Oct 17, 2013 | Housing Analysis
The National Association of Homebuilders/Wells Fargo Housing Market Index dropped two points to 55 from September’s revised reading of 57. Builder concerns over labor costs and availability and economic uncertainty related to the federal government shutdown were noted as factors contributing to the lower reading for October.
Key Points Noted In October‘s HMI included:
- Builder confidence remains above 50, which indicates that more builders have a positive outlook on housing market conditions than those with negative sentiment.
- The October HMI cites pent-up buyer demand in markets throughout the US as a positive influence on October’s reading.
- A spike in mortgage rates lowered builder confidence, but the Federal Reserve’s decision not to change its quantitative easing program eased fears about rapidly rising mortgage rates.
- The federal government shutdown, along with builder and consumer concerns about the national debt ceiling also contributed to a dip in homebuilder confidence.
- National HMI results are comprised of homebuilder ratings of three factors. Homebuilders rated current market conditions at 58, which was two points lower than September’s reading.
- Builder outlook for market conditions over the next six months fell by two points to October’s reading of 62. The lowest reading came in at 44 for buyer foot traffic. This reading was also two points lower than the September reading.
Regional HMI Results Mixed
Readings for regional homebuilder confidence varied for October:
Northeast: The reading for October fell three points to 38. Concerns over the government shutdown were felt here.
Midwest: Up by one point for October at 64, the Midwestern region posted the only gain for October.
South: The October reading for the Southern region was unchanged at 56.
West: The West lost one point on its HMI for October. Lack of available homes and developed land for building likely contributed to this reading.
NAHB Projects Single And Multi–Family Housing Starts
The NAHB estimated that starts for single and multi-family housing units for September will fall between 875,000 and 900,000 on a seasonally-adjusted annual basis. Single-family housing starts are expected to range between 620,000 and 630,000 for September.
NAHB produced this estimate in lieu of the US Department of Commerce report on housing starts that was delayed due to the federal government shutdown. NAHB also reported continued volatility in multi-family housing construction.
A continuation of the government shutdown will almost certainly create ongoing consequences for housing and mortgage lending.
Oct 16, 2013 | Home Seller Tips
You might love your furry friends, but are their pet odors turning off potential buyers when you are trying to sell your home?
Many cat and dog owners are around their animal companions so often that they become immune to the smell and don’t notice it in their home, so you might not even realize that your home smells of pet odor.
However, when you are selling your property first impressions are very important and if a potential buyer gets a whiff of pet odors when they walk in the door this can really make them lose interest in your property.
Ask your real estate agent for an honest opinion. If they say that you have a problem, here are some ways that you can freshen up your house without getting rid of Fluffy or Fido.
- Air everything out. Open up all of the windows to let the fresh air come in from outside and sweep away all stuffiness and smells.
- Wash the floors and the walls with vinegar, floor cleaner or an odor-neutralizing cleaning product. You can find pet-specific cleaning products at pet supply stores.
- Pet smells can seep into fabrics, so steam clean or dry clean your fabric drapes and upholstery.
- Washing blankets and bedding in a mix of laundry detergent and a quarter cup of apple cider vinegar can help to remove the smells.
- Before showing off your home, have your carpets professionally cleaned so that all of the deep-down dog hair and cat dander will be removed.
- When potential buyers come over, you can place potpourri or scented candles around the room in strategic locations. However, be careful that you don’t go overboard as some people are sensitive to strong perfumes.
- Keep your pet contained to one section of the house to make cleaning easier and keep the rest of the house smelling fresh. If at all possible, have your pet stay with a friend when the home is being shown.
With these tips, you should be able to present a fresh-smelling first impression to anyone who comes to view your home. For more information about selling your property, contact your trusted real estate professional.
Oct 15, 2013 | Home Buyer Tips
By the time you get to the final walkthrough on your property, the home buying process is almost complete. However, it is still important to pay close attention to this final step, as it will be crucial in the success of your home purchase.
The final walkthrough is your last opportunity to ensure that everything in the home is in working order and that there are no potential problems waiting for you when you take over ownership of the property.
While conducting a final walkthrough of the property, give yourself enough time to look carefully at everything and not be rushed. You are looking for any new issues that might have arisen since the last time you viewed the home.
