Navy Fellas Realty Group

Real Estate, Residential sales and purchase

4 Things You Absolutely Should Not Do After You Apply for a Mortgage

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4 Things You Absolutely Should Not Do After You Apply for a MortgageIf you have a good credit history and are prepared to invest in a home, you may be feeling pretty confident about the mortgage process. However, it’s important to be aware that there are things that can have a negative impact on your application. Whether you’ve just submitted your documents or are getting close to it, here are some things you may want to avoid.

Acquiring New Credit

It may seem silly that something as minor as a new credit card can be a mark against your credit, but applying for new ones can be a bad sign to lenders. The problem is that this can be signal an unmanageable debt load, so you may be considered a high risk for not being able to make your payments.

Forget To Pay Your Bills

It’s easy enough to get lulled into the feeling that your mortgage application will be approved, but this doesn’t mean that you should forget your financial responsibilities. If you’ve had poor credit in the past and neglected paying your bills on time, now is not the time to do this. Instead, ensure that you’re paying all bills and any applicable minimum payments in advance of the due date so your credit score is not impacted.

Close Old Credit Cards

Many people think that closing out old credit cards can be a positive financial step forward and a good way to streamline their finances, but this can cause damage to your credit score. Because closing a credit card will change your available balance and bump up your debt load, it may mean that your debt percentage will increase. Instead of risking this, leave them active until you’ve received approval.

Quit Your Job

Few people will have the ability to quit their job when they’re applying for a mortgage, but doing this or incurring other fluctuations in your monthly income can cause problems with your application. If you are self-employed, there may be peaks and valleys in your finances, but a huge shift in what you bring home can show lenders that you’re not a solid bet.

There can be a lot of stress that comes along with the mortgage application process, but by paying your bills on time and staying on top of your payments, you can avoid negatively impacting your approval. 

Making the Grade: How to Research Local Schools Before Buying Your Next Home

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Making the Grade: How to Research Local Schools Before Buying Your Next HomeThere are so many things involved in moving into a new home in a different neighborhood that it can be easy to forget about the proximity of many nearby amenities. However, if you have children, the local schools available can make-or-break the decision on whether or not to invest in a house. If you’re wondering how you can find out more about the local school, let the following tips be your guide.

Take a Web-Search To SchoolMatch.com

One of the benefits of so many things being online these days is that local schools are no exception, and SchoolMatch.com is a great resource that puts this information at your fingertips. While you’ll have to pay a fee to get the details on many public and private institutions, this resource features ratings on schools throughout the country which can make it worth the price.

Contact The NAEYC

With a wealth of information on preschools, kindergartens and elementary schools located throughout the country, the National Association for the Education of Young Children is another helpful website to visit. While the organization offers informational pamphlets that can help you decide a school’s benefits, you can also call in if you want to speak with someone directly about a particular institution.

Make A Visit To The Neighborhood

While it can take a lot of time to visit the schools in the neighborhood you’re considering, this is a great way for you to get a sense of the area you’re moving to and what it affords. By taking a walk through the hallways to view the building’s upkeep and even visiting the office to talk with the Principal, you’ll be able to decide whether it’s a good fit.

Talk To An Agent

It might seem a bit strange to talk to a realtor about local schools, but real estate agents are responsible for providing a multitude of information to potential homebuyers so they have to be in the know. Whether they’re able to help you with a house or not, it’s certain they’ll have some of the basic details about your neighborhood’s educational offerings, whether it’s good or bad.

There are a variety of amenities that can improve the appeal of a new neighborhood, but good schools are a necessity when it comes to the kids.

Let’s Talk Closets: How to Organize Your Closet Spaces Without Breaking the Bank

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Let's Talk Closets: How to Organize Your Closet Spaces Without Breaking the BankThere is a particular pleasure in a well-organized closet; not to mention the space and energy-saver that it becomes! And the best part is that you don’t need to spend tons of money to get a dapper closet space. A lot of the work is just thinking outside the (clothing) box.

