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SPRING IS HERE

By Brad Gosslee, President, Coldwell Banker Gosslee

Real estate has always been a seasonal business. Every year at this time we embark on our traditional Spring buying and selling seasons that runs into mid-summer before we reach a back-to-school lull and then rebound a bit in the Fall.

But this seasonality went out the window over the last few years going back to when the pandemic began. Home sales and prices went on a tear as the number of available homes plummeted. Starting in June 2020 all across the nation we saw people fleeing urban centers for the suburbs and beyond. A work-from-anywhere model emerged as Zoom calls took over our lives. More affordable markets like Northwest Louisiana became more attractive than ever. And we obviously saw mortgage rates reach all-time lows allowing so many the opportunity to move-up, downsize, buy their first home or even vacation homes.

We had a frenzied market filled with multiple bids as an influx of buyers struggled to compete for a limited number of properties. While we knew the pace would eventually end, we didn't know it would be inflation, the war in Ukraine, and other factors that would force the Fed to increase lending rates. This led to an increase in mortgage rates and thus a slowed housing market at the latter end of 2022.

So here we are now in our first traditional Spring market since 2019. Wow! We are once again seeing buyers and sellers looking to move largely for lifestyle reasons – engagements and marriages, births, growing families, desire to be in better schools or nearer to friends, family and work. Of course, new jobs, promotions and retirements are also drivers as our less joyful occasions like divorces and illnesses.

And, while the real estate market has slowed, we are still helping buyers and sellers.

In Wednesday's Wall Street Journal, they had a story about today's housing market. I was struck by a quote from a recent Los Angeles home buyer who was pictured with his wife and newborn. He was relieved that rising rates have reduced the pace of the market and said, "I found the slowdown in the market to be good because at least we had time. We just wanted the playing field to be a little more level."

Higher rates continue to pull some buyers out of the market, especially at the lower end. Our friends at Fairway Mortgage report our average 30-year fixed-rate mortgage to be currently at 6.81%. Unfortunately, this makes it hard for some to afford increased monthly payments. This is one of the reasons why we had just 283 sales in Caddo, Bossier and Desoto Parishes last month, about 60 less than our five year February average. Not surprisingly. most of the slowdown came at sub-$200,000 price range where there were 147 few homes sold in February compared to last year.

Nationally, sales were up 15.2% from January, but down 22.6% over last year at this time.

I've been a bit more focused today on the raw number of sales rather than percentage decreases. We are off 33% in Northwest Louisiana sales so far this year compared to last year, but we have to remember at this time a year ago, we were still in the second-hottest start ever in Northwest Louisiana. Therefore, we are coming off record highs. It will be interesting to see what sales look like in the next few months as we enter our more traditional sales seasons. 

This month's first chart looks at sales in the different price points. We are down in almost every sector except much of the higher-priced brackets in Caddo and Bossier. The data from Desoto is skewed because sales are largely impacted by a lack of available homes.

Traditionally, we've seen a slowdown in sales bring lower home prices. But that is not occurring today simply because we still do not have enough homes on the market to meet demand. It's still a supply vs. demand imbalance.

So, before I get to prices, let's look at inventory. We had hit an all-time low of 667 available homes in April 2022. Things improved a bit reaching 1,072 in October. But now we are back down to 920 available homes. As a comparison, we had more than 2,100 and 1,80, available at this time respectively in 2019 and 2020.

This means that buyers are met with at least 50% less choice.

And so far this year, we are not seeing much relief. It's definitely a concern that we saw only 369 homes come on the market last month, the lowest February total since I started tracking this data 13 years ago. And we are essentially mimicking what the National Association of Realtors just reported with their latest Existing Homes Sales. Nationally, there are only 980,000 homes on the market. While this is up about 16% over last year at this time, it still equates to a low 2.6 month supply. Our month supply is 2.3.

We get this number by dividing our current number of available homes (920) by our last 12-month average number of sales (402). Therefore, we remain in a strong sellers' market as a balanced one – where neither seller or buyer has a negotiating advantage – is historically around 5 months.

This next chart shows that even with fewer buyers, our inventory levels are not rising. In fact, essentially whatever homes come on the market are being sold – and pretty quickly. You will notice that things are especially tight in the middle price ranges.

