Real Estate Negotiations: 3 Tricks That You Can Use to Ensure Yours Is the Winning Bid

You've toured through a number of listings, attended all the open houses and have found your potential new dream home. Now the hard part begins, especially if you're working against other buyers who are keen on getting the same home as you. Let's take a look at three tricks that you can use to make sure the bid you submit on a home is the one that wins.

Don't Start With A Lowball Offer

First, it's important to note that the offer itself needs to be a fair one. If you approach a home seller with a low offer, you'll likely discover that they're not too interested in accepting it. Even worse, if your offer is too low, you risk the seller feeling insulted. And that might prevent you from being able to counter with a higher price to be more competitive. Instead, consider bidding on the low end of a reasonable, fair price range as your starting bid. That way the seller knows that you're serious and is more willing to entertain the conversation.

Let A Real Estate Agent Handle It

If you want to make an offer that a seller can't refuse, you'll want to work with a real estate agent. An experienced agent that has helped dozens of buyers with the purchasing process will have critical knowledge that will be useful in making the right bid. Plus, if you end up receiving a counter-offer from the seller, an agent can assist you with understanding the terms and touching up your bid to get the deal done.

Keep Your Cool And Be Ready For The Counter

Speaking of counter-offers, you'll want to ensure that you keep an open mind when it comes to negotiating with the home seller. Unless your offer is close to or over the listing price, the seller is likely to counter your opening bid. This is normal and is a sign that they're interested, so from here it's your job to ensure that you sweeten the deal just enough that they're willing to close.

These are just a few of the ways that you can ensure that the bid you make on a home is the one the seller accepts. For more tips and insight into buying a house in your area, contact your local real estate professional today. We look forward to connecting!

Case-Shiller Home Price Index: National Home Prices Reach Pre-Recession Level

According to the Case-Shiller National Home Price Index for June, Seattle, Washington continued to lead home price growth for the tenth consecutive month with a June reading of 13.40 percent growth year-over-year. Portland Oregon held second place for home price growth in the 20-City Home Price Index in June but trailed Seattle by 5.20 percent with 8.20 percent year-over-year home price growth. Dallas Texas held third place with a year-over-year home price growth rate of 7.70 percent. The 20-City Home Price Index increased by 5.70 percent year-over-year and was unchanged from May's reading.

Case-Shiller's National Home Price Index reported a reading of 5.80 percent home price growth in June as compared to May's reading of 5.70 percent.

Wage Growth, Strong Economic Indicators Drive Demand for Homes

Case-Shiller's month-to-month home price data also reflected continued growth. 14 cities reported higher home prices in June after seasonal adjustment. Home prices rose 0.40 percent month-to-month nationally; the 20-city index rose by 0.10 percent month-over-month after seasonal adjustment.

Shortages of homes for sale continue to drive up home prices as sales of pre-owned homes outpace new home sales. Builders haven't kept up with demand due to ongoing labor and lot shortages and rising materials costs. There was an estimated 4.20 months' supply of homes for sale in June; the average level is a six-month supply. Low mortgage rates continue to encourage first-time and current buyers to enter the market.

David M. Blitzer, Managing Director, and CEO of S&P Dow Jones Indices Committee said that although home prices are rising steadily, wage growth and overall economic growth were driving demand for homes in June. Mr. Blitzer said that current economic trends indicated home price growth was not expected to reverse anytime soon.

Itching to Start a Project? Don't Forget These Four Key Tips to Avoiding Renovator's Remorse

Take a look around your home. Do you feel that burning desire to renovate or upgrade certain areas? Perhaps it's the kitchen countertops or the décor in the master bedroom. Whatever the case, if you're itching to take on a home renovation project you'll want to ensure it's one that makes your life better – not worse! Let's take a look at four tips that will help you to avoid experiencing "renovator's remorse."

Ask Yourself: Will This Project Add Value?

If you're renovating to build equity in your home, you'll want to determine if the project is worth undertaking. There are many renovations that might seem to make the home more appealing, but in truth add next to no value that can be realized later when you sell. Be sure to choose those projects which will bump the home's value by a significant amount.

Start With A Realistic Budget

Ask any friend or neighbor that has renovated their home and you'll discover that costs can quickly spiral out of control if you're not careful. With this in mind, it's a good idea to start with a realistic budget that incorporates some additional room for last-minute tweaks or changes. Once you have the project scoped out, take a trip to your local building supply store and chat with the professionals. They'll be able to help you understand what the actual costs of your renovation will be and they can point out things that you may have forgotten.

Measure Twice, Cut Once

Even the most skilled carpenters and tradespeople make mistakes, so you should rest assured that it can happen to you. Even if you have to go over your plans twice or three times, it's worth knowing exactly what you're going to do before getting started. As the saying goes: "measure twice, cut once." Spending the necessary time preparing your work will go a long way in saving you time and money later.

Don't Start If You Can't Finish

The last piece of advice is to finish any home project that you start. A half-finished renovation project can degrade your quality of life significantly. And the longer it takes to get done, the less motivated you will be to finish it. Stay on task and get the job done as soon as possible.

