Navy Fellas Realty Group

Real Estate, Residential sales and purchase

How Offering Buyer Incentives Will Get Your House Sold Faster

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How Offering Buyer Incentives Will Get Your House Sold Faster

Why The Added Incentive?

It may seem like keeping your home in good condition and pricing it according to its market value is good enough, but in more difficult market times many people have opted for extras that may boost the appeal of their home. While the wrong incentive strategy can make it look like you have a home that is not worth the asking price, there are classy ways value can be added that can still engage the right buyer.

Determine Your Ideal Buyer

If you’ve already decided that your ideal offer is a perfectly fair deal, you’ll want to consider what kind of incentives will successfully attract the buyer you’re looking for. Instead of merely dreaming up something that will be ineffective, determine a profile for who they are whether it’s young or old, single or family oriented so that you can offer benefits that will be marketed to them. By using incentives that are linked to their interests and lifestyle, you may be able to pique their curiosity enough that they’ll make a visit.

A Few Incentives To Consider

There are a lot of great opportunities for snagging new interested parties with an incentive, the bonus being that you won’t need to offer it up until the time you sell your home. If you’re located close to a beach resort, you may want to give away a surfboard or kayak; providing a gift card for a local restaurant or a golf membership can also be a great idea. While most people will not want to go to the extreme of giving away their transportation, some have gifted their luxury car in order to seal the deal.

A home in good condition and at the right price can often snag a purchasing offer, but if your home is lingering on the market, incentives can go a long way too. If you’re still trying to sell your home and are considering your options, contact your local real estate professional for more information.

What’s Ahead For Mortgage Rates This Week – May 9, 2016

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Closing Paperwork: How to Read and Understand the Truth-in-Lending Disclosure Statement

Mortgage rates fell across the board last week according to Freddie Mac’s Primary Mortgage Market Survey. Other economic news included reports on construction spending, public and private sector employment and national unemployment.

Construction Spending Grows in March

The Commerce Department reported that the growth rate for construction spending fell in March to 0.30 percent/Analysts expected a reading of 0.70 percent based on February’s upwardly revised growth rate of 1.0 percent. Construction spending was propelled by a 1.50 percent increase in residential construction spending; this is good news for would-be home buyers who’ve been shut out of the market due to high demand and low inventories of available homes.

Housing market analysts have repeatedly said that new home construction is the answer to short supplies of homes and high buyer demand. Year-over-year, construction spending is up 8.0 percent overall; residential construction spending grew by 7.60 percent year-over-year.

Mortgage Rates Dip

Average mortgage rates were lower last week. The rate for a 30-year fixed rate mortgage fell by five basis points to 3.61 percent; the average rate for a 15-year fixed rate mortgage was three basis points lower at 2.86 percent and the average rate for a 5/1 adjustable rate mortgage dropped six basis points to an average of 2.80 percent.

While any drop in mortgage rates is welcomed by home buyers, the high demand for homes continues to drive prices up and has raised concerns about affordability of single-family homes in many communities.

Jobs Growth Slows

The national unemployment rate held steady at 5.0 percent in April, but job growth slowed in public and private sectors. ADP reported private sector jobs increased by 156,000 jobs as compared to 194,000 jobs added in March. According to the Bureau of Labor Statistics, Non-Farm Payrolls increased by 160.000 jobs as compared to expectations of 203,000 jobs added and March’s reading of 208,000 jobs added. Non-Farm payrolls measure public and private sector job growth.

New jobless claims rose by 17,000 to 274,000 new claims, but remained below the benchmark of 300,000 new claims for 61 consecutive weeks. Analysts projected that new claims would grow by 265,000 new claims based on the prior week’s reading of 257,000 new claims. The less volatile four-week rolling average of new jobless claims indicated that 258,000 new claims were filed. The labor force participation rate dropped from 65 percent to 63 percent in March. Retiring baby boomers contributed to some but not all of this workforce decline.

What’s Ahead

This week’s scheduled economic news includes weekly reports on mortgage rates and new jobless claims along with a report on consumer sentiment.

4 Neglected Home Maintenance Tasks That Are a Must

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4 Neglected Home Maintenance Tasks That Are a MustThere are a number of home maintenance tasks that are easy to forget about in favor of more obvious renovations, but forgetting to do some of them can end up costing you a lot down the road. If you’re hoping to keep your home in tip-top shape, here are a few tasks that you shouldn’t forget about.

Sealing Off Access Points

Small rodents and insects can wreak havoc on your home if they gain access, so ensure that you maintain the foundation of your home and seal off any areas where these pests might get inside. Check all the windows and doors, and survey the foundation of your home, making sure to patch up any areas where sealant or mortar has come loose.

