Navy Fellas Realty Group

Real Estate, Residential sales and purchase

You Ask, We Answer: How Long Should It Take to Sell My House in the Spring?

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You Ask, We Answer: How Long Should It Take to Sell My House in the Spring?Depending on where you live, selling your house in the spring could take a few weeks to a few months. Although people are in the market to buy a home all throughout the year, spring time appeals to buyers who may be planning to use an income tax refund to help with the down-payment or closing costs. If you want to sell fast make sure you pay attention to the details like curb appeal, freshening the interior, and pricing your home right.

Curb Appeal Basics

Selling your home quickly in the spring depends on a buyer’s first impression when they see your house. If you want to sell in the first couple of weeks it is on the market make sure to clean up debris that has collected and plant some flowers for a pop of color. You may also want to power wash the exterior and touch up paint around windows and doors to help get top dollar for your home.

Clear Out The Clutter

Freshening the interior of your home will give buyers an opportunity to imagine their own belongings in the house. Over the holidays you and the children may have collected new items that need to be packed away and stored out of sight. Once the clutter is cleared out make sure to clean the windows and baseboards to offer spring buyers a fresh clean view of your home.

Sell For The Right Price

Pricing your home right for the spring market is essential to make a quick sale. You may even want to set the price below market value to bring in multiple offers and drive the price up. If you are looking for a quick closing make sure your real estate agent uses this as a bargaining tool with potential buyers.

So how long should it take you to sell your house in the spring? It really depends on the market in your area and how well you prepare your house in advance. Curb appeal will make sure buyers stop in at your open house instead of driving by because the yard looks trashy. Giving the interior of your home a clean non-cluttered look will also help buyers envision a move in ready home. Finally, pricing your home in line with comparable homes in your neighborhood will help ensure you get the right buyer quickly so you can move on to a new adventure.

What’s Ahead For Mortgage Rates This Week – April 20, 2015

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Whats Ahead For Mortgage Rates This Week April 20 2015Last week’s economic reports included the NAHB Wells Fargo Housing Market Index, Housing Starts, and Freddie Mac’s weekly survey of mortgage rates. Other news included the weekly jobless claims report and consumer sentiment for April.

Mortgage Rates, Jobless Claims Rise

Mortgage rates moved up according to Freddie Mac. The average rate for a 30-year fixed rate mortgage increased by one basis point to 3.67 percent. The average rate for a 15-year fixed rate mortgage also increased by one basis point to 2.94 percent.

The average rate for 5/1 adjustable rate mortgages rose by five basis points to 2.88 percent. Discount points rose from 0.60 percent for 30-year fixed rate loans to 0.70 percent and fell from 0.60 percent to 0.50 percent for 15-year fixed rate mortgages. Average points for a 5/1 adjustable rate mortgage held steady at 0.50 percent.

Weekly jobless claims rose to 294,000 against expectations of 281,000 new claims filed and the prior week’s reading of 282,000 new jobless claims filed.

Last week’s reports ended on a positive note with April’s Consumer Sentiment report. The April reading rose nearly three points to 95.9 as compared to the projected reading of 93.5 and March’s reading of 93.0.

Home Builder Confidence Increases, Housing Starts Up

The National Association of Home Builders Wells Fargo Housing Market Index (HMI) rose to a reading of 56 against the March reading of 52. Builder confidence rose in all three components comprising the HMI. Low mortgage rates and improved labor markets were cited as factors influencing builder confidence.

Regional markets showed mixed results. Three month moving averages showed that builder confidence rose by one point to a reading of 56 in the South; the reading for the Northwest was unchanged at 42. And the Midwestern region lost two points for a builder confidence reading of 54. The West lost three points for a builder confidence reading of 58. The NAHB says that any reading over 50 indicates that more builders are confident about housing market conditions than those who are not.

Housing starts rose in March according to the Department of Commerce, but fell short of expectations. 926,000 housing starts were reported with expectations of 1.04 million starts. February’s reading was 908,000 starts. Lingering winter weather conditions contributed to fewer than expected housing starts.

