4 Things You Should Never, Ever Say If You Hope to Sell Your Home

Have you ever had a conversation with a total stranger where you said something that you regret? If you are placing your house or condo on the market, you're eventually going to end up having to chat with potential buyers. Yes, your real estate agent is likely to do most of the talking. However, you will still have to deal with buyers that want to grill you about the home's history, condition and more.

With that in mind, let's have a look at four things you should never say to someone who is interested in buying your home.

"We're Not Accepting Offers Less Than…"

A good way to kill your sale and have a buyer walk away is to set a price floor on bids and offers. Even if the amount you are asking for is reasonable, many buyers will pass because they are offended that they're being forced to bid above a certain price. Unless otherwise advised by your agent, it is best to let buyers feel in control of the offer process. You can always counter-offer later.

"Our House Has Been On The Market For…"

Stating how long your house has been on the market is rarely a good look. No matter how short or long the listing period has gone on for, buyers don't need to know this. Moreover, if your home has been on the market for months, knowing that may scare potential buyers off.

"We've Always Meant To Renovate That…"

If you were going to fix, improve or even clean something in your home, you probably would have done it before inviting potential buyers in. Your goal is to present the house you do have in the best possible light. Try to avoid pointing out areas that a buyer is going to need to renovate or invest in later.

"We Need To Close The Sale By…"

The last thing you want to do is look desperate to close the sale and move on. Buyers and their agents are going to be looking for signs of weakness which will allow them to submit low-ball offers for your home. If you let on that you have to sell or move by some deadline, you can rest assured that you are not going to get as much when you sell.

There you have it – just four of the things you should not say to potential buyers of your home. For more tips and advice about selling your home, contact our professional real estate team today. We are happy to help.

What's Ahead For Mortgage Rates This Week - October 30, 2017

Last week's economic news included readings on new and pending home sales and weekly reports on mortgage rates and new jobless claims.

New Home Sales Exceed Expectations; No Growth for Pending Sales

September sales of new homes reached a 10-year high with a seasonally-adjusted annual rate of 667,000 new homes sold. Analysts said that high demand drove September sales past the expected rate of 555,000 sales and August's reading of 561,000 sales of new homes. September's reading was 19.9 percent higher than for August and was 17 percent higher year-over-year. September's reading was 8.60 percent higher for year-to-date sales of new homes. This news may encourage builders to ramp up new home construction, but the widespread damage caused by hurricanes and fires will account for rebuilding thousands of previously-owned homes in the coming months.

The national average price for a new home was $319,700 as compared to $314,700 year-over-year. Real estate professionals said that it would take five months to sell all new homes currently available.

Pending home sales did not change from August to September. The Commerce Department reported no change from August's reading of – 2.80 percent. Low inventories of pre-owned homes and affordability concerns may have sidelined would-be buyers as competition for available homes and home prices rose.

Regional results for pending sales were mixed. The Northeast region reported 1.20 percent growth in pending home sales, while the Midwest reported 1.40 percent growth and the West topped regional pending sales rates with 1.90 percent growth. The Southern region posted -2.30 percent fewer pending sales; hurricanes likely accounted for fewer contracts signed in September. Year-over-year pending home sales were lower in all regions.

Weekly Mortgage Rates, New Jobless Claims Rise
Mortgage rates rose across the board last week. Freddie Mac reported that averaged rates for a fixed rate mortgage rose by six basis points for 30-year and 15-year mortgages. The average rate for a 30-year fixed rate mortgage was 3.94 percent; the average rate for a 15-year fixed rate mortgage was 3.25 percent. The average rate for a 5/1 adjustable rate mortgage rose four basis points to 3.21 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

New jobless claims rose to 233,000 claims, which matched expectations and exceed the prior week's reading of 223,000 first time claims, which was a 44-year low. The jump in first-time claims is not due to layoffs as employers report shortages of skilled candidates to fill job openings.

What's Ahead

This week's scheduled economic news includes readings on Case-Shiller home prices, construction spending and labor sector readings on private and public-sector employment. The national unemployment rate will be released along with weekly readings on mortgage rates and new jobless claims.

It's Hammer Time: 4 Common Remodeling Mistakes and How to Avoid Them

Investing in your home by remodeling or renovating is an excellent way to increase its value. However, a significant renovation project can quickly turn into a disaster, especially for those who are inexperienced. Let's take a look at four of the more common home renovation mistakes that homeowners make and how you can avoid them.

Mistake #1: Skipping The Permit Process

The first mistake you will want to avoid is undertaking any home renovation without the required permits. While some remodeling projects will not require a permit, others will. Regardless, it is more than worth taking the time to do your research to ensure you do not run afoul of the law. A visit to the city's website or a quick phone call is all you will need to find out if a permit is required and how much it will cost.

Mistake #2: Being Afraid

A great way to ruin your renovation is to be too afraid to transform the space into whatever best suits your family. Try to avoid being trendy and going with renos that you saw recently on television. Instead, consider how you currently use your kitchen, bathroom or whatever other space you're changing and improve it for the better.

Mistake #3: Using Cheap Materials Or Labor

When it comes to contractors, going cheap is rarely a good idea. You want someone who is going to do the best quality of work at a fair, affordable price. Moreover, since you're investing in that contractor, it is best to also invest in using high-quality materials for the job.