If you're interested in learning more about the home selling process or listing your home for sale, contact your local professional real estate agent.

What's Ahead For Mortgage Rates This Week - August 28, 2017

Last week's economic news included readings on sales of new and previously-owned homes, Weekly readings on mortgage rates and new jobless claims were also released, along with coverage of Fed Chair Janet Yellen's remarks at a conference in Jackson Hole, Wyoming.

Home Sales Lower in July

According to the Commerce Department, new home sales fell to a seven-month low in July; 571,000 new homes were sold on a seasonally-adjusted annual basis in July.  This reading fell short of the expected sales rate of 608,000 new home sales and June's reading of 630,000 sales. This was unwelcome news for home builders, who have been under pressure to build more homes.  pronounced shortage of available homes coupled with high buyer demand has pressured builders to increase their rate of housing starts. A sudden dip in new home sales could impact builders' production rates if slow sales persist.

Buyer demand may be waning as home prices have continued to climb. July's national average home price rose to $313700, which was 6.30 percent year over year. The National Association of Realtors® said the current inventory of available homes rose to 5.70 months. This was the highest reading in highest reading in several months. Real estate pros consider a six-month supply of homes for sale an average reading. Regardless of record high demand for homes and low inventories, rapidly rising home prices reduce the pool of potential buyers due to affordability.

Sales of previously owned homes also fell in July. The National Association of Realtors® reported that pre-owned homes sold at a seasonally-adjusted annual rate of 5.44 million sales. Analysts predicted a rate of 5.50 million sales based on June's reading of 5.51 million sales

Mortgage Rates, New Jobless Claims

Freddie Mac reported mixed mortgage rates results, but mortgage types surveyed were little changed. The average rate for a 30-year fixed rate mortgage fell three basis points to 3.86 percent; the average rate for a 15-year mortgage was unchanged at 3.16 percent. Rates for 5/1 adjustable rate mortgage averaged 3.17 percent. Discount points averaged 0.50 percent for all three mortgage types.

First-time jobless claims rose to 234,000, which fell short of the expected reading of 238,000 new claims and the prior week's reading of 232,000 new claims.

Fed Chair Defends Dodd-Frank Act

Fed Chair Janet Yellen defended Dodd-Frank mortgage legislation passed after the financial crisis. The legislation established credit standards for mortgage lenders to eliminate irresponsible lending practices. Speaking at the Federal Reserve's annual retreat in Jackson Hole, Wyoming, Chair Yellen's comments responded to recent indications by the administration and banking officials that the Dodd-Frank Act should be repealed.

What's Ahead

This week's economic reports include readings from Case-Shiller on home prices. Pending home sales, construction spending and inflation reports will be released in addition to weekly readings on mortgage rates and new jobless claims. Several labor reports will also be released including ADP Payrolls, Non-Farm Payrolls, and the national unemployment rate will also be released.

Staging Small Spaces: How to Highlight Your Outdoor Areas Even If They're Not That Big

If you're planning on selling your home, you've probably already started to consider how you're going to stage it. Staging is one of the most important parts of the selling process. The way you present your home is key to leaving a positive impression on a potential buyer. Let's explore a few ways that you can stage smaller outdoor spaces to make them feel like they're much more than they are.

Go With Smaller Furniture Options

If you're trying to stage a small patio, deck or yard area, you'll want to stick with smaller furnishings. Yes, that means packing up the enormous hammock or chaise lounge that you love to lazy around on. Remember, perspective is going to matter as potential buyers have never seen your outdoor spaces before. So any large furniture sitting in a small space is going to appear to be that much bigger.

One great idea is to use furniture that you can see through, as it will give the illusion that the area around it is much larger. Consider options like open-backed or Adirondack chairs which let light pass through.

Use Glass To Create A Spacious Illusion

Keeping visibility in mind, the second trick you'll want to leverage is to use as much glass as possible. Glass-top tables and other transparent items which let light through are an excellent way to highlight a small space. And don't forget – keep any glass spotlessly clean! The last thing you want is to be showing off a pile of greasy fingerprints.

Take Your Plants Vertical

Another excellent tactic for making the most of smaller spaces is to grow any plants vertically. If you have the room for it, a plant wall can really shine as it adds a pop of green and other colors to the area. If not, just stick with slender plants that grow straight up. Try to avoid plants that tend to spread out wide as they grow. If they look like they're taking up a lot of space, any potential buyers touring through will have the impression that your outdoor areas are smaller than they are.

There you have it – three easy tips for staging your small, intimate outdoor spaces. When you're ready to list and sell your home, contact your local real estate professionals.

Trying to Sell Your Home As a Fixer-Upper? Highlight These Key Areas to Attract Eager Buyers

Are you going to sell your house in the near future? If it's a bit of a 'fixer-upper' – meaning that it's in need of some renovation work – you may find some challenges in marketing it to potential buyers. Reducing the listing price is one option available to you, but there are other ways to highlight this kind of home. Let's have a look at three key areas that you'll want to focus on when trying to sell a home in less than perfect condition.

