How to spot the difference between a buyers and sellers market to determine if you should sell or rent out your property in your local real estate market.

What is The Difference Between a Buyer's Market and a Seller's Market?

As interest rates continue to rise and talks of a recession continue, homeowners may find themselves unsure of how to manage their investments, especially their real estate assets. Terms like “buyer’s market” and “seller’s market” are common in discussions around the real estate market, but what do these terms really mean? In this post, we’ll define these terms and discuss how the market you’re in will impact your investment decisions.

In a buyer's market, there is an excess of homes for sale, indicated by lower prices and more frequent seller concessions. On the flip side, in a seller’s market there is a scarcity of homes for sale, leading to higher prices and more competitive behavior from buyers. 

In a market with surplus inventory, buyers have more negotiating power and sellers may be more willing to accept lower offers. In a market with low inventory, sellers have more bargaining power because there are fewer properties available and more buyers interested in purchasing them.

How to tell if you are in a “buyer’s market” or “seller’s market” 

Though many media outlets will discuss the state of the market as a national phenomenon, the truth is that the state of local real estate markets varies widely across the country. Topeka may be a buyer’s market while Albany is a seller’s market. And it’s not static, each local market will shift and change with supply and demand. 

There are a few factors to consider when trying to understand your local real estate market:

1. The number of homes for sale: Like so many areas of the economy, the real estate market is greatly impacted by supply and demand. If there are lots of homes for sale in your area, you’re likely in a buyer’s market, and vice versa. 

2. Average number of days on market: If properties in the area are taking longer to sell, it may be a buyer's market. In a seller's market, properties typically sell more quickly.

3. Frequent price changes: If the prices of homes in the area are decreasing or staying the same, it could be a buyer's market. The inverse is true for a seller’s market. 

If you are in a buyer’s market, is it better to rent out your home or sell it?

If you believe your home is located in a buyer’s market, should you sell your home or turn it into a long-term rental? It depends. Here are a few things to consider when deciding whether to rent out or sell your property in a buyer's market:

1. Your financial situation: If you have the financial stability to hold onto your property and collect rental income, you can continue earning equity and take advantage of tax strategies as your home value grows, while also collecting passive income. If you need liquid cash in the short term, you may be better off selling, even in a buyer’s market where you may not make as much from the sale.

2. Your future plans: If you’re moving out but you think you may want to return to your home or area in the future, renting it out could be a good option. With the right residents in place, your home can be cared for and earn you rental income, while also appreciating in value, before you return. 

3. The condition of the property: If your property is in good condition and is likely to attract renters, it could be a good choice to rent it out. However, if the property needs significant repairs or upgrades, it may be more cost-effective to sell it. (Your local Belong team can help you understand how marketable your home is and the cost of any needed repairs.)

Read More: Renting vs. Selling 101: The Homeowner’s Guide

If you are in a seller’s market, is it better to rent out your home or sell it?

In a seller's market, there is generally high demand for properties, which can lead to higher prices and more profit for you. However, there are a few things to consider when deciding whether to rent out or sell your property in a seller's market:

1. Your financial situation: If you need to sell your property in order to free up cash, it may be a good idea to sell it, especially in a seller's market when prices are high. On the other hand, if you are able to hold onto your property and collect rental income, this may be an even better option for long-term passive income. 

2. The condition of the property: If your property is in good condition, it is more likely to fetch multiple offers, perhaps even above the asking price. However, properties in good condition also rent fast, and for top dollar. 

3. The local rental market: It's important to consider the demand for rentals in your area when deciding whether to rent out or sell your property. If there is strong demand for rentals, it may be a good time to consider renting out your property.

Whether you own a home in a buyer’s market or a seller’s market, whether you’re determined to sell or interested in renting out your property, Belong can help. Our local experts are ready and waiting to answer your questions and help you understand the pros and cons of turning your home into a long-term rental that residents will love. 