Also, don't be the type that skimps on costs just because something isn't visible. A good example is if your contractor recommends that you install something like a bathroom membrane system. Yes, it's an extra cost that is mostly a preventive measure against mold getting under your tiles. However, it is a small consideration in protecting the more substantial investment you're making in upgrading your home

Mistake #4: Changing Your Mind

As the old saying goes: "measure twice, cut once." Changing your mind in the middle of your renovation is almost certainly going to cost you. Once you commit, try to stick to the plan unless circumstances force you to make a change.

These are just four of the many mistakes that can be made by an inexperienced home renovator. If you're thinking about a major remodel, contact us first. Our real estate team can share which renovations have added value and equity to other local homes.

You Ask, We Answer: Should I Build a New Custom Home or Buy an Existing One?

Are you looking to buy a new house in the near future? If so, one of the choices you will face is constructing your own brand-new home or buying an existing home. The idea of building a new house on the right piece of land might sound enticing, but what if you could have a larger, more luxurious existing home in the same neighborhood for a much lower cost?

As you might imagine, there are pros and cons to each kind of home. In today's blog post we will explore whether you should build a new home or buy an existing one.

Building Your Ultimate Dream Home

Let's get the obvious out of the way first. If you can afford the combined cost of the land, the house and all of the furnishings, then building a new home is an amazing experience. It is the chance to completely customize everything about your home, right down to having your family put their handprints in the foundation. You will be able to design the garage, media room, bedrooms, bathrooms, kitchen and everything else exactly the way you want it. The house will truly feel "yours," as it's built in your vision.

Aside from the higher cost, there are other potential downsides to building a new home. Between permits, booking contractors, wrapping up all of the necessary paperwork and construction time, building a new home can be stressful. It can also take much longer than buying an existing home outright.

Well-Kept Existing Homes Have Lots Of Upside

Buying an existing home has its upsides as well. It's almost certainly going to be a much faster process than trying to build your own home from scratch. As long as you can find suitable listings, you can typically purchase and move into an existing home within a few weeks. You can also customize it to your liking, although not to the extent that you would with brand-new construction. It's also likely to be less expensive, although that depends on a variety of factors including the city you're buying in, the real estate market, the size of the home and more.

In the end, the choice comes down to budget, timing and personal preference. However, whether you decide to build new or you are okay with a lovely home that already exists, our professional real estate team is here to help. Contact us at your convenience and we'll be happy to share local home and land listings that suit your needs and budget. We look forward to meeting you.

Learning to Love Technology: 3 Tips That Will Help You to Embrace Home Automation

Are you still using a key to unlock your door and twisting a dial on the wall to set the temperature? Home automation technology has made considerable strides in the past couple of years so it might be time to invest. In today's blog post we will explore three tips that can help those looking to make the leap into a fully automated home.

Tip #1: Start With Home Security And Go From There

Installing a modern home security system is the perfect place to start with home automation. Does your home already have an alarm? If so, it's likely to be one of the older "set it and forget it" models. You punch in a four-digit code when you leave the house to arm the alarm, and if someone decides to break in while you're gone the alarm trips and notifies the security company. Sound familiar?

The good news is that there are far better and more high-tech options on the market today. You can install cameras that connect directly to your phone, so you can see what's happening inside of your house. You can automate turning the lights on or off, as well as deciding what panic options you need in case a burglar shows up.

Tip #2: Consider Using A Central Hub

If you're not as technologically-inclined as some, then you may want to consider using a central hub to help control all of the other automated pieces in your home. Amazon's Alexa is a popular option, as are Mi Casa Verde and SmartThings. The idea is that you can use one single device to control everything else, rather than trying to figure out a myriad of apps and settings.

Don't forget that once you lock into using a central hub, you will need to make sure that any new pieces of tech you invest in are supported.

Tip #3: If It's Easy To Use, You'll Use It Regularly

Finally, be sure to test things out before you decide to buy. If a piece of home automation tech is hard to use, you're unlikely to stick with it over the long term. Ideally, setting up and using the device should be no harder than using your mobile phone.

Getting started with home automation is as simple as following the three tips above. When you're ready to look at high-tech, automated homes in the local area, contact us. Our professional real estate team is happy to show you around.

The Quick-and-Easy Guide to Getting Started With House Flipping

Investing in real estate is one of the oldest means of building and storing wealth. However, it is only just recently that "flipping" of houses – buying at a low price, renovating and selling at a higher price – became popular. For many, house flipping has become a full-time career and their primary source of income.

So, are you interested in learning what it takes to become a successful house flipper? Read on to learn more about this fun and exciting way to invest in real estate.

Research Local Regulations And Legal Requirement

The first thing you'll want to do is start researching the local regulations and requirements for house flippers. You can either go online and read through the laws or call up an experienced real estate agent and ask them. Either way, you need to know the rules of the game you're about to enter

Gathering The Resources You'll Need

Next, you'll want to gather your resources – both financial and human. You will, of course, need to have some cash set aside for a down payment, or for buying houses outright. At minimum, you will also need a real estate agent, a mortgage professional and a real estate attorney. You may also need contractors to help you with renovations unless you have the skills and experience necessary for this

How To Assess Potential Investment Properties

Successful house flippers develop an eye for undervalued properties. Your goal is to find a home that is listed low but has a lot of room for improvement. The fundamentals of the property, its location, the size of the land, the home's foundation, etc. – should be good.

