Navy Fellas Realty Group

Real Estate, Residential sales and purchase

Ways to Lower Your Homeowners Insurance Costs

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With the cost of everything rising, homeowners are looking for ways to save wherever they can. One expense that often gets overlooked is homeowners insurance. While it is essential to protect your investment, there are ways to lower your premiums without sacrificing coverage. Here are some strategies to help you secure quality insurance at a fair price.

Shop Around for the Best Rates
Insurance rates can vary significantly between providers, so it pays to shop around. Compare quotes from multiple companies and check with your state’s insurance department for additional resources. When comparing policies, don’t just look at price—make sure the coverage meets your needs.

Increase Your Deductible
Your deductible is the amount you pay out-of-pocket before your insurance kicks in. Increasing it can lower your monthly premiums. However, be sure you have enough savings set aside to cover a higher deductible if you ever need to file a claim.

Bundle Policies for Discounts
Many insurance companies offer discounts when you bundle multiple policies, such as homeowners and auto insurance. If you already have coverage with a provider, check to see if you can combine policies to save money.

Improve Home Security
Installing a monitored alarm system, fire sprinklers, and deadbolt locks can make your home safer and qualify you for discounts on your policy. Some insurance companies offer significant savings—up to 20 percent—on homes with enhanced security features. Before investing in upgrades, confirm with your insurer which systems qualify for a discount.

Maintain a Good Credit Score
Some insurers use credit scores to determine premium rates. A higher credit score can lead to lower insurance costs. Paying bills on time, reducing debt, and monitoring your credit report for errors can help improve your score and lower your insurance expenses.

Review Your Policy Annually
Your insurance needs may change over time, so it is important to review your policy annually. If you have paid off your mortgage, made home improvements, or your home value has changed, you may be eligible for new discounts or better coverage options.

Saving money on homeowners insurance does not mean sacrificing protection. By taking a few proactive steps, you can reduce your costs while ensuring your home is covered.

If you are in the market for a new home, I can help you find the perfect property and guide you through the homeownership process. Reach out today to get started.

What’s Ahead For Mortgage Rates This Week – February 18th, 2025

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The major inflation data reports have been released, and the initial readings indicate that inflation has exceeded expectations. While the data suggests that the Federal Reserve is unlikely to allow any further rate cuts beyond those already implemented, optimism remains in the broader lending markets. This optimism is driven by expectations that the new administration may introduce changes to monetary policy in the longer term. Although inflation has come in higher than expected, it remains to be seen what next week’s PCE Index—the Federal Reserve’s preferred inflation indicator—will reveal.

Consumer Price Index (CPI)

Consumer price data for goods and services was released earlier today for January, showing a 0.5% increase month-over-month and a 3.0% increase year-over-year. This exceeded economists’ expectations of a 0.3% rise and marked the third consecutive month of 0.1% increases. Shelter remains the primary driver of fluctuations in the Consumer Price Index (CPI), rising 0.4% in January and accounting for 30% of the overall increase.

Producer Price Index (PPI)

Wholesale prices rose sharply in January in another sign that lingering inflationary pressures in the economy will keep high U.S. interest rates from falling much anytime soon. The producer-price index increased 0.4% last month, the government said Thursday. Economists polled by The Wall Street Journal had forecast a 0.3% gain.

Primary Mortgage Market Survey Index

• 15-Yr FRM rates saw an increase of 0.04% with the current rate at 6.09%
• 30-Yr FRM rates saw a decrease of -0.02% with the current rate at 6.87%

MND Rate Index

• 30-Yr FHA rates saw a decrease of -0.06% for this week. Current rates at 6.33%
• 30-Yr VA rates saw a decrease of -0.06% for this week. Current rates at 6.35%

Jobless Claims

Initial Claims were reported to be 213,000 compared to the expected claims of 215,000. The prior week landed at 220,000.

What’s Ahead

Consumer Sentiment reports are scheduled for next week, though few other significant reports are expected. Most attention will be on the PCE Index report the following week, especially given the recent higher-than-expected inflation data.

Presidents’ Day and the American Dream of Homeownership

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Presidents’ Day is a time to reflect on leadership, vision, and the pursuit of big goals. Throughout history, homeownership has been a key part of the American Dream, a foundation for stability, growth, and opportunity.

