Navy Fellas Realty Group

Real Estate, Residential sales and purchase

NAHB Housing Market Index Unchanged in September

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NAHB Housing Market Index Unchanged in SeptemberHome builder confidence in housing market conditions stayed flat in September. The National Association of Home Builders Housing Market Index reported an index reading of 67, which matched expectations and NAHB’s housing market reading for August. Analysts cited recent tariffs on building materials as a significant cause of easing builder confidence.

While NAHB called September’s reading “solid” at 67, the reading was one full point lower than the average reading for 2017 and equaled the lowest builder confidence reading in 2018 to date. Readings over 50 in the Housing Market Index indicate that more builders than fewer are confident in housing market conditions.  

Components of the Housing Market Index were mixed as builder confidence in current market conditions rose one point to 74. Builder confidence in market conditions for the next six months rose two points to a reading of 74. Builder confidence in buyer traffic in new housing developments was unchanged with a reading of 49.

Buyer traffic readings frequently fall below the benchmark reading of 50, so a reading of 49 indicates builders aren’t concerned about buyer interest in new homes.

Home Building Viewed As Cure For Housing Shortages, But Buyers Face Challenges

Housing industry leaders, real estate pros and mortgage lenders continued to look to builders for a solution to severe housing shortages in some areas. Rapidly rising home prices driven by high demand, few choices for buyers and aren’t likely to ease until inventories of available homes increase. Recently rising mortgage rates added to pressures on first-time and moderate-income home buyers.

NAHB Chief Economist Rob Dietz said that trade skirmishes and “burdensome regulations” also contributed to rising home prices. Real estate pros said that local market conditions affected market areas affected by natural disasters including severe red tide algae blooms in Florida and wildfires in Oregon and California. Home sales typically slow in August, but the combination of low inventories of homes coupled with rising prices and natural disasters resulted in lower than expected home sales in August.

Buyer fatigue was cited as a driving factor in slowing home sales as rapidly rising prices and few available homes took a toll on buyer interest. As the school year approached buyers were backing off instead of continuing to compete with cash buyers and bidding wars.

It is commonplace for markets to shift and for trends to change. Your best bet for success in buying a new home or selling your current home to rely on your trusted real estate professional.

3 Things to Know About Winterizing Your Home

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3 Things to Know About Winterizing Your HomeTemperate fall weather means it’s time to put summer vacations behind you and start planning for winter weather.

Switching coveted leisure time to home chores can be a difficult challenge. More than a few homeowners want to keep kicking back on weekends. But autumn winds mean all hands on deck. Homeowners who procrastinate could find their properties vulnerable to seasonal changes. These are some things to keep in mind about winterizing your home.

Fill The Cost Gaps

Arguably the single biggest waste of money is allowing heating and cooling loss. The small gaps where doors, windows and other material meet can be a conduit for migrating air. Drafts cause utility bills to increase with homeowners reaping zero benefit. Consider addressing these areas.

  • Windows: It’s important to remember that window caulking has a limited life span. As it cracks, shrinks and expands, its efficiency diminishes. Check it annually and don’t hesitate to replace it.
  • Weather Stripping: If you live in a frigid region, weather stripping can save a boatload of cash. Most home stores carry products that act like tape and fill the seams around doors. It’s an easy DIY project that can more than pay for itself.
  • Door Guards: Similar to weather stripping, door guards are designed to eliminate drafts under the doors. There are permanent and temporary products that can address this issue.
  • Flues Need Support: Many chimneys allow mass amounts of air to flow freely into homes. You don’t need to call a mason and rework the hardware to fix this draft. Try inflating a balloon inside it to cut off air circulation. Just remember to remove it before lighting a fire.

Gutter Avoid Disaster

A common problem homeowners overlook is the gutters. When these become clogged with leaves, twigs and other material, water can back up and impact the outer walls of a home.

Water penetrations remain the single greatest danger to homes and homeowners. Moisture behind walls and under floor boards can spur dangerous mold growths. Certain molds can cause critical health conditions, particularly among our valued elders and young children.

If you live in an area that frequently suffers freezing temperatures, gutters can fill, freeze and break. Better to clean them out now than buy new ones in the spring.

Insulation Matters

When people think about insulation, the pink stuff in the attic usually comes to mind. While that remains an excellent product to mitigate energy loss, let’s talk about another type.

Water lines can be negatively impacted by cold weather. Frozen pipes can crack, burst and cause a flood. Check for areas that are exposed. It only takes one sharp cold snap to damage water lines and a home’s interior. The time and cost of wrapping exposed pipes could prove far less expensive than hiring a plumber and remediation contractor.

