Navy Fellas Realty Group

Real Estate, Residential sales and purchase

Staging Tips: Let’s Talk Landscaping and How to Prepare Your Yard for the Spring Bloom

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Staging Tips: Let's Talk Landscaping and How to Prepare Your Yard for the Spring BloomWhen you are preparing to list your home for sale, you may take various steps to stage the interior so that it is appealing to a potential buyer. In addition to various steps you may take with staging the interior, you want to pay attention to your yard as well. During the spring months, many yards look fresh and vibrant, but they also need some extra care in order to boost curb appeal and make a great first impression on buyers.

Focus On Your Flower Beds

Whether you have one small flower bed or several sprawling areas of beds, you should ensure that all of the vegetation looks fresh and tidy. Trim bushes, and add bright spring annuals to brighten up the space. Pull weeds, and add a layer of fresh mulch to your flower beds to give them a finished, well-maintained look.

Keep The Lawn Neat And Tidy

During the spring months, your lawn may revive from its dormant winter state, and you may find it growing rapidly. The green hue of a spring lawn can have a powerful benefit to curb appeal, but you want to keep the lawn trimmed and edged regularly to give it a manicured appearance. This can also minimize the impact of the look of weeds that may occasionally crop up throughout the spring months.

Pay Attention To Your Patio And Entryway

While your vegetation will require some effort to maintain while you list your home, you do not want to overlook your patio and entryway. These are often visible from the street, and they will be viewed up-close when buyers tour your home. Ensure that the area is clean, and power wash it if necessary. Consider updating front door hardware and the entry mat if they appear worn or dated. You may also need to sweep these areas regularly while your home is listed for sale.

Staging your property can help you to sell your property more quickly and for top dollar, but your staging efforts should not be focused entirely on the interior of your home. Your landscaping also requires extra effort when you are getting your home ready to sell, and these tips can all help you to spruce up your landscaping with beautiful results. You may seek more customized information tailored to your property when you speak with a real estate agent about listing your home.

Buying a Home While Relocating is a Smarter Choice

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Buying a Home While Relocating is a Smarter ChoiceThe idea of buying a home is challenging enough as the process requires a lengthy approval validation, paperwork, financing, and the actual move with logistics. However, when one really looks at what typically occurs with relocation, buying versus renting can start to make more sense over time.

Finances Have to be In Order

Buying a home more than once every ten years requires a good amount of discipline on one’s personal finances. Most of the initial decisions and approvals will depend heavily on keeping one’s debt versus income ratios in line and viable. That also means saving up a lot to have sufficient cash flow for fees and your down payment. It also means not letting credit cards get out of hand or taking on other significant debt unless necessary as both weigh against one’s ability to obtain new financing for the next home purchase.

Renting Versus Owning

Renting or leasing tends to be the go-to option during a relocation because it tends to be easier upfront, has fewer requirements to achieve, and involves less of a significant commitment financially. After all, what happens if there is another relocation just a year later? However, most relocations are fairly defined in time. Anything under a year would make sense for renting, but when one starts getting beyond a year, buying starts to become far more appealing.

First, all the dollars one pays in rent are a sunk cost. If one buys, some of that money goes into home equity. Second, many companies and organizations who relocate their people often have connections for quick purchasing and residential needs, leveraging corporate interests for their employees. This allows for the rotation of homes from one employee to the next and makes buying easier for longer-term stays.

Third, a purchase for a shorter-term stay doesn’t have to be a full-scale home. Smaller units that cost much less are easier to close and can work just as well for temporary living. Relocating buyers should really consider a wide range of housing options in a buy versus just a strict replacement of what they had before.

Finally, market costs in the target location have to be considered. Some markets are very affordable and might be cheaper than renting month to month but others are astronomical, and it simply doesn’t make sense to buy in these regions for a short-term stay.