Cleaning The Shingles

The reality of algae eating away at your roof shingles can be an unpleasant, expensive renovation, so clean your roof on a regular basis before any black streaks can take your shingles with them. Simply mix together hot water, bleach and detergent and spray this from your garden hose on a cooler day so you can save your roof from rot. This will also save you the cost of having to hire a professional

Maintaining Your Wood Deck

There are few things that will age your yard like a poorly maintained deck, so take the time to re-stain and seal your deck so it doesn’t quickly see the effects of time and weather. While harsh weather can have an ill effect on your deck’s appearance, properly maintaining it will mean you can avoid the high cost of replacement that will be required.

Keeping It Clutter Free

Many homeowners get pretty comfortable in their home, and this can often mean that many boxes of unused items get stored away. Instead of keeping old items though, do a clean out once every 6-12 months to get rid of the things you don’t use. By having a clean basement and garage, you’ll also have the ability to notice many other maintenance issues that might not be visible with all the extra stuff.

There are a number of maintenance tasks around the home that people often forget, but neglecting to complete them can often times cost a pretty penny down the road. If you’re doing a few home renovations before putting your house on the market, contact your local real estate professional for more information.

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.

Thinking about Renovations?: 5 Considerations Before Hiring a Home Improvements Contractor

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Thinking about Renovations?: 5 Considerations Before Hiring a Home Improvements ContractorWith the pre-summer enthusiasm and the milder weather, springtime can be one of the best times of the year to take on home renovations that aren’t as easy in other months. If you happen to have some projects in mind and are considering taking the work on yourself, here are a few questions you’ll need to ask.

What Can You Take On?

If you have specific renovations in mind for the coming months, it’s very important to decide what you can reasonably take on and what you could pass on to a contractor. While some projects and fix-ups may be easier to complete on your own, some will require a greater degree of expertise.

What’s Your Skill Level?

You may have something that you think you can take on yourself, but if you’re new to renovating, it may be worth hiring a contractor who will be able to complete the job without incident. It can be a great learning experience to do many fix-ups on your own, but this can take a lot of time and energy too if you don’t know the details.

What’s Your Price Point?

Before deciding to hire a contractor, it’s important that you’ve thought about the potential costs associated with what you want to do. It can be pricy to hire someone if you have a lot that needs to be done, but someone else’s expertise can also end up being worth the money spent.

Do You Have A Timeline?

Many people renovate in the spring and summer months, and this means that your ideal contractor may not have a lot of time available. While this may end up working out for you, you’ll want to consider when you want it done so your expectations are not unreasonable.

Is A Second Opinion Helpful?

It’s great if you can handle all your home renovations on your own, but no one will be able to offer you the knowledgeable opinion that a contractor will. While a professional will undoubtedly be able to complete the work you’re requesting, they may also have helpful suggestions for you that may make for an even better home improvement.

Spring is an ideal season for home renovations, but before taking anything on you’ll want to carefully consider whether or not you’ll need to hire someone. If you’re renovating to put your home on the market, contact your local real estate professional for more information.

‘Free Pizza for Life’ and Other Crazy Home Sales Gimmicks from Across the Nation

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'Free Pizza for Life' and Other Crazy Home Sales Gimmicks from Across the NationWith the real estate market going through constant fluctuations, it can sometimes be a matter of strife to sell a home. Some will take the familiar road of staging and hope the offers come in, while others will do some crazy things to prove their home is worth buying. While you may not want to take the risk of making these bold moves yourself, here are the unusual things that some people did in hopes of getting their home off the market a little sooner.

The Perk Of Added Incentives

While there are a variety of goods that can be an added incentive to purchasing a home, one homeowner in Virginia Beach offered a 42-inch flat screen television to the lucky person who would make them an offer that couldn’t be refused. While this owner managed to sell in just a couple of weeks, other offers like expensive cars and gift certificates have long been attached to houses in the hopes of getting a more spontaneous sale.

A Real Ingenious Raffle

In the state of Maryland, log cabin owners Tom and Diane Walter opted to host a raffle so they could raise enough money to pay off the loan on their home. While the winning raffle ticket buyer would go away with a new home for only $50.00, the profits from the raffle would go to a local non-profit and the Walters loan fund. With the toughness of the real estate market, it’s a tactic that has gained popularity given the excitement of getting a house at a very economical price.

Testing Out The New Home

It’s certainly the case that being able to test something out might lead to more sale success, but a local builder in Portland, Oregon took it a little bit further than usual. Instead of offering up a staged suite, potential buyers were provided with a stay in a home at Atwater Place that was free of charge and included restaurant gift certificates, a gym pass and a lovely view of Mount Hood.

Staging a nice home at a reasonable price is always a great way to achieve selling success, but some have gone out on a limb to offer things that went well beyond the benefits of a new home. If you’re interested in things you can do to increase your chance of selling success in the market, contact your local real estate professional for more information.