Navy Fellas Realty Group

Real Estate, Residential sales and purchase

What’s Ahead For Mortgage Rates This Week – May 30, 2017

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Sales of new and previously owned homes were lower in April after reaching near-record levels in March. Mortgage rates were lower last week and new jobless claims were little changed.

New Home Sales Fall in April; March Reading Revised

New home sales were lower in April after moving higher in March. The Commerce Department revised March figures for new home sales to 642,000 sales on a seasonally-adjusted annual basis. April sales of new homes fell by 11.40 percent to 569,000 new home sales, which fell shy of 605,000 expected sales in April. Sales of new homes reported by the government are based on small samples and are frequently revised, so a month-to-month readings are subject to change. New home sales were 11 percent higher for the first four months of 2017 than for the same period in 2016.

Home prices are showing signs of cooling; the median price for a new home fell to $309,000 in April as compared to $318,700 in March. Lower prices increase affordability and may encourage more buyers into the market. In March, there was a 4.9 percent supply of available homes as compared to April’s 5.70 months inventory. Real estate pros typically consider a 6- month supply of available homes a good balance between homes available and prospective buyers.

The National Association of Realtors® reported fewer sales of pre-owned homes in April than for March. 5.57 million pre-owned homes were sold in April as compared to an expected reading of 5.60 million sales. Projected sales were based on 5.70 million sales of previously owned homes in March. Low inventories of homes for sale has stifled demand as would-be buyers wait for a larger choice of homes.

Mortgage Rates Lower

Freddie Mac reported lower mortgage rates across the board for the three types of mortgages reported. The average rate for a 30-year fixed rate dropped seven basis points to 3.95 percent; the rate for a 15-year fixed rate mortgage was eight basis points lower at 3.19 percent and the average rate for a 5/1 adjustable rate mortgage fell six basis points to 3.07 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

New jobless claims rose from the prior week’s reading of 233,000 new claims to 234,000 new claims filed last week.

What‘s Ahead

This week’s scheduled economic news includes readings on inflation, core inflation, Case-Shiller Home Price Indices, and construction spending. Pending home sale and multiple labor-related reports will be released along with weekly readings on mortgage rates and new jobless claims.

4 Dated Design Features to Get Rid of Before Listing Your Home for Sale

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4 Dated Design Features to Get Rid of Before Listing Your Home for SaleMost homeowners get used to a certain aesthetic in their own home that they’re comfortable with, but if you’re putting your home on the market it may be time to get rid of some of the old familiarities. While it won’t be worth your time or money to renovate everything, here are a few design-style duds that you may want to update before you decide to sell.

Oversized Bathtubs or Jacuzzis

It may be very appealing for most people to find an oversized tub in their hotel room, but when it comes to the home you live in, big tubs have made their exit. While a tub can certainly allow a person to stretch out in comfort, gone are the days of big homes and large bathrooms. Instead of a sizeable tub, you’ll want a bathroom space that you can maximize.

Tiled Counter Tops

The concept of kitchen tiles may look great in a magazine, but when it comes to the real deal tile can be a huge drawback. Despite your best efforts, it’s quite likely the grout will need to be replaced and will provide an unclean appearance over time. Instead of leaving the tile behind, you may want to stick with a solid surface like marble so there will be no issues with cleanliness or damage.

Too Bright Colors

An accent wall or brightly hued design feature may have made a comeback in recent years, but the popularity of colorful pieces has died away in recent years. Instead of the kind of feature that will turn off potential homebuyers, opt for neutral tones so that homebuyers can imagine themselves in your place without the necessity for renovations.

Bulky Furniture Pieces

Much like the oversized tub in the bathroom, the boxy piece of furniture in your living room may be comfortable, but it’s not the best when it comes to selling your home. Instead of having a huge piece of furniture command the attention of your entire room, choose smaller pieces that will offer comfort but still provide a positive impression to potential buyers.

Design trends can change a lot over the years, but by being aware of how styles are evolving you can be on the cutting edge of selling your home in style. If you’re currently making some small renovations and are preparing to sell your home, contact your trusted real estate professional for more information.

Dusty Attic, No More: How to Convert an Attic Into a Usable Living Space

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Dusty Attic, No More: How to Convert an Attic Into a Usable Living SpaceThe attic may be one of the spaces in the house that everyone prefers to avoid, but many people forget that an attic can be a great place for a bedroom or an additional living room. If you’re wondering how you can go about upgrading your attic for everyday use, here are some things to think about before you move forward.

Consider The Access Routes

In order for an attic to function as a truly livable space, you will need to have access to it and there will also need to be a fire escape route. This means that, in addition to a staircase that has a minimum clearance height, you will also require a window that will function as another means of exit. If you’re not interested in doing a lot of construction, fixing up your attic may not be worth the effort, but if you already have some of these features in place, you’re on the path to a space you can really use.

Supporting The Floor

Most of us have seen the visuals in movies or on television of someone crawling up to the attic only to fall through the floor, and it’s a familiar image for a reason. Because the attic floor will likely be relatively thin, it will need to be reinforced so that it can function as a space for consistent use. When it comes to making these changes, it’s important to keep in mind that how much floor you’ll add will also impact the available height in your attic.

Adding In Insulation

Whether you want to use your attic as a living room or an exercise area, one thing for certain is that you’ll need to install some insulation to keep the temperature consistent with the rest of the house. It will also be necessary to have heating and cooling units for cold winter weather and hot summer air, as these will ensure that you don’t have to deal with any moisture issues in the space. However upscale or down home you want your attic to be, you’ll need to consider how to control temperature.

Attics may be the stuff of many myths and scary movies, but by making some structural changes they can be a much-loved extra space in your family home. If you’re currently renovating your home and are preparing to sell, contact your local real estate professional for more information.

Yes, It’s True! Why Replacing Your Front Door Can Help to Sell Your Home Faster

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Yes, It's True! Why Replacing Your Front Door Can Help to Sell Your Home FasterThere are plenty of things that you’ll need to shape up when you embark on selling your home, whether it’s painting the house or the minor fix-ups, but it’s easy to forget about some items that will be readily apparent to homebuyers. If you’re preparing to put your home on the market and are wondering what you shouldn’t miss, here are a few reasons why replacing your front door should be at the top of the list.

It’s The First Thing Buyers Will Notice

While the yard and the exterior of your home may be the most noticeable things to a potential homebuyer when they visit your home, the door will be one of the most imposing things they come across. Because this will be the access point for your home, the quality and stability of your door will create the first impression, good or bad. If you happen to have a flimsy or poorly designed door that is aging, it may be time to invest in something more substantial that will create a positive impression.

A Sense Of Safety

An aesthetically appealing door may be pretty important when it comes to making an instant impression, but a solid door will be key in providing potential buyers with an idea of safety and stability. One of the most important things for homebuyers when it comes to purchasing a home is the sense of security it provides, and a sturdy door will go a long way towards making your community and the potential new dwelling feel like a welcome abode.

Increases Your Home’s Value

There are plenty of small renovations you can take on that will bump up the value of your home, but replacing an unsound door is important because most homeowners won’t to make this upgrade right away. While it may seem like buying a door will be a significant splurge, there are actually many great options for a relatively economical price. It’s just important to find something that won’t break the bank and will fit in with your renovation budget.

When it comes times to sell your home, there are many renovations that can instantly bump up its value. However, many people forget that the door provides one of the first impressions and a sense of security and comfort. If you’re currently preparing to put your home on the market, contact one of our real estate professionals for more information.

