Navy Fellas Realty Group

Real Estate, Residential sales and purchase

Dream Renovations: Upgrading Your Bathroom from ‘Regular’ to ‘In-Home Spa’

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Dream Renovations: Upgrading Your Bathroom from 'Regular' to 'In-home Spa'There are times you might long for the relaxed leisure of the spa experience, but with the cost of a manicure it’s not always a pleasure one can afford. If your current bathroom set-up isn’t the optimal place for rest and relaxation, here are some cues for how you can turn it from a bit of a problem to a consummate pleasure.

Install A Vintage Vanity

The look of slick steel and porcelain can certainly be classy, but if you’re looking for an upscale room you’ll love to spend time in, consider a vintage dresser that you can turn into your very own unique vanity. While you’ll need to develop some plumbing and woodworking know-how to make this dream a reality, it will easily fancy up your bathroom and lend for an elegant, everyday experience.

Spring For A Bold Color

Part of the spa experience is often the palette of jewel-toned colors that are used on the walls, but it can often be considered a risk to take on such an intense tone in one’s own bathroom. However, if you have a smaller sized bathroom and can find a brilliant color you really love that will work with your decor, it may make for a unique and singular spa-style experience.

Add An Accent With Tile

A sizeable Jacuzzi that you can really get comfortable in is a great start for an in-home spa experience, but there are some stylish ways you can add to it that will make for a particularly sophisticated look. Instead of taking out the tub, pick a colorful tile that will mesh with the other colors and textures of your bathroom to add an accent. It’s not necessarily a simple fix but it will add a lot of oomph.

Work A Walk-In Shower

It goes without saying that a shower curtain does not always provide for the most sublime of bathroom experiences, so one step towards your own ‘in-home Spa’ may involve the addition of a walk-in shower. While this can be an expensive upgrade, it can completely change the look and feel of your bathroom, and might just mean you’ll save on manicures.

The spa experience can be enticing for the relaxation and comfort it offers, but you can create a similar experience in your own bathroom with a few changes that will elegant it up. If you happen to be renovating your home because and would like to look at financing options, you may want to contact your trusted real estate professional for more information.

What’s Ahead For Mortgage Rates This Week – February 29, 2016

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Whats Ahead For Mortgage Rates This Week February 29, 2016Last week’s economic reports included Existing and New Home Sales and Consumer Confidence along with regularly scheduled weekly reports on mortgage rates and new jobless claims.

Sales of Pre-Owned Homes Exceed Expectations

January sales of previously owned homes rose to an annual level of 5.47 million sales against expectations of 5.30 million sales and December’s reading of 5.45 million sales. Existing home sales rose by 0.40 percent month-to-month, which was the second-highest month-to-month reading since existing home sales were first tracked. Sales of existing homes had a strong showing with sales 11 percent higher year-over-year.

Real estate markets continue to face challenges as a severe shortage of available homes reached a four-month supply; real estate pros typically consider a six-month supply of available homes a normal reading. The shortage of homes for sale has caused home prices to escalate quickly in many markets; this creates affordability issues for would-be buyers. National Association of Realtors chief economist Lawrence Yun expressed concerns that rapidly rising home prices may not be good for the economy, but there was some positive news.

Nearly 32 percent of existing homes were bought by first-time buyers in January according to the National Association of Realtors. This is good news as first-time and moderate income buyers accommodate homeowners’ ability to move up to larger homes.

New home sales dipped in January to 494,000 sales as compared to expectations of 520,000 new home sales and the prior annual rate of 544,000 new homes sold. As the shortage of available homes continued, analysts said that the market is unbalanced in favor of sellers as offers from cash buyers make it difficult for offers from less qualified buyers to compete. Analysts said that low supplies of pre-owned homes drive buyers to purchase new homes. The number of homes purchased but not yet built is near a ten-year high.

Mortgage Rates Lower And Jobless Claims Rise

Freddie Mac reported lower mortgage rates last week. The average rate for a 30-year fixed rate mortgage was three basis points lower at 3.62 percent; the average rate for a 15-year fixed rate mortgage fell by two basis points to 2.93 percent and the average rate for a 5/1 adjustable rate mortgage dropped by six basis points to 2.79 percent. Average discount points were 0.60, 0.50 and.50 percent respectively.