Plan The Closet First

Before anything else, sit down and plan out your closet. Measure it so you know the exact dimensions (if you need to grab a rod or drawers, you’ll know what size fits). Clean out your closet (to get a better idea of its contents and space), then plan out what you want it to store. Having a clear idea of how you want to organize the space will prevent impulse purchases and conflicting organizational strategies.

Optimize The Contents

Your closet is essentially a functional space, so treat it that way. Think about what you want to have easy access to, and what can be rotated into storage. (Bulky winter coats, for example, can be stored elsewhere until winter rolls around). Once your closet is pared down, look for items that you can donate: think anything you haven’t worn in a year or more.

Optimize The Space

Even if you have a small closet, it can be a mighty space. Optimize what you have by using the walls and the door for hanging storage, and by stacking items. Wire shelving is cheap and easy to install, and is great for seeing at a glance what’s there. A movable closet rod (for hangers) can be pushed up for more storage, and pulled down for easy access. And what about the double-hanger trick; hooking one item’s hanger off another’s? This way you can pair items that go together to save time and save space. Or use shower rings on hangers to store scarves; multiple scarves looped on one hanger; and hang baskets under shelves to maximize space.

Organize The Space

Experts say that organizing items by color is not the most efficient method; instead, group items by activity or function. Pants are with pants, dresses with dresses. Use labels to make access and maintenance easy. Put the most frequently used items in the center and at eye-level, and make sure drawers are slightly below eye-level for the easiest perusal. Finally, think creatively: use hanging shoe bags for other items, hang jewelry off spruced-up paint stir sticks, store entire sheet sets in their pillowcases.

If you have questions or need input, contact your local real estate agent. After all, they have closets of their own. Who knows what organizing expertise they can share?

Understanding Real Estate Contracts and What You Can Expect to Find

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Understanding Real Estate Contracts and What You Can Expect to FindThere are a lot of things that go into the successful sale of your home, but many people are unfamiliar with the intricacies of the contract. Whether you consult with your real estate agent or plan on diving in on your own, it’s important to be clear on the terms. If you’re wondering what you can expect when it comes to the contract, here are some pointers on what to watch out for.

Real Estate Jargon

A real estate contract would not be complete without the professional terminology, so you’ll see words like amortization, price-to-income ratio and title that may impact the meaning of your contract. Instead of going it blind, search the Internet for terms or consult with your real estate agent to provide a clear explanation.

Specifics On The Sale

Information regarding the specifics of your property will be present in the contract, and it’s important to check this information before signing on the dotted line. While the address and location of your home are important, it’s also critical to verify the purchase price that has been decided upon, the closing date on the property and any other items that have been negotiated and agreed upon.

Be Aware Of Withdrawal Terms

It can be easy to be taken away by excitement once you’ve received the perfect offer on your home, but it’s important not to lose sight of everything that’s required before the sale has been finalized. One of the most important parts of the contract is the withdrawal terms that are laid out, so be certain you’re aware of what your rights are if you or the homebuyer decides to withdraw from the process.

Watch For Seller’s Responsibilities

If you, as a seller, do not remain committed to the terms of the contract this can be a deal breaker, so ensure that you’ve familiarized yourself with exactly what’s required of you. This may include everything from the maintenance on the property to offer negotiations, so it’s important to comply with these terms.

Dealing with a real estate contract can be confusing for the layman, so it’s worth your while to have a trusted real estate agent around who will be able to explain it. From withdrawal terms to seller responsibilities, there are plenty of things you should be aware of before sealing the deal. If you’re currently embarking on selling your home, you may want to contact one of our real estate professionals for more information.

Six Key Reasons You’ll Want to Work With a Real Estate Agent When Pricing Your Home

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Six Key Reasons You'll Want to Work With a Real Estate Agent When Pricing Your HomeWhether you know a little bit about the market or you’ve sold a home before, you may be considering pricing your own home to avoid the assistance of a real estate agent. However, there are a number of benefits associated with consulting an agent when selling your home. Before making a final decision, consider the following tips.

