Jun 19, 2019 | Real Estate
Whether you’ve been looking for a home for a long time now, or you’re just about to get started on the hunt, you’re probably wondering how long should you spend looking for a new home. Does it take weeks to find your forever home, or months or even a year? What’s typical?
There Is No Typical
The reality is, there is no typical amount of time it takes to find your home. There are too many variables, including how actively you’re looking. Maybe you’ve heard horror stories of people who’ve been hunting for a house for a year. But come to find out, they’ve only really devoted one weekend a month to looking at houses.
Or you’ve heard of a couple who found their dream home in just two days. Well, odds are they spent many nights online, sifting through hundreds of house images and only went to see a handful of homes in person which really met their search criteria.
The Market Plays A Part
It takes longer to find a home when the market is slanted toward sellers. In times like that, there’s less inventory and the houses that are available may be out of reach financially. Keep looking, though, because your real estate agent may find the ideal house on the market from a motivated seller who’s wiling to come down on the price. Hang in there and you’ll find your dream home in any market.
Does Your Dream Home Exist?
If you feel like your home search has been dragging on despite a favorable market, it could be you’re looking for something too elusive to find. Maybe it’s not the houses you’re dissatisfied with, but something else. You may be unconsciously trying to recapture something you’ve lost, like your old childhood neighborhood or a feeling of community.
These are all valid desires that you can acquire with the right home in the right place. Try to identify what you’re really looking for so your real estate agent can help you find it.
When it comes to finding your home, it takes as long as it takes. Enjoy the process, communicate with your real estate agent and try to keep an open mind. One day, when you least expect it, you’ll walk through the doors of your next home for the first time.
Jun 18, 2019 | Real Estate
When you’re in the market for a new home to buy, your real estate agent will likely invite you to ride along with them to view homes. This is a convenient courtesy, but you may want to reconsider. Your other option is to follow the real estate agent in your own car instead.
Here are some reasons to take your own car when viewing homes:
1. It Gives You Time To Confer With Your Partner
After you’ve looked at one house, getting back into your private vehicle with your partner allows some time to openly talk about the house you just saw without worrying about how it may influence others.
2. It Lets You Drive Slower
Real estate agents do quite a bit of behind-the-scenes preparation when showing homes. They may have driven to a property several times before they bring you to see it. As such, they may drive with the intent of “getting there,” while you may might like to drive slower so you can see more of the area.
When you follow behind in your own car, you can take your time or even slow down more if you see something of interest, like a park or an interesting coffee shop.
3. It Lets You Contemplate Specific Features
When you get back into your own car after viewing a house, you and your partner can sit in comfortable silence if you wish to think about certain features you really liked. This is also an opportune time to make mental notes of features you’d be interested in seeing in future houses. Once you get your list together you can talk about it later with your real estate agent.
4. It’s More Convenient If You Decide To Make An Offer
Let’s say you’ve just seen the house that you are positive you want to buy. You ask your agent to make a formal offer. Now the agent has to head back to the office to submit the offer.
If you’ve driven your own car, you can simply part ways and you go back to work or home and await the results. Otherwise, there’s a delay on the submission while the agent drops you at your house first.
The next time you spend an afternoon looking at houses with your agent, consider taking your own car. As you can see, it’s the smart option.
Partnering with a trusted real estate agent is an important part of your home buying experience. Be sure to communicate your needs every step of the way.
Jun 17, 2019 | Financial Reports
Last week’s economic reports included readings on inflation, retail sales and consumer sentiment. Weekly readings on mortgage rates and first-time jobless claims were also released.
Consumer Price Index Lower in May as Retail Sales Hold Steady
Last month’s Consumer Price Index, which is a widely-used gauge of inflation, dropped to 0.10 percent in May and matched expectations. April posted month-to-month growth of 0.30 percent. Core inflation, which excludes volatile food and fuel sectors, rose 0.10 percent in May and fell short of expectations of 0.20 percent growth.
April’s Core Consumer Price Index grew by 0.10 percent. Analysts reported a likely slowdown in economic expansion last week. Consumers, vendors and financial analysts said trade wars and global economic uncertainty were factors in concerns over economic conditions.
Retail sales rose from April’s reading of 0.30 percent to 0.50 percent in May; retail sales without automotive sales held steady with 0.50 percent growth. April retail sales also had 0.50 percent growth.
Mortgage Rates Stay Near Two Year Low
Freddie Mac reported average mortgage rates were little changed last week. 30-year mortgage rates averaged 3.52 percent and were unchanged from the prior week. 15-year fixed mortgage rates averaged 3.26 percent and were two basis points lower.
5/1 adjustable rate mortgages dropped one basis point to 3.51 percent on average. Discount points averaged 0.60 percent for 30-year fixed rate mortgages, 0.50 percent for 15-year fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.
