Bene's Blog • homeownership • Sellers • December 17, 2025

Year-End Home Paperwork You’ll Be Glad You Organized

by Bene Foley

Whether you bought, sold, refinanced, or simply kept up your home this year, organizing your housing paperwork now can save time, stress, and money when tax season arrives. A little effort before the end of the year makes April much easier.

Gather Mortgage and Property Tax Documents

Start by locating your mortgage interest statements. These usually arrive in January, but it’s smart to double-check that your lender has the correct mailing address or online delivery settings.

Next, collect property tax bills and proof of payment. Even if your taxes are paid through escrow, your year-end statement should show the total amount paid. Having this information in one place makes tax prep smoother.

Tip: Store mortgage statements, insurance documents, and property tax records together—either in a single digital folder or a clearly labeled paper file.

Keep Records of Home Improvements

Major home upgrades can matter later, especially when you sell. Improvements that increase value or extend the life of your home—such as a roof replacement, new HVAC system, or an addition—can increase your cost basis and reduce future capital gains taxes.

Save documentation such as:

Contractor invoices and receipts
Permits
Photos showing before-and-after work

Routine maintenance, like basic painting or yard work, usually doesn’t qualify, so those records aren’t necessary for tax purposes.

Save Energy-Efficiency Upgrade Paperwork

If you invested in energy-efficient upgrades this year—such as solar panels, energy-efficient windows, insulation, or a heat pump—hang on to all receipts and manufacturer certification documents.

These items are often required to claim federal energy tax credits, and tracking them down months later can be difficult.

Tip: Create a clearly labeled folder for energy-related upgrades so everything is easy to find during tax season.

Organize Home Office Records (If Applicable)

If you work from home and use a dedicated space for business, keep documentation that shows how much of your home is used for work and what expenses are tied to that space.

Helpful records include:

Utility bills
Internet service statements
Receipts for office equipment or improvements

A quick photo of your workspace before year-end can also help support your records if questions come up later.

Store Closing Documents for Recent Purchases or Sales

Buying or selling a home comes with a large stack of paperwork, and some of it is important long after closing day. If you bought or sold a home this year, keep your closing disclosure, settlement statement, and records of major expenses such as agent commissions or points paid.

Buyers may need these documents to confirm deductions, while sellers may need them for future capital gains calculations.

Review Insurance and Warranty Information

While not always tax-related, it’s smart to confirm that your homeowners insurance declarations page is up to date and that warranties or service contracts are easy to access. These documents can be critical if you need to file a claim or document a loss.

A Small Effort Now Pays Off Later

Spending an hour or two organizing home-related paperwork before year-end can make tax season far less stressful—and may even help you spot deductions or credits you might otherwise miss.

If you want a simple homeowner document checklist or help deciding which records are most important for your situation, I’m happy to help you get organized and ready for the year ahead.

Bene's Blog • December 8, 2025

Holiday Fire Safety

by Bene Foley

The holidays are full of warmth, lights, and gatherings—but they also bring an increased risk of home fires. A few small precautions can make a big difference in keeping everyone safe. Use this quick checklist to stay ahead of common holiday fire hazards.

Decorations & Lighting

Use only lights labeled for indoor or outdoor use, and match them to where you’re hanging them
Check cords for fraying or damage before plugging them in
Don’t overload outlets or power strips
Turn off decorative lights before leaving the house or going to sleep

Candles

Keep candles at least 12 inches away from anything that can burn
Never leave a burning candle unattended
Use sturdy, non-flammable holders
Consider flameless candles in high-traffic areas or homes with kids and pets

Holiday Cooking

Stay in the kitchen while cooking, especially when frying or using high heat
Keep towels, paper, and decorations away from the stove
Turn pot handles inward to prevent spills
Set a timer to avoid forgetting food on the stove

Fireplaces & Space Heaters

Have fireplaces and chimneys inspected and cleaned regularly
Use a fireplace screen to block sparks
Keep space heaters at least three feet away from furniture, curtains, and wrapping paper
Always turn off heaters before going to bed or leaving the room

