Navy Fellas Realty Group

Real Estate, Residential sales and purchase

DIY Home Upgrades: 5 Reasons Why Hardwood Flooring Should Be on Your Renovation List

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DIY Home Upgrades: 5 Reasons Why Hardwood Flooring Should Be on Your Reno ListWhether you’re planning on selling your home soon or you want to do a few minor renovations for your own enjoyment, an ailing hardwood floor may be on your list of things to tackle. While this can be a more difficult renovation to complete than many other household items, here are five reasons you may want to move it to the top of the list.

An Issue with Structure

If there happens to be any glaring structural issues with your hardwood, a complete do-over will be a necessity if you want to sell your house in the future. While this will likely involve fixing the sub-floor under your hardwood, this will dramatically improve the overall health of your home.

Experiencing a Lot of Movement?

A lot of movement in your hardwood floor can be a sign that it’s time for a fix up. If you’re already planning on refinishing your floor for an instantly improved look, this fix-up will need to happen before you can take that necessary next step!

Worn-Out or Over-Sanded Wood

Whether your boards are worn down in spots from excessive use or sanding, this is an issue that will instantly age the look of your living space. If you’re noticing the boards coming apart at the ends or nails jutting out, it’s definitely time for an overhaul.

Upping a Home’s Market Value

There may be a few things a homebuyer will be willing to fix in a new home, but flooring is unlikely to be something they will want to replace right off the bat. By upgrading this before it’s an issue, you can easily make your home a lot more attractive to potential buyers and increase the value of your home.

It’s an Instant Facelift

There are few things that will be as apparent as the look of the floor when entering a room, so having dull, scratched hardwood will instantly downgrade the appearance of your living space. If more than expected wear and tear has occurred, an updated floor can completely shift the look of your place!

If you’re planning on improving your home and tackling a home renovation soon and are not sure where to begin, you may want to assess the quality of life left in your flooring. As this will have a marked impact on the way your home appears, fixing your floors can help to improve the market value of your home. If you’re wondering about other renovation upgrades consider contacting your local mortgage professional for more information about a home refinance loan and what will add the most value for your investment.

The Majority Of Millennials Plan On Buying A House In The Next Few Years

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The Majority Of Millennials Plan On Buying A House In The Next Few YearsDuring the past year, the housing market has been on fire. There are not a lot of houses for sale, many people are interested in moving, and there is a rising demand from the people who put off moving during the coronavirus pandemic. Furthermore, Millennial demand is picking up, which will only make the housing market even hotter. Recently, a survey found that approximately two-thirds of people who qualify for Generation Y are thinking about buying a home in the near future. Many of them have improving financial circumstances, and they are looking for a way to build wealth and settle down. 

A Majority Of Millennials Are Now Homeowners

Millennials make up approximately 43 percent of all new home purchases so far this year, which is up from 37 percent in 2021. In addition, Millennials represent approximately 20 percent of the United States population, and they represent the fastest-growing segment of homebuyers in the country. Furthermore, approximately 53 percent of all Millennials now own their own home. Many Millennials have become homeowners by purchasing homes that require updating. As a result, many Millennials are spending money renovating and upgrading their homes.

Has The Housing Market Hit Its Peak?

Even though a lot of Millennials have become homeowners, there are many who are still struggling to afford the cost of a house. With rising mortgage interest rates and home prices, it will only become more difficult for them to do so in the future. Some people are wondering if the housing market has peaked. If a price correction takes place, it could make it easier for Millennials who have not yet purchased a house to do so. Even though it is impossible to predict the future, some financial experts believe that the housing market is headed for a correction.

More Homes Are Needed

One of the reasons why housing prices are so high is that there are not a lot of new houses being built. A shortage of labor and materials has made it difficult for construction companies to keep up with demand. If construction companies are able to start building more houses, it could increase the supply of homes on the market, reducing prices overall.

 

First-time Home Buyers: Why Splurging for a Larger Home Beats Condo Living

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First-time Home Buyers: Why Splurging for a Larger Home Beats Condo Living Some first-time home buyers are on a tight budget when making their real estate purchase, and there may be an inclination by many to purchase a smaller property, such as a condo, rather than the home they truly want. While there may be some initial financial benefit associated with buying a smaller property, there are a few benefits associated with splurging and buying a larger home as a first purchase. By analyzing these benefits, first-time home buyers can make a more informed decision about how to proceed.

