Navy Fellas Realty Group

Real Estate, Residential sales and purchase

What’s Ahead For Mortgage Rates This Week – January 04, 2016

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Whats Ahead For Mortgage Rates This Week January 04 20162015 said farewell with reports on Case Shiller home prices, pending home sales, and consumer confidence. The details:

Case-Shiller Home Prices Post Double Digit Gains in October

According to Case-Shiller’s 20 City Home Price Index, Denver, Colorado, Portland, Oregon and San Francisco, California tied for the highest home price gains in October with year-over-year home price gains of 10.90 percent. Lowest annual price gains were posted by Chicago, Illinois at 1.30 percent followed by Washington, D.C with a year-over-year –reading of 1.70 percent. Home prices rose at their fastest rate since August 2014 according to Case-Shiller.

Month-to-month home prices showed mixed results in October. Miami, Florida posted the highest month-to-month gain of 0.70 percent. San Francisco, California posted a gain of 0.60 percent; Phoenix, Arizona and Portland, Oregon posted month-to-month home price gains of 0.60 percent.

Cities posting month-to-month declines in home prices included Chicago, Illinois where home prices declined 0.70 percent, Cleveland Ohio and San Diego, California posted month-to-month declines of 0.40 percent, Washington, DC home prices dropped 0.30 percent month-to-month. Home prices in Boston, Massachusetts and Las Vegas, Nevada were unchanged in October from September readings.

While Case-Shiller’s 20-City Index remains 11 to 13 percent below 2006 peak home prices, the index is approximately 36 percent higher than lowest home prices posted in 2012.

Pending Home Sales Dip in November

According to the National Association of Realtors®, pending home sales dipped 0.90 percent in November after posting a gain of 0.20 percent in October. Analysts expected a 1.0 percent gain in pending sales for November. Pending home sales peaked in May 2015, but short supplies of available homes and rising prices have caused home sales to slow. Pending home sales are defined as homes for which a sales contract is signed, but aren’t yet closed. November’s pending sales were 2.70 percent higher than for October and represented the 15th consecutive month of annual gains in pending home sales.

Regional results for November’s pending sales were mixed. The Northeast reported a reading of 91.8, which was nearly three points lower than October’s reading. The Western region posted a reading of 100.4, a decline of nearly 6 points. The Midwestern region posted a gain of one point to a reading of 104.9. The South had the strongest reading for pending home sales in November with a reading of 119.9, which represented an increase of 1.50 percent.

The National Association of Realtors® expects sales of pre-owned homes to top out at 5.25 million for 2015, which would be the highest reading since 2006. The national median home price for pre-owned homes is $220,700, which is six percent higher than in November 2014.

Mortgage Rates, Consumer Confidence Rise

Freddie Mac reported that the average mortgage rates rose across the board last week. The average rate for a 30-year fixed rate mortgage was three basis points higher at 4.01 percent; the average rate for a 15-year fixed rate mortgage was two basis points higher at 3.24 percent and the average rate for a 5/1 adjustable rate mortgage also rose two basis points to 3.08 percent. Average discount points were unchanged at 0.6, 0.6 and 0.4 percent respectively.

On a positive note for year-end, consumer confidence increased to a reading of 96.5 in December as compared to November’s upwardly revised reading of 92.6 and an expected index reading of 93.50. Analysts were relieved to see increasing consumer confidence after an unexpected decline in November.

What’s Ahead

This week’s scheduled economic news includes reports on construction spending, the government’s Non-farm Payrolls report and ADP’s payroll reports. Labor reports act as potential indicators of future housing markets as steady employment is typically a major factor in home-buying decisions.

Small Home Staging: 3 Ways That You Can Stage Smaller Spaces to Make Them Pop

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Small Home Staging: 3 Ways That You Can Stage Smaller Spaces to Make Them PopWhen it comes to real estate, putting your home in its best light is key when it comes to making the sale. While it may seem like you’re more limited with a home of a smaller scale, here are a few ways you can enhance what’s best and make a good impression on potential buyers.

Let There Be Ideal Light

If you’ve ever taken note of a room on a perfectly lit day or a downcast one, the difference in how lighting can impact a space is marked. When staging your small space, you’ll want to check the lighting of each room and make sure it ideally enhances the space it’s illuminating as few things can improve the look of a place like lighting. If you’re prepared to go all out, you may even want to install a swanky chandelier or lengthy light fixture in certain rooms as it can draw the eye up and lengthen the look of your space.

