Navy Fellas Realty Group

Real Estate, Residential sales and purchase

Tips On How To Sell Your Home In A ‘Buyer’s Market’

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http://data.bloggingrightalong.com/i/Keeping_Quiet_Five_Things_You_Shouldn-27t_Mention_During_an_Open_House.jpgA “buyer’s market” happens when people looking to buy a home have a stronger bargaining position than the sellers have. In a classic economic sense, a buyer’s market occurs when the supply of homes available for sale exceeds the demand for them. However, other things in real estate create a buyer’s market.

Causes Of A Buyer’s Market

Besides having too many homes for sale and too few buyers, a buyer’s market in real estate may  come from widespread credit market problems. There may be plenty of buyers interested in homes that are for sale, yet they may not be able to get a loan to buy the home. This may be caused not only by the credit history and qualifications of the buyers but also by the lending institutions’ available funding to make loans.

Another thing that can cause a buyer’s market for homes to suddenly emerge is a major relocation or closing of a large employer in an area. If the jobs disappear for many people, then they may have to move to find work.

Ways to determine if a specific area is a buyer’s market include tracking the median number of days that homes stay for sale on the market listings. Another strong indicator is the number of homes that lower their listing price. 

Selling A Home In A Buyer’s Market

In a buyer’s market, trying to sell a home may be much more challenging. Here are our tips to sell a home in a buyer’s market:

  1. Price: To be competitive, price the home at a very compelling level that is up to 5% less than the market value of comparable properties.
  2. Staging: Stage the home to be in a perfect immaculate condition with extremely attractive interior design elements. Remove everything from the home, repaint, and then rent brand-new furniture. Use the services of a professional interior designer to make the home aesthetically stunning.
  3. Paint: Paint the home inside and out. Use contemporary colors in a trending color scheme that is attractive for the most potential buyers. Avoid brash colors. Color choices should be neutral but not boring.
  4. Home Inspection: Conduct a professional pre-inspection of the home, fix all the items that need repair, and show the inspection report and the receipts for the work done to any potential buyers.
  5. Home Warranty: Offer a one-year home warranty included in the sale price, which covers the major appliances and home systems.
  6. Energy-Efficiency: Install energy-efficient windows, seal around windows and doors to prevent leaks, and upgrade insulation to make the monthly utility bills as low as possible.
  7. Use a Top Real Estate Agent: Work with an agent that has a track record of selling homes recently, who is a “closer” when it comes to making a sale.

Summary

If possible, try to avoid selling a home in a buyer’s market and wait for a better time. If that is not possible, or the market is permanently damaged and will be a buyer’s market for a long time, then take these steps to give your home advantages when compared to other homes that are for sale.

Low Maintenance Landscaping To Improve Curb Appeal

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Low Maintenance Landscaping To Improve Curb AppealAttractive landscaping is one of the first things that potential home buyers notice. They may see the landscaping in the photos of a home for sale or may even do a physical drive-by. The view of the property from the street is called “curb appeal.” It is important to make this be as nice as possible.

In many parts of the country, there are pressures on the water supply that make having a lush-green, living lawn very costly or even prohibited by the local regulations. Innovative technology and the use of natural ground covers, such as stone and rocks are replacing the green lawns that most people think of when considering landscaping a home properly.

Here is a guide to some landscaping that is attractive and worth considering to make a home look spectacular and require little maintenance:

Artificial Turf

Artificial turf has improved dramatically over the past few years. There is no longer the need to use the obvious green plastic covering of cheap fake grass. The newest artificial turf products look so much like real grass that it is nearly impossible to tell that they are not real. They can be installed over drainage rock and washed down with water like real grass.

Decorative Concrete

Molded concrete is now available in so many surface treatments, textures, and colors that it can represent almost any popular covering. For example, a nice European-style, cobbled-stone, street look is a popular choice for driveways and walkways. It is made out of molded, colored concrete, not stone, and installs easily.

Rock And Stone

Replacing areas of grass in the front yard with decorative rock and stone makes a nice look. It is better not to use wide swathes of this ground covering in big blocks. Instead, for a better aesthetic appeal, use natural rock and stone to create unique, eye-catching areas. For example, surrounding a wishing well with a nice circular area of rock pebbles creates a nice look.

