Navy Fellas Realty Group

Real Estate, Residential sales and purchase

What’s Ahead For Mortgage Rates This Week – June 26, 2023

by

What's Ahead For Mortgage Rates This Week - June 26, 2023Last week’s scheduled economic reports included readings on housing starts, existing home sales, and Federal  Reserve Chair Jerome Powell’s congressional testimony. Weekly readings on mortgage rates and jobless claims were also released.

National Home Builders Association Releases June Housing Market Index

U.S.  home builder confidence rose by five points to an index reading of 55 in June according to the National Association of Home Builders Housing Market Index. The June reading surpassed the expected reading of 51 and May’s housing market index reading of 50. Component readings for the Housing Market Index also rose as builder confidence in current market conditions rose five points and confidence in market conditions for the next six months rose six points.

NAHB said that a shortage of previously-owned homes for sale is driving sales of new homes and rising builder confidence. Many current homeowners refinanced to very low rates available during and immediately after the pandemic and are not inclined to refinance or buy new homes at current higher interest rates.

Mr. Robert Dietz, the chief economist for the NAHB, said: “A  bottom is forming for single-family home building as builder sentiment continues to gradually rise from the beginning of the year.” Mr. Dietz also noted that “with the Federal Reserve nearing the end of its tightening cycle, it’s good news for future market conditions in terms of mortgage rates and the cost of builder and developer loans.”

June’s reading was the sixth consecutive month showing increasing home builder confidence and the 11th month since builder sentiment moved into positive territory.

Mortgage Rates Fall

Freddie Mac reported lower average mortgage rates last week as rates for 30-year fixed-rate mortgages fell by two basis points to 6.67 percent and rates for 15-year fixed-rate mortgages fell by seven basis points to an average rate of 6.03 percent.

Sales of previously-owned homes rose to a seasonally-adjusted annual rate of 4.30 million sales as compared to the expected reading of 4.25 million sales and April’s reading of April’  reading of 4.29 million sales.

What’s Ahead

This week’s scheduled economic reporting includes readings from S&P Case-Shiller Indices, new and pending home sales, and inflation. Weekly readings on mortgage rates and jobless claims will also be released.

Maximizing Small Outdoor Spaces: Ideas for Balconies and Patios

by

Maximizing Small Outdoor Spaces: Ideas for Balconies and PatiosLiving in an urban setting often means compromising on outdoor space. However, even the tiniest of balconies or patios can be transformed into inviting and functional outdoor retreats. With a bit of creativity and thoughtful planning, you can maximize your small outdoor space and create a beautiful oasis right outside your doorstep.

Choose the Right Furniture:

When it comes to small outdoor spaces, selecting the right furniture is crucial. Pieces that are compact, lightweight, and multi-functional. Along with folding chairs, stackable stools, and collapsible tables are excellent choices as they can be easily stored when not in use. Consider investing in furniture with built-in storage compartments, such as benches or ottomans, to maximize space efficiency.

Lighting Magic:

Proper lighting can transform any space, and small outdoor areas are no exception. Install outdoor lighting fixtures such as string lights, lanterns, or solar-powered LEDs to create a warm and inviting ambiance during the evenings.

Utilize Wall Space:

When every square inch counts, make the most of your vertical surfaces. Mount shelves, hooks, or wall organizers to hold small potted plants, lanterns, or decorative items. Wall-mounted foldable tables or bars can provide an additional surface for dining or working while saving valuable floor space

Cozy Seating Nooks:

Create cozy nooks or corners within your small outdoor space for intimate seating arrangements. Utilize corner spaces by adding small benches, cozy chairs, or hammocks.

Play with Colors and Patterns:

Incorporate vibrant colors and patterns to make your small outdoor space visually appealing. Choose colorful cushions, rugs, and accessories to inject personality into your balcony or patio. Stripes, geometric patterns, and bold prints can create an illusion of depth and add visual interest. Remember to balance colors and patterns with a cohesive theme to avoid overwhelming the space.

Maximizing small outdoor spaces is all about smart design choices and utilizing the available space effectively. By carefully selecting furniture, incorporating greenery, enhancing privacy, adding proper lighting, utilizing wall space, creating cozy seating nooks, and playing with colors and patterns, you can transform even the tiniest balcony or patio into a delightful outdoor retreat.

