Mar 13, 2015 | Real Estate Tips
When preparing to list your home for sale, you may be wondering who will buy your home. While this initial thought may be one spurred by curiosity, the fact is that understanding who your target audience is and what they are looking for in a home may help you to position your home to sell more quickly and for a better price. If you have determined that there are many younger buyers moving into your area, you may want to make a few changes that will add appeal to this target audience. While you could spend tens of thousands of dollars or more completing a home makeover, there are a few budget-minded ideas that you may consider.
Add Color to Molding and Trim
One of the hottest trends in home décor and interior design is to get rid of the standard white trim and molding and to add color to these areas. Neutral hues like grays and browns have universal appeal, or you can give your space a more contemporary look by adding black to these areas. Generally, you will want a more neutral color like a creamy beige on the walls when executing a look with colored trim.
Update Light Fixtures
If you have a little more money to spend, you may consider updating your light fixtures. There are rather affordable yet stylish fixtures available in a wide range of finishes. When your rooms are empty or staged to perfection, the light fixtures can easily set the tone of the room and may be focal points. Outdated fixtures may have limited appeal to young buyers who are looking for a home that is modern and current with today’s trends.
Redefine Outdated Spaces
In some older homes, some of the rooms may have originally been built with outdated uses in mind. Today’s younger buyers may be looking for a home with an exercise room, a media room or a study rather than a formal living or dining area. With this in mind, you may consider how you can stage your home to show that it can be used for modern purposes. This may simply mean moving your formal dining room set into storage, adding French doors and investing in an affordable desk and side chairs for staging purposes. This is just one of several options available that may give your home broader appeal to a younger audience shopping for a modern floor plan.
If you are thinking about listing your home for sale and you believe that you will likely attract younger buyers to your home, you can consider implementing some of these ideas in your space. Your real estate agent may be able to offer additional suggestions that are customized for your specific home.
Mar 12, 2015 | Real Estate Tips
Taking an extended vacation can seem like a dream come true. You may have plans to spend your summer in Europe, your winter in the Caribbean or even a full year or longer exploring a different region. If you have the luxury of taking an extended vacation, you may have your sights set on adventure and relaxation.
However, you also need to consider the practicality of leaving behind your home and belongings for an extended period of time. A great idea is to take on a long-term tenant for your home, and there are a number of benefits that you can enjoy by doing this.
Generate Income From Your Home
When you lease your home to a long-term tenant, you will be able to generate a monthly income from the property. This can be used to pay for your mortgage, property insurance and other related expenses while you are gone. Essentially, it can make it more affordable for you to take your trip for an extended period of time.
Decrease Your Maintenance Expenses
When you are away from your home, you may still have maintenance and upkeep chores to do. When you are home, for example, you may easily be able to water your lawn and mow the grass on your own. You may deal with a leaky pipe before it becomes problematic and causes considerable damage to the home. When you are gone, you may need to pay for a lawn service, and you have nobody to watch over the interior of the home. However, when you lease your home to a tenant, the tenant may be responsible for caring for the yard. In addition, he or she can alert you to issues that develop inside the home.
Someone to Keep an Eye on Your Property
When a home appears to be vacant, it is more likely to be vandalized or burglarized. A tenant will give your home an occupied look and will decrease the risk of criminal activity. In addition, the tenant may change your air filters, replace batteries in the smoke detectors and take other steps to keep the home in great condition for you while you are gone. You can specify your requirements in the lease.
If you are planning an extended vacation and you are looking for a convenient way to ensure that your home is taken care of while you are gone, consider the benefits of taking on a long term tenant. You can speak with a real estate agent to learn more about the market rental rate for your home.
Mar 11, 2015 | Real Estate Tips
There are few things that can be more stressful than buying or selling a home. When you are buying and selling a home at the same time, your stress level may understandably skyrocket through the roof. There may be financial aspects of both transactions that may be cause you stress, and you may be dealing with logistical issues or simply feel stressed by the stacks of documents piling up for both transactions. While this will inevitably be a challenging time in your life, you can more easily navigate through the transactions with success by following a few tips.
Consider the Timing of Both Transactions
One of the best things you can do when buying and selling a home at the same time is to plan ahead and consider the timing of both transactions. You may get lucky enough to get an offer on your home from a buyer who wants to close just a few days before you close on your new home. However, it is more likely that these two transactions may be finalized weeks or longer apart from each other. You may need to plan on finding an interim home or paying double mortgages for a period of time. You may consider which of these two options is more preferable to you based on your work situation, your family’s needs and your budget.
Prepare a Budget Ahead of Time and Update It Periodically
Financial stress can mount during this period of time. You will need to make a good faith deposit and pay for third party reports and mortgage application fees for your new home purchase. You may also need to pay money to make repairs and to stage your current home before you list it. It is common to rent a storage unit and to pay for boxes and moving supplies as well.
In addition, a buyer for your current home may request that you make repairs to your home before closing. It is important that you prepare a budget so that you can pay for all of these expenses as they arise, and you should consider leaving yourself ample funds for unexpected expenses. If you run into a cash crunch, consider completing the sale of your current home entirely before going under contract with your new home purchase.
Use the Same Real Estate Agent for Both Transactions
The knowledge and support of a real estate agent can be beneficial to you for both transactions, and you may consider using the services of the same agent for both. Dealing with one person who is familiar with your goals and needs can be truly beneficial to you throughout the entire process, and he or she may offer insight about the best steps to take to make the transition from one home to the other smoother for your family.
While buying and selling real estate can be stressful, you do not have to make the process more difficult than it needs to be. You can set up a time to meet with a real estate agent today to begin discussing your plans and to take the initial step.
Mar 10, 2015 | Around The Home
If you are concerned about the presence of radon in your home, you are not alone. The fact is that radon is an invisible, odorless gas that may be found in buildings around the world. It is a radioactive gas that is emitted from the ground soil as trace amounts of naturally occurring uranium break down. The gas can enter a building and remain trapped, and this is known to cause as many as 21,000 deaths related to lung cancer each year, according to the EPA. Testing your home from time to time is a necessity, and you can easily accomplish this in two different ways.
A Home Radon Test Kit
Regardless of the age or location of your home, you should test your home periodically for the presence of radon. You may be able to purchase a radon test kit at a local home improvement store or even online. These kits are designed to be easy to use and to read, and they can provide you with the information you seek in a short period of time.
A Professional Indoor Air Quality Test
Another option is to hire a professional to complete a full indoor air quality test. This may provide you with more information about the presence of radon, asbestos, mold spores and many other pollutants and particulates that may be making you and your family sick. A professional test may be more comprehensive and sensitive. Furthermore, the results can be more reliable.
If You Have Radon In Your Home
If you have the unfortunate experience of learning that your home has radon gas inside of it, you may immediately feel stressed and concerned. This is understandable considering this is a known carcinogen. However, while it is important that you take immediate action to cleanse and purify your home’s air, there is not a need to panic. There are numerous filtration and purifier systems that you can invest in that have amazing results. In fact, some can eliminate up to 99 percent of the radon in your home.
Even if your home tests clean for radon today, keep in mind that this gas can naturally seep into your home over time. You may consider testing your home periodically for radon at regular intervals for the entire time you live in the space. This will help you to identify a problem in your home and to take action soon to minimize the health risks for you and your loved ones.
Mar 9, 2015 | Market Outlook
Last week’s economic news was light on housing related reports, but several employment reports were released along with the national unemployment rate, which dipped to 5.50 percent. This was a full point below the Federal Reserve’s original target rate of 6.50 percent. Construction spending was incrementally lower than expected and mortgage rates also fell.
Fewer Private-Sector Jobs, Non-Farm Payrolls Increase
The ADP employment report for February fell from January’s reading of 250,000 jobs to 212,000 private-sector jobs. January’s reading was upwardly revised from the original tally of 213,000 jobs added. News was better for Non-Farm Payrolls for February. The Labor Department reported that 295,000 jobs were added; analysts expected a reading of 238,000 new jobs based on January’s original reading of 257,000 jobs added, but January’s reading was revised to 239,000 jobs added. The Non-Farm Payrolls report includes both public and private-sector jobs.
Weekly jobless claims rose to 320,000 against expectations of 301,000 new claims and the prior week’s reading of 313,000 new jobless claims. The week-to-week jobless claims report is considered volatile; most analysts base forecasts on a four-week rolling average.
National unemployment decreased from 5.70 percent in January to 5.50 percent in February as compared to an expected reading of 5.60 percent. February’s reading was the lowest since May 2008. Construction added 29,000 in February, which could indicate a boost in home construction. The unemployment rate does not account for 17.50 million workers who work part-time but want full-time work and those who have left the job market. The labor market participation rate fell to 62.8 percent, which was its lowest since the late 1970s.
Analysts said that based on the lower unemployment rate, the Fed may move as soon as June to raise the target federal funds rate to prevent rapid inflation, but Federal Reserve policy makers have consistently cited concerns over labor markets as a reason why the fed funds rate hasn’t been raised. A combination of stagnant wages, higher mortgage rates combined with stubbornly strict mortgage credit requirements could cause housing markets to lag behind other economic sectors until would-be home buyers achieve steady employment and can qualify for home financing.
Mortgage Rates Drop
Freddie Mac provided good news as average mortgage rates dropped. Last week’s rate for a 30-year mortgage was 3.75 percent and lower by five basis points; the average rate for a 15-year fixed rate mortgage dropped by four basis points to 3.03 percent and the average rate for a 5/1 adjustable rate mortgage was three basis points lower at 2.96 percent. Discount points were unchanged at 0.60 percent for fixed rate mortgages and 0.50 percent for 5/1 adjustable rate mortgages.
What’s Ahead
This week’s economic news includes reports on job openings and labor market conditions along with retail sales reports. Consumer sentiment will be release and Freddie Mac mortgage rates and weekly jobless claims data will be released as usual on Thursday.
