Navy Fellas Realty Group

Real Estate, Residential sales and purchase

What To Consider When Shopping For Interior Paint

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What To Consider When Shopping For Interior PaintIf you are looking for a way to increase the value of your home, you may have thought about putting a fresh coat of paint on it. If you have beautiful paint throughout your home, you can increase the value of your home. Even though you are probably focused on the color, you need to think carefully about several other factors. What do you need to consider when looking for interior paint for your home?

Where The Paint Is Going

You can start by thinking about where the paint is going. Some people like to use the same color throughout the entire house. On the other hand, you may have different colors in mind for different rooms in your home. For example, you may choose a different color for your bathroom than you do for the living room. You might choose a different color for a child’s bedroom when compared to the master bedroom. Always think about where the paint is going before you make a final decision.

How Far The Paint Will Go

Even though you are probably focused on the price tag, you also have to think about how much paint you need to use to cover the room completely. For example, if you are painting a dark surface, you should be able to use less paint to finish the job. Even though a premium product may have a higher price tag, it might go further. Therefore, you might not need to purchase as much to finish the job. 

The Finish

The finish is just as important as the color when you choose a product. The finish determines how much light reflects off the surface. Do you want the pain to stand out? If so, you might want a glossy finish. Do you want the pain to fade into the background? If so, you may be interested in a flat finish.

Choose The Right Paint For The Job

Clearly, there is a lot to think about if you want to paint the interior of your home. You may want to contact an interior paint professional to help you select the right paint for your house. 

Getting Tired of Renting? Here Are the Top 5 Reasons Why Young People Prefer Owning a Home

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Getting Tired of Renting? Here Are the Top 5 Reasons Why Young People Prefer Owning a HomeAt some point in their lives, every renter thinks about home ownership and whether or not it’s worth it. Let’s explore the top 5 reasons why young individuals prefer the idea of owning a home over renting.

It’s All About Control

It’s unlikely to come as a surprise that having control over their living space is the number one reason that younger buyers prefer owning over renting. Living in a home owned by someone else limits your ability to customize your home. Want to expand a room or rip out the kitchen cabinets? Good luck with getting your landlord to pay for that!

Privacy And Security Are Key

More than 90 percent of millennials reported that having a sense of privacy is an important factor when choosing between buying and renting. And this makes a lot of sense, especially in areas where a landlord has the right to enter the premises on short notice. It’s tough to imagine feeling secure when a landlord can demand access to their home for whatever reason they so choose.

Your Own Space Is Just Nicer

Take a look around your home. Is it as luxurious as you’d like it to be? While you can furnish a rented apartment or house however you want, in many cases, renters just don’t put the same amount of effort into it. 81% of young renters shared that one reason they want to buy is so that they can live in a nicer place.

You’ll Be More Engaged In The Community

If you want to feel more engaged in your local community, buying a home is an excellent idea. More than 75 percent of young and first-time buyers reported that community engagement is a key reason that they want to be a home owner. Not only are you more likely to care about the area around your home if you’re responsible for its upkeep. But as the value of your home is influenced by the surrounding area, you also have a financial incentive to staying engaged in the health of your community.

Owning Gives You Flexibility

Finally, consider that owning your own home will offer flexibility that you can’t get from renting. Not only will you be able to customize your home the way you want, but you’ll also have a productive financial asset. And that can be a huge help in securing additional credit if you want to make significant investments or other financial moves.

When you’re ready to expand your freedom by purchasing your own home, contact your trusted mortgage professional. We’re happy to help.

What’s Ahead For Mortgage Rates This Week – September 6, 2022

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What's Ahead For Mortgage Rates This Week - September 6, 2022Last week’s economic reporting included readings on home price growth, federal data on public and private sector job growth, the national unemployment rate, and data on consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released.

