Navy Fellas Realty Group

Real Estate, Residential sales and purchase

When Is The Best Time Of Year To Buy Things For A Home

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When Is The Best Time Of Year To Buy Things For A HomeFor those who are trying to buy things for their home, it is important to think carefully. Nobody wants to overpay; however, reaching for something cheap may simply end up getting replaced quickly. There are a few highlights that everyone should consider purchasing for their home in January!

Purchase Some Furniture In January

First, everyone has to make sure they think about buying furniture either in January or July. A lot of furniture manufacturers provide retail stores with new pieces in February and August. Therefore, a lot of furniture will go on sale starting either in January or July.

Storage Items Go On Sale In January

Again, a lot of stores will roll out sales in January for storage essentials such as baskets, shelves, and organizing systems. There are a lot of student’s who are looking for inexpensive items before the start of the new semester and what’s leftover after Christmas will often go on sale in January.

Major Appliances Go On Sale During January And The Holidays

One of the most expensive items that people purchase for their home is a new appliance. These tend to go on sale during the holidays and shortly after Christmas. With new versions coming out at the start of the new year, the prior year’s models need to be cleared out and retail stores will slash their prices in January.

Flooring And Paint Will Go On Sale In January

A lot of homeowners will take breaks from remodeling projects during the holiday season. Therefore, paint manufacturers and flooring specialists are often desperate for business during the winter. For this reason, a lot of paint and flooring essentials will go on sale during January, providing homeowners with a chance to save some significant money on their next renovation projects.

Linens And Towels Go On Sale In January

Finally, anyone who is looking for new linens and towels should try to wait for January. These are common gifts during Christmas so retail stores will be looking for ways to clear out the leftover inventory after the holidays. As a result, a lot of linens and towels will be marked for major discounts following Christmas.

Build A Home Gym For Your New Year’s Resolution

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Build A Home Gym For Your New Year's ResolutionWhile many people claim every January that they are going to exercise more, a lot of them give up after the first couple of months. It takes a great deal of effort to make it to the gym before work or have the energy to go afterward.

So don’t make a New Year’s resolution you know you won’t keep. Set yourself up for success by bringing the workout to you. Build your own home gym.

Designate A Space

The ideal situation would be to dedicate an entire room to your new home gym. That way you can close the door, crank up the music, block out the children arguing and focus on you.

However, a section of your garage or the back of your basement will also work. You just need enough room for a set of weights, a mat, a bench and a cardio machine, if you have one.

Prepare The Area

Put down a rubberized floor, especially if you’re in a basement or garage with concrete surfaces. You can purchase them pretty cheaply in foot-by-foot interlocking squares. Then hang mirrors.

This is important so you can watch your form when lifting weights. Also, you might want to put in a stereo system and TV for when you want to listen to music or watch instructional videos.

Decide How Much To Spend On Cardio Equipment

Cardio machines can get expensive and there are many types to choose amongst. If you’re a marathon runner, then you’ll probably want a treadmill. However, you can choose as many or as few as you want, such as an elliptical, stair stepper or stationary bike.

If you don’t want to break the bank for a fancy machine, then a good old jump rope will do the trick.

Choose Your Weights

You can go with a barbell weight system with resistance pulleys or just a set of dumbbells. Make sure you get a bench, so you can vary your lifting routine and properly stabilize yourself for certain exercises.

Make Space For Your Yoga Mat

Yoga mats are great for padding your knees, hands and back when doing abs and stretching — or for actually practicing yoga.

Many people don’t take the time to stretch after a workout, but it’s extremely important in order to improve flexibility, correct posture and prevent injuries. If you create a defined plan to limber up, then it’s more likely to become a regular part of your routine.

What’s Ahead For Mortgage Rates This Week – January 11, 2021

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What's Ahead For Mortgage Rates This Week - January 11, 2021Last week’s economic reports included readings on construction spending and reports on the national unemployment rate and job growth. Weekly reporting on mortgage rates and jobless claims were also published.

