Navy Fellas Realty Group

Real Estate, Residential sales and purchase

3 Ugly Truths You’ll Discover Trying to Buy a Home Without a Real Estate Agent

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3 Ugly Truths You'll Discover Trying to Buy a Home Without a Real Estate AgentMany people, whether they are new to the market or have purchased a home before, consider investing in a home without the help of an agent. While there are benefits involved with going it alone, there are also a number of drawbacks that can significantly impact the success of your home purchase. If you’re wondering about the difficulties involved in going “agent-less”, consider the following points.

It’s A Lot Of Legwork

It might seem simple if you’ve found a house and you like it, but a lot more goes into investing in a home than just finding a place. While you can do research on your own, an experienced real estate agent will have knowledge of the market and the neighborhoods you’re searching in and will be able to share an insider’s perspective. As a result, they may be more successful at providing you with insights about the local community and the price you should be paying. All of which would be hard to determine on your own.

Navigating The Process

Home ownership can be considered as easy as signing on the dotted line, but there are so many steps that go into making the final purchase that having someone experienced along to assist can be very beneficial. In addition to pay stubs, tax returns, employment records and bank statements, you’ll need to deal with legal forms, deeds and a ton of other information the home sellers and your lender will need. Fortunately, an agent will be familiar with what’s needed and will be able to simplify the process wherever possible.

The Right Home Takes Time

The right agent may make finding a home look pretty easy, but it takes a lot of knowledge and experience to be able to find what works for you. As a result, it’s very easy to underestimate the amount of time you’ll need to invest in research and open houses and even negotiating to find your next home. If you don’t have the time to do what’s needed to find the right place for you, it may be worth enlisting the services of a professional.

It can be tempting to forego the costs of an agent when it comes to buying a home, but the right agent can save you time and help you find the right place at the right price. If you’re currently preparing to invest in a home, contact your local real estate professional for more information.

With Mortgage Rates This Low, Should You Dive In? 3 Reasons Why Now Might Be the Time

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With Mortgage Rates This Low, Should You Lock In? 3 Reasons Why Now Might Be the TimeWhether you’ve just finished school or are about to start a family, investing in a home can be one of the biggest financial decisions of your life. But as you’ll soon discover, there are a number of considerations you’ll need to make. It can be difficult to know whether to get a short-term or long-term mortgage, or how long of an amortization period you’ll need. Read on below for three questions that will help you to make your decision, as now is the best time to dive into the market.

Do You Have A Down Payment?

There are a lot of numbers mentioned when it comes to the down payment, from 5% to cash only offers, but 20% is the ideal percentage to put down when it comes to buying a home. Because putting 20% down will enable you to avoid having to pay Private Mortgage Insurance (PMI), you’ll be able to lower your costs of home ownership over time. While 20% isn’t the be-all-end-all if you’re really ready to hit the market, it’s worth re-tooling your budget to save up.

Will You Struggle To Make Ends Meet?

Lower mortgage rates can certainly improve your overall outlook for investing in a home, but buying a home can be financially debilitating for many people. While you’ll be required to make your monthly mortgage payment, there will also be insurance costs, property taxes, home maintenance and other associated fees that add up. If you feel it’s going to be a huge financial risk to sustain home ownership, it may be worth sitting down with a mortgage professional to go over the numbers.

Are You Ready For Ownership?

Home ownership is often considered a rite of passage as one gets older, but it’s important to determine how a new home will fit into your current lifestyle. The costs of home ownership are usually higher than renting and you’ll have to take care of things like the yard and general home maintenance yourself. It might not be the best time if a home strongly imposes on your lifestyle, but if you’re looking forward to domestic duties, it can be a step in the right direction.

Mortgage rates have been hovering relatively low for a few years, but it’s important to know that home ownership is right for you before moving forward. If you’re currently contemplating a home in your area, contact your trusted real estate professional for more information.