Weekly jobless claims rose to 272,000 new claims as compared to expectations of 270,000 new claims and the prior reading of 262,000 new claims. The four-week rolling average of new claims also posted a reading of 272,000 new claims, which was lower by 1250 new claims. In spite of the higher week-to-week reading, new jobless claims remain near historical lows. Low readings for new jobless claims indicate a low rate of layoffs, which analysts said indicates that employers are maintaining staff levels in spite of conditions suggesting a slower economy.

Consumer confidence dropped more than five points in February. The Conference Board reported an index reading of 92.20 percent as compared to an expected reading of 97.20 and the prior month’s reading of 97.80. Consumers indicated growing concerns about business, personal finances and the labor market.

What’s Ahead This Week

This week’s scheduled economic news includes reports on pending home sales, construction spending, ADP Payrolls, federal Non-Farm Payrolls and the national unemployment rate.

Eliminate These 5 Barriers To Saving For Your Down Payment This Month!

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Saving Up: 5 Barriers to Saving Money That You Can Eliminate in Just One MonthWith all the expenses that go into monthly living and the temptations that come along with life, saving money for the down payment on your new home can be quite a struggle for many people. If you’re having a hard time saving and are wondering what you can do to ensure a higher bank balance next month, here are a few things that may pose a risk to getting the home of your dreams.

Forgetting To Take Lunch

One of the things most likely to defeat your bank balance is the daily office trip to the deli or diner. Instead of opting for an easy but expensive $10.00 lunch, take a few minutes at the end of each day to put together a sandwich or salad so you don’t have to spend extra funds on your lunch break.

Relying On Cable Television

With all the available options for streaming services, many people are switching out their packages for something a lot more economical. Cable can easily add up to $100.00 a month to your expenses, but a streaming service may only be a fraction of the cost and will provide savings you’ll soon notice.

Splurging On Morning Coffee

Grabbing the familiar cup of joe on the way to the office is certainly a way to ease yourself into the day, but one coffee can add up to a huge expense by the end of the month. If this is a vice you crave, try taking your own coffee to work and opt for a treat once a week if you really can’t resist.

Impulse Buys At The Grocery Store

Food certainly counts as a necessity, but there are many things that end up in the grocery cart at the end of a shopping trip that aren’t really staple items. If your cart is filling up with chips and chocolate, you might want to stick to your list or review your cart before the final purchase.

Avoiding Your Budget

Unless you’re taking to a spreadsheet to balance out your expenses and earnings, you may not see any significant savings at the end of each month. Budgeting will give you a better idea of what you can and can’t afford consistently, so make sure you’re writing everything down.

The idea of cutting back on spending is rarely a popular one, but there are things you can do every day that will make for a better bank balance at the end of the month. If you’re looking for more tips on buying your own home, contact your trusted mortgage professional today!

December Home Prices Rise According To S&P Case-Shiller Home Price Index

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December Home Prices Rise According To S&P Case-Shiller Home Price IndexHome prices rose slightly in December according to S&P Case-Shiller Home Price Indices released Tuesday. According to the S&P Case-Shiller 20-City Home Price Index, which covers cities representing all nine US Census divisions, home prices rose 5.40 percent year-over-year in December as compared to November’s reading of 5.20 percent.

December’s year-over-year home price increases were led by Portland Oregon at 11.40 percent, San Francisco, California at 10.30 percent and Denver, Colorado with a year-over-year reading of 10.20 percent. 10 cities reported higher home prices while eight cities reported lower home prices and year-over-year home prices were unchanged for two cities.

Year-over-year national home prices equaled winter 2007 home price levels, The S&P Case-Shiller 20-City Home Price Index has recovered by 36.30 percent since March 2012. Phoenix, Arizona posted its 12th consecutive month of home price gains for the longest streak of price gains in 2015.

Home Price Growth Surpasses Core Inflation Rate

David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said that while home prices continue to rise, they are rising at a slower pace. All but one city (Washington, D.C.) posted home price gains higher than the core inflation rate of 2.20 percent. Home prices rising faster than inflation is positive for home sellers, but would-be-buyers may sit on the sidelines due to concerns about affordability. On the plus side, job markets are strong and mortgage rates remain low, which will likely encourage more first-time and moderate income buyers to enter the market.

S&P Case-Shiller Month-to-Month Readings

After seasonal adjustments, both the Case-Shiller 10 and 20 City home price indices posted a month-to-month gain of 0.80 percent. 19 of 20 cities posted month-to-month gains after seasonal adjustments. Factors contributing to higher home prices include high demand for homes coupled with a short supply of available homes. Home builders are ramping up construction, which should ease demand and help stabilize prices.