Belong is a modern alternative to traditional property management, offering homeowners an unparalleled set of features and perks, including: 

Guaranteed rent every month, regardless of if or when your residents pay

Optimized rental pricing that uses technology and real-time demand to price your home with accuracy

The Belong app that gives you and your residents access to everything you need

Innovative financial products including the option to spread maintenance payments over the term of your lease agreement

Access to dedicated landlords insurance to protect your asset (as well as coverage for your residents)

Integration with the most popular rental platforms to get your home loved faster

Instant access to an expansive vendor network of over 10,000 professionals that can handle everything from routine repairs to home upgrades

Ready to learn more about how Belong is changing the world of home management and renting forever? Visit our homeowner's page to find out more about how our services are helping people to ditch property management in Seattle, Redmond, Oakland, San Francisco, San Diego, Los Angeles, Tampa, Orlando, Jacksonville, Miami and many more.

Where are the most recession-proof housing markets? We take a look at the data for 2023 and how to protect your real estate investment on the rental market.

Where are the Most Recession-Proof Housing Markets in 2023?

Recessions are unpredictable. In fact, experts can’t seem to agree on whether the US is or isn’t headed for recession in 2023. This uncertainty itself can bring instability to the real estate market, with many people waiting to see what happens before they put their money in a home. 

In the past, recessions have often triggered dramatic drops in housing prices, which can be good news for homebuyers, but bad news for homeowners, mortgage holders and anyone without good job security. 

Thankfully the housing market looks very different now than it did in 2008, when the Great Recession hit. There’s been a shift in supply/demand and more homeowners have had an opportunity to build equity in their homes off the back of historically low interest rates. This has made the market less fragile and many areas have even held quite strong despite rising interest rates. 

But where are the strongest markets in the US? Which states will be most resistant to huge drops or deemed to be “recession-proof” housing markets? While no one can be certain, many real estate analysts have weighed in on this topic recently. In this article, we’ll give you a brief overview of some of this data. 

Which housing markets are at risk during a recession?

Recession or not, we already know that the housing market shifted in 2022 from years prior. Interest rates spiked from historic lows and after a pandemic fueled buying frenzy in regional markets, prices began to slow and settle. Supply is starting to open up as homes stay on the market longer. 

Real estate researchers at Redfin noted that some of the pandemic’s hottest markets are the ones most likely to experience a downturn. After outpacing other markets in price growth and migration, they are now at risk of losing the value gained since 2020. 

Redfin predicts the top 10 housing markets most at risk of a downturn in 2023 are:

Most of these markets are now facing either unaffordability with interest rates rising on top of high prices, or people returning back to other regions after moving during the pandemic. 

Which housing markets are tipped to be the most resilient in a recession? 

The same Redfin data lists markets that are still affordable in Rust Belt metropolitan areas as the most resilient housing markets. 

Redfin predicts the top 10 most resilient housing markets of 2023 will be:

This list is based on a risk assessment of the markets with the lowest chance of a housing downfall if the US enters a recession. Factors influencing these scores include lower price volatility, low debt-to-income ratio and affordable housing. When houses remain affordable, they are more likely to attract buyers and investors. 

Boston is a notable outlier on this list, however price growth didn’t hit this area quite as hard when many migrated out during the pandemic, pushing up prices in other regions. 

Single family homes are resilient real estate assets

Housing markets play a big role in the price and value of homes, but the type of home plays a part too. There’s no such thing as a “recession-proof investment”, but in terms of real estate, single family homes can hold tremendous value. 

Large single-family homes, particularly in spread-out neighborhoods, typically remain in high demand and are more likely to hold their value in a recession (or any kind of economic downturn). 

Single-family rentals can make for resilient investments too. In a recent article, Roofstock reported that single-family rentals (SFRs) have provided nearly identical returns to the stock market — but with far less volatility. This makes owning a single family home an attractive investment option to build or diversify your portfolio. 

If you own a single-family home in a market affected by a downturn, you won’t get much in the way of appreciation on your home until things bounce back. However, if there’s scarcity for single-family homes and you can offer good space in a nice neighborhood, it’s likely that demand will remain steady for your home on the rental market and price decreases won’t hit as hard as the apartment market.  

In fact, when homeownership declines, people are likely to stay renting for longer, opting for a single-family home with more space to stay long-term and even grow their family, rather than choosing a cramped apartment. 

Protecting your real estate investment during a recession

There are two key ways to protect yourself during a recession: 

1. Have a stable source of income (positive cash flow)

When interest rates rise and the risk of residents falling behind in rent increases, this might bring little peace of mind to owners of rental properties.

