Navy Fellas Realty Group

Real Estate, Residential sales and purchase

How to Determine the Price of Your Home for Sale

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How to Determine the Price of Your Home for SaleMany people rely on the price they paid for their home as a starting point for selling, but with the ever-shifting tides of the real estate market, the price paid is not always the best metric to go by. If you’re putting your home up for sale and are looking for the ideal price point, here are some ways you can arrive at a number that will keep potential buyers interested.

Check Out Your Neighborhood

Your house may have a lot of different features than the homes of your neighbors, but checking out what real estate in your area is selling for can still be a good means of determining the price you’ll be able to ask for. Instead of just perusing the pricing, ensure you’re looking at the listings for what’s been successfully sold in your neighborhood as only this will allow you to determine the conditions of the market and what people will be prepared to offer.

Complete A Home Inspection

Instead of being surprised by repairs that need to be completed after an offer price has been accepted, organizing a home inspection before your home is sold can make a difference in the price you’re able to ask for. Not only will this provide you with a determination of what needs to be repaired or overhauled, it can be a boon to potential buyers who won’t have to worry about your inspection revealing any hidden flaws.

Utilize Your Agent’s Advice

Even if you’ve done your research and carefully considered the value of your home, it can still be complicated to come up with the right price, so be sure to enlist an agent who will be able to determine a fair amount with you. Since your agent has no attachment to your home, they’ll be able to objectively strike the right balance between what won’t sell and what’s too low. The right price, after all, may mean you’ll get to spend a lot less time selling it.

There are a lot of factors that go into arriving at the proper asking price for your home, but by organizing a home inspection and being aware of what’s going on in the market, you should be able to arrive at a reasonable sum. If you’re planning on putting your home on the market soon, contact your local real estate professional for more information.

There Are Several Great Reasons To Consider Buying A Condo Today

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There Are Several Great Reasons To Consider Buying A Condo TodayMany would-be homebuyers are now considering buying a condominium instead. Condominiums may be a good option for first-time buyers who are experiencing obstacles when searching for properties that meet their budgets and other criteria. Here’s why:

Condos Might Offer More Budget-Friendly Options

In today’s housing market, supply constraints are a fact of life. Including condominiums in a home search might expand the pool of alternatives. Remember, condos are often less expensive because they have less room—the owner won’t have their own garden, for example—and the overall square footage is typically less than that of a single-family house. Still, if budget is the obstacle, condos could be the solution.

Condos Let Buyers Get Their Feet In The Door

Purchasing a condo is a terrific way to get a foot in the door and begin accumulating equity for a future move up. The sooner the purchase, the more equity can be gained. The condo that is purchased now may not be an everlasting home, but it might serve as a terrific stepping stone toward an ideal house purchase.

Determine If Living In A Condo Suits The Desired Lifestyle

Owning and living in a condo is a lifestyle decision that is right for some but wrong for others. While condominiums are smaller than single-family houses, the features they offer may be a selling point for many purchasers. With less room in the condo, owners typically have less day-to-day care, lower maintenance bills, and more time to spend with family and on leisure and recreation activities.

For instance, if a person dislikes lawn maintenance tasks such as mowing the grass and trimming the hedges, condo living might be ideal. Even spending time power cleaning a driveway is unnecessary, as is spending money on renting or buying a power washer that also needs to be maintained.

Condominiums are a terrific alternative for many consumers, particularly first-time homebuyers who match the profile of ideal condo dwellers. If you’re willing to look at condominiums in your search, you might be able to discover something that fits your budget and needs. To learn more, contact a reputable real estate agent in the area who is familiar with the condo-buying market and process.

The Top Issues Homeowners Cannot Ignore

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The Top Issues Homeowners Cannot IgnoreOwning a home can be a major investment, but it is also a significant responsibility. From time to time, issues can pop up, and it is important that homeowners do not to ignore them. Ignoring these issues can lead to significant repair bills down the road. What are some of the top issues that homeowners should not ignore?