S&P Case Shiller: Home Price Growth Slows in June

The S&P Case-Shiller National Home Price Index reported slower home price growth in June as home price growth slowed to a year-over-year pace of 18.0 percent as compared to May’s reading of 19.9 percent. The 20-City Home Price Index posted 18.6  percent growth in June as compared to May’s reading of 20.50 percent year-over-year growth in May.

The top three cities in June’s 20-City Home Price Index were Tampa, Florida, which posted the fastest year-over-year home price growth rate for the fourth consecutive month with a reading of 35.00 percent,  and Miami. Florida with a year-over-year home price growth rate of 33.00 percent. Dallas, Texas completed the top three cities with year-over-year home price growth of 28.20 percent.

While all 20 cities reported double-digit percentages for year-over-year home price growth, 19 of 20 cities reported slower rates of home price appreciation in June. Craig J. Lazzara, Managing Director of S&P Dow Jones Indices, explained the difference between the deceleration of home price growth and home price decline. A deceleration in home price growth indicates that while home prices continue to increase, they’re doing so at a slower pace. A decline in home prices means that home prices are falling.

Analysts expect rising mortgage rates to negatively impact home sales as affordability issues increase. As demand for homes falls, home prices may also fall as the housing market cools.

Mortgage Rates Rise, Jobless Claims Fall

Freddie Mac reported higher average mortgage rates last week as rates for 30-year fixed-rate mortgages rose by 11 basis points to 5.66 percent. Rates for 15-year fixed-rate mortgages averaged 4.98 percent and 13 basis points higher. Rates for 5/1 adjustable rate mortgages averaged 4.51 percent and 15 basis points higher than in the previous week.

Initial jobless claims fell last week with 232,000 initial claims filed as compared to the previous week’s reading of 237,000 first-time claims filed. Analysts expected 245,000 new jobless claim filings last week. Job growth reports from ADP and the government’s Non-Farm Payrolls report showed sharp drops in job growth; ADP, which reports on private-sector payrolls, reported 132,000 jobs added in August as compared to July’s reading of 268,000 private-sector jobs added in July. The Non-Farm Payrolls report

The national unemployment report rose to 3.70 percent in August from July’s reading of 3.50 percent. Analysts expected a reading of 3.50 percent unemployment for August.

What’s Ahead

This week’s scheduled economic reporting is spare due to the Labor Day Holiday. Fed Chair Jerome Powell will give a speech and weekly readings on mortgage rates and jobless claims will be released.

 

3 Tips for Creating a Warm, Welcoming Guest Bedroom

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Kids Moving Out of the House? Here Are 3 Tips for Creating a Warm, Welcoming Guest BedroomIf you’re a homeowner with children, at some point, you’ll be saying goodbye. They’ll move off to college or to start their career and adult life. As children move out, you’ll discover that you have extra bedrooms and other living spaces that will need a new purpose. Let’s take a look at three ways that you can transform an unused bedroom into a welcoming place for guests to stay.

Get Started With A Deep Clean

The first thing you’ll want to do is engage in a top-to-bottom deep clean of the room. Get everything out of the room so that nothing’s left but the carpet. Clean the walls, windows, light fixtures and closets until they’re sparkling clean. If the carpet is still in good condition and doesn’t have a lot of stains, have it professionally steam-cleaned. Or if it’s a little beat up from years of abuse, consider replacing it with beautiful new carpeting.

Consider A Fresh Coat Of Paint

Have a look at the condition of the paint and walls. Does the paint still add a colorful “pop” to the room? Or have the years taken away its luster? Do the walls have scratches, dents, and holes in random areas? Are they in need of repairs?

Even if the paint is in good condition, this is an excellent opportunity to completely change the look and feel of the room. Consider going with a lighter color palette that gives off a welcoming vibe.

Go With Matching Furniture And Tables

Once the room itself is in tip-top shape, you’ll need to focus on the bed, dresser, tables and other furniture. As mentioned above, this is the perfect time to get rid of any mismatched furniture and replace it with a matching bedroom set. Also, be sure to toss out any dated mirrors or light fixtures that don’t match up with the room’s new look.