They Know The Neighborhood

It’s great if you have familiarity with market prices, but knowing a neighborhood is key when it comes to determining price. The right agent will be able to help you arrive at a price that is good for your home and practical for the area you’re selling in.

Is The Market Hot?

The price may be right, but if the market has cooled off, you may have to make a compromise in order to sell it. Instead of trying to arrive at this on your own, an agent will be able to provide insights into the best strategy.

They’ve Sold In The Area

A local agent may have sold properties in your area recently and may be well aware of the price potential. With this added expertise, they can walk the line between your ideal price and what you can get.

Preparing A Plan B

An agent may agree to go with a higher selling pricing if you’re committed to it, but they will also help you make another plan if the price doesn’t work out. It’s disappointing to not get what you’re asking for, but it’s better to have a plan just in case.

Saving On Stress

It’s one thing to decide on the price of your home, but it’s quite another to deal with all the stress if it lingers on the market without an offer. If an agent assists you in determining your price, they’ll also be there to shoulder some of the stress.

When It Comes To Negotiating

The negotiation following a home offer is make-or-break for selling your home, so having an agent is a great benefit. While they won’t be able to make the decision for you, they can serve as a helpful guide in determining an appropriate counter offer.

Many homeowners want to embark on selling their home on their own, but a real estate agent can be very helpful in determining a purchase price and assisting with the negotiations. If you’re currently getting prepared to sell your home, contact one of our real estate professionals for more information.

What’s Ahead For Mortgage Rates This Week – January 2, 2017

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Last week’s economic reports were in short supply due to the Christmas holiday. Events reported included Case-Shiller home price indices, pending home sales and weekly readings on mortgage rates and new jobless claims. Consumer confidence was also released.

 

Case–Shiller Readings Indicate No Slowdown in Home Price Gains

Case-Shiller’s October readings for its home price indices showed continued growth in home prices. In spite of rising home prices and mortgage rates, high demand for homes and slim supplies of homes for sale continued to fuel higher home prices.

According to Case-Shiller’s national home price index for October, home prices rose 5.60 percent on an annual basis as compared to September’s reading of 5.40 percent. The 20-city home price index rose to 5.10 percent from September’s reading of 5.00 percent. Case-Shiller’s 10-city index also gained 0.10 percent in October with a reading of 4.30 percent year-over-year.

Seattle, Washington, Portland, Oregon and Denver, Colorado had the highest year-over-year home price gains in October with readings of 10.70, 10.30 and 8.30 percent respectively. David M. Blitzer, Managing Director and Chairman of the S&P Indices Committee, said that “Home prices and the economy are both enjoying robust numbers,” but he also cautioned that rising mortgage rates and home prices growing faster than wages continue to pose obstacles for some home buyers. The Federal Reserve is expected to raise its federal funds rate in 2017, which is expected to prompt rising mortgage rates.

 

Mortgage Rates Mixed, Pending Home Sales Fall

Pending home sales fell 2.50 percent in November. Analysts said that post-election reaction helped to drive mortgage rates higher, which made homes less affordable for first-time and moderate-income buyers; Sellers and buyers may have postponed decisions to sell or buy as they waited for volatile post-election responses to ease.

According to the National Association of Realtors®, pending home sales fell to their lowest level in almost a year with an index reading of 107.30 in November. September’s reading was 110.00. The holiday season and rising mortgage rates were seen as contributing to fewer pending home sales.

Freddie Mac reported the ninth consecutive week that fixed rate mortgages rose. In the final mortgage rates survey for 2016, the average rate for a 30-year mortgage rose two basis points to 4.32 percent; the average rate for a 15-year fixed rate mortgage was three basis points higher at 3.55 percent. 5/1 adjustable rate mortgage rates averaged 3.30 percent, which was two basis points lower than the prior week. Discount points averaged 0.50 percent for all three mortgage types.

New jobless claims were lower last week with a reading of 265,000 new claims filed. Analysts had expected 270,000 new claims filed based on the prior week’s reading of 275,000 new claims filed.