The Five Most Common Overlooked Expenses When Selling a House

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The Five Most Common Overlooked Expenses When Selling a HouseMost homeowners are so enthusiastic about putting their home on the market and getting the price they’re hoping for that the expenses involved in selling a home are forgotten. However, it’s often said that one has to spend money to make money, and selling a home is no exception! If you’re wondering what kinds of overlooked expenses will cut into your home sale, here are some costs to consider.

Minor Renovations

There are always a few things to fix-up when it comes time to sell your home, but by establishing what will best increase your home’s value, you can make it a good investment. Instead of going it blind, create a renovation budget so any cost you incur will pay for itself.

Staging Your Home

It’s possible you may be able to get away with minimal costs when it comes to home staging, but adding a few small details can improve the overall impression of your home. Instead of spending an abundance on dressing up your home, put your time into cleaning and de-cluttering for ample effect.

Closing Costs

It goes without saying that closing costs can add up to a lot of money at the end of the day, but many people forget they’re part of the transaction. Closing costs can include anything from transfer tax to title insurance to escrow fees so it may be worth talking to your agent to see if they can give you a deal.

Real Estate Commission

It’s easy to forget, but using a real estate agent to sell your home will require you to pay a portion of your home’s sale to them. While you may be able to negotiate this percentage with your agent, it’s worth realizing that an agent will help you garner a higher price and will do a lot of the leg work for you.

The Moving Van

It might be too soon to think about, but if you have a lot of stuff and don’t want to take on the task yourself, you’ll need to hire a moving company to help you relocate. Instead of leaving this to the last minute, contact a few popular movers to get pricing, and don’t wait until the last minute to schedule your move. If you’re desperate, you’re likely to pay more.

Selling a home can be a financial boon, but there are many expenses that can come along with it. If you’re currently preparing to put your home on the market, contact your local real estate professional for more information.

Community Living: The Quick and Easy Guide to Starting a Community Garden

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Community Living: The Quick and Easy Guide to Starting a Community GardenAh, the city. With so many people living in an urban landscape these days, it can be hard to find anything more than a planter on the balcony for your herbs. And good luck finding space for vegetables or large flowering plants! Fortunately, coming up with a community garden can be a great way to get the locals together. If you’re wondering how to get started with this fun project, begin with the following guide.

Find The Right People

Organizing your own community garden can seem overwhelming at first, so it’s important to gather a group of like-minded people that are interested in the idea and have the same passion for it that you do. Whether you decide to use a site like Meetup to get a group together or you have a variety of friends and neighbors who might be interested, ensure your group has both gardening and planning skills to bring to the table.

Research The Local Community

You’ll want to choose a site that’s not too far from your home, so talk to local horticultural organizations and your city or community center for information on available areas of land. Once you know the details, it will be easier to determine what exactly you’ll need to do to fund and develop the area. You might decide to cover the startup costs on your own, or you may want to create a small society which can be sponsored by local businesses. There may even be loan programs in your area that are available for your project, so ask around.

Start The Planting Process

Once you’ve determined who your crew will be and where you’ll be creating your garden, it will be much easier to move forward and determine what exactly your garden will be. Do you want it to be a collective which you all share together? Or do you want separate plots so all your members can do whatever they like? Once you’ve decided, the launch date can be the ideal time to throw a garden party and get everyone in on the fun.

Growing vegetables and planting your own garden has become a more popular pastime in recent years, and it can be easier than you think to get your very own community garden started. If you’re looking to buy a home in a garden-friendly new community, contact your trusted real estate professional for more information.

What’s Ahead For Mortgage Rates This Week – July 31, 2017

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Last week’s economic news included readings on new and existing home sales, Case-Shiller Home Price Index reports and an announcement by the Federal Open Market Committee of the Federal Reserve. Weekly readings on mortgage rates and new jobless claims were also released.

New and Existing Home Sales Mixed in June

Sales of new homes rose in June rose to a seasonally- adjusted annual rate of 610,000 homes. Analysts expected 614,000 new home sales based on May’s reading of 605,000 new home sales. The National Association of Realtors® reported 5.52 million previously owned homes sold in June on a seasonally-adjusted annual basis. A reading of 5.57 million sales was expected, based on May’s reading of 5.62 million sales. Sales of pre-owned homes are lagging due to a severe shortage of homes available. Low inventory and high demand are limiting options for buyers, who are frequently forced to compete with multiple offers for homes they want and not enough listings of appropriate or affordable homes.