Belong is turning this around and making it easier for homeowners to protect their single-family home investments during a recession. For starters, we’ll ensure your rental income is stable and predictable, by optimizing the rental price for your market and guaranteeing rent every month. Regardless of when your residents pay, you’ll always know exactly how much income will be coming in and when. 

When it comes to debt, you’ll always know where you stand too. Unlike traditional property managers, Belong never charges hidden fees for the essentials in taking care of your home. If unexpected costs do arise, such as maintenance or repairs, there’s no need to max out your credit cards. All Belong homeowners are pre-approved for our innovative Split It financing option. This allows you to access our extensive vendor network and spread the cost over the term of your lease agreement, keeping your cash flow positive and debt down. 

Discover Belong PRO, the best alternative to Property Management in Seattle, Redmond, Oakland, and many more cities across California, Florida and Washington State.

The Los Angeles City Council is ending renter eviction protections on Jan 31 2023. Learn what this means for landlords starting Feb 1 2023 for rent and pricing

What Landlords Need to Know About the End of the LA Eviction Moratorium

Note: This article was accurate as of December 2022 and many of these rulings still apply in 2023. For a more updated look at eviction moratoriums and extensions across the country, check out the latest post from May 2023. 

The Los Angeles City Council voted 12-0 to end long-standing renter eviction protections due to COVID-19 hardship on Jan. 31, 2023. Beginning February 1, 2023, tenants must pay their full current monthly rent in order to avoid eviction for non-payment of rent. Landlords will be able to resume increasing rent on rent-controlled apartments, which account for three-quarters of apartments in Los Angeles, beginning in February 2024.

Los Angeles County enacted the COVID-19 Tenant Protections Resolution in March 2020 to protect residents from eviction during the pandemic. The resolution prohibited rent increases and evictions due to non-payment related to COVID-19 hardships. In November 2022, the County Board of Supervisors clarified which protections would end in 2023, and which would continue indefinitely. 

Eviction moratoriums have been implemented and modified multiple times over the past two years, and it can be difficult for landlords to keep up with the latest changes and requirements.

Belong homeowners benefit from expert advice and local guidance, as well as direct protections from non-payment, and services to aid in eviction proceedings when absolutely necessary. 

Which resident protections end January 31, 2023?

The bulk of the COVID-19 special tenant protections are currently scheduled to expire on January 31st, 2023, including:

Rent increase freeze. This means homeowners will be able to increase rent starting in 2023 in most cases. Homes that have had rent control protections prior to the COVID-19 Resolution will continue to have them. This includes homes under the Los Angeles Rent Stabilization Ordinance as well as those in cities who maintain rent control standards like Santa Monica and West Hollywood. If you are unsure if you are part of the Rent Stabilization Ordinance (RSO) please contact your Belong team.

Protections against evictions for specific circumstances. Under the resolutions, certain residents could not be evicted for non-payment of rent due between July 1, 2022 and December 31, 2022 due to a COVID-19 financial hardship. They could not be evicted in a No-Fault eviction unless the eviction was due to a qualified Owner Move-in to the property. And they could not be evicted for nuisance, or unauthorized occupants or pets. 

Which resident protections will continue indefinitely? 

Although the Los Angeles Board of Supervisors set significant parts of the Resolution to expire, there are still key protections that will extend for residential tenants who benefited from the County’s non-payment of rent protections in the latter half of 2022. Specifically: 

Residents cannot be displaced for No-Fault eviction reasons, except for qualified Owner Move-in Evictions. This means owners may only be able to evict residents if they plan to move into the property themselves. 

Anti-harassment and retaliation protections are still in place for affected residents.

Many Belong homeowners in Los Angeles County have expressed frustration and confusion over the frequent changes, but we’re here to help. While LA homeowners may soon be able to raise rents or evict problematic tenants, there are still fundamental protections in place that all homeowners should understand: 

1. Landlords must follow all local and state laws. Landlords are required to follow all local and state laws related to evictions, including any requirements for notice periods and procedures for eviction. Landlords who violate these laws may face penalties and fines. Not sure which laws apply to you? Your Belong concierge can help you understand. 

2. Tenants may be protected by other laws: In addition to the protections provided by the eviction moratorium, tenants may also be protected by other laws, such as the state's regular rent control laws or the federal CARES Act. Landlords should be familiar with these laws and how they may apply to their rental properties. You can find a list of the emergency rental assistance programs available by state here. 

3. Tenants must pay back rent eventually: While tenants have been protected from eviction for non-payment of rent due to COVID-related hardship, they will eventually be required to pay back the unpaid rent. Landlords can request a repayment plan or seek other remedies through the courts.Tenants who have not paid due to COVID hardships have a grace period to pay back rent owed: 

Rent owed from March 1, 2020 to September 30, 2021, tenants must pay by August 1, 2023.

Rent owed from October 1, 2021 to January 31, 2023, tenants must pay by February 1, 2024.

Belong guarantees rent and offers eviction assistance 

Instead of worrying about changing regulations and rent control, Belong homeowners earn guaranteed rent, paid to them each month even when residents are late to pay. Belong homeowners never have to worry about keeping up with local changes, as their local Belong team does this for them. And, in the unlikely event that residents must be evicted, Belong assists with the process so homeowners are never left stuck in the confusing legal system on their own.

Interested in learning more about Belong in Los Angeles and beyond? See if your rental home qualifies for guaranteed rent today at Belonghome.com.

Belong used U.S. Census Bureau data to identify the top 12 home renovations completed since 2019.

Homeowners completed 134 million renovation projects since 2019—these were the most common

Belong used U.S. Census Bureau data to identify the top 12 home renovations completed since 2019. 

Homeowners spent more on home remodeling projects in 2021 than in the previous four years—20% more, spending a total of $624 billion in 2020 and 2021 combined. Motivated by increased time at home, Americans tackled 134 million renovation projects, crossing off some indefinitely postponed projects at the bottom of the to-do list.

 While some industries took huge financial hits or even disappeared entirely during the global pandemic, home improvement companies thrived. Hobbies replaced vacations and social events, and novices tried baking sourdough, gardening, and home organizing. Those pesky idiosyncrasies of our homes that we used to live with suddenly became intolerable problems.

Belong, a property management alternative, used 2021 American Housing Survey data from the Census Bureau to find the 12 most popular home improvement projects. Rankings were based on the number of projects completed by U.S. homeowners over the past two years. The analysis also includes estimated costs, individually and nationally, which do not affect the ranking. Renovations (which involve moving, adding, or removing walls) are counted separately from remodels (which don't include structural changes).

#12. Driveway or walkway addition or replacement

Repairing or adding a driveway or walkway is one of the more expensive options among the most common home improvements, with an average cost of $4,336. Americans spent $19.5 billion on almost 5 million projects in the past two years. Homeowners may only break even making this investment, but not fixing an old or broken driveway or walkway decreases curb appeal and potential income.

#11. Electrical wiring, fuse box, or breaker switch addition or replacement

Updating a home's electrical wiring can be pricey, depending on the needed improvements. In the past two years, Americans spent an average of almost $2,000 on 5.6 billion electrical remodeling projects—totaling $10.3 billion nationwide. Electrical improvements to fuse boxes or breaker switches can be dangerous, and some states require permits to ensure building and safety codes are met. Consulting with a professional electrician could be worth the money, even for the bravest DIYer.

Repairing or adding fencing keeps children and pets safe while adding an element of privacy. This remodeling project also appeals to renters with pets. Average fencing improvements cost almost $3,000, and people spent $16.2 billion on an estimated 5.7 million projects. Many homeowners consider fence repair and installation a DIY project.

Remodeling the bathroom is one of the top improvements to increase home value and rental income. With an average of $7,636 per remodel, the Census Bureau estimates people spent $51 billion on 6.7 million projects. Both renters and buyers prioritize updated bathrooms, which can make this investment worth it.

Get guaranteed rent with better resident qualification and placement programs.

No matter where the home is, renters and owners, want the peace of mind of feeling safe. One of the least expensive remodels, security systems are among the most common choices; the average cost is less than $800.

Americans spent almost $5 billion on 6.9 million security system projects. Available features range from DIY-installed cameras and motion-activated lights to professional 24/7 monitoring systems. Many factors affect insurance costs, but any security system improvements save money on premiums for both owners and renters.

