Navy Fellas Realty Group

Real Estate, Residential sales and purchase

Pre-Sale Painting: Color Combinations to Use – and Avoid – When Painting Your Home

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Pre-sale Painting: Color Combinations to Use - and Avoid - when Painting Your HomeOne of the more common steps that homeowners will take when preparing to list their home for sale involves repainting the walls. Walls can easily give the home a worn, drab look when they have visible signs of dirty, smudgy fingerprints and other unsightly blemishes.

While repainting the walls can have a whitewashing effect that instantly makes the home look cleaner, brighter and more appealing, the color combinations that you choose for your home should be considered with care. You have a rainbow of possibilities for your space when preparing your home for sale, but you want to choose colors that will have broad or universal appeal to buyers and that will showcase your home in the best possible light.

Neutral or Muted Hues are Ideal

Many homeowners love to paint their walls stylish or trendy colors, and they may dislike the banal look of beige walls throughout their home. While this may or may not be what you prefer for your home, keep in mind that you are trying to transform your home so that it has broad appeal to the buyers. The colors you choose should not reflect personal taste or preference. Instead, they should be selected based on colors that may be more likely to appeal to most and that may go well with the color of furnishings most already own. Neutral or muted hues are ideal. These lighter colors can also make smaller rooms seem larger, and they can make your entire home seem cleaner.

Avoid Bold, Dramatic Color Combinations

You may have some colors on your walls that you absolutely love, and you may be sad to see them go. However, when you have a bold, dramatic color combination in a room, a buyer may instantly be taken aback by such an intense color scheme. The buyer’s attention may then be focused on your interior design efforts rather than on the home itself, and this is not beneficial to your goal of selling your home. In addition, some may love your bold choices, but many may not. They may think about how those colors would not go well with their furnishings, and they may instantly start thinking about how they would need to work hard to repaint the walls after moving in. The last thing you want is for a buyer to think about your home as needing work.

If you are preparing your home to list for sale, repainting one room or several may be at the top of your to-do list. When you are selecting your paint colors, lean toward neutral hues that may have better appeal toward a larger group of home buyers.

What’s Ahead For Mortgage Rates This Week – April 6, 2015

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Whats Ahead For Mortgage Rates This Week April 6 2015Mortgage rates ticked upward for fixed rate loans and were unchanged for 5/1 adjustable rate mortgages according to Freddie Mac. Weekly jobless claims were lower in spite of slower job growth reports.

Last week’s economic events included several reports on jobs and unemployment including the ADP report on private-sector payrolls, the Department of Labor’s reports on non-farm payrolls and the national unemployment rate. The details:

Mortgage Rates, Pending Home Sales Weekly Jobless Claims

Fixed mortgage rates rose by one basis point for both 30 and -15-year mortgages. The average rate for a 30 year mortgage rate was 3.80 percent and the average rate for a 15-year mortgage was 2.98 percent.

The average rate for a 5/1 adjustable rate mortgage was unchanged at 2.92 percent. Average discount points for fixed rate mortgages were unchanged at 0.60 percent and rose from an average of 0.40 percent to 0.50 percent for 5/1 adjustable rate mortgages.

The National Association of Realtors® reported that pending home sales for February increased by 3.10 percent against an expected reading of -0.20 percent and January’s reading of 1.20 percent. This was a welcome surprise in light of severe winter weather conditions throughout much of the U.S.

Weekly jobless claims were lower at 268,000 new jobless claims as compared to the prior week’s reading of 288,000 new claims and expectations of 285,000 new jobless claims. Analysts note that week-to-week reports of jobless claims are volatile, and the four-week-rolling average is a better source for identifying jobless trends.

Non-Farm Payrolls, ADP Payrolls Lower

Labor markets received unwelcome readings as the Labor Department’s Non-Farm Payrolls report fell far shy of expectations and the ADP report, which measures private sector jobs, fell below February’s reading. Non-Farm Payrolls for March reflected only 126,000 jobs added against estimates of 243,000 jobs added and February’s reading of 264,000 jobs added.

This was the lowest reading for Non-Farm Payrolls in 15 months. The March reading raised questions concerning the potential for another economic slowdown and whether or not lower readings for labor reports signaled a temporary slowdown or indicated broader challenges to the economy.

