Navy Fellas Realty Group

Real Estate, Residential sales and purchase

What’s Ahead For Mortgage Rates This Week – July 17, 2023

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What's Ahead For Mortgage Rates This Week - July 17, 2023Last week’s economic reporting included readings on month-to-month and year-over-year inflation and consumer sentiment. Weekly readings on mortgage rates and jobless claims were also published.

Month-to-Month Inflation Rises as Year-Over-Year Inflation Slows

The Consumer Price Index for June rose 0.20 percent in June as compared to May’s reading of 0.10 percent growth and expectations of 0.30 percent month-to-month growth. The core CPI reading, which excludes volatile food and fuel sectors, fell to 0.20 percent growth in June as compared to May’s month-to-month reading of 0.40 percent growth.

The year-over-year reading for the Consumer Price Index in June slowed to 3.00 percent growth as compared to May’s reading of 4.00 percent and analysts’ expected reading of 3.10 percent year-over-year growth.

The year-over-year reading for the Core Consumer Price Index showed 4.80 percent growth; analysts expected year-over-year inflationary growth of 5.00 percent. May’s year-over-year inflation reading showed 5.30 percent growth. Year-over-year readings show overall inflation trends without month-to-month volatility.

Rising interest rates did not appear to impact consumers’ enthusiasm. July’s preliminary index reading of 72.60 for the Consumer Sentiment Index was the highest reading published since September 2021. Analysts expected an index reading of 65.50 as compared to June’s reading of 64.40.

Mortgage Rates Nearing 7 Percent

Average mortgage rates rose last week and approached 7.00 percent for 30-year fixed-rate mortgages according to Freddie Mac’s weekly Primary Mortgage Market Survey.  The average rate for 30-year fixed-rate mortgages rose by 15 basis points to 6.96 percent. The average rate for 15-year fixed-rate mortgages rose six basis points to  6.30 percent. July 13 jobless claims will be published this week.

What’s Ahead

This week’s scheduled economic reporting includes readings on home builder confidence in single-family housing market conditions, and government reporting on housing starts and retail sales. The National Association of Realtors® will release its monthly report on sales of previously-owned homes. Weekly readings on mortgage rates and jobless claims are also expected.   

Quick and Simple Home Improvements: Transform Your Space with Ease

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Quick and Simple Home Improvements: Transform Your Space with EaseWhen it comes to home improvements, you might envision lengthy renovation projects or a significant investment of time and money. Not all home improvements have to be big projects. There are many quick and simple changes you can make to transform your space without breaking the bank or disrupting your daily routine.

Fresh Coat of Paint:

One of the most effective and budget-friendly ways to revitalize any room is by applying a fresh coat of paint. A new color scheme can completely transform the ambiance, making it brighter, cozier, or more sophisticated. Choose colors that align with your desired mood and consider using accent walls to create focal points. Painting is a relatively simple DIY task that can be accomplished in a weekend, and the impact it has on your home is significant.

Upgrade Lighting:

Lighting plays a crucial role in the atmosphere and functionality of your home. Swap out outdated light fixtures with modern alternatives to instantly update the look and feel of a room. Additionally, consider installing dimmer switches to adjust the lighting intensity and create a more versatile environment. For a quick fix, change your light bulbs to energy-efficient options or opt for warmer or cooler tones to suit your preference.

Declutter and Organize:

A cluttered and disorganized space can make your home feel chaotic and stressful. Dedicate some time to decluttering and organizing each room, creating a more streamlined and serene environment. Get rid of items you no longer need, organize your belongings into designated storage solutions.

Enhance Curb Appeal:

The exterior of your home makes the first impression, so enhancing its curb appeal is a quick way to boost your property’s overall appeal. Trim overgrown bushes, mow the lawn, plant colorful flowers, and add welcoming elements such as a new doormat or house numbers.

Replace Hardware and Fixtures:

Often overlooked, updating hardware and fixtures can significantly elevate the look of your home. Swap outdated doorknobs, cabinet handles, and  faucets, with more contemporary options to instantly modernize your space.

Add Mirrors:

Mirrors are a versatile and effective tool for making any room feel larger and brighter. Place mirrors strategically to reflect natural light, create an illusion of more space, and enhance the overall aesthetics of the room.

Transforming your home doesn’t always have to involve elaborate projects or substantial investments. By implementing these quick and simple home improvement ideas, you can achieve remarkable results with minimal effort. So, roll up your sleeves, gather your tools, and get ready to give your space the upgrade it deserves.

