Sep 19, 2013 | Home Buyer Tips
When you are buying a new home, it is important to take into consideration the four-legged residents that will be living there, as well as the two-legged ones. What things should you keep in mind if you are house hunting and you own a pet?
Layout Of The House
When you are looking at the house layout, think about how it will accommodate your pet. If you have an old dog that can’t climb stairs very well, look for a home that is mostly one level.
Cats like to have little alcoves and quiet spaces where they can hide away. Think about where you would put the kitty litter box or the food bowls so that they would be practical and would not get in the way.
Be sure to also look at the yard. Is it fenced, so that you can let your dog outside to run around? Is there an outside hose that you can use for bathing your pet?
Is there room for a dog house? You might also want to avoid a house near a busy road, in case your pet escapes and runs into traffic.
Pet Friendly Neighborhood
Take a look around the rest of the neighborhood. Do you see that many other people have dogs and cats? Are there a lot of friendly people out walking their dogs? Is there a vet, a pet shop and a dog park nearby?
When they see your dog or cat, do people smile and say hello? A neighborhood full of pet-friendly people is a great place for you and your furry friend to live, because you will feel welcomed. You might even make some new friends to go on walks with!
City Ordinances
It is a good idea to know about the local city ordinances when it comes to cleaning up after your pet. In many places, failing to scoop up your dog’s droppings when taking him for a walk can lead to a very expensive fine! This is a mistake that you don’t want to make when you move into a new home.
Clarify The Rules For Unusual Pets
Most people have dogs and cats, but if your animal companions are a little less common, you might need to check the rules. If you own a goat, chicken, donkey, sheep or any other farm animal as a domestic pet, check with the proper officials about the zoning regulations and ordinances in the area you are buying your home.
These are just a few things to consider on behalf of your pet when you are buying a home. For more real estate advice, contact your real estate professional.
Sep 18, 2013 | Housing Analysis
Home builder confidence was unchanged for September according to the National Association of Home Builders/Wells Fargo Housing Market Index HMI released Tuesday. After four months of rising confidence, September’s HMI reading came in at 58, which was not far from expectations of a reading of 59.
August’s reading of 58 was revised from 59. Readings over 50 indicate that more builders view housing market conditions as being positive than negative.
Housing Market Index Readings Rise
Components of September’s HMI include readings for home builder views of current market conditions, which maintained August’s reading of 62. The September reading for buyer foot-traffic rose to 47 from 46 in August.
Builder expectations for housing market conditions within the next six months slipped from a reading of 48 in August to 45 for September. Lower expectations for market conditions within the next six months likely take into consideration the coming winter months when weather conditions slow construction and home sales.
Home builder confidence has far outpaced actual home construction on a year-over-year basis; the HMI increased by 45 percent since September 2012. Investors expect a seasonally-adjusted reading of 921,000 housing starts for August on Wednesday. This figure represents a year-over-year increase of 23 percent for housing starts.
Rising mortgage rates affected September’s reading. In addition, David Crowe, chief economist for NAHB also cited consumer credit restrictions, a low inventory of lots available for development and rising labor costs as factors contributing to a plateau in builder confidence.
Fed Decision On Quantitative Easing Tapering Expected
Wednesday’s highly anticipated statement from the Federal Reserve’s Federal Open Market Committee (FOMC) has created a “wait-and-see” mood among home buyers, home builders and investors. The Fed is expected to announce whether or not it will begin tapering its $85 billion monthly purchases of securities.
This program, which is called quantitative easing, was designed to keep long-term interest rates low. Speculation on the Fed’s upcoming decision about reducing its securities purchases has caused mortgage rates to rise since May.
Economists are expecting the Fed to announce moderate tapering of QE to $75 billion in monthly purchases. Reducing or not reducing the fed’s securities purchases has become an elephant in the room to those concerned with mortgage rates; in recent months, the Fed has hinted at its intention to taper QE purchases before year-end.
If the Fed reduces its securities purchases, the demand for securities (bonds) is expected to fall, along with bond prices. When bond prices fall, mortgage rates typically rise. The good news is that once the Fed announces a decision on QE, the guesswork will be done for a while.
Sep 17, 2013 | Home Buyer Tips
Most of the time when buying a property, there are a few obvious factors that you will consider – such as the location, the number of bedrooms, the accessibility to schools or your workplace, the need for repairs and any interior features. However, there are a few things that might not have crossed your mind during your house hunting but are still quite important.
Water Quality
Most home buyers don’t even think about the water quality at the property until they get to the inspection stage. However, if you find out that the home has hard water this will dull your clothes when you wash them and irritate your skin.
Hard water will also create calcium deposits within your showers and faucets and even inside your washing machine and dishwasher. Have the water tested so you know its quality and can look into options for a water purification system.
Cell Phone Reception
When looking at a house, don’t forget to pull out your cell phone and check to make sure that you get good reception. There are a number of “dead zones” throughout the country and you don’t want to buy a house where you can’t make a phone call on your cell.
If you have found your dream house but it has poor phone coverage, there is the option to buy a wireless cell phone signal booster.
Lead, Asbestos And Other Health Risks
When buying homes that are older, make sure that you have the home thoroughly inspected for any health risks such as lead paint or asbestos insulation.
These materials were commonly used several decades ago, before anyone realised how toxic they really are. If you find any toxic substances you can have them removed safely or look for a healthier home.
Slope Of The Land
Take a walk around the property and look at the land around the house. Is it flat, or does the earth dip or slope in one corner of the property? Keep in mind that when it rains, water will flow to the lowest point on the property.
If the house is at the bottom of a slope you might have issues with dampness collecting around the foundations. This can be corrected only with serious landscaping, so it’s much easier to buy a house on higher ground.
These are just a few factors to consider that you might not have thought of when buying a house. For more real estate tips on property, contact your real estate professional.
Sep 16, 2013 | Housing Analysis
Last week didn’t feature any housing-related news other than Freddie Mac’s weekly survey of mortgage interest rates.
Reports on consumer credit, job openings and weekly jobless claims suggest that without some relief in the jobs market, Americans may be taking a “wait-and-see” stance toward buying homes.
Consumer Credit Rose By $10.40 Billion In July
The Federal Reserve reported Tuesday that revolving credit fell by an annual rate of 2.60 percent as compared to an annual decrease of 5.20 percent in June. Non-revolving consumer credit such as vehicle and education loans rose at an annual rate of 7.40 percent.
Freddie Mac’s Primary Mortgage Market Survey indicated that mortgage rates were unchanged for both 30-year and 15-year fixed rate mortgage loans. The average rate for a 30-year FRM was 4.57 percent with discount points of 0.80 percent; this was higher than last week’s 0.70 percent.
Average rates for a 15-year fixed rate mortgage were unchanged at 3.57 percent with 0.70 percent in discount points. The average rate for a 5/1 adjustable rate mortgage fell by six basis points from 3.28 to 3.22 percent with discount points unchanged at 0.50 percent.
Mortgage rates are likely to change next week in response to any announcement by the Federal Reserve regarding its plan for reducing the amount of monthly bond purchases in its current quantitative easing program.
Mortgage rates would likely rise if the Fed begins tapering its $85 billion monthly purchase of securities, but if the Fed maintains its current rate of purchases, mortgage rates could remain steady or fall in response to the news.
Retail sales fell short of expectations on Friday. The Department of Commerce reported a seasonally-adjusted growth rate of 0.20 percent in August against an expected reading of 0.50 percent and July’s revised reading of 0.40 percent, which was initially reported at 0.20 percent.
The University of Michigan/Thompson Reuters Consumer Sentiment Index for September fell to its lowest reading since April. The September reading was 76.80 percent as compared to expectations of 81.50 percent and August’s reading of 82.10 percent.
What’s Coming, Will The Fed Taper Its Securities Purchases?
This week’s economic news is highlighted by the Fed’s FOMC statement scheduled on Wednesday after its two-day meeting. The announcement is expected to include an indication of the Fed’s intention concerning its QE program and whether or not monthly securities purchases will be reduced. Fed chairman Ben Bernanke is scheduled to give a press conference after the FOMC statement.
Other scheduled economic news for this week includes the Consumer Price Index and Home Builders Housing Market Index on Tuesday; Wednesday brings reports on Housing Starts and Building Permits in addition to the FOMC statement and press conference. Thursday’s economic reports include Weekly Jobless Claims and the Freddie Mac PMMS along with Existing Home Sales and Leading Indicators.
Sep 13, 2013 | Home Buyer Tips
When people are buying a home, one of the things that they sometimes forget to consider is the need to be able to accommodate guests. You likely have out of state relatives or friends who might come and visit you and you will probably want to be able to give them a place to sleep so that they don’t have to pay for a hotel.
You will also probably want to have your parents or your relatives stay over on special occasions such as Christmas. You might even need to host guests for long periods of time, such as if an aging parent needs to move in with you or you need to give a struggling friend some support while they get back on their feet.
Having a home that is well suited to having guests stay will make being a host a lot easier. Having someone sleep on a fold out couch in your living room can be inconvenient for both you and your guest, so what should you look for in a home so that hosting someone will be comfortable?
- If you have a small home, you might not have room for an extra guest bedroom that is only used occasionally. Instead, choose a home with a multi-purpose room that can be used as a home office, a storage space or a hobby room as well as a guest bedroom.
- You could use clever storage solutions and a Murphy bed or futon to make the transition into guest bedroom when your friends and relatives arrive. Another option is to choose a home with a finished attic, which can easily be turned into a great small bedroom for guests.
- Does the house have enough bathrooms for everyone? Waiting for the bathroom while someone else has a shower can get annoying really quickly when there are extra people in the house. A guest bedroom with its own ensuite is ideal.
- Have at least two or more “chill out” spaces so that everyone doesn’t have to enjoy the same activity. If some of your family members are watching a movie but a couple others want to have a quiet chat or play a board game, make sure that there is another spot where they can sit. It doesn’t have to be huge, just another set of chairs or a sofa somewhere.
- For the guest room, choose a bedroom that is furthest away from the rest of the main traffic areas in the home. This means that if you wake up earlier or get in later than your guests, you can cook or go about your daily chores without making a lot of noise right outside their door.
- Make sure that the dining area is big enough to accommodate a larger table to seat your extra guests.
These are just a few things to consider when choosing a home that will make hosting guests easy. For more info about buying a home, contact your trusted real estate professional.