In spite of rising home prices and mortgage rates, consumer sentiment was higher than expected in December with a reading of 113.70 as compared to expectations of 110.00 and November’s reading of 109.40.

 

What‘s Ahead

Next week’s scheduled economic reports include Labor Department releases on Non-Farm Payrolls, and the national unemployment rate. ADP payrolls and weekly readings on mortgage rates and new jobless claims will also be released. Financial markets will be closed on Monday in observance of New Year’s Day.

Selling This Winter? 4 Negotiation Tips to Ensure a Speedy Home Sale

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Selling This Winter? 4 Negotiation Tips to Ensure a Speedy Home SaleIt’s a great feeling to get an offer on your home, but there can be a lot of details that go into seeing the negotiation through to completion. If your home is currently on the market and you’re expecting buyers to snap it up soon, here’s what you’ll need to know to get your ideal price in no time at all.

Remember To Counter Offer

A potential buyer will generally offer you a price that is lower than what they are willing to pay to see if they can get it, so it’s important to not get so excited by it that you give up on negotiating. While it’s a necessity to be a little flexible on price, it’s still important to get an offer you can feel good about.

Give Them Time, But Not Too Much

It’s important to give buyers the time needed to mull over any counter offers or final negotiations, but you don’t want to stave off other potential buyers in the interim. Instead of missing out on other viable buyers, give the interested party a frame of time to decide so they and you can walk away without hesitation when it’s passed.

Continue To Communicate

If you don’t express any measure of interest for a buyer’s offer, there’s a good chance they’ll walk away, so ensure you’re communicating clearly about your price expectations and the value of your home. By keeping the potential buyer aware of your reasoning and timelines, they’ll probably be impressed by your professionalism, which can work in your favor.

Don’t Forget About Home Repairs

It may be easy to forget about the importance of the home inspection, but any issues uncovered can change the offer price of your home or cause negotiation breakdown if there’s a significant problem. Instead of getting derailed, ensure that you’re willing to drop down your purchase price to cover necessary repairs or get the fixes made yourself so the deal can move forward.

There are a lot of details to work out when it comes to selling a home, but negotiations are key in maintaining a potential buyer’s interest. By keeping the communication lines open and being clear about your timeline, you may be well on your way to a home sale. If you’re getting ready to put your home on the market, contact your trusted real estate professional for more information.

Let’s Talk Cabinets: How to Match up New Kitchen Cabinets With the Rest of Your Decor

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Let's Talk Cabinets: How to Match up New Kitchen Cabinets With the Rest of Your DecorRenovating your old cabinets can be one of the best ways to instantly improve the look of your kitchen, but it can be confusing for the layman to go about making this renovation. With all of the options for cabinetry and the need to match your design aesthetic, it can seem quite easy to make a mistake. If you’re currently wondering how to properly renovate your kitchen cabinets to enhance the overall look of your home, here are some helpful tips you’ll want to consider.

What’s Your Cabinetry Style?

There are a number of cabinet types and details that may instantly appeal, from glass-doored cupboards to more ornamental styles, but certain cabinets will complement the look of your home more effectively. While you may want to experiment with your cupboards and build from there, it’s better to have something a little more streamlined that you can work with so they will adapt to a changing space.

Choose A Neutral Tone

Bright colors can be a great option for small appliances, but when it comes to cabinetry a flashy tone can completely overpower your room and clash with the rest of your home décor. Instead of choosing something bright, stick with shades that are neutral, like gray or white, so they will mesh well with any kitchen additions. Beyond their adaptability, shades like this also have the added benefit of retaining their modern look a little longer.

Consider The Handles

It’s easy to be taken in by a stylish cupboard handle, but high costs can come along with something that’s striking. In addition, they can also clash with the rest of your kitchen if they’re of a completely different style. Instead of going for contrast, consider the kind of pull that will tie in with the rest of your kitchen decor, whether it matches the color of your oven or your countertop tile. This will make for a classic look that still manages to provide cohesion.