The Bottom Line

Understand with renting everything paid is gone and won’t be recovered in any form at all. It’s a lost expense. That can be thousands of dollars after one year alone. Buying will have fees, but the money spent on the mortgage each month buys equity which can be recovered in a sale, plus a possible gain as well down the road. Buying doesn’t work in every situation where one is relocated, but it can be a viable option in affordable markets and when one is staying longer than a year.

As always, check with your local real estate professional for the best advice on your relocation and your personal financial situation.

Approved With Conditions: What Does It Mean?

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Approved With Conditions: What Does It Mean?Applying for a home loan might not be the most exciting part of purchasing a home; however, many homeowners need to go through a lender to purchase a home. It is exciting to hear that the approval letter has gone through; however, it is also possible for someone to see that they have been approved with conditions. What does this mean?

What are some of the most common reasons why someone might have conditions?

It Could Just Be Standard Procedure

Sometimes, people see that they have conditions to meet as a simple part of the approval process. For example, someone might be missing standard paperwork. It is the job of the underwriter to make sure that the lender is not taking on too much risk. Usually, this simply means that the loan requires some additional paperwork to be made final. Applicants need to gather this paperwork as fast as possible so the loan continues through the process. If there is a seller waiting, it is critical to jump on this immediately to prevent the offer from falling through.

What Are The Most Common Conditions?

There are several conditions that people might have to meet in order to finalize the loan approval process. For example, some people may need to provide letters of explanation, documenting anything that could be related to questions in the file. In other situations, a large deposit could require a letter of explanation as well. That way, the lender knows that someone has not taken a cash advance or opened another line of credit to cover the down payment. In other situations, proof of employment could also be listed as a condition of approval. Lenders want to make sure that applicants are going to keep their job after they purchase the house. Finally, earnest money proof could also be required. This is simply a copy of the earnest money check itself. It is critical for applicants to provide this paperwork quickly in order to finalize process.

Try To Meet All Requested Conditions As Quickly As Possible

It can be frustrating to see that a loan has been approved with conditions. Fortunately, a lot of these conditions are relatively easy to meet. Homeowners that are requested to provide proof to finalize the application process should try to do this as quickly as possible.

Looking for a Fun DIY Project This Spring? How to Plant Your Own Vegetable Garden

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Looking for a Fun DIY Project This Spring? How to Plant Your Own Vegetable GardenWhen spring arrives, many people want to spend more time outdoors enjoying the fresh air and warmer temperatures. While you could lounge in a chair with a good book, you may find it more enjoyable to plant your own vegetable garden. This is an on-going project that will require you to spend time outdoors regularly, and it can be quite enjoyable to watch the fruits of your labor spring to life. More than that, you may love to sample and even share the tasty treats that you have grown on your own. If you are ready to get started planning and planting your vegetable garden, follow these preliminary steps.

Choose the Plants That You Want to Grow

As a first step, think about the types of plants that you want to grow in your garden. These should ideally produce vegetables that you and your family will enjoy eating. They also ideally will be suitable for growing in your climate and with the type of soil that is present on your property. Additionally, enough space should be available to accommodate the full grown size of the plants. This up-front effort is critical for the next few steps in the planning and preparation process.

Select a Suitable Space in Your Yard

Each plant species will have special growing requirements. Some plants may prefer to be in full sunlight, and others may prefer partial sunlight or mostly shaded areas. Some may prefer soil that is mostly dry or that is regularly moist and wet. Different areas of your yard may be more accommodating for some plant species than others. For example, plants that prefer more moist soil may thrive in a lower area of your yard that receives more runoff when it rains and that takes longer to dry out after a shower.

Choose the Best Time to Plant

A final point to consider is the best time to plant your crops. Some will thrive when cooler temps in early spring are still common, but others may not tolerate a freeze at all. These may need to be planted after the risk for a late spring freeze is gone. Think about how long it takes plants to grow and what the temperatures in your area may be when the plants are fully grown and ready to produce vegetables for you.