Brighten a Room with an Accent Wall

Homeowners often think that bright colors are a bad idea because they’re flashy and will minimize a space, but using a brilliant color on one wall of a room can actually maximize the look of your room and can serve as something memorable for viewers of your home. While you’ll want to make sure the color you choose isn’t garish and doesn’t completely overwhelm the eye, you’ll want to keep in mind that an accent wall works particularly well for enhancing a pint-sized bathroom.

Stand By a Statement Piece

It might seem like unique or off-the-wall furniture pieces will overtake the room in a small living space, but one statement piece can actually provide potential buyers of your home with a unique look that may instill an interest in your house and highlight it in a unique way. Instead of choosing multiple pieces that are bright or quirky, stick with one or two items per room that will stand out and make themselves known, but will still give off the living-style vibe that you’re going for.

Staging a small home can seem more complicated with less space, but there are great ways that you can highlight it to positive effect. While you may want to consider an accent wall or lighting that will effectively illuminate the room, if you’re interested in more tips for small home staging, you may want to contact a local real estate agent for more information.

3 Things That Will Absolutely Kill Your Chances for a Mortgage Approval

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3 Things That Will Absolutely Kill Your Chances for a Mortgage ApprovalIf you’re about to seek approval for a mortgage, you’ll want to ensure you have a solid credit score and clean financial records to boost your likelihood of being approved. There are certain characteristics that lenders want to see in a mortgage applicant before they agree to give a loan, and you want to prove that you’re a responsible borrower. But certain behaviors can easily tank your application and crush your home ownership dreams.

Before you seek approval, make sure your finances are in order. Avoid these three mortgage-killing habits while your lender evaluates your loan and you’ll quickly find yourself holding the keys to your new home.

Using Up Most Of Your Available Credit

It can be tempting to start buying furniture when your mortgage is about to be approved, but you’re better off waiting on the shopping trip until after you get the green light from your lender. Using a significant amount of your available credit – or applying for new credit – will impact your debt-to-income ratio and change your credit score. You might even end up getting yourself a higher interest rate or reducing your credit score to below the qualifying range – so don’t go credit-crazy until after you’re approved.

Being Late On Your Monthly Bills

Payment history makes up one third of your credit score, so you’ll want to make sure you pay all of your bills on time and in full if you’re looking for a mortgage. A single 30-day late payment on a bill can easily knock 50 to 100 points off your credit score. Even worse, some lenders require a full year of on-time payments before they’ll even consider you for a mortgage.

Co-Signing Someone Else’s Loan

Co-signing on a loan is generally risky under any circumstances, but if you’re trying to get approved for a mortgage, taking on liability for someone else’s debt will change your debt-to-income ratio. Being on the hook for a debt you don’t own makes you look like a risk to lenders – if the primary borrower on the loan you co-signed stops making payments, you’ll need to pay the loan, and that could divert your cash away from your mortgage.

Getting approved for a mortgage is a critical part of the home buying process, but too many would-be homeowners torpedo their own chances of getting a mortgage by making poor decisions.

Three Things You Can Expect when Buying a Home This Winter

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Three Things You Can Expect when Buying a Home This WinterWhen you’re looking into purchasing a home, there are plenty of things to watch out for at any time of the year, but there are a few things that you can expect during the winter months that may be a little different than other seasons. If you happen to be on the market for a home and are thinking of buying, here are three things you may want to consider for the winter buying months.

A Little Bit Off The Top

While there is significant home buying that goes on throughout the fall, it’s often the case that things slow down in winter with the often unruly weather and the busyness of the season. As a result, if you’re planning on making an offer during these months, you may be able to swing the home seller a couple thousand dollars in your direction to garner a bit of a discount. Though there are no assurances, it’s quite likely that the home seller will want to get their house off the market before springtime comes around.

A Speedier Approval Process

With the amount of properties being bought and sold in the winter months slightly lower than the rest of the year, you may be able to take advantage of a speedier approval process for your mortgage. Since there will be fewer client approvals to sort out, you may be in the clear shortly after you’ve decided on the home of your choice. This means more ease in the winter months for you, and a home you’ll soon be able to call your own.

