Jul 29, 2022 | Home Buyer Tips
Many people dream of buying their ideal retirement home after their career has come to a conclusion – with all that extra free time it seems like it’d be the most logical time to shop around.
However, many real estate professionals strongly recommend that their clients find a retirement property before they’re off the payroll. While it may seem like a big time commitment to find a new home while you’re still busy with your work there are several significant financial benefits to purchasing your retirement home before you actually do retire. Here are our top reasons why.
It Makes Your Mortgage Easy
When you are employed it is easier to get approved for a mortgage. If you wait until after you retire to buy your retirement home, you may not have the income require to qualify for the mortgage that you need. Don’t limit yourself! Buy while you’re still employed to keep your options open.
It Leaves You With More Spending Money
Buying a new home while you have an income provides you with more security with your expenses, such as mortgage payments and planned upgrades or renovations. Having an income can also mitigate financial stress should you run into any unexpected expenses after closing.
It Leaves You Ready For Reality
You may think you can accurately predict the expenses of your new home, but if you buy the property before retiring it gives you time to get to know the true amounts of your monthly payments. This can help ensure that you have enough saved to retire and live comfortably in your new property, with no surprises for your budget. You’ll be in a better position to create a financial plan once you know the reality of owning your new home.
An Added Bonus: It Can Be An Income Property
If you decide to purchase your retirement home before you retire you don’t have to move into it right away. You can rent it out as an income property until you’re ready to settle in, which will not only help cover mortgage payments but will also allow you to see first-hand what the monthly expenses are for the property.
This will also prevent you from having to deal with a move while working; you can wait until you do finally retire before packing up your current home and moving into your new one.
Ready to find the perfect retirement property? Contact your trusted real estate professional today for more advice to set yourself up for the future.
Jul 27, 2022 | Real Estate Tips
If you have recently purchased a home, you are probably excited to move into your new house; however, the moving process can be stressful. There are a few important tips you need to keep in mind if you are moving soon. Make sure to plan ahead, as there are several ways to save time and money.
Get Quotes From A Few Moving Companies
First, you need to get multiple quotes from multiple moving companies. If you have heavy furniture, it is better to hire a moving company to reduce the chances of your furniture getting damaged. When you talk to moving companies, make sure they can handle the items you have. If you have a grand piano, make sure the moving company is comfortable moving it safely.
Get Rid Of The Items You Do Not Need
Before you move, make sure you get rid of the items you do not need. You may want to start by dividing your items into three piles. Create a pile for items you want to keep, another pile for the items you will donate, and a third pile for the items you throw away. Get a receipt for the items you donate, as you might be able to deduct the value of the items from your taxes as charitable donations.
Pack Up Before The Movers Get There
While you might be able to ask the movers to help you pack, it is better to pack before they get there. Label the boxes so you know where they go in your new house. Movers usually charge by the hour, so if you can save them some time, you can save yourself some money. Remember that moving expenses could be tax-deductible, but talk to an account if you have questions about tax deductions.
Get Ready For The Moving Process
These are a few of the most important tips you need to keep in mind if you are moving soon. While the moving process can be a bit busy and frustrating, if you plan ahead, you can streamline the process. There might even be opportunities for you to save money. Remember that you should get quotes from multiple moving companies before you decide which moving company you go with.
Jul 26, 2022 | Real Estate
If you recently moved into a new neighborhood, you might be looking for a way to meet your neighbors. Ideally, you will become friends with your neighbors. They can take care of your pets when you are out of town and water your plants when you are gone. On the other hand, how can you meet your neighbors without the process being awkward? There are a few great ways to do so.
Spend Time Outside
If you want to get to know your neighbors, the best way to do so is to spend time outside. Work on your lawn. Water your plans. Walk the dog. The more time you spend outside, the greater your chances of running into your neighbors. This will make it easier for you to get to know them.
Go To Some Neighborhood Events
Next, you should go to a few neighborhood events if you want to meet your neighbors. There are a lot of communities that have pool parties, barbecues, and events for children. If you go to some of these events, you will have a great chance of meeting the people who live around you, and you can make some new friends.
Ask The Neighbors For Advice
Finally, you should ask the neighbors for advice. If you don’t know when you need to put the garbage cans out, you can ask your neighbors. If you are wondering how often the recycling comes, talk to the neighbors! If you don’t know what to do with old electronics you need to throw out, the neighbors can probably help you. It can take a lot of adjusting if you move into a new area, and your neighbors can help you make the process easier. Then, you can invite them over for a beer or a party to show your gratitude.