Construction Spending Increases as Demand for Homes Rises

Homebuilders responded to increased demand for single-family homes and increased their spending in November. Construction spending rose by 0.90 percent as compared to projected spending of 1.10 percent and  1.60 percent growth in November. Demand for homes increased in recent months due to the coronavirus pandemic. Homeowners left urban areas and bought larger homes in suburban and rural areas. Low mortgage rates, flight from cities, and needs related to working from home and homeschooling fueled demand for single-family homes.

Construction spending tapered off in November due to seasonal slowdowns and winter weather but is expected to continue growing as record-low mortgage rates encouraged prospective and current homeowners to seek larger homes.

Mortgage Rates Mixed, Jobless Claims Fall

Freddie Mac reported lower rates for fixed-rate mortgages as the average rate for 5/1 adjustable rate mortgages rose. Rates for 30-year fixed-rate rate mortgages fell by two basis points to 2.65 percent. The average rate for 15-year fixed-rate mortgages dropped by one basis point to 2.16 percent. Rates for 5/1 adjustable rate mortgages averaged 2.75 percent and were four basis points higher. Discount points averaged 0.70 percent for 30-year fixed- rate mortgages and 0.60 percent for 15-year fixed-rate mortgages. Discount points averaged 0.30 percent for 5/1 adjustable rate mortgages.

Jobless claims fell last week with 787,000 first-time claims filed as compared to 790,000 new claims filed in the prior week. Analysts expected 815,000 initial claim filings. Ongoing jobless claims were also lower with 5.07 million claims filed as compared to the prior week’s reading of 5.20 million continuing jobless claims filed.

Jobs Growth Falls in December; National unemployment Rate Holds Steady

ADP reported 123,000 fewer private-sector jobs n December as compared to 804,000 private-sector jobs added in November. The federal government’s Non-Farm Payrolls report showed similar results for December’s reading on public and private-sector jobs. 140,000 fewer jobs were reported in December as compared to 336,000  public and private-sector jobs added in November. December’s national unemployment rate was unchanged at 6.70 percent. 

What’s Ahead

 This week’s scheduled economic reports include readings on inflation, retail sales, and consumer sentiment. Weekly readings on mortgage rates and jobless claims will also be reported.

Prevent Icy Drafts with Our Easy Three-Step Guide to Weatherizing Your Windows

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Prevent Icy Drafts with Our Easy Three-step Guide to Weatherizing Your WindowsIn the cold winter months, you’ll probably want to be outside enjoying the snow when you get a chance – perhaps building a snowman or having a snowball fight with the kids. However, you’ll get cold, and you’ll want to come inside to your well-heated home.

While you may have dealt with insulating your attic, walls and other areas of your home, if you’ve neglected your windows you may find that they become a source of very cold drafts.

In today’s blog post we’ll share a quick three-step guide to weatherizing your windows which will keep you warmer and help to prevent wasted energy and high heating bills.

Between Window Frames and Walls

The first step to weatherizing your windows is to check for spaces in between the window frames and the windows. You can often see any gaps clearly as they will allow you to see straight outside. If you’re dealing with small gaps you can use caulking as a temporary solution.

If you’re dealing with larger gaps, you’ll want to have professionals come in to repair or rebuild the wall.

Between Window Frames and Windows

If you have windows that can be open and closed, you’re going to need to check these to ensure they seal tightly and that the weather-stripping hasn’t worn away. Weather-stripping is typically sold in rolls, and most types have at least one adhesive side so that you can quickly apply it to your windows and frames. Note that there are different types of weather-stripping on the market, so be sure to purchase a type that will work with your windows.

The Window Panes

The window panes themselves can be used to your advantage. On sunny winter days, you can open the windows and let the sunshine in to warm up your home. At night, close the curtains or blinds to help make a sort of insulation to keep out the cold. The thicker the curtains or drapes are, the more they will help insulate your home and prevent heat loss through your windows.

