Dec 4, 2013 | Real Estate Tips
Any real estate agent will tell you that it’s harder to sell your home in the winter. The days are colder and shorter, leaving less time to show your home to potential buyers.
The good news is that most of the buyers who are looking at houses in the winter aren’t just killing time. They’re serious enough about finding their new home to go house hunting at a time that most people would rather stay inside.
There Are A Few Things You Can Do To Make A Good Impression On Home Buyers This Winter:
- Make sure all walkways are safe. Spread out ice melt or sand to provide traction during snowy weather. Shoveling the snow on the driveway and sidewalks will make your real estate appear more inviting and well-maintained. Be sure to place a mat for visitors to wipe their feet on.
- Warm up the house. Buyers will remember the house that was pleasantly warm on a frigid day. In addition, you will be able to demonstrate to the buyer that your furnace is in good working order.
- For a welcoming scent, bake cookies the day of the showing. Some people are sensitive to the fragrances in air fresheners and perfumes, so skip spraying those when expecting someone to look at your house.
- Serve snacks in the kitchen. Give the buyer a reason to linger in your home by leaving a light snack in the kitchen. If the weather is cold, consider providing chili or soup in a crockpot to keep it warm with festive disposable bowls. Or, to keep it simple, you can provide coffee or hot chocolate and cookies. Be sure to talk with your real estate agent before leaving these snacks so he or she knows they’re for the buyers.
- Make your house appear warm and inviting. Turn all the lights in the house on; place warm-toned throws and decorator pillows around the living room. Put on some soothing classical or jazz music; keep the volume low enough that buyers can talk quietly to each other.
You can make your home seem more inviting this winter by using these proven techniques.
Are you ready to sell your home? Call your trusted real estate professional today.
Dec 3, 2013 | Housing Analysis
According to the S&P Case-Shiller 10-and 20-City Housing Market Indices for September, home prices grew at an average of 13.30 percent year-over-year and achieved the highest growth rate for home prices since February 2006.
On a month-to month basis, home prices are slowing in most areas with 19 cities included in the S&P 20-City Housing Market Index showing lower rates of growth in home prices. September’s average month-to-month growth rate was 1.0 percent for the 20-City HMI as compared to 0.90 percent in August, and 1.90 percent posted earlier in 2013.
Home prices increased by 0.70 percent in September for the combined 20-City and 10-City Housing Market Indices tracked by Case-Shiller.
Rapidly Rising Home Prices In The West: Another Housing Bubble On Tap?
Home prices continued rising in the West, with Las Vegas leading the pack with a 29.10 percent gain year-over-year although average home price in Las Vegas, Nevada remains 46 percent than its peak in February of 2006.
California also showed double-digit year-over-year growth for home prices with San Francisco at 25.70 percent, Los Angeles at 21.80 percent and San Diego posting 20.90 percent growth in home prices year-over-year.
Rapidly increasing home prices in the West are largely due to demand exceeding supply, but buyers may be sitting on the sidelines due to concerns over another housing bubble in the making.
Buyers in this scenario are aware of increasing home prices, but aren’t buying now to avoid higher prices later. Instead they are waiting to see what happens with current home prices and housing market conditions in the longer term.
Chicago, Illinois posted its highest year-over-year growth rate since 2005 while Cleveland, Ohio posted a growth rate of 5.00 percent for September as compared to a month-to-month growth rate of 3.70 percent.
This was the second lowest month-to-month growth rate for home prices, with New York City posting a month-to-month home price growth rate of 4.00 percent from August to September.
FHFA Reports Slight Gain In Home Prices
The Federal Housing Finance Agency reported stronger gains in home prices for properties financed with mortgages owned or guaranteed by Fannie Mae or Freddie Mac. In September, home prices reported by FHFA rose by 0.30 percent as compared to August’s growth rate of 0.40 percent.
On a year-over-year basis, FHFA reported a gain of 8.40 percent between the third quarter of 2012 and the third quarter of 2013. Adjusted for inflation, home prices as reported by FHFA have risen approximately 7.20 percent. FHFA noted that home prices are growing at a rate far above the rate of 1.20 percent reported for other “goods and services.”
Lower numbers of foreclosed homes are seen as a boost for home prices in general; as mortgage lenders tend to offer foreclosed homes for sale at low prices in order to reduce inventories of real estate owned.
Dec 2, 2013 | Mortgage Rates
The short holiday week brought a flurry of economic reports last week. Highlights included pending home sales, the S&P Case-Shiller Housing Market Indices and the FHFA home price index. No reports were released on Thursday and Friday in observance of the Thanksgiving holiday.
The NAR released its Pending Home Sales report for October. Although pending home sales dropped by -0.60 percent, the decline was less than September’s reading of -4.60 percent.
NAR cited higher home prices and mortgage rates along with concerns over the then-pending government shutdown as factors that contributed to fewer pending sales. Pending sales are determined by signed purchase contracts and are considered an indication of future completed home sales and mortgage loan closings.
Department of Commerce reported that building permits issued increased from 974,000 in September to 1.03 million for October. Permits for multi-family dwellings rose by 17 percent from September, but permits for single-family homes rose by 1.00 percent.
A lagging supply of available single-family homes has been driving home prices up as demand also increases. The multi-family reading reflected the sector’s volatile nature and was largely concentrated in the West.