5 Things That First-time Home Buyers Wish They Knew Before They Signed

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5 Things That First-time Home Buyers Wish They Knew Before They SignedWithout a doubt, it can be both overwhelming and exciting to find your dream home and be able to put the money down for it. However, there are a lot of things to know before signing on the dotted line so you can avoid buyer’s remorse. Instead of going it alone, here are a few tips to keep in mind before you decide to commit to your new home.

A Good Agent Is Important

Many homeowners want to find the right place on their own, but having an agent along to assist you in the process can go a long way towards finding your ideal home at the right price. Instead of risking it, choose an agent that comes highly recommended and has an abundance of experience in the business.

Is The Price Right?

It’s easy to be taken in by a beautiful home, but before putting money down you’ll want to calculate your debt-to-income (DTI) ratio to make sure it’s within reach. You may feel like you can make it work, but paying a too-high mortgage will become a drain over time and may ruin the happiness of your home investment.

What’s The Potential?

When it comes to first-time buying, many potential homeowners go into it with unrealistic expectations. However, demanding too much of your investment can mean you miss out on the gems that have a lot of hidden potential. Instead of saying ‘no’ right away, consider what you can improve for little cost.

Researching The Neighborhood

The focus for many homeowners is definitely the house, but ‘location, location, location’ is a cliche; for a reason. Instead of focusing only on your home, ensure you’ll be living in a neighborhood where you can feel safe and will have access to all the amenities you need.

Investing In An Inspector

A home inspection may feel like a formality, but it’s important to have the right inspector so they will notice maintenance items that can hugely impact your finances. While little items that need to be fixed-up are not a big deal, issues with the foundation or the roof can cause major grievances if they’re not detected.

There are a lot of things to keep in mind when it comes to buying a home, but by doing your research and being aware of your financial outlook, you’ll be well on your way to a good investment. If you’re currently in the market for a home, please contact your trusted real estate professional for more information.

What’s Ahead For Mortgage Rates This Week – May 22, 2017

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Last week’s economic reports included readings from the National Association of Home Builders, Commerce Department readings on housing starts and building permits and weekly reports on mortgage rates and new jobless claims.

NAHB Housing Market Index Rises, Exceeds Expectations

Builder Sentiment rose two points in May, which exceeded expectations of no change to April’s reading of 68. Builders and analysts said that short inventories of available homes continue to drive demand for new homes. While index readings jumped immediately after the Presidential election in November, builder enthusiasm settled when tariffs on lumber were increased.

Two of three components used in calculating the NAHB Housing Market Index reading. Builder confidence in current housing market conditions gained two points to a reading of 76; Confidence in market conditions over the next six months gained four points to 79. The reading for buyer traffic in new home developments fell one point to 51. Any reading over 50 is considered positive in NAHB HMI reports.

Housing Starts, Building Permits Lower in April

Despite rising home builder confidence in current and future housing markets, housing starts and building permits issued were lower in April than for March. According to the Commerce Department, 1.172 million homes were started in April as compared to 1.203 million housing starts reported in March; April’s housing starts were 0.070 percent higher year over year. Analysts had expected a reading of 1,259 million starts, which are calculated on a seasonally-adjusted annual basis.

Builders started single-family homes at a seasonally- adjusted annual pace of 835,000 homes in April, which indicated that builders may be gaining confidence in building homes for sale as compared to rental units. Building permits were issued at a pace of 1,229 million on a seasonally-adjusted annual basis; this was lower than the March reading of 1.260 million permits issued.

 The apparent lag between strong builder sentiment and housing starts and permits could be due to ongoing concerns over increasing materials prices and shortages of buildable lots and labor needed to ramp up home construction.

Mortgage Rates, Weekly Jobless Claims Fall

Mortgage rates fell last week. Freddie Mac reported that the average rate for a 30-year fixed rate mortgage averaged three basis points lower at 4.02 percent. Rates for a 15-year fixed rate mortgage averaged 3.27 percent, a drop of two basis points over the prior week. Mortgage rates for a 5/1 adjustable rate mortgage averaged 3.13 percent, which was one basis point lower than the prior week. Discount points were unchanged at an average of 0.50 percent for all three mortgage types reported.

