Oct 21, 2019 | Financial Reports
Last week’s economic reports included readings from the National Association of Home Builders on builder confidence in housing market conditions, Commerce Department readings on housing starts and building permits issued. Weekly readings on mortgage rates and first-time jobless claims were also reported.
Builder Confidence in Housing Markets Rises
The NAHB Housing Market Index rose in October from September’s index reading of 68 to 71.Home builders were confident in market conditions due to strong demand for homes caused by low mortgage rates and slower growth in home prices.
Obstacles including tariffs on building materials did not deter builder confidence; any reading above 50 on the Housing Market Index indicates that most builders are confident about housing market conditions.
Robert Dietz, Chief Economist for NAHB, said: “The second half of 2019 has seen steady gains in single-family construction, and this is mirrored by a gradual uptick in builder sentiment over the past few months.” Mr. Dietz cited “ongoing supply side constraints and concerns about a slowing economy” as factors expected to negatively impact builder sentiment in coming months.
The Commerce Department reported a seasonally-adjusted annual pace of 1.26 million housing starts in September. Analysts expected a pace of 1.32 million starts; August’s reading for housing starts was 1.39 million starts.
Fewer building permits were issued in September with 1.39 million permits issued as compared to August’s reading of 1.43 million permits issued; analysts expected 1.38 million building permits to be issued.
Mortgage Rates, New Jobless Claims Rise
Freddie Mac reported higher rates for fixed rate mortgages last week. The average rate for 30-year fixed rate mortgages rose 12 basis points to 3.69 percent; the average rate for 15-year fixed rate mortgages rose 10 basis points to 3.15 percent.
The average rate for 5/1 adjustable rate mortgages was unchanged at 3.15 percent. Discount points averaged 0.60 percent for 30-year fixed rate mortgages and 0.50 percent for 15-year fixed rate mortgages. Discount points for 5/1 adjustable rate mortgages averaged 0.40 percent.
Initial jobless claims also rose last week. 214,000 new claims were filed as compared to expectations of 215,000 claims filed and the prior week’s reading of 210,000 first-time jobless claims filed. Analysts noted that new jobless claims remained near a 50-year low.
What’s Ahead
This week’s scheduled economic news includes readings on sales of new and previously-owned homes along with a report on consumer sentiment. Weekly readings on mortgage rates and initial jobless claims will also be released.
Oct 18, 2019 | Real Estate
Many homeowners don’t think about what it takes to successfully sell a home until they make the decision to purchase a new home. It makes sense to consider the best ways to improve your home sales appeal early if you think you might consider selling at any time in the future.
Some reasons for buying a new house are to accommodate a growing family or a transfer to a new job. No matter the reason you want to buy a new home, it is important that you take the right steps to ensure you sell your home on terms that meet your needs.
Not only do you want to get a good price for your home, but you also want to sell your home sooner rather than later. Read this article for real estate tips that will help you as a first-time home seller.
Price Your Home Accurately
It is essential that you price your home accurately. To do this, you should use a reputable, trusted real estate listing agent. The home selling process will be far more straightforward for you if you choose a real estate agent who is actively engaged in real estate on a daily basis and knows your neighborhood well.
Your agent will take a look at the comparable sales of homes in the area and create an estimate of value, which is called a comparative market analysis. You can compare this estimate to the estimates from different real estate websites as well.
However, your listing agent will likely provide you with the most accurate estimate of value because they will use their education and experience to take into consideration the nuances of your local market and your particular home that will impact the sales price.
Home Staging
If you want to boost the value and buyer appeal of your home, you should do some home staging. In general, homes are most appealing to buyers with half of the furniture removed. Believe it or not, you want potential buyers to walk into your and wonder if anyone is actually living in the home.
The purpose of home staging is to boost the appeal and selling power. One of the best and most cost effective upgrades you can do during the home staging process is painting the walls. A fresh coat of paint will make any home look better.
List Your Home
The season that you choose to list your home is an important decision. The sales success can depend on the weather, time of year, local community, school schedules, and the state of the real estate market. Your real estate listing agent should have a solid plan to broadcast their new listing in the best light possible on its first day being listed and follow that with an energetic promotional agenda.
Talk with them to learn more about their customary marketing plan before agreeing to list your home for sale. This gives your agent a chance to demonstrate their marketing expertise and you will know that you have the best representation for your home when it goes on the market.
Oct 17, 2019 | Real Estate
If you want to maximize your outdoor living areas, the ideas below will help you do so. Backyards are seldom used to their full potential. No matter how large or small your yard is, a makeover can create cozy sitting areas and larger spaces that are perfect for entertaining.
Here are four ideas to transform how you use your yard:
1. Move Your Kitchen Outside
Outdoor kitchens let you enjoy fine weather while you cook. It also makes feeding a large gathering easier since there’s probably a lot of room to expand. Setting up a fully stocked outdoor kitchen gives you a multi-purpose space that can double as a lounge or dining area. It’s all about choosing the right furnishings, such as convertible picnic tables that turn into comfy benches.
2. Decorate To Attract Company
Patio and deck parties are fun and easy — especially if you can get everyone to come to you. Put up umbrellas or add an overhang to keep out the worst of the sun. Plushy seating with room to place snacks or meals keeps guests comfy and satisfied. It’s a great place to host poker night, a girls’ night in or your kids’ soccer team.
