Jun 13, 2016 | Financial Reports
Last week’s economic news was highlighted by Fed Chair Janet Yellen’s speech in Philadelphia. Although Chair Yellen alluded to future Fed rate hikes, she did not specify when Fed policymakers would next raise the target federal funds rate.
Increases in the fed funds rate typically signal increases in consumer credit and home mortgage rates. Last week’s speech was seen as a precursor to the Federal Open Market Committee statement that will occur at the conclusion of next week’s FOMC meeting.
Chair Yellen is also scheduled to give a press conference after the FOMC statement next Wednesday.
Mortgage rates and new jobless claims also fell last week.
Fed Chair Speech: Fed Rate Increases Likely, but Subject to Economic Developments
Fed Chair Janet Yellen said that remarks would be “largely favorable” although economic developments were “mixed.” Chair Yellen cited economic progress toward the Fed’s dual goal of achieving maximum employment and price stability. Labor benchmarks included national unemployment below five percent, rising household income and indications of rising wages were cited as positive signs for economic expansion.
Slowing job growth and inflation staying below the Fed’s goal of 2.00 percent were cited as signs that the U.S. economic recovery is underway, but Chair Yellen also said signs of slower job creation along with uncertainties in global economic conditions and oil prices prevented short-term predictions about how the economy would perform.
Fed Chair Yellen also repeated her usual caution that Fed policy is not set in stone, but instead is subject to FOMC members’ ongoing review of economic developments and related readings.
Mortgage Rates, New Jobless Claims Lower
Freddie Mac reported lower mortgage rates last week. The average rate for a 30-year fixed rate mortgage was six basis points lower at 3.60 percent; the rate for a 15-year fixed-rate mortgage averaged 2.87 percent, which was five basis points lower than the previous week. The average rate for a 5/1 adjustable rate mortgage was six points lower at 2.82 percent. Discount points averaged 0.50 percent for all three loan types tracked by Freddie Mac.
New jobless claims were also lower at 264,000 new claims filed against expectations of 270,000 new claims and 268,000 new claims filed in the prior week.
What’s Ahead This Week
This week’s scheduled economic news includes the Fed’s post-meeting FOMC statement and press conference, reports on the consumer price index and core CPI, housing starts and the NAHB Housing Market Index. Reports on mortgage rates and new jobless claims will be released according to their weekly schedule.
Economic indicators such as price inflation, rising mortgage rates and housing data impact housing markets and consumers’ ability or willingness to buy homes.
Jun 10, 2016 | Around The Home
From DIY projects to the aisles of IKEA, there are plenty of ways for those looking to dress up their home to come up with unique and fun decorating options. However, with the instant accessibility of the Internet, there’s no reason you can’t search the world over for other’s people great ideas. If you’re looking for new tips and tricks, here are some websites that may inspire your own miniature renovation.
Limitless Art At Lumas
Finding the perfect portrait for your living room or bedroom wall has long been one of the last struggles of home decorating, but with Lumas.com you don’t have to conduct a search of the very best portraits. Instead of waiting for the ideal piece, just search this website created by two art collectors for items by new artists, signed images and economical options that will provide a wide variety of great wall coverings.
DIY Designs From Pop Sugar
With a lot of great images and ideas for what you can do all over your home, Pop Sugar – formerly known as Casa Sugar – is ideal for getting a smattering of instant ideas on how to change up your favorite living spaces. From things to do for your studio apartment to ways your furniture can compliment your astrological sign, there are few limits to the kind of advice you’ll find.
Vintage Offerings At Rubylane
As one of the largest websites of its kind, Rubylane provides one of the most extensive collections of vintage and antique items available anywhere. With so many web searches that offer up pages and pages of the goods you’re looking for, there’s no reason you can’t locate whatever unique item will kick up your room a few notches on this popular design site.
Small Sized Design With Small Furnish
With so many people looking to deck out their studio apartments and small houses, decor and DIY ideas for smaller spaces are becoming more popular, and no website can capitalize on this need quite like Small Furnish. Featuring everything from items for your laundry room to wall mounted laptop stations, this website will give you great small-scale ideas with an arty design ethos in mind.
It can be hard to know where to begin with decorating your home, but there are plenty of online options that will give you great ideas for how you can upgrade. If you’re currently on the market and are considering options for your next home, you may want to contact one of our real estate professionals for more information.
Jun 9, 2016 | Home Mortgage Tips
From saving up for a down payment to sussing out the ideal lender, there are so many things involved in purchasing a home that can make it seem like a rather complicated undertaking. However, like a lot of things in our lives, technology has streamlined the process in recent years. If you’re currently searching for a home on the market, here are some new technological advancements that may make buying a little easier for you.