1. Mold

Mold is a sign that the humidity level in the home is off or that there is standing water present somewhere. Mold thrives in warm, moist conditions. If homeowners do not address mold as quickly as possible, it will proliferate throughout the house, damaging the structure. Mold can also lead to significant health concerns, particularly for people who suffer from chronic respiratory conditions. 

2. A Warped Floor

If there is a warped floor present, it needs to be investigated quickly. A floor begins to warp when there is water trapped underneath it. Water damages the integrity of the floorboards, causing them to bend and buckle. The problem will get worse if the water source is not identified and rectified. Homeowners need to fix this as quickly as possible. 

3. Missing Roof Shingles

The roof is responsible for protecting the rest of the home from precipitation. If there are any shingles that are damaged or missing, they will not do their jobs. Water can get in through this area, spread throughout the rest of the roof, and lead to major damage. Homeowners need to get the roof inspected to identify and fix missing shingles.

4. Unusual Noises From The HVAC 

If there are unusual noises coming from the HVAC, it could be a sign of a tremendous amount of stress on the unit itself. This could cause the HVAC unit to burn out quickly, leading to a major bill. When unusual noises are addressed, the HVAC unit can be fixed, extending its lifespan.

Take Care Of The Home

These are a few of the many issues that homeowners should not ignore. If homeowners do not identify these issues and fix them as quickly as possible, they will simply become more expensive and cumbersome down the road. These signs need to be addressed by a major professional, and many of them can be avoided with routine maintenance. 

 

Does Your Homeowner’s Insurance Policy Cover Storm Damage?

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Does Your Homeowner's Insurance Policy Cover Storm Damage?If you own a home, you must make sure it is properly protected. Hazards can change throughout the year, and one of the biggest threats during the spring is the arrival of frequent thunderstorms. If your home is damaged by a severe storm, it might be covered by your homeowner’s insurance policy. You need to take a closer look at your policy to see if you have the right coverage.

An Overview Of Home Insurance

An insurance policy is supposed to protect you against potentially severe financial consequences. For example, if your home is damaged, the repair bills could be tens of thousands of dollars. If you have home insurance, your policy may pay for this type of damage.

The right insurance policy can repair damage to your roof, fix your walls, and even replace the furniture that might have been damaged. Typically, your home insurance policy will have an initial deductible, which is an out-of-pocket expense. Then, once your deductible has been met, your home insurance policy should cover the rest up to the limit of its coverage. 

Does Home Insurance Cover Storm Damage?

It isn’t unusual for a home insurance policy to cover potential storm damage. At the same time, you need to understand the limitations of your policy and the circumstances under which a claim might be paid out. For example, your home insurance policy might protect your home in the event of a thunderstorm, but it may not protect your home in the event of a flood from a nearby river or lake. You should also make sure you have enough financial coverage in your home insurance policy to repair your home and replace any damaged property. 

How To Check A Home Insurance Policy

Start by reading through your policy to see what is covered in what is not. There might be a lot of jargon in the policy. If you have a difficult time understanding the wording, you should contact your insurance company and speak to a representative. 

You should keep a copy of your home insurance policy in a fire-proof container or safe. This will make it easier for you to refer back to the policy if you have questions later or in the event of an emergency. 

 

What’s Ahead For Mortgage Rates This Week – April 11, 2022

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What's Ahead For Mortgage Rates This Week - April 11, 2022Last week’s economic news included remarks given by Federal Reserve Board Governor Lael Brainard and the release of the minutes of the most recent meeting of the Fed’s Federal Open Market Committee. Weekly readings on mortgage rates and jobless claims were also released.

Federal Reserve Leaders Prepared to Address Inflation

Lael Brainard, a Governor of the Federal Reserve Board, addressed the central bank’s concerns over rapidly rising inflation in her remarks made at a financial conference in Minneapolis, Minnesota. “Currently, inflation is much too high and is subject to upside risks. It is of paramount importance to get inflation down” Ms. Brainard concluded. “The Fed is prepared to take further action if inflation indicators and expectations indicate that such action is warranted.”