You will also want to get good at sourcing out homeowners that are willing to sell but haven't listed their home yet. If you can secure a private sale, you're going to save money and avoid having to bid against other flippers.

Making Your First Flip

You've built your team, learned the rules and have started to hunt for listings. Now, you need to decide and make your move. As foreclosure rates have trended down recently, it can be hard to find the perfect opportunity. However, as this is your first flip, your goals should be centered on learning the flipping process without losing any money. Keep an open mind and don't worry about trying to score big. Instead, buy the right home, renovate to add value and relist quickly so you can move on.

When you're ready to start your search for flip-ready properties, we're here to help. Contact your local real estate professional and we'll share a variety of local home listings that will be able to provide a healthy return.

What's Ahead For Mortgage Rates This Week - October 23, 2017

Last week's economic reports included NAHB Housing Market Indexes along with readings on housing starts, building permits and existing home sales. Weekly readings on mortgage rates and new jobless claims were also released.

NAHB: Builder Sentiment Jumps in September, Housing Starts and Building Permits Fall

The National Association of Home Builders reported a four-point increase in its Home Price Index for October. Builders surveyed reported higher confidence in overall market conditions, which resulted in a reading of 68. Analysts had expected no change in the September reading of 64. Natural disasters have raised builder opportunities for new projects, but the industry continues to be swamped with labor shortages and rising materials costs.

While stronger builder confidence is expected to impact housing starts and building permits issued, both reports had lower readings in September. Housing starts were calculated at 1.215 million starts on a seasonally-adjusted annual basis. An expected reading of 1.170 million housing start was based on August's reading of 1.183 million starts. Single-family housing starts were lower than for August but were 9.10 percent higher year-over-year.

Building permits issued fell in September; 1.215 million permits were issued on a seasonally-adjusted annual basis as compared to 1.272 million permits issued in August. Higher readings for building permits are expected in the aftermath of recent hurricanes and wildfires, but increased starts and permits will include replacing damaged structures as well as building new developments.

Mortgage Rates Mixed, Existing Home Sales Rise

Fixed mortgage rates were lower after the 10-year Treasury rate fell six basis points. The average rate for a 30-year fixed rate mortgage was three basis points lower at 3.88 percent the average rate for a 15-year mortgage dropped by two basis points to 3.19 percent. Rates for a 5/1 adjustable rate mortgage averaged 3.17 percent, an increase of one basis point. Discount points averaged 0.50 percent for fixed-rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

Sales of existing homes rose in September according to the National Association of Realtors®. Previously-owned homes sold at a seasonally-adjusted annual rate of 5.39 million sales. Which surpassed August's reading of 5.35 million sales and expected sales of 5.30 million previously-owned homes. Any increase in sales is a welcome sign that the severe shortage of homes for sale may be easing. It's too early to know how hurricanes and fires will affect housing markets and it will take months to rebuild all homes destroyed.

Weekly jobless claims fell to 222,000 and were lower than the expected 244,000 new claims and the prior week's reading of 244,000 new jobless claims filed. Fewer jobless claims suggest that jobs markets continue to expand and may help renters decide to buy homes.

What's Ahead

Next week's economic readings include reports on new and pending home sales and consumer sentiment. Weekly readings on mortgage rates and new jobless claims will also be released.

Selling Your House? 3 Strange Questions That Potential Buyers Might Ask and How to Answer Them

Are you listing your home for sale now, or in the near future? If so, you have probably come to terms with the fact that soon you'll be having strangers tour through your home asking all kinds of questions about it. In today's blog post we'll take a look at three strange questions that buyers might ask and how to approach answering them.

"Has Anyone Died In This House Or Is It Haunted?

You might have chuckled when you read that, but questions about paranormal activity are more common than you think. Many people have beliefs and superstitions about ghosts, ghouls, demons and other spirits that haunt homes. Learning that someone has died in your house – even if it was long before you owned the place – is enough for some potential buyers to pass and move on to the next listing

"Is Anything Buried In The Backyard?"

Have you ever owned a pet that has grown old or otherwise perished? Think back to that experience and ask yourself: where did you bury them? Many families bury deceased pets in their backyard, thinking that it is a good final resting place. And that may be true if you own the house for the rest of your life. However, if you decide to sell, then you have passed on a backyard that has a corpse resting in it. That can end up as a startling surprise for the next family to live there, especially if they have a dog that enjoys digging up the turf.

"Have There Been Any Infestations?"

Asking about pest problems is a bit less on the weird side of things, but it is one question that is almost certain to come up. Visitors will want to know if your home has experienced mice, rats, termites, ants, cockroaches and a variety of other plagues. Some of these will make sense for your home or the area you live – termites in a wood-framed house, for example – while others will make no sense at all.

Rest assured that the above are just a handful of the many bizarre and strange questions you might get while showing your house to potential buyers. If you do encounter something that seems a bit funny, aim to be polite and answer thoughtfully. When you are ready to list your home for sale, or for more tips and real estate advice, contact us. Our professional real estate team is here to answer any questions you have.

