Navy Fellas Realty Group

Real Estate, Residential sales and purchase

The Major Keys to Understanding When It’s Time to Refinance Your Mortgage

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The Major Keys to Understanding When It's Time to Refinance Your MortgageAs a homeowner, you may have heard the term re-financing without being aware of exactly what it means, but there are a lot of pros and cons associated with what it can do for your financial situation. While getting a different new loan for your mortgage can be a good financial decision in certain situations, here are some things you should consider before you decide that this is the right choice for you.

Getting A Lower Rate

One of the main reasons that re-financing can be a popular option for many homeowners is that it can provide the opportunity for considerable money savings. Since you will be acquiring a new loan with a lower interest rate, this will be an opportunity to reduce your monthly payments, increase your equity at a faster rate and invest the extra funds into something else. While a lower rate can definitely mean money savings, it’s important to consult with a mortgage professional so you’re aware of any associated fees and can make a decision that will be financially beneficial.

Consolidating Your Debt

It is often the case that people will choose to refinance their mortgage with a lower-interest rate in the hopes of paying off the debt they’ve accumulated, but with the cost of refinancing this is not necessarily the best financial decision. While consolidating debt can be great if you go into it with a budget that you plan on sticking too, if you’re leaning too much on the idea of a lower interest rate meaning instant savings, it may be a good idea to take a look at the numbers.

Investing In Your Home

For many people, re-financing their mortgage is a good opportunity to renovate their home and increase its value. However, while renovating your home can be a good idea for resale, there are many home renovations that will not necessarily increase the value of your home and make up for the amount you’ve invested. If you’re making forward-thinking renovations, refinancing is one thing, but ensure you’ve seriously considered what will add value.

There can be a number of financial benefits when it comes to refinancing your mortgage, but it’s important to work out your tentative budget and crunch the numbers before you make a final decision. If you’re currently looking into re-financing your home and are curious about what it entails, contact your local real estate professional for more information.

Staging Tips: 5 Interior Paint Colors That Will Help You Sell Your Home Faster

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Staging Tips: 5 Interior Paint Colors That Will Help You Sell Your Home FasterIt’s important to remember that when a home is put up for sale it should appeal to as many people as possible. Sometimes those flashy paint colors the owners grew up with will not charm new buyers.

Here are five ideas for paint colors that will help any home sell quickly.

Keep It Neutral For A Reason

The first thing everybody hears when they try and sell their home is to paint in neutral colors. There is a good reason for this. Every person who walks through the front door should be able to picture living in the home and not think about the people who had lived there before. Neutral colors provide a blank canvas for buyers to paint their future on

Creams Photograph Better Than Almost Any Shade

Neutral colors are not just the standard beiges everyone is used to. Rooms painted in creams tend to look better in pictures, which helps out tremendously when listing the house online. Since most people’s first impression of a home is the online photographs, this technique helps a house stand out from the very beginning.

Using Gray To Expand The Space

Making rooms appear larger is one technique to help sell a home quicker. A light gray can help make large, clean rooms appear even larger to visitors. This works on rooms that are clutter free and do not have much furniture in them. As an added technique, try painting the moldings the same color of gray so that the walls appear higher.

Accent Natural Surroundings With Earth Tones

Anybody who owns a house that has a lot of brick, stone or wood should take a moment to browse through some earth tones to accent the room. These colors, while still neutral, are found in nature and accent the natural surroundings of the room. Sienna and umber are two popular choices.

Give A Splash Of Green In A Sunny Room

When the rest of the home is in neutral tone, it provides the opportunity to spring a room to life with a dash of color. A light green is perfect for an indoor patio or den that overlooks a garden. This is one way to give a natural and earthy feel to a room that has plenty of sunlight.

Before painting, talk to your local real estate agent to walk through your home with you and give you some pointers on which colors they think will work and which ones may be problematic.

What’s Ahead For Mortgage Rates This Week – October 31, 2016

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Last week’s economic reports included S&P Case-Shiller Home Price Indexes, along with readings on new and pending home sales. Recurring weekly reports on mortgage rates and new jobless claims were also released.

Case-Shiller: Pacific Northwest Shows Fastest Home Price Growth

According to the Case-Shiller 20-City Home Price Index for August, home prices in Portland, Oregon and Seattle, Washington grew fastest year-over-year. Portland posted an August index reading of 11.70 percent and Portland followed closely with a reading of 11.40 percent. Denver, Colorado rounded out the top three cities with the fastest rates of home price growth with a year-over-year reading of 8.80 percent. The 20-City Home Price Index rose 0.30 percent year-over-year to 5.30 percent in August.