Push The Customization Angle

First, try to keep in mind that most potential buyers who are on the market for a fixer-upper are likely to be interested in customizing the home. Be sure to highlight any key areas that are ripe for change. Is the décor in your kitchen a little dated? No problem – it's a chance for your buyer to build the kitchen they've always dreamed of. Is the basement unfinished? There's a perfect opportunity for a keen buyer to create a basement suite which they can then rent out to a new tenant.

Highlight The Surrounding Community

It's a good idea to jot down a list of all of the benefits of living in your community. How are the schools? Is the area well-served by public transit? Are there any amenities like a community center worth mentioning? Is the neighborhood considered family-friendly? What are the neighbors like? Are there hospitals or other medical services nearby? What about running trails, area hikes or dog parks? Many buyers care more about their quality of life than they do about the condition of the house itself. If the community is in better shape than your home, spend more time highlighting how great it is to live in the area.

Promote The Overall Property Or Land Value

Finally, don't overlook the value of the property that the house is sitting on. Buying real estate is a financial investment that will appreciate in value over time. While the house might get old and dated, the land will always retain value. Be sure to point out any positive land value trends to potential buyers.

These are just a few of the many ways that you can promote a fixer-upper home. For more information or to get your house on the market, contact your local professional real estate team. We're happy to assist.

The Quick and Easy Guide to Determining How Big of a Mortgage Your Family Can Afford

Are you shopping around for a new house or apartment? One of the key considerations you will need to make is figuring out how much you want to invest in your new home. Below you'll find our quick and easy guide to determining just how much "house" you can afford. Let's get started!

Start By Making A Proper Budget

The first thing you'll want to do is sit down and get a full budget put together. The easiest way to get the process started is to begin with two lists: income and expenses. For the income list, write down the amount of money your family brings in each month after taxes. If you have side income sources or extra income that tends to fluctuate over time, use the average amount for the past six months.

For the expenses list, write down all the spending that you do each month. Start with the major, stable items like rent, utilities and the like. Then work your way through to discretionary spending like dining out and other sources of entertainment. If it helps, go through your bank and credit card statements to ensure that you are not missing anything.

Once you have an accurate budget, you'll know exactly how much you can afford to pay toward your mortgage payments each month.

Figure Out How Much You Can Put Down

Next, you'll need to think about how much cash you want to pay as a down payment on your home. The larger the down payment you can afford, the smaller amount of mortgage financing you'll need. While it might seem like a good idea to put as much as you can down, there are some things to consider. Any money you put against your down payment is going to be unavailable to you, which reduces your financial options. You'll also lose the opportunity to invest it, which means missing out on potential returns over time.

Determine How Much House You Actually Need

Finally, give some thought as to how large or luxurious a home you want to buy. For example, if you have a small family and don't need a large four- or five-bedroom house, you can instead opt for a smaller but more luxurious home. Conversely, if space is a priority, you may want to forego the high-end options to ensure you have enough room.

When you're ready to explore your options, we're ready to help. Contact your trusted real estate professional at your convenience. We're committed to helping you purchase the home of your dreams.

Wrapping It All Up: Don't Forget These Important Tasks After Closing on Your New Home

The negotiations are over. The seller has accepted your bid and the paperwork has been signed. Shortly, you'll be handed the keys to your new home and you can start moving in. But of course, the work doesn't end after the real estate closing process. In fact, it's just beginning! In today's article, we'll share a few essential tasks that you'll want to get to work on after the closing process is over.

Backup And Copy All Of The Paperwork

If you haven't bought a house before, you'll soon discover that there is a lot of paperwork involved in getting the deal done. From title deeds to tax documentation, the sheer number of forms that need to be read through and signed may seem endless. Once the closing process wraps up, it's a good idea to make copies of all of the paperwork. Store these backups in a safe place where they can be referred to later if needed.

Change All Of The Locks

Next, you'll want to change all of the exterior locks on the house. It might seem a bit overkill, but securing your home is important. Re-keying the locks is a one-time cost that can end up paying significant dividends should anyone attempt to break in. It's also a chance to upgrade to stronger, more secure deadbolts. If you have a home alarm system or any keypad-style locks, be sure to change the codes on those as well.

Inspect The Water Heater

While it was almost certainly checked during the home inspection, take the time to have a quick look at the water heater. You'll want to check the temperature setting to ensure it's reasonable. Don't forget that maintaining a high hot water temperature can be expensive over the long-term.

Give The Gutters A Quick Check

Finally, it's worth getting out the ladder to give all of the gutters a quick inspection. Clogged gutters can end up causing significant roof damage if left unchecked. You'll want to ensure that both the horizontal gutters and the vertical drains are clear of leaves, twigs and other debris. As long as rainwater can drain out smoothly, you're all set. Note that safety should be your priority here. If you don't have a suitable ladder or you aren't comfortable with heights, consider paying a professional.

The closing process is always an exciting time. If you're in the market for a new home or would like to know more about real estate opportunities in the local area, contact your local real estate professional.