The buyer I mentioned benefitted from a slowed pace of sales. Nationally, homes are staying on the market today for about 34 days compared to just 18 a year ago. Locally, our homes are coming off the market in 31 days compared to last year's 16.

He also benefitted from slowing home price appreciation and decided to "date the mortgage and marry the house" going with an adjustable-rate mortgage that has a lower interest rate for the first 10 years of the loan. Obviously, he is hoping to refinance to a lower long-term mortgage in the coming years before the rate adjusts. But he got the house after having struggled to compete for a few years.

The pace of price increases is another data point I'm focusing on. During the pandemic our wonderful region saw double-digit annual percentage increases. This was far from the norm. Traditionally, no matter what occurred on the high-priced coasts, we just chugged along at 2-4% annual increases. But, so far this year, our median price (the middle of all homes sold) is $208,800, up 7% over a year ago.

Home prices are holding their value.

The hope is that sellers – as they see a need– will realize they still command top dollar and continue with their plans to list. They remain in the driver's seat.

We are also telling buyers to recognize that prices are likely not going to fall dramatically. For example, at this rate, our median-priced $208,800 home would cost $223,416 next February with 7% appreciation. Even looking at a 2% increase, that home would be $212,946.

Remember, we are NOT like the rest of the nation!

First, our median price is a whopping $155,000 less than the U.S. mark of $368,000. Additionally, the national median price was 0.2% behind last year. This marked the first year-over-year decline in 131 months. The U.S. has seen more than a decade of continuous increases dating back to the end of the Great Recession.

Here is a snapshot look at how home prices have increased nationally over time:

The above chart perfectly illustrates how equity works for a potential seller. Along with paying down your mortgage over the years, the value of your home has likely increased. Therefore, when you go to sell, you likely have made significant gains. This profit can be put towards the next home either allowing for a cash purchase – no mortgage required – or putting more into the next home to reduce the mortgage amount. Currently 28% of all U.S. sales are cash deals.

Even though we are past the top-of-the-market, homeowners have done extremely well especially over the last several years. And this news is even better for the 30% of all Americans who own their home "free and clear" of a mortgage.

This last chart shows how we compare to the national housing market:

I assume you can tell how much I love analyzing the data to tell the story of our current housing market. But I also hope you realize how much I – and all of our agents – want to be a resource for you.

We understand how confusing things are. It's hard to get local information from Zillow, Realtor.com, Yahoo Finance, MarketWatch, the Wall Street Journal, New York Times or other national entities. Believe me, they don't have a clue when it comes to Caddo, Bossier and Desoto Parishes.

For those considering buying or selling a home, I really do encourage you to reach out to us. Get your questions answered. Gain an understanding of where you stand financially, what you can afford or what your home might be worth. And if you are thinking of a move out of town, our agents can connect you to a solid agent there to help remove some of the mystery.

And, of course, if you want to get even more insight, you can click here to get our Coldwell Banker Gosslee February 2023 Monthly Market Report.

My email is bgosslee@cbgosslee.com. And you can call our office at (318) 747-5411 and (318) 861-2461 or reach an agent though cbosslee.com

The Future Homeowner Club: Game Plan for Buying your First House

So, you want to buy a house?

This guide is designed to map out the 12-Month Timeline that will take you to homeownership. Please note, this can be done sooner than 12 months, but the same framework still applies. As you start the process, you'll be able to determine what your custom timeline is going to look like based on your credit, financing budget, and home goals.

Before you begin, it's important to understand your why – Why do you want to embark on this journey to homeownership? Has it always been your dream to own a home? Do you want to start a family? Do you want a closet that's bigger than a shoebox? Do you want to paint the walls any color you want? Whatever you why is will help you stay on track with your home goals.

12 Months Out

1. Check your credit score: Get a copy of your credit report. The 3 credit bureaus (Equifax, Experian, and TransUnion) are required to give you a free credit report every year. You want to not only learn what your credit score is, but make sure there aren't any errors that need to be disrupted.
2. Figure out your home buying budget: This is important to do at the beginning so that you can create a savings plan for a down payment and other home buying expenses.
3. Get your finances in order: Whether you need to raise your credit score or create a down payment savings plan, you'll want to figure this all out about a year in advance from when you're wanting to buy your first house.
4. Research different loan programs: Myth…You need 20% down to buy a home. Actually, you can put down as low as 3.5% (sometimes even less). Talk to a lender and so some research to figure out what options you have. Homeownership may be closer than you think.

