Jul 23, 2014 | Real Estate
According to the National Association of REALTORS®, existing home sales surpassed both May sales and expectations for June. Sales of previously owned homes increased by 2.60 percent in June and reached a seasonally adjusted annual level of 5.04 million sales. June’s reading was the third consecutive monthly increase in sales of existing homes and was the highest reading for existing home sales in eight months. Existing home sales remain 2.30 percent below the June 2013 reading of 5.16 million sales of existing homes.
Analysts projected sales of 5 million existing homes for June against May’s initial reading of 4.89 million sales of previously owned homes; the May reading was later revised to 4.91 million sales. Lawrence Yun, chief economist for the National Association of REALTORS® said that market conditions are becoming “more balanced,” and noted that inventories of existing homes are at their highest level in over a year and that price gains have slowed to much more welcoming levels in many parts of the country.
Housing Market Headwinds Declining
After a particularly harsh winter and lagging labor reports, analysts forecasted lower annual sales of existing homes for 2014 than for 2013. Labor markets are stronger according to recent labor market reports and a declining national unemployment rate. Steady work is an important factor for families considering a home purchase; as labor markets improve, more would-be homeowners are expected to become active buyers.
Housing markets are not without challenges. In recent unrelated reports, the Federal Reserve has noted higher than anticipated inflation may cause the Fed to raise its target Federal Funds rate in the next several months. Gas and food prices, important components of consumers’ household budgets continue to rise and could slow save toward a home for some families. Steve Brown, president of the National Association of REALTORS®, said that first-time and moderate income buyers continue to deal with affordability due to increased FHA costs and tight mortgage credit. Relief may be in sight as a slower pace of home price growth suggests that more buyers may be able to afford homes.
FHFA House Price Index Reports Gain in May Home Sales
FHFA released its May index of home sales connected with mortgages owned or backed by Fannie Mae and Freddie Mac. The index posted a month-to-month gain of 0.40 percent in May and a year-over-year gain of 5.90 percent year-over-year. FHFA said that increased sales were driven by a 9/60 percent increase in sales in the Pacific region and that average home prices remain 6.50 percent below April 2007.
Jun 25, 2014 | Home Buying Tips
Getting pre-approved for a mortgage loan is an integral part of having the ability to purchase a home in today’s society.
With most home prices well above what the majority of us have in the bank, getting approved for a mortgage can be the deal maker or breaker when it comes to purchasing a piece of property. Therefore, getting rejected for a mortgage can feel like a huge loss.
The first thing to realize, however, is that there are action steps you can take to get to “yes.” Here’s what to do if you’re turned down for a mortgage or other home financing.
Shop Around: Don’t Take “No” The First Time
If you get a “no” from your bank the first time around, don’t be fooled into thinking that everyone will give you the same answer.
Instead, be sure to shop around your mortgage with different banks, and opt to speak to a mortgage broker to leverage all of your options.
When looking at several different lenders, you’ll have a much higher chance of getting a yes since every lender adheres to different rules and restrictions. Though you may end up with a mortgage with a slightly higher interest rate, you’re likely to get approved for a mortgage or other home financing.
Ask Friends: Get A Co-Signer
If your “no” was the result of bad credit history or a low credit score, perhaps you should consider asking for the help of friends and family. Sometimes bringing a co-signer in on the deal who has better credit history and a higher credit score will change the response of your bank or lender significantly, and suddenly you’ll find yourself hearing the sought-after “y” word.
Ask Questions: Fix The Problem
If you’ve sought out several different banks and lenders, and still find yourself with rejected mortgage applications, be sure to understand why the “no” came in the first place. If it’s an issue of your credit history, which can’t be appeased with a co-signor, you may need to put in the time in order to correct some of your credit issues.
Other common reasons why people are rejected for a mortgage include unrealistic borrowing expectations, i.e. applying for a mortgage that is too high for you to satisfy, as well as an unreliable employment history or a general lack of credit history. Speak with your mortgage professional to determine the reason, and if shopping around or bringing in a co-signor doesn’t transform the “no” to a “yes,” seek to fix the problem instead.
Though it can be a daunting task to apply for a mortgage after you’ve been rejected, ensuring that you arrive at that ultimate “yes” is something you need to undertake in order to purchase a home and reach that next milestone in your life.
Having trusted professionals on your side is something that will surely ease the tension on all things involved in purchasing a home, including getting approved for a mortgage. For more information on how to get past “no” when searching for a home, call your trusted real estate professional today.
Jun 18, 2014 | Real Estate Tips
With the prices for everything skyrocketing these days, every penny counts. This includes your homeowner’s insurance costs. If you’re thinking of buying a home and need homeowner’s insurance, here are a few tips on getting quality insurance for a fair price:
Tip #1: Shop Around
Ask family and friends about their homeowner’s insurance. Check the Yellow Pages, the National Association of Insurance Commissioners (NAIC) and the state insurance department.
Other places to shop for insurance include consumer guides, insurance agents and online insurance quote services. Don’t just look for lower prices, however. You need a fair price for the services you need.
Tip #2: Raise Your Deductible
The deductible is how much you have to pay before the insurance company starts to pay a claim on your home. The higher the deductible, the lower the premiums. If you live in a disaster-prone area, your policy may have a separate deductible for specific types of damages.
Make sure, when reading the policy, you carefully go over damage-specific information.
Tip #3: Use The Same Insurer
Some companies will take five to fifteen percent off your premium if you buy more than one policy from them. If the insurer offers homeowner’s, auto and liability coverage, you stand a chance of having a lower premium than if they only offer one or the other.