Christmas Trees

Keep live trees well-watered to prevent drying out
Place trees away from heat sources, exits, and walkways
Turn off tree lights when you’re not home or sleeping
Dispose of live trees promptly once they start to dry
Do not use candles to decorate your tree

Smoke Alarms & Emergency Prep

Test smoke alarms monthly and replace batteries as needed
Make sure you have smoke alarms on every level of your home
Keep a fire extinguisher in the kitchen and know how to use it
Review your family’s fire escape plan and practice it

A little planning goes a long way. Taking these simple steps can help ensure your holidays stay festive, warm, and—most importantly—safe.

Bene's Blog • homeownership • November 20, 2025

Buyer Satisfaction Is Rising—But Younger Homeowners Still Feel the Most Regret

by Bene Foley

A Slower Market, Happier Buyers

More homeowners today say they’re happy with their purchase compared to two years ago. According to Realtor.com’s 2025 Consumer Attitudes & Usage Study, 37% of buyers reported no regrets about their home purchase this year—up from 31% in 2023.

Researchers surveyed more than 1,200 people who bought a home in the previous year. One big shift they noticed: fewer buyers feel like they overpaid. In 2023, 15% felt they spent too much; this year that number dropped to 8%.

Why the improvement? The market has slowed down. Homes sit on the market longer—about 63 days as of October—which gives buyers more breathing room. Instead of rushing to submit offers within hours, shoppers now have time to think through their decisions and make choices that fit their budget.

Buyers Are Planning Ahead

Because the pace has cooled, buyers have been able to come to the table more prepared. Many have improved their credit, saved for down payments, and taken time to understand what they can realistically afford.

In today’s environment, buyers also feel more comfortable negotiating—asking for concessions, taking their time, and avoiding the intense pressure that defined the pandemic market.

Home Repairs and Maintenance: A Major Source of Regret

Among those who did have regrets, the biggest complaint was unexpected home maintenance. About 16% said repairs and upkeep cost more or took more effort than they expected.

This issue may be even more common for people who bought during the height of the seller’s market. At that time, buyers often had very little negotiation power. Many waived repairs or inspections just to win the bid. As a result, some new owners are now discovering expensive problems they didn’t know existed—leading to bigger maintenance headaches and more regret.

The second-most common regret was spending more on household items like furniture or appliances (15%). Another 14% said they were surprised by how much their savings dropped after the purchase.

Other frustrations included higher ownership costs, rising interest rates, and homes not being in the condition the buyer expected.

Still, despite these issues, overall emotions around buying a home have improved. Satisfaction and excitement have increased, while stress and frustration have declined since 2023.

Big Differences Across Generations

Age played a major role in whether buyers felt confident—or filled with second thoughts.

Baby Boomers and Gen X: More Experience, Fewer Regrets

60% of baby boomers reported no regrets
45% of Gen X buyers said the same

These groups tend to have more experience buying homes. Many also have equity from previous properties and more time to save money, which reduces pressure and makes the process smoother.

Millennials: Struggling With Costs

Millennials were far more likely to feel regret. Their biggest concerns were:

depleted savings
higher-than-expected maintenance costs
unplanned or surprise expenses

Gen Z: The Most Regret of All

Only 27% of Gen Z buyers said they had no regrets—making them the least confident group. Their top stressors included:

skipping inspections
high ownership costs
unexpected household spending
choosing homes with long commutes or in neighborhoods they later felt unsure about

Gen Z buyers also face more mortgage denials than older groups, which adds to their frustration and limits their options. Many end up making trade-offs they later question, such as buying smaller homes or settling for less-ideal locations.

A Market That Favors Buyers—At Least More Than Before

Researchers say the overall trend is clear: in a slower, less competitive market, buyers feel more control. They have time to think, the ability to negotiate, and a better understanding of what they’re getting into.

Today’s homebuyers, especially those who prepare financially, are entering the process with more confidence—reducing the chances of buyer’s remorse, even if challenges still exist for younger generations.