What's Ahead For Mortgage Rates This Week - August 21, 2017

Last week's economic readings included the National Association of Home Builders Housing Market Index and readings on housing starts and building permits issued. Consumer sentiment for August was reported by the University of Michigan. Weekly reports on mortgage rates and new jobless claims were also released.

NAHB: Builder Confidence Jumps 4 Points in August

Builder confidence in housing market conditions improved by four index points in August after reaching its lowest reading in eight months in July. Builder confidence rose in consideration of a strong labor market and overall economic growth. Obstacles including labor shortages, rising materials costs and a lack of buildable lots continued to present obstacles to builders producing homes at a pace sufficient to meet high demand and alleviate low inventories of homes for sale.

Housing starts were lower in July at a seasonally-adjusted annual rate of 1.155 million starts and fell short of 1.229 million starts. 1.223 million starts were reported in July. Single family home construction was higher as builders focus on meeting demand for single-family homes. Building permits issued in July were also lower at a seasonally-adjusted annual rate of 1.223 million permits issued as compared to July's reading of 1,275 million permits issued.

Mortgage Rates Mixed, New Jobless Claims Lower

Average rates for fixed rate mortgages fell last week. 30-year fixed rate mortgage rates averaged 3.89 percent at one basis point lower than the previous week. Rates for a 15-year fixed rate mortgage averaged 3.16 percent and were two basis points lower than the previous week. The average rate for a 5/1 adjustable rate mortgage rose two basis points to 3.16 percent. Discount points averaged 0.40 percent for 30-year fixed rate mortgages, 0.50 percent for 15-year fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

First-time jobless claims were lower last week with 232,000 new claims filed as compared to expectations of 241,000 new claims and 244,000 new claims filed the prior week.

August's reading for the University of Michigan Consumer Sentiment Index was higher at 97.6 as compared to an expected reading of 94.8 and July's index reading of 93.4. Growing consumer confidence could along with improving job markets and economic expansion could prompt renters to buy homes.

What's Ahead

This week's scheduled economic reports include readings on sales of new and previously owned homes along with weekly readings on mortgage rates and new jobless claims.

DIY Home Projects: Creating a Study Space That Will Help Your Children Stay Focused

If you're a parent of school-aged children, you've likely been concerned with their study habits at some point. Sitting down in front of the television or at the dinner table to crack open the books is going to be less efficient than doing so in a quieter, more productive work space. Let's explore how to create a study space that will help keep your children focused and on task.

Ask The Kids What They Need To Be Productive

Before you get to work on creating a new studying space, it's a good idea to have a chat with those will be using it most. Ask the children what kind of surroundings they feel would help to keep them productive. Younger kids may only need a small desk area but would appreciate more space in the room. Conversely, older children who are in high school are likely to need a lot of desk space for laptops, textbooks, and other studying materials. Starting the project out by asking what they need ensures that they get what they need out of the space.

Brighten Up The Room

Next, you'll want to focus on how the room is lit. A dark room isn't likely to be a positive studying environment. If possible, natural light sources should be used as much as possible. Studies indicate that sunlight is better at keeping individuals alert and focused than fluorescent or other types of home lighting. Also, consider adding some plants which can help to keep oxygen levels a bit higher in the room.

Note that you'll want to avoid making the room so bright that it's distracting. Plus, the sun can cause quite a bit of glare depending on how much outdoor exposure the room has. If there's already a lot of natural light, consider a set of curtains that can reduce or block out any glare to allow for a more comfortable learning environment.

Eliminate Any And All Distractions

Distractions – especially those which are useful for procrastinating – are the bane of any productive space. There should be no television, no video games and no other distracting elements in the study area. The only furnishings should be those used for studying.

A study room is an excellent addition to any home with school-aged children. If you're in the market for a new home – study spaces included – contact your local real estate professional.

NAHB: Builder Sentiment Surges in August

Home builder confidence in housing market conditions surged in August after sagging to an eight-month low in July. The National Association of Home Builders reported a July reading of 68 in August after analysts expected a one- point increase from July's Housing Market Index reading of 64. Any reading over 50 indicates that more builders consider housing market conditions positive than those who do not.

Component readings of the Housing Market Index also improved in August. Builder confidence in current housing market condition rose four points to 74; Builder confidence in housing market conditions over the next six months rose by five points to 78. Builder confidence in buyer traffic in new home developments rose one point to an index reading of 49.

Positive Economy Fuels Builder Confidence

Builders have long cited a shortage of buildable lots and labor, along with rising costs as impacting confidence in current and future confidence in housing markets. NAHB said that labor shortages are worse in 2017 than in 2016. Builders reported labor shortages including carpenters and electricians. August readings suggest that positive economic developments are mitigating long-term builder concerns, but a recent tariff on Canadian lumber raised materials costs for some builders.

The discrepancy between builder confidence and housing starts concerns real estate pros and housing and lending industry leaders, but without enough workers to staff their building crews, home builders face obstacles in meeting buyer demand for homes.