The benefits of weatherizing your windows will serve you well past this winter if done right. Don’t forget that doing the opposite with curtains or blinds in the summer will help keep your home cool, and the value of a house goes up when these kinds of details are covered. When you’re ready to sell your home, be sure to contact your local real estate agent and they’ll be happy to assist.

Many Buyers Are Willing To Go Over Their Budget For The Perfect Home

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Many Buyers Are Willing To Go Over Their Budget For The Perfect HomeFor those who are looking for a new home, it is important to take the time to get this decision right. For a lot of people, a home is the most valuable investment they are ever going to make. As a result, it is critical to evaluate all of the options that are available. That way, everyone will get the most out of their time. What about setting a budget? How important is this and should people think about going over it?

It Is Important To Budget First

When someone is looking for a home, the first step is to know the budget. As a rule of thumb, those people should try to avoid spending more than 30 percent of their monthly income on housing expenses. This is monthly income before taxes. For those who are having trouble doing this calculation, this is an area where a trained professional can provide assistance. That way, everyone will know how much money they can spend on a home after their down payment.

Make A List Of Must-Have and Nice To Have Features

Next, it is important to come up with a list of features they must have and features that would be nice to have. Everyone has to make sure they know what features they want to include the budget. There are some things that homeowners need to have, such as a certain number of bedrooms. Then, there are features that people would like to have but aren’t necessary. What happens if someone finds a home with everything? Should they go over budget?

Finding The Perfect Home Is Worth A Few Extra Dollars

In the end, a home is more than just a number on a piece of paper. Because a home is also about intangible values and benefits, it is okay for homeowners to go over their budget slightly for the perfect home because there is a great chance that they are going to be there for years to come. At the same time, everyone also has to make sure they know how far over budget they are willing to go. Then, they can find the perfect home. 

What Do You Need To Know About Buying And Selling A Home During The COVID-19 Pandemic?

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What Do You Need To Know About Buying And Selling A Home During The COVID-19 Pandemic?For those who are thinking about buying or selling a home during the pandemic, they may feel like this is a difficult task. Even though it is true that this is going to be a challenge, people are able to increase their success rate by adapting to a new environment. When it comes to buying or selling a home during the pandemic, there are a few tips that everyone should keep in mind.

Many Showings Are Going To Be Virtual

Make sure that everyone is ready to provide a virtual tour or go on one themselves. Of course, everyone is currently living in an era of social distancing. Therefore, everyone has to make sure that they do not unnecessarily expose themselves to anyone. Virtual tours are a great way to adapt to this measure while still purchasing or selling a home. For those who are thinking about providing a virtual tour to someone else, make sure to take the time to explore all of the options available. Some software programs are going to be better than others.

Ensure There Is A Safe Way To Buy And Sell A Home

It is critical to think about other safety measures that people can take as well. Everyone has to make sure that they endear themselves to as many buyers as possible. In addition to providing virtual tours, it may also be helpful to provide hand sanitizer. Or, people need to make sure that they bring hand sanitizer. Of course, make sure to wear a mask at all times when someone is going to be within 6 feet of someone else. This is another important safety measure that everyone should take.

There Is Help Available During The Pandemic

Finally, it is also a great idea to note that there is financial help available. Lots of people have struggled during the pandemic. That is why there are financial resources available. Be sure to speak with a trained professional and figure out if there are ways to make the process of buying or selling a home just a little bit easier. This could end up saving someone a lot of time and money during the process.

Trying to Sell a Home with Tenants Still Living Inside? These 3 Tips Will Make Your Life Easier

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Trying to Sell a Home with Tenants Still Living Inside? These 3 Tips Will Make Your Life EasierAre you thinking about selling a home that you have rented out for some additional revenue? If so, you’re likely trying to discern how to best inform the current tenants and conduct the sales process in a way that works well for all of the parties involved. In today’s blog post we’ll explore how to sell your home while you’re renting it out to tenants and share three tips that can make the process a bit easier.

