Navy Fellas Realty Group

Real Estate, Residential sales and purchase

Feeling Squeezed by Higher Rents? It Might Be Time to Consider Buying Your First Home

by

Feeling Squeezed by Higher Rents? It Might Be Time to Consider Buying Your First HomeWith the cost of rent going up across the board and becoming even less affordable in metropolitan centers, it’s never been a better time to seriously consider home ownership. While the price of a home and all the associated costs can certainly seem like a tight squeeze after years of renting, here are some reasons you may want to consider giving up your rental and springing for a home instead.

It’s An Automatic Savings

It’s a sure bet that the money you spend on rent is going down the drain as soon as the month is over, but investing your money into a home each month means that you’re actually putting it into something tangible that you can profit from later on. While there are no certainties that the price of your home will improve, there’s a good chance you’ll stand to make a bit of money in the end that will easily offset the cost of insurance and property taxes involved in buying a home.

The Insecurity Of Apartment Living

With apartments being bought up all the time and torn down to make way for new developments, it’s always a possibility that the day may come when your home won’t be your home anymore. The good thing about using your purchasing power to invest in a home is that it gives you the freedom of feeling like you really have something that belongs to you, and you probably won’t have to worry as much about your loud next door neighbors or a landlord that never completes the required maintenance on your apartment.

You Can Consider A Roommate

An apartment often means a smaller amount of space, but it’s possible that a home purchase may provide you with a little bit of extra room and a place for a renter who can help with the monthly bills. Whether you decide on a friend, relative or someone you don’t know, this can be a great way to make home purchasing a little bit more economical and still provide you with the equity you’ll need to make it a worthwhile, long term investment.

With rent becoming less affordable in so many cities, the idea of purchasing a home is becoming a more tenable reality for many people. If you’re interested in what is out there and are curious about your own possibilities for home ownership, you may want to contact one of our local real estate professionals for more information.

What’s Ahead For Mortgage Rates This Week – August 8, 2022

by

What's Ahead For Mortgage Rates This Week - August 8, 2022

Last week’s economic reports included readings on construction spending, government reports on jobs, and the national unemployment rate. Weekly reports on mortgage rates and jobless claims were also released.

Commerce Department Reports Construction Spending Rose in May

The U.S. Commerce Department initially reported less construction spending in May but revised its reading of $1.780 trillion to show that spending rose by 0.10 percent in May to a seasonally adjusted annual rate of $1.782 trillion. Analysts expected construction spending to rise by 0.40 percent month-to-month as compared to April’s reading of  0.10 percent growth. Construction spending grew by 8.30 percent year-over-year. Concerns over high inflation and affordability of homes presented ongoing concerns for home builders,

Mortgage Rates Fall, Jobless Claims Rise

Freddie Mac reported lower average mortgage rates last week as the rate for 30-year fixed-rate mortgages fell by 31 basis points to 4.99 percent. Rates for 15-year fixed-rate mortgages averaged 32 basis points lower at 4.26 percent. 5/1 adjustable rate mortgages averaged 0.04 basis points lower at 4.25 percent. Discount points averaged 0.80 percent for 30-year fixed-rate mortgages and 0.6 percent for 15-year fixed-rate mortgages. Rates for 5/1 adjustable rate mortgages averaged 4.25 percent and were four basis points lower with discount points averaging 0.30 percent.

Initial jobless claims rose to 260,000 new claims as compared to the previous week’s reading of 254,000 first-time claims filed. Continuing jobless claims also rose with 1.42 million claims filed; 1.37 million ongoing claims were filed in the previous week.

Non-Farm Payrolls rose by 528,000 jobs in July, which was more than twice the predicted reading of 258,000 jobs added and more jobs added than in June, when 398,000 jobs were added. The national unemployment rate fell to 3.50 percent in July from June’s reading of 3.60 percent. While job growth suggested increasing economic stability, uncertainty over inflation and consumer concerns about high prices for housing, gas, and food kept optimism in check.

What’s Ahead

This week’s scheduled economic reporting includes readings on inflation and the University of Michigan’s preliminary monthly report on consumer sentiment along with weekly readings on mortgage rates and jobless claims.  

The Top Reasons To Downsize When You Retire

by

The Top Reasons To Downsize When You RetireIf you plan on retiring in the near future, you might be thinking about moving. The kids might be grown, and you might not want to take care of such a large house. If that is the case, you should consider downsizing. When you downsize your home, you trade in your larger home for a smaller one. What are some of the top reasons why you should do so?

1. Bulk Up Your Retirement Account

The first reason why you should downsize is that you will free up more resources you can contribute to your retirement accounts. If you have been in your house for a long time, there is a great chance that you have paid off almost the entirety of your mortgage. Furthermore, your home may have even gone up in value by tens of thousands of dollars. Therefore, when you sell your house, you should receive most of the proceeds from the sale. You can use the proceeds from that sale to buy another house with cash and still have money left over to add to your retirement account. 

2. Reduce Your Overhead Expenses

You can also reduce your overhead expenses if you downsize your home. Your home insurance and property taxes should go down if you purchase a smaller house. You will probably have to spend less money on utilities, routine maintenance, repairs, and upkeep if you trade in your larger house for a smaller one.

3. Find The Right Location

If you decide to downsize your house, you will also have more flexibility regarding where to live. It is easier to fit a smaller house in an ideal location than a larger one. If you are willing to purchase a smaller house, you should have more options available to you, and you can find the perfect location for your retirement.

Consider Downsizing In Retirement

If you are getting ready to retire soon, you should consider downsizing. This is a great opportunity for you to free up a bit of extra cash for retirement and find the perfect location for your home. Consider taking a look at some of the houses available in your local area, and don’t forget to reach out to a professional with any questions. 