Low inventory of available homes poses challenges for housing markets, but Case-Shiller reported that the national home price index was 0.60 percent lower than its peak reading in 2006. The 20-City Home Price Index was 7.10 percent lower than the 2006 peak. This provides a positive context for healthy home price growth, but concerns linger about a repeat of the housing bubble that burst and caused home prices to crash.

David M. Blitzer, Chairman of the S&P Index Committee said that a new housing bubble is unlikely. Home buyers are not taking out huge mortgages as was common prior to the Great Recession; mortgage lenders have adopted stricter qualification standards to help ensure that borrowers can afford their mortgages.

New Home Sales Rise in September

Sales of new homes rose to a seasonally-adjusted annual rate of 593,000 sales in September according to the Commerce Department. Although lower than analysts’ expected reading of 600,000 sales, September’s reading surpassed August’s reading of 575,000 sales. August’s reading was downwardly revised from its original reading of 609,000, which suggests that new home prices are growing at a slower rate than expected.

High demand for homes boosted September’s reading for pending home sales, which represents homes under contract for sale that have not closed. Pending home sales increased in September with a reading of 1.50 percent growth as compared to August’s negative rate of -2.50 percent. Pending home sales provide indications of future completed sales and mortgage loan volume.

Mortgage Rates Rise, New Jobless Claims Fall

Mortgage rates were lower last week according to Freddie Mac’s Primary Mortgage Market Survey. The average rate for a 30-year fixed rate mortgage fell five basis points to 3.47 percent; rates for a 15-year fixed rate mortgage averaged 2.78 percent, which was one basis point lower than the prior week’s reading. The average rate for a 5/1 adjustable rate mortgage was also one basis point lower at 2.84 percent. Average discount points were 0.60, 0.50 and 0.40 percent respectively.

In spite of growth in home prices and volume of sales, consumer confidence slowed in October. October’s index reading of 98.60 as compared to an expected reading of 101.00 and September’s reading of 103.50. Analysts said that uncertainty over the upcoming presidential election contributed to October’s lower reading.

What’s Ahead

Next week’s scheduled economic reports include readings on inflation, construction spending core inflation, and labor reports. Non-farm payrolls, ADP employment, national unemployment rates will also be released. Freddie Mac’s mortgage rates report and new jobless claims will also be released.

5 Futuristic, Connected Home Upgrades That You Can Install This Fall

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5 Futuristic, Connected Home Upgrades That You Can Install This FallThe future is now! You may know that there are already many smart (Internet-connected) appliances and items that you can use to update your home for the connected age. But for your reading pleasure, here are five of them already on the market.

Energy Efficiency: The Smart Thermostat

One of the first smart home upgrades to make it big on the market is the smart thermostat, specifically the Nest Learning Thermostat. Connected to your heating system, and to your phone through Wi-Fi, this device ‘learns’ your energy use habits so it can adjust to them. It saves you money by tailoring its output to your usage, which means it is kinder on the planet as well. Smart tech for the win-win.

Intelligent Alarms: Smart Smoke Detectors

In the same vein is the smart smoke and carbon monoxide detector technology. These alarm systems assess the danger and speak to you. They report on multiple details, including what kind of danger you’re facing (fire or carbon monoxide poisoning), where it is exactly in your home, and whether it constitutes an immediate risk to you.

Turn It On!: Smart Light Bulb

A-ha! The intelligence continues. There are smart light bulbs now like the Philips’ Hue Connected Bulb which speak through your Wi-Fi. This light can be controlled remotely through your phone or computer, where you can change its color and adjust the brightness without ever touching the bulb itself.

Baby Care: The Smart Onesie

You know those moments you need to yourself, when you step out of your baby’s room to let them sleep? Well, there’s now a device to help keep track of them even then. The Mimo Baby Shirt is a smart onesie. Its organic cotton is woven with sensors that monitor elements like your child’s temperature or sleep pattern and streams that info to your device through your home’s Wi-Fi. It can be fitted with a microphone, again linked to your phone and it’s machine-washable!