What to Look For During Your Home Inspection

by

What To Look For During Your Home InspectionBuying a new home is an exciting and significant milestone in anyone’s life. However, it’s essential to approach the homebuying process with caution and thoroughness to ensure that you’re making a sound investment. One crucial step in the homebuying journey is the home inspection. A home inspection is a comprehensive evaluation of a property’s condition, aiming to uncover any potential issues or concerns that could affect its value or safety. Below are some tips to remember when navigating a home inspection.

Roof and Exterior:

The roof is your home’s first line of defense against the elements, so it’s crucial to examine it closely. Look for missing or damaged shingles, signs of leakage, and the overall condition of the roof.

Structural Integrity:

A solid foundation and sound structure are vital for the long-term stability and safety of your home. Inspect the foundation for cracks, unevenness, or signs of settling. Look out for any sagging or uneven floors, as they could indicate structural issues.

Plumbing and Electrical Systems:

Faulty plumbing or electrical systems can lead to significant problems and costly repairs. Test the faucets, showers, and toilets to ensure proper water flow and drainage. Check for leaks under sinks and around toilets. In terms of electrical systems, inspect the circuit breaker panel and look for any exposed wiring, outdated systems, or potential fire hazards.

HVAC Systems:

Heating, ventilation, and air conditioning (HVAC) systems are critical for maintaining a comfortable living environment. Have the HVAC systems thoroughly inspected to determine their condition and efficiency.

Insulation and Energy Efficiency:

Good insulation and energy-efficient features can greatly impact your home’s comfort and utility costs. Check the insulation in the attic, walls, and crawl spaces to ensure they meet the recommended standards. Inquire about the home’s energy efficiency features, such as double-pane windows, energy-efficient appliances, or renewable energy installations.

Pest and Mold Inspection:

Pests and mold can pose health risks and cause extensive damage to a home. Look for signs of pests such as droppings, chewed wood, or insect nests. Ask the inspector about any past or present pest infestations and the steps taken to address them.

A home inspection is a crucial step in the homebuying process that helps you make an informed decision about your investment. By paying close attention to the areas mentioned above, you can identify potential issues and negotiate repairs or adjustments with the seller. A thorough home inspection can provide peace of mind and ensure that you’re buying a home that meets your expectations in terms of safety, functionality, and value.

Renovating a Bathroom: DIY vs Hiring a Professional

by

Renovating a Bathroom: DIY vs Hiring a ProfessionalThe bathroom is one of the most important and frequently used spaces in a home. Over time, it may start to show signs of wear and tear or become outdated. If you’re considering renovating your bathroom, one of the first decisions you’ll face is whether to tackle the project yourself or hire a professional. Both options have their pros and cons, and it’s essential to weigh them carefully before deciding.

DIY Renovation:

One of the most significant advantages of a DIY bathroom renovation is the potential cost savings. By doing the work yourself, you eliminate the labor costs associated with hiring a professional. You have control over the materials and can find budget-friendly options to stay within your desired price range.

Taking on a DIY bathroom renovation also gives you complete control over the project. You can choose the design, materials, and timeline that suit your preferences and schedule. This level of flexibility allows you to customize your bathroom to your exact specifications.

Completing a DIY bathroom renovation can be a rewarding experience. Seeing the transformation unfold before your eyes and knowing that you accomplished it on your own can provide a great sense of pride and satisfaction. It can also be a learning opportunity, as you’ll gain new skills and knowledge throughout the process.

Hiring a Professional:

Professional bathroom renovators bring a wealth of knowledge and experience to the table. They are well-versed in all aspects of bathroom renovations, from design to construction. Their expertise ensures that the project is executed efficiently and to a high standard, resulting in a beautiful and functional bathroom.

Hiring a professional allows you to save time and effort. They have a team of skilled workers who can complete the renovation quickly and efficiently. Professionals also have access to specialized tools and equipment that can streamline the process and deliver excellent results. Professional bathroom renovators take pride in their work and strive to deliver exceptional quality.

The decision between a DIY bathroom renovation and hiring a professional depends on your skills, budget, and personal preferences. DIY projects can be cost-effective and rewarding, but they require time, effort, and a certain level of expertise. Hiring a professional ensures expertise, efficiency, and high-quality results but comes with a higher cost and limited control. Whichever option you choose, thorough planning, research, and realistic expectations are essential for a successful bathroom renovation.