#7. Landscaping or sprinkler system addition/replacement

Gardening became a big hobby during the pandemic downtime, and landscaping or adding sprinkler systems has accounted for 7.6 million remodeling projects. With an average cost of $2,778 per remodel, national expenditures exceeded $20 billion during the last two years.

For landlords, installing a sprinkler system and securing landscaping services—whether through a property management company or on your own—reduces maintenance headaches and improves curb appeal.

Roof replacement is the most expensive project on our list, and 7.6 million American households took on roofing jobs, spending almost $10,000 on average per project. Homeowners often wait until roofs incur weather-related damage covered by insurance. A deductible is usually easier on the wallet than paying out of pocket. Still, a roof that is 25 to 30 years old—no matter the condition—makes finding insurance harder and costlier. Energy-efficient improvements qualify for tax rebates, and incentives offered by the Department of Energy and regional power companies can help take the edge off the price tag.

EARN CONTINUOUS RENTAL INCOME IN SAN DIEGO

Explore a San Diego rental home management company that can help you maximize continuous rental income by minimizing vacancy and finding the right residents for you.

Energy-efficient doors and windows also qualify for financial incentives like Energy Star federal subsidies, but saving on utilities is just one of many benefits. The personal touch of a unique door—whether it is a fresh coat of paint in an eye-catching color or a whole new replacement—can increase value and homeowner satisfaction. This remodel comes with an average cost of $4,217, and people spent $33.4 billion nationwide on over 8 million installations.

#4. Plumbing fixture addition/replacement

Updating plumbing and adding new fixtures accounted for 9.3 million remodeling projects. Nationwide, people spent $15.6 billion on these improvements, costing an average of $1,769 per project. The return on investment in fancy faucets may not be reflected in the bottom line, but the increased demand from potential buyers and renters is worth it. Keeping plumbing up to code is a must, especially in older homes with old drains and pipes.

#3. Flooring, carpeting, paneling, or ceiling tile replacement

Maybe nothing can change a home's look more than new flooring, fresh wall treatments, and a smooth ceiling. Despite the $3,696 average price tag, people spent over $40 million on 1.2 million remodels. DIYers can get a lot of bang for their buck with today's new flooring options and easy-to-install drywall.

The Census Bureau estimates people replaced or added 11.3 million heating and cooling systems in the past two years. With a hefty $5,334 sticker price, a new HVAC system can break the budget, but Americans spent more than $56 billion on 11.3 million units. Taking the "if it ain't broke don't fix it" adage to heart, most people update HVAC systems only when they fail. Energy efficiency subsidies can help offset what is often an unexpected expense at the worst possible time.

Homeowners have completed 134 million renovation projects since 2019 and here's a list of the most common ones

If you think that just putting a “for rent” sign outside your home is enough to rent out your home, think again.

Get The Most Out of Your Rental Home

If you think that just putting a “for rent” sign outside your home is enough to rent out your home, think again. To successfully rent out your home you have to keep in mind things like screening possible tenants, contracts and other legal requirements, collecting rent, doing maintenance, and so many other little things that can come up along the way. 

That is why property managers are much needed. A reliable manager can take care of all the necessary operations at a rental property and can be a crucial asset to your success, from doing all the marketing for your rentals and finding trustworthy and high-quality tenants to dealing with maintenance issues and providing assistance with legal processes. During this article, we will talk about the benefits of hiring a property manager and why Belong is better. 

 A property management service usually has an established screening process that allows them to spot red flags and find tenants that most likely will pay their rent on time and create fewer problems. They also have all the required tools to run a credit and background check.  

Landlord-tenant laws and regulations are a huge thing to consider when renting out your property. If you rent your home without having a good understanding of how the legal part works, is always better to hire a property manager. They usually have a team of experts that knows all about the laws and regulations and know how to address any kind of legal situation. Some of the legal parts include evictions, inspections, terminating leases, security deposits, and rent and collections. The best part is: They also help with taxes! 

One of the main things homeowners expect when renting out a property is a monthly payment. And while there are a lot of people out there that is always on time with their payments, there are also a lot of people that are always late. This is where property management services are lifesavers. They act as an intermediary between homeowners and tenants, collecting rent and ensuring your cash gets to you. If someone is late, property management will be dealing with it so you don’t have to chase down rent or evict anyone.

