Apr 5, 2016 | Home Seller Tips
Most people that have embarked on selling their home know a lot about how to showcase the inside of it, but one of the most important parts of showing a home can be forgotten as a result. Since the outside of your home is the first thing a potential homebuyer will see, here are a few simple ways you can quickly boost its appeal.
Re-Consider The Front Door
If your door is both welcoming and majestic, you may be able to skip this step, but if you have chipped paint or disintegrating steps, it’s definitely going to be worth a minor renovation so you can make a positive impression. It’s just a fact that if the front door isn’t up to snuff, any potential homebuyer is going to have a bad feeling about your house right from the start.
Languish Over Your Lawn
The look of your lawn is going to be noticed right away, so make sure that your grass is weed free and well-manicured. If you happen to have flowerbeds, you ‘ll want to make sure that any dead plants are pulled before seeing any potential buyers. In addition, if any pruning needs to be done, it’s a good idea to complete this before anyone arrives on your front stoop.
Perk Up With Paint
Few things will perk up the look of a surface than a primed paint job, so while it can be a large task to complete, you may see the results in the sale price of your home. While you may want to stick with the color you already have, if you do decide to change it up ensure it’s a color that isn’t so bold it will turn off potential homebuyers.
Clear Away Anything Extra
If you’re going to be showing your home, it’s very important that everything unnecessary on the front law, like children’s toys or an empty wheelbarrow, is stored away. A tidy lawn will leave buyers with the instant impression that your home maintenance is as impeccable as that of your front yard.
There are many great tips for showing a home, but it’s also important to consider how your home will look from the street. Since this will be the first things potential buyers view, it will have an impact on their first impression. If you’re selling your home and are interested in what’s on the market, you may want to contact one of our real estate professionals for more information.
Apr 4, 2016 | Financial Reports
Last week’s economic calendar was full of new releases including pending home sales, Case-Shiller Home Price Indices and construction spending. Labor related reports including ADP payrolls, federal Non-farm payrolls, and the national unemployment rate were also released along with reports on consumer confidence and weekly reports on mortgage rates and new unemployment claims.
Case-Shiller: January Home Prices Up 5.7% Year-Over-Year
According to the S&P Case-Shiller 20-City Home Price Index for January, home prices increased by 5.70 percent year-over-year. The West led price increases with double-digit price gains posted for San Francisco, California, Portland, Oregon and Seattle, Washington. Denver, Colorado also posted a double-digit gain, but dropped its recent lead for metro areas tracked by the 20-City Index.
The National Association of Realtors (NAR) reported better than expected growth in February pending home sales. Low mortgage rates pushed pending home sales to their highest rate in seven months. Pending home sales rose 3.50 percent in February, which exceeded the expected reading of 1.80 percent and January’s reading of 03.00 percent. NAR Chief Economist Lawrence Yun said that February’s reading indicated that housing markets may be recovering after choppy winter sales. Mr. Yun also noted a “slight uptick in inventory,” which is good news for housing markets currently experiencing low inventories of homes for several months or more.
S&P Index Committee Chair David M Blitzer echoed Mr. Yun’s remarks about the impact of low inventories of homes for sale. While higher home prices driven by low inventories benefit home sellers, there comes a point where potential buyers cannot find and / or afford available homes. Constructing new homes is the only immediate solution to increasingly limited supplies of homes for sale.
Construction spending slipped in February from January’s upwardly revised $1.150 trillion on a seasonally-adjusted annual basis. February’s reading was $1.144 trillion. Construction spending fell 0.50 percent as compared to analysts’ expectations of 0.20 percent. Year-over-year, construction spending was 10.30 percent higher in February.
Mortgage Rates Mixed, New Jobless Claims Rise
Freddie Mac’s weekly mortgage rates survey reported mixed results last week. The average rate for a 30-yar fixed rate mortgage held steady at 3.71 percent; the average rate for 15-year fixed rate mortgages rose by two basis points to 2.98 percent and the rate for 5/1 adjustable rate rose by one basis point to 2.90 percent. Average discount points were unchanged across the board at 0.50, 0.40 percent and 0.50 percent respectively.
New unemployment claims rose to 276,000 against an expected reading of 270,000 new claims and 265,000 new claims the prior week.
The Bureau of Labor Statistics reported fewer jobs created in March than for February. 215,000 jobs were added in March as compared to the expected reading of 203,000 new jobs and February’s reading 245,000 new jobs. ADP reported a lower reading of 200,000 private sector jobs added as compared to expectations of 205,000 jobs added and February’s reading of 205,000 private sector jobs added. The national unemployment rate ticked up to 5.0 percent over February’s reading of 4.90 percent.
Consumer confidence rose over two percent in March with a reading of 96.20 percent. Analysts expected a reading of 94.20 based on February’s reading of 94.00.
What’s Ahead This Week
Economic reports scheduled this week include job openings and weekly reports on mortgage rates and new jobless claims.
Apr 1, 2016 | Around The Home
The concept of going green is often seen as an expensive process, and this can stop many people from taking the small steps needed to make their home more environmentally friendly. If you want to green-ify without any of the high costs, here are some simple things you can do that will easily improve the energy efficiency of your home.