Get To Know Your New Neighbors
It can be a bit awkward if you move into a new neighborhood. Your neighbors might appear to know each other already, but how can you get to know them as well? If you follow these tips, you can get to know them quickly, make some new friends in your neighborhood, and have someone to lean on if there is an emergency at your house.
Jul 26, 2022 | Real Estate
If you recently moved into a new neighborhood, you might be looking for a way to meet your neighbors. Ideally, you will become friends with your neighbors. They can take care of your pets when you are out of town and water your plants when you are gone. On the other hand, how can you meet your neighbors without the process being awkward? There are a few great ways to do so.
Spend Time Outside
If you want to get to know your neighbors, the best way to do so is to spend time outside. Work on your lawn. Water your plans. Walk the dog. The more time you spend outside, the greater your chances of running into your neighbors. This will make it easier for you to get to know them.
Go To Some Neighborhood Events
Next, you should go to a few neighborhood events if you want to meet your neighbors. There are a lot of communities that have pool parties, barbecues, and events for children. If you go to some of these events, you will have a great chance of meeting the people who live around you, and you can make some new friends.
Ask The Neighbors For Advice
Finally, you should ask the neighbors for advice. If you don’t know when you need to put the garbage cans out, you can ask your neighbors. If you are wondering how often the recycling comes, talk to the neighbors! If you don’t know what to do with old electronics you need to throw out, the neighbors can probably help you. It can take a lot of adjusting if you move into a new area, and your neighbors can help you make the process easier. Then, you can invite them over for a beer or a party to show your gratitude.
Get To Know Your New Neighbors
It can be a bit awkward if you move into a new neighborhood. Your neighbors might appear to know each other already, but how can you get to know them as well? If you follow these tips, you can get to know them quickly, make some new friends in your neighborhood, and have someone to lean on if there is an emergency at your house.
Jul 25, 2022 | Financial Reports
Last week’s economic news included readings from the National Association of Home Builders on home prices, Commerce Department readings on building permits issued, and housing starts. The National Association of Realtors® reported on sales of previously-owned homes; weekly reports on mortgage rates and jobless claims were also released.
NAHB Housing Market Index Posts Lowest Reading Since May 2020
The housing market is cooling off according to July’s NAHB Housing Market Index, which declined to an index reading of 55 as compared to June’s reading of 67 and the expected reading of 66. July’s reading was the second lowest posted since the start of the index and was the seventh consecutive monthly decline in home prices.
Component readings for the Housing Market Index were also lower. Homebuilder confidence in sales conditions over the next six months lost 11 points for an index reading of 50 points. Homebuilders surveyed were less certain about expected buyer traffic in new housing developments as July’s reading decreased by 11 points to 37.
Regional results were also lower as builder confidence in the Northeastern region slipped by five points to an index reading of 57. Home builder confidence in the Midwestern regions fell by six points to 49. The Southern region’s reading was 15 points lower in July with an index reading of 60; home builder confidence in current market conditions in the Western region declined from June’s reading of 64 to 48 in July. Coastal metro areas that enjoyed rapidly rising home values saw declines in home values as affordability and demand for high-priced homes shrank amid economic uncertainty.
June Sales of Previously-Owned Homes Fall as Mortgage Rates Rise
Sales of previously-owned homes fell in June with 5.12 million sales completed on a seasonally-adjusted annual basis. Analysts expected a reading of 5.36 million sales; 5.41 million sales of previously-owned homes were reported in May. Rapidly rising mortgage rates and inflation sidelined prospective home buyers concerned about higher closing costs and rising day-to-day living expenses.
Freddie Mac reported higher fixed mortgage rates last week as rates for 30-year fixed-rate mortgages averaged 5.54 percent and three basis points higher. 15-year fixed-rate mortgages averaged 4.75 percent and were eight basis points higher. Rates for 5/1 adjustable-rate mortgages averaged 4.31 percent and four basis points lower than in the previous week. Discount points averaged 0.80 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable-rate mortgages.
Initial jobless claims rose to 251,000 new claims filed as compared to the prior week’s reading of 244,000 new jobless claims filed and the expected reading of 240,000 first-time claims filed. 1.38 million ongoing jobless claims were filed last week as compared to the prior week’s reading of 1.33 million continuing claims filed.
What’s Ahead
This week’s scheduled economic news includes readings on new home sales inflation and consumer sentiment Weekly readings on mortgage rates and jobless claims will also be published.