Worried That Your Past Student Loan Debt Might Delay Buying a Home? Here's What to Do

Whether you are just about to graduate college or you have been out of school for a few years, there's a good chance you're carrying some amount of student loan debt. It seems that news headlines are regularly pointing out that the nation's graduates are suffering from the stress of student debt. Moreover, that pressure can be even worse for those who are looking to buy a home and start putting some roots down in the local community.

Are you worried that past student loan debt will affect your chances of buying a home? Let's run through a few tips that can help put your debt worries at ease.

Start A Budget And Embrace Using It

The first and most important step anyone with debt can take is to commit to a monthly budget. Managing your debts means living within your means. In turn, that requires careful examination of your income and expenses to ensure your debts are being paid down.

Also, in most cases, interest is being charged on outstanding student loan debt which makes it a high priority for repayment. The faster you can pay your student loan debt off, the less interest you will pay on top of it.

Check In With An Expert Advisor

If all of this seems confusing, you're not alone. The good news is that there are expert debt and financial advisors that can help you to make sense of it all. They will help you to understand exactly where your money is going each month and what kind of financial discipline you'll need to clear the path to home ownership. Many are provided by local or state governments at no cost, so be sure to check out your local options.

Reach Out To Friends And Family

Don't forget that friends, colleagues and family members can be a great source of advice and support. Close family members may also be willing to lend a hand financially to get you out of renting and into your own home. Also, be sure to check in with former college classmates who have gone on to buy homes in the area. They'll be a great source of information.

While past student loan and other debts can crimp one's finances, they are no reason to put off home ownership indefinitely. For more information and to view affordable starter home options in the area, contact your local real estate professionals.

Home Builder Sentiment Highest in Five Months

Component readings used for calculating Housing Market Index readings also rose in October. Builder sentiment for current market conditions gained five points for a reading of 75. The index reading for builder perception of market conditions in the next six months also rose five points to an October reading of 78.

Builder sentiment for home buyer traffic in new home developments rose one point to 48. Buyer traffic readings seldom exceed a Home Builder Index reading of 50.

NAHB Chairman Granger Mc Donald said builders were recovering from the initial shock of damage caused by hurricanes, but this was prior to numerous wildfires adding to demand for contractors and home builders.

National Disasters Add to Ongoing Materials and Labor Shortages

Factors contributing to stronger builder sentiment included an industry concentration of building homes for purchase instead of multifamily rental projects. Single-family homes have been in short supply in recent years and building more homes is the only remedy for a market skewed in favor of sellers and rapidly rising home prices fueled by high buyer demand and few choices available to buyers.

Recent hurricane damage is likely to raise materials prices and worsen labor shortages; Widespread damage caused by wildfires in California is expected to increase demand for contractors and skilled laborers as they work to repair and rebuild homes and buildings ruined in storms and fires.

Regional Readings Mixed

Three-month rolling averages of builder sentiment for regions tracked by NAHB were mixed. In the Northeast, builder sentiment rose one point to 50. The South gained two points for a reading of 68. The reading for builder sentiment in the South was unchanged at 63; the reading for the West was also unchanged at 77.

Winter weather and challenges caused by higher demand for services against rising materials costs and ongoing labor shortages can be expected to challenge builders, but the need for new housing caused by multiple national disasters will likely create many new jobs for builders.

Let's Talk Closets: Why a Walk-in Closet Is a Must Have for Any New Home Buyer

Are you in the market for a new house or condo? Whether you're looking for something luxurious or intimate, you'll want to ensure that you have enough space for all of life's necessities. Many home buyers focus on bedrooms, bathrooms and living areas as their top priorities. But have you given any thought to your closet space?

In today's blog post we'll explore why a spacious walk-in closet should be high on your list of "must-haves" for your new home.

Enough Storage For A Stylish Couple

An upgrade in storage space is the main reason to have a large walk-in closet – and for good reason. Today's working professional needs a large wardrobe to store suits, work outfits, social attire, shoes, accessories and more. It's almost impossible to cram everything needed in a small closet with one large hanging rack and a shelf or two. And even if you do decide to fill a smaller closet until it's bursting at the seams, you're stuck with having to try to organize it regularly just to be able to find anything. Forget it!

A Showcase For Clothes, Shoes And Accessories

A walk-in closet isn't just for piling a ton of clothes into. It's a showcase for your wardrobe and all of the items in it. Most walk-in closets are designed with numerous shelves, racks and other display areas. Take advantage of these to show off the best pieces in your collection. For example, are you particularly proud of that oxblood leather bag that you found while traveling Europe? Or the hat that you wore to last year's Kentucky Derby? Your walk-in closet is the right place to show it off.

Room For Elegant Touches Like A Dressing Island

Finally, if you have enough space in your walk-in closet, you'll be able to add some elegant touches. A dressing island with built-in shelves is the perfect feature for storing accessories and shoes. You can also add matching jewelry boxes on top to store frequently-used items. An ottoman is another elegant touch that can help make your walk-in closet feel more roomy and comfortable. And don't forget to include a couple of mirrors for checking your look from multiple angles before you leave the house.

These are just a few of the (many!) reasons why a walk-in closet is an absolute must-have for any new home. When you're ready to explore local real estate opportunities – including those with incredible walk-in closets – contact us. Our professional team is happy to assist you.

What's Ahead For Mortgage Rates This Week - October 16, 2017

Last week's economic reports included minutes of the Fed's Federal Open Market Committee meeting held in September along with releases on inflation and weekly reports on mortgage rates and new jobless claims.