New home sales rose in June according to the Commerce Department. June sales of new homes increased by 5000 sales to a seasonally-adjusted annual rate of 610,000 new home sales. June’s reading fell short of the 614,000 sales anticipated by analysts.  While housing and real estate industries say that building more homes is the only solution to reducing the shortage of homes for sale, builders cite labor and lot shortages and increases in materials cost as headwinds to building more homes at a fast pace. June’s reading was 9.10 percent higher than a year ago.

Case–Shiller: Home Prices Hold Steady in May

National home price appreciation held steady at a seasonally adjusted annual rate of 5.60 percent in May. The 20-City Index, which reported a year-over-year gain of 5.70 percent. indicated that home values remain highest in the West. Seattle, Washington had the highest year-over-year home price gain of 13.30 percent. Portland Oregon followed with a year-over-year gain of 8.90 percent. Denver, Colorado reported a year-over-year gain of 7.90 percent for home prices.

The Federal Reserve announced that its target federal funds interest rate would not change; it is currently at 1.00 to 1.25 percent. The Fed also noted that it would start reducing its balance sheet soon.

Mortgage Rates Fall as New Jobless Claims Rise

Freddie Mac reported lower average mortgage rates with the rate for a 30-year fixed rate mortgage four basis points lower at 3.92 percent. The average rate for a 15-year fixed rate mortgage dropped three basis points to 3.20 percent. The average rate for a 5/1 adjustable rate mortgages was three basis points lower at 3.18 percent. Discount points averaged 0.50 percent for all three mortgage types.

New jobless claims rose to 244,000 as compared to 245,000 new claims expected and 234,000 new claims filed the prior week.

What‘s Ahead

Next week’s scheduled economic releases include readings on pending home sales, inflation, construction spending and ADP payrolls. Non-farm payrolls and the national unemployment rate will also be released, along with weekly reports on mortgage rates and new jobless claims.

$100 Well Spent: 5 Useful Home Upgrades That Cost Less Than $100

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$100 Well Spent: 5 Useful Home Upgrades That Cost Less Than $100Whether you’re trying to improve the look of your home or are getting ready to put it on the market, the idea of renovations might seem like a significant financial burden to take on. Fortunately, there are a variety of easy solutions for improving the look of your home without spending a lot of money. If you’re wondering how you can spend $100 wisely, look no further than the following upgrading tips.

A Funky Light Fixture

It might seem like a cool light will cost an arm and a leg, but there are plenty of options available on the market that will instantly add a unique touch to your place. Whether you decide to go mod or classic, a fixture can draw the eye and instantly add interest to a room.

A Makeshift Curio Cabinet

In these days of smaller living, many people have to pile their stuff into closets and cabinets in order to make it all fit. Fortunately, a bookcase-cum-cabinet can be an inexpensive purchase and can house a variety of items like books, dishes and appliances for an easy, eclectic look.

Covering The Cabinets

Kitchen cabinets are often one of the first things to show age in a home, but getting out the can of paint can be a great way to instantly modernize their look. While you’ll want to go with a neutral tone that will compliment the space, the right color can add instant oomph.

Re-Upholstering A Chair

There are pieces of furniture in your home that you may be tired of looking at, but there’s an easy way to improve them without buying new: re-upholster! By trying out a new fabric on one of your favorite chairs, you might be surprised by how much it improves the room.

Paint Does The Trick

Painting may be one of the least popular renovation tasks, but few things are as successful at improving the look of your home as a fresh coat of paint. Instead of going all out with a bright color, choose a neutral shade that complements the furniture for an instant brightening effect.

Home renovations may seem like an expensive endeavor, but you can easily improve the look of your home with a new light fixture or by giving your furniture some love. If you’re currently doing some upgrades in preparation for selling your home, contact your trusted real estate professional for more information.