Artificial Trees And Bushes

Advancements in the manufacturing of artificial bushes and trees developed very convincing products that are durable enough for exterior installation. Some best looking ones are the evergreen bushes.

They come in perfect heights of various sizes. They never need watering or trimming to make them look attractive. The only maintenance that they need is the occasional spray washing to remove dust and things that might fall on them like leaves from neighbor?s trees.

There are many to choose from. The modest-sized bushes are very inexpensive and usually less than $50 each. At the other end of the spectrum, are the exotic 11-feet tall artificial cheery trees that have built-in LED illumination. These are very dramatic and cost many thousands.

Summary

With these interesting ideas to consider, take a look at landscaping in a new way. Even though artificial landscaping requires an upfront investment, it can last for many years and may reduce overall maintenance costs significantly. If you ever want to sell the home, there will be much less landscaping needed to get it ready for sale.

How To Choose A Moving Company

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How To Choose A Moving CompanyOnce you’ve accepted an offer on your house, the next thing you should do is schedule a moving company. The earlier you plan for the moving company, the more time you’ll have to research your options and ensure that you can reserve the date you need. 

Narrow Down By Services

The first step is to narrow down your choices so you can focus on moving companies that are best suited for your needs.

  • First, determine if you need a long distance mover or a regional mover. Long distance movers will have larger trucks and/or semi-trailers; regional movers will have mid-to-small sized trucks only.
  • Next, decide if you want to do all your packing yourself or if you want the movers to pack your possessions. Don’t worry about the furniture; most movers will insist on wrapping furniture to protect it from damage.
  • Finally, decide if you want help unpacking on the other end.

Once you’ve narrowed down the list with these three criteria, you’re ready to start contacting moving companies.

Ask Questions

Prepare a list of questions to ask all the moving companies you’re considering. This way, you’ll be comparing apples to apples and it will make your final decision more clear. The first things to ask are if they meet the criteria that’s mentioned above. Next, move on to your prepared list.

Following are some questions you should definitely ask. You may also have other questions to add to the list.

  • What kind of insurance coverage do you provide?
  • What if my moving date needs to change?
  • What guarantees do you offer as far as showing up and delivering the possessions as promised?
  • Do you have at least two previous clients I can call for references?
  • How many hours does it typically take you to do a move of this size?

Get Estimates

A quality moving company will want to send over a representative to inventory your possessions to ensure an accurate estimate. This is standard procedure, and you should lead the rep through your home so you can answer any questions.

Your final decision should be based on the criteria you need, the affordability, and quality you think you’ll receive based on the answers to your questions and your impression of the representative.  

 

 

3 Ways To Make Your Home Safer

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3 Ways To Make Your Home SaferIn the wake of the recent news reports, you might be looking for ways to make your home safer. Some of the most common accidents and events that take place in homes include poisoning events, falls, and even burglaries. The good news is that there are ways to improve the safety of your home. You might even be rewarded with a lower home insurance premium!

Invest In An Alarm System

It is not easy to figure out exactly how many burglaries are prevented every year by having an alarm system; however, even having a sign in the front yard could be enough to scare off potential intruders. If you are looking for a quick and easy way to make your home safer, invest in a home alarm system. 

The price of a home alarm system from vary from provider to provider. Homeowners can tailor their security services to meet their needs. This is a great way to keep burglars at bay.

Purchase A Video Doorbell System

There has even been a rise in the frequency of porch pirates, or those who steal the packages of others from their front door! If you are someone who buys a lot of stuff online, then you should get a video doorbell to watch your packages when they get dropped off.

Furthermore, you can even use this video doorbell system to see who ringing your doorbell when you aren’t home. In some cases, you can even communicate with them, providing them instructions, or asking them to leave when necessary.

Buy Automatic Outdoor Lighting Systems

Lights are often enough to scare people away. There are plenty of motion sensor lights that you can purchase for your driveway, porch, and front door. These lights can even be set to turn off when the sun comes up to save energy. 

Keep Your Home Safe

These are a few of the easiest ways that you can make your home safer. If you take steps to keep burglars at bay, not only will you protect your home but you might even save some money on home insurance! 