If owning a home is one of your goals this year, now is a great time to start planning. Market conditions, loan options, and expert guidance can all help make your journey easier. Whether you’re buying your first home, upgrading to a new space, or refinancing for better terms, having a clear strategy can make all the difference.

Homeownership is a big step, but with the right support, it’s more achievable than you think. Reach out today to explore your options and take the next step toward your future home.

Helping Your Pets Adjust to a New Home

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Moving to a new home can be an exciting yet stressful experience—not just for you, but for your pets as well. Animals thrive on routine and familiarity, so a new environment can be overwhelming. Whether you have a dog, cat, rabbit, bird, or other pet, here are some essential tips to help them adjust smoothly and feel at home in their new surroundings.

Introduce Moving Supplies Gradually
Before the move, allow your pets to get accustomed to moving boxes, packing materials, and the changes happening around them. Sudden disruptions can cause stress, so place boxes around the house gradually and let your pets explore them at their own pace. If you have small animals, such as rabbits or guinea pigs, be mindful of where you place boxes to prevent unnecessary stress.

Stick to a Routine
Animals thrive on consistency, so maintaining their usual schedule is crucial during a move.

  • Feeding Schedule: Try to feed them at the same times each day to create stability.

  • Exercise & Playtime: Whether it’s a dog walk, interactive cat play, or outdoor time for a rabbit, keeping these activities on schedule can help reduce anxiety.

  • Sleep Routine: Keeping their bedtime routine the same will promote better rest and reduce nighttime stress.

Create a Safe Space
Setting up a designated area in your new home where your pet feels safe and comfortable can make the transition smoother. This could be:

  • A quiet corner with their favorite bed and toys for a dog or cat.

  • A secure cage or habitat for small animals, keeping it away from high-traffic areas.

  • A perch or play stand for birds to feel comfortable in their new space.

Give Them Extra Attention & Reassurance
Your pet may feel anxious or unsure in a new environment. Offering extra love, cuddles, and positive reinforcement can help ease their nerves. Cats and small animals may prefer gentle reassurance without too much handling, while dogs may benefit from additional playtime and affection.

Supervise Outdoor Exploration

If your pet is used to spending time outdoors, introduce them to their new yard or neighborhood gradually.

  • Dogs: Walk them around the perimeter of the yard on a leash before allowing free exploration.

  • Cats: Keep them indoors for at least a few weeks before introducing them to outdoor spaces.

  • Small animals: Ensure enclosures are escape-proof and free from potential dangers in the yard.

Monitor for Signs of Stress
Even with careful preparation, pets may show signs of stress after a move. Watch for symptoms like excessive panting, hiding, loss of appetite, or unusual behavior. If these signs persist, consult a veterinarian for guidance.

Be Patient and Positive
Every pet adjusts at their own pace. Be patient, provide plenty of reassurance, and avoid scolding for any accidents or behavioral changes. With time, your pet will grow comfortable and feel at home in their new space.

Moving is a big transition for both humans and animals, but with love and patience, your pets will soon settle in and enjoy their new home just as much as you do! 

Common Places to Find Tax Deductions in Your Home

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Paying your income taxes each year leaves your wallet a bit thin? There may be money hiding in your home that lessens your tax burden. Here are four places to look:

1. Home-Office Deduction

If you work from home, you could qualify for a home-office deduction. Taking the deduction can be a bit complicated; so many people who qualify don’t claim the exemption. An estimated 26 million Americans have home offices, but only 3.4 million claim them on their tax return. Perhaps that’s why the Internal Revenue Service attempted to simplify the process in 2013. The write-off takes into account depreciation, utilities, insurance, the amount of square footage dedicated for office space, whether you host clients at your house and other factors. Because the parameters involved in filing a home-office exemption are rather complicated, it’s best to keep all business-related receipts, records of client meetings and other pertinent information to make things easier when you prepare your return.

2. Casualty Loss

Damage to your home from an act of God or a theft or burglary may qualify you for an income tax exemption. To qualify for the write-off, the causality loss must meet the “sudden event test.” That means it must be sudden, unpredictable, have involved some natural force and occur in a single instance. To claim thefts and burglaries, you must be able to prove that a wrongdoing has actually occurred. It can’t just be a case of a lost item that you suspect was stolen. Proof can come in the form of witness statements, police reports or newspaper accounts.