You may be able to complete much of this preliminary planning and research during the last few weeks of winter from the comfort of your own home. Keep in mind that you can get outdoors and begin to prepare your garden area before you are ready to plant your crops. These steps will pave the way for a truly enjoyable do-it-yourself project this spring.

What’s Ahead For Mortgage Rates This Week – April 5, 2021

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What's Ahead For Mortgage Rates This Week - April 5, 2021Last week’s economic reports included readings on home prices, pending home sales, and construction spending. Data on public and private-sector employment and the national unemployment rate were published along with weekly readings on mortgage rates and jobless claims. 

vLast week’s economic reports included readings on home prices, pending home sales, and construction spending. Data on public and private-sector employment and the national unemployment rate were published along with weekly readings on mortgage rates and jobless claims. Last week’s economic reports included readings on home prices, pending home sales, and construction spending. Data on public and private-sector employment and the national unemployment rate were published along with weekly readings on mortgage rates and jobless claims.

Case-Shiller: Record Home Price Growth in Phoenix, but Will it Last?

Case-Shiller Home Price Indices indicated fast growth in home prices as the national home price growth rate for January grew to 11.20 percent from December’s reading of 10.40 percent national home price growth. Case-Shiller’s 20-City Home Price Index reported 19 of 20 cities reported rising home prices in January, but Cleveland, Ohio home prices were lower. Detroit, Michigan resumed reporting to the 20-City Home Price Index after nearly a year’s absence.

Phoenix, Arizona led the January 20-City Home Price Index with a seasonally-adjusted annual pace of 15.80 percent; Seattle, Washington, and San Diego, California followed with home price growth of 14.30 percent and 14.20 percent.

 Analysts expressed concerns that rapidly rising home prices are not sustainable in the long term and cited rising mortgage rates and skyrocketing home prices as obstacles to homebuying. As demand for homes eases, home price growth will slow.

The Commerce Department reported fewer pending home sales in February as pending home sales fell by 10.60 percent. Analysts expected pending home sales to fall to -3.10 percent; pending home sales dropped by -2.40 percent in January. Construction spending fell by -0.80 percent in February; it was expected to fall by one percent as compared to January’s positive reading of 1.25 percent growth in construction spending. Rising lumber prices and severe winter weather influenced construction spending in February.

Mortgage Rates Hold Steady, Jobless Claims Mixed

Freddie Mac reported little change in mortgage rates last week. The average rate for 30-year fixed-rate mortgages rose one basis point to 3.18 percent; Rates for 15-year fixed-rate mortgages averaged 2.45 percent and were unchanged. The average rate for 5/1 adjustable rate mortgages was also unchanged at 2.84 percent. Discount points averaged 0.70 percent for 30-year fixed-rate mortgages, 0.60 percent for 15-year fixed-rate mortgages, and 0.30 percent for 5/1 adjustable rate mortgages.

The Census Bureau reported 719,000 new jobless claims last week; this surpassed the prior week’s reading of 658,000 initial claims. Ongoing jobless claims fell to 3.79 claims filed as compared to the prior week’s reading of 3.80 million continuing jobless claims filed.

Private-sector jobs grew by 525,000 jobs in March but fell short of the expected 525,000 private-sector jobs added. Public and private-sector jobs also ramped up with 916,000 jobs added in March. Analysts expected 675,000 jobs added to the Non-Farm Payrolls report; 468,000 public and private-sector jobs were added in February. The national unemployment rate decreased to 6.00 percent from February’s reading of 6.20 percent.

What’s Ahead

This week’s scheduled economic releases include job openings and minutes of the recent Federal Open Market Committee meeting. Weekly readings on mortgage rates and jobless claims will also be reported.

 

Why A Carpet Change Can Boosts Your Home Sales Price

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Why A Carpet Change Can Boosts Your Home Sales PriceWhen selling a home, it is rare for folks to see in bold big letters, “new carpet just installed”. However, on a practical level, replacing the carpet in a home just before selling can go a long way to helping the deal close.