What’s Ahead For Mortgage Rates This Week – May 11th, 2020

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http://data.bloggingrightalong.com/i/04-Whats-Ahead.jpgLast week’s economic releases included readings on public and private sector employment, the national unemployment rate.

Economic Destruction Continues as Coronavirus Spreads

ADP reported 20.2 million private-sector jobs lost in April as compared to 149,000 jobs lost in March. The government’s Non-Farm Payrolls report showed -20.5 million public and private-sector jobs lost in April as compared to -870,000 jobs lost in March. Both of these jobs reports typically show job growth, but they now report jobs lost due to the coronavirus pandemic and efforts to control it.

Likewise, the national unemployment rate grew in April to 14.70 percent as compared to the normal reading of 4.40 percent in March.

Mortgage Rates Mixed as New Jobless Claims Fall

Freddie Mac reported higher average mortgage rates for 30-year fixed-rate mortgages, which were three basis points higher at 3.26 percent. The average rate for 15-year fixed-rate mortgages fell by four basis points to 2.73 percent. Rates for 5/1 adjustable rate mortgages rose by three basis points to 3.17 percent. Discount points averaged 0.70 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages. 

First-time jobless claims fell to 3.17 million claims, which exceeded expectations of 3.10 million new claims filed. While new jobless claims were lower than the prior week’s reading of 3.85 million initial unemployment claims, the millions of claims filed were far above normal readings in the hundred-thousands. While jobless claims remain high, they are lower than the seasonally-adjusted peak of 6.90 million initial claims filed in March.

Analysts said that unemployment figures would increase as small business claims increase.

 

Credit Card Use Falls In March

Consumers stopped using credit cards in March as the coronavirus took hold and the economic shut-down limited shopping, travel, and dining out. Credit card companies tightened lending standards and reduced credit lines as unemployment rates rose. Credit card use fell by nearly 31 percent to – $28.20 billion in March; installment loans including education and vehicle loans rose by 6.20 percent to $16.1 billion.

Auto dealers offering attractive incentives including low to no interest rates encouraged consumers to purchase vehicles. Home loans were not counted in the reading for installment loans.

 

What’s Ahead

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

How To Save Big Money On Your Next Home Renovation Project

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How To Save Big Money On Your Next Home Renovation ProjectEvery year, homeowners spend billions of dollars renovating their homes. It almost seems expected that homeowners are going to end up going over budget on any project. On the other hand, this doesn’t have to be the case. In reality, there are a few tips and tricks that homeowners can follow to help them save big money on that next home renovation project.

Serve As The General Contractor

Many homeowners hire a general contractor to control the staffing of each individual project. While this might reduce stress levels, it also costs more money. Hiring a general contractor adds an additional middle man to the project who might charge a premium for each individual project.

Homeowners that need to renovate the kitchen, replace the roof, and find a new water heater should hire professionals to handle these individual projects; however, they don’t necessarily need to hire a general contractor. Skipping this step can save money.

Seek Out Multiple Bids On Each Project

Some homeowners don’t like making phone calls and filling out paperwork to collect bids for various projects; however, collecting multiple bids can help homeowners save money. On any given home renovation project, try to collect at least three bids. For larger projects, it is better to collect even more. 

Then, once all the bids are collected, they can be leveraged against each other for a lower price. Homeowners are often surprised by the wide range of bids on a project. Some proposals might even be thousands of dollars apart.

Take Advantage Of Sales

Just as food goes on sale at the grocery store, the materials needed to complete a home renovation project might go on sale from time to time as well. Taking advantage of sales at department stores can be a great way to reduce overhead costs. There might even be cheaper options online. 

Reduce Home Renovation Costs

These are a few of the most important tips for reducing the cost of that next big home renovation project. Home renovation projects don’t have to break the bank! Be sure to collect multiple bids and leverage inventory sales. 

4 Surprising Things That Might Increase Your Home’s Value

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4 Surprising Things That Might Increase Your Home's ValueYou’ve probably heard that living near excellent schools or having curb appeal can boost the value of your home. However, a home’s value is dependent upon a lot of different factors. Some of these things are more obvious than others. Things that might seem insignificant can have an impact on your home’s worth. Here are some surprising things that can affect the existing value of your home or how much a buyer is willing to pay for it.

