Blog – Page 633 of 789 – Mike Pfefferman

01

Apr

Around The Home

3 Budget-Friendly DIY Weekend Renovations to Step into Spring

3 Budget-friendly DIY Weekend Renovations to Step into Spring The springtime is often the best time of the year for cleaning up and getting rid of old items, but with its proximity to the winter months it can still be hard to commit to large-scale renovations. If you’re looking for some small fixes to give your home a seasonal boost, here are a few options that won’t take up a lot of time.

Freshen Up The Window Frames

Paint can instantly enhance the brightness of any room, but deciding to repaint can be a job that takes more than just a weekend. Instead of committing to everything, paint your window frames for a task that is cheap and doesn’t require a huge expenditure of time. Since the eyes will naturally be drawn to the windows in any room, this will serve to improve your space without all the work that goes into sanding and taping everything.

Add An Accent With Wallpaper

A creative, striking way to upgrade the look of your home is a wallpaper accent that will be easy to install but add trendy appeal to your home’s aesthetic. Instead of going for the same old, choose a wallpaper with a funky design to the area of your choice. By placing it behind a mirror or another picture, you’ll add a lot of oomph without all of the effort that goes into completely repapering a wall. It’s just important to ensure you use an adhesive wallpaper that can be repositioned in the event your first attempt doesn’t work out.

Replace An Old Fixture

It doesn’t necessarily take a lot of legwork to easily revamp a stale space, so consider a light fixture that will instantly draw the eye and can serve as a high-impact piece that really sets the tone for your chosen space. While you’ll want to choose something that won’t completely contrast with the style already present, the right piece can really enhance and modernize what you already have. It’s just important to turn off the breakers before you start fiddling around with installation.

The idea of home renovations can make people think of large scale projects that consume a lot of time, but there are plenty of little things to be done that will make for big changes without an excess of effort. If you’re making some upgrades want to see options for financing, please contact us for more information.

31

Mar

By support

Home Mortgage Tips

Rookie Mistakes: Don’t Make These 4 First-Time Homebuyer Mistakes

Rookie Mistakes: Don't Make These 4 First-time Home-buyer Mistakes Buying your first home is exciting. Many young people view homeownership as the definitive mark of adulthood, the final milestone on a decades-long journey. And while becoming a homeowner is cause for celebration, you’ll want to ensure you keep your enthusiasm in check just a little while longer.

Keep a level head and you’ll easily avoid these common mistakes first-time buyers make.

Don’t View Your Home As An Investment

First-time buyers commonly think that they can invest everything they’ve saved into a home, fix it up, and then sell it for a large profit in a few years. However, a home is a fixed asset that can be hard to sell off quickly. Economics professor Art Carden says “for people looking to start an investment, a stock or bond is a better option than a house, as I’ve never had to call a plumber because a mutual fund started leaking.”

Don’t Skip The Home Inspection

The American Society of Home Inspectors says 10 percent of home purchases happen without an inspection. Quite simply, buyers decide it’s better to save the fee for the down payment – but often, issues arise later that can result in multi-thousand-dollar repair bills. Foundation problems can be especially nasty, sometimes requiring a teardown.

Before signing a contract, make sure you have a licensed home inspector view the property.

Don’t Believe Everything You Read On The Internet

While it’s good to start researching neighborhoods, mortgage terms, and home valuations online, keep in mind that online estimates are just that – estimates. Not all mortgages are created equal, and the many differences between loans can result in significant changes in the overall cost. For example, just because a lender is giving you a mortgage without an origination fee, that doesn’t make it a good deal – you could be paying a lot more in interest rates.

Always make sure you thoroughly check and understand loan terms before signing anything.

Don’t Go For The Most Expensive House You Can Afford

When you qualify for a mortgage, your lender will tell you the maximum home purchase price they’ll fund, based on your annual income as well as your debt-to-income ratio. However, just because you can afford a $500,000 two-story townhouse, that doesn’t necessarily make it a good idea to buy said townhouse. You’ll want to give yourself a cushion in the event that you lose your job, have children, need to pay medical expenses, or go back to school.

First-time buyers often make a variety of mistakes when buying a home, but a mortgage advisor can help you to make the right decisions – decisions that set you on the best possible path toward homeownership. Contact your local mortgage professional today to learn more.

30

Mar

By support

Financial Reports

Case-Shiller Report Shows Home Prices Rose in January

Case-Shiller Report Shows Home Prices Rose in January Home prices were 5.70 percent higher year-over-year in January according to S&P Case-Shiller’s 20-City Home Price Index. Top year-over-year gains were posted by Portland, Oregon at 11.80 percent, San Francisco, California at 10.80 percent and Seattle Washington posted a year-over-year gain of 10.70 percent. Denver, Colorado, which had top gains in recent months, posted year-over-year home price growth of 10.20 percent.

Lowest year over-year gains for January were posted by Chicago, Illinois at 2.10 percent, Washington, D.C at 2.20 percent and New York, New York at 2.80 percent.

Average home prices remained about 12 percent below their summer 2006 peak, but have recovered to 2007 levels.

Rising Home Prices and Short Inventory of Homes Impacts Buyers and Sellers

David M Blitzer, Managing Director and Chair of the S&P Indices Committee expressed concerns over rapidly rising home prices and the shortage of available homes. Mr. Blitzer said “would-be sellers seeking to trade up are having a hard time finding a new larger home.” Analysts also noted that home prices are escalating faster than wages, which were growing at a rate of 2.20 percent annually as of February.

New construction is not keeping up with demand; the current supply of available homes is below the normal six month inventory. Mr. Blitzer said that home building is the segment of the housing sector that creates economic growth.

Rapidly rising home prices and low inventories of available homes are potentially sidelining first-time and moderate income buyers. This trend also sandwiches homeowners who want to buy larger homes between a short supply of available homes and finding qualified buyers for their current homes. Mr. Blitzer said that high amounts of education debt and consumer debt are contributing to younger buyers’ inability to qualify for mortgages. Mortgage lenders have loosened mortