Navy Fellas Realty Group

Real Estate, Residential sales and purchase

Reviewing The Basement Options For Homeowners: What To Know

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Reviewing The Basement Options For Homeowners: What To KnowEven though not every home has a basement, those that do usually fall into one of three categories. The most common examples of basements include poured concrete, masonry block basement, and precast panels. What do homeowners need to know about the different types of basement construction? 

Concrete Basements

Concrete basements are the most common examples. There are several advantages of going with a concrete basement. First, concrete basement walls are resilient. They can resist possible cave-ins, standing up to natural pressure created by wind, water, and soil. Furthermore, concrete basements are also fire-resistant while creating joint-free basements that can increase property values.

Even though concrete basements are water-resistant, hydrostatic pressure can allow water to permeate over time, creating mold and mildew issues. Homeowners need to keep a close eye on the humidity of a concrete basement to make sure this is not happening in their homes.

Block Masonry Basements

Another popular type of basement is called a block masonry basement. This structure is created with cinder block or masonry units that are connected to one another. Ultimately, this creates a waterproof structure. This is a highly resilient, cost-effective construction option that is much easier to install. Therefore, homeowners can save money on labor and materials. The walls are also more durable if they are reinforced using a steel rebar. 

Precast Panel Basements

Finally, homeowners may also encounter a precast panel basement. These usually involve concrete panels that are molded in a different location before being transported to the construction site using a crane. Typically, these walls are strong and resilient. They do provide waterproof qualities, but if the joists have been neglected, they can develop moisture penetration issues. These panels also have to be treated with boric acid to prevent pest infestations. 

Options For Basements: Homeowners Should Work With A Professional

Ultimately, there are plenty of options available when homeowners are looking to construct the basement. Examples include full basements, partial basements, walkout basement, and crawl spaces. Homeowners need to work with a construction professional who has experience building basements. Each option has its individual benefits and drawbacks, so homeowners need to inquire about permits and environmental factors that might make one type of basement superior to another. 

 

What’s Ahead For Mortgage Rates This Week – September 13, 2021

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What's Ahead For Mortgage Rates This Week - September 13, 2021Last week’s economic reporting was limited due to the Labor Day holiday. Job openings were reported along with weekly readings on mortgage rates and jobless claims.

July Job Openings Higher Than Expected

The Labor Department reported record job openings for the fifth consecutive month in July. Economists said that the data used in the report lagged by a month and the readings were not impacted by the Delta variant of the Covid-19 virus.

Job openings fell in construction, trade, transportation, and utilities. There were less than 0.80 unemployed available for each job opening in July. Hiring fell by 160,000 hires to 6.70 million hires. Job separations, which included terminations and voluntary quits, rose by 174,000 to 5.80 million separations. Retirements and location transfers were not included in the job separation data. Private-sector quits rose from 3.00 percent to 3.10 percent, which indicated workers were confident they could find better jobs.

Economists don’t expect hot jobs markets to cool anytime soon. High demand for workers and rising wages indicated that less hiring is unlikely in the near term. 

Mortgage Rates Hold Steady, Jobless Claims Fall

Freddie Mac reported little change in average mortgage rates last week. Rates for 30-year fixed-rate mortgages rose by one basis point to 2.88 percent. Rates for 15-year mortgages also rose by one basis point to an average rate of 2.19 percent. Rates for 5/1 adjustable rate mortgages averaged one basis point lower at 2.42 percent. Discount points averaged 0.70 percent for 30-year fixed-rate mortgages and 0.60 percent for 15-yar fixed-rate mortgages. Discount points for 5/1 adjustable rate mortgages averaged 0.30 percent. 

Initial jobless claims fell to 310,000 new claims filed as compared to 340,000 first-time claims filed n the previous week. Analysts estimated 335,0000 initial claims would be filed last week. Continuing jobless claims were also lower with 2.78 million ongoing claims filed; 2.81 million continuing claims were filed in the previous week.