An Effective Heating System

There may be certain upgrades you’ll want to make shortly after arriving in your new home, but if you decide to buy in the winter months, overhauling the heating system is not going to be one of the things you’ll want to worry about. If the furnace in good working order and is maintained on a consistent basis, you should be good to go; however, if any upgrades will need to be made you’ll want to clarify this with the seller before signing on the dotted line.

There are many factors in winter that can lend to a slow season for the real estate market, but there are a few things you can expect that may make buying a home in the winter months a worthwhile venture. If you’re looking for more information on purchasing a home in the near future, you may want to contact your local real estate professional for more information.

What’s Ahead For Mortgage Rates This Week – December 28, 2015

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Whats Ahead For Mortgage Rates This Week December 28 2015This week’s report of economic events is shortened due to the Christmas holiday. Economic news through Wednesday included Existing Home Sales, New Home Sales and Consumer Spending. The details:

Existing Home Sales Dip, New Home Sales Rise

According to the National Association of Realtors®, sales of previously owned homes dipped from October’s seasonally adjusted annual rate of 5.32 million sales to 4.76 million sales of pre-owned homes. This was considerably lower than analysts’ expectations of 5.30 million sales. Factors seen as contributing to November’s reading included pent-up demand caused by low inventories of available homes and affordability issues emerging as demand pushes home prices up. New regulations that extended the closing period for home sales were cited as causing some closings to be pushed into December. 

In contrast to lower sales for pre-owned homes, November sales of new homes rose by 4.30 percent from October to November based on a revised October reading of 470,000 sales. The original October reading was 495,000 sales of new homes, which provided the basis for analyst projections of 505,000 new homes sold on a seasonally-adjusted annual basis.

New home sales were up by 9.10 percent year-over-year in November. New home sales account for approximately 9.30 percent of home sales. Regional reports for new home sales were mixed. The Northeast region reported a drop of 28.60 percent, while the Midwest reported a gain of 20.50 percent. New home sales rose 4.50 percent in the South and fell 8.60 percent in the West. The good news about new home sales softened concerns about cooling housing markets caused by the abrupt drop in home resales.

Last week’s financial news ended on a positive note with December’s reading of 92.60 for consumer sentiment rose from November’s reading of 91.30 and also surpassed analysts’ expected reading of 92.

What’s Ahead

This week’s roster of economic reports includes Case-Shiller Home Price Indexes, Pending Home Sales and Consumer Sentiment for December. No reports will be issued Friday in observance of the New Year’s Day holiday.

Running out of Kitchen Space? 5 Storage Hacks That Will Help You Do More with Less

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Running out of Kitchen Space? 5 Storage Hacks That Will Help You Do More with LessWith all of the things that you need to fit into the kitchen, being economical with how you use your space can be a very important part of making it work. If you’re looking for some new ideas for how to use your space to maximum capacity, here are some hacks that might just make a marked difference!

Make Use of Magnets

Using magnets to hold up some kitchen essentials will not only be effective and functional, it will make for a quirky, modern space with personality. Whether you decide on a magnetized knife block for the side of the fridge or purchase some magnetized spices for easy access, this is a simple trick for storage that goes beyond the fridge.

Cue The Cutting Board Cover

One of the biggest problems with a small kitchen is the minimal counter space, but this is an easy problem to solve with a cutting board made to fit over your sink. Instead of having to move around items to make room on your counter, you’ll always have a convenient place to do your chopping that will be handy when you need it.

Maximize Your Ceiling Space

Pots and pans can take up a lot of cabinet space, but the purchase of an overhead rack can easily free up some of your shelves for a different use. By hanging pots, pans and even kitchen utensils from a rack, you’ll have a neat modern look that will add a twist on the traditional kitchen.

Arrange Your Drawers With Inserts

Everyone is familiar with the kinds of kitchen drawers that are in shambles, full of bottomless utensils that are hard to find when they’re needed. By purchasing a drawer insert, you will be able to organize your utensils according to type and utilize all of the drawer space that’s available.

Reconsider The Wine Rack

It’s generally the case that a wine rack is filled with wine bottles, but to add a funky and useful twist to your old rack, consider keeping all kinds of bottles in it. By adding in water bottles, soda, and even certain perishables, you can save room on your shelves and create a statement piece!

It can often seem impossible to make room for everything in a small kitchen, but there are lots of hacks that will free up more space for the items that are required. If you’re currently perusing kitchens on the real estate market, you may want to contact your local real estate professional for more information.