A Brutally-Beaten Leftover

In just about every used home, the carpet has taken a beating. Even if the home has only been owned for a few years, carpets have taken a tremendous amount of traffic, walked-in dirt, funky smells, and dust that build up over time. That not only changes the color of the existing carpet, it also impacts the air in the house as smells are permanently trapped in that same carpet. And, if the existing homeowner had or has pets, the issues can be ten times as strong.

A Sure Formula

By replacing the existing carpet with a new one that is a neutral color and just installed, it adds perceived value to the home and comes a lot closer to competing with new homes in the area. Everybody buying a home wants to have a sense of newness when entering the home. If it’s an existing home, replacing the carpet will be almost a given for the new homeowner before moving in. So, combining a new carpet with the sale saves the buyer the headache and becomes far more attractive right off the bat.

Removing Embarrassing Conversations

The worst situation to be in is having to explain stains and torn carpet or worn-out patches. Letting them stay practically begs a prospective buyer to argue for a lower price to even disengage. Of course, this issue doesn’t apply so much when it’s a seller’s market and homes are being bid on unseen with high demand. But that isn’t always the case. Rather than handing an argument to a buyer free, adding the carpet could reverse the situation and give you support for a higher sales price.

Case by Case

Your real estate agent will have the best idea of how much a new carpet will apply to your local market for home sales, so start with him or her first. If the current market is looking for lots of quality improvements in a home for sale, you can expect that a new carpet would be to your advantage. And you don’t need to break the bank doing so. Follow the example of builders; use a base level carpet at an affordable price. It will look new, do the job, and help sell your home without paying a premium and cutting into your sale profit.

Case-Shiller: Phoenix Home Prices Hot, Hotter, and Hottest

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Case-Shiller: Phoenix Home Prices Hot, Hotter, and HottestThe S&P Case-Shiller National Home Price Index posted its highest gain in nearly 15 years with a year-over-year home price growth rate of 11.20 percent in January. The December 2020  National Home Price Index reported 10.40 percent home price growth. The S&P Case-Shiller 20-City Home Price Index reported 11.10 percent year-over-year growth with 19 of 20 cities reporting higher home prices. Cleveland, Ohio was the only city reporting no home price growth in January. Detroit, Michigan reported home price growth data for the first time in nearly a year.

Phoenix, Seattle, and San Diego Home Prices are Hot, Hotter, and Hottest

Home prices in Phoenix, Arizona again topped Case-Shiller’s 20-City Home Price Index for January with a year-over-year home price growth rate of 15.80 percent. Seattle, Washington held its second-place position with home price growth of 14.30 percent, and San Diego, California held third position with year-over-year home price growth of 14.20 percent.

Rapidly rising home prices coupled with rising mortgage rates presented challenges for first-time and moderate-income buyers; some have revised their purchasing budgets downward while others have left the market. Analysts noted that buyers leaving the housing market could impact high demand and strong buyer competition which has fueled bidding wars and driven home prices ever higher in popular metro areas.

Craig Lazzara, managing director and head of index investment strategy at S&P Dow Jones Indices, said that January’s home price data supported the position that COVID encouraged buyers to leave congested urban areas for single-family homes in suburbia. He said that many of these households may have accelerated existing home-buying plans.

FHFA Posts 12 Percent Increase in Home Prices; Slowing Momentum

The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, reported a 12 percent year-over-year growth in prices of single-family homes owned or financed by the two government-sponsored mortgage companies. According to Lynn Fisher, FHFA’s deputy director of the division of research and statistics, home price growth slowed to its slowest pace since June. She wrote, “While house prices experienced historic growth rates in 2020 and into the New Year, the monthly gains appear to be moderating.”