6 to 9 Months Out

1. Do your research: Start thinking about the home features that are most important to you. What are your absolute must haves vs your deal breakers? What is important to you? Being close to work? Having a big backyard? What is important that can't be changed?
2. Take a tour: Start checking out different neighborhoods and see what you like or don't like about different locations. What area do you hope to purchase a home in? Go hangout in the area and check out a local restaurant.
3. Budget for home buying expenses: You'll need to think about more than the down payment amount. You'll be responsible for paying for a home inspection, an appraisal, closing costs and other miscellaneous expenses. Make sure you budget for this in advance.
4. Start gathering paperwork: It's important to know that the bank is going to want to see a lot of paperwork. Preparing for this in advance will make the process so much smoother when you're going through it. Here are a few things to start getting together.
   1. Personal tax returns for the past 2 years
   2. Your most recent pay stubs
   3. Bank statements
   4. Credit card and other loan statements
   5. W2 forms and previous addresses

3 Month Out

1. Get preapproved: By this point, you should be ready to get preapproved! Hopefully you've worked out any credit repair issues and have found a reputable lender to work with. They will run a credit check and determine the amount you're approved for.
2. Your pre-approval amount: Make sure you take into account other expenses like taxes, homeowners insurance and are budgeting for future home maintenance costs. You may not want to spend the max amount you're approved for depending on the rest of your budget.
3. Meet with your Realtor and start the home search: You should have researched and found a Real Estate Agent by this point so now that you have your pre-approval in hand, you can officially start house hunting! Your Real Estate Agent will act as your guide for the entire process.

Time to Put Your Plan in Play

1. Meet your realtor and establish your plan: Set up a time to meet and establish your specific game plan. This includes getting your pre-approval, talking about your goals, timelines, home search criteria, deal breakers, must haves, all the things.
2. Digital Home Search and Home Tours: Your agent will set you up on a digital home search based on the criteria discussed at your initial consult. From there, they will coordinate home showings based on listings you're interested in that match your criteria.
3. You found the one – Time to write an offer: Are there other offers on the table, how long has the house been on the market, how does the list price compare to other homes in the area, what can we do to accommodate the sellers, what is the assessed value, etc. How do these compare to the goals you discussed with your agent and what contingencies need to be included?
4. Possible negotiations: Be prepared to negotiate with the sellers. They may counter our offer on price, closing date, inclusions, etc. From here, your agents will help you determine your next steps and proceed accordingly. It's important not to let your emotions get involved here. You need to look at this logically so that you can make smart real estate decisions.
5. Your offer is accepted – Yay! Here's what's next: All offer documentation will be forwarded to your lender. You will submit your deposit to the title company, start your loan application and schedule your home inspection. Your agent will send you a timeline of dates and deadlines along with weekly updates to keep you on track and in the loop.
6. Schedule your home inspection: Your agent will share a list of home inspectors but feel free to choose anyone who is licensed in the state of Louisiana. They will coordinate a date and time to perform the inspection and will share a digital report following inspection. We always encourage you to attend at the end of the inspection so that you can go over the findings with the inspector.
7. Complete the loan application and appraisal: You will start the loan application process with your lender and submit all required documentation. They will then order an appraisal to be hone by an independent 3^rd part appraiser to verify the market value of the home.
8. Satisfy any remaining contingencies: Between now and closing is when we'll need to make sure all contingencies in the offer have been satisfied. If there were repairs required from the home inspection, a home sale contingency on your end, other inspections being done, etc. Once these a completed you are almost done!
9. Loan commitment and final walk through: Once your contingencies have been satisfied and your financing has been approved, you'll receive your final loan commitment and clear to close from the lender. Our final step prior to closing is to schedule a final walk through of the property. Your agent will want to go through and make sure everything is as agreed upon with the sellers.
10. Closing day, keys and celebration: It's finally closing day! Time to sign all the official paperwork and get your keys to your new home! Plan to arrive to your scheduled place of closing on time and with a check in the amount determined with your lender. Bring photo IDs and plan to be there for about 45 minutes. Once everything is cleared, you'll receive the keys and are off to celebrate!