As your children get older and move out of the family home to start their own lives, you’ll be granted with a lot more space to make use of. Having a welcoming guest bedroom or two will ensure that you’ve always got some room for family members to come and visit. But if you decide that you’ve got too much space, contact your local real estate agent. We’ll share how you can downgrade the size of your home while improving your quality of life.

What To Know About Renting Out Your Home

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What To Know About Renting Out Your HomeIf you are looking for a way to diversify your investments, you may have thought about renting out your house. On the other hand, renting your home does have a few challenges. It could be a way for you to make some extra money, but you need to prepare accordingly. How can you get the most out of your rental investment?

A Fresh Coat of Paint

You need to attract as many potential renters as possible. The more demand you have for your home, the easier it will be for you to rent it out. Neutral colors like gray, white, and cream tend to be the most popular. Even though you may like something a bit different, remember that you need to paint your house a color that a potential renter will like. 

Handle Repairs

You should also try to make a few repairs before you start to rent out your home. Just like buying a house, there is never a second chance to make a first impression on a potential renter. If you have broken windows, a hole in the wall, or other maintenance issues, someone may not be willing to rent your house. You don’t want to leave money on the table, so make sure you handle repairs before you start renting out your home. 

Have Policies And Procedures In Place

Even though you may trust the person renting your home, it is always helpful to have policies and procedures in place. No matter how well you know the person, you need to have a lease written up. You may want to work with a professional who can help you construct a solid lease that will protect you and the renter. You should also have rules related to guests, late fees, and a security deposit. That way, your renter is not confused, and you do not have to worry about missing or late payments.

Prepare To Rent Out Your Home

You probably have a lot of memories tied up in your home, but you need to take emotion out of the equation when you start renting out your house. If you are ready to rent out your home, start by marketing it online. Then, vet the people who express an interest in your house. Renting out your home can help you make extra money. 

3 Things You Need to Consider Before Buying That Fixer-Upper Home

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3 Things You Need to Consider Before Buying That Fixer-upper Home

What Will It Cost?

If you’re going into a home expecting a few renovations costs, a minor detail here or there may not add up to much. However, if you’re not interested in spending the big bucks on making changes, you’ll want to estimate an approximate amount of how much the renovations you don’t want to live without will amount to. By including all the necessary labor and materials, you’ll be able to determine if the price-point of your offer will be worth it. Keep in mind that if there are any serious issues with the house, it may not be worth your while to consider the purchase at all.

Will Renovations Increase The Value?

In the event that you’re buying a home for its investment value, it’s going to be particularly important to consider if the renovations required will actually increase its market value. While adding another bedroom or upgrading a bathroom may not add significantly to a home’s overall price, certain more inexpensive improvements like painting, refinishing and new siding can actually add a lot to the look (and worth) of your home.

How Much Are You Willing To Take On?

It’s easy to think that you’re prepared to do the dirty work when faced with a fixer-upper, but getting down to brass tacks may not be so simple when the time comes. Before taking on a home that needs a lot of renovation, consider how much you’re willing to do so that you can determine if fixing it up will even be an economic boon after all the labor that may go into it. If you’re not a DIY kind of person, you may want to avoid a house that has a long list of repairs.

A fixer-upper can be tempting for those who want to invest or save on a home purchase, but you’ll want to carefully consider if it will be a good choice when it comes to selling time. If you’re currently perusing the market for a home, you may want to contact one of our real estate professionals for more information.

What To Know About Cleaning Vinyl Floors

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What To Know About Cleaning Vinyl FloorsThere are a lot of people who enjoy having vinyl floors in their home because they are cost-effective, durable, and aesthetically pleasing. Even though they can take a significant amount of punishment, you still need to keep them clean if you want them to last as long as possible. Take a look at a few of the top tips you should follow if you want to clean your vinyl floors.