Home prices are expected to continue growing in popular metro areas, but at a slower pace due to higher mortgage rates and would-be buyers leaving the market. Demand for homes may ease as COVID-driven flight from urban areas slows but families working from home and homeschooling their children also create demand for larger homes.

Five Places Mold Could Be Hiding In Your Home

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Five Places Mold Could Be Hiding in Your HomeEven the most aesthetically pleasing homes can have mold issues. A type of fungus that thrives on moisture, mold can trigger symptoms such as itching eyes, asthma attacks and bouts of sneezing or coughing.

As a result of the possible health issues, mold is the sort of problem that should be dealt with prior to listing a home, and people who are in the market to buy a home would do well to have a licensed professional conduct a mold test on any home they’re seriously interested in buying.

What follows is a rundown of five places in the home where mold could be hiding.

The Unwanted Basement Tenant

If climate control measures are not implemented, basements can end up becoming breeding grounds for mold. Most basements get little or no direct sunlight, are often more humid than other areas of the house, and get scant ventilation, which can pose a problem should water somehow get into the basement.

Mold can go undetected for years in such spaces since it can grow behind walls, baseboards and insulation. Fortunately, detecting mold is possible not only by sight, but also by scent. A moldy or musty smell should not be ignored since it could be evidence that there is a mold problem.

The Air Conditioner’s Chilly Reception

Unfortunately, mold can take root in places that people cannot easily access and monitor such as on the inside of their air conditioner units. Mold can grow on the coils and, when moisture enters into the picture, a small problem can become a big one quickly.

People who find themselves coughing or sneezing whenever they turn on their air conditioners ought to be suspicious since mold could be the culprit.

Not On The Kitchen Menu

Leaving leftovers in the fridge for too long can create conditions where mold thrives. The mold can then get into crevices where it will have even more places to grow. The problem can become even more serious if contaminated food and appliances transfer the mold to other areas in the kitchen.

Furthermore, kitchens that are insufficiently ventilated can also have negative implications as far as food safety is concerned,

The Chimney: Where There’s Smoke…

Leaky chimneys can cause mold problems that, if not fixed, may end up infecting other areas of the house. In a leaky chimney, moisture can seep into crevices and create mold areas that may eventually make their way down to the walls. Therefore chimneys that are in need of repair should be fixed promptly so that problems don’t pop up later.

If Walls Could Talk

One of the most common places for mold to form and grow is behind walls. Humid air behind the walls can be problematic, particularly if water finds its way back there as a result of things like flooding.

It’s also possible for mold to form behind wallpaper. People can determine whether or not they have mold behind their walls by having an inspector come in and check.

Mold is no laughing matter. Before listing, it wouldn’t be a bad idea to address any mold issues. People who are planning to buy a home should have an inspector conduct a test to ascertain if there are any problems.

Taking the proper steps will help to remedy any mold situation that may be present. Whether you’re looking to sell or looking to buy, the right real estate agent can make all the difference. Call your trusted real estate professional today for more information on how to deal with mold when buying or selling a home.

Buying and Selling a Home at the Same Time? How to Juggle These Two Transactions

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Buying and Selling a Home at the Same Time? How to Juggle These Two Transactions There are few things that can be more stressful than buying or selling a home. When you are buying and selling a home at the same time, your stress level may understandably skyrocket through the roof. There may be financial aspects of both transactions that may be cause you stress, and you may be dealing with logistical issues or simply feel stressed by the stacks of documents piling up for both transactions. While this will inevitably be a challenging time in your life, you can more easily navigate through the transactions with success by following a few tips.

Consider the Timing of Both Transactions

One of the best things you can do when buying and selling a home at the same time is to plan ahead and consider the timing of both transactions. You may get lucky enough to get an offer on your home from a buyer who wants to close just a few days before you close on your new home. However, it is more likely that these two transactions may be finalized weeks or longer apart from each other. You may need to plan on finding an interim home or paying double mortgages for a period of time. You may consider which of these two options is more preferable to you based on your work situation, your family’s needs and your budget.

