the white cabinets. The island’s matching red oak toe kick creates a floating effect and a soft transition to the engineered hickory flooring. Lev’s clients did not want island stools, so she created built-in shelving for kids’ books instead.

Supporting elements. Lev used white to balance the striking red oak with engineered quartz countertops (Organic White by Caesarstone). They have a clean, modern aesthetic that doesn’t compete with the wood.

Flat-front white cabinets and a classic white hexagon tile backsplash keep the spotlight on the wood’s grain pattern. A slim three-quarter-inch countertop profile helps keep costs down, while simple stainless steel cabinet pulls quietly support the design. Vintage teak chairs (see the previous photo) add more wood warmth, while yellow pendant lights introduce a cheery note.

Why it works. The red oak’s beautiful flat-cut grain brings an abundance of natural texture to this contemporary space, creating an atmosphere that’s at once modern and organic.

Durability. Red oak is strong and resilient. Its rating on the Janka scale — a measure of wood’s hardness — is 1,290, which is considered medium. Red oak is a readily available species and the benchmark against which all other wood species are compared.

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Craig Diez

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