FOMC Meeting Minutes Indicate December Rate Hike is No Sure Thing

According to minutes for the September 19 and 20 meeting of the Federal Reserve's Federal Open Market Committee, the Fed has adopted a wait-and-see posture concerning a possible rate hike at December's meeting. Although analysts previously indicated that additional rate hikes were expected by the end of 2017, the Fed chose not to raise the federal funds rate in September.

Hurricanes Harvey and Irma Impact Industrial Production

Hurricane damage was expected to slow industrial production in the short term. The impact of hurricane damage in Texas and Florida are expected to be short term, but the full impact of the two hurricanes had not been fully assessed at the time of the FOMC meeting.

Labor and real GDP readings rose, but the year-over-year reading for inflation was lower than the two percent inflation rate set by the Fed as a positive economic indicator. The Fed's dual mandate also includes achieving maximum employment as measured by the national unemployment rate. The Fed originally set a goal of 6.50 percent unemployment in the immediate aftermath of the recession, but the national unemployment rate has exceeded expectations and currently hovers near 4.30 percent. Strong labor markets help propel renters into housing markets as they have more confidence in maintaining long-term employment.

Mortgage Rates, New Jobless Claims

Mortgage rates rose last week. Freddie Mac reported an average rate of 3.91 percent, which was six basis points higher than for the previous week. Rates for a fifteen-year fixed rate mortgage also rose by six basis points to 3.21 percent. The average rate for a 5/1 adjustable rate mortgage dipped two basis points to 3.16 percent. Discount points averaged 0.50 percent for fixed rates and 0.40 percent for a 5/1 adjustable rate mortgage.

New jobless claims fell to 243,000 as compared to expectations of 258,000 claims and the prior week's reading of 260,000 first-time jobless claims filed.

What's Ahead

This week's scheduled economic readings include the National Association of Home Builders Housing Market Index, Commerce Department reports on housing starts and building permits issued. Weekly readings on mortgage rates and new unemployment claims will also be released.

4 Home Staging Ideas That Are Heavy on the "Wow" Factor but Light on the Wallet

Staging is one of the most important aspects of any home sale. The more attractive your home is to potential buyers, the faster you can finalize the sale and move on. With that in mind, let's explore four home staging ideas that won't cost a fortune but are sure to impress your buyers.

#1: Clean The Place Until It Shines

The first and most obvious option is not going to cost much more than your time. Your home needs to be absolutely, positively spotless. The floors should be so clean that you would have no issue with eating off of them. The walls should be clean and free of marks. Windows and mirrors buffed to a sparkling shine. If there's dirt to be found, rest assured that potential buyers will see it!

#2: Buy New Slip Covers And Sheet Sets

If your furniture is starting to look a little dated, you can spruce it up by investing in new slipcovers. These can be color matched to the rest of the room's palette so that your furniture fits in. It is also a great idea to ensure that you have new-looking, matching sheet sets on all of the beds. The bedrooms don't need to look like hotel rooms, but they do need to look good.

#3: Invest In Better Lighting For Important Rooms

When was the last time you replaced the bulbs in your fixtures and lamps? If you are still using dull older incandescent bulbs, it's time to invest in newer LED or compact fluorescent lighting. It is best to try to match the color temperature of the bulbs to the rest of the room so that the room's color and 'feel' don't clash with the lighting. If this is a bit above your head, consider having a lighting expert come in to help light the important, high-traffic areas.

#4: Use Plants To Add A Bit Of Warmth And Life

Finally, if your home is lacking a bit of plant life, it might be time to take a quick trip to the local nursery. Adding one or two plants to your common areas adds a touch of life and even helps to keep the air fresh. If you prefer a pop of color, you can always add a flowering plant that's currently in bloom.

Buying an Older Home? Watch Out for These 3 Key Flaws That Could Spell Trouble

Are you a fan of homes with a bit more character than newer, modern designs? Whether in pristine condition or more of a "fixer upper," older homes are incredibly popular in cities across the country. However, there are some key factors to consider if you're thinking about buying a home built decades ago before modern standards were enforced.

Let's take a look at three key design issues that you will need to be aware of if you're thinking about buying an older house.

Old Electrical Designs Can Be A Significant Fire Hazard

No matter when a home was built, it's almost guaranteed to have electrical wiring running through walls to supply rooms with lighting and power outlets. However, if the wiring was run in decades past it may be with older cords that are less able to withstand a modern workload. A quick check of the circuit-breaker panel or fuse box and the wires leading from it can give an idea just how old the wiring is. As older designs can be a fire hazard, you will want to ensure the wiring is up to date.

Poor Plumbing Design Can Lead To Rot Or Worse

Plumbing can also be an issue in older houses – especially those in states that experience a cold winter. Water pipes tend to expand and contract due to temperature, which can lead to stress and leaks over time. Moreover, even though older pipes are typically made of metal, they can still wear out. The last thing you need is to wake up to a flooded basement, so be sure to have the plumbing professionally inspected.

Is The Roof And Insulation Strong Enough?

While the roof might look solid from the outside, it may not be as well put together on the inside. Even the smallest of holes or leaks in roof membrane can wreak havoc on the structural integrity of the roof. It's worth spending some time in the attic to inspect the inside of the roof, the condition of the insulation and how well the entire structure is holding up.