What’s Ahead

This week’s scheduled economic reporting includes readings on inflation, retail sales, and the University of Michigan’s Consumer Sentiment Index. Weekly readings on mortgage rates and jobless claims will also be released. 

Keeping A Closet Organized: The Top Tips

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Keeping A Closet Organized: The Top TipsHomeowners need to make sure they maximize every square foot of their home. This includes the closet. Many people get frustrated when they look at their closets because they feel like they cannot find what they are looking for. Anyone who is struggling to keep their closet organizers should take a look at a few important points below.

Remove Items That Are No Longer Being Used

The first step in creating more space in a closet is getting rid of items that are no longer being used. First, take a look at all the items on the hangers. Then, see if it has been worn during the past year. If not, it is time to get rid of it. In addition, it might be helpful to remove clothing items that are not in season. Then, store them until the weather changes again. Creating more space in the closet can make it easier to keep the closet organized.

Check The Quality Of The Hangers

Next, take a look at the hangers. It is critical to use the right hangers because the wrong hangers could damage the clothes. Even though it is tempting to keep clothes on hangers that came from the store, they could stretch the clothes out over time, ruining the appearance. Try to use hangers that have pads on them. These softer hangers will not leave impressions on the clothes, extending their lifespan. 

Create More Storage In The Closet

Finally, remember that not everything has to go on a hanger. There are some items that can be folded or tucked away in drawers. That is why it might be helpful to invest in alternative storage options in the closet. This could include cubbies that hang from the bottom of the shelf. Or, it might be nice to install drawers at the bottom of the closet. This could be another way to create more storage space and keep the closet organized. 

Improve Closet Organization

Ultimately, there are plenty of ways to keep a closet organized. By removing items that are not being used and increasing storage space in the closet, it might be easier to find what is needed. This is a great way to keep the closet clean. 

 

Four Excellent Reasons You Should Check Your Real Estate Agent’s References and Testimonials

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Four Excellent Reasons You Should Check Your Real Estate Agent's References and Testimonials There are different methods that home buyers may use to find a real estate agent to work with. While some may use the services of a real estate agent who they know personally, others may reach out to a professional who they have located online. Regardless of whether you previously knew the individual in a non-professional setting or not, it is important that you check your agent’s reference and testimonials before you get started with the home buying process. There are several good reasons for this.

The Importance Of Accessibility

Whether you are trying to find the perfect property and submit an offer before anyone else or you are actively negotiating with a seller, you need your real estate agent to be accessible to you. Simply because you are friends with the agent or they were friendly to you with the first phone call does not mean that they will continue to be accessible to you until you close on the home. References and testimonials can give you more information about this.

Professional Demeanor Throughout The Process

The right real estate agent is one who remains cool and composed throughout the transaction with all parties. Negotiations can become heated at times, and you want your real estate agent to have a professional demeanor under pressure. References and testimonials can give you first-hand insight about the agent’s demeanor.

Skilled With Negotiations

It is not enough to have a real estate agent represent you in negotiations. You also want the real estate agent to have some skills and a track record for success. You may not get everything you want with negotiations because of the need to compromise, but your real estate agent should be able to structure a deal that works well for you.

An Overall Great Experience

There will inevitably be times of stress and anxiety when you are buying a new property, and it is not reasonable to expect otherwise. However, a real estate agent should be by your side to facilitate the process, to explain concepts and to help you make better decisions from start to finish. When you read reviews and testimonials, pay attention to how satisfied the clients were with the overall process.

There are many factors to consider when selecting the right real estate agent to work with. While you want to have a great interactive dynamic with your real estate agent, you also need to focus on these factors to make the best decision possible. You can begin by contacting an agent today and requesting references from the professional.

A Complete Guide: What Is A Credit Freeze And Why Is This Helpful?

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A Complete Guide: What Is A Credit Freeze And Why Is This Helpful?Due to recent changes in federal regulations, consumers are now allowed to freeze their credit free of charge. Prior to changes in these regulations, credit bureaus would charge consumers for freezing their credit. What does this mean, and why might someone want to do this?