What’s Ahead

This week’s scheduled economic news includes reports on new and existing home sales, the FHFA Home Price Index and weekly reports on mortgage rates from Freddie Mac along with weekly jobless claims.

Ready to Relocate? 3 Tips on How to Set a Moving Budget That Won’t Break the Bank

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Ready to Relocate? 3 Tips on How to Set a Moving Budget That Won't Break the Bank Relocating to a new area can be exciting, but it can also be expensive. There are many resources to help, but most cost money. However, if you take your time and plan carefully, you can reduce the expense so you don’t start your new life with new debt. Here are three tips to controlling your moving budget.

1. Find Out What’s Free

Nothing is better than paying nothing, right? Don’t assume you have to fork out money for everything you need to move. If you have accepted a new job, ask your new employer whether the company can cover any of your moving expenses.

When it comes to moving supplies, see what you can get without having to pay for it. Stock up on free moving supplies by asking your workplace, local grocery stores, and friends and family for unneeded, sturdy boxes. Instead of paying professional movers, see if you can barter with friends or family for help in moving boxes to and from the truck.

2. Focus On Essentials

After you’ve pursued every possible angle to cover your needs for free, you will likely need to pay for something. The trick is to only do so for what is absolutely necessary. Many providers will offer you help along the way, but you should only sign up for basic services. This could include moving big items such as a piano, paying for gas and tolls, or buying cartons for oddly-shaped or particularly valuable items. If you are not able to move things yourself, this could include hiring professionals.

3. Do It Yourself

If you have the time and are physically fit, start long before moving day and pack everything yourself. Rent or borrow a truck and move your boxes yourself, perhaps with the help of a friend. Take care of disconnecting old utilities and signing up for new ones. Handle both cleaning your old home and preparing your new one. Anything you can do with a little elbow grease will mean less money out of pocket.

Call your real estate agent for advice on keeping moving expenses down. Ask about providers who may give you a discount for being referred by your agent. Remember that you are in charge of your move, so don’t automatically sign up for every service available. By using free goods and services when available and doing much of the work yourself, you can set and follow a moving budget you can afford.

Home Builder Confidence Rises in April

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Home Builder Confidence Rises in AprilThe National Association of Home Builders (NAHB) reported that April’s Housing Market Index rose from a reading of 52 in March to 56 for April. This is in line with warmer weather and the peak home buying season in spring and summer. Readings over 50 indicate that more builders view market conditions as positive as those who do not. NAHB members cited lower mortgage rates and better labor market conditions as reasons they expect more home buyers to enter the market.

All Components of Builder Confidence Increase

The NAHB Home Builder Index is calculated from three components. The reading for confidence in current housing market conditions rose from 58 in March to 61 in April. Builder confidence for sales condition in the next six months rose from a reading of 59 to 64, which was the highest reading for 2015 so far.

Home builder confidence in buyer foot traffic moved from 37 to a reading of 41 in April. Lingering winter weather likely kept house hunters indoors in many areas. NAHB Chief Economist David Crowe said that the uptick in the NAHB Housing Market Index indicates that housing market conditions can be expected to improve throughout 2015.

Regional Housing Results Mixed, Fed Beige Book Cites Winter Weather

NAHB measures regional changes in housing markets on a three-month rolling average. April’s results were mixed.

Builder confidence in the southern region increased from 55 to 56 in April. The northwestern region was unchanged from March to April at 42. Builder confidence in Midwestern housing markets fell by two points from 56 to 54. The western region saw builder confidence fall three points from the March reading of 61 to April’s reading of 58.

In an unrelated report, the Federal Reserve also released its Beige Book report which is a collection of anecdotes from business contacts throughout the nation. Winter weather conditions were prominently mentioned in the Beige Book report and were seen as detrimental for housing conditions.

The Beige Book report also mentioned layoffs caused by low oil and gas prices. This could negatively influence housing market conditions in regions where oil and gas provide many jobs and contribute to local economies.