Property damage is one of the things that worries homeowners the most, and for a good reason. Buying a house is a huge investment, and you want to keep it in great shape forever. When hiring a property management service, they are responsible for keeping the property in a safe condition. When hiring property management services, overall maintenance and repair costs are reduced. They will make sure to stay on top of regular maintenance to prevent bigger issues. This is possible due to preventative maintenance and periodic inspections.

If something happens to your home, a property management company has an established network of maintenance staff and contractors that deliver quality maintenance at the best price. Understanding of maintenance issues and their correct price. This saves you the hassle of finding reliable plumbers, electricians, carpenters, and so on. 

As you can see, managing your property without having the right set of skills can be difficult and time-consuming. When homeowners let a property managing company be the middle person, they end up with extra cash and extra time! 

So now that learned how important it is to properly manage your rental, let us tell you why is better to Belong.

Belong is the place where property owners and renters come to an understanding. 

No more landlords or tenants. We’re making renting magical for homeowners and residents.

Forget about having to deal with midnight emergencies, rental scams, and piles of paperwork and just Belong. 

The outlook isn't as gloomy as you may think.

Are We At Risk of Recession? What Happens To Landlords During a Recession?

As uncertainty continues about whether the US economy is in or headed for a recession, it’s understandable that homeowners in the rental market — mortgage holders in particular — are wondering what this means for their household. This article will take a look at the effects of a potential recession and risks to mortgages. 

The effects of a recession and risk to rental property owners

In the past, recessions such as the financial crisis of 2008 triggered a dramatic drop in house prices and people who couldn’t pay off their mortgages. So with a recession threat looming in 2022-2023, some are nervous about what this could mean for housing again.

Our real estate experts have noted that the market looks different today than it did back in 2008. There’s been a shift in supply/demand and more homeowners have had an opportunity to build equity in their homes off the back of historically low interest rates. This has made the market less fragile and many areas have even held quite strong despite rising interest rates. 

Recessions are unpredictable and don’t always mean a drop in housing prices or even rise in mortgage default. What we have seen however, for years now, is that would-be homeowners are taking longer to get into the market and now their borrowing power has been dampened further by the rising cost of mortgages. It’s also considered risky to get a mortgage during a recession, which could see many potential home buyers stay in the rental market longer to see what happens. 

These factors have all contributed to the heat in the rental market, where competition and prices for single-family homes has continued to intensify. For rental property owners, this means that providing you can comfortably make your mortgage repayments and stay on top of any debt, owning a home on the rental market can still be profitable and deliver passive income. 

If you’re having an issue with the repayments for your mortgage or your rental property isn’t bringing in enough income to assist your finances, it’s time to assess your financial situation. Lowering costs or increasing the value of your home could be the smartest decision long-term, rather than selling if there is a downturn in home values. This gives you the option to build equity in the home and receive rental income while waiting for the market to grow again.

Belong can assist homeowners by providing a world-class home management service without the extra charges you might be paying a property management company. We also offer innovative financial solutions such as Split It, which allow you to stay cash flow positive and spread out the costs of things such as repairs, maintenance and even investment-boosting renovations. 

Learn more about how Belong is making renting lovable here. 

Is a recession good for home buyers and real estate investors?

If you’re considering acquiring a home during a recession to take advantage of lowering house prices, it’s worth taking a close look at your finances and employment situation to be prepared before taking on the risk of a new mortgage. There are also current issues of high inflation and rising interest rates that could be a bigger risk to mortgages than the recession itself.  

At a recent webinar on the housing market, our resident Asset Manager, Jon Martin from JDM Asset Management, was asked to weigh in on the topic of acquiring a home with interest rates on the rise. 

“At higher interest rates, fewer prospective homebuyers will qualify for mortgages (or at a lesser dollar amount) and will instead choose to keep renting. Rising rental demand will further push rents up – we’re actually already seeing that, with median nationwide rent passing $2,000 for the first time ever in May 2022,” explains Jon. 

If you are looking at acquiring a property for rent, Jon notes that now is a good time to keep a watchful eye for opportunities and price-drops in your desired neighborhoods, as less competition provides some welcome relief to house hunters. 

“While you’ll have to factor in a higher cost of capital when analyzing your next opportunity, the recent upward pressures on rents and the likelihood of locating an attractive single family rental are creating a more attractive market for acquisitions,” says Jon. 