The key is to make sure that the combined price is lower than the price would be if you had purchased them separately.
Tip #4: Improve Home Security
By installing a sophisticated fire sprinkler system and a fire/burglar alarm that rings the monitoring stations, some companies will cut your premium as much as fifteen or twenty percent.
For a smoke detector, burglar alarm or deadbolt locks, you can usually get at least a five percent discount. Check with your insurer to make sure that the system you’re installing will lower your premiums, though; the systems aren’t cheap and not all of them qualify for a discount.
Read everything carefully before you sign, to make sure the policy covers your insurance needs without adding on hidden fees. Even a little money saved can go a long way toward making it easier to live within your budget.
Ready to buy a home? Let me help you find the perfect home and get it at the best terms and price. Call or email your trusted real estate professional.
Jun 17, 2014 | Around The Home
Wrought iron is a classic accent that has been used to beautify homes for centuries. Its strong and simple elegance is a wonderful addition to any modern home and can be incorporated into home design in many different ways.
A Masculine Addition To Any Design
Wrought iron is considered to be masculine from a design standpoint. It is a great way to add depth and balance to a home.
It works well with both light and dark palettes, and can be incorporated into most modern home designs.
Because it is fabricated by welding, wrought iron has a strength beyond that of most construction materials. It also adds a dramatic finish to exposed beams and ceilings.
Wrought Iron Railings Are Strong And Supportive
These railings are durable and can be fabricated in many beautiful designs. They have been a popular choice in home design not only for aesthetic reasons, but also because of their strength.
Railings of all kinds can be done in wrought iron. Staircases, landings, and decks are just some of the places we are seeing more wrought iron in modern homes. Entry gates in wrought iron make a rich and dramatic statement. They are impressive, add great appeal, and are quality security features.
Showcase Natural Woods And Make Them Stand Out
There is something so striking about the combination of wood and iron. Accenting a wooden gate with large wrought iron hinges and handles gives the gate new depth and beauty.
Staircases are also an excellent place where wrought iron and wood can be combined to create eye-grabbing features in modern architecture.
Wrought iron décor items make the richness of wood stand out beautifully. A couple of small sculptural pieces on a wooden mantle or floor will bring attention to the natural beauty of the grain.
Furniture For Both Outside And Inside Of The Home
Wrought iron furniture finds a fitting home in modern architecture. It has always been a popular choice for exterior design, but is being incorporated more into interior design as well.
Wrought iron patio furniture and trellises are used as focal points in outdoor landscaping, and the same can be done inside. Wrought iron in a modern kitchen or any room is quite striking. Tables, chairs, and beds can all be found in unique wrought iron designs.
Find Functionality With Wrought Iron Fixtures
Wrought iron lighting fixtures are dramatic and beautiful. From sconces to chandeliers, lighting fixtures are a functional way to bring wrought iron into a home.
Some designers like to showcase the entry of a home with an impressive chandelier. The theme is easily carried through a home by using these lighting fixtures in the dining room, hallways, and kitchen. Impressive outdoor fixtures and light posts can light the way for visitors to your doorstep.
Wrought iron is a simple, strong, and beautiful addition to a modern home. It is a great way to add appeal and value to your house and property.
Jun 10, 2014 | Home Tips
These days, efficiency and productivity are the keys to life, which is why it’s no surprise that home automation is a bigger topic than ever before.
As more and more people become tech savvy and get used to working with handheld devices, home automation becomes a natural fit for your smartphone or other handheld device.
After all, it’s a true pleasure to be able to control nearly everything in your home from just one device! You have so many things to do each and every day that it could be too much of a hassle to do everything separately and to control everything independently.
Home automation solves that problem for you. Here are the three iPhone apps that will make home automation tasks much quicker and easier.
The Haiku Home Automation App For HAI
Sure, this app will cost you $50, but it’s well worth it in order to have everything controlled at the tips of your fingers. You can use this app from anywhere on the planet or simply while you’re plopped down on the couch… your choice entirely!
It incorporates HAI’s solid home automation controls with an amazing user interface experience to deliver convenience and efficiency to users. So far the app has received excellent ratings from users. Out of 112 ratings, it’s averaged a 4.5 out of 5 score on iTunes.
Try The Revolv Smart Home Automation Solution
This iOS app from Revolv Inc. allows you to unify and centrally control a slew of various, connected home devices. Examples include locks, smart lights, outlets, sensors, thermostats and even wireless music systems, just to name a few possibilities. The app taps into the iOS system to empower you to seamlessly and effortlessly complete a bunch of automated tasks.
This app lets you create several automated directives from geo-location, time and on-demand triggers and sensors. Such convenience and control is both practical and highly rewarding.
Finally: The Loxone App
The Loxone app allows you to control your residence from your iPhone, iPad or iPod Touch. The possibilities are endless because, with this app, you can regulate everything from your home’s blinds and heating to the music that’s playing in any given room. All you have to do is make a few taps on your iPhone’s screen, and you’re done!
This makes the Loxone app one of the most ideal and efficient home automation apps out there. It’s definitely a good idea to install this app on your iPhone today. You won’t regret it, and running the devices inside of your own home will be something you’ll look forward to, rather than something you dread.
Thanks to these home automation apps, you’re in good shape to feel in control of all of the devices in your home. Whether it’s the blinds, the heating or an entertainment device like your stereo, these apps have you covered so that you can proceed efficiently and productively.