What’s Ahead For Mortgage Rates This Week – June 19, 2023

by

What's Ahead For Mortgage Rates This Week - June 19, 2023Last week’s scheduled economic reports included readings on inflation, the Fed’s Federal Open Market Committee meeting, and Fed Chair Jerome Powell’s press conference. Weekly readings on mortgage rates and jobless claims were also published.

Fed Leaves Key Rate Range Unchanged

Federal Reserve policymakers left the Fed’s current interest rate range unchanged at 5.00 to 5.25 percent; the Fed decision was announced after a scheduled meeting of the Fed’s Open Market Committee ended on Wednesday. Factors contributing to the  FOMC policymakers’  decision included the cumulative effects of tightening monetary policy, lags between changing monetary policy and any impact on the economy, along with inflation and global and domestic economic developments.

The Committee reasserted its commitment to returning the inflation rate to its two-percent goal. Factors considered by FOMC Committee members include readings on labor markets, inflationary pressures and expectations, along with domestic and global economic and financial developments.

Inflation Pace Eases in May

The federal government reported slower inflation during May. The Consumer Price Index posted month-to-month inflationary growth of 0.10 percent from April to May; this reading matched expectations and was lower than April’s reading of 0.40 percent month-to-month. Core inflation, which excludes volatile food and fuel sectors, matched expectations and was unchanged from April’s month-to-month reading of 0.40 percent growth. Core inflation rose by 5.30 percent year-over-year and matched expectations but was lower than April’s year-over-year core inflation reading of 5.50 percent growth.

Mortgage Rates Fall; Weekly Jobless Claims Unchanged

Freddie Mac reported lower average mortgage rates as rates for 30-year fixed-rate mortgages fell by two basis points to 6.69 percent. Rates for 15-year fixed-rate mortgages rose by three basis points to an average rate of 6.10 percent. Jobless claims held steady with 262,000 new claims filed, which exceeded the expected reading of 245,000 initial claims and matched the previous week’s reading.

The University of  Michigan’s Consumer sentiment survey improved in June with an index reading of 63.9, which surpassed the expected reading of 60.8 and May’s index reading of 59.2.  Readings over 50 indicate that most consumers have a positive outlook on current economic conditions.

What’s Ahead

This week’s scheduled economic reporting includes readings on home builder confidence, housing starts,  and sales of previously-owned homes. Weekly readings on mortgage rates and jobless claims will also be released.

Buying in a New Community: How to Meet and Make Friends with Your New Neighbors

by

Buying in a New Community: How to Meet and Make Friends with Your New NeighborsOne of the stresses of moving to a new area is giving up the familiarity that you have with your old neighbors and starting from scratch. Whether you’ve just moved to a different locale or you’re planning to relocate in the near future, there are some easy ways that you can make a home of your new neighborhood right from the start.

Stand Up and Smile

While there are neighborhoods where people are definitely friendlier than others, by making your presence positively known you can make an instant impression on those that live around you. When you’re walking around the neighborhood, make sure you use it as an opportunity to engage with your fellow dwellers by throwing a smile in their direction, saying “Good Morning!” or paying attention to their children or their pet. It may not start a conversation right away, but if you see each other a few more times you might soon have a new fast-friend in the neighborhood.

Become a Community Member

If you happen to have a community center specific to your area, it will be even easier to meet the people who live in your neighborhood and make friends with some of them. Look into the offerings of your local center and find some classes or events that appeal to you. Whether it happens to be a craft festival or a fitness class that interests you, this will not only help you meet new people, but will ensure that their interests are aligned with your own so you’ll have some new pals to pursue old hobbies with.

Knock on the Door!

This is definitely the most assertive of options, and seems a throwback to another era, but instead of leaving meeting people up to chance, bake a cake or a batch of cookies and take them over to your new neighbor as a gesture of friendship and kindness. Your neighbors will probably love the baked goods, but this can also be the first step in forming a relationship with them that will come to be one you can both rely on.

When it comes to a new neighborhood, forming new attachments can seem all-but impossible, but there are things you can do to begin a bond right from the start.

The Role of Escrow in Real Estate Transactions

by

The Role of Escrow in Real Estate TransactionsPurchasing or selling a property is a significant financial transaction that involves numerous parties, legalities, and a substantial amount of money. To ensure a smooth and secure process, the real estate industry relies heavily on a mechanism known as escrow.