New jobless claims were lower than expected last week, with 232,000 new claims filed as compared to 240,000 new claims expected and 236,000 claims reported the prior week. Low readings for new unemployment claims suggest strong jobs markets, but can be volatile and subject to adjustment.

What‘s Ahead

This week’s scheduled economic reports include readings on new and existing home sales and consumer sentiment. Mortgage rates and new jobless claims will also be released.

Did You Know: Single Women Are Buying Homes Faster Than Single Men — Here’s Why

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Did You Know: Single Women Are Buying Homes Faster Than Single Men -- Here's WhyWith low interest rates and uncertainty as to where the real estate market will be in the next six months, many people are opting into ownership and investing in a home. Interestingly, according to the National Association of Realtors, approximately 17 percent of homebuyers in the United States last year were women, which is a much higher percentage than the 7 percent of single men who invested in a home. While the statistics may be interesting enough on their own, here are some of the reasons why women may be opting in.

Single Parent Security

The numbers don’t lie, and it’s a fact that there are a much higher number of single mothers in the United States than fathers, which makes home ownership that much more of a benefit. With low interest rates, it’s common sense that many single mothers will be flocking towards the housing market to find stable housing for their family in a market that may fluctuate in the coming months.

Making A Lifestyle Choice

The days are long gone of women having to invest in a home when they get married, and for many women being single is a very popular lifestyle choice. This means that many single ladies are choosing to invest on their own terms and at their own time so that they can reap the benefits of home ownership. As Jessica Lautz of the National Association of Realtors says, “They really value home ownership, and they’re willing to give up a lot to have a home of their own.”

It’s In The Numbers

There are certainly more than a few reasons why single women are flocking to the real estate market, but demographics are changing rapidly. While it was once the case that most people were married or would marry, more single women are opting out of marriage and opening up a wider market for single-person home purchases. Given the low interest rates and the increasing number of women choosing to be single, purchasing a home offers a solid bet and a financial boon.

With a home offering up the benefit of security and the advantage of being a good financial choice, it’s no surprise that more and more women are turning to home ownership on their own. If you’re contemplating purchasing a home of your own, contact your local real estate professional for more information about opportunities in your area.

Today’s Home Seller Needs a Real Estate Agent More Than Ever — and Here’s Why

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Today's Home Seller Needs a Real Estate Agent More Than Ever -- and Here's WhyMany home sellers attempt to get into the real estate market on their own without consulting the counsel of an experienced real estate agent. However, while having an agent will certainly cost you a percentage of your home sale, it can get you a lot more in the end for a lot less headache. If you’re currently considering going agentless, here are some reasons you may want to get an expert involved.

They Have Neighborhood Knowledge

It’s easy enough to look through the MLS listings and get and good sense of what a home in your neighborhood is worth, but a good real estate agent will already know your area and be able to make a better assessment based on this. Not only will they be able to determine what you can sell your home for in the real estate market you’re heading into, they’ll be able to provide the appropriate price so it won’t sit on the market too long.

Home-Marketing Savvy

With social media sites like Facebook and Twitter, it’s never been easier to sell your home online. However, a real estate agent will be able to determine the best social media strategy for you and decide how best to invest their energy in order to reach the kind of homebuyers you’re looking for. Beyond making a website and a home video, they’ll also be able to leverage their presence online to attract other interested parties who might not have found your home otherwise.

Doing The Tough Negotiating

One of the toughest parts of any real estate transaction is the negotiating, and it goes without saying that having an experienced agent along to seal the deal can be more than a little comforting. While it’s all well and good if the home inspection was positive and you got your asking price, the right agent can be instrumental in providing the right advice and price in case there are counter-offers. It’s just important to do the research so you can find the right agent for you.