Once you close on the purchase the previous owners will not be obligated for fixing any damage. For this reason, you should schedule your walkthrough approximately 24 hours before closing on a home.
What You Should Look For?
When you are performing your walkthrough, here are some of the important issues that you should be watching out for:
- Are all major appliances in working condition? Do they all have their warranties and owner’s manuals?
- Do all of the light switches and outlets work?
- Have any of the fixtures or appliances gone missing, even though the seller agreed to leave them behind?
- If you have agreed on any repairs, has the seller had these repairs completed?
- Are there any signs of damage (i.e. scratched walls or floors) as a result of the previous owner moving out?
- Do all of the water faucets and toilets function as they should?
- Check the exterior of the house, especially if there has been a storm or strong winds since your last visit.
- Did the previous owner leave any garbage, extra furniture or unwanted items behind?
What To Do If You Spot A Problem?
If you find a problem when you are going through your walkthrough, there are a few options of what you can do. If the issue is very serious, you might choose to walk away from the deal completely. However, if the issue is not that significant you might decide that it is not worth losing your dream home over.
You could simply pay for the repair yourself, or postpone the closing until the seller fixes the problem. If the repair was agreed upon during the negotiations, you have a legal recourse.
To find out more about buying property, feel free to contact your trusted real estate professional.
Oct 11, 2013 | Consumer Tips
By Bill Nickerson
The current shutdown of the Federal Government has left many homebuyers and real estate industry partners with many questions about how the shutdown
will impact their ability to do business. Merrimack Mortgage will continue to operate at full capacity during the shutdown; however, the shutdown creates some challenges for lenders. We hope you find this piece informative and that you will share it with staff and colleagues, as well as potential homebuyers and sellers.
FHA LOANS
FHA Single Family Housing – Government Shutdown FAQs
Source: http://www.whitehouse.gov/
Q: How will this impact the housing market? A: Because we are able to endorse loans, we don’t expect the impact on the housing market to be significant, as long as the shutdown is brief. If the shutdown lasts and our commitment authority runs out, we do expect that potential homeowners will be impacted, as well as home sellers and the entire housing market. We could also see a decline in home sales during an extended shutdown period, reversing the trend toward a strengthening market that we’ve been experiencing.
Q: Will FHA have staff available to answer questions if there is a government shutdown? A: Limited FHA staff will be available to respond to questions, emails or other correspondence.
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Oct 11, 2013 | Around The Home
From crunched-up leaves stuck to bottoms of shoes to bulky coats shed as soon as kids walk through the door, mudrooms are ideal for keeping outdoor dirt, wet clothing and outerwear from being strewn throughout your home.
Mudrooms not only keep the rest of your house clean, but they also designate a spot for those last-minute grabs, such as coats, umbrellas and purses, when you’re running out the door.
These rooms are great catchalls. However, an organized mudroom can make your life and those hectic mornings much less stressful. Below are smart tips for getting your mudroom ready this fall.
1. Put In Seating
After shedding outer layers, the next thing anyone wants to do after coming inside on a cold, wet day is to take off their mucky shoes. So make sure there is a built-in bench or convenient chair for people to sit down and tend to their tootsies. Whether taking off or putting on shoes, it makes life a little more comfortable.
2. Install A Sink
A mudroom is supposed to be the catchall for everything dirty from the outdoors. With this in mind, a sink for washing off the grime and mud makes sense. Then you can clean your clothing in the contained space without having to haul them to the kitchen sink or laundry room.
3. Create Cubbies
Even though this space is designated as a drop-off point before entering the main living space, you don’t want everything just thrown into one big confusing pile. Create individual cubbies for every person in your household. Each cubby should contain a shelf for purses and backpacks, hooks for coats and a low place for shoes.
4. Splurge On A Boot Warmer
While electric boot warmers can be a little expensive, you will definitely think it’s worth the money when it’s freezing outside and your shoes are damp. Electric boot warmers heat your shoes on pegs and dry them out at the same time. They also work well on gloves.
Fall is a mudroom’s busy season; so get it in shape with the tips above. With all the coats hanging on their hooks, shoes in their cubbies and dirt contained to this designated space, your life will be a little more organized and much less stressful!