When preparing a home for winter, think in terms of air and water. Those are the culprits that will cost you money and jeopardize your family. 

Maintanence is a wise way to protect one of your largest investments. If you are looking to add to your portfolio or put your current home on the market, be sure to contact your trusted real estate professional.

It’s Pumpkin Spice Season: Plan A Neighborhood Potluck

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It's Pumpkin Spice Season Plan A Neighborhood PotluckFall is the time to get back into a comfortable routine, but it’s also a great time to incorporate social events into weekend work parties, and gather friends to offer neighbors a helping hand — or just moral support — to spruce up their property.

While building a new sense of community may be a side effect, it can’t be denied that giving homes in need of minor repairs a little TLC is good for the dollar value of the neighborhood as well as for the soul. REALTORS agree that the overall appeal of a neighborhood adds value to individual homes.

Police departments and security companies also note that cohesive communities are less prone to crime than neighborhoods where residents don’t really know one another.

A Community Work Day

While it’s not uncommon for some subdivisions to sponsor periodic get-togethers, or hold multi-family garage sales and social events, the idea of a day to share work and expertise to tidy up individual homes is less common. But it represents an ideal solution for residents who could use a helping hand to accomplish minor upkeep and repair projects.

Especially if you live in a neighborhood with some older residents, planning a coordinated “home improvement day” can be a unique and wonderful way to bring different generations together. Community work days are a great way to complete seasonal maintenance projects before the weather turns bad. It’s also a way to make light work out of required tasks and to have some fun as well.

Here are some ideas on how to do it right — the results can be greater than expected.

  • Talk the idea up with your neighbors: Set a tentative date and divide up the planning tasks.
  • Start a checklist of neighborhood skills. Chances are you’ll find engineers, carpenters, painters, and neighbors with plumbing and electrical skills among the residents. And there are also apt to be artists and craftspeople, master gardeners and children who love to rake leaves or pull weeds!
  • Plan block party, potluck dinner or homemade ice cream social for the culmination of the workday or weekend, and get as many people as possible involved.

A weekend work project is reminiscent of old-fashioned barn raisings. It’s also a way to build a new sense of community, as well as to add neighborhood appeal and value. The food and the fellowship are bonuses!

There are, however, some cautions: Help should be freely offered, and readily accepted. But leave costly or complicated repairs to professionals. This kind of event should be strictly for easy DIY labor needs.

Done right, this kind of ongoing community effort can become a lasting and honored tradition. It’s worth a try, right? In the end, the entire neighborhood wins.

If a sense of neighborhood community is a priority to you when looking for a new home, be sure to tell your trusted real estate professional.

 

 

What’s Ahead For Mortgage Rates This Week – September 17th, 2018

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What’s Ahead For Mortgage Rates This Week – September 17th, 2018 Last week’s economic news included readings on consumer credit, inflation and consumer sentiment. Weekly readings on mortgage rates and first-time jobless claims were also released.

Fed Reports Consumer Credit Jumps in July

The Federal Reserve reported that consumer credit rose from $9 billion in June to $17 billion in July. Analysts said a majority of consumer credit was issued for education loans and auto loans. June’s reading was revised downward to $8.50 billion from the original reading of $10.2 billion.

Credit card debt increased by 1.50 percent in July after declining by – 1.40 percent in June. Non-revolving consumer debt rose by 6.40 percent in July after growing 4.0 percent in June. July’s reading was the largest increase in eight months. The Fed’s Consumer Credit report does not include mortgage loans.

Inflation increased by 0.20 percent in August, which fell short of analyst expectations of 0.30 percent growth. Core inflation, which excludes volatile food and fuel sectors, rose by -0.10 percent and was lower than the expected reading of 0.20 percent growth. July readings for inflation and core inflation were 0.20 percent.

Mortgage Rates and Consumer Sentiment Rise as New Jobless Claims Fall

Freddie Mac reported higher average mortgage rates for the third consecutive week. Rates for a 30-year fixed rate mortgage rose six basis points to an average of 4.60 percent; rates for 15-year fixed rate mortgages averaged seven basis points higher at 4.06 percent and mortgage rates for 5/1 adjustable rate mortgages averaged 3.93 percent and were unchanged from the prior week. Discount rates were reported at 0.50 percent for fixed-rate loans and 0.30 percent for 5/1 adjustable rate mortgages.

First-time jobless claims fell last week to 204,000 claims filed against expectations of 210,000 new claims filed and the prior week’s reading of 205,000 first-time jobless claims filed.

Consumer sentiment rose in September. The University of Michigan reported an index reading of 100.8, which surpassed the expected index reading of 97.0 and the August reading of 96.2.