The Next Mouthful: The Smart Fork

Last but not least, there’s the HapiFork. This smart utensil monitors your eating habits how fast you’re eating, the time between meals, how many bites it takes to finish the meal. These tidbits can be uploaded to your laptop or phone, and can help you track and change how you eat.

As technology continues to progress, our homes are becoming smarter and smarter. Keep up with the tech by staying abreast of new developments starting with these five. Oh, and one last smart thing? Reaching out to your local real estate agent for more information, recommendations or just to chat about the future.

S&P Case-Shiller: Home Prices Gain in August

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Home prices gained in August per the 20-City S&P Case-Shiller Home Price Index. Analysts said that home values continue to expand in spite of challenges including low inventories of available homes and strict mortgage qualification requirements.

National Home Price Index Near 2006 Peak

According to the national Case-Shiller Home Price Index, August home prices are 0.10 percent below their 2006 peak and all metro areas in the 20-City Home Price Index posted gains. Top gains in the 20-City Home Price Index were posted by Portland, Oregon with a year-over-year gain of 11.70 percent, Seattle, Washington home prices gained 11.40 percent and Denver, Colorado home prices gained 8.80 percent year-over-year.

All metro areas included in the 20-City Index posted year-over-year gains in excess of one percent. New York City had the lowest year-over-year price gain with a year-over-year reading of 1.70 percent in August. Washington, D.C. home prices rose 2.30 percent year-over-year. Home prices in the Cleveland, Ohio metro area increased by 2.90 percent year-over-year.

New Housing Bubble Unlikely

With home price gains close to peak prices seen before the housing bubble burst, concerns may arise over the potential for a new housing bubble to occur in coming months. Analysts say this is unlikely as home buyers are not taking out extreme levels of mortgage debt seen at the onset of the Great Recession. David M. Blitzer, chairman of the S&P Index Committee, said “There is no reason to fear another massive collapse is around the corner. The run-up to the financial crisis was marked with both rising home prices and rapid growth in mortgage debt.”

Possible Fed Rate Hike Won’t Cause Mortgage Rates to Explode

The Federal Open Market Committee of the Federal Reserve is expected to raise the Fed’s target federal funds rate in December. This action will lead to interest rate increases for consumer credit and mortgages, but not at levels that would make mortgage loans suddenly unaffordable. While gradual increases in federal interest rates would cause mortgage rates to rise over time, market conditions and related factors could potentially cause home prices to slow or even dip in some areas. Regional influences including employment and demand for homes are examples of factors contributing to home price growth or decline in specific areas.

Master the Autumn Home Buying Season With Our Guide to Finding Local Real Estate Bargains

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Master the Autumn Home Buying Season With Our Guide to Finding Local Real Estate BargainsMost people have a good idea of the neighborhood they want to purchase a new home in. The problem is finding a great deal in the area, especially if it’s a neighborhood that’s very popular.

Thinking outside the box and avoiding the standard real estate listings can result in some bargain properties for sale that most people are completely unaware of.

Contemplate Investing In Foreclosed Homes

When the housing market boomed, many people tried to take advantage by investing in a second home that they couldn’t necessarily afford. This resulted in a huge market full of homes that were foreclosed on when mortgage payments could no longer be made.

This happens frequently whenever the housing market goes through a strong period and these houses and condos are owned by the bank and can be purchased at a great price.

Look At FSBO (For Sale By Owner) Homes

FSBO properties, homes that are being sold privately by the owner, are one of the best bets to find a great bargain. These homeowners have made the decision to try and sell their home without the use of a real estate agent in an attempt to save some money on the sale.

Local real estate agents will be aware of any homes in their neighborhood that are being sold privately and will be able to point you in the right direction. FSBO homes have the best chance of getting a good deal because offers can be made directly to the owner and the earliest offer may just be the most lucrative for them.

When All Else Fails, Take A Drive

Anybody who knows the area they want to invest in can be proactive and beat the market by simply taking a drive up and down the streets and looking at houses. Some owners haven’t taken the time to bother listing a home that they would love to get rid of.

These are either rental properties or family homes that have been willed and left neglected. They can be easily identified by the care that’s been given to the property. An overgrown lawn and overflowing mailbox is a sure sign the owner may be interested in a talk about selling.

After all, there’s nothing to lose.

Staying away from real estate listings to find a home can be tough. Thankfully, most local real estate agents will be tracking these houses so they can help their clients think outside the box. Contact your trusted real estate professional in your area for a better idea of how to make offers on these bargain properties.