Stronger economic and jobs indicators are boosting builder confidence in housing market conditions. As more prospective home buyers find stable jobs, buying a home becomes possible for prospective buyers who have waited for economic conditions to improve sufficiently to invest in home ownership.

First-Time Home Sellers: Don't Miss These 4 Tips That Will Keep Your Sale Moving Smoothly

Are you selling your home? If it's your first time going through a home sale, you've probably got a lot of questions about the process. In today's post, we'll share four tips that can help to keep your home sale moving along smoothly. Let's get started!

Tip #1: Enlist The Help Of A Professional

First, you'll want to ensure that you enlist the help of an experienced real estate agent. Selling a home is a significant financial transaction and the process can be especially daunting the first time. A professional agent with sales experience will be a major asset in having a stress-free sale. They'll know all of the legal and other requirements to selling so you won't be buried in paperwork. Plus, they'll have insight into other local sales which can help with listing your home at a competitive price.

Tip #2: Focus On Your 'Curb Appeal'

As the saying goes: you never get a second chance to make a first impression. With that in mind, you'll want to ensure that you focus on how your home looks when a potential buyer shows up. If you feel the home could use it, a fresh coat of paint is an inexpensive upgrade that can give your home a new look and feel. Don't forget your lawn and other landscaping, which should look well-maintained. The last thing a buyer wants to see is a nasty jungle of uncut grass or dying flowers!

Tip #3: Don't Turn Down A Solid Offer

While you likely shouldn't jump on the very first offer you get for your home, you also won't want to pass up on a fair one either. It can be tough attracting a buyer, especially for larger, more expensive or luxurious houses. If your agent advises you to accept a competitive offer, it's advice that's well worth considering.

Tip #4: Have Your Share Of The Paperwork Ready

Last but not least, it's worth having your share of the paperwork ready to go. There's a lot of documentation required to complete a home sale, and being unprepared is a guaranteed way to make the closing process take longer. Spend the time gathering what you need before you accept an offer and you'll enjoy a faster sale.

There you have it – four tips that will help to keep your home sale moving along smoothly! When you're ready to discuss selling your home, contact your trusted real estate professional. We're happy to share our guidance and experience to help you with your sale.

What's Ahead For Mortgage Rates This Week - August 14, 2017

Job Openings, New Jobless Claims Rise

Job openings rose in June to 6.20 million as compared to May's reading of 5.70 million job openings. Analysts said that increasing job vacancies show that employers are unable to find qualified workers. Business services, construction, health care and professional job sectors had the most job openings. Slow wage growth could be contributing to widespread job openings. Average wage growth has been running at approximately 2.50 percent, which is lower than the average of 3.50 to 4.00 percent typically seen during economic expansion.

First-time jobless claims rose to 244,000 as compared to expectations of 242,000 new claims and the prior week's reading of 242,000 new jobless claims.

Mortgage Rates Lower

Freddie Mac reported lower mortgage rates last week. The average rate for a 30-year fixed rate mortgage was three basis points lower at 3.90 percent. The average rate for a 15-year fixed rate mortgage was unchanged at 3.18 percent. The average rate for a 5/1 adjustable rate mortgage was one basis point lower at 3.14 percent.

Inflation rose in July by 0.10 percent against an expected increase of 0.20 percent; June's reading was unchanged. Core inflation, which excludes volatile food and energy sectors, rose by 0.10 percent against expectations of 0.20 percent and 0.10 percent growth in June.

What's Ahead

This week's scheduled economic reports include the NAHB Housing Market Index, Commerce Department readings on housing starts and building permits issued and the University of Michigan's Consumer Sentiment Index, Weekly reports on mortgage rates and new jobless claims will also be released.

Go Big or Go Home: 3 Reasons Why Your First Home Should Be a Spacious One

Buying a home for the first time? One of the key considerations you'll need to make is just how much 'house' you want to buy. While going minimal might seem like a good idea to save on costs, having a smaller living space can end up cramping your lifestyle in many ways. Let's take a look at three great reasons why your first home should be roomy, spacious and luxurious.

You Might End Up With More Family Than You Think

Have you considered whether or not you want to have a family? Whether you're a single young professional or part of a newlywed couple, there's always a chance you'll end up with more kids than you think. If you're buying a home for the long haul, you'll want to ensure that you have enough bedrooms to contain a growing family. It's much easier to make other use of a spare room than to invent an extra bedroom if you end up with one or two more children than you had planned. Even if you don't have kids, you may end up welcoming other family members into your home for extended periods.

Small Spaces Limit You In Just About Every Way

As you might imagine, small living spaces will limit your options. Whether you want to build out a new media room or just want more luxurious furniture, much of the time living small means living without. Buying a larger home from the start will give you all of the space needed to build your dream home. And over time, you're far more likely to enjoy living in a home that you can tweak and customize to suit your changing tastes.

You Can Always Monetize The Extra Space

Don't forget that extra space can always be put to good use. If you have a finished basement, you can possibly rent the suite out to a tenant. Or, you can host guests in your extra bedrooms using apps like Airbnb. If you're more of an entrepreneurial type, you can start a small business out of one of the spare rooms.