Quick Spills And Messes

First, you need to wipe up spills and stains quickly. If you let them sit, they could become permanent. You should start with some clean water, but try to use a solution that has been specifically designed for vinyl floors. You should also try to mop or vacuum the floors at least once per week, regardless of whether they look dirty or not. This is important for helping you maintain the appearance of your vinyl floors.

Tough Stains

If you have stains that will not come out, particularly those that come from acidic substances such as wine, you should use a mixture of baking soda and water. Rub the paste into the stain thoroughly, let it sit for a few minutes, and then see if the stain comes out when you wipe it up. If it still does not come off, you may want to use some rubbing alcohol to help you. Just make sure you use gloves during the process to protect your skin.

Vinyl Floor Maintenance 

For routine maintenance, you don’t need to use any wax polish. All you need to do is mix a bit of baby oil with some vinegar and water. Use it to clean your vinyl floors from time to time, and you should maintain their resistance against dirt, dust, and other debris that would otherwise damage your floors.

Take Care Of Vinyl Floors

Ultimately, these are just a few of the most important tips you should follow if you want to take care of your vinyl floors. Vinyl floors are popular because of their versatility and durability, but if you want them to last as long as possible, you need to take care of them. Vinyl floors can contribute to the value of your home because of how popular they are, but you must make sure you take care of them if you want to maximize their value.

What’s Ahead For Mortgage Rates This Week – August 29, 2022

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What's Ahead For Mortgage Rates This Week - August 29, 2022

Last week’s economic news included readings on pending home sales, new home sales, and readings on monthly and yearly inflation rates. Weekly readings on mortgage rates and jobless claims were also published along with the University of Michigan’s final monthly and year-over-year readings on consumer sentiment.

Commerce Department Reports Fewer New Homes Sold in July

Sales of new homes fell by 12.60 percent month-to-month and were 29.6 percent lower year-over-year in July. The Commerce Department reported a year-over-year sales pace of 511,000 new homes sold in July as compared with June’s revised pace of 585,000 new homes sold. June’s reading was revised from its original year-over-year pace of 590,000 new home sales and was the lowest pace of home sales reported since January 2016.

Fears of rapidly rising inflation and mortgage rates impacted would-be homebuyers as construction costs and labor shortages contributed to rising home prices. Pending home sales decreased by one percent in July as compared to June’s reading of -8.9 percent fewer pending sales reported in June.

Mortgage Rates Mixed, Jobless Claims Fall

Freddie Mac reported higher average rates for fixed-rate mortgages as the average rate for 5/1 adjustable rate mortgages fell. Rates for 30-year fixed mortgage rates averaged 5.53 percent and 42 basis points higher. Rates for 15-year fixed-rate mortgages averaged 4.85 percent and were 0.30 basis points higher. The average rate for 5/1 adjustable rate mortgages was three basis points lower at 4.36 percent; discount points averaged 0.80 percent for fixed-rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

Initial jobless claims fell to 243,000 first-time claims filed as compared to the previous week’s reading of 245,000 initial claims filed.

Inflation readings for July showed the first decrease since April 2020 as the month-to-month reading decreased by 0.10 percent as compared to June’s month-to-month reading of a one-percent increase in inflation. The core personal consumption rate, which does not include food or fuel costs, rose by 0.10 percent as compared to the expected reading of 0.20 percent and June’s reading of 0.60 percent inflation.

Inflation rose by 6.30 percent year-over-year in July as compared to June’s year-over-year reading of 6.80 percent. Core inflation rose by 4.60 percent year-over-year in July as compared to June’s reading of 4.80 percent. Decreasing inflationary growth suggests that relief may be on the way for consumers.

What’s Next

This week’s scheduled economic reporting includes readings on home prices, construction spending,  public and private-sector job growth, and the national unemployment rate. Weekly readings on mortgage rates and jobless claims will also be released.