#1 A Blue Kitchen or Bathroom

Painting your home is an easy and cost-effective way to update your home. Just make sure that you select the right colors. Based on recent research, walls that are painted cool neutral colors like blue are more likely to appeal to buyers. According to a 2017 study by Zillow, homes with blue bathrooms sell for an average of $5,500 more than expected. Houses that had blue kitchens sold for $1,809 more compared to similar homes that had a white kitchen.

#2 How Close You Are To A Supermarket

Being next a well-known supermarket can increase the value of your home. If the supermarket is considered upmarket, then the increase in value is even higher. According to “Zillow Talk, The New Rules of Real Estate,”  homes that are near a Trader Joe’s or Whole Foods grocery store appreciate up to 40 percent faster than other homes. The presence of a popular store like a Trader Joe’s has a positive effect on market values over time.

#3 A Joanna Gaines’ Aesthetic

Joanna Gaines urban farmhouse aesthetic is more than just chic; it can have a surprisingly positive effect on the value of your home. According to a Zillow analysis of home sale descriptions from 2016, houses that had the keywords “farmhouse sink” and “barn door” sold quicker and at a premium compared to similar homes. Listings that had the words “barn door” sold 57 days quicker and for 13.4 percent more than similar homes. For sale listings that included a “farmhouse sink” sold for 8 percent more. So, if you plan to make interior updates in your home, you might want to watch a couple of episodes of “Fixer Upper” for inspiration.

#4 Your Proximity to Starbucks

Do you live within a quarter of a mile from a Starbucks? If so, then you are in luck? A study released by Zillow in 2015 found that homes that were within a quarter of a mile from the Seattle-based coffeehouse increased by 96 percent on average from 1997 to 2014. This number is well above the average of 65 percent of all U.S. homes.

Whether you are in the process of buying a new home or updating your existing home, think about the above factors as they may play a role in the value of your home.

Are Home Warranties Worth The Money?

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Are Home Warranties Worth The MoneyThose who own homes might regularly receive mail advertising something called a home warranty. Many people end up tossing these leaflets away because they think this is just another form of home insurance, which many people get through their mortgage lender. In reality, a home warranty is not home insurance. Therefore, some people might be wondering whether or not a home warranty is worth the money.

There are a few important points that people should know.

What Is A Home Warranty?

A home warranty is similar to insurance is that people are going to pay a set premium per year to protect them against the risk of larger expenses down the road; however, people need to know what a home warranty is going to cover. This is where people need to read the policy. 

Typically, a home warranty is going to cover the cost to repair or replace certain appliances or home systems is they are damaged or break down. If someone needs to file a claim, this is usually done online or over the phone. Then, the homeowner is going to bring out a professional and pay a service fee (which is similar to a deductible) to get the repair completed. In some cases, the homeowner will have to pay the entire bill and get reimbursed later.

Is The Home Warranty Worth It?

In general, if someone has purchased a brand new home, this policy simply isn’t necessary. In many states, the builder is required to repair defects for a few years after the home is built. The common time-frames range from two years to ten years. Therefore, a home warranty might be duplicate coverage and, thus, unnecessary. Furthermore, brand new appliances are almost always protected by one or two-year warranties. Again, a home warranty might be duplicate coverage.

On the other hand, if someone has an older home or older appliances, the home warranty might be worth it. Older appliances are more likely to break down and, thus, require repairs. Therefore, people need to think about their own individual circumstances and weigh the risk of a broken appliance against the cost of the policy. A home warranty may be right for some people but not others.

Listing Agents And Selling Agents ? What’s The Difference?

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Buying or selling a home is unquestionably one of the biggest and most important transactions in a person’s life, financially and otherwise. The ins and outs of the entire process can be overwhelming, particularly for first-time homebuyers or sellers. There’s mortgage loan paperwork to manage, open houses to attend, inspections and appraisals to coordinate, not to mention all the different people involved.

While it may seem daunting, rest assured that everyone who plays a role in real estate transactions is essential. Two of the key players involved are also two of the most commonly confused: Listing agents and selling agents. Though their titles sound extremely similar, they have two very different jobs. Here’s a closer look at what their differences are.