While the above list might sound a bit scary, it isn't meant to turn you away from buying an older character home. If you're diligent in checking out the home's history and invest in a professional inspection, you'll stay safe. When you're ready to explore character home options in the local area, contact our local real estate professional.

How to Use a Mortgage to Buy a Home After Going Through a Bankruptcy

While it is sometimes the best option to get your finances repaired, the bankruptcy and following discharge period can be tough. However, while it may delay things for a couple of years, the good news is that even a bankruptcy won't stop you from borrowing a mortgage to buy a home. In today's article, we will share some insight into how you can get a mortgage loan after going through bankruptcy.

Step 1: Get A Professional Credit Assessment

Once your Chapter 7 or Chapter 13 bankruptcy has been discharged, you will be required to wait for at least two years before you're able to take out a mortgage. During this time, it is a good idea to sit down with a credit professional and get an assessment. Individuals and families with a bankruptcy on their credit file are going to go through a bit of extra scrutiny when taking out future loans. So spend a bit of time working on cleaning up your credit.

Step 2: Figure Out Your Monthly Budget

As you move closer to buying a home, you will want to start living off of a monthly budget. This will help to ensure that you are always prepared for your monthly mortgage payments and aren't left short of cash when payment time comes. A budget can be as simple as a spreadsheet listing your monthly sources of income and expenses. Alternatively, you can use iPhone or Android apps which help to make budget tracking easier.

Step 3: Get Your Down Payment Saved Up

You will also need to start saving for the down payment that you'll place on your home. The amount that you will need depends on a variety of factors including the city you're buying in, the size of the home and much more. If you're unsure about this, contact us and we'll share some insight.

Step 4: Maintain Your Spending Discipline Until It's Buying Time

Finally, it's worth noting that you will need to be very disciplined in the period between your bankruptcy discharge and your mortgage

Buying a New Home? Here's Why Mortgage Pre-Approval Should Be Your First Step

Are you thinking about buying a new house, condo or apartment? Whether you are upgrading, downsizing or investing, if you intend on borrowing the funds you'll need to be pre-approved for a mortgage. In today's blog post we'll explore mortgage pre-approval and why this should be one of your first steps in buying a new home.

Pre-Approval Helps To Determine Your Budget

Do you know your budget? Mortgage lenders consider many factors when deciding how much they are willing to lend to a home buyer. While your employment status, salary, assets and credit rating are important, they are all pieces of a larger puzzle that help a lender to determine your risk. So regardless of how spotless your credit rating might be, you'll want to get pre-approved for a mortgage before trying to figure out your total purchase budget.

The size of your down payment will also be a factor in determining your overall budget. If you still have a bit of time before you're ready to buy a home, continue to put money aside for your down payment. The more you have, the less you'll need to borrow.

Once Pre-Approved You Are Ready To Make An Offer

Once you're pre-approved for your mortgage, you're ready to submit an offer for the home. Note that you do not need to bid high just because you are approved for a large mortgage. Work with your real estate agent to determine the right asking price for the home. Submitting a bid that's a bit lower than you're willing to pay leaves you with a bit of room in case the seller makes a counteroffer.

Many Sellers Will Demand Pre-Approval

Finally, don't forget that many sellers will require that you are pre-approved for mortgage financing before they'll accept a bid or offer. Many listings end up receiving multiple offers, especially those in hot real estate markets or popular communities. So if you table an offer without pre-approval, you may find that it is rejected in favor of another buyer who is ready to go.

Once you've been pre-qualified for mortgage financing, pre-approval is the final step in the process before you're ready to make an offer and purchase your new dream home. For more information about the home buying process and to view some amazing listings in the local area, contact us today.

What's Ahead For Mortgage Rates This Week - October 9, 2017

Fixed mortgage rates rose by two basis points last week as the average rate for a 5/1 adjustable rate mortgage dropped by two basis points.  Construction spending returned to positive territory, but job growth dropped in public and private sectors. National unemployment was lower.

Construction Spending Rises in August

Builders increased construction spending in August after July's reading dipped lower than June's reading. Construction spending rose by 0.50 percent in August, which exceeded expectations of a 0.40 percent increase and July's reading of -1.20 percent. Higher construction spending in August was driven by higher spending on public sector building projects.

Analysts said that public building projects rose by 0.70 percent, which was boosted by a 3.50 percent increase in building educational facilities. This is a good sign for construction spending as educational renovation and new construction had stagnated for a few years. Construction of new schools could have a positive impact on home sales as schools are typically a major consideration for families with school-age children.

Damage caused by Hurricanes Harvey and Irma has not yet impacted construction spending.

Mortgage Rates Mixed, New Jobless Claims Fall

Freddie Mac reported higher average fixed mortgage rates last week. The average rate for a 30-year fixed rate mortgage rose two basis points to 3.85 percent; the average rate for a 15-year fixed rate mortgage was also two basis points higher at 3.15 percent. The average rate for a 5/1 adjustable rate mortgage dropped by two basis points to an average of 3.18 percent.

First-time jobless claims were lower by 12,000 claims at 260,000 new claims filed. Analysts had expected 265,000 new jobless claims based on the prior week's reading of 272,000 new claims.