“Another point to consider when looking to acquire a rental, for those sitting on cash, is a higher down payment than say the standard 20% to reduce your exposure to higher interest rates,” he adds. “This will only help when running the numbers to see if your rental income will cover your operating expenses and mortgage payments,” says Jon. 

Watch now: Catch the full webinar conversation here.

Should you pay off your mortgage before a recession?

During a recession and with the high rate of inflation, cash on hand becomes increasingly important. So while it’s a good idea to clear off high-interest debt such as credit cards or personal finance loans, you don’t want to pay off the mortgage entirely if it means draining all of your cash reserves.

Recessions can be brief, so a knee-jerk response may not be warranted or the best financial option for your situation, unless you have a minimal amount to pay down and are already in retirement. 

Recessions can increase the likelihood of redundancies and unemployment, so having cash reserves is likely to be more important than owning your home outright. This is because a fully-paid home won’t help your weekly budget if you get short on cash for essentials such as food and utilities. You will also need to consider long-term expenses such as college funds or retirement plans if they apply to your financial situation. 

Got more questions for Belong? Contact us 24/7

Whether you prefer email, online chat or a good ol’ fashioned phone call, we’re here to answer any questions you may have. Check out our homeowners page to get in touch or learn more about having your home loved by Belong.  

Is the US headed for recession and what is the risk to mortgages for landlords who own homes on the rental market? The outlook isn't as gloomy as you may think.

Highlights of what we've achieved together in 2022

2022 In Review: How You Have Helped Us Belong

Belong is building a network; connecting people who own much-loved homes with people who want a place to belong. Working together, we can put people first and change what it means to rent a home — creating lasting, positive impact on innumerable lives for decades to come. 

Redefining an entire industry is not a journey that can be made alone. So before we gear up for a busy 2023, we wanted to take a moment to share our milestones and achievements with you — our homeowners, residents, investors, and team members — to celebrate the year that was. Here are just a few of Belong’s defining moments of 2022.  

Our vision was supported with Series C funding 

First of all a huge thank you to everyone who believes in our vision to create authentic belonging experiences for homeowners and their residents. A special thanks to our financial supporters, who helped us secure $80M in Series C funding in May 202. All our major investors (Andreessen Horowitz (a16z), Battery Ventures, GGV Capital and Fifth Wall) doubled, tripled, or even quadrupled down on financial support for our dream — further fuelling our future growth and optimism for what we are creating. 

When homeowners join Belong, we make a real impact on the rental market. From finding lovable, long-term homes for those who need them to getting and keeping investment homes in the hands of real people, not corporations. This is why Belong’s proudest milestone by far was welcoming more than 2,000 homeowners (and counting) to our world-first residential network. 

Thank you to everyone who trusts us with their homes and for choosing to belong with us. We remain committed to providing an exceptional and personalized service to everyone in our network, which is reflected in the lovely things you’ve been saying about us! As we’ve grown, so have our glowing reviews on Google, rating us 4.8/5 stars. 

We put our services at your fingertips, 24/7

Belong takes the hard work out of managing or renting a home — and that got even easier with the launch of the Belong app for Apple and Android devices.

Rather than have a separate platform for homeowners and their residents, everyone uses the same, easy-to-use app to work with Belong. The app gives everyone 24/7 access to their concierge and a host of features at their fingertips — from paying rent and acquiring insurance to reviewing and approving repairs by our vetted network of over 10,000 professional contractors. 

Our shiny new app isn’t the only innovative way we’re flipping property management on its head. Learn more about the 6 new products we launched through the year. 

We said howdy to hundreds of new neighborhoods

On the heels of successful launches across California and Washington, we set our sights on the sunny weather and never-ending energy of Florida. In 2022, we opened our end-to-end home management services and beloved rental experience to the homeowners and residents in neighborhoods in Miami, Tampa and Orlando. 

Stay tuned, we have our sights set on adding 12 new states to our network soon, including Arizona, Colorado, Oregon and Texas. 

A big part of what Belong wants to achieve is a level playing field, where individuals have the opportunity to achieve financial freedom from investing in the housing market after years of unfair competition from major corporations. 