Listing Agents

Much of the confusion about listing versus selling agents likely stems from the fact that listing agents are frequently also referred to as seller‘s agents. Regardless of which title is used – listing agent or selling agent – this person exclusively represents the seller in a home sale, working solely in his or her best interest.

Listing agents spend their time primarily working with the homeowner trying to sell the property and typically have very little if any, interaction with potential buyers.

Some of the responsibilities listing agents have are:

  • Staging the home and marketing it for sale
  • Fielding and reviewing offers on the property

Selling Agents

The person who exclusively represents the buyer in a real estate transaction is the selling agent, also commonly called a buyer’s agent. While the listing agent is working on behalf of the person selling their home, the selling agent represents the homebuyer and seeks to get them the best available home at the best price possible. 

Tasks a selling agent may help potential homebuyers with include:

  • Researching homes and monitoring the MLS, looking for homes that meet the buyers’ criteria
  • Help buyers to prepare and submit an offer

 

Whether you are the home buyer or seller, finding an agent who is a good fit, understands your needs and wants in a home, and who has your best interest at heart is crucial. 

 

What’s Ahead For Mortgage Rates This Week – May 4th, 2020

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http://data.bloggingrightalong.com/i/02-Whats-Ahead.jpgLast week’s economic reports included readings from Case-Shiller Housing Market Indices, pending home sales, and inflation. Weekly readings on mortgage rates and first-time jobless claims were also released.

Case-Shiller: February Home Price Data Positive Before Coronavirus Impact

February data on home prices showed rising home prices; the Case-Shiller National Home Price Index showed 4.20 percent growth in home prices year-over-year as compared to January’s home price growth rate of 3.90 percent.

Case-Shiller’s 20-City Home Price Index rose by 0.40 percent from a year-over-year rate of  3.10 percent to 3.50 percent. Home prices increased in all of the 20 cities included in the Index; 17 of the 20 cities reported a greater rate of price growth than for January. Phoenix, Arizona led the 20-City Index with 7.50 percent year-over-year growth in home prices and home prices in Seattle, Washington grew by 6.00 percent year-over-year. Tampa, Florida, and Charlotte, North Caroline were tied for third place with home price growth rates of 5.20 percent. 

Factors supporting continued home price growth included short supplies of available homes, strong demand for homes, and mortgage rates near all-time lows.

Fed’s Federal Open Market Committee Holds Fed Rate Range Steady

The post-meeting statement of the Federal Open Market Committee showed no change in the Federal Reserve’s target federal funds rate range of  0.00 to 0.25 percent. The committee expects the ongoing national health crisis to “weigh heavily on economic activity, employment, and inflation in the near term.” FOMC members voted to maintain an accommodative stance on monetary policy until economic conditions again support the Fed’s dual mandate of achieving maximum employment and price stability,

Inflation rates were quashed in March as the coronavirus spread in the U.S, The Consumer Price Index fell -7.50 percent in March as compared to February’s growth rate of -0.20 percent. Analysts expected a March inflation rate of -6.90 percent. Core inflation, which excludes volatile food and fuel sectors, fell by -0.10 percent and met expectations but was lower than February’s core inflation reading of -0.20 percent.

 

Mortgage Rates Fall to Record Lows, New Jobless Claims Fall

Freddie Mac reported the lowest mortgage interest rates ever recorded with rates for a 30-year fixed-rate mortgage 10 basis points lower at an average of 3.23 percent. Rates for 15-year fixed-rate mortgages averaged nine basis points lower at 2.77 percent.

The average rate for 5/1 adjustable rate mortgages fell by 14 basis points to 3.14 percent. Discount points averaged 0.70 percent for 30-year fixed-rate mortgages, 0.60 percent for 15-year fixed-rate mortgages, and 0.40 percent for 5/1 adjustable rate mortgages.

First-time jobless claims fell last week but remained well above numbers seen before the coronavirus pandemic. 3.84 million new jobless claims were filed, which surpassed expectations of 3.50 million new claims filed and the prior week’s reading of 4.40 million new claims filed.

What’s Ahead

This week’s scheduled economic readings include reports on public and private sector jobs, the national unemployment rate, and weekly reports on mortgage rates and new jobless claims.