What‘s Ahead

This week’s scheduled releases include readings from the National Association of Home Builders, The National Association of Realtors® on sales of pre-owned homes and Commerce Department readings on housing starts and building permits issued. Weekly readings on mortgage rates and new jobless claims will also be released.

5 Reasons To Sell Your Home This Fall

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5 Reasons To Sell Your Home This FallThough the real estate business never stops, most people associate its busy periods of the year with the spring and summer seasons. And while this is true to a large extent, those who think that selling a home in the fall is a bad decision are sorely mistaken.

Just as families want to get into new homes before the school year starts, which makes spring and summer busy seasons, there’s also an urgency to get into new homes prior to the holiday season. It’s one of the reasons why you shouldn’t hesitate to list your home in the fall season.

Here’s a look at five more reasons why it’s smart to list your home in the fall:

1. Demand Is Still There

It’s a seller’s market out there, which means that there’s still high demand for quality homes. So don’t think that buyers have put their searches on hold until next spring, because they’re still out there. You’ll take advantage of this continuous demand by listing in the fall.

2. You Can Enjoy The Summer

You can enjoy next summer, that is. Yes, while sellers that list in the spring and summer are constantly cleaning, tidying up and exiting the home for showings, you can get out ahead of the game this fall so you can spend next summer enjoying your next home. 

3. Buyers Are Serious

In the spring and summer months, it’s not unusual to get a lot of traffic from people who are thinking about buying. While any kind of activity is usually a positive, these types of would-be buyers aren’t exactly the strongest prospects to make an offer. With how busy the fall season is for many families, you’re likely to get showings with buyers who are serious, and thereby more likely to make an offer if they like what they see. 

4. You Can Enhance Your Curb Appeal

Fall is characterized by cooler temperatures and changing colors. The former can really help green up your lawn, while the latter can make your house stand out if there are trees on the property. Aside from your home, the fall foliage can also enhance the appeal of your entire neighborhood.

5. There’s Fewer Home Sellers

A final reason to list in the fall is that you’ll have less competition on the market. That is, there are fewer available homes. If your home is attractive and sought after, you can potentially create a bidding war among interested buyers, which can help you net more off the sale.

Your trusted real estate professional can give you all the tips and tricks to prepare for a successful fall listing.

5 Things To Do This Fall To Get Ready For Winter

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5 Things To Do This Fall To Get Ready For WinterSimple home and yard tips don’t have to take a lot of time, but can save a lot of headaches if that first winter storm catches you unaware.

Here’s a checklist to help you prepare:

Assess Your Windows and Doors

Take a walk around your interior, preferably on a windy day. Check for drafts and air leaks; replace weatherstripping, align door thresholds. and repair window frames and sills if they’re damaged. If you have storm windows, make sure they’re ready to install. Replace the screens in a storm door with glass panels. Also check your garage door to make sure that it operates properly.

According to the U.S. Department of Energy, nearly half of a home’s total energy use is for heating and cooling, so it makes good financial sense to assure that your systems are as efficient as possible for every season.

Check Your Furnace and Fuel

Before cold weather arrives, schedule or perform any necessary routine maintenance on your furnace or HVAC systems. Clean ducts, replace filters, calibrate the thermostat, and fill the fuel tanks as required. This is also the time to clean the flue and check the chimney if you have a fireplace or woodburning stove. If your home doesn’t have a carbon monoxide detector, consider installing one to assure your safety during the winter.

Prune Trees and Shrubs

Working outside can be a pleasant weekend task during the cooler autumn season. It’s also the time to do some prep work on your landscaping so that your plants will be at their best for the next growing season. Depending on your location, and your commitment to your yard, now is also the time to prepare new garden beds and plant spring bulbs, or tackle projects like brick walls, planters and stone pathways.

Undo Outdoor Hoses

Burst outdoor hose bibbs can be the source of serious interior water damage, and the most common cause is a hose left attached when the first freeze occurs. Eliminate that possibility by undoing your outdoor hoses early in the fall. If you still must water the lawn or your garden, it’s easy enough to reattach the hose as needed. Also, remember to store coiled hoses in the garage or in a shed during the winter. They’ll last longer!

Check Roof Shingles and Gutters

Although it’s not a bad idea to check your roof and clean gutters and downspouts at least quarterly, it’s especially important before winter. Take note of cracked or curling shingles; check to make sure no daylight is visible from the attic, and make sure that all gutters and downspouts are clear of debris prior to snow and ice buildup.

Owning a home requires ongoing maintenance to assure that it will truly be a haven during foul weather, but it doesn’t have to be an unending task or cost a lot of money.

If you are thinking about listing your current home or searching for a new property to call your own, a trusted real estate professional can be one of your very best assets.