 

Selling Your Home? 3 Secrets to Getting the Best Price

by

Selling Your Home? 3 Secrets to Getting the Best PriceAre you ready to sell your home? Whether you’re just starting to make your plans or you’re ready to list now, you likely want to know how you can get top dollar. It’s going to take more than just throwing up a high price on the listing and waiting for a buyer to show up with a check. With that in mind, here are three secrets to ensuring that when you sell your house or condo, you get the best possible price.

Great Staging Is Critical To Your Success

The first secret is that you’ll really need to consider how you want to stage the outside and inside of your home. Staging your home is your best way to make a positive impression on potential buyers. Think about the difference in perception it makes arriving to view a beautiful, spotless and well-lit home compared with one that looks dirty or messy. Invest the time and money in staging your home and it will increase the value in the buyer’s eyes.

Let A Professional Take Care Of The Heavy Lifting

It probably comes as no surprise that buyers who engage the assistance of a professional real estate agent end up selling for more than those who try to go it alone. A great selling agent will have their eyes and ears tuned to the local real estate market and will have insight into current selling trends. They can also research other recent home sales in your local community and can share which price is likely to attract the most offers. When it comes time to field offers, your agent will be able to help you understand how much you can counter-offer without scaring off the buyer.

Be Willing To Negotiate With The Right Buyer

Finally, to ensure you get the most you can out of your sale you’ll need to remain open to negotiating with potential buyers. You may find that a great buyer needs some extra time to close their financing. Or that they’re willing to bump up their asking price in exchange for you making some easy renovations before turning the keys over to them. The more you’re willing to be flexible with your pricing and terms, the better your chances of securing a buyer that will give you a fair price for your home.

If you’re thinking about selling your home, contact your professional real estate agent. We’re happy to share our insight and experience to help you with the selling process.

The 3 Golden Rules of Staging – Follow These and Sell Your Home Faster

by

The 3 Golden Rules of Staging - Follow These and Sell Your Home FasterWhen it comes to staging your home to sell, it can sometimes seem like there are so many things to do that it’s hard to know what will make a real difference. Since staging is such an important aspect of successfully selling your home, here are the three golden rules for how you can make it work for you!

Don’t Forego The Front

Homeowners often spend so much time inside of their home that it’s the first thing they think about when it comes to staging, but the first thing a potential buyer is going to notice is the exterior so it’s very important to keep this in mind. Ensure that the grass is cut and any stray plants or weeds are trimmed or pulled. If you’ve left out any old, ugly furniture or the kids toys are strewn about the lawn, you’ll want to clean these up so the house is polished and enticing right from the start.

Make It Match With Your Décor

There are no certainties that the design aesthetic you have is going to appeal to your potential buyers, but they will notice if your home is completely out of touch with its accents. If you’ve got a comfy, family style place, make sure you deck it out in durable but well-maintained duds that will complement the buyer you’re trying to capture. On the other hand, if you’ve got sleek hardwood floors and a stylish accent wall, you should be able to get away with a modern decorative style that can only enhance your home’s natural charms.

Keep A Handle On The Accessories

It’s certainly true that a personal style that gives off the sense that you really live in your home will draw in the offers, but you’ll want to keep some of it at bay so your decorating is not distracting the viewers. Instead of going for big, over-the-top pieces, stick to a style that’s neat and tidy with some quaint accents that will play it up. A few brightly cultured coffee table books or a quirky light fixture can go a long way in adding interest to your living space!

It may seem like a lot is required to properly stage a home, but by using these golden rules you should be well on your way to a successful sale. If you’re currently in the process of selling your home and have questions about entering the real estate market, you may want to contact your local real estate professional for more information.

3 Key Reasons Why Buying Your First Home Is Like Planning a Wedding

by

3 Key Reasons Why Buying Your First Home Is Like Planning a WeddingYou may not see the connection right away, but buying a home and planning a wedding are two experiences that require certain skills and challenge you in similar ways. Check out the three key similarities below!

1. Budget

Whether you’re buying your first home or planning a wedding, you are likely facing one of the biggest financial obligations of your life. That’s why, in both cases, it is essential that you pick a realistic budget and stay within it.

Sounds simple, but in either case it can be difficult! Unexpected obstacles may force you to spend more than you planned, or you may find yourself wanting to overspend as you find things that would be “just perfect” additions even though they don’t fit your budget. These temptations can be expected, but it’s important to remember the big picture. When it comes to your budget, pick it and stick it.

2. Details

When it comes to a home purchase or a wedding, there are countless details to consider. It’s not a simple, pre-packaged purchase, there will always be big decisions that you have to make and if you overlook something you may regret it later on.

Some decisions that you face will be similar in both experiences: Does the location work for you? Does it work for your friends and family? What is the parking situation? Is it appropriate for the climate? Will you be satisfied with your decision in the long-term?

Other details will be more unique to the situation: Do you need a cocktail hour? Do you need a walk-in closet? What style of photography would you like? Is there too much traffic noise?

Either way you’ll have lots to think about, and you’ll become acutely aware of ‘the little things.’

3. You’ve Got Style

Both your wedding and your home say something about you, they’re a reflection of your personal style. When being presented with so many choices that are particularly catered towards your personal taste, you’ll learn what you like and what you don’t. However, you’ll also learn what it is that you absolutely need, and what you’re willing to budge on.

Whether you’re choosing a wedding dress that is both gorgeous and functional for your ceremony or deciding whether or not you need an extra bedroom in your home, you’ll learn what it is that you’d want in a perfect world, and what is absolutely necessary for your current situation.