24 Jan 2019
By Kevin Gahagan

Tips For Selling Your Home In The Winter

Real Estate

Tips For Selling Your Home In The WinterWinter typically isn’t one of the busier home buying seasons – those seasons are reserved for spring and summer. But to think that you can’t sell your home at market value during the winter months is being naive. In fact, you can even use some of the characteristics that define the season to your advantage.

For instance, because winter isn’t a hot selling season, there’s typically less inventory during this time of year. That said, if your home stands out in the listings, you have a better chance of getting on that coveted “short list” of buyers.

Here’s a look at some tips on how to do it:

Make Your Home Look Inviting

This is essential for selling your home at any period of the year, but it’s perhaps most important during the winter months. That’s because colder temperatures and shorter days have the tendency to make a property look a little dreary from the outside.

There are a few ways to enhance your home’s curb appeal during the winter months:

  • Exterior lights: Shorter days mean less daylight, so make sure your home is well-lit so that buyers can see all of its features in periods of low light.
  • Easy to navigate: Always ensure that your driveway and any walking paths are clear. This makes it easier for potential buyers to safely access the home and more closely observe the condition of the driveway, sidewalks, etc.
  • Decorate it appropriately: Don’t overdo it, but some seasonal decorations can add a nice touch.

Turn Up The Heat

Ideally, you want would-be buyers to walk in from the cold into a warm, cozy environment. So crank up the thermostat, make a fire in your home’s fireplaces (if applicable) and brighten any dark areas of the home. This helps create a comfortable interior environment as well as show off some of your home’s amenities.

Think Spring And Summer

As you know, your home is bound to look different during the summer months than it will during the winter. Hence, we’d encourage you to make sure that this is noted in your listings. Include exterior photos of your home during the warm weather months so would-be buyers can see the green grass, flowers in bloom and leaves on the trees.

Sometimes, envisioning how a home that is being shown in the winter will look at other times of the year can be difficult. Don’t waste the opportunity to include a few photos of your home at other times of the year.

Don’t be nervous about selling your home in the winter – just know how to showcase it to capture buyer interest. The buyers are out there in the winter, it’s just a matter of making your home stand out. Your trusted real estate agent is just the person to help you make sure your home is buyer-ready any time of the year!

And don’t forget to contact your trusted home mortgage professional for advice on financing options. You’re going to want to have a place to call home after you sell your current property!

23 Jan 2019
By Kevin Gahagan

Complete These Repairs Before You List Your Home

Real Estate

Complete These Repairs Before You List Your HomeThere are several things to do when you prepare to list your home for sale. One of the projects you’ll need to do is complete certain repairs. Your home should be in the best possible condition before your real estate agent shows it to potential buyers.

While your home doesn’t need to be perfect, here is a list of repairs you should strive to get done before you open your home to showings.

Front Steps And Deck Issues

The front entrance and back deck should be in good shape for curb appeal and safety. Replace or repair wooden steps that pose a danger or feel unstable. Hammer down any nails on the deck that have popped up over the years. Reinforce loose railings and hand rails. Refinish decking that has dried, cracked or peeling paint.

Sticking Or Noisy Hinges And Sliders

Buyers will likely be opening doors, drawers, windows and cupboards. Don’t let them be disappointed. Go through your home and identify doors, windows and drawers that don’t open and close smoothly. Lubricate hinges, drawer sliders or window sashes as necessary. Tighten loose screws on door hinges to ensure the door swings easily.

Cracked Or Broken Window Panes

Windows in disrepair often signal that the home hasn’t been well-maintained. Replace or repair cracked or broken windows or window glass that’s clouded over from loss of insulation.

Stained Carpets

Buyers’ eyes may instantly be drawn to visible stains on your carpet. Have carpets professionally cleaned with added stain removal services. Camouflage any stains that won’t come out with an area rug or a piece of furniture. Alternatively, consider replacing carpets that are in extremely poor condition.

Broken Tiles And Peeling Flooring

Flooring in poor condition often ruins the look of the room and is a safety hazard. Replace chipped or cracked floor tiles. Repair any corners where the flooring has begun to peel up.

Electrical Issues

Go through your home and make sure all the sockets, outlets and wall switches are in proper working order. Have a certified electrical technician do the work; otherwise the work may not be approved on home inspection report.

First impressions are extremely important when it comes to selling your home. Don’t assume that buyers will be able to look past needed repairs. Instead, take care of these issues before your agent shows your home.

Your trusted real estate agent is available to help you prioritize the home repairs that really matter to buyers. Your trusted home mortgage professional is ready to assist you with your financing for your next home. Be sure to get pre-approved before you start your new home search.

 

22 Jan 2019
By Kevin Gahagan

What’s Ahead For Mortgage Rates This Week – January 22nd, 2019

Financial Reports

What’s Ahead For Mortgage Rates This Week – January 22nd, 2019Last week’s economic reports included National Association of Home Builders’ Housing Market Index, the Federal Reserve’s Beige Book report and the University of Michigan’s Consumer Sentiment Index. Weekly readings on mortgage rates and first-time jobless claims were also released.

Commerce Department readings on housing starts and building permits issued were delayed due to the federal government shutdown, which continued and became the longest government shutdown on record.

NAHB: Builder Confidence Rises Amid Headwinds

Home builder confidence rose two points in January according to the National Association of Home Builders. Builder concerns over rising construction costs and tariffs on building materials were balanced by falling mortgage rates.