The difference between ordinary and extraordinary is that little extra. Working with a Coldwell Banker Gosslee agent includes that little extra! Our agents communicate effectively, build relationships with other agents and find the right house for every buyer. Whenever you ready to begin your home buying journey, just give us a call!

Bossier City Office (318) 747-5411    Shreveport Office (318) 861-2461

How to Create a Lifestyle Buyers Want 

When the time comes to sell your home, your real estate agent is going to be marketing all of your "house data" from square footage to the size of your yard. All of these details combined with the updates you've done from installing granite countertops to the luxury soaking tub in the Owner Suite are certainly important. However, when you're trying to think of all of the features of your home, often on of the most important factors is overlooked.

That factor is the lifestyle buyers will see when they tour your home. A buyer might say they want a 4 bedroom, 3 bath house with a minimum of 2,500 square feet, a game room and an acre lot. However, what they really might be looking for is a home that has plenty of space for their 3 growing children to play and have their friends over. A years where they can learn how to play catch and have family football games and Summer cookouts. As well as extra room for game and movie nights.

So if you are thinking of selling your home, it's important to think about the kind of lifestyle a buyer would experience in your house in addition to the list of features and square footage. This guide is going to help you determine changes you might consider making to your home before putting it on the market to ensure that buyers are able to see the lifestyle in addition to all of the other details. 

It will also provide you with a few tips and tricks that will make your listing stand out! Most importantly, you'll want to consider working with an agent who understands lifestyle marketing so that they can attract as many buyers as possible, which will increase demand and therefore, maximize the sale price of your home.

Let's determine what lifestyle your home conveys!

1. What is your favorite room in your house and why?
2. If you had 10K to renovate any room in your home, which room would you choose and why?
3. If there a room in your home that could be converted to something more functional? What room would you convert and what would you change it to?
4. Which room in your home do you spend the most time in and why?
5. What is your favorite neighborhood feature or nearby attraction?

Now. Let's talk about some examples of home features that create a lifestyle.

1. Open Concept, Huge Kitchen and Built-In Bar = Entertainer's Dream
2. Private backyard with fire pit and lots of space = Outdoor Lover
3. Home Theater = Ultimate Movie Buffs
4. Close to hiking trails and bike paths = Active and Adventurous

What are your home's lifestyle features? Write those down!

Next Step: Taking what you've learned and applying it to your home.

1. Highlight the rooms that feature your home's lifestyle by staging them and clearing out anything that takes away from how the room is meant to be used. (If you have a great kitchen island but it's cluttered with food boxes, appliances, or mail – organize them, or try to eliminate the things you don't use on a day-to-day basis so that space still shows well.)
2. Think about any rooms that you've converted from their traditional use – does it match the lifestyle you're trying to sell or should you convert it back? (Did you convert a bedroom into a craft room that leaves you with only 2 bedrooms instead of 3?)
3. Do you have a space that could be improved prior to listing your home that would attract buyers? (A beautiful porch that could use some accessorizing, furniture and greenery?)
4. Would adding a home office space instead of a formal dining room make sense? (With many 'work from home' jobs these days, home offices are becoming very desirable. Would one work in your home?)
5. Interview Real Estate Agents to see how they plan on marketing your home. Find someone who understands how to market a lifestyle in addition to all the other details.
6. BONUS IDEA: Write a note to future buyers that you can leave out for showings. Offer them to help themselves to a glass of wine (or whichever beverage you choose to leave out) and tell them to spend some time enjoying (whichever space you think would best sell your home) so they can imagine themselves living there.

Our agents have a passion for helping their clients prep your home for sale and marketing the lifestyle of each listing! If you are thinking about putting your house on the market to move up to your dream home, give us a call today to set up a free consultation. Our agents can help you craft a custom plan for prepping your house for sale so that they can make your listing stand out above the rest. You and your home deserve the utmost attention to detail, and lifestyle marketing will make your home extra desirable in this market.