The Smart Phone Advantage
The paperwork and requirements associated with a mortgage may not have changed much in recent years, but smart phones have provided us with the instant ability to see all the necessary documents from anywhere. While there was once a time it required a lot of time in front of a computer, smart phones have enabled people to fill in, review and reply to documents on the go, which makes for a much more efficient – and mobile – process.
The Implementation Of The E-Signature
It may seem like something that has been around for a while, but up until recently an approving signature on a document had to be provided in person. With all the mortgage documents that are needed to get the ball rolling, this type of approval took up a lot of extra time. Nowadays, instead of having to rush out to sign a paper, our mobility and legal laws enable anyone applying for a mortgage to be able to provide an e-signature, which means there is no waiting around on the backend.
Consult Your Local App
Almost everything has an app these days, and the mortgage process is no different. While there is still a lot of paper and information required in order to get approved, the growing availability of mortgage apps enables you to instantly determine how much your monthly payments will be and what the real cost of your home is when it’s all added up. Instead of the guesswork, these apps can help you answer the question of whether or not a home is the right price.
The mobility and ubiquitous nature of today’s technology has made a lot of things much easier, and the mortgage process is no exception. From apps that can better manage your mortgage to the use of e-signatures, there’s no reason getting a mortgage loan has to be rife with stress. If you’re looking into buying a home, please contact one of our real estate professionals for more information.
Jun 8, 2016 | Home Seller Tips
There are a lot of ways you can effectively stage your home to snag the attention of potential buyers, but there are often a few extra things you can do to really engage the senses of your guests. If you’re hoping for an instant offer and are pulling out all the stops to sell your home, here are some ways you can emotionally engage with visitors to your home.
Carefully Choose Your Color Scheme
You probably already have a fairly distinct color palette in your home, from the couch you’ve purchased to the tone of your paint, but that doesn’t mean you can’t spice it up with a few carefully chosen pieces. Neutrals like white, brown and grey are a great place to start, but instead of letting the room speak for itself, add a punch of color – like bright pillows or a bold throw – that will add instant appeal and make your home a little more memorable. Just remember that it’s important to use colors and patterns that aren’t too bright, as these can overwhelm your space.
Remove Your Most Personal Items
Many homeowners think it’s a great idea to have a lot of personal items around to draw people into their house, but too many items like this can actually distract your guests and may even make them feel uncomfortable. Before organizing your open house, ensure that you remove excess personal items like fridge photographs and frayed posters. Instead, stick with items like artwork or coffee table books which will still exude personality but won’t make potential buyers feel like they’re intruding.
Consider The Sense Of Smell
The senses are often drastically under-appreciated when it comes to staging your home, but they can actually go a long way in getting a lot more interest. Because smell can provide other positive cues that merely looking cannot, baking some cookies or muffins beforehand can be a powerful means of providing a great first impression and making visitors feels like they’re home. The addition of room spray or music may also mean potential homebuyers won’t mind lingering a little longer.
Successfully staging a home can be a matter of common sense, but engaging a buyer’s emotions can go a long way towards making an even better impression. If you’re preparing to put your home on the market in the near future, contact your local real estate professional for more information.
Jun 7, 2016 | Home Seller Tips
When you’ve already placed your home on the market, it can seem like the stress is over once you’ve received the offer, but the buck doesn’t stop there. Instead of being caught off guard when the time comes to negotiate, consider these tips that will assist in making the sale.
Rely On Your Agent
Once you’re at the point where you’ve received an offer and are unsure as to whether you should take it, it’s a good idea to sit down and discuss the options with your agent. Because a real estate professional will have plenty of experience with this part of the process, they’ll be able to guide you through what’s an acceptable offer and what you should pass on.
Sell Until It’s Signed
It’s very exciting to receive an offer on your home, but a verbal offer is not set in stone so don’t forget about other interested parties that are still in the mix. Since a buyer’s purchase of your home won’t be official until they’ve signed a contract and put down a deposit, make sure you to keep in touch with other potential buyers that might have an offer if your best option backs out.
It’s Not Just About Money
It’s great to receive the asking price you’re looking for, but there are many things to consider with the sale of your home. In the event that your home inspection has come up with a few maintenance flaws, you may need to adjust the price for your buyer. As well, it’s possible your buyer may not be ready to move in when you’re ready to move out, so be sure to consider any issue that may impact the final sale.
Don’t Hold On To Your Price
There are no set rules when it comes to price, but if you haven’t received any offers and your house has been on the market for more than 60 days, there’s a good chance it’s time to sit down with your agent. While it’s great to know all of the negotiation rules, if your price is set to high for the market, you’re not going to have the opportunity to get to the table.
There are plenty of negotiation strategies to consider when it comes to selling your home, but staying in the game and trusting your agent can go a long way towards a successful sale. If you’re planning on putting your home on the market, contact your local real estate professional for more information.