Thank you to everyone who has joined us so far. If you missed any of these sessions, you can catch up on the recordings: 

The Effects of Rising Interest Rates on the Housing Market

What Are The Best Cities To Buy Investment Home in This Economy & Why?

Know someone who needs their home loved by Belong? We have $1,000 that belongs in your pocket! To support those that are telling their friends and family about us, we launched a new referral program that offers $1,000 for eligible referrals. Learn more here.

Belong is here to make waves and our new approach to renting has been getting us a lot of attention in 2022. 

When Business Insider asked top VC investors to name the most promising consumer startups of 2022, Belong was honored to be #3 on this list for our work in disrupting the outdated property management model.

We also made the CB Insights’ Fintech 250: The most promising fintech companies of 2022, with recognition as one of top 15 businesses in the real estate and mortgage category. 

The best part is, we’re just getting started

2023 is going to be even bigger and brighter with plenty of more people-led, industry-disrupting services coming to Belong homeowners and residents. Thank you to everyone who is joining us on this incredible journey to changing the world of home management and renting forever. We're gearing up to launch even more cities and more services so watch this space!

For anyone not yet on our network, you can find out if your home is eligible for Belong here, or become a Belong resident by searching for available homes.

Belong is building a residential network that connects people who own homes with people who want a place to belong. Here's what we achieved together in 2022.

Guaranteed rent, innovative financing, 24/7 support, a world-class app and cash referrals are just some of the ways Belong is leaving property management behind

6 New Ways Belong Flipped Property Management on its Head in 2022

Belong was born to disrupt the way renting works. To put home ownership into the hands of real people again, while providing a great experience for residents in the place they call home. 

After being failed by the property management industry for too long, Belong offers a unique humanized service that puts people first — supporting their financial freedom, a better experience when renting, or a move into home ownership. 

To create renting that people love, we have a team of local experts across the country that support members of our residential network every step of the way. We combine our people-power and expertise with impressive technology and innovative products making life easier for everyone too. 

We’re just getting started too, launching new improvements and products all the time. Here’s an example of six that were released in 2022 — with many more to come in 2023 and beyond. 

Belong’s app: Services at your fingertips, 24/7

You may have seen apps or online portals for things like logging service requests or paying rent. Belong’s new app is completely different, connecting everyone in our residential network to services they want and need. 

Rather than have a separate platform for homeowners and their residents, everyone uses the same, easy-to-use app to work with Belong. The app gives everyone 24/7 access to their concierge and a host of features at their fingertips — from paying rent and acquiring insurance to reviewing and approving repairs by our vetted network of over 10,000 professionals. 

Read More: The Belong App Just Got a Smart, People-Powered Upgrade

Belong homeowners have the option to finance anything they need for their home before or during their Belong membership — no down payment required. This means every homeowner on the Belong network can access our professional partner construction and maintenance services, while staying cash flow positive with Split It financing. 

Before a home is listed, Belong might recommend renovations that would increase the rental pricing and market value with great returns. With Split It, the costs could be spread over the duration of the resident’s lease. 

This gives homeowners complete control over their cash flow with no need to budget for repairs or renovations upfront. Every month you will still enjoy guaranteed rent, minus the Split It monthly installment. 

Split It financing is available for preventative maintenance, a fresh coat of paint, even a full kitchen remodel. It’s just another way Belong helps homeowners earn more rent, with less headaches. 

Insurance for residents: Renter’s liability coverage

Landlord insurance policies are great for homeowners, but they offer no protection to the residents living in their home. Belong now offers liability coverage policies to all residents, seamlessly added to their monthly rent. This offers better protection and peace of mind for everyone in our residential network should an accident or incident happen on a property managed by Belong.

Psst: We offer insurance for owners of rental homes too!

Subscribe to services: Set and forget regular maintenance

Homes need regular upkeep, so Belong has introduced a way to make sure preventive maintenance runs like clockwork. Add, pause or remove recurring services and maintenance subscriptions, right from the Belong app. From lawn mowing to gutter cleaning, set and forget your seasonal home maintenance and let Belong do all the work. 

Referral program: Share the love, earn cash

Know a homeowner who could benefit from Belong’s unique approach to home management? We’ve introduced a referral program, where you can earn $1,000 for every eligible homeowner referred and onboarded to Belong’s residential network. Learn more and get your unique referral code here. 

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