Complete An Energy Audit
It can cost upwards of $400 to get a certified evaluator to take a look at your property and determine how energy is being wasted, but you can complete this type of evaluation on your own without all of the expenditure. Try the candle test and take a flame on a tour of your home, being aware of areas where the flame wavers and drafts may be coming in from outside. Once you’ve determined the problem areas, you can tackle the project of re-caulking which will seal up any openings that are leading to energy loss and more expensive heating costs.
Fix-Up Noticeable Insulation Issues
Completely overhauling your insulation is not among the easiest of fixes, but there are some simple ways you can improve its effectiveness without a lot of hard work. Instead of a comprehensive analysis, head up to the attic to take a peek at the insulation there. Using a mask and a pair of gloves, check the insulation and look for any spaces where air could be gaining access to your home. If you come across any vulnerable areas, add some extra insulation and seal the area with expanding insulation for a little added coverage.
Install A New Faucet
While heat conservation is one of the most important factors in energy efficiency, taking care of the water supply will also have a significant impact on your home’s environmental footprint. Instead of sticking with old-style faucets, head down to the hardware store for low-flow taps that will automatically cut down on water use without you or your family having to think twice. This type of fix is an easy enough installation and your water savings will be facilitated every time you turn on the tap.
There are a number of small changes you can make around your home to easily conserve energy and cut down on water waste. If you’re doing some small renovations because you’re preparing for a large move, you may want to contact one of our local real estate professionals for more information.
Mar 31, 2016 | Home Mortgage Tips
If you’re considering whether home ownership is the right decision for you, there are lots of different factors you’ll want to take into account. Do you want to keep moving around, or are you ready to lay down roots in a community? Are you prepared for the additional upkeep that home ownership requires?
But one of the big factors in home ownership that few potential buyers consider is the tax benefits of getting a mortgage. Although it may seem counterintuitive, getting a mortgage on a property that you own can reap lots of dividends come tax time.
So how does a mortgage work for you and help you keep more of your hard-earned money? Here’s what you need to know.
Mortgage Interest Deductions: How Your Mortgage Interest Saves You Money
If you’re a homeowner in the United States, your mortgage interest is tax deductible. The mortgage interest tax deduction was introduced in 1913, and is one of the longest standing and most used tax deductions out there. The deduction allows you to deduct all of your mortgage interest payments from your federal taxes.
But in order to deduct your interest payments, you’ll need to meet certain basic eligibility requirements. Firstly, you’ll need to file Form 1040 and itemize your deductions on Schedule A in order to be eligible. You’ll also need to be the primary borrower named in the mortgage – you can’t deduct interest on someone else’s mortgage, even if you’re the one making the payments.
And finally, you need to (at some point) make a payment on your home. Note that rental properties are not usually eligible for a mortgage interest deduction (though there are some exceptions).
First-Time Buyer? Mortgage Credits And Other Buyer Programs Keep More Money in Your Pocket
If you’re a first-time buyer (and even if you’re not), you’ll have access to a variety of new buyer incentives and mortgage tax credits that other buyers don’t receive. Firstly, as a first-time buyer, you’re able to take out $10,000 from your traditional or Roth IRA at any point during your lifetime – without paying the 10% penalty for withdrawing early. There are also several credit programs for buyers, including the Residential Energy Credit, which gives you up to $500 toward any home improvement project or equipment purchase that makes your home more energy efficient.
It may seem like getting a mortgage is a great way to spend money, but it’s also a great way to save money through various government tax programs and rebates. A trusted real estate agent is the best way to learn more about the various tax credits and incentives available for home buyers, and we’d love to help!
Mar 30, 2016 | Around The Home
Whether or not you’ve been looking into selling your house for a while, there’s a good chance you’ve heard the buzzword ‘renovation’ and considered how it can positively impact the value of your home. From upgrading your kitchen to painting, there are plenty of renovations that will do wonders in terms of your property’s price on the market, but there are a few that can actually have the opposite effect so you’ll want to be leery of the following fix-ups.
Cool Colored Tile
If, at one point, you installed a bunch of brightly colored tile into your living room or kitchen to add a bit more life to your home, it’s possible this is the type of renovation you may come to regret upon resale. Often times, when it comes to purchasing a home, buyers will be looking for something they won’t have to renovate right off the bat, so a flashy feature can have a marked effect on the selling potential of your house.
An Unflattering Paint Color
You’ve probably heard all about the power that painting has to revamp the look of your home, but the wrong tint of paint can actually have the completely opposite effect. Instead of opting for bright or risky colors, ensure you stick to neutrals that will coordinate in a flattering way with your furniture and flooring. A bright color can certainly make for a memorable impression, but it can also obscure many other good features if it happens to be too much.
Adding On Another Bedroom
It can often be considered a great benefit to have a house with multiple bedrooms. However, if you’ve condensed the size of one room to create an extra bedroom that’s little more than miniature, it may not have the impact on your price-point you envisioned. Instead of focusing on the house that you don’t have, play up the positive features of your home and the ideal buyer will come to you – and hopefully with the offer you’re looking for.
Renovating your home is a good idea if you’re planning on putting it on the market, but adding on another bedroom or choosing a garish color of paint might not be worth the cost you’re going to pay. If you are planning on putting your home on the market in the near future, you may want to contact one of our local real estate professionals for more information.