Prepare a Budget Ahead of Time and Update It Periodically

Financial stress can mount during this period of time. You will need to make a good faith deposit and pay for third party reports and mortgage application fees for your new home purchase. You may also need to pay money to make repairs and to stage your current home before you list it. It is common to rent a storage unit and to pay for boxes and moving supplies as well.

In addition, a buyer for your current home may request that you make repairs to your home before closing. It is important that you prepare a budget so that you can pay for all of these expenses as they arise, and you should consider leaving yourself ample funds for unexpected expenses. If you run into a cash crunch, consider completing the sale of your current home entirely before going under contract with your new home purchase.

Use the Same Real Estate Agent for Both Transactions

The knowledge and support of a real estate agent can be beneficial to you for both transactions, and you may consider using the services of the same agent for both. Dealing with one person who is familiar with your goals and needs can be truly beneficial to you throughout the entire process, and he or she may offer insight about the best steps to take to make the transition from one home to the other smoother for your family.

While buying and selling real estate can be stressful, you do not have to make the process more difficult than it needs to be. You can set up a time to meet with a real estate agent today to begin discussing your plans and to take the initial step.

What’s Ahead For Mortgage Rates This Week – March 29, 2021

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What's Ahead For Mortgage Rates This Week - March 29, 2021Last week’s economic news included readings on sales of new and previously-owned homes along with final March index readings on consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released.

Sales of New and Pre-Owned Homes Fall in February

Weather-related problems disrupted sales of new and previously-owned homes in February as low inventories of homes for sale further stalled sales. The National Association of Realtors® said that sales of new and pre-owned homes were slowed by persistent shortages of homes on the market.

Shortages of available homes were common before the pandemic and are more pronounced now. Realtor.com estimates that 200,000 homeowners stayed out of the market in the past year; this contributed to the two-month supply of homes available in February. Real estate professionals consider a six-month supply of homes for sale to indicate a balanced market. Sales of previously-owned homes were 9.10 percent higher in February 2020.

High demand for homes fueled competition among buyers and drove home prices higher. Rising mortgage rates, short supplies of homes, and rising home prices presented obstacles for first-time and moderate-income home buyers as the national median price for previously-owned homes reached $313,000.

New homes sold at a seasonally-adjusted annual pace of 775,000 sales in February according to the Census Department and was 18.20 percent lower than the reading of 948,000 new home sales reported in January. The inventory of new homes available rose to a 4.80 month supply as buyers were sidelined by winter weather and rising mortgage rates. Analysts expect high demand for new homes to continue as buyers move out of crowded urban areas and seek larger homes that meet increasing needs for work-at-home space and up-to-date technology.

Mortgage Rates Rise as Jobless Claims Fall

Freddie Mac reported higher average mortgage rates last week as rates for 30-year fixed-rate mortgages jumped eight basis points to 3.17 percent; the average rate for 15-year fixed-rate mortgages rose five basis points to 2.45 percent and the average rate for 5/1 adjustable-rate mortgages rose five basis points to 2.84 percent. Discount points averaged 0.70 percent for 30-year fixed-rate mortgages and 0.60 percent for 15-year fixed-rate mortgages. Discount points for 5/1 adjustable-rate mortgages averaged 0.20 percent.

New jobless claims fell to 684,000 claims from the prior week’s reading of 781,000 first-time jobless claims.  Ongoing claims were also lower with 3.87 million continuing claims filed as compared to the previous week’s reading of 4.13 million continuing claims filed.

The University of Michigan reported an index reading of 89.1 for its Consumer Sentiment Index in March. February’s reading was 83.0 and analysts expected an index reading of 83.7.

What’s Ahead

This week’s economic reporting includes readings from Case-Shiller Home Price Index and reporting on pending home sales. Private and public sector job growth and the national unemployment rate will be released along with weekly reports on mortgage rates and jobless claims.