3. Energy Efficiency Upgrades And Repairs

Upgrading your home with energy efficient improvements can qualify you for a tax deduction. New roofs, insulation, windows, doors, and a number of additional items qualify for the deduction. The deductions let homeowners claim 10 percent of the total bill for energy efficient materials. The maximum credit is $500.

4. Real Estate Taxes And Newly Purchased Homes

New homeowners should look at their settlement statement a bit closer. If the previous owner prepaid property taxes that cover any of the time you owned the home, you can include the prepaid taxes in your property tax deduction. Don’t pay more than you have to when you file your taxes each April. Consider these commonly overlooked deductions that can lessen the amount you have to pay.

 

Common Household Dangers and How to Prevent Them

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Your home should be a place of comfort and safety, but hidden dangers can pose serious risks to you and your family. Identifying and addressing these hazards is essential to maintaining a secure living environment. Here are some of the most common household dangers and how to prevent them.

Electrical Issues
Outdated wiring, faulty electrical systems, and exposed wires can increase the risk of electrical fires and shocks. Regularly inspect your home’s electrical system and hire a licensed electrician for any needed repairs.

Mold Growth
Mold thrives in damp, warm environments and can cause respiratory problems, allergies, and even structural damage. Ensure proper ventilation, fix leaks promptly, and use dehumidifiers to reduce excess moisture.

Carbon Monoxide Poisoning
Carbon monoxide (CO) is an odorless, colorless gas that can be deadly. It is produced by gas-powered appliances like stoves, furnaces, and water heaters. Install CO detectors in your home and have appliances checked regularly.

Gas Leaks
A gas leak can lead to explosions and carbon monoxide poisoning. If you smell gas, evacuate immediately and contact your utility provider. Regularly inspect your gas lines and appliances to ensure they are in good condition.

Lead Poisoning
Older homes may contain lead-based paint, which can be hazardous if ingested or inhaled. Lead exposure is particularly harmful to children, causing developmental issues. If your home was built before 1978, consider professional lead testing and removal.

Asbestos Exposure
Asbestos, commonly found in older homes, can cause severe lung diseases such as mesothelioma. If you suspect asbestos in your home, do not disturb it—hire a professional to assess and remove it safely.

Drowning Risks
Pools, bathtubs, and other water sources pose drowning hazards, especially for children. Always supervise kids around water, install safety barriers around pools, and teach water safety skills early.

Radon Gas
Radon is a naturally occurring gas that can seep into homes and increase the risk of lung cancer. Testing for radon is simple and affordable—if high levels are detected, a mitigation system can help reduce exposure.

Reducing Home Hazards
Preventing household dangers requires vigilance and proactive measures. Here are some tips to keep your home safe:

  • Install smoke and carbon monoxide detectors on each floor and outside sleeping areas. Test them monthly and replace batteries as needed.

  • Keep fire extinguishers in key areas and ensure everyone in the household knows how to use them.

  • Avoid overloading electrical outlets and replace frayed or damaged cords.

  • Maintain HVAC systems and clean air filters regularly to prevent air quality issues.

  • Remove clutter from walkways and staircases to reduce tripping hazards.

  • Improve home lighting, especially in stairways and entryways.

  • Regularly inspect plumbing systems to prevent leaks and water damage.

  • Store hazardous chemicals and cleaning products out of reach of children and pets.

  • Test for radon and consider a mitigation system if needed.

  • Conduct routine inspections of your roof, foundation, and exterior walls to catch potential issues early.

By taking these steps, homeowners can create a safer living space and protect their families from hidden household hazards. If you’re thinking about buying or selling a home, give me a call! I’d love to help you find a safe and comfortable place to live.

5 Things I Really Don’t Care About as Your Real Estate Agent

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When you’re working with a realtor, it’s easy to feel like you need to impress us with how much you know or worry that we’re judging your choices. Let me set the record straight—there are a lot of things I truly don’t care about. My focus is on helping you achieve your real estate goals, no matter where you’re starting from.

Here are five things you never need to stress about with me:

1. How much research you’ve done
Whether you’ve been Googling every real estate term under the sun or you’re coming in with no clue where to start, I’ve got your back. My job is to simplify the process and guide you every step of the way, no research required.

2. The size of your budget
Whether your budget is $150K or $1.5M, I’m here to help you make the most of it. There’s no judgment about what you can afford, my job is to find the best home for your needs and negotiate a great deal. Everyone’s journey is different, and I respect that.