Builders felt pressure to create more affordable homes and to offer incentives to buyers that could create more sales. Building new homes is the only solution to the long-entrenched shortage of homes; the Home builder index is closely watched by housing and mortgage industry pros as an indicator of future home inventories and mortgages.

Federal Reserve Beige Book Shows Concern Over Current Economic Conditions

The Federal Reserve’s Beige Book report, which recounts Federal Reserve business contacts’ views of the economy included information from eight of twelve Federal Reserve districts. Business leaders cited higher costs including rising tariffs and costs for supplies. Business growth was slower during December and early January.

Additional concerns cited by the Fed’s business contacts included the government shutdown and conflicts over trade and political policies. Fed contacts reported mixed results with passing on higher costs to consumers. This suggests that consumers are “tapped out,” or are reining in spending among worries over the shutdown and rising costs.

Mortgage Rates Mixed, New Jobless Claims

Freddie Mac reported mixed activity on mortgage rates last week as the average rate for 330-year fixed rate mortgages was unchanged at 4,45 percent. The average rate for a 15-year fixed rate mortgage ticked down one basis point to 3.88 percent. The average rate for 5/1 adjustable rate mortgage rose four basis points to 3.37 percent. Discount points averaged 0.40 percent for fixed rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

Fewer first-time jobless claims were filed last week with 213,000 new claims filed as compared to expectations of 220,000 new claims filed and 216,000 first-time claims filed in the prior week.

The University of Michigan released its consumer confidence index for January; consumer uncertainty about economic conditions and the government shutdown caused January’s reading to fall nearly eight points to 90.70. from December’s reading of 98.30 Analysts expected a reading of 97.50, but this may have been based in hopes that the government shutdown would end.

What‘s Ahead

This week’s economic reports are limited by Monday’s holiday and the ongoing government shutdown. Expected readings include sales of new and pre-owned homes along with weekly readings on mortgage rates and new jobless claims.

18 Jan 2019
By Kevin Gahagan

4 Signs You’re Going To Need A Bigger House

Real Estate

4 Signs You're Going To Need A Bigger HouseThere comes a time in every young homeowner’s life when they need a bigger house. When you buy a starter home, it’s unlikely that will be your forever home. But how do you know when it’s time to spend the time and effort to upgrade to a larger home?

Here are four signs you’re gonna need a bigger house!

1. You Have To Move Stuff To Get To Other Stuff

In a house where there is enough room for everything, you can move freely and access all your things without having to rearrange furniture. If you find yourself constantly pushing other things aside in order to get to what you want, there isn’t enough space in your home.

2. You’re Always Misplacing Things

The key to organization is having a spot for everything. But if you’re short on space, everything can’t have its own spot. That’s when things get lost or misplaced. If you repeatedly misplace your belongings, you probably need a bigger house.

3. You’ve Got A Growing Family

Do you have a little one on the way? As your family grows, your need for space will increase. It’s hard to imagine that a small baby will take up much space, and they don’t. It’s the baby accessories that take up the space; the high chair, the playpen, the walkers, the crib, the toy chest and more. It’s all fantastically fun, but you are going to need a bigger house.

4. You Just Feel Cramped

You and the other members of your family should each feel like you have space to be alone, spend time on hobbies, and have private conversations. If you just feel cramped all the time or you feel like you don’t have any privacy, it could be because your house is too small.

When you finally realize that the problems aren’t with you, but with the size of your house, it’s very liberating. Now you have the answer to the issues. All you have to do is go out there and find a bigger house to move into.

Whether you are looking to purchase a larger home or refinance your current property, be sure to contact your trusted home mortgage professional to discuss financing options.

 

 

 

17 Jan 2019
By Kevin Gahagan

NAHB: Home Builder Confidence Grows After Lowest Level in 3 Years

Real Estate

NAHB Home Builder Confidence Grows After Lowest Level in 3 YearsAfter two months of declining builder confidence, the National Association of Home Builders Housing Market Index gained two points in January with a reading of 58. Component readings of the HMI were also higher with builder confidence in current market conditions rose two points to an index reading of 63. Builder confidence in housing market conditions over the next six months rose three points to 64.

The index for buyer traffic in new housing developments rose one point to 44. While index readings above 50 indicate positive market conditions, the index reading for buyer traffic is typically lower than 50.

Lower Mortgage Rates Compel Home Buyers to Act

Falling mortgage rates contributed to the uptick in home builder confidence, but affordability continued to impact first-time and moderate-income home buyers. Robert Dietz, NAHB chief economist, said: “Builders need to continue to manage rising construction costs to keep home prices affordable, particularly for young buyers at the entry level of the market.”

Analysts suggested that builders could consider offering deeper discounts and incentives to buyers to increase sales of new homes. Homes not sold during November and December added to current inventories of new homes available, which provides home buyers with more choices and less competition for homes.

Home Builders Expect More Buyer Traffic

Lennar Corporation, a major home builder said that increased buyer traffic indicated that 2019 home sales would increase and that improving economic conditions were expected to improve housing market conditions and home sales in 2019.

Builders expect to face continued headwinds in 2019; affordability tops the list, but relatively low inventories of homes in some areas dampen buyer enthusiasm. Single-family housing starts are also expected to be lower than the long-term yearly average. As economic conditions improve for would-be home buyers, a slim supply of homes and high home prices present obstacles to buyers.

Your trusted home mortgage professional is one of your best partners in your next home buying or refinancing transaction. Be sure to contact them to discuss market conditions in your area.