These are just a few of the many reasons why buying a larger home is an excellent idea. For more information about luxurious homes that are for sale in the local area, contact your trusted real estate professional today.

Thinking About a New Home? 3 Reasons Why a Mortgage Will Be the Best Money You Ever Borrow

In these days of low interest rates, it can be a great idea to get into the real estate market and invest in a home. However, if you don't have the funds saved up to buy a home outright, it may seem like more of a burden than it's worth. The good news is that you might qualify for a mortgage loan, which tends to come with more favorable terms than a traditional bank loan. Here are three reasons why a mortgage might just be the best money you ever borrow.

Taking Advantage Of Low Interest

Interest rates have been relatively low for a number of years, which can be a definite financial boon when it comes to your monthly mortgage payment. Unfortunately, though, the predictions forecast that rates are on the rise and that means home ownership may be a more difficult dream in the coming years. If you're interested in getting a home at a lower price with a better interest rate, it may be worth getting a short-term loan for the long-term gain.

Begin To Invest

It will certainly improve your financial outlook if you have a financial plan and a monthly budget you stick to, but few things will help your money grow like investing. Fortunately, real estate is still one of the best investments you can make in terms of helping your money grow and ensuring your future fiscal success. While stocks and mutual funds can be a bit topsy-turvy if you're not knowledgeable about investing, real estate can be a more reliable asset that's easier to understand.

Giving Up On Rent

When investing in a home, there are few things more rewarding than not having to pay rent anymore. Instead of effectively tossing away money each month that you'll never see again, you will be able to see your equity grow in the home and property you purchase. Plus, this equity can be used as leverage for investment in another home. It also means that no matter the downturn in the market, you'll have a solid investment in something.

You may not like the idea of borrowing money for your mortgage, but it can be a good fiscal choice with interest rates on the rise and the opportunity to say goodbye to rent forever. If you're currently considering borrowing and are planning on buying a home in the near future, contact your trusted real estate professional for more information.

Yes, You Should Take the Plunge and Buy a New Home in 2017. Here's Why

Are you thinking about buying a house, townhouse, or condo? In many markets across the country, there's never been a better time than now to become a homeowner. In this post, we'll share a few reasons why the conditions are right to jump into the market and buy a new home.

Interest Rates Are Heading Up

If you're like most home buyers, you're probably looking to make use of mortgage financing to help spread out the purchase cost over a longer period of time. If so, you'll want to make a move in 2017 so you can lock in a low interest rate. The Federal Reserve has indicated that interest rates are going to continue to rise over the next year or two. If that prediction holds true, mortgage costs will continue to grow along with rates. Buying in 2017 means that you'll be able to secure a lower mortgage rate which in turn will save you money.

It's A Buyer's Market In Most Areas

Depending on the community that you're looking to buy in, you may find that it's a bit of a buyer's market. There are a number of individuals looking to sell their homes to lock in the price appreciation that's taken place during the recovery since the 2008 financial crisis. More listings on the market mean that sellers will be open to negotiation as they won't want their home sale to take weeks or months. If you're pre-approved for your mortgage financing and are serious about buying, you may be able to convince a seller to take a lower offer than they normally would.

You'll Start Building Real Net Worth

Of course, one of the best parts of buying a home is that it's a significant financial investment. Properly maintained, your home should continue to increase in value over time. As you continue to invest in upgrades and renovations, you'll build more and more equity that can be used as leverage for additional credit or just pocketed when you eventually decide to sell. Even though every market has its ups and downs, owning real estate is a far greater path to prosperity than renting.

When you're ready to get into the market and find your dream home, we're here to help. Contact us today and we'll be happy to introduce you to some beautiful new homes that suit your tastes and budget.

Finding Your Latte Factor: 3 Ways to Find the Money to Make Extra Mortgage Payments

It's not uncommon for a homeowner to want to pay more than the minimum monthly mortgage payment on their home. However, just because it can seem hard to come up with the funds on a monthly basis doesn't mean it's not possible to find the money for extra mortgage payments each year. If you're wondering how you can pay down your mortgage debt much sooner with extra money, here are some tricks you may want to try.

Relinquish Your Refund

Many people look forward to tax time because it's an opportunity to spend their refund on shopping, dining or a much-needed vacation. However, using your tax refund to pay down your debt can actually be a satisfying way to put more down on your mortgage and achieve something lasting from that extra bit of cash. While you may want to set some aside for an outing or a special treat, the amount remaining on your mortgage will seriously benefit from the extra payment.

Re-Tool Your Budget

If you've been successful at making your mortgage payments, it's likely that you have a working budget that you stick to each month. But like any plan, a budget can change. If you haven't done so in a while, it's worth sitting down to re-calculate your monthly income and expenses. There's a good chance that some expenses exist that you can pare down or get rid of entirely. While it may not make a significant difference in one month, small amounts will add up over time.