3. How much you know about real estate
Are you a first-time buyer who doesn’t know what escrow means? Or maybe you’ve bought and sold several properties over the years. Either way, I’ve got you covered. I’ll meet you where you are and ensure you feel confident and informed every step of the way.

4. The state of your current home
If you’re selling, you might worry that your home isn’t “show-ready” or that it’s outdated. Guess what? That’s where I come in. I’ll help you identify cost-effective improvements and staging strategies to showcase your home in the best possible light with no judgment about where you’re starting.

5. Your personal taste
Whether you dream of a minimalist modern home or love bold patterns and funky layouts, your style is your business. My goal is to find a property that aligns with your needs, not mine. I’m here to guide you, not critique your preferences.

At the end of the day, my role is to support you in achieving your real estate dreams, no matter where you’re starting from. There’s no need to stress or feel self-conscious, I’m here to make the process smooth, enjoyable, and focused on YOU. Let’s find your dream home or sell your current one with confidence and ease!

What’s Ahead For Mortgage Rates This Week – February 10th, 2025

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Last week’s reports were plentiful, but few had a greater impact on the lending and broader markets. The most significant among them were the Nonfarm Payrolls, Consumer Credit, and Consumer Sentiment reports. 

Currently, considerable movement within the government administration is contributing to widespread uncertainty and instability across various markets. Additionally, the recent outbreak of Avian Flu has driven poultry prices sharply higher, further adding to consumer unease. This uncertainty is reflected in the Consumer Sentiment reports, which have seen their most significant decline since July, as inflation concerns intensify.

Meanwhile, Consumer Credit data came in worse than expected, while job reports exceeded expectations. Given these factors, we should anticipate continued uncertainty in the weeks ahead.

Consumer Credit

Total consumer credit rose $40.8 billion in December, after a $5.4 billion decline in the prior month, the Federal Reserve said Friday. In percentage terms, it is the biggest gain since June 2022. Revolving credit (typically credit-card debt) made up most of the increase, rising at a 20.2% annual rate. That follows a 12.1% drop in the prior month.

Consumer Sentiment

Consumer sentiment drops sharply in February as inflation worries soar. Sentiment gauge falls to 67.8, the lowest reading since July. The University of Michigan’s gauge of consumer sentiment fell to 67.8 in a preliminary February reading, down from 71.1 in the prior month and the lowest reading since July.

Unemployment

Turns out the U.S. labor market really did perk up toward the end of 2024, a fresh government update shows. And that means Federal Reserve rate cuts are likely far off. The number of new jobs created in December was raised to 307,000 from a previous 256,000. And November’s employment increase was lifted to 261,000 from 212,000.

Primary Mortgage Market Survey Index

• 15-Yr FRM rates saw a decrease of -0.07% with the current rate at 6.05%
• 30-Yr FRM rates saw a decrease of -0.06% with the current rate at 6.89%

MND Rate Index

• 30-Yr FHA rates saw a decrease of -0.07% for this week. Current rates at 6.39%
• 30-Yr VA rates saw a decrease of -0.07% for this week. Current rates at 6.41%

Jobless Claims

Initial Claims were reported to be 219,000 compared to the expected claims of 214,000. The prior week landed at 208,000.

What’s Ahead

Next week, the CPI and PPI reports will be released once again. With inflation expectations on the rise, there is even some speculation about a potential rate increase.

What’s Ahead For Mortgage Rates This Week – February 10th, 2025

by

Last week’s reports were plentiful, but few had a greater impact on the lending and broader markets. The most significant among them were the Nonfarm Payrolls, Consumer Credit, and Consumer Sentiment reports. 

Currently, considerable movement within the government administration is contributing to widespread uncertainty and instability across various markets. Additionally, the recent outbreak of Avian Flu has driven poultry prices sharply higher, further adding to consumer unease. This uncertainty is reflected in the Consumer Sentiment reports, which have seen their most significant decline since July, as inflation concerns intensify.

Meanwhile, Consumer Credit data came in worse than expected, while job reports exceeded expectations. Given these factors, we should anticipate continued uncertainty in the weeks ahead.

Consumer Credit

Total consumer credit rose $40.8 billion in December, after a $5.4 billion decline in the prior month, the Federal Reserve said Friday. In percentage terms, it is the biggest gain since June 2022. Revolving credit (typically credit-card debt) made up most of the increase, rising at a 20.2% annual rate. That follows a 12.1% drop in the prior month.