Understanding Escrow

Escrow refers to a neutral third-party entity or professional, typically an escrow officer or a title company, entrusted with holding and disbursing funds and documents during a real estate transaction. It acts as a safeguard, ensuring that all parties fulfill their obligations and that the transaction progresses smoothly.

How Escrow Works

Once the buyer and seller have agreed on the terms of the transaction, they initiate the escrow process by opening an escrow account. This involves selecting a trusted escrow officer or company and depositing the agreed-upon funds into the account. The escrow officer gathers all necessary documents, including the purchase agreement, title documents, loan documents, and any other relevant paperwork. Simultaneously, the buyer deposits the earnest money into the escrow account, demonstrating their commitment to the transaction.

The buyer typically has a specific period to conduct inspections, investigations, and other due diligence activities on the property. If the buyer finds any issues or discrepancies during this period, they can negotiate repairs or request changes to the terms of the agreement.

Once the buyer is satisfied with the inspections, due diligence, financing, and title search results, they proceed to remove any remaining contingencies, such as the inspection contingency or loan contingency. After all contingencies are satisfied, the closing process begins. The escrow officer prepares the closing documents, including the settlement statement, and coordinates the signing of these documents by all parties involved.

Once the necessary signatures are obtained, the escrow officer ensures that the funds from the buyer and the buyer’s lender, if applicable, are collected. Finally, the officer disburses the funds to the seller, paying off any existing liens or mortgages, and transfers the title to the buyer.

Benefits of Escrow in Real Estate Transactions

Escrow provides a secure and neutral environment for both buyers and sellers. The escrow officer ensures that funds and documents are held safely until all conditions are met, preventing either party from misusing or misappropriating them. Escrow also protects all parties from potential risks and fraudulent activities.

By safeguarding funds and documents, facilitating clear communication, and ensuring compliance with legal and financial obligations, escrow mitigates risks and promotes a smooth transaction process. Engaging a reputable escrow officer or company can offer peace of mind to all parties involved, making the real estate transaction more secure and efficient.

Simple Tips for a Stunning First Impression

by

Simple Tips for a Stunning First ImpressionThey say, “you never get a second chance to make a good impression”, and when it comes to your home, curb appeal is the key to making a lasting one. Enhancing the exterior of your house not only adds value but also creates a warm and inviting atmosphere for both you and your guests.

Here are some simple yet effective tips that will help transform your home’s exterior and make it the envy of the neighborhood.

Begin with a Welcoming Entrance: The front door is the gateway to your home, and a fresh coat of paint can do wonders to revitalize its appearance. Consider selecting a color that complements your home’s style and personality. Don’t shy away from bold choices that create a statement.

Revitalize the Exterior: The exterior walls of your house may benefit from a thorough cleaning or a fresh coat of paint. Pressure washing can remove dirt, grime, and stains, making your home look instantly refreshed. If you’re painting, choose a color scheme that harmonizes with the surroundings while accentuating architectural features. Take the time to inspect your home’s siding or brickwork for any necessary repairs, as addressing these issues promptly prevents further deterioration.

Beautiful Landscaping: A well-maintained and thoughtfully designed landscape can make a significant difference in your home’s curb appeal. Start by trimming overgrown shrubs and trees, removing weeds, and adding fresh mulch to flower beds. Incorporate a variety of plants that thrive in your climate, ensuring year-round color and texture. Consider planting flowers, installing window boxes, or hanging baskets to bring vibrancy to your windows and walls.

Upgrade Outdoor Lighting: Outdoor lighting not only enhances safety but also creates an inviting ambiance. Illuminate your pathways, porch, and landscaping with stylish light fixtures that match the architectural style of your home. Consider installing solar-powered lights to save energy and reduce maintenance. Strategically placed lighting can highlight focal points, such as trees or architectural details.

Pay Attention to Small Details: Don’t underestimate the impact of small details when it comes to enhancing your home’s curb appeal. Replace worn-out house numbers, doorbells, and mailbox to give your home a polished look. Upgrade your front porch furniture or add decorative elements like outdoor artwork or a porch swing to create an inviting space. Ensure that your gutters and downspouts are clean and in good condition, and consider adding window shutters or freshening up their paint.

Remember, the key to improving curb appeal is to create a visually appealing and well-maintained exterior. By implementing these tips and putting in some effort, you can significantly enhance the curb appeal of your property.