Private and Public-Sector Job Growth Lower in September

ADP payrolls for private-sector jobs fell to 135,000 new jobs from August's reading of 228,000 new jobs. The federal Non-Farm Payrolls report, which includes public and private sector jobs, dropped by 33,000 jobs as compared to the August reading of 169,000 jobs Analysts had expected 75,000 new jobs in September.

The national unemployment rate fell to 4.20 percent in September from 4.40 percent in August. This suggests that slower growth in payrolls has not led to more layoffs.

What's Ahead
This week's scheduled economic news includes readings on inflation, core inflation and mortgage rates. Weekly jobless claims and retail sales data will also be released.

Brighten up Your House With These Autumn-inspired Home Decor Ideas

The kids are heading back to school, the leaves are starting to turn and the weather is getting cooler. Yes, autumn has arrived, but the end of summer does not mean that your home décor has to suffer. Let's take a look at a few ways that you can brighten up your home and give it that warm, autumn feeling.

Start With Oranges, Yellows And Light Browns

A quick walk through your local neighborhood will offer a good sense of the color palette that you should be using in your décor makeover. In much of the country, trees will be turning a variety of yellows, oranges, and golds as the leaves change and begin to fall. These colors make for a warm palette and are ideal for use in the living room, dining room and other areas where you might host guests.

Of course, you do not need to run out and change the wallpaper. Simply look to add color touches in areas that it makes sense. For example, you can get a couple of new sets of towels for the bathroom that match up with the colors you picked. In the dining room, look to replace your tablecloth and placemats with an autumn theme.

Add Leaves And Natural Décor Items

Autumn is one of the more "natural" feeling seasons and this should be incorporated into your décor. Look to add leaves, acorns, pine cones and other natural elements that make sense for the area of the country that you live in.

Note that you don't need to head out and gather up these items for your home. A quick trip to the local craft shop and you will be able to find everything that you need.

Pumpkin Spice Candles For An Autumn Scent

Finally, no décor makeover is complete without adding a little seasonal fragrance. Nothing smells more like autumn than a subtle pumpkin spice. Scented candles are an excellent way to add a scent to a room without being overpowering. They are also an excellent centerpiece for tables and can be used for mood lighting as well.

These are just a few of the many ways that you can add a sense of autumn warmth to your home. And if your home just isn't "autumn" enough, contact your local real estate professional. We are happy to share some fantastic local real estate opportunities.

The Easy 3-Step Guide to Get Started With Real Estate Investing

Are you interested in expanding your investment portfolio with hard, long-term assets that are almost certain to grow in value? If so, you will want to consider investing in real estate. Let's take a look at how you can get started with real estate investing in just three easy steps.

Start By Budgeting Your Time And Money

Real estate investing is just that – investing! Moreover, this, of course, means that you'll need to commit both money and time to see results. The great news is that if you're just getting started with real estate investing, you don't need to start with much of either. There are fund and other investment opportunities that will allow you to get started with as little as $1,000. Once you're more familiar with investing in real estate, you can commit larger and larger sums, expanding your portfolio.

Figure Out Which Investment Option Suits You Best

If you're new to the game or are investing smaller amounts, you may be interested in a Real Estate Investment Trust or "REIT." REITs are essentially investment companies which own or finance income-producing real estate. For example, you may buy into a REIT that invests in commercial buildings, like office buildings or warehouses. The REIT will take care of all of the maintenance, leasing and other upkeep while offering a return to you as a shareholder.

If you're starting with deeper pockets, another option is to simply buy your own properties and rent or lease them out. To be successful, you will need to find houses or apartments that are of good value and will see a decent amount of rental return each month.

Start Networking And Meeting Other Investors

Now that you're ready to get started take some time to meet and network with other local investors who are active in your community. Check on Facebook to see if there are real estate investment groups for your city, or give a few quick Google searches to see if there are any meetups. You might be surprised at how friendly and ready to share information other investors are.

Be Ready To Experience Challenges And Setbacks

One important thing to keep in mind is that you are likely to experience challenges or setbacks along the way. You're learning about a new form of investment – one which takes some skill to master. Stay positive and accept that as you gain experience, it will get easier.

Real estate investment is an excellent way to diversify your financial portfolio and grow your personal or family wealth. For more information about local real estate opportunities, contact your local real estate professional. We will be happy to show you some investment-ready local properties.

Pay Your Mortgage Off Faster With These Money-Smart Strategies

As with any loan or line of credit, there are benefits to getting your mortgage paid down. You'll pay less in interest, potentially saving thousands over the repayment period. Moreover, you'll own your home outright that much quicker.

Let's explore four money-smart strategies that will help you to pay your mortgage off faster.

Start With The Obvious And Increase Your Payments

It won't come as a surprise that one of the easiest ways to get your mortgage paid off is to increase the amount you put towards your monthly payments. Most lenders will allow you to place any extra funds directly against the outstanding loan amount or "principal." This is very efficient as it avoids having to commit any additional funds to interest.

One trick that many families use is to round the payment amount up to the nearest hundred-dollar figure. For example, if your mortgage payment is $652.32, you would pay $700 instead. This might be an easy burden on your wallet but still amounts to an extra seven percent of your payment.

