Dec 19, 2018 | Real Estate
Virtual reality, artificial intelligence and drone video are just a few of the ways that technology is changing the real estate industry. If you are in the market for a property, understanding these new processes can help you in many ways.
Using Artificial Intelligence
Doing business with an AI-infused process helps you more quickly identify properties that meet your standards. AI also reduces human error in the closing process. Agents using AI can get you more information about properties more quickly, and they can also cut the fat out of the close, possibly saving you money.
Using Virtual Reality
Taking a virtual reality tour of a property can save you a lot of gas, time and effort. You no longer have to physically be at a location to understand its potential – you can see everything that you need to see online. Of course you can follow up in person, but you save huge amounts of time by visiting only the properties that have impressed you online.
Organizing Big Data
Buyers and sellers have access to more information than ever – information that was once only available to full time professionals in the industry. Dealing with it can be quite overwhelming, but you must in order to be a sophisticated investor. In many cases, your agent serves as your information filter, keeping you from becoming distracted by false or misleading information.
Remote Transactions
A growing number of real estate transactions are being done without ever meeting the other party involved. The entire process can be conducted online from search to close if need be. Buyers and sellers can save a great deal of money through reduced overhead with remote transactions. Biometrics help to maintain the security of the transaction.
The technologies above are just a few of the new things that are changing the real estate process for the better. Keep your ear to the street, because the landscape is always changing.
Contact your trusted real estate agent today to find out what new technology methods are available to help you find or sell your home.
Dec 18, 2018 | Real Estate
You have about five minutes to impress (or not) prospective buyers at a showing. For curb appeal, you get about five seconds for buyers to decide whether they want to go inside.
Here are four tips to help you get the wow factor from your home’s street-facing views.
Update Entryway Hardware
A wall-mounted mailbox, chic house numbers and a pretty porch light add interest to your entryway. However, dated and dinged hardware impress no one. In a perfect world, all your hardware matches in style, color and finish. Of course, it should also tie-in to the style of your house. Brushed nickel house numbers look fabulous on a modern home but might clash with your Victorian-style house.
Splash On The Color
A gallon of high-quality paint costs about $25 and should cover the front door, trim and shutters. This simple upgrade gives the whole property a fresh look. Of course, if the street-facing side of your home has peeling or faded paint, you’ll have to paint that too. If you end up painting the facade, it’s best to do the entire house at the same time to maintain color conformity.
Plant Power
A walkway trimmed in plants and flowers creates an inviting look. You can buy pre-planted greenery at your local home and garden center for an easy makeover of your walkway. For a less labor-intensive effect, install window boxes to add color and perk up your home’s exterior. Be careful to maintain them, since dying plants don’t increase curb appeal.
Create An Outdoor Living Space
If you have plenty of space on your patio or porch, use it to create a comfortable seating area. An outdoor rug, loveseat, chair and small table give buyers the idea that they could relax and entertain in this space. Colorful cushions in outdoor fabrics provide durable color and long-lasting wear the new owners can also enjoy. Make sure existing furniture is clean and maintained since moldy cushions and broken lawn chairs are not the upscale look you’re going for.
The main point of curb appeal is to attract prospective buyers who can’t resist the charm of your home. This makes it far more likely they’ll like what the see on the inside.
For help with preparing your home for sale, be sure to consult with your trusted real estate professional.
Dec 17, 2018 | Financial Reports
Last week’s economic reports included readings on inflation and retail sales. Weekly readings on mortgage rates and new jobless claims were also released.
Retail Sales Grow, Inflation Unchanged in November
November retail sales grew by 0.20 percent in November as compared to expectations of 0.10 percent and October’s reading of 1.10 percent growth. Core retail sales, which exclude automotive sales, grew by 0.20 percent and met expectations. Analysts said online stores pushed retail sales growth in November.
Inflation held steady in November as expected. Inflation grew by 0.30 percent in October. Core inflation, which excludes volatile fuel and food sectors, rose by 0.20 percent, which matched October’s reading. Lower fuel prices contributed to the higher Core Price Index reading.
Mortgage Rates, New Jobless Claims
Freddie Mac reported lower mortgage rates last week, which caused an uptick in demand for homes. Rates for a 30-year fixed rate mortgage dropped by 12 basis points and averaged 4.63 percent. Mortgage rates for 15-year fixed rate mortgages dropped 14 basis points and averaged 4.07 percent.
Rates s for 5/1 adjustable rate mortgages averaged 4.06 percent and were three basis points lower than the prior week. Discount points averaged 0.50 percent for fixed rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.
Last week’s average mortgage rates were the lowest in three months and prompted would-be be home buyers to enter the market.