Consumer Sentiment

Consumer sentiment drops sharply in February as inflation worries soar. Sentiment gauge falls to 67.8, the lowest reading since July. The University of Michigan’s gauge of consumer sentiment fell to 67.8 in a preliminary February reading, down from 71.1 in the prior month and the lowest reading since July.

Unemployment

Turns out the U.S. labor market really did perk up toward the end of 2024, a fresh government update shows. And that means Federal Reserve rate cuts are likely far off. The number of new jobs created in December was raised to 307,000 from a previous 256,000. And November’s employment increase was lifted to 261,000 from 212,000.

Primary Mortgage Market Survey Index

• 15-Yr FRM rates saw a decrease of -0.07% with the current rate at 6.05%
• 30-Yr FRM rates saw a decrease of -0.06% with the current rate at 6.89%

MND Rate Index

• 30-Yr FHA rates saw a decrease of -0.07% for this week. Current rates at 6.39%
• 30-Yr VA rates saw a decrease of -0.07% for this week. Current rates at 6.41%

Jobless Claims

Initial Claims were reported to be 219,000 compared to the expected claims of 214,000. The prior week landed at 208,000.

What’s Ahead

Next week, the CPI and PPI reports will be released once again. With inflation expectations on the rise, there is even some speculation about a potential rate increase.

Winning the Bid in a Competitive Real Estate Market

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In today’s competitive real estate market, bidding wars have become an all-too-common occurrence. As more buyers seek limited inventory, properties often receive multiple offers, creating a challenging and sometimes stressful environment. However, with the right strategies in place, you can navigate these bidding wars effectively and secure your dream home. Here are key strategies to help you stand out and win in a competitive market.

1. Get Pre-Approved for a Mortgage

One of the most important steps in a bidding war is ensuring your financial readiness. Sellers are more likely to consider offers from buyers who have been pre-approved for a mortgage. Pre-approval demonstrates to the seller that you are a serious, qualified buyer who can close the deal quickly. It also gives you a clear understanding of how much you can afford, which helps you set a realistic budget.

If you’re pre-approved, include a copy of your pre-approval letter with your offer. This shows the seller that you have the necessary financial backing to complete the purchase, which can make your offer stand out.

2. Make a Strong Initial Offer

In a competitive market, it’s often crucial to start with your best offer. While there’s a temptation to underbid and leave room for negotiation, this strategy can backfire when other buyers are willing to offer full price or more. Work with your real estate agent to research comparable properties in the area and determine a fair market price, then consider offering a bit more than asking price to increase your chances of standing out.

If the property is particularly desirable or in a hot location, offering above the asking price can help your offer grab attention. A well-priced, competitive offer will show the seller that you’re serious and committed.

3. Be Flexible with Terms

Sellers often prefer buyers who offer flexible terms that make the transaction smoother. Consider offering to accommodate the seller’s preferred closing date or a rent-back option, where the seller can stay in the home for a short period after closing. This flexibility can be a huge advantage in a bidding war, especially if the seller is juggling other personal or financial obligations.

In some cases, agreeing to waive certain contingencies—like the inspection contingency—can make your offer more appealing. However, only consider waiving contingencies if you’re comfortable with the risks involved, as this can sometimes leave you exposed to unforeseen issues with the property.

4. Write a Personal Letter

A personal letter to the seller can sometimes make all the difference in a bidding war. Sellers are often emotionally attached to their homes, and a heartfelt letter that explains why you love the property and how you envision your future there can create a connection. This human element can set your offer apart from others, especially if you’re competing with buyers who make offers based solely on price.

Keep the letter respectful, personal, and sincere, without being overly emotional or making unrealistic promises. Sellers may appreciate hearing how their home has made an impression on you.

5. Increase Your Earnest Money Deposit

The earnest money deposit is a good faith gesture that shows you’re serious about your offer. In a competitive market, offering a larger deposit can make your offer more enticing to the seller. It signals your commitment to the deal and can provide extra assurance that you’re not going to back out of the transaction.

While a standard earnest money deposit might be 1-2% of the purchase price, consider increasing that amount to give your offer an edge.

While bidding wars can be stressful, keeping these strategies in mind will give you a competitive edge and help you secure the home of your dreams. We are familiar with local market conditions, including which homes tend to receive multiple offers and what strategies work best in those situations. We can guide you through the process, making sure you don’t make any mistakes.

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