Plan A Yard Sale

It's easy to acquire a lot of things that you don't necessarily use, whether it's technology or kitchenware or home decorations. Fortunately, planning a yard sale for your infrequently used items can be a great way to come up with a small fortune to pay off your mortgage sooner. Of course, you'll need to be ready to haggle to get the prices you're looking for. And don't forget to get the locals involved and make it a neighborhood event for even more selling success.

It may seem nearly impossible to come up with the money to put more down on your mortgage, but using your tax refund and re-tooling your budget can easily add up to savings that make a difference! If you're considering buying a new home in the future, contact your trusted real estate professional for more information.

What's Ahead For Mortgage Rates This Week - August 7, 2017

Last week's economic news included readings on pending home sales, construction spending. Several reports related to employment were also posted along with weekly readings on mortgage rates and new jobless claims.

Pending Home Sales Rise as Construction Spending Lags

Pending home sales rose by 1.50 percent to an index reading of 110.2 in June according to the National Association of Realtors®. Sales of homes under contract that have not yet closed regained positive territory after May's negative reading of -0.70 percent. Pending sales were in negative territory for the past three months.

Regional results for pending sales were mixed. The Northeast posted a gain of 0.70 percent, which was 3.40 percent higher than in June 2016. The Midwest region lost ground with a reading of -0.50 percent in June, but pending sales were 3.40 percent higher year-over-year. Pending home sales increased by 2.10 percent in the Southern region, which was 2.60 percent higher year-over-year. Although the Western region posted a month-to-month pending home sales gain of 2.90 percent for June, pending home sales were 1.10 percent lower year-over-year.

The west has enjoyed a run on rapid home price growth due to slim supplies of homes for sale and high demand for homes in popular metro areas. June's lower year-over-year reading could signal that home prices have maxed out and low inventory of homes isn't providing potential buyers with enough choices given higher home prices.

Construction Spending Slows, Mortgage Rates Hold Steady
Real estate pros again cited the shortage of available homes as driving high home prices and creating high competition for homes on the market. These conditions can make homeownership difficult for first-time and moderate- income buyers. Despite pressure on home builders to increase construction, the Commerce Department reported lower construction spending in June. Spending was lower by -1.10 percent against expectations of 0.40 percent growth based on May's flat reading.

Mortgage rates were little changed last week; the average rate for a 30-year fixed rate mortgage rose one basis point to 3.93 percent. 15-year fixed mortgage rates were two basis points lower at 3.18 percent. Rates for a 5/1 adjustable rate mortgages were three basis points lower at 3.15 percent. Discount points averaged 0.50 percent for all three mortgage types.

Weekly Jobless Claims, Unemployment Rate Fall

New jobless claims fell to 20,000 new claims as compared to expectations of 244,000 new claims and the prior week's reading of 245,000 initial jobless claims filed. Readings for Non-Farm Payrolls were lower at 209,000 private and public-sector jobs created.in July. Analysts expected 175,0000 new jobs based on June's reading of 231,000 jobs. ADP Payrolls reported 178,000 private sector jobs created in July as compared to June's reading of 191,000 new jobs created.

The national unemployment rate dropped to 4.30 percent as expected and was lower than June's reading of 4.40 percent. Lower unemployment readings suggest that fewer people are seeking full-time work.

What's Ahead

This week's scheduled economic reports include readings on job openings, inflation and core inflation. Weekly readings on mortgage rates and new jobless claims will also be released.

3 Ugly Truths You'll Discover Trying to Buy a Home Without a Real Estate Agent

Many people, whether they are new to the market or have purchased a home before, consider investing in a home without the help of an agent. While there are benefits involved with going it alone, there are also a number of drawbacks that can significantly impact the success of your home purchase. If you're wondering about the difficulties involved in going "agent-less", consider the following points.

It's A Lot Of Legwork

It might seem simple if you've found a house and you like it, but a lot more goes into investing in a home than just finding a place. While you can do research on your own, an experienced real estate agent will have knowledge of the market and the neighborhoods you're searching in and will be able to share an insider's perspective. As a result, they may be more successful at providing you with insights about the local community and the price you should be paying. All of which would be hard to determine on your own.

Navigating The Process

Home ownership can be considered as easy as signing on the dotted line, but there are so many steps that go into making the final purchase that having someone experienced along to assist can be very beneficial. In addition to pay stubs, tax returns, employment records and bank statements, you'll need to deal with legal forms, deeds and a ton of other information the home sellers and your lender will need. Fortunately, an agent will be familiar with what's needed and will be able to simplify the process wherever possible.

The Right Home Takes Time

The right agent may make finding a home look pretty easy, but it takes a lot of knowledge and experience to be able to find what works for you. As a result, it's very easy to underestimate the amount of time you'll need to invest in research and open houses and even negotiating to find your next home. If you don't have the time to do what's needed to find the right place for you, it may be worth enlisting the services of a professional.

It can be tempting to forego the costs of an agent when it comes to buying a home, but the right agent can save you time and help you find the right place at the right price. If you're currently preparing to invest in a home, contact your local real estate professional for more information.