First-time Jobless claims fell to 206,000 new claims filed as compared to the prior week’s reading of 233,000 new jobless claims filed. Analysts expected 226,000 new claims to be filed. The surge in unemployment claims during the prior week was connected to an early Thanksgiving holiday.
What‘s Ahead
This week’s scheduled economic reports include the National Association of Home Builders Housing Market Index, Commerce Department reports on housing starts and building permits issued. Sales of previously owned homes will be reported.
The Fed’s Federal Open Market Committee will issue its post-meeting statement along with economic projections for 2019. Weekly readings on mortgage rates and new jobless claims will be released along with a monthly report on consumer sentiment.
Dec 14, 2018 | Real Estate
There’s a lot to be said for buying a move-in ready home. All you have to do is put your things away and start living your life. On the other hand, buying a fixer upper has its advantages, too. You can get a great bargain on a fixer upper home. So which one should you choose?
Here are some things to consider.
You Can Easily Afford To Buy What You Want
If money is no object, then a move-in ready home is the best choice. You’ll be able to get exactly the home you want with little or no effort decorating it the way you want. If you’re the kind of person who can hire an interior decorator, then you’ll likely want to spend time decorating, not reconstructing.
You Like A Challenge
If you think of owning a home as an adventure rather than a convenience, consider buying a fixer upper. You’ll have lots of interesting challenges, like figuring out where to buy those non-standard replacement windows, how to reinforce a floor for a tile installation and much more.
You’re Older And Just Want To Settle Down
Renovating a fixer upper requires energy and strength. If you’re older or you tire easily, buying a move-in ready home might be a better strategy. A fixer upper might be too much to handle if you attempt all the work without professional help.
Money Is Tight
If you feel you would be strapped financially to buy a move-in ready home with all the bells and whistles, consider a fixer upper. You’ll be able to easily handle the mortgage payment. You’ll be able to renovate on your own schedule, according to when you can afford new building materials.
You’re Looking For An Investment
If you’re looking to get fast equity out of your home purchase, a fixer upper is definitely a smart move. Once you complete the renovations you could refinance on the higher value and bank the profits.
As you can see, fixer uppers and move in ready homes are both good values, depending on your own situation. Hopefully this list of pros and cons will help you make the right choice for your lifestyle.
Call your trusted real estate professional to go over the options of fixer-upper properties and move-in ready homes available in your local market. They are always the best avenue to find your perfect new home fit.
Dec 13, 2018 | Real Estate
Divorce can be an incredibly emotional and financially stressful time. Questions about what happens to assets and the family home add to the anxiety. Each state has divorce laws that differ and that can complicates decision-making.
For example, marital assets are distributed differently in community property states from equitable distribution ones. The idea of 50-50 splits may be a myth because judges have the discretion to deviate from even percentages. That being said, these are three things you should know about homeownership when contemplating divorce.
Who Gets The House?
This often ranks as the biggest question among divorcing spouses. Many years ago, it was assumed that the wife automatically gets the marital home. But laws have changed, and same-sex marriages don’t bring a difference in gender to the process.
These days, marital homes are generally subject to either community property divisions or equitable distribution. That means the court will either split it 50-50 or weight the equity in one person’s favor for a specific reason.
In divorces that include minor children, the parent who enjoys primary custody may be given an opportunity to remain in the home. This is often done by spouses agreeing to that solution. It’s also not uncommon for a court to order the home to be sold after children reach the age of majority.
Risks Of Co-Ownership After Divorce
Continuing to maintain joint ownership after divorce presents certain risks. In all likelihood, there will be a mortgage attached to the property and failure to make timely payments by either party puts both credit histories at risk. If one person falls on hard financial times, a court-ordered liquidation may be necessary. On the other hand, the other owner may have to foot all the bills to protect their credit rating.
Another risk associated with joint ownership is that the person living in the home may not adequately maintain it. Homeowners are all too familiar with ongoing maintenance and repairs. The home could end up losing value due to negligence. Although joint ownership has its child-rearing and potential value appreciation benefits, it can be risky.
When A Home Is Not A Marital Asset
Although states take different approaches to divide assets in a divorce, not everything is included in the so-called “marriage.” There are a number of items that are usually considered separate and apart from the marriage such as personal items, tools of a trade, pre-marital assets, and most importantly inheritance.
It is not uncommon for people to inherit a family home from parents or other loved ones. That property may not constitute a marital asset unless steps are taken to merge it.
For instance, putting a spouse’s name on the deed or leveraging its equity for a joint purpose may be considered co-mingling it with marital assets. However, if it remains separate and apart from the marriage, chances are that it will not be on the table for distribution during the divorce.
Homeownership and equity are handled differently from state to state. It’s important to speak with a legal professional about your unique situation.
If you are in need of assistance to sell your current property or buy a new property, your trusted real estate professional is ready to help.