Selling a House “As-Is”: Pros, Cons, and Considerations

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Selling a House

When it comes to selling a house, homeowners have different options available to them. One approach that some sellers consider is selling their house “as-is.” This means selling the property in its current condition without making any repairs or renovations.

Pros of Selling a House “As-Is”

Convenience: One of the primary advantages of selling a house as-is is the convenience it offers. By selling the property in its current condition, you can avoid the time, effort, and cost associated with repairs and renovations.

Cost Savings: Selling a house as-is can potentially save you money. When you sell a property in need of repairs, you can avoid the expense of hiring contractors or professionals to fix issues. Additionally, you won’t have to invest in materials or deal with unexpected expenses that may arise during the renovation process.

Faster Sale: Properties listed as-is often attract buyers who are specifically looking for fixer-uppers or investment opportunities. Consequently, selling as-is can expedite the selling process and lead to a quicker sale compared to selling a house that needs repairs.

Cons of Selling a House “As-Is”

Lower Sale Price: While selling a house as-is can speed up the selling process, it often comes at the expense of a lower sale price. Buyers may discount their offers to account for the repairs they’ll need to undertake after purchasing the property. Keep in mind, you might not receive the full market value for your home.

Limited Buyer Pool: Selling a house as-is typically appeals to a narrower pool of buyers. Many potential buyers may prefer move-in-ready homes, which means you might have fewer interested parties.

Disclosure Obligations: Selling a house as-is doesn’t absolve you of disclosing known defects or issues with the property. Failing to disclose material defects can lead to legal complications and potential lawsuits.

Considerations for Selling a House “As-Is”

Evaluate the Property’s Condition: Assess the extent of repairs needed and the overall condition of the house. Determine if selling as-is is a viable option or if minor repairs could help attract a wider range of buyers and potentially increase the sale price.

Consult with Real Estate Professionals: Engage with experienced real estate agents or property consultants who can provide insight into local market conditions, potential buyers, and pricing strategies. Their expertise can help you make an informed decision about selling your house as-is.

Weigh Financial Implications: Consider the financial implications of selling as-is versus investing in repairs. Calculate potential repair costs, estimated sale price, and the impact on your net proceeds. Determine if the convenience of selling as-is outweighs the potential financial trade-offs.

Selling a house as-is can be a viable option for homeowners looking for convenience and cost savings. However, it’s crucial to carefully consider the potential drawbacks, such as a lower sale price and limited buyer pool. Assessing the property’s condition, seeking professional advice, and evaluating the financial implications are essential steps in deciding whether selling a house as-is is the right choice for you.

Unveiling the Secrets of Successful Real Estate Investing

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Unveiling the Secrets of Successful Real Estate Investing

Real estate investing has been recognized as a great opportunity for building wealth and achieving financial freedom. Achieving success in the real estate market does require a strategic approach, careful analysis, and informed decision-making.

Before diving into the world of real estate investing, it is essential to define your investment goals. Are you looking for long-term rental income, quick fix-and-flip profits, or a combination of both? Clarifying your objectives will guide your investment decisions and help you stay focused on your path to success.

Educate Yourself:

The first secret to successful real estate investing is to educate yourself thoroughly about the market, trends, and various investment strategies. Take the time to learn about different types of properties, financing options, rental laws, and local market conditions. Attend seminars, read books, follow industry experts, and join real estate investor associations to gain valuable knowledge and insights.

Set Clear Investment Goals:

Before jumping into real estate investing, it’s essential to define your investment goals. Establish a clear investment strategy, including your desired return on investment (ROI), time horizon, and risk tolerance. Setting specific goals will help you stay focused and make informed investment decisions.

Build a Reliable Network:

Building a strong network of professionals is crucial for success in real estate investing. Connect with real estate agents, brokers, property managers, contractors, and other investors. They can provide valuable advice, help you find lucrative deals, and collaborate on joint ventures. Networking also allows you to stay updated on market trends and opportunities.

Conduct Thorough Due Diligence:

Performing comprehensive due diligence is a key secret to successful real estate investing. Always research and analyze properties before making a purchase. Evaluate factors such as location, potential for appreciation, rental demand, property condition, and potential repairs or renovations required. Thorough due diligence minimizes risks and increases the chances of a profitable investment.