Bene's Blog • homeownership • market news • November 13, 2025

Portable Mortgages: A Bold Fix for Homeowners—But Not for Affordability

by Bene Foley

The U.S. housing market is stuck. Millions of homeowners are clinging to ultra-low mortgage rates they locked in years ago, unwilling to sell and face today’s much higher rates. Now, the Federal Housing Finance Agency (FHFA) is exploring an idea that could shake things up: portable mortgages—loans that homeowners could take with them to their next house.

At first glance, the proposal sounds like a lifeline for a frozen market. But while it might help some homeowners move more easily, critics warn it could deepen affordability issues for everyone else.

What Are Portable Mortgages?

In a typical home sale, your mortgage doesn’t move with you—you sell your house, pay off the old loan, and take out a new one at the current interest rate. A portable mortgage flips that idea on its head.

With portability, a homeowner could keep their original low-rate loan and transfer it to their new home. For example, if you bought your first home with a 4% loan and want to move, you could carry that same rate forward instead of starting over at today’s 7% rates.

In theory, this could help people move for jobs, family needs, or lifestyle changes without giving up their favorable financing. But in practice, the system that supports U.S. mortgage lending isn’t built to handle that kind of flexibility.

Who Would Benefit

The biggest winners in a portable mortgage world would be current homeowners with low-rate loans. They could sell, buy again, and keep their affordable monthly payments intact.

“Portability could give many families the freedom to move again,” says one housing economist. “It would open up inventory that’s been locked in by low rates.”

Real estate professionals agree that it could make upgrading or downsizing less painful. For people whose finances haven’t changed dramatically, being able to carry their mortgage would make a move much more feasible.

Who Would Be Hurt

For everyone else, the picture isn’t as rosy. Renters and first-time buyers—who already face steep home prices and high borrowing costs—would gain little from portability.

If current owners can buy more easily while keeping their cheap loans, demand for homes could rise. And more demand usually means higher prices. That would make it even harder for new buyers to enter the market.

Financial experts also warn that portable mortgages could rattle the foundation of the U.S. mortgage system. Today, banks bundle mortgages into securities that investors buy—helping to keep rates lower for everyone. But if loans could move from house to house, the underlying risk and property value would change midstream, making those securities far more complicated and less attractive to investors.

That could ultimately push rates higher for everyone, not lower.

Why It’s Different From 50-Year Mortgages

The portable mortgage idea came shortly after a different proposal—President Trump’s suggestion for 50-year mortgages. That plan was widely criticized for stretching debt across generations and loading buyers with excessive interest payments.

While a 50-year loan might help people qualify for homes by reducing monthly payments, borrowers would pay far more over time. Critics say it would mostly benefit banks and builders rather than homebuyers.

Portable mortgages, on the other hand, don’t make homes cheaper—they just make it easier for certain homeowners to move without losing their old rate. Neither plan fixes the core issue: housing is still too expensive, and new buyers remain locked out.

The Bottom Line

Portable mortgages could loosen the grip of the lock-in effect, giving low-rate homeowners the chance to move again and freeing up some inventory. But they’re no cure for the deeper affordability crisis.

Those with existing mortgages would win big. Renters, first-time buyers, and the overall mortgage market might lose even more ground.

In short, portability could make it easier to move—but not cheaper to buy.

Bene's Blog • homeownership • market news • October 29, 2025

Mortgage Rates Dip as the Fed Cuts Interest Rates Again — But Don’t Expect Big Drops Yet

by Bene Foley

The Federal Reserve has lowered its benchmark interest rate for the second time in a row, aiming to steady the economy as layoffs increase and the government shutdown drags on. The move brings the federal funds rate down to a range between 3.75% and 4%, the lowest level since late 2022.

But while this rate cut could influence borrowing costs, it doesn’t guarantee that mortgage rates will fall further — at least not right away.

A Divided Fed Faces a Tough Balancing Act

The latest decision from the Federal Open Market Committee wasn’t unanimous. Some members pushed for a deeper cut, while others wanted to hold rates steady. These differences reflect a growing divide among policymakers about how best to support an economy that’s showing both inflation pressures and signs of weakening job growth.

After focusing heavily on curbing inflation over the past few years, the Fed is now shifting some attention toward the labor market, which has shown signs of cooling. Recent layoffs across major companies — including Amazon, UPS, Target, and Paramount — have raised concerns about rising unemployment.

Still, cutting rates too aggressively could reignite inflation, leaving the Fed caught between two difficult goals: price stability and maximum employment.

Why Mortgage Rates Don’t Fall Automatically

It’s a common misconception that when the Fed cuts rates, mortgage rates drop right away. In reality, the two are only loosely connected.

The Fed’s decision affects short-term interest rates, which influence how much banks pay to borrow from each other. Mortgage rates, however, are tied more closely to long-term bond yields, especially the 10-year Treasury note. When investors expect rate cuts or slower economic growth, those yields typically fall — and mortgage rates often follow.

That’s why mortgage rates had already declined in the weeks leading up to the Fed’s announcement. The average 30-year fixed mortgage recently dipped to around 6.2%, its lowest point in a year. Because the market had already anticipated this move, much of the effect was “priced in.”

Why Mortgage Rates Might Rise Again Soon

Ironically, the Fed’s cautious tone could push mortgage rates slightly higher in the short term. In his remarks after the meeting, Fed Chair Jerome Powell suggested that additional rate cuts this year aren’t guaranteed. That comment rattled investors, pushing the 10-year Treasury yield higher — a trend that usually increases mortgage rates.

In other words, while the Fed’s cut helps signal lower borrowing costs, market reactions and investor expectations often play a bigger role in determining what happens next for mortgage rates.

Economic Uncertainty Clouds the Outlook

The Fed’s next policy meeting is scheduled for December 9–10, when officials will again decide whether to lower rates further. Some analysts believe another quarter-point cut is likely, but others expect the Fed to hold steady, especially with limited economic data available due to the ongoing government shutdown.

Without access to key reports on jobs and unemployment, policymakers are essentially steering without a clear dashboard — or, as one analyst put it, “driving through fog.”

Until the Fed gains more clarity, it’s likely to proceed cautiously.

What This Means for Homebuyers and Homeowners

For anyone thinking about buying a home or refinancing, this latest cut offers modest relief, but it’s not a game changer. Mortgage rates may move slightly lower in the coming weeks, but without a major downturn or stronger evidence of economic weakness, big drops are unlikely.

Still, today’s rates — hovering just above 6% — are well below last year’s highs. That means slightly more purchasing power for buyers and potential savings for homeowners who refinance.

For now, the Fed’s move helps create a bit more stability in an uncertain economy — and a small window of opportunity for those looking to lock in a better rate.

Bene's Blog • buyers • market news • Sellers • October 16, 2025

Housing Market Slows as Government Shutdown Continues

by Bene Foley

More than two weeks into the federal government shutdown, the U.S. housing market is showing clear signs of stagnation. Both buyers and sellers appear hesitant to make moves amid ongoing uncertainty in Washington, D.C., and this slowdown is expected to persist until the political impasse is resolved.

For the week ending October 11, national real estate activity—both listings and sales—remained muted, according to Realtor.com’s latest housing trends report. Homes are staying on the market longer than they did a year ago, and prices have largely flattened, suggesting increased inventory and reduced competition.

Economists at Realtor.com anticipate that overall housing activity will remain sluggish until lawmakers reach an agreement to reopen the government. Areas dependent on the now-suspended National Flood Insurance Program, which is necessary for many home transactions in flood zones, may experience a complete pause in closings.

Despite the overall cooling trend, some regions are holding steady. Select markets in the Midwest and Northeast—where demand is high but supply remains tight—continue to favor sellers, with buyers still facing competitive conditions.

New Listings and Pricing Trends

New listings last week were up 4.6% compared to the same period in 2024, showing only a modest increase. Data from the September Monthly Housing Report revealed a 1.2% annual decline in newly listed properties, highlighting ongoing hesitation among homeowners to put their houses up for sale.