Going Green(er): 3 Common Waste Items You Had No Idea You Can Recycle

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Going Green(er): 3 Common Waste Items You Had No Idea You Can RecycleIt has never been more popular to live a “green” lifestyle and develop sustainable living practices that will help out the planet. While you may be used to recycling cardboard boxes and giving away your old hand-me-down clothes, there are probably a few household items you didn’t even know you could recycle! If you’re wondering what to do with some of your old, used items, here are a few things that may be ready for re-use.

Re-constituting Your Lenses

It’s common to think your eyeglass prescription only works for you, but an easy way to re-use old eyeglasses is to take them to your local optician or optometrist’s office so that they can make use of them. Not only will someone in need be able to use the frames that you’ve provided, your lenses may be donated to another person with a similar prescription who will truly appreciate the gesture.

Old Phones & Electronics

It can be tempting to throw out an old phone with a shattered screen or an aging laptop that no longer turns on properly. However, with technology being obsolete almost as soon as it hits the market, it’s more important than ever to recycle these items. Old technology like iPods, iPhones, cell phones, chargers and digital cameras can be taken to your local electronics or “big box” store and recycled as part of their e-waste program. Before discarding any electronics that still work, you may want to look into other local places that refurbish these goods to donate them to less-fortunate families.

Improving Your Oil Change

While there are many renewable solutions on the market, oil is still one of the most common resources used in cars, trucks, motorcycles and other forms of transportation. Fortunately, while an oil change may be necessary maintenance on your car now and then, you can be more environmentally friendly by going to an auto repair shop that recycles and re-refines your oil. Before you make a trip to your old auto body, take a look at motor oil recycling locations on Earth911 for some options in your area.

It’s easy enough to compost food and throw your cardboard boxes in the bin, but there are many common waste items that can actually be re-used in your local community. If you’re looking for ways to go greener as you plan a move to a new home, contact your trusted real estate professional for more information.

Forget About the Bank of Mom and Dad — Here’s How You Can Save Your Own Down Payment

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Forget About the Bank of Mom and Dad -- Here's How You Can Save Your Own Down PaymentAre you considering buying a home for the first time? For some, it can seem nearly impossible to come up with the funds for the down payment. Fortunately, there are a few ways that you can save a little over time and not have to borrow from the “Bank of Mom and Dad”. If you’re looking to invest in a home in the short-term and are looking for solutions to save up, here are some tips on how to get to your down payment amount more quickly.

Create A Budget

Most people don’t like the idea of a budget, but few things are going to help you reach your financial goals like having one. Instead of sticking your head in the sand, add the numbers up and see approximately how much you’re spending each month. It may not seem like it, but getting a sense of what your monthly costs are can help you get a good idea of your overall financial picture and how much you really should be spending.

Get An Extra Job

Whether you want to do a freelance job on the side or get some part-time work, there are few things that are going to help you achieve your goal of home ownership like a little extra money. It may seem like a drag to go to a part-time gig from your full-time job, but it can be well worth it when you begin to see your bank account fill up. It’s just important that your part-time gig pays enough that it’s going to make up for the extra time you’ll be giving up.

Trim The Excess Costs

Now that you’ve got some extra money coming in and you’ve crafted a budget, you’re certainly on the right track. However, indulging in life’s little luxuries can eat away at your savings. While you’ll want to keep a little aside for meals out or entertainment, if you have other sizeable costs you’ll want to eliminate these in order to save for your greater goal.

It can take some time to save up for a down payment, but you may be able to avoid borrowing money if you bring in more each month and get rid of excess costs. For more information, contact your local real estate professional and we’ll be happy to help.

Investing in a New Home? 3 Reasons You Can’t Skip the Pest Inspection

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Investing in a New Home? 3 Reasons You Can't Skip the Pest InspectionThere are so many small details involved in the final purchase of a home that it can be easy to lose track of the things that need to be done. While you won’t be able to forget about a home inspection, a pest inspection can be every bit as important before you sign on the dotted line. If you’re wondering why you shouldn’t forego this important step, consider the following information.

