Jul 6, 2018 | Real Estate
Once you and the seller have negotiated an offer and you’ve been pre-approved for a mortgage, you might think that you are in the clear as far as your closing goes. However, that is not always the case. Many surprising things can put a halt to closing. Some may ultimately stop the closing altogether while others could simply cause a delay.
Here are a few unexpected things that can derail a real estate closing:
A Job Promotion
While you might know that changing employers is one way to interfere with the closing, another deal-breaker can be switching positions with your current employer. If you are a salaried employee and switch to a non-salary commission job, for instance, you could be looking at a problem when it comes to closing on a house.
Whenever you have any change in employment, even if it is with the same employer, most lenders will require a two-year history. A new job title could be a problem at closing — even if the new position pays more money. In some cases, the lender might not be able to include the income from your new job. If so, you could quickly end up not being qualified for the loan.
Therefore, it’s best to avoid any change in employment until after closing even if it is with the same company. Talk with your mortgage finance professional regarding your personal circumstances before making any employment changes.
Last-Minute Requests for Documents
It is easy to assume that lenders will already have all the documents that they need by closing, but that is not necessarily the case. Lenders can become overwhelmed with work, especially during a hot real estate market. Lenders will sometimes realize that they need more information last-minute.
They might ask for a canceled check, copies of your rental agreement, current pay stubs or other items. If you don’t have the documentation handy, it could cause your closing to be delayed or even completely canceled if you can’t produce the requested information.
To avoid this situation, make sure that you consistently communicate with your lender throughout the loan process.
A Delayed Transfer
You will most likely need cash at closing. If you are relying on your bank to transfer funds right before closing, then you might be shocked if the transfer falls through at the last minute. Bugs in the bank’s system or other issues could affect the transmission.
Therefore, make sure you time your transfer to reach you or your closing agent a couple of days before closing.
Closing on a mortgage is something that you don’t want to derail. Avoiding the above mistakes will help ensure a hassle-free closing transaction.
As always, remember that you can count on your trusted real estate professional to remain committed to your success throughout the entire home buying and/or selling process.
Jul 5, 2018 | Real Estate
If you’ve decided to sell your home, you’ve probably paid a lot of attention to the inside of your home. You have likely cleaned and staged your living room, bedrooms and kitchen to perfection. If you were like most other homeowners, you might have forgotten to stage one of the most critical areas of your home — the garage.
Most home buyers want a perfectly organized garage stage. A clean, organized garage is more important than you might think when it comes to selling a home. In fact, the Active Spring Shopper’s Report found that more than 30 percent of home buyers said that the garage is one of most essential rooms in a home. That means that 3 out of 10 buyers would rank a garage higher on their list of priorities than say a beautiful kitchen or bathroom.
If your garage has become a grease-stained dumping ground, that is okay. There are still plenty of things that you can do to get it looking like the showroom of an auto dealer. Get your garage in top shape with these tips.
Clear The Clutter
Garages tend to be the one place where you can throw everything to keep out of sight. Anything that you don’t have room for probably goes into the garage. As a result, you might have quite a bit of clutter in there. Start by taking everything out. Before putting anything back in the garage, sort it into piles. Make three piles — keep, donate and throw away. Next, sort items accordingly.
Clean Thoroughly
Clean the floor and walls thoroughly. Use a concrete degreaser and a large scrubbing brush. If your floors are still dingy after cleaning, consider painting your concrete with epoxy. Garage floor epoxies are specially designed for concrete and can make your garage floor look brand new. This detail can impress buyers.
Organize
The last step is to organize the remaining items. Consider installing different types of shelving to expand your garage storage. Metal and wire shelving, storage benches and metal cabinets are all excellent storage ideas for a garage. Consider installing storage racks on the ceiling of your garage to use the space above.
Your trusted real estate professional will have loads of tips to help you make your home presentable and appealing for buyers. Make sure to utilize this valuable resource.
Jul 3, 2018 | Real Estate
Carving out space for a home office isn’t always easy, but if you have the option to work from home even part of the time, it’s essential to have a space that works for you.
Here are 5 great ways to meet those needs:
Adapt A Closet
A guest room closet with bi-fold doors can become a perfect workspace with the addition of a shelf at the proper height to hold a computer or calculator and proper task lighting. Hang a bulletin board or add open shelving on the back wall. Multiply the functionality with a small cabinet or a portable file rack. The advantage of going to work in a closet is that you can close it off completely without having to do a daily cleanup.
Grab A Corner From Living Room or Bedroom
Tuck a table desk into a corner of the living room or bedroom, assuming that you can work during the day when others aren’t sleeping or actively “living” in the space. Small table desks serve a variety of purposes, from serving snacks to displaying artwork, and are perfectly adaptable as work space, with a minimum of effort. All you really need is a good lamp and a nearby electrical plug in order to create an office.
Claim Space In A Wide Hallway
With a space as narrow as about 30 inches and minimal depth, it’s possible to set up a small tabletop and chair to serve your needs for making phone calls, organizing schedules or planning appointments. It may not be ideal, but if space is at a premium it can be functional for short bursts of work at home.
Look For Multi-Purpose Furniture
A home office can exist in a den or dining room that has either a credenza or a tall cabinet with doors. Think about your needs, and seek out furniture that will fill the bill. Traditional period “secretaries” with closed door storage and a fold-down desktop are perfect, but even ramshackle armoires can be repurposed as office cabinets.
Look For Unused Space
If you have a mostly empty storage room, even if it’s located in the garage, clean it out and clean it up. Add proper lighting, and even a portable heater or air conditioner. Brighten the space with fresh paint and an area rug, find second-hand furniture at garage sales or estate sales, and get creative with accessories.