ADP reported 189,000 private-sector jobs added in March as compared to February’s reading of 214,000 jobs added. This was the lowest reading since January, 2014. The ADP report is seen by analysts as a precursor of the Non-Farm Payrolls report.

The National Unemployment Rate was unchanged at 5.50 percent in February; this report lags a month behind Non-Farm Payrolls and ADP reports, so does not reflect the drop in job growth for March.

Labor markets are a priority for prospective and active home buyers as mortgage approval and the ability to afford a home hinges on steady employment. Housing markets could be in for more challenges unless dropping job growth proves to be a temporary situation.

What’s Ahead 

This week’s scheduled economic releases include reports on job openings and minutes of the last FOMC meeting along with Thursday’s reports on mortgage rates and weekly jobless claims.

 

 

 

 

 

 

Looking for a Fun DIY Project This Spring? How to Plant Your Own Vegetable Garden

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Looking for a Fun DIY Project This Spring? How to Plant Your Own Vegetable GardenWhen spring arrives, many people want to spend more time outdoors enjoying the fresh air and warmer temperatures. While you could lounge in a chair with a good book, you may find it more enjoyable to plant your own vegetable garden. This is an on-going project that will require you to spend time outdoors regularly, and it can be quite enjoyable to watch the fruits of your labor spring to life. More than that, you may love to sample and even share the tasty treats that you have grown on your own. If you are ready to get started planning and planting your vegetable garden, follow these preliminary steps.

Choose the Plants That You Want to Grow

As a first step, think about the types of plants that you want to grow in your garden. These should ideally produce vegetables that you and your family will enjoy eating. They also ideally will be suitable for growing in your climate and with the type of soil that is present on your property. Additionally, enough space should be available to accommodate the full grown size of the plants. This up-front effort is critical for the next few steps in the planning and preparation process.

Select a Suitable Space in Your Yard

Each plant species will have special growing requirements. Some plants may prefer to be in full sunlight, and others may prefer partial sunlight or mostly shaded areas. Some may prefer soil that is mostly dry or that is regularly moist and wet. Different areas of your yard may be more accommodating for some plant species than others. For example, plants that prefer more moist soil may thrive in a lower area of your yard that receives more runoff when it rains and that takes longer to dry out after a shower.

Choose the Best Time to Plant

A final point to consider is the best time to plant your crops. Some will thrive when cooler temps in early spring are still common, but others may not tolerate a freeze at all. These may need to be planted after the risk for a late spring freeze is gone. Think about how long it takes plants to grow and what the temperatures in your area may be when the plants are fully grown and ready to produce vegetables for you.

You may be able to complete much of this preliminary planning and research during the last few weeks of winter from the comfort of your own home. Keep in mind that you can get outdoors and begin to prepare your garden area before you are ready to plant your crops. These steps will pave the way for a truly enjoyable do-it-yourself project this spring.

Buying a New Home This Spring? How to Avoid Overpaying as the Market Starts to Heat Up

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Buying a New Home This Spring? How to Avoid Overpaying as the Market Starts to Heat UpWhile the real estate market in most areas may slow down considerably during the winter months, activity quickly picks up in the spring time. More listings are available for buyers to choose from, but there are typically many more buyers competing for those properties. With the fast-paced and often pressure-filled market activity during the spring, it is easy for buyers to react accordingly and to overpay for the home they fall in love with. By following a few important tips, you can take steps to ensure you get a great deal on your real estate purchase.

Avoid Making Impulsive Or Emotional Decisions

There are many reasons why buyers may overpay during the spring months, and these range from the feeling that they must act quickly to make an offer on a property they love to the belief that they need to offer the asking price even if they feel the price is too high. Some may even be involved in a bidding war with another buyer, and they may structure an offer based on emotion rather than on sound real estate fundamentals. While you may need to move quickly during the spring months, you also should avoid making impulsive, emotional decisions. Spending a little time researching the property and structuring an intelligent offer will generally not kill a deal.

Create A Firm Budget

All home buyers regardless of the season should create a firm budget. This should include a personal monthly budget so that they can determine what home ownership costs are affordable for them, and it should also include a buying budget that accounts for a down payment and closing costs. Keep a trained eye on this budget, and do not deviate from it.