Many homeowners like the idea of navigating the real estate market on their own, but an experienced agent can make the process of selling your home a lot easier and more profitable at the end of the day. If you’re currently getting prepared to put your home on the market, contact your trusted real estate professional for more information.

NAHB: Home Builder Confidence Rises in May

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The National Association of Homebuilders reported a two-point increase in builder confidence in May. The NAHB Housing Market Index reading increased from 68 in April to 70, which was the second-highest reading since the economic recovery started. May’s reading exceeded analyst expectations of a flat reading for May. Builder confidence rose as demand for homes continued to rise; this factor overrode builder obstacles including higher prices for lots and ongoing labor shortages. A new tariff on lumber was also expected to dampen builder confidence.

Component Readings Suggest Strong Builder Confidence in Current and Future Housing Markets

The monthly Housing Market Index is comprised of three components. Builder confidence in current housing market conditions rose two points to 76; the reading for builder confidence in market conditions for the next six months rose four points to 79. Builder confidence in buyer traffic in new homes dropped one point to 51, but overall, builder confidence in market conditions is strong as any NAHB Housing Market Index reading over 50 is considered positive.

Fewer Mortgage Applications: Home Buyers Don‘t Share Builder Optimism

According to the Mortgage Bankers Association, mortgage applications dropped 4.30 percent year-over-year in April, and were 20 percent lower than in March. While the Mortgage Bankers Association doesn’t report seasonal adjustments, fewer applications for purchase mortgages on new homes illustrated ongoing affordability challenges faced by first-time and moderate income home buyers.

High demand for available homes puts mortgage-dependent home buyers at a disadvantage when cash offers are in play. Rapid escalation of home prices creates difficulty for first-time and moderate income buyers as down payment and mortgage qualification requirements sideline buyers.

Increasing home builder sentiment has not corresponded to the number of new homes being built, which industry analysts consider the main solution to high demand for homes driven by short inventories of homes. First-time buyers are important to housing markets as they enable “move-up” buyers to sell their homes and buy new or larger homes.

3 Bedroom Staging Tips That Will Get Potential Buyers Excited About Your Home

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3 Bedroom Staging Tips That Will Get Potential Buyers Excited About Your HomeArranging an open house is one of the most important parts of selling your home, but there can be a lot of tricks involved in staging it so you’ll get the right offers. While the kitchen and the living room may be a bit more straightforward, here are some tips for staging your bedroom that will be sure to get buyers interested in making an offer on your home.

Brighten The Bedding

It’s one thing to have makeshift bedding when you only have your family to impress, but when it comes to having an open house, you’ll need to be prepared to make a statement. Instead of a mish-mash of colors and styles, ensure that you have one style and one look you’re going for, and ensure that it’s not cluttered with too many pillows and colors. You’ll also want to make sure the colors you choose match the rest of the décor in your room so the viewer isn’t distracted by the sight.

Minimize The Clutter

Few things will swallow the space in your bedroom like a lot of clutter, so it’s important to clear out any extras from your room before you have any viewers. While it’s a given that you’ll want to get rid of extra papers and anything additional that’s obstructing the eye, it’s also important to clear out any oversized pieces of furniture. It’s possible that you have a chaise lounge you’re in love with, but if it swallows the room, you may want to re-consider it when staging time comes.

Don’t Forget About The Walls

There are few things that will illuminate a room like a good piece of art, so ensure that your favorite space isn’t entirely empty when it comes the time to stage your home. While you won’t want to have something that’s too dramatic or colorful, ensure that it’s something that matches the color and style of your room and will help to illuminate the elements that make it ideal. It’s also important to choose the right size of print so that it doesn’t completely overwhelm your space.

There are a lot of small details that go into staging a home properly, but you can be sure to show your bedroom effectively by keeping it clutter free and making it match. If you’re currently getting prepared to put your home up for sale, contact your trusted real estate professional for more information.