First-time jobless claims rose to 222,000 claims filed last week, which exceeded expectations of 218,000 new claims based on the prior week’s reading of 219,000 initial jobless claims. Analysts said that labor markets remained solid, but layoffs in California and Pennsylvania caused new jobless claims to rise last week.
The University of Michigan reported lower consumer sentiment in June with an index reading of 97.90 as compared to May’s reading of 100.00; 40 percent of consumers surveyed cited concerns over pending tariffs against Mexico for falling confidence in economic conditions.
The tariffs against Mexico were sidelined, which may boost consumer confidence readings in July. When tariffs were set against imports from China, only 21 percent of survey participants identified tariffs as cause for concern.
What‘s Ahead
This week’s scheduled economic releases include reports from the National Association of Home Builders on housing markets conditions, the Federal Reserve’s FOMC meeting statement and a press conference from Fed Chair Jerome Powell. Data on sales of pre-owned homes will be released along with weekly readings on mortgage rates and new jobless claims.
Jun 14, 2019 | Personal Finance
Perhaps you have won the lottery, received an inheritance, or cashed in one of your investments, and now you have a large sum of money you don’t know what to do with.
Although it is tempting to cruise around town in a brand new sports car it is important to think carefully about how to spend your newfound cash.
To give you some ideas on the smartest way to use your new wealth, here are five things to do with a windfall other than spend it right away:
1. Erase Your Debt
Your new found money will allow you to clear up all of your debts, which will lift a huge financial burden off your back and give you a lot of freedom. Start with the debts with the highest interest first, such as your credit card debts.
2. Create an Emergency Fund
Calculate how much money you would need to cover your living expenses for 6 months. Take this amount off your windfall and place it into a savings account. This money will be your fail safe. In case of an emergency, such as you hurt yourself, become ill, or lose your job, you will have enough money to live comfortably until times get better, without having to go into debt.
3. Invest in Your Home
If you spend your windfall on a renovation for your home, there is a good chance that you can increase your property value enough to make it more than worth it. Talk to estate agents in your area to determine which type of home improvement will increase your home’s value the most, but usually kitchens and bathrooms are the best rooms to update.
4. Buy a Vacation Property
Consider putting your newfound wealth into a holiday home overseas in a popular destination. You will be able to enjoy lounging on the beach there, and when you are not using it you can rent out the home to tourists to cover the costs. Later on in life when you want to retire, you will always have the option of moving there!
5. Live Off the Interest
If you won a million dollars in the lottery, you could spend it right away on a huge house and a car and then have nothing left. Or, you place it in an investment account and have it earn 6% annually. At this rate you would have approximately $5,000 per month or $60,000 per year without ever touching your initial sum. You could easily live off this amount and never have to work again.
These are a few ideas of what you could do with your money if you are lucky enough to receive an unexpected windfall.
Do you have any other ideas of how you could use your windfall?
Jun 13, 2019 | Real Estate
It can be challenging to be organized when you have children. But this is only because, as a devoted parent, you want to be sure your child has everything they need to become happy, well-rounded adults some day.
This usually means you’ll be bringing your kids to extracurricular activities, play dates, fun events and family outings. It also typically means that over the years there will be a steady stream of school supplies, toys, new clothes and maybe even a musical instrument or two. So how can busy parents stay organized with kids?
Share A Calendar
Depending on how you prefer to organize your days, consider sharing a digital or paper calendar with the entire family. Family members can add events as needed and everyone can access the latest updates. This way, no one gets caught off guard when the dinosaur diorama is due on Monday morning or your child’s ballet recital gets moved from Friday to Saturday afternoon.
Don’t Be Too Detailed
Toys and art supplies have a way of ending up on the living room floor no matter how many tidy storage bins are in your child’s room. Try keeping a large wicker laundry basket in the corner of the living room and let your child pile their things randomly inside the basket. This allows for fast cleanups and doesn’t require you to supervise the “organization.” It also lets smaller kids feel like they’re being a big kid by helping to straighten up.
Store Papers In Accordion Files
Keep accordion folders on hand in the kitchen for when your child comes home with artwork or papers with A grades. Have one accordion file for each month, because they will fill up fast. At the end of each month, go through and filter out anything you don’t want to save permanently. With this method you’ll automatically have your child’s best papers saved according to date.
Do Things On The Same Day
It’s surprisingly helpful to make a practice of always doing certain things on certain days. For instance, every Saturday is bath night, or every Wednesday is change the sheets day. This lets kids know what to expect in their lives and makes it easier for parents to remember things.
Children add so much joy to parents’ lives. When you’re organized, you’ll probably find that you have even more time to share with your little loved ones.
Need some extra space for the kids in your life? Call your trusted real estate professional to help you find your next dream home today!