The Final Offer

Few people want to deal with problems, especially when it comes to their dream home. But the entire purpose of a pest inspection is to ensure you know about these problems before you sign on the dotted line. If pest issues are discovered, you’ll still have some decisions to make as to how you want to proceed. You can push the problem back to the homeowner to deal with, or buy the home knowing about the pest issue and use it to negotiate a lower price.

Insurance May Not Help

Homeowner’s insurance will cover your home and belongings in the event of a natural disaster, fire or flood. And in some cases, your policy will cover damage due to pests. However, much of the rot and other damage that pests cause occurs over a long period of time. In these cases, your insurer may not cover the damage, or you may be on the hook for a significant deductible. In any case, your policy may require that you get an inspection when you purchase the home so be sure to check with your insurer.

Feeling Home At Home

Much like experiencing a burglary, discovering a pest problem in your home can be an unsettling experience. Unfortunately, if you’ve just moved into your new home, it can be even more difficult to get comfortable if you think pests are crawling around. It’s important to schedule a pest inspection so you can be sure there are no impediments to enjoying your new home. Yes, it’s one more cost involved before the deal is sealed, but the money spent will be well worth your comfort.

These are just three of the many reasons to invest in a professional pest inspection when buying a new home. It’s a small price to pay to ensure that your home is free of damage-causing pests. If you’re currently getting ready to invest in a new home, contact your local real estate professional for the inside scoop.

What’s Ahead For Mortgage Rates This Week – July 24, 2017

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Last week’s economic news included releases from the National Association of Home Builders and releases from the Commerce Department on housing starts and building permits issued. Weekly readings on mortgage rates and new jobless claims were also released.

NAHB Housing Market Index Dips; Builder Sentiment Remains Strong

Higher lumber costs were cited by the National Association of Home Builders as contributing to lower readings for the group’s monthly Housing Market Index. July’s reading was two points lower than May’s index reading. The original May reading of 67 was adjusted to 66.

Builders said that a steep tariff on Canadian lumber has raised building costs, but sentiment remains high as high demand for homes coupled with short supplies of homes for sale set the stage for new home construction. Builder confidence in market conditions for newly-built homes remained strong as any NAHB Index reading over 50 indicates that more builders than fewer have a positive outlook on market conditions.

Commerce Department: Housing Starts and Building Permits Increase in June

Housing starts increased in June to 1.215 starts on a seasonally-adjusted annual basis. Analysts expected 1.163 million housing starts based on 1.122 million housing starts reported in May. Building permits were issued at a higher rate in June, with the annual rate of 1.254 million permits issued as compared to May’s rate of 1.168 million permits issued on a seasonally adjusted annual basis.

Single-family housing starts rose 6.30 percent as compared to May’s reading, which suggested that builders are focusing on building new homes for sale rather than concentrating on multi-family rental projects. If this trend continues, new construction of single-family homes would help ease severe shortages of homes for sale.

Mortgage Rates, New Jobless Claims Lower

Freddie Mac reported lower mortgage rates last week with the average rate for a 30-year fixed rate mortgage falling seven basis points to 3.96 percent. The average rate for a 15-year fixed rate mortgage was six basis points lower to 3.23 percent. The average rate for a 5/1 adjustable rate mortgage was seven basis points lower at 3.21 percent. Discount points averaged 0.60 percent 30-year fixed rate mortgages and 0.50 percent for 15-year fixed rate mortgages and 5/1 adjustable rate mortgages.

New jobless claims reached their second-lowest post-recession level last week with a reading of 233,000 first-time claims filed. Analysts expected a reading of 245,000 new claims based on the prior week’s reading of 248,000 new claims filed.

What‘s Ahead

Economic releases set for this week include readings on new and previously-owned home sales, Case-Shiller’s Home Price Index reports, and the post-meeting statement of the Fed’s Federal Open Market Committee. Weekly readings on mortgage rates and new jobless claims will be released along with data on consumer sentiment from the University of Michigan.