Homeowners Insurance: How Much Coverage Do You Need?

by

Homeowners Insurance: How Much Coverage Do You Need?Homeownership is a significant milestone that comes with a sense of security and pride. Your home is not just a place to live but also a valuable asset that needs protection. Homeowners insurance provides financial coverage for unexpected events and damage that may occur to your property.

Determining the right amount of coverage can be challenging, here are some of  the factors to consider when deciding how much homeowner’s insurance coverage you need.

Assessing the Value of Your Home: The first step in determining your coverage needs is to evaluate the value of your home. Consider the cost of rebuilding or repairing your house in the event of a total loss.

Understanding Different Coverage Types: Homeowners insurance typically consists of several types of coverage, including dwelling coverage, personal property coverage, liability coverage, and additional living expenses coverage. Each of these covers different aspects of your home and belongings. Understand the purpose and limits of each type to determine the appropriate amount of coverage you need for your specific circumstances.

Evaluating Personal Belongings: Take an inventory of your personal belongings and estimate their value. This includes furniture, appliances, electronics, clothing, and other valuable items. Ensure that your personal property coverage provides enough coverage to replace these items in case of theft, fire, or other covered perils.

Considering Liability Coverage: Liability coverage protects you in the event someone is injured on your property or you cause damage to someone else’s property. Evaluate your liability needs based on factors such as the size of your property, potential risks, and your personal circumstances.

Assessing Additional Living Expenses: In case your home becomes temporarily uninhabitable due to a covered loss, additional living expenses coverage helps cover the cost of alternative accommodations, meals, and other related expenses.

Reviewing Deductibles: A deductible is the amount you need to pay out of pocket before your insurance coverage kicks in. Higher deductibles typically result in lower insurance premiums, but you should choose a deductible amount that you can comfortably afford in the event of a claim.

Consult with an Insurance Professional: Determining the appropriate amount of coverage for your home can be complex. It’s advisable to consult with an experienced insurance professional who can assess your unique needs, guide you through the process, and recommend the right coverage options based on your specific circumstances.

Choosing the right amount of homeowners insurance coverage is crucial for protecting your home, personal belongings, and financial well-being. Assess the value of your home, understand the different coverage types, evaluate your personal belongings, consider liability coverage and additional living expenses, review deductibles, and consult with an insurance professional to ensure you have adequate coverage. By taking these steps, you can enjoy peace of mind knowing that you are well-protected in case of unexpected events or damage to your home.

What’s Ahead For Mortgage Rates This Week – June 12, 2023

by

What's Ahead For Mortgage Rates This Week - June 12, 2023

Last week’s scheduled economic news included results from Fannie Mae’s National Housing Survey and weekly readings on mortgage rates and jobless claims.

Fannie Mae Survey Shows Lower Home Buyer Confidence in May

Fannie Mae reported lower home buyer confidence in housing market conditions in May. High home prices and rising mortgage rates challenged prospective home buyers while providing favorable conditions for sellers. 65 percent of consumers surveyed for Fannie Mae’s Home Purchase Sentiment Index believed that it was a good time to sell their homes as compared to 62 percent of consumers surveyed in April. This was the highest consumer sentiment reading posted for the Home Purchase Sentiment Index since July 2022.

Mr. Mark Palim, a Fannie Mae Vice President and Deputy Chief Economist said: “Consumers also indicated that they didn’t expect affordability constraints to improve in the near future.”  81 percent of renters surveyed believed that it would be difficult to get a mortgage today.

Mortgage Rates Fall, Jobless Claims Rise

Freddie Mac reported lower mortgage rates last week after three consecutive weeks of rising rates. The average rate for 30-year fixed-rate mortgages fell by eight basis points to 6.71 percent. Rates for 15-year fixed-rate mortgages averaged 6.07 percent and 11 basis points lower.

Jobless claims rose with 261,000 initial jobless claims filed as compared to the expected reading of 236,000 first-time claims filed and the previous week’s reading of 233,000 filings.

What’s Ahead

This week’s scheduled economic news includes The Fed’s Federal Open Market Committee Statement and Fed Chair Jerome Powell’s scheduled press conference. The University of Michigan will release its monthly reading on consumer sentiment and weekly readings on mortgage rates and first-time jobless claims will also be released.