Be Aware Of Your Needs
There are two primary requirements for a home workspace, no matter what kind of work you do: storage space for the tools, supplies, files and accessories that you need; and privacy. It’s nice to be able to close the door on your work and “go home,” so the more insulated your home office is from other family activities, the more efficient it will be. Even if space is minimal, it can work for you!
If you are looking for a new home and a home workspace is ideal, be sure to tell your real estate agent that this is on the priority list!
Jul 2, 2018 | Financial Reports
Last week’s economic reports included readings from Case-Shiller housing market indices and data released on new and pending home sales. Weekly releases on mortgage rates and first-time unemployment claims along with the Consumer Sentiment Index for June were also posted.
Case-Shiller Reports Rapid Home Price Growth in April
April home prices ticked downward by one-tenth percent for the National Home Price Index, which reported 6.40 percent growth year-over-year. Case-Shiller’s 20-City Home Price Index also dipped by one-tenth percent to 6.60 percent year-over-year. Analysts note that home prices continue to outpace wage growth and inflation, which limits affordability for many prospective home buyers.
Seattle, Washington held the top spot on the 20-City Home Price Index with year-over-year home price growth of 13.10 percent; Las Vegas, Nevada followed with year-over-year home price growth of 12.70 percent and San Francisco, California reported home price growth of 10.90 percent year-over-year. New York, New York was the only metro area to report negative home price growth. Analysts said recent tax law changes and a glut of new apartments impacted home prices.
New Home Sales Rise as Pending Home Sales Fall
Sales of new homes rose in May to a seasonally-adjusted annual level of 689,000 sales. Analysts expected 668,000 sales based on April’s downwardly-revised reading of 646,000 new homes sold. Year-to-date, sales of new homes were 8.80 percent higher than for the same period in 2017.
Rapid home price growth has been driven by high demand and limited inventories of homes for sale. Supplies of new homes dipped from a 5.40-month supply in April to a 5.20-month supply of homes for sale. Real estate pros consider a six-month supply of homes an average inventory.
Pending home sales dipped in May by -0.50 percent, as compared to April’s reading of -1.30 percent. Low supplies of available homes have sidelined buyers who haven’t found homes that they want or can afford. High demand has created bidding wars and cash buyers in some markets have sidelined moderate-income buyers and those who need financing to purchase homes.
Mortgage Rates Mixed, New Jobless Claims Rise
Freddie Mac reported lower average mortgage rates last week. Rates for a 30-year fixed rate mortgage fell by two basis points to 4.55 percent. Rates for a 15-year fixed rate mortgage averaged 4.04 percent and were unchanged from the prior week.
The average rate for a 5/1 adjustable rate mortgage was four basis points higher at 3.87 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.
New jobless claims rose to 227,000 first-time claims filed from the prior week’s reading of 218,000 claims filed. Analysts expected 220,000 initial jobless claims.
Consumer sentiment fell to an index reading of 98.20 in June as compared to May’s reading of 99.30. according to the University of Michigan.
What‘s Ahead
This week’s scheduled economic news includes readings on construction spending and minutes of the most recent meeting of the Fed’s Federal Open Market Committee, Labor sector readings on Non-Farm payrolls, ADP payrolls and national unemployment will also be released.
Weekly reports on mortgage rates and new jobless claims will be released on schedule. U.S. Financial Markets will be closed on Wednesday in observance of Independence Day.
Jun 28, 2018 | Real Estate
Energy-efficiency, smart electronics and automation have come home to the rest of the house, but many garages still look and feel like neglected warehouses. Why not update the lighting and add some high-tech features that will bring your garage into the 21st Century. Doing so will make your life easier and need not cost a fortune!
Rethink Room Function
Most homeowners use the garage for more than a car park. If it’s part storage room, part play space and part project area, manage the corresponding needs for specialized task lighting, additional circuits for a second refrigerator or freezer, conveniently located space for gadgets, gizmos, bikes and sports gear, and how you’ll deal with yard equipment and gardening tools and trash receptacles. A comprehensive lighting/electrical plan will be a great benefit.
Power Up
Consider your lifestyle, and plan for the uses and activities you envision in the garage. Whether you have built-in storage cabinets, a fully-equipped home workshop, a hobby center, or play space for neighborhood kids, you’ll need handy receptacles for air compressors, charging stations and a variety of portable tools and devices. Trailing extension cords from the receptacle on a door opener is not only unsafe, but inconvenient. If you have or are considering an electric or hybrid vehicle, think about a car-charging station; it will require a 220-240 volt circuit.
Become Energy Efficient
Install sleek, energy efficient recessed cans, and use LED bulbs for bright, attractive general garage lighting that offers greater flexibility than typical fluorescent tube fixtures. They are available for both new construction and remodeling. Also look at insulated garage doors with a row of windows for natural light. Add insulation to walls and ceiling if necessary. Modern garage door openers have advanced safety sensors and lighting timers; but those that are truly smart allow you to monitor operation and control opening and closing via smart phone app as well as by wireless remote.
Go Hands-Free
It’s not uncommon for exterior lighting to be motion-activated, particularly if you have a long driveway or security spotlights on your home’s perimeter. But you can also automate interior lighting, either with motion sensors, or by using door-jamb switches. You’ll love the convenience of never having to fumble in the dark for a light switch!
Tie the Garage Into Home Security
In addition to an intrusion alarm and various sensors for your home’s interior, incorporate air quality sensors and fire and water detectors, even a security camera, in your garage space. Home security is a major concern among potential buyers.
If you’re in the market for a new home, make sure to ask your trusted real estate professional about homes in your area with all of the newest technology.