Diversify Your Portfolio:

Successful real estate investors understand the importance of diversification. Don’t put all your eggs in one basket. Instead, spread your investments across different property types, locations, and investment strategies.

Adapt to Market Conditions:

Real estate markets are dynamic and subject to changes. Keep a close eye on market trends, interest rates, demographic shifts, and regulatory changes. This information will help you identify emerging opportunities and make informed investment decisions.

Successful real estate investing is a combination of knowledge, strategy, and adaptability. By educating yourself, setting clear goals, building a reliable network, conducting thorough due diligence, diversifying your portfolio, leveraging financing wisely, and adapting to market conditions, you can unlock the secrets to success in the real estate investment arena. Remember, patience, perseverance, and continuous learning are essential elements on your journey to becoming a successful real estate investor.

Unveiling the Secrets of Successful Real Estate Investing

by

Unveiling the Secrets of Successful Real Estate Investing

Real estate investing has been recognized as a great opportunity for building wealth and achieving financial freedom. Achieving success in the real estate market does require a strategic approach, careful analysis, and informed decision-making.

Before diving into the world of real estate investing, it is essential to define your investment goals. Are you looking for long-term rental income, quick fix-and-flip profits, or a combination of both? Clarifying your objectives will guide your investment decisions and help you stay focused on your path to success.

Educate Yourself:

The first secret to successful real estate investing is to educate yourself thoroughly about the market, trends, and various investment strategies. Take the time to learn about different types of properties, financing options, rental laws, and local market conditions. Attend seminars, read books, follow industry experts, and join real estate investor associations to gain valuable knowledge and insights.

Set Clear Investment Goals:

Before jumping into real estate investing, it’s essential to define your investment goals. Establish a clear investment strategy, including your desired return on investment (ROI), time horizon, and risk tolerance. Setting specific goals will help you stay focused and make informed investment decisions.

Build a Reliable Network:

Building a strong network of professionals is crucial for success in real estate investing. Connect with real estate agents, brokers, property managers, contractors, and other investors. They can provide valuable advice, help you find lucrative deals, and collaborate on joint ventures. Networking also allows you to stay updated on market trends and opportunities.

Conduct Thorough Due Diligence:

Performing comprehensive due diligence is a key secret to successful real estate investing. Always research and analyze properties before making a purchase. Evaluate factors such as location, potential for appreciation, rental demand, property condition, and potential repairs or renovations required. Thorough due diligence minimizes risks and increases the chances of a profitable investment.

Diversify Your Portfolio:

Successful real estate investors understand the importance of diversification. Don’t put all your eggs in one basket. Instead, spread your investments across different property types, locations, and investment strategies.

Adapt to Market Conditions:

Real estate markets are dynamic and subject to changes. Keep a close eye on market trends, interest rates, demographic shifts, and regulatory changes. This information will help you identify emerging opportunities and make informed investment decisions.

Successful real estate investing is a combination of knowledge, strategy, and adaptability. By educating yourself, setting clear goals, building a reliable network, conducting thorough due diligence, diversifying your portfolio, leveraging financing wisely, and adapting to market conditions, you can unlock the secrets to success in the real estate investment arena. Remember, patience, perseverance, and continuous learning are essential elements on your journey to becoming a successful real estate investor.

What’s Ahead For Mortgage Rates This Week – July 10, 2023

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What's Ahead For Mortgage Rates This Week - July 10, 2023Last week’s scheduled economic reporting included readings on construction spending, June’s FOMC meeting minutes, and reports on jobs and the national unemployment rate. Weekly readings on mortgage rates and jobless claims were also released.

Construction Spending Increased in May

The Commerce Department reported spending for construction rose to 0.90 percent in May as compared to a month-to-month increase of 0.40 percent posted in April. The year-over-year reading showed $1.93 trillion in construction spending in May. April’s data was revised downward from the original reading of 1.20 percent growth to 0.40 percent growth in construction spending.

Readings for construction spending include all phases of government and private construction projects. When construction spending increases. It indicates overall growth in the economy. Year-over-year construction spending was 2.40 percent higher in May.

Private-Sector Job Growth Exceeds Expectations in June

The Commerce  Department reported the largest increase in private-sector job growth since July 2022. 497,000 jobs were added in June 2023, which surpassed analyst expectations of 220,000 jobs added. 267,000 jobs were reported in May’s reading. The increase in available jobs countered forecasts that the Federal Reserve’s recent series of interest rate hikes would slow inflation and dampen economic growth.