Bossier City Office (318) 747-5411      Shreveport Office (318) 861-2461

Whether it's your first home or you're getting ready to move into something new that fits your changing needs, this topic is for you. Today, we are going to talk about the top lifestyle considerations for buying a home. So we're going to go beyond your typical list of home features and help you start thinking about the actual lifestyle you want to live. 

LOCATION MATTERS FOR YOUR LIFESTYLE

You hear it all the time in the real estate world - it's all about the location...and it really is true! Because while you can paint colors, countertops and put that massive deck you've always dreamed of, you can't move your house (not without a lot of money anyways).

Think of things like what your work commute will be like, how far of a drive you're willing to have each day, the features you want in your community, and the school distrcit you want to be in if that is important to you. Do you want to be walking distance to the downtown? Do you want to be set further back from the road for privacy? What about the size of the city you live in? Do you want the feel of a small town lifestyle or are you happier in a busier city? The location of your home will be something that isn't going to change so figure out which criteria are essential when it comes to the location of your home and the lifestyle it will create. 

LET'S TALK ABOUT THE HOME FEATURES THAT FIT YOUR LIFESTYLE

When you think of home features it's easy to automatcially jump to your running list of criteria such as the size of the garage, how many bedrooms you want, that must-have updated kitchen and all of the "house data". However, you are ultimately buying a lifestyle, not just a house. So we have some things for you to consider when it comes to the type of lifestyle you are ultimately looking for when you make a move! Write down these questions and really think about what your answers are:

1. Where do you spend most of your time at home? If you love to cook and spend most of your time in the kitchen, you'll want to prioritize the layout of the kitchen when looking for a home. You can always add in upgraded quartz countertops or that dreamy double oven but the size, layout and location of the kitchen should be a top concern if you don't want to do any major renovations. 
2. What is something you wish you had in your current home? What is something you don't want any longer in your current home? Is your yard a lot to maintain and you want something smaller with a lot less maintenance? Maybe it's the opposite and your current yard is just too small for the lifestyle you have - making one of your top priorities having a bigger yard with privacy.
3. Which room in your house do you spend the most time in? How much space do you need to live comfortably and be able to enjoy the things you love the most? Are you hoping to have enough bathrooms to avoid chaotic mornings?

These questions will help you determine which features could be the most important to focus on when it comes time to look for a new home. Maybe features like hardwood floors aren't as necessary as having a layout that is perfect for entertaining and hosting holiday parties. You can always swap out flooring later but the layout will be a little harder to change. 

MAKE SURE TO BUDGET FOR YOUR LIFESTYLE

It's important to consider how much you can afford comfortably. Buyers are often pre-approved for a significantly higher amount than what they are actually comfortable spending on a monthly basis. Think about other expenses you have when it somes to your lifestyle - what else is important to you? Do you love to travel or go out to nice dinners on a regular basis? Do you love attending as many games of your favorite football team as possible? What hobbies do you have that cost money every month? Make sure the amount you spend on your house doesn't eat up all of your extra funds so you're glued to the house and can't have any fun or do the things you love!

If you're considering buying a new home in the near future and you want to chat more about the type of lifestyle you're looking for, reach out to us today!

Bossier City Office (318) 747-5411    Shreveport Office (318) 861-2461

4 Things to Consider When Pricing Your Home

Today, we are talking about the most important factor when selling - how to price your home. Grab a notebook and your favorite pen and let's dive in!

1. 1. Like everyone always says: LOCATION LOCATION LOCATION!: It's true! When pricing your home for sale, you need to consider the details of the location of your home. If you're in a popular subdivision located in a well desired school district, your value is going to be higher than having a house that backs up to a busy road or commerical building. 
   2. If your home has a lot of wear and tear, it will definitely affect your value: Things like shabby carpet, wood rot, beat up floors, rickety doors and ripped screens should be addressed prior to selling if you don't want these things to affect your value. Having a home that looks well taken care of puts the buyer's minds at ease and allows them to look at the home as being low maintenance. Buyers don't want to move in and immediately get to work unless they're buying a fixer upper. Keep in mind that fixer uppers come at fixer upper prices!
   3. Competition: Houses in your neighborhood that are for sale when you list will have a direct affect on the value of your home. If the house down the street is listed for $350,000 but has updated kitchen and baths and your home does not - that is your competition and you'll have to price accordingly. This will also apply when looking at the condition, square footage and length of time on the market to know if it's priced appropriately. The houses in your same area are your direct competition so you need to pay attention to this when listing your own home for sale. Buyers will be comparing your house with the one down the street. 
   4. History: You'll also want to look at comparable homes in your neighborhood that have sold within the past 3-6 months. The homes that have recently sold will give you an accurate idea of what homes are actually selling for along with how long they were on the market and how they compare to yours. If there aren't any recent comps in your neighborhood or there is really low turnover where you live, the search parameters will have to be extended somewhat but this is an important factor to take into consideration when pricing your home.

