Blog – Page 507 of 892 – Mike Pfefferman

10

Jun

Financial Reports

What’s Ahead For Mortgage Rates This Week – June 10th, 2019

What’s Ahead For Mortgage Rates This Week – June 10th, 2019 Last week’s economic releases included readings on construction spending, public and private sector jobs and national unemployment. Weekly reports on mortgage rates and first-time unemployment claims were also released.

Construction Spending Little Changed in April

Census Bureau readings for April showed a minor dip in construction spending as compared to revised figures for March. $1,295.5 billion was spent on a seasonally-adjusted annual basis and missed the expected reading of $1,314.7 billion.

March construction spending was revised to $1,299.2 billion. Falling mortgage rates were good news for home buyers, but concerns over global economic disputes and higher materials prices concerned home builders.

Mortgage Rates Fall as Initial Jobless Claims Hold Steady

Freddie Mac reported lower average mortgage rates across the board. 30-year fixed mortgage rates dropped 17 basis points to 3.82 percent; the average rate for 15-year fixed rate mortgages fell 18 basis points to 3.28 percent and the average rate for 5/1 adjustable rate mortgages fell eight basis points to 3.22 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

Initial jobless claims were unchanged with 218,000 first-time claims filed. Monthly labor reports issued for May showed sharply lower jobs growth for public and private sector jobs.

Public and Private Sector Jobs Growth Dips in May

In a potential warning of slowing economic growth, public and private sector job creation fell far short of expected readings in May. The Labor Department’s Non-Farm Payrolls report showed 75,000 new jobs in May as compared to expectations of 180,000 new jobs and April’s reading of 224,000 public and private sector jobs created.

ADP’s report for private sector jobs growth was equally dismal for May; 27,000 jobs were created as compared to April’s revised reading of 271,000 private sector jobs created. Mark Zandi, who developed ADP jobs reporting, said “The economy is weakening; growth is slowing and slowing sharply.” The national unemployment rate was unchanged at 3.60 percent, which matched expectations. Analysts said that signs of slower economic growth could lead the Federal Reserve to implement monetary easing.

What‘s Ahead

This week’s scheduled economic news includes readings on inflation, retail sales and consumer sentiment. Weekly reports on mortgage rates and new jobless claims will also be released.

07

Jun

By First Rate Financial Group

Around The Home

Make the Most Of A Small Yard Space

Living With a Small Green Space: How to Make the Most of a Smaller, Intimate Yard It’s great to have a yard in this day and age, but so many new developments in the city have limited green space for you to let your imagination run wild. If you’re wondering what you can do with your patch of green space or small yard, here are a few options for making it aesthetically appealing and still maximize the potential.

Pick A Centerpiece

In order to stretch the look of your green space, try adding a centerpiece or focal point that will draw the eye and instantly improve your yard’s appeal. Whether you decide on a planter, a birdbath or an awning covered in vines, a unique piece will work to distract from the limitations imposed by your yard. A centerpiece may do nothing to expand your garden space, but by changing the way you view it, it will make all the difference in how you feel about it.

Make It Match

Your garden or back green space is going to look a whole lot smaller if it’s eclectic style diverges greatly from your home, so keep the two aligned. If there’s a selection of colors and style you use in the room that faces your yard, use them outdoors! It’s also important to make it something you’ll really use. As landscape architect Amber Freda of Amber Freda Home & Garden Design says, “A plain dining table with wooden chairs won’t entice you to use it very much, but really comfortable lounge seating will.”

Keep It Clean

It’s a well-known fact that clutter in any enclosed space will instantly make it look smaller, and it’s no different when it comes to your yard. Instead of jamming an excessive amount of stuff into your small space, keep it simple and decide exactly what you want to get out of the area, whether it’s a vegetable garden or a comfortable place to sit. In keeping with clutter free, you’ll also want to make sure you keep any invasive or aggressive plants from making themselves too comfortable!

It may seem limiting to have an undersized green space, but by deciding what you want to get out of it and creating a central point of interest, you’ll be well on your way to a comfortable place.

If you are interested in purchasing a new property, be sure to contact your trusted home mortgage professional.

06

Jun

By First Rate Financial Group

Real Estate

Renovations That Improve Resale Value And Those That Don’t

Renovations That Improve Resale Value And Those That Don't Those who want to renovate a home usually do this to make it more spacious, improve its condition, and to add amenities. However, it is also important to consider if the renovation has the potential to add value to a home.

Unless the plan is to live in the same place for life, there is a strong likelihood that, at some point, the home will go on the market for sale. It is nice if it sells for a high price and there is some profit for the seller in the transaction.

It is not the amount spent on renovations that is the key consideration. In fact, spending a lot of money making certain renovations may not improve the sales price, when the home sells. This guide helps decide between renovations that add value and ones that do not add value.

Renovations That Add Value

Renovations that add value are those things that almost everybody wants, which include:

Upgraded Kitchen: Having a professional-style cooking area and all the appliances with matching stainless steel-finishes creates an attractive upgraded kitchen. Many appreciate having an island area in the center for use as a working area when cooking large meals that doubles as an eating area for breakfast.
Luxurious Master Bedroom and Bathroom: Homes with a large master bedroom with big windows and a king-sized bed usually sell for a top price. If the master bathroom has a large renovated bathroom with a big tub, then this is a plus.
Extra Bedroom: Having another bedroom puts a home in a higher-valued category.
Lots of Closet Space: Many think that adding an extra bedroom is sufficient; however, adding extra closet space is also a great idea, especially when adding walk-in closets with his/hers vanity areas that are accessible from the master bedroom.
Green Systems: Solar energy systems that reduce the monthly utility bill are desirable. Energy-efficient windows are also attractive.
Smart Home Systems: These systems offer computer control of the home for energy efficiency, security, and convenience for the occupants.

Renovations That Do Not Add Value

Carpeting: Carpet colors are a matter of personal taste. If the carpet is not brand-new or thoroughly cleaned, it will lower the interest in the home. It is better to have nicely-finished wood or tile flooring with rugs strategically placed to create different usage areas. Offer to sell the rugs for their value with the home or to take them away.
Excessive Front Yard Decorations: There are a few homes that have so many garden gnomes in the front yard that adding another one is nearly impossible. Avoid this because not everybody appreciates this style.
Swimming Pools: For many, this is potentially negative. The cost of building a new, in-ground, swimming pool is not usually an amount recouped in the selling price. Some like pools; however, many others do not like the idea of continual maintenance and monthly expenses. Families with young children may see pools as very dangerous.
Bright-Orange Exterior Paint: It is not surprising to learn that most people do not like houses painted this color and other garish colors. Even if the paint is new, they do not usually sell for a higher price.

Summary

In general, in order to add value with renovations, do the things that most people appreciate. Complete the project for a budget to add to the purchase price of the home that will not exceed the average market value of a home of a similar type.

Homeowners who follow this general rule, get to enjoy the renovations and get their money back, perhaps with some profit, when the home sells.

If you are in the market for a new home or considering renovating your current property, be sure to contact your trusted home mortgage professional to discuss current financing options.