Accelerate Your Payment Schedule

Another way to get your mortgage paid off as quickly as possible is to accelerate how frequently you make payments. For example, if you are currently making payments on a monthly basis, you can switch to bi-weekly payments instead. This means that instead of 12 large payments per year, you're making 26 smaller payments. However, your interest will still compound on a monthly basis which means that over time you'll end up paying less in interest. Not all mortgage products support this, so it is best to check with your mortgage professional to ensure it is an option open to you.

Dedicate Your Tax Refund To Your Mortgage

If you receive a tax refund or other large sum of money, consider using it to pay your mortgage down further. This is an excellent use for a spare block of cash as it gets you one step closer to owning your home, free and clear.

Refinance Your Mortgage To A Shorter Term

Finally, one last strategy is to look at a shorter term for your mortgage. For example, if you started with a 30-year amortization, you can refinance down to a 15-year loan instead. This will require having access to significantly more money to place against your payment, so be sure to carefully budget for this additional cost.

These are just four of the many ways that you can get your mortgage loan paid off faster. For more information or to inquire about a mortgage for your next home, contact your local real estate professional.

Speed up Your Mortgage Closing Process With This Handy Four-step Guide

Are you in the market for a new house or apartment? If you are financing the purchase by taking out a mortgage, you'll want to know how to make this transaction run as smooth as possible. In today's article, we'll share a quick four-step guide to speeding up the mortgage closing process.

Step #1: Check In On Your Credit Score

The first step before applying for your mortgage is to check in on your credit. Request a copy of your credit score and history from one of the major reporting firms. Go over this report, paying close attention to any old or outstanding items that you may have already dealt with. Many individuals have old delinquencies that must be challenged to be removed from the report, so take care of these first before applying.

Step #2: Have All Your Documents Prepared

As with any loan, taking out a mortgage requires a small mountain of paperwork. The best way to speed this process up is to have all of your financial documentation ready for inspection and use by the lender.

Note that each mortgage provider has different requirements for what you'll need. A brief list of some items which are commonly requested includes your current employment details, recent pay stubs, recent W-2 forms or tax returns, proof of self-employment or other means of income, asset details such as bank accounts and investments and debt information such as other mortgages, student loans and more.

Step #3: Have An Offer Ready

If you have already settled on the home that you want to buy, it's best to get your offer prepared in advance of being fully approved for mortgage financing. Your real estate agent will be able to help with crafting an offer that is subject to the home passing an inspection. It's especially important to have an offer ready in the event that other buyers are competing for the same home that you are.

Step #4: Get The Inspection Finished Promptly

While your lender is completing the home appraisal process, you should be having the home inspected. Getting the inspection completed promptly will prevent any delays due to problem areas that might be uncovered. For example, a pest problem like termites may need to be dealt with, or minor repairs to the roof structure may need to be scheduled.

Following the steps above will help to ensure that your mortgage closing process goes as smoothly as possible. To learn more, contact your local real estate professional today.

What's Ahead For Mortgage Rates This Week - October 2, 2017

Last week's economic reports included Case-Shiller's Home Price Indices, readings on new and pending home sales and Freddie Mac 's weekly mortgage rates report. Weekly jobless claims and reports on inflation and core inflation were also released.

Case-Shiller Home Prices Rise in July; New and Pending Home Sales Lower in August

According to Case-Shiller July Index reports, national home prices rose at a rate of 5.81 percent on a seasonally-adjusted annual basis as compared to June's reading of 5.80 percent. The top three cities in the 20-City Home Price Index were Seattle, Washington, Portland, Oregon and Las Vegas, Nevada.

Home prices are responding to high demand for homes and limited inventories of homes for sale. Although this trend has persisted in the last few years, lower readings for sales of new homes and pending home sales were lower in August. Analysts said this could indicate that home prices are topping out due to affordability and few homes for sale.

New home sales fell to 560,000 on a seasonally-adjusted annual basis in August as compared to July's reading of 580,000 sales. While real estate pros and economists look to pending home sales as an indicator for future closings and mortgage originations, August's reading slipped lower into negative territory with a reading of – 2.60 percent. July's reading for pending home sales was – 0.80 percent.

Mortgage Rates Stay Flat, New Jobless Claims Rise

Freddie Mac reported no change in average fixed mortgage rates. 30-year fixed rate mortgages had an average rate of 3.83 percent and 15-year fixed rate mortgage rates held steady at an average of 3.13 percent. The average rate for a 5/1 adjustable rate mortgage rose by three basis points to 3.20 percent. Discount points averaged 0.60 percent for 30-year fixed rate mortgages and 0.50 percent for 15-year fixed rate and 5/1 adjustable rate mortgages.

First-time jobless claims rose by 12,000 to 272,000 claims. Analysts expected 270,000 new jobless claims; 260,000 new claims were filed the prior week.

Inflation rose by 0.10 percent in August, which matched expectations and was lower than July's growth rate of 0.30 percent. Core inflation, which excludes volatile food and energy sectors, was unchanged at 0.10 percent and fell short of expectations of 0.20 percent growth in August.

Consumer sentiment fell to an index reading of 95.10 percent and met analysts' expectations based on August's reading of 95.30

What's Ahead

Next week's scheduled economic reports include readings on construction spending and labor-sector reports from ADP Payrolls, Non-Farm payrolls and the national unemployment rate for September. Weekly readings on mortgage rates and new jobless claims will also be released.