Pricing your home correctly is a crucial piece to a successful home sale. Taking all of these factors into consideration will help point you to the price that makes sense. It's also important to work with a real estate agent who will be honest about the value of your home. Our agents will be happy to offer you a free, no obligation seller consultation where they will cover all of this and more! Give us a call today to get started.

Bossier City Office (318) 747-5411  Shreveport Office (318) 861-2461

Wallpaper with Personality

Wallpaper is back. And you'll be glad it is – with all the exciting new colors, patterns and textures available to choose from. Today, stylish wallpaper is being used in small spaces, such as powder rooms and mudrooms, or as a beautiful accent, providing pops of color that brighten up an area or give it a more customized look.

Wallpaper choices range from traditional floral patterns to modern art deco designs, with patterns ranging from subdued to bold. Today's wallpaper is also much easier to apply and remove, so you can create a big impact without the hassle and mess. So, where do you begin? It depends on the look you're going for.

Create Visual Interest With Texture

If your space needs some personality, textured wallpaper may be the answer. Its three-dimensional design mimics just about any material, giving the room an unexpected visual element. Faux stone or wood adds rustic charm. Floral or scroll patterns evoke an antique or vintage vibe. Many textured papers are even paintable, so if you ever want to change things up, you can give your walls new life with a coat of paint.

Add a Touch of Glow With Metallics

For a glamorous feel, metallic wallpaper is an elegant choice. Your space will sparkle with movement as gold, silver and black elements reflect the light. Some metallic papers are also textured, producing shadowed accents that add depth and intrigue.

Soften Up With Fabric

Fabric or textile wall coverings are among the oldest types of wall decoration and can complement a bedroom's soft furnishings, giving it a luxurious feel. Found in both manmade and natural fibers, the paper mimics velvet, silk, linen or cotton. These materials are also breathable and porous, making them less susceptible to mold spores. However, keep in mind that fabric wallpaper can be affected by moisture and extreme heat.

Go Green With Naturals

Newer wall treatments made from environmentally friendly, natural products such as bamboo or grass cloth have increased in popularity. Certain brands are handcrafted and create quite a conversation piece, capitalizing on the material's innate color and texture variations.

Wow Them With a Mural

On a feature wall, a mural makes a bold a statement. It can help bring the beauty of the outdoors inside, transforming a room with dramatic floral arrangements, sweeping landscapes, lush forests and a variety of other picturesque nature-inspired scenes.

Find Your Inner Child With DIY Options

If you're looking to create a playful, interactive space, coloring wallpaper is just the ticket. It's not only an ideal addition to a child's room, but also adds a fun element to any entertaining space. Just like coloring books, this wallpaper comes in a plethora of themes and can be minimal or highly detailed in design. Most often in peel-and-stick form, you can easily remove it, apply a new pattern and start all over again. Just be sure to take pictures of your masterpiece before tearing it down.

Feeling timid about jumping on the wallpaper bandwagon? Consider starting with a small project. Give your lamps some personality by applying wallpaper around the edges of the shades. Wallpaper the top of a side table that isn't getting much use. Or paper the back wall of a bookcase or curio cabinet to introduce surprise depth. No matter the project, wallpaper has the unique ability to create a space in your home that's every bit as distinctive as you are.

Guest Room Tips for the Warmest of Welcomes

Opening your house to guests is one of the many joys of being a homeowner. You can make guests feel welcomed and comfortable by following these simple tips.