Freezing Credit Restricts Access To Confidential Information

There are certain situations where consumers may need to have access to their credit reports. For example, they may be applying for a home loan or a car loan. There are other situations where consumers may not need access to their credit reports for an extended amount of time. In this case, it is possible to freeze the credit report to restrict all access. This makes it harder for hackers to access confidential credit information, preventing them from opening an account in someone else’s name.

Who Can Freeze Their Credit Reports?

All consumers have the ability to freeze their credit reports. Even some children may have a credit history, so it is possible for parents to freeze the profile of a child for a certain amount of time. This prevents hackers from stealing credit information regarding children as well. 

How Can Consumers Freeze Their Credit Reports?

It is relatively easy to conduct a credit freeze at any of the three major credit bureaus including Equifax, Experian, and Trans Union. All consumers need to do is request a credit freeze via a phone call,  letter, or an online request. The bureau has to comply, freezing someone’s credit report within one business day. Furthermore, consumers should be able to access free fraud alert services as well. That way, individuals will automatically be alerted if someone tries to open an account in their name. 

What Happens When Applying For A Loan?

If applying for a loan, consumers need to unfreeze their credit reports. Therefore, they should file a request with all three major credit bureaus. They will have to comply within one hour. Then, after the lender has the information he or she requires, consumers can simply request a credit freeze again. That way, they limit the opportunities of hackers who might be trying to steal confidential information and commit identity theft. 

 

What’s Ahead For Mortgage Rates This Week – September 7, 2021

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What's Ahead For Mortgage Rates This Week - September 7, 2021Last week’s economic news included readings on home prices from Case-Shiller; readings on construction spending and pending home sales were also released. Weekly data on mortgage rates and jobless claims were also released.

Case-Shiller Posts New Record for Home Price Growth in June

U.S. home prices continued to gain at record levels in June according to S&P Case-Shiller Home Price Indices. The National  Home Price Index rose from May’s seasonally adjusted annual reading of 16.80 percent growth to 18.60 percent year-over-year home price growth in June.

Case-Shiller’s 20-City Home Price Index reported no change in the top three cities for home price growth in June. Phoenix, Arizona, San Diego, California, and Seattle, Washington retained the top three positions in the 20-City Home Price Index. Analysts said that the current pace of home price growth isn’t sustainable. Demand for homes slowed in June as affordability sidelined would-be buyers. Less demand for homes was expected to ease home price growth and provide an additional inventory of available homes.

Pending Home Sales Slow in July as Construction Spending Increases

The National Association of Realtors® reported that pending home sales slowed in July. Pending sales are sales for which purchase offers are received but are not yet closed. Pending sales of previously-owned homes fell by -1.80 percent in July;  analysts expected pending sales to rise by 0.50 percent from June’s reading of -1.90 percent. Pending home sales fell by 8.50 percent year-over-year in July. Pending home sales provide real estate pros a compass for estimating home sales completed in the future.

Homebuilders faced with an ongoing shortage of available homes for sale increased construction spending in July. Lumber and materials prices have stabilized from earlier in 2021 and should help builders complete more homes. Shortages of buildable land and skilled labor continued to impact optimum home-building conditions.

Mortgage Rates Hold Steady as Jobless Claims Fall

Freddie Mac reported no change in rates for 30-year fixed-rate mortgages, which averaged 2.87 percent; rates for 15-year fixed- rate mortgages averaged 2.18 percent and one basis point higher than in the previous week. Rates for 5/1 adjustable rate mortgages averaged one basis point higher at 2.43 percent. Discount points averaged 0.60 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

Jobless claims fell last week as 340,000 first-time claims were filed as compared to the previous week’s reading of 354,000 initial claims filed. Continuing jobless claims were also lower with 2.75 million continuing claims filed as compared to the previous week’s reading of 2.91 million ongoing claims filed.

What’s Ahead

This week’s scheduled economic reports will be limited due to the Labor Day holiday. Readings on job openings and the Federal Reserve’s Beige Book report will be released. Weekly readings on mortgage rates and jobless claims will also be published.