In related news, The National Association of Realtors reported that January sales of existing homes rose to 5.47 million sales on an annual basis as compared to expectations of 5.30 million sales and December’s reading of 5.45 million sales. January’s reading was 11 percent higher year-over-year and indicated that homes are selling in spite of rapidly rising prices in many areas.

Analysts said that the shortage of homes is causing an imbalance in market conditions; currently there is a four month supply of available homes as compared to an average six month supply of available homes. There have been only three instances when home supplies were lower in the past 16 years.

Help Available To Struggling Homeowners Set To End In 2016

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HARP Refinancing Ends in 2016: Here's How to Take Advantage Before It's GoneMany homeowners are struggling to keep up with their mortgage payments on a monthly basis, and it can often seem like there are limited options for remedying the situation. If you haven’t heard of HARP refinancing and you’re a homeowner who’s looking for a lower interest rate, this may be the right solution to your payment woes. Instead of letting the opportunity blow by, here’s all you need to know before this option ends in 2016.

The Details On HARP Refinancing

Known as HARP, the Home Affordable Refinance Program was created in 2009 following the economic crash that was brought on by the housing crisis. In the wake of hard economic times, the program was devised as a means of streamlining the process for those who couldn’t refinance their mortgage. Instead of reliable homeowners being stuck with a rate because they don’t qualify for refinancing, HARP enables them to acquire lower interest rates.

Some Of The Requirements For HARP

In order for you to be able to apply for a HARP refinancing, you must have a mortgage owned by Fannie Mae or Freddie Mac that was provided to you on or before May 21, 2009. While you’ll want to check with your mortgage holder to determine if you are eligible for this refinancing option, you’ll have to be up-to-date on your mortgage payments with a loan-to-value ratio that is above 80%. For more information on a HARP refinancing, you can visit their website for all the details.

Carefully Consider The Closing Costs

While refinancing your mortgage and acquiring a lower interest rate may sound like instant money savings, it’s important to find a lender that can offer HARP without any closing costs, or at least costs low enough they’ll balance out in your favor. HARP refinancing can certainly be an option worth serious consideration, but if you have lowered interest rates and a high closing cost, it’s possible that you will not be able to re-coup the extra money you’re paying.

HARP refinancing is set to end in 2016, but if you’re a homeowner who is looking to refinance you may want to look into this program for saving money on your mortgage. By familiarizing yourself with the requirements and determining if the closing costs balance out, you may have an easier monthly payment on your hands. If you are paying off your home but are interested in what’s available on the market, you may want to contact your local mortgage professional for more information.

Ready to Move in to Your New Home? Not So Fast! Take Care of These 3 Items Before the Big Move

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Ready to Move in to Your New Home? Not So Fast! Take Care of These 3 Items Before the Big MoveWith the excitement involved in moving into a new home and all of the things that need to be done, it can be easy to forget a few important things before you load up the moving van. If the day of departure is drawing closer and you’re mulling over the final details, here are some items you may want to check off the list first.

Install A New Lock

One of the most important aspects of home ownership is the feeling of security it automatically provides, so you’ll want to change out the locks on the doors before you embark on the big move. As soon as you’ve received the keys to your new home, contact a locksmith who will be able to do the dirty work for you or, if time permits, you may want to take on this task on your own and save a little bit of money in the process.

Do A Quick Clean

With so many boxes to unpack and items to organize, the concept of cleaning the house you’ve just moved into might not be very appealing; however, this can be a necessary step in making you and your family feel more at home. It doesn’t have to be the kind of cleanup that will take 10 hours, but a quick dusting and wiping of cabinets and appliances, as well as a quick sweep and vacuum of the floor, may change the way you feel about your new home.

If Time Permits, Paint!

If the walls of your new house happen to be in immaculate shape, you can probably avoid paint; however, a prime up of the walls can add a lot to the sparkle of your new home and may make it feel like yours much sooner. Instead of going for boldness or deciding on a decorating scheme right away, choose a neutral color that will instantly brighten your room. If the walls are in particularly bad shape, you may even want to contact a professional who will be happy to sand and spackle away.

Moving into a new home is undoubtedly a time of great excitement, but there are some things you should do before you make yourself comfortable in your new place. If you’re curious about what’s available on the market and would like to know your options, you may want to contact one of our local real estate professionals for more information.