Be Willing To Walk Away

When you fall in love with a property and envision your family living in the space for years, it is easy to develop an emotional attachment to it. While you may be excited about a property, you also should be willing to walk away if the transaction becomes too costly for you through negotiations and counter offers. Remember that there are many other properties on the market to choose from that may be more affordable for you.

Seeking representation from a skilled real estate agent is an important step to take when buying a home. A real estate agent can help you to define your goals and to remain true to them, reminding you of your needs and specifications as well as your budget for your purchase. If you are ready to start looking for a property to purchase, seek assistance from an experienced real estate professional today.

S&P Case-Shiller: Home Price Growth Slows in 2015

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Whats Ahead For Mortgage Rates This Week March 30 2015According to the S&P Case-Shiller Home Price Index report for January, home prices grew by 4.50 percent year-over-year as compared to  January 2014’s  year-over-year  price growth rate of 10.50 percent. This was the lowest rate of home price growth since 2012.

Analysts said that although slower growth in home prices could be good news for home buyers, national wage growth is not keeping pace with home price growth. The Labor Department reports that wages are growing at an annual rate of approximately two percent. Other obstacles to home buyers include strict mortgage standards and likely increases in mortgage rates during 2015.

Highest and Lowest Home Price Growth Rates in January

The S&P Case-Shiller Home Price Index reports that January’s five highest rates of year-over-year home price growth were:

Denver, Colorado – 8.40%
Miami, Florida – 8.30%
Dallas, Texas – 8.10%
San Francisco, California – 7.90%
Portland, Oregon – 7.20%

The five cities with the lowest year-over-year rates of home price growth were:

Chicago, Illinois – 2.50%
Minneapolis, Minnesota – 2.20%
New York, New York – 2.10%
Cleveland, Ohio – 1.60%
Washington, D.C. – 1.30%

No cities included in the 20 city index recorded no or negative growth rates on a year-over-year basis.  David Blitzer, S&P Index Committee Chair, cited growing labor markets, current low mortgage rates, lower fuel prices and low inflation as positive influences on U.S. housing markets.

The Case Shiller 20-City Housing Index report for January was also impacted by severe weather conditions that reduced demand for homes.  The 20-City Index has climbed by 29 percent since reaching March 2012 lows.

Pending Home Sales Rise

In other housing related news, pending home sales indicate that home sales are increasing as the peak spring and summer buying season gets underway. The National Association of Realtors® reported that its pending home sale index reading increased by 3.10 percent to 106.9 in February.

This was the highest reading since June 2013 and was up 12.00 percent over February 2014.  Pending home sales are sales for which a contract has been signed, but the sale has not closed. Pending home sales are considered an indicator of future home sales.

Understanding Valuations and How a Real Estate Agent Can Determine Your Home’s Value

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Understanding Valuations and How a Real Estate Agent Can Determine Your Home's ValueIf you are thinking about listing your home for sale, one of the biggest factors that may be holding you back from pulling the trigger on this decision is the value of your home. You may have a decent idea about the value of your home by researching other listings in your community, but you may not be able to pinpoint a fair asking price that would get your home sold quickly without leaving money on the table. The fact is that your knowledgeable real estate agent will provide you with a valuation up-front, and this can help you to make a more informed decision. There are several components to the valuation that you may need to know more about.

The Layout Of The Home

When a real estate agent is preparing a market valuation, he or she will initially tour your home to get a feel for the layout. Factors like the number of bedrooms and bathrooms, the size of the living areas, if the kitchen is closed off or open to the home and more will all impact desirability and therefore value. Because of this, it is not always easy for a homeowner to determine value with accuracy, and the insight of a knowledgeable and experienced agent is important.

The Square Footage Of The Home

Your real estate agent will know the average price per square foot of homes in the area, and this price per square foot can be applied to your own home. However, keep in mind that there is a difference based on one or two-story homes. Generally, one-story homes will have a higher price per square foot than two-story homes. Other factors such as the condition of the home and special features will come into play.

The Condition And Special Features

When you receive a valuation for your home, the real estate agent will give you additional value for special features that have broad market appeal or for an improved condition over other homes in the community. For example, if your home is in an older community and you have recently updated the kitchen, you may have a value based on a higher price per square foot than other homes in your area.

The fact is that the average price per square foot of similar homes in the area will come into play for your valuation, but there are adjustments made for different features and for the condition of the home. You can learn more about the value of your home by speaking with your real estate agent.