Costs Associated With Upgrading In The Future

Some people will purchase a smaller property initially with the goal of later upgrading to a larger property. This can provide the home buyer with the initial benefits of building equity, taking advantage of tax benefits associated with real estate ownership and more. However, there are costs associated with selling property, including closing costs, real estate fees, make-ready and improvement costs and more that should be considered.

Benefits Of Long-Term Ownership

For many, there will be a need to have a larger property over the years, such as when starting a family or when young children grow into teenagers who need more space. When the first property purchased is large enough for the family to grow into, the homeowner can enjoy long-term appreciation and equity growth. More than that, the higher value of the property may mean that there is more upside for property appreciation over the years.

Getting Established In A Community

In addition to the financial benefits associated with investing in a larger property initially, there are intangible benefits. Moving into a new home in a few years means that there is a need to get re-established in a community. When a home buyer settles down into a larger home that he or she plans to stay in for many long years or even decades, getting established and settled in the community can begin right away.

These are considerable benefits that can be enjoyed when a first-time home buyer makes a purchase that he or she plans to enjoy for many years to come, but there are other factors to consider. Each person needs to make a decision regarding a real estate purchase that is best for their needs, goals and financial situation, so there is not a best-fit solution that is right for everyone. Those who are thinking about buying their first piece of real estate may consider contacting a real estate professional for assistance with their home hunting efforts soon.

What’s Ahead For Mortgage Rates This Week – June 27, 2022

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What's Ahead For Mortgage Rates This Week - June 27, 2022

Last week’s economic reporting included readings on home sales, Fed Chair Jerome Powell’s testimony on monetary policy to the House Financial Services Committee, and the University of Michigan’s Consumer Sentiment Index. Weekly reports on mortgage rates and jobless claims were also released.

New Home Sales Pace Rises as Pre-Owned Homes Sales Pace Slows

The Commerce Department reported a seasonally-adjusted annual pace of 696,000 new homes sold in May; analysts predicted a year-over-year pace of 587,000 new homes sold as compared to April’s year-over-year pace of 629,000  new homes sold. While the year-over-year pace of new home sales increased by 10.70 percent month-to-month in May, the year-over-year sales pace for new homes fell by 5.90 percent.

Increasing materials and labor costs continued to challenge home builders, but high demand for homes fueled sales of new homes even as mortgage rates and home prices rose.  The median price of new homes sold in May fell to $449,000 from April’s record high of $454,700. The inventory of available homes fell by 7.20 percent in May, which equaled a 7.70-month supply of new homes for sale.

Regional results for new home sales were mixed; sales of new homes fell by -51.10 percent in the Northeast and were -18.30 percent lower in the Midwest. New home sales rose by 12.80 percent in the South and were 39.30 percent higher in the West.

In other news, Fed Chair Jerome Powell spoke on monetary policy before the House Financial Services Committee and explained the Fed’s strategy to ease inflation through a series of interest rate increases intended to cut into consumers’ purchasing power. 

Mortgage Rates Rise; New Jobless Claims Fall

Freddie Mac reported higher average mortgage rates last week as the rate for 30-year fixed-rate mortgages rose by three basis points to 5.81 percent. Rates for 15-year fixed-rate mortgages averaged 4.92 percent and were 11 basis points higher than in the previous week. The average rate for 5/1 adjustable rate mortgages was eight basis points higher at 4.41 percent. Discount points averaged 0.80 percent for 30-ye

ar fixed-rate mortgages and 0.90 percent for 15-year fixed-rate mortgages.

Initial jobless claims fell to 229,000 new filings last week as compared to 231,000 new claims filed in the previous week. Analysts expected 225,000 new jobless claims last week. Continuing jobless claims inched up with 1.32 million continuing claims filed as compared to the previous week’s reading of 1.31 ongoing jobless claims filed.