The national unemployment rate fell from 3.60 percent from 3.70 percent in May to 3.60 percent in June. In related news, weekly jobless claims rose to 248,000 claims from the previous week’s reading of 236,000 jobless claims filed. Analysts expected a reading of 220,000 claims filed.

Minutes of Federal Reserve Meeting: Fed Holds Federal Rate Range Steady in June

Members of the Federal Reserve’s Federal Open Market Committee voted to hold the Fed’s interest rate range at 5.00 percent to 5.25 percent. Committee members cited the tight labor market and current economic conditions that exceeded expectations. Fed Chair Jerome Powell said that the Fed would likely raise its rate range two more times during 2023. 

Freddie Mac reported higher average mortgage rates last week’s the rate for 30-year fixed-rate mortgages rose by 10 basis points to 6.81 percent. Rates for 15-year fixed-rate mortgages averaged 6.24 percent and 18 basis points higher.

What’s Ahead

This week’s scheduled economic reports include month-to-month and year-over-year readings on consumer inflation; the final monthly reading on consumer sentiment will be released along with weekly readings on mortgage rates and jobless claims.

 

What is a Home Warranty

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What is a Home WarrantyA home warranty is a type of service contract that provides coverage for repairs or replacements of major systems and appliances in a home. It typically covers items such as heating and cooling systems, electrical systems, plumbing, water heaters, and kitchen appliances.

Home warranties are purchased by homeowners to protect against unexpected expenses for repairs or replacements that may occur due to normal wear and tear. When a covered item breaks down, the homeowner can contact the home warranty company, which will send a qualified technician to diagnose and repair the issue. If the item cannot be repaired, the home warranty company will typically replace it with a similar model.

It is important to note that home warranties are not the same as homeowners’ insurance. Homeowners insurance covers damage to the structure of the home and personal belongings due to unexpected events such as fires, storms, or theft. Home warranties, on the other hand, cover the repair or replacement of items due to normal wear and tear.

What’s generally included in a home warranty?

The items that are typically included in a home warranty can vary depending on the specific plan and provider, but they generally cover major systems and appliances in a home that are subject to normal wear and tear. Some of the most common items included in a home warranty are:

Heating and Cooling Systems – This typically includes coverage for furnaces, heat pumps, air conditioning units, and ductwork.

Electrical Systems – Issues with your home’s electrical system can be expensive and dangerous. Having these covered makes sure that your home stays safe. This includes coverage for the main electrical panel and wiring throughout the home.

Plumbing Systems – Just like electrical repairs, plumbing issues often require a professional and can cause major problems if not fixed right away. Having these things covered by a home warranty will cut repair costs and includes coverage for the water heater, pipes, and drains.

Kitchen Appliances – This includes coverage for the refrigerator, oven, dishwasher, and built-in microwave.

Laundry Appliances – This includes coverage for the washer and dryer.

Garage Door Opener – This includes coverage for the garage door opener and related components.

It’s important to note that while these items are typically included, each home warranty plan is different, so it’s important to read the details of the plan to understand what is and is not covered. Additionally, there may be optional add-ons available for specific items or systems that are not covered under the basic plan.

How to Calculate Mortgage Payments

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How to Calculate Mortgage Payments Calculating mortgage payments involves several variables, including the loan amount, the interest rate, and the loan term. Here are the steps to calculate mortgage payments:

Determine the loan amount: This is the amount you will borrow to purchase the property. For example, if you plan to buy a house for $300,000 and you plan to put down a 20% down payment ($60,000), your loan amount will be $240,000.

Determine the interest rate: The interest rate is the cost of borrowing the money. It is expressed as a percentage. For example, if the interest rate is 4%, you will pay 4% of the loan amount in interest each year.

Determine the loan term: This is the length of time over which you will repay the loan. For example, if you have a 30-year mortgage, you will make 360 monthly payments (30 years x 12 months).

You can use the following formula to calculate your monthly mortgage payment:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

Where:

M = monthly mortgage payment

P = loan amount

i = interest rate (monthly)

n = loan term (number of months)

Using this formula, you can calculate your monthly mortgage payment by plugging in the values for P, I, and N.

Alternatively, you can use a mortgage payment calculator to calculate your mortgage payment  If you choose a mortgage calculator, you will need to know your income, expenses, and debts. This information will help you determine how much you can afford to borrow. You can find a mortgage calculator online or through a mortgage lender’s website. Make sure you use a reliable calculator. Once you have a mortgage calculator, enter your financial information into the calculator. This includes your income, expenses, debts, and the loan term. Use the calculator to adjust the variables such as the interest rate, down payment, and loan term to see how they affect your monthly payment and the total cost of the loan.