Inventory levels continue to rise, up 15.1% from a year ago, marking the 100th consecutive week of annual gains. With 1.1 million active listings nationwide, the market has seen more homes accumulating rather than turning over quickly. The typical property now remains on the market for about 63 days—four days longer than last year—returning to pre-pandemic norms.

The slow pace of sales has led many sellers to reduce asking prices in hopes of securing offers before year’s end. Although the national median list price rose slightly, up 0.4% from the previous year, the price per square foot dipped by 0.5%, marking the sixth consecutive week of decline.

This softening in price per square foot suggests that underlying home values are being pressured by weak sales activity, even as overall price levels appear stable.

Uncategorized • September 17, 2025

Buyers Rush for Loans as Mortgage Rates Fall

by Bene Foley

Mortgage rates saw their biggest drop in a year last week, setting off a wave of activity in the housing market. Loan applications jumped to their highest level in more than four years as buyers moved quickly to secure lower borrowing costs.

Applications for home purchases climbed 7% compared with the previous week and were 23% higher than the same time last year, according to the Mortgage Bankers Association. Refinancing also gained ground as more homeowners looked to take advantage of the rate decline.

The drop followed a dip in Treasury yields, which often influence mortgage rates, as concerns about a slowing labor market grew. While rates are still higher than they were a year ago, they have eased from earlier peaks this year, offering some relief to buyers. Many have turned to adjustable-rate mortgages, which typically start with lower payments than standard fixed-rate loans.

The Federal Reserve is scheduled to meet on September 17 and is expected to reduce its short-term benchmark rate. Though the Fed’s decisions do not directly set mortgage rates, they can shape overall lending conditions. A weakening job market may also prompt several rounds of rate cuts in the months ahead, which could further pull mortgage rates down.

Economists say lower rates could help unlock more demand after a slow summer, when elevated borrowing costs kept many buyers out of the market. A larger pool of qualified buyers could provide a boost to home sales moving into the fall.

Current Averages (week ending Sept. 11, 2025):

30-year fixed-rate mortgage: 6.35% (down from 6.50% the week prior; 6.20% one year ago)
15-year fixed-rate mortgage: 5.50% (down from 5.60% the week prior; 5.27% one year ago)

Bene's Blog • market news • August 28, 2025

What Rising National Debt Could Mean for Housing

by Bene Foley

More Debt, More Expensive Borrowing

The recently passed One Big Beautiful Bill Act (OBBBA) is set to add trillions of dollars to the national debt over the next decade. With the government borrowing more, interest rates on U.S. debt are expected to climb. And when Treasury rates rise, borrowing costs across the economy—especially mortgages—tend to go up too.

Economists expect the law to raise the 10-year Treasury yield by about half a percentage point in the next few years, and possibly more than a full point over the long term. Since mortgage rates usually track Treasury yields, this puts more pressure on an already strained housing market.

A Housing Market Stuck in Neutral

Mortgage rates have already jumped from record lows of under 3% in 2020 to well over 7% by 2023. That spike froze the housing market, cutting existing home sales down to levels not seen since the 1990s. High prices and high rates have combined to keep many owners from selling and buyers from entering the market.

While OBBBA offers small tax perks—like a higher cap on state and local tax deductions—the bigger effect is higher long-term borrowing costs. For homebuyers, that likely means mortgage rates will stay elevated for years.

A Small Silver Lining

There is one potential bright spot. Recently, the gap between mortgage rates and 10-year Treasury yields (called the “spread”) has started to shrink. During the pandemic and its aftermath, that spread ballooned because lenders worried about borrowers refinancing if rates dropped. Now that rates look like they’ll stay “higher for longer,” lenders are less concerned about prepayment risk.

If this trend continues, mortgage rates might not fall back to 3%, but they could ease down closer to 6%, even as Treasury yields move higher.