How Does Making Lump Sum Payments Affect Your Mortgage? Let’s Take a Look

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How Does Making Lump Sum Payments Affect Your Mortgage? Let's Take a Look Periodically, many homeowners will receive a rather sizable amount of extra cash. This may be from a bonus from your employer, a refund on your tax return, a financial gift from a relative or something else altogether.

While there are many things that you could do with your windfall, you may be wondering if paying down your mortgage balance is a wise idea. Before you make your decision about how to spend your money, consider what impact your lump sum payment will have on your mortgage.

Reduction in Principal Balance

The most obvious impact a lump sum payment will have on your mortgage is an immediate reduction in your outstanding principal balance. Your regular monthly payments will be applied to both interest and principal, but your lump sum payment will be entirely applied to principal. Therefore, you can expect to see a rather sizable reduction in the outstanding balance, and this will have a direct and positive impact on your home equity.

More Effective Loan Payments

Your required monthly mortgage payments will not be lowered when you make a lump sum payment on your mortgage, and you will still be required to pay the same amount to your lender going forward. However, your interest charges for each month will be adjusted. Your interest will be calculated based on the current loan balance each month. A reduction in outstanding balance lowers the interest charges. This essentially makes your future payments more effective at debt reduction and reduces the amount of interest you will pay over the life of your loan.

A Change to the Final Loan Payment Date

Because each of your loan payments going forward will be more heavily weighted on principal reduction than on interest charges, the fact is that your final loan payment date can be accelerated. Depending on the amount of the lump sum payment that you make toward your mortgage, this may be an acceleration of a single month, several months or even several years in some cases.

Making a lump sum payment on your mortgage can have many positive effects for you. However, this is not the only option available when deciding how to spend or invest your windfall. Compare these benefits against the benefits of other options available to determine your best course of action.

The Spring Rains Are Coming – Here’s How to Prepare Your Home if You Live in a Flood Zone

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The Spring Rains Are Coming - Here's How to Prepare Your Home if You Live in a Flood ZoneIf your home is located in a flood zone, it’s critical that you know how to get ready for those drenching spring rains. Here are some basic steps any homeowner can take to prepare for potentially devastating floods.

Community Emergency Plans

Your community has an emergency plan in case of flooding. There are warning signals to alert residents, evacuation routes mapped out and the locations of emergency shelters are given. Get in touch with your community government center if you haven’t already received copies of these preparedness plans.

Have a Family Plan

Floods can be devastating. In an emergency, it’s key that every family member knows what to do and where to go. Plan an evacuation route with your family and practice it. Be sure everyone has the name, address and phone number of a family contact who lives out of state in case anyone is separated during a flood event.

Be Proactive

Get ready to prevent disaster. Turn off all electrical power to the home as soon as there is any standing water or before you vacate it. Also turn off gas and water supplies if you evacuate. Hire an electrician to raise your electrical outlets, circuit breakers and other electrical component so they are at least a foot above the home’s flood elevation mark.

Emergency Supplies to Have on Hand

Being prepared in a flood zone means having emergency supplies available all the time, just in case. Stock your home with supplies that will last at least five full days. Have about five gallons of clean water per person on hand. Stock up on canned foods or other non-perishable food items. Be sure to have a non-electric can opener. Place aside some prescription medications or any other specific medical needs, in addition to a first aid kit. Have a battery-powered radio on hand and extra batteries. Also have a few flashlights at the ready. Sleeping bags or extra blankets are needed, as are personal hygiene supplies like toothbrushes, toothpaste, soap and towels.

Prepare Your Home Well in Advance

Finally, you’ll want to check on a regular basis that your sump pump is in working order and have a battery-powered back up available. Get a water alarm so you’ll know if water is pooling in your basement. Have your gutters and downspouts cleaned out at least twice a year.

Living in a flood zone means that you’ll need to be prepared, and there’s no better time than now to start getting ready.