The mortgage calculator will provide you with an estimate of how much you can afford to borrow, what your monthly payment would be, and the total cost of the loan. Make sure the results fit within your budget and financial goals. If you’re ready to move forward with a mortgage, it’s a good idea to consult with a mortgage lender to discuss your options and get pre-approved for a loan. They can also provide you with more information on closing costs and other fees associated with the mortgage.

What’s Ahead For Mortgage Rates This Week – Juy 3, 2023

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What's Ahead For Mortgage Rates This Week - Juy 3, 2023Last week’s scheduled economic news includes readings on inflation, new home sales, pending home sales, and consumer sentiment. Federal Reserve Chair Jerome Powell spoke at a banking conference in Spain. Weekly reports on mortgage rates and jobless claims were also released.

New Home Sales Rise as Pending Home Sales Fall

May readings for new and pending home sales showed mixed results for May. 763,000 new home sales were expected on a seasonally-adjusted annual basis. Analysts expected a reading of 675,000 sales based on April’s year-over-year reading of 680,000 new home sales. May’s increase in new home sales was the largest since  February 2022.

New home sales increased for the third consecutive month. The supply of new homes for sale fell 11.80 percent between April and May to a 7-month supply of new homes available. Sales were strongest in the Northeast and West.

Pending home sales fell by -2.70 percent in May.

Mortgage Rates, Jobless Claims

Freddie Mac reported higher average mortgage rates last week. The average rate for 30-year fixed-rate mortgages rose by four basis points to 6.71 percent; the average rate for 15-year fixed-rate mortgages rose by three basis points to 6.06 percent.

Federal Reserve Chair Jerome Powell spoke at a banking conference in Spain. He discussed the U.S. economy and how the Fed addressed the financial downturn after the Great Recession and discussed current economic trends including the impact of higher mortgage rates on the housing sector and low unemployment.

Chair Powell also outlined the Fed’s goal of reducing inflation to 2.00 percent a year; it presently runs near 4.00 percent. Mr. Powell cited headwinds to lowering inflation including tighter credit requirements for individuals and businesses. Mr. Powell cautioned that further tightening may result from bank stresses that occurred in March.

June’s consumer sentiment index reading was nearly unchanged with an index reading of 64 for June as compared to May’s reading of 63.99. Index readings over 50 indicate that most consumers are confident about current economic conditions.

What’s Ahead

This week’s scheduled economic reports include readings on construction spending, public and private sector employment, and minutes of June’s Federal Open Market Committee meeting. Weekly reports on mortgage rates and jobless claims will also be released. 

Interviewing Architect’s When Building A New Home

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How To Interview An Architect When Building A New HomeMaking the decision to build a home might be one of the biggest you make in your life. You’ve found the perfect plot of land and have a vision of what type of home you want, but you need someone to bring your dream to life.

That means it’s time to start interviewing architects. Hiring an architect isn’t as simple as just calling up a few and seeing who might have the time. You’ll want to ensure you choose a professional that understands your design aesthetic, communicates well, can design on budget, and has an upstanding reputation. Below are a few key questions to ask when deciding whom to hire.

Do You Have A Specific Design Style?

When interviewing architects, be sure to ask each one if they have a specific aesthetic and if you can see a portfolio of his or her work. While most are adaptable, they usually all have design themes that recur in their projects.

Whether you want a minimalist structure or LEED certified construction, you’ll want to know they have the experience.

What Is Your Fee?

You’ll need to inquire whether they charge a flat fee for their designs or a percentage of the total building cost. Most architects charge a percentage of the overall cost of your home, usually ranging from 5-20 percent.

This is important to know because it means that for every floorboard installed, you’ll need to add on the architect’s additional percentage.

Do You Provide Project Management Services?

There are many services that architects should include within their contract, such as checking the contractor’s work, making adjustments as the construction moves forward and obtaining lien waivers.

Get a list of what each architect you interview includes in his or her fee. Additional charges can add up and might play a part in who you choose.

Interviewing architects and finding the right professional can make all the difference when it comes to building exactly what you want. One you work well with can make the construction experience extremely pleasant, while a negative relationship can leave you hating your new home.

So do your research and be sure to get references.