Bottom Line

The U.S. is entering an era of permanently higher borrowing costs, and the new debt-heavy legislation only reinforces that. For the housing market, this is a double-edged sword: mortgages are likely to remain expensive, but the shrinking spread over Treasuries could provide a little relief.

Bene's Blog • Home Loans • homeownership • market news • August 19, 2025

What Could Happen if Fannie Mae and Freddie Mac Go Public Again?

by Bene Foley

The Big News

Fannie Mae and Freddie Mac—two of the most important companies behind U.S. home loans—might be taken public again by the end of 2025. Reports say the plan could value them at $500 billion, with the government raising around $30 billion. Their stock prices jumped about 20% on the news.

Both companies have been under government control since the 2008 financial crisis, when they were bailed out to keep the housing market afloat.

Why It Matters for Mortgage Rates

For everyday homebuyers and sellers, the main question is: Will this make mortgages more expensive?

If the companies are privatized without the government backing their loans, experts say mortgage rates could rise by 0.6% to 0.9%.
If the government keeps its guarantee in place, rates could actually stay the same or even go down, depending on how fees are handled.

In short: it all depends on the deal’s structure.

Risks and Rewards

If the government continues backing Fannie and Freddie, it could help keep rates lower, but it also means taxpayers could be on the hook if the housing market crashes again.

Industry groups, like the National Association of Realtors, have pushed for a “utility-style” model: one where the government guarantees loans but limits how much profit the companies can make, to reduce risk.

Political Moves Behind the Scenes

The Trump administration has reshaped the leadership at both companies, installing loyalists on their boards. This suggests the government has strong influence over whatever plan moves forward—whether the two firms are merged into one, kept separate, or sold off gradually.

A Look at the Numbers

Fannie Mae backed about $64 billion in purchase loans last quarter.
Freddie Mac supported $76 billion, with more than half going to first-time buyers.
Both companies are still profitable, but their recent earnings dipped as they set aside more money for possible future losses.

Bottom Line

For homeowners and buyers, the possible public offering of Fannie Mae and Freddie Mac could shift mortgage rates depending on how much government support remains. The outcome could either help keep loans affordable—or add extra costs for borrowers.

Bene's Blog • garden • homeownership • August 12, 2025

When Landscapes Hurt Your House

by Bene Foley

I have been trying to get my husband to take out the shrubs that line the edges of my home. He wants to keep them because a) they protect the paint and siding from direct sunlight on the south side, b) they are green and lush, and c) they conceal the front porch enough that people won’t be tempted to steal packages off our porch. The Wall Street Journal just published an article that supports my argument. Here is is, in a nutshell:

Key Takeaways

Foundation-Risky Landscaping: Planting shrubs and hedges close to your home’s foundation may seem charming—but it can cause serious damage over time. Root systems retain moisture that can lead to mildew, moisture intrusion, blocked vents, and even invite termites to nest behind the façade.
Vulnerability to Wildfire: In some regions, dense vegetation against the foundation also increases the home’s risk of wildfire damage.
Expert Solutions: The columnist consulted with horticultural and design experts, who recommend thoughtful alternatives—like planting with proper setbacks or choosing landscape designs that minimize foundation and fire risk.

Practical Recommendations

Avoid placing shrubs or hedges directly next to your foundation to reduce moisture buildup and enhance airflow.
Leave a buffer zone between plantings and the house to discourage pests and moisture damage.
Consult professionals or landscape designers to select foundation-friendly and fire-safe plantings.

Note the photo above: This builder, in an attempt to add curb appeal, planted shrubs that are pretty much guaranteed to cause problems in the future!

I read this and wanted to know what a good buffer zone would be. The internet is full of advice–all different. And the main problem I have with any of the suggestions is that when someone plants something 2 or 3 feet from the foundation (as many sites suggest), as years go by the shrub gets bigger and bigger, roots growing closer and closer to your foundation. So, my inexpert advice? Put in plants that don’t get big with age. If you insist on sturdier bushes, plant them so that even their branches at maturity don’t touch the house. This means at least 5 feet or so depending on the shrub or tree you choose.