Ms. Brainard described the Fed’s strategy for controlling inflation as a series of interest rate increases and rapid reductions to the Fed’s balance sheet that may occur as soon as the Federal Open Market Committee meets in May.

Federal Open Market Committee Meeting Minutes Indicate Plan for Slowing Inflation

Minutes of the March meeting of the Fed’s Federal Open Market Committee outlined the Fed’s plans for controlling runaway inflation. The plan is not set in stone yet, but “many” FOMC members were on board with the proposals for reducing the Fed’s portfolio by $95 billion a month after three months and raising the Fed’s key interest rate by 0.25 percent during future FOMC meetings. Committee members originally planned to raise the Fed’s interest rate by 0.50 percent at each meeting but reduced proposed rate hikes to 0.25 percent due to the potential impact of the war in Ukraine.

Mortgage Rates Rise, Jobless Claims Data Mixed

Freddie Mac reported higher mortgage rates last week as the average rate for 30-year fixed-rate mortgages rose by five basis points to 4.72 percent; the average rate for 15-year fixed-rate mortgages rose by eight basis points to 3.91 percent. Rates for 5/1 adjustable rate mortgages rose by six basis points and averaged 3.56 percent. Discount points held steady and averaged 0.80 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

Fewer new jobless claims were filed last week than in the prior week with 166.000 new claims filed as compared to 171,000 initial claims filed in the previous week. Continuing jobless claims inched up with 1.52 million ongoing jobless claims filed as compared to the previous week’s reading of 1.51 million continuing claims filed.

What’s Ahead

This week’s scheduled economic news includes multiple readings on monthly and year-over-year inflation and the University of Michigan’s consumer sentiment index. Weekly readings on mortgage rates and jobless claims will also be published. 

Renovating on a Budget? Check Out These Equity-boosting Inexpensive Home Upgrades

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Renovating on a Budget? Check Out These Equity-boosting Inexpensive Home UpgradesThe idea of embarking on home renovations may strike many homeowners as an expensive one, but there are plenty of ways that you can easily upgrade your home without spending a lot of money. If you’re looking for improvements that will truly (and frugally) improve the value of your home, here are a few do-it-yourself options you may want to consider.

Change The Lighting

There are few small fixes that will improve the look of your home like lighting, so one of the best things you can do for the overall look of your house is change out some of your bulbs. Instead of going for a light that will look dingy or orange, choose a tone that’s not too bright but will still illuminate your rooms and highlight their best features naturally. Much like a coat of paint, the right light can change everything about the way a visitor will view your home.

Consider A Cabinet Makeover

One of the most outdated features in a kitchen is the kitchen cabinets, and it’s also one of the first things that a potential homebuyer will notice when they enter the room. Fortunately, installing new cabinets doesn’t have to be a huge job that involves a lot of time. Instead of getting a floor-to-ceiling makeover and a construction crew, consider upgrading the doors and hinges or picking a new color for a difference that will instantly improve the room.

Pull Out The Paint Brush

Painting may be one of the least popular household tasks because it takes so much time, but outside of lighting, few things will improve the look of your home like a new coat of paint. While it’s important to ensure that you stick with a relatively neutral shade so that it doesn’t overwhelm the viewer, it will easily upgrade the look of your home and hide any unsightly damage to the wall. It’s also a good idea to remember the front door since it’s the first thing homebuyers will notice!

The word ‘renovation’ often makes people see dollar signs, but it doesn’t have to cost an arm and a leg to upgrade your home. By adding a new coat of paint or upgrading the lighting, you’ll be well on your way to a more modern look. If you’re currently renovating your home and are hoping to put it on the market soon, contact your trusted real estate professional for more information.