Create the Ultimate "Flex" Room

Flexibility is key in getting the most out of your guest quarters. If you host frequently, the room will likely be used by a wide variety of people – from your high school bestie visiting with her kids on spring break to Great Auntie Edna who's there for the holidays to your nephew who's in town to tour college campuses. If you expect to holiday children or multiple guests at the same time, consider investing in bunk beds or at least twin beds to offer several possible combinations of sleeping arrangements. The important thing is to plan ahead and anticipate who you may be hosting. Keep this in mind when decorating the space as well. Selecting a neutral color palette (step away from that ruffled, hot pink comforter!) will ensure that everyone feels content in their home away from home.

Add Some Local Flavor

Showcase your local community by displaying the highlights or most popular features of your city. Display a coffee table book about its history or attractions. Framed postcards or other artwork that show the best and coolest spots around town will not only dress up the space, but also give visitors a little taste of what they might see and do during their stay. Go one step further and stock the dresser drawer with brochures or travel magazines they can browse through to gather ideas about an itinerary for their vacation.

Walk a Mile in Their Shoes

Want to really understand what your visitors might need? Spend a night in your guest room with suitcase in tow, and you'll discover all sorts of little niceties that would make a difference to your guests: handy hooks for wet towels, extra blankets in the bureau, plenty of empty hangers in the closet, a convenient luggage rack, drink coasters for the nightstand, an alarm clock or even a collection of short stories for nighttime reading. Endeavoring to understand their needs from their perspective will help you play the role of the perfect host.

Feel confident when you lay out the welcome mat that those who cross your threshold will enjoy the time spent in your home. Refer to these tips when preparing for overnight guests and you'll be sure to win points as a first-rate host.

Let's Talk About Paperwork: What You Need To Buy A Home

From securing mortgage pre-approval through your lender to closing on your new home, the process of purchasing a home involves plenty of paperwork. You can make your life much easier by being prepared. Here are some of the key documents that you may need to provide or review throughout the process of purchasing your next home.

• Proof of Income
  In order to apply for loan pre-approval and determine how much you may be able to borrow, your lender may request a variety of documents to prove your income. These documents may include pay stubs, tax returns, bank statements, and retirement account statements.
  
  
• Proof of Employment
  Your lender wants to know where your down payment will come from and verify that you will be able to pay your mortgage, so they will also request proof of employment. Documents required may include pay stubs, 1099s, and W-2s.
  
  
• Debt Information
  Your lender will also want to be aware of any debts that you already owe, to ensure that you can pay those debts while also covering your mortgage. That could include information on student loans, car loans, and any other debts that you may be carrying.
  
  
• Loan Estimate
  While it's not an indication of your loan status, the loan estimate that your lender is required to send by law provides a broad outline of the terms of your potential loan. It's helpful to have this document available when you're comparing loan terms from multiple lenders.
  
  
• Loan Pre-Approval Letter
  Once you've provided your lender with all of the necessary documents, hopefully the next step will be receiving your pre-approval letter. While it doesn't mean that you've definitely secured the loan, this important piece of paperwork gives you a better idea of your budget.
  
  
• Purchase Agreement
  Once you have found a home you love and negotiated with the seller, the purchase agreement outlines the terms of the agreement. You won't need to create this document, but you'll need to be familiar with it in order to know your responsibilities before closing.
  
  
• Seller's Disclosure
  In some states, the seller is required to disclose any known issues with the home. The seller's disclosure, if required, provides important details on the home's history.
  
  
• Inspection Report
  The home inspection report provides detailed information on the condition of the home. If the inspection reveals problems, you might decide to negotiate with the seller for repairs or for a credit at closing that reflects issues with the condition of the home.
  
  
• Home Appraisal
  The home appraisal, which will typically be arranged by your lender, details the value of the home in the current real estate market. If the appraisal comes in significantly below your offer, you may have to pay the difference in cash or try to negotiate a lower price for the home.
  
  
• Proof of Homeowner's Insurance
  Your lender won't commit to a loan without proof that you have home insurance, so you'll want to have that ready to go in order to secure your loan.
  
  
• Government ID
  Sometimes, the simplest things are also the easiest to forget. You will need a government-issued ID like a driver's license or passport on closing day. Before closing, check that your ID isn't expired and that all of the information is up to date.

The exact documents you will need depend on your location and other factors. If you have any questions about exactly which documents will be needed in your market, your real estate agent should be a great source of advice.