#1: Review Local Laws and Your Tenancy Agreement

First, you’ll want to break out your tenancy agreement and download any state, provincial or municipal laws that apply to landlord-tenant relations. Selling a home with renters living in it can result in a number of sticky situations. You’ll want to ensure that you conduct yourself in accordance with the rule of law as you may end up in court if the process goes sour.

#2: Communication is a Vital Part of the Process

Next, you’ll need to ensure that you’re communicating with your tenants every step of the way. Meet with them to let them know that you would like to place the home on the market, and explain how the sales process is going to work. Allow your tenants to ask questions and to state their case as they may be willing to buy the home from you if they can afford it, or if the price is right. Be polite but firm; you don’t want to encourage any hostility but this is your property and ultimately, your decision.

Don’t forget to fully inform your tenants as to how home showings will work, as they’ll likely be concerned as to who is being provided with keys to their home.

#3: Incentives Can Sway an Unruly Tenant

Finally, if you’re faced with some unruly tenants that are making the sales process challenging you may find that financial incentives make them back off a bit. You’ll need their cooperation in keeping the home relatively clean and tidy, so you may want to consider offering some gift certificates or paying a portion of the rent in exchange for their help. If you’re hosting an open house over a weekend, offer to put their family up in a nice hotel somewhere in town where they can enjoy a weekend together.

While selling a home with tenants living inside is rarely easy or fun, it’s certainly doable. When you’re ready to learn more about the home selling process, contact your local real estate agent as they can share their expertise and guidance to ensure you get the most from your sale.

What’s Ahead For Mortgage Rates This Week – January 4, 2021

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What's Ahead For Mortgage Rates This Week - January 4, 2021Last week’s economic news included reports from Case-Shiller Home Price Indices and data on pending home sales. No weekly data on jobless claims were released due to the New Year holiday, but Freddie Mac did issue its weekly report on average mortgage rates.

Case-Shiller Reports Home Prices Reached 6-Year High In October

U.S. home prices reached their highest level in six years according to Case-Shiller’s National Home Price Index. Home prices rose by 8.40 percent year-over-year in October as compared to September’s home price growth reading of 7.00 percent. Demand for homes rose during the Covid pandemic as families moved from congested urban areas to less crowded suburbs and rural areas. Ongoing shortages of available homes fueled rising home prices as mortgage rates fell to record lows. 

Case-Shiller’s 20-City Home Price Index showed a 7.90 percent year-over-year growth rate in October as compared to September’s home price growth rate of 6.60 percent.  Phoenix, Arizona led the 20-City Index with a year-over-year home price growth rate of 12.70  percent. Seattle, Washington posted a year-over-year home price growth rate of 11.70 percent, and San Diego, California followed closely with a year-over-year home price growth rate of 11.60 percent.

Cities posting the lowest home price growth rates in October were New York, New York with 6.00 percent home price growth; Chicago, Illinois posted year-over-year home price growth of 6.30 percent and Las Vegas Nevada home prices grew by 6.40 percent year-over-year,

Analysts did not expect home price growth to slow any time soon. Relocation and the anticipated retreat of the pandemic as vaccines become available were expected to fuel home price growth as the economy improves.

Pending Home Sales Fall in November, Average Mortgage Rates Mixed

The National Association of Realtors® reported  -2.60 percent a drop in pending home sales in November; this was the third straight month of falling pending home sales. Pending home sales are sales for which purchase contracts are signed but have not closed.

Mortgage Rates Mixed

Freddie Mac reported mixed average mortgage rates last week. The average rate for 30-year fixed-rate mortgages rose by one basis point to 2.67 percent; the average rate for 15-year fixed-rate mortgages dropped by two basis points to 2.17 percent and rates for 5/1 adjustable rate mortgages dropped by eight basis points to 2.71 percent on average. Discount points averaged 0.70 percent for fixed-rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

What’s Ahead

This week’s scheduled economic reports include readings on construction spending, minutes from the Fed’s FOMC meeting, and payroll data for public and private-sector jobs. The national unemployment rate will also be released. Weekly readings on mortgage rates and jobless claims are also expected.