There are so many varieties of kitchen cabinetry to choose from that it can be hard to know where to begin with making a choice. When renovating this part of your kitchen, it’s a good idea to be aware of what will work best for your space so that it can retain a customizable and classic look. If you’re renovating in preparation to sell, contact your trusted real estate professional for more information.

Case-Shiller: Home Price Growth Continues

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Home increased in October according to Case-Shiller’s 20City Home Price Index. Home prices rose from September’s annualized reading of 5.40 percent to 5.60 percent. Factors contributing to rising home prices include stronger economic conditions and outlook along with short inventories of available homes coupled with high demand. On average, October home prices rose 5.10 percent on seasonally adjusted annual basis, which was unchanged from September’s reading.

West Continues to Lead Home Price Growth

Top home price growth rates were in Seattle, Washington at 10.70 percent, Portland, Oregon at 10.30 percent and Denver, Colorado with a seasonally-adjusted annual price increase of 8.30 percent. New York, New York had the lowest home price growth in October with a reading of 1.70 percent.

In a separate report, December consumer confidence exceeded expectations with an index reading of 113.70 as compared to an expected reading of 110.00 and November’s reading of 109.40. This was the highest reading for consumer confidence since 2001. Analysts said that the strong reading for consumer confidence was a sign that consumers will increase their spending in 2017, but what will happen with mortgage rates is a big question.

Rising Mortgage Rates May Slow Home Prices, High Demand for Homes

With the Federal Reserve’s decision to raise its target federal funds range in December comes a question of how rising mortgage rates will affect housing markets. Rising fed rates typically lead to increases in consumer lending rates including rates for home loans and refinancing. Combined effects of rising home prices and mortgage rates create challenges for first-time and moderate income home buyers. While higher mortgage rates have not impacted buyer demand so far, rising mortgage rates could sideline some buyers.

A recent compilation of the most expensive places to live in America illustrates the imbalance of home prices as compared to consumer incomes. Brooklyn, NY topped this list with a reading of 127.70 percent of average household income earned in Brooklyn to buy an average priced home in Brooklyn. Analysts reporting this data noted that many Brooklyn homeowners work in Manhattan and earn more than those who work in Brooklyn. Disparities in average home prices and home buyer incomes could “trickle down” to less expensive areas if mortgage rates and home prices continue to rise.

Meanwhile, builder confidence is strong and is expected to lead to higher levels of home construction in 2017.

Helping a Disabled Relative or Friend Buy a New Home? Here’s What to Look For

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The search for a new home is difficult enough for the average person, but if you’re helping a friend or relative who has a disability, there are even more things to be aware of. If you’re not sure quite how to tackle the housing market, here are a few things to look out for so that you can be sure your friend is getting the home they’ll need.

Consider The Flooring

Hardwood can be a great benefit when it comes to clean up, but it’s also the type of surface that can make it a lot easier to slip and fall. While carpet can be a better option for this reason, hardwood is not necessarily a deal breaker if your friend wants to utilize the option of area rugs.

Handrails And Grab Bars

In all likelihood, there will not be available handrails and grabs bars located in many houses you view, but it’s important to ensure that these can be installed without incident. While the shower is one area that you will not be able to avoid this, it can be quite expensive to replace so this may serve as a deal breaker.

Look Out For Levers

It may sound like a strange detail, but doors knobs can be inaccessible for many people so it’s important to check out the handles throughout the house. Lever handles are a relatively easy install, but the costs can stack up in a home with a lot of doors, so it may be best to choose a home that already contains the levered option.

With A Wheelchair

While there are many things that can assist the disabled in a home, there are a lot more things required if your friend uses a wheelchair. In addition to having walk-in closets that are accessible, it’s also important that the home features wide doors and hallways, open areas and wheelchair access to all entrances, if possible. Many of these items may not be present, but the ability should exist to have them added in if they’re required.

When helping a disabled friend search for a new home, there are a variety of things you’ll need to look for, from handheld bars and grips to lever door handles that will make their life easier. If you know someone who’s currently in the market for a home, contact your trusted real estate professional for more information.