Case-Shiller And FHFA Report Higher Year-Over-Year Average Home Prices
The S&P Case-Shiller 20-City Housing Market Index for September reported its highest year-over-year gain in seven years, but the month-to-month reading was lower. The year-over-year reading was 13.30 percent in September and the month-to-month reading showed lackluster growth at 0.70 percent.
When seasonally adjusted, September’s reading was 1.00 percent against the seasonally-adjusted August reading of 1.90 percent.
In addition to the then-looming government shutdown, concerns over rapidly rising home prices in the West may have caused would-be buyers to sit on the sidelines as fears of another “housing bubble” gained traction.
Rising home prices also impact affordability and impact the ability of buyers depending on mortgage loans to compete with cash buyers.
The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, issued its housing market index report for September. Based on sales of homes financed with Fannie Mae or Freddie Mac-owned mortgages, FHFA’s report indicated that year-over-year home prices at an annual rate of 8.50 percent in September as compared to August’s year-over-year reading of 8.40 percent.
Economists noted that the increase of home prices is slowing due to a number of factors including higher mortgage rates and restrictive lending policies that are making it more difficult for buyers to purchase homes.
Analysts said that next year could bring a more sustainable rate of home appreciation with year-over-year readings averaging between five and eight percent.
Freddie Mac issued its weekly Primary Mortgage Market Survey on Wednesday; average mortgage rates for 30 and 15 year mortgages rose to 4.29 percent and 3.30 percent respectively.
Discount points for fixed rate mortgages were unchanged at 0.70 percent. The average rate for a 5/1 adjustable rate mortgage dropped by one basis point to 2.94 percent with discount points unchanged at 0.50 percent.
What’s Ahead
This week’s scheduled economic reports include Construction Spending, ADP Employment, New Home Sales and the Fed’s Beige Book. The Bureau of Labor Statistics will release its Non-farm Payrolls report and the national unemployment rate.
Weekly jobless claims and Freddie Mac’s Primary Mortgage Market Survey will be released as usual on Thursday.
Nov 29, 2013 | Around The Home
When it’s cold outside, there’s nothing quite as cozy as curling up on the sofa with a good book in front of a roaring fire. A fireplace evokes the idea of a warm and pleasant atmosphere.
However, if it isn’t properly maintained, your living room could be filled with a cloud of soot, or worse, fire. A fireplace not only creates a snug setting, but most are actually functional and can help heat your home.
Harness their heat and generate the ambiance of a softly lit living space by following the tips below to ensure yours is properly maintained and working efficiently before the first cold spell hits.
Clean It Regularly
Have your chimney cleaned out twice a year. The recommended number varies depending on how often you use your hearth. However, you should have it cleaned every fall to ensure it’s properly vented so that smoke has a way to escape.
Also, you’ll want to make sure that no animals have made their home there over the summer.
Close The Damper
Make sure you close the damper when you’re not using the fireplace. You don’t want to make your furnace work overtime because warm air is sneaking up and out the chimney.
Install A Chimney Cap
If your home doesn’t have a chimney cap, then have one installed. These help to prevent snow, leaves, animals and other debris from falling down the chimney. Caps also help keep downdrafts from gusting into your living area.
Burn Firewood Only
A fireplace isn’t the spot to burn your broken chair or ex-girlfriends photos. Painted wood, plastic and other treated wood surfaces can release chemicals into the air of your home. Worse, they can coat the interior walls of your fireplace, so you continue breathe them in for the next couple of fires.
Mount Smoke Alarms
If you don’t already have them, mount smoke alarms near your hearth and in every bedroom. Consider installing combined carbon monoxide and smoke detectors if you have a home with a gas-burning fireplace.
Don’t use your fireplace without taking the right precautions. Get it cleaned, and if it’s your first use, then be sure to get it inspected beforehand. Make the hearth in your home the heart of your home by following the tips above to ensure it’s up to snuff this fall.
Nov 27, 2013 | Happy Thanksgiving
“There’s always something to be thankful for. If you can’t pay your bills, you can be thankful you’re not one of your creditors” – Author Unknown
With Thanksgiving being tomorrow, I find myself thinking about everything I have to be thankful for. For instance, I’ve been a real estate agent for some time, which is a position that I enjoy and love.
What Am I Grateful For?
I’m also grateful to be able to share the knowledge that I’ve learned throughout the years with my clients and those of you who read my blog. It’s a wonderful and rare thing to do something that you love for a living.
Most of us are so busy reaching our goals, making plans for the future, pushing and struggling to rise to wherever we feel our position in life should be, that we very rarely take the time to look back at where we started.
While it’s always a good idea to have goals, to visualize and work towards them, if you never take the time to appreciate what you’ve done then it becomes a constant, maddening race to the finish line. Intangible things, such as happiness and satisfaction, fall by the wayside, considered unimportant in the grand scheme of things.
What Do I Savor?
With Thanksgiving drawing closer, this real estate agent invites you to think about what you have to be thankful for. Whether big or small, you’ll find yourself savoring all the good things in your life.
So what are some of the things that you’re grateful for? It doesn’t have to be a big thing to be appreciated. Was the sky particularly beautiful today?
Maybe you caught the bus on time, or you’re throwing the family Thanksgiving dinner this year and everyone is coming. If it brightens your life, brings a smile to your face, lightens your mood or warms your heart, be thankful for the experience.
Enjoy each moment as if it were your last, sipping from the cup of gratitude and appreciation; you may find that your heart is constantly filled with happiness. Your trusted real estate professional invites you to make every day Thanksgiving Day.