3. Create Green Space
Gardens have come a long way from your mom’s veggie patch. Reinvigorate your outdoor space with fresh ideas, such as raised beds that save your back when it comes time to harvest your tomatoes and cucumbers. Add brightly colored flowers around trees or in window boxes for a lush look that transforms your yard into a botanical retreat. If you really have a green thumb, consider building a greenhouse where you can grow things most of the year.
4. Light It Up
Area lighting really looks fantastic during nighttime get-togethers and lets you determine when the party’s over, not the sunset. Solar lights save energy and work well as guide lights along pathways. String lights create a magical effect around gazebos and patios. However, you’ll need brighter illumination if you have guests over. This may mean adding a circuit and hiring an electrician to put up spotlights and security lighting. The good news is that the changes also make your home more secure.
If you are interested in purchasing a new home or if you are ready to list your current property, be sure to contact your trusted real estate professional.
Oct 16, 2019 | Mortgage
Your credit report influences whether or not you’ll qualify for a mortgage and what kind of interest you’ll pay on that loan. This isn’t something you can safely ignore. Smart homebuyers understand the importance of monitoring credit scores and credit reports. Here is some information about how to get your credit report.
Free Credit Report Available
You’re entitled to free credit report, according to the Fair Credit Reporting Act. You can get one free report each year from each of the three major credit bureaus; Experian, Equifax and Transunion.
The easiest way to get your free report is to go to AnnualCreditReport.com. This is the official site that was originally established by the Fair Credit Reporting Act.
How To Get Your Free Credit Report
Once you reach the site, create an account by registering. Have as much of your available credit information available when you request your free credit report. The reason is because the site will need to verify that it’s actually you requesting the credit report. If you have your information at hand, it will be easier and faster to confirm your identity.
This is just a process that the site has in place to protect your identity from fraud. They might ask you things like past residences, past credit card companies, or something else.
Why You Need To Get Your Free Annual Credit Report
When you apply for a home loan, the lender will pull your credit report and review it. They’ll look for signs that you are a good credit risk. Things they consider include how you handle your debt to income ratio, whether or not you pay your bills on time and if you have any negative notations on your credit report.
For this reason, you should look at your own credit report before applying for a mortgage. This gives you a chance to fix anything that is incorrect in your credit report and an opportunity to improve your credit report if it’s not in great shape.
You Can Help Prevent Identity Fraud
Another important reason to review your free annual credit report is to prevent fraud. If you see anything unfamiliar on your report, such as loans you didn’t take out or balances for things you don’t recognize, you can immediately act on those issues so they don’t affect your chance at getting approved for a home loan.
Always be proactive when it comes to your credit history. By availing of your right to a free annual credit report, you can ensure that your credit is in as good as possible condition when you go to apply for a mortgage.
If you are looking for a new home or interested in listing your current property, be sure to consult with your trusted real estate professional.
Oct 15, 2019 | Financial Reports
Last week’s economic releases included readings on inflation, an essay from Dallas Federal Reserve President Robert Kaplan and the monthly consumer sentiment index. Weekly reports on mortgage rates and new jobless claims were also released.
Inflation Flat in September
Inflation did not change in September; August’s reading showed 0.10 percent growth, which matched the July reading. Falling gasoline prices caused the flat reading. Analysts said that cooling inflation may prompt Federal Reserve policymakers to cut the target Federal Funds interest rate range at their next meeting.
The core inflation rate, which excludes volatile food and fuel sectors rose 0.10 percent in September; analysts expected 0.20 percent growth based on August’s month-to-month inflation rate of 0.30 percent growth.
In related news, Robert Kaplan, President of the Dallas Federal Reserve Bank, said in an essay that he had no pre-determined plan for the Federal Reserve’s Federal Open Market Committee meeting at the end of October. He wrote, “I intend to avoid being rigid or predetermined from here and plan to remain highly vigilant and keep an open mind on whether further action on the federal funds rate is appropriate.”
Mr. Kaplan cited a concern that he shares with other FOMC members over a pull-back in business spending that could impact consumer confidence and spending Mr. Kaplan wrote that he was “mindful about “asset bubbles” caused by investors seeking higher yields.
Mortgage Rates and New Jobless Claims Fall
Freddie Mac reported lower mortgage rates last week as the average rate for 30-year fixed rate mortgages fell eight basis points to 3.57 percent; the average rate for 15-year fixed rate mortgages fell nine basis points to 3.05 percent and rates for 5/1 adjustable rate mortgages averaged 3.35 percent and three basis points lower. Discount points averaged 0.50 percent for fixed rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.
First-time jobless claims fell to 210,000 initial claims filed and were lower than the expected reading of 220,000 claims filed. Analysts said that fewer first-time jobless claims indicated minimal threat of layoffs.
October’s Consumer Confidence Index rose to 2.80 points to an index reading of 96 as compared to September’s reading of 93.20 points. Analysts expected an index reading of 92.50 points.
What’s Ahead
This week’s scheduled economic news includes readings on homebuilder confidence in housing market conditions, Commerce Department readings on housing starts and building permits issued. Weekly readings on mortgage rates and first-time jobless claims will also be released.