With Mortgage Rates This Low, Should You Dive In? 3 Reasons Why Now Might Be the Time

Whether you've just finished school or are about to start a family, investing in a home can be one of the biggest financial decisions of your life. But as you'll soon discover, there are a number of considerations you'll need to make. It can be difficult to know whether to get a short-term or long-term mortgage, or how long of an amortization period you'll need. Read on below for three questions that will help you to make your decision, as now is the best time to dive into the market.

Do You Have A Down Payment?

There are a lot of numbers mentioned when it comes to the down payment, from 5% to cash only offers, but 20% is the ideal percentage to put down when it comes to buying a home. Because putting 20% down will enable you to avoid having to pay Private Mortgage Insurance (PMI), you'll be able to lower your costs of home ownership over time. While 20% isn't the be-all-end-all if you're really ready to hit the market, it's worth re-tooling your budget to save up.

Will You Struggle To Make Ends Meet?

Lower mortgage rates can certainly improve your overall outlook for investing in a home, but buying a home can be financially debilitating for many people. While you'll be required to make your monthly mortgage payment, there will also be insurance costs, property taxes, home maintenance and other associated fees that add up. If you feel it's going to be a huge financial risk to sustain home ownership, it may be worth sitting down with a mortgage professional to go over the numbers.

Are You Ready For Ownership?

Home ownership is often considered a rite of passage as one gets older, but it's important to determine how a new home will fit into your current lifestyle. The costs of home ownership are usually higher than renting and you'll have to take care of things like the yard and general home maintenance yourself. It might not be the best time if a home strongly imposes on your lifestyle, but if you're looking forward to domestic duties, it can be a step in the right direction.

Mortgage rates have been hovering relatively low for a few years, but it's important to know that home ownership is right for you before moving forward. If you're currently contemplating a home in your area, contact your trusted real estate professional for more information.

The Five Most Common Overlooked Expenses When Selling a House

Most homeowners are so enthusiastic about putting their home on the market and getting the price they're hoping for that the expenses involved in selling a home are forgotten. However, it's often said that one has to spend money to make money, and selling a home is no exception! If you're wondering what kinds of overlooked expenses will cut into your home sale, here are some costs to consider.

Minor Renovations

There are always a few things to fix-up when it comes time to sell your home, but by establishing what will best increase your home's value, you can make it a good investment. Instead of going it blind, create a renovation budget so any cost you incur will pay for itself.

Staging Your Home

It's possible you may be able to get away with minimal costs when it comes to home staging, but adding a few small details can improve the overall impression of your home. Instead of spending an abundance on dressing up your home, put your time into cleaning and de-cluttering for ample effect

Closing Costs

It goes without saying that closing costs can add up to a lot of money at the end of the day, but many people forget they're part of the transaction. Closing costs can include anything from transfer tax to title insurance to escrow fees so it may be worth talking to your agent to see if they can give you a deal.

Real Estate Commission

It's easy to forget, but using a real estate agent to sell your home will require you to pay a portion of your home's sale to them. While you may be able to negotiate this percentage with your agent, it's worth realizing that an agent will help you garner a higher price and will do a lot of the leg work for you.

The Moving Van

It might be too soon to think about, but if you have a lot of stuff and don't want to take on the task yourself, you'll need to hire a moving company to help you relocate. Instead of leaving this to the last minute, contact a few popular movers to get pricing, and don't wait until the last minute to schedule your move. If you're desperate, you're likely to pay more.

Selling a home can be a financial boon, but there are many expenses that can come along with it. If you're currently preparing to put your home on the market, contact your local real estate professional for more information.

Community Living: The Quick and Easy Guide to Starting a Community Garden

Ah, the city. With so many people living in an urban landscape these days, it can be hard to find anything more than a planter on the balcony for your herbs. And good luck finding space for vegetables or large flowering plants! Fortunately, coming up with a community garden can be a great way to get the locals together. If you're wondering how to get started with this fun project, begin with the following guide.

Find The Right People

Organizing your own community garden can seem overwhelming at first, so it's important to gather a group of like-minded people that are interested in the idea and have the same passion for it that you do. Whether you decide to use a site like Meetup to get a group together or you have a variety of friends and neighbors who might be interested, ensure your group has both gardening and planning skills to bring to the table.

Research The Local Community

You'll want to choose a site that's not too far from your home, so talk to local horticultural organizations and your city or community center for information on available areas of land. Once you know the details, it will be easier to determine what exactly you'll need to do to fund and develop the area. You might decide to cover the startup costs on your own, or you may want to create a small society which can be sponsored by local businesses. There may even be loan programs in your area that are available for your project, so ask around.

Start The Planting Process

Once you've determined who your crew will be and where you'll be creating your garden, it will be much easier to move forward and determine what exactly your garden will be. Do you want it to be a collective which you all share together? Or do you want separate plots so all your members can do whatever they like? Once you've decided, the launch date can be the ideal time to throw a garden party and get everyone in on the fun.

Growing vegetables and planting your own garden has become a more popular pastime in recent years, and it can be easier than you think to get your very own community garden started. If you're looking to buy a home in a garden-friendly new community, contact your trusted real estate professional for more information.