The University of Michigan’s Consumer Sentiment Index fell to an index reading of 50.0 for June as compared to May’s reading of 50.2 and the expected June reading of 50.2. Consumer concerns over fuel prices and rising inflation eroded consumer confidence in the economy. Readings above 50 indicate that most consumers have a positive outlook on current economic conditions.

What’s Ahead

This week’s scheduled economic reports include readings from Case-Shiller on home prices, pending home sales,  and construction spending. Weekly readings on mortgage rates and jobless claims will also be released.

Avoid These Home Projects If You Are Selling Your House Soon

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Avoid These Home Projects If You Are Selling Your House SoonIf you have paid attention to the housing market recently, you might be thinking about selling your home soon. You might even be thinking about taking on a few remodeling projects in an effort to maximize the return on your investment. On the other hand, not every project will help you turn a profit, and some might even make your house less appealing. Take a look at a few home remodeling projects your should avoid if you plan on selling your house soon.

Remodeling The Bathroom

You might be thinking about remodeling your bathroom to turn it into a miniature spa. While this might be attractive for you, it will not necessarily help you increase the value of your home. Remodeling the bathroom doesn’t generate a huge investment return, and if the plumbing system has to be moved or adjusted, it could delay the sale of your home. Problems often arise, parts are hard to find, and a project that should have taken a week could last a month. Avoid remodeling the whole bathroom if you want to sell your house soon.

Renovating The Living Room

While the living room is often the central area of the home, it is not an area you should renovate if you want to sel your house soon. In addition to being a major project, not every buyer wants an updated living room. Eclectic color choices and odd dimensions that often result from a living room renovation can shrink the number of people who make an offer on your home, depressing your potential sale value. If you leave the living room as it is, you could appeal to a wider market, potentially putting multiple offers on the table.

Reducing The Number Of Bedrooms

Before you take a hammer to the closet, remember that it could reduce the number of bedrooms you have. This could significantly harm the sale price of your house. A creative workshop or art studio might appeal to you, but it won’t appeal to a wide market, particularly people with kids. Those buyers could offer more money. In general, more bedrooms means more money, so keep the bedroom intact.

Consider looking for smaller projects if you want to sell your house soon. 

Staging Tips: How to Make Your Bedrooms One of Your Home’s Best Selling Features

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Staging Tips: How to Make Your Bedrooms One of Your Home’s Best Selling FeaturesTo potential homebuyers, a bedroom is more than just a place to lay your head at night. It’s a place to relax, retreat, and recover, a place where the demands of the busy world are locked out. And with a properly staged bedroom, you can tap into potential buyers’ desire for relaxation and make your home their number one pick.

So how can you stage your bedroom in a way that buyers will love? Here are three strategies you can use to make your bedroom look like a modern oasis – without spending a fortune.

Position The Bed In The Right Place

One easy-to-change yet often overlooked detail in staging the perfect bedroom is the location of the bed. The bed is the focal point of the room, so position it accordingly. If your bedroom has French doors or a large window, positioning your bed directly opposite that amenity will create balance.

Ideally, your bed should have space to walk around it on both sides. If that’s not possible, place it against the longest wall in the room.

Use Neutral Colors And Ample Lighting To Boost Appeal

As a highly personal and intimate space, the bedroom is one area of the home where potential buyers are likely to try to imagine themselves in the space. If your bedroom incorporates loud colors, unique patterns, or poor lighting, it’ll be harder for potential buyers to envision themselves there. What you want is a neutral color and lighting scheme.

Take out any dark curtains and heavy drapes, as they can make the room seem dirty. Swap out your bed sheets with white duvets and covers, and use some solid-colored throw pillows for contrast. Add a lamp to give the room a cozy feel.

Remove Everything That Screams “You”

The point of staging a home is to help potential buyers see themselves living in it – if you can get buyers to picture themselves actually living in your home, they’ll form an emotional connection to it and will be more likely not just to buy, but to bid at or above asking price.

But in order to help buyers see themselves living in your home, you have to make it look as if you were never there. That means the family photographs, books on the nightstand, and exercise equipment has to go.

Home staging is a highly effective way to make your home sell faster – and for more money. And although it may seem like quite the undertaking, an experience real estate agent can make it a breeze. Contact your trusted real estate professional today to learn more about home staging.