Moving This Winter? Here Are 5 Relocation Tips That Will Help Ease the Stress of Moving

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Moving This Winter? Here Are 5 Relocation Tips That Will Help Ease the Stress of Moving Moving is not exactly enjoyable at any time of the year, but it can be especially stressful in the winter. Moving all of your items when it is snowing and blowing outside makes things a lot tougher. However, if you prepare accordingly and have the right attitude, you’ll find that your move will go much smoother. Here are five relocation tips that will help ease the stress of a move.

Do not Pack Your Winter Supplies

When you are moving in the wintertime, you should keep your winter supplies, such as a snow shovel and salt, in the car with you. For example, let’s say you get to your new place and there is a lot of snow on the ground. If you have your shovel nearby, you can dig out a path from the driveway to the front door. If you see ice on the ground, you can sprinkle salt on it to prevent falling and hurting yourself.

Pay Attention to the Weather

It is a good idea to watch the weather reports the day of your move. If they are predicting a big snowstorm or other dangerous conditions, it may just be best to reschedule your move to a different day.

Hire Movers

Hiring movers will cost some extra money, but it will be well worth it. If you hire professional movers to move your belongings, you will not have to worry about carrying heavy furniture in the snow and ice. They have the experience to get your items moved in a timely manner.

Get Your Car Serviced

If you are moving a long distance, you should get your car serviced beforehand. Take it to a trusted mechanic and have him check your tires and brakes. If you let a professional look at your car before your move, you will be less likely to break down on the road.

Protect Your Entryways

When you move in the winter, you can bring in a lot of snow and salt from the outside, damaging your floors. That is why you should place cardboard or plastic on your flooring before you start the moving process. It will prevent snow, ice and other particles from ruining your floors.

Moving during the winter is not exactly pleasant, but it does not have to be impossible. If you follow these helpful tips, you will have a much easier move. If you have any more questions, you should contact our trusted real estate professional today.

Remove The Flood Insurance Risk From The Closing Process

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Remove The Flood Insurance Risk From The Closing ProcessMany homeowners do not realize that the risk of a flood is a significant factor that plays a role in not only homeownership but also the closing process. Even though flooding is a major risk, many homeowners do not carry enough coverage. Without proper flood insurance, homeowners risk losing millions of dollars. Therefore, it is prudent for those who are looking for a home to factor flood insurance into their home search. This can streamline the closing process down the road.

Exploring Options For Flood Insurance

When homeowners think about flood insurance, they are often directed to the National Flood Insurance Program (NFIP). While this is one option, there are also private options available that could provide better prices and more favorable terms. Private options exist in all 50 states in addition to the Washington DC area. They can be used to satisfy the requirements of banks, credit unions, and lenders at the time of closing.

Calculate The Risk Of Flooding

While a flood can happen at any time, some homes are in riskier locations than others. Therefore, homeowners need to take a look at the individual risk of flooding at a specific property in which they might be interested. In some cases, homes might be located in high-risk areas where flood insurance still might not be required. Homeowners need to make sure that they understand the risk of flooding of a potential property and protect it accordingly. Homeowners’ insurance usually does not cover flood events, so a separate policy is typically needed.

The Requirements Of The Lender

There are some situations where homeowners might have their closing process delayed purely because they did not realize that the lender required flood insurance. During the preapproval process, it makes sense for homeowners to ask the lender if they require flood insurance. That way, homeowners will be able to factor the cost of flood insurance into the search process and expedite their closing later.

Invest In Quality Home Insurance

For many homeowners, their home is the most valuable investment they will ever make. Therefore, it has to be protected appropriately. This includes flood insurance. Check out flood insurance options ahead of time to streamline the closing process later.