 

Hosting an Open House? Use These Staging Tips to Make Your House Feel Like a Model Home

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Hosting an Open House? Use These Staging Tips to Make Your House Feel Like a Model HomeAre you selling your home? If so, you’re going to have to host an open house at some point. In today’s blog post we’ll explore a few staging tips that make your house feel like a model home.

Make A Solid First Impression

Start with the front of the home and give a great first impression. Have the sidewalk, driveway and walkways power washed. Ensure that the lawn, plants and landscaping are healthy and look great. Clean the windows and address any external paint issues that may have come up over the years.

The goal is to ensure that your guests think “WOW” when they drive up. Keep staging the front of your home until the neighbors are jealous.

Clean, Clean And Clean Some More

Even if you think your home is ‘clean enough’, it’s likely not. You’ve lived in your home for years, which means that your brain has learned to un-see certain aspects of it. Even if you’re sure you’ve cleaned it as much as possible, you may have missed a few spots.

Here’s a helpful exercise. Imagine that the President, Vice-President and Secretary of State are coming over for dinner. And that they’ll be touring through every room in your home to see how you live. That’s how clean your home needs to be for your open house.

Appeal To Your Target Buyers

Do you know what age range your expected open house guests are in? Are they first-time home buyers, young families or single professionals? If at all possible, try to stage your home to appeal to your guests. If they are younger, then you can stage the basement more as a media or entertainment room. If they have children, that might become storage and a play area. You get the idea.

Lighten Things Up A Bit

Regardless of what time of day you host an open house, you’ll want there to be a lot of light. Open up all the drapes and blinds to let in as much natural light as possible. If you have to use artificial light, invest in high-quality LED bulbs. There are models that can produce light that is close to sunlight in quality. The more light you have, the better your spotless home will look.

The More (Room), The Merrier

Finally, do your best to open up your space. Remove all clutter and store it. Arrange your furniture to maximize the walking areas. But try not to overdo it. You want your staged home to feel livable — and not like a series of large, empty caves.

There you have it — five great staging tips that will boost your next open house. Remember, the fastest way to sell your home is with the help of an experienced real estate agent. Contact us to learn more about open houses, staging and closing a quick sale!

Mortgage Shopping And Your Credit Score

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Mortgage Shopping And Your Credit ScoreThe vast majority of people have to take out a home loan to purchase a house. This means applying for a mortgage. Unfortunately, shopping for a mortgage can actually hurt your credit score. Any potential lender will probably have to do a hard pull on your credit. This could temporarily reduce your credit score by a few points. Those few points could make the difference between qualifying for a mortgage and getting denied one. Fortunately, there are ways for you to shop for a mortgage without hurting your credit.

Check Your Credit Score First

First, you need to check your credit report before you start shopping for a mortgage. By law, the major credit bureaus are required to give you at least one free credit report every year. This is your opportunity to take a look at your credit report and correct any inaccuracies that might be present. That way, you can correct these issues before you apply for a mortgage instead of after. This can save you a significant amount of time during the shopping process. 

Get Pre-Qualified For A Home Loan

You should also get pre-qualified for a home loan before you start shopping in earnest. When you get pre-qualified for a mortgage, you receive an estimate of how much money you can borrow to purchase your home. This means that the lender will run a soft inquiry on your credit report, which will not impact your credit score. Pre-qualification is not as strenuous as the full approval process, and you will eventually have to go through the full application process to get your mortgage; however, getting prequalified is a great starting point.

Submit All Applications Rapidly When You Find The Right Home

After you apply for your first mortgage, you will have 45 days to talk to other lenders. As long as all of your other hard credit pulls take place in about six weeks, subsequent applications should not have an impact on your credit score. This means that you need to have all of your documents together, which will allow you to expedite the process. That way, you can find the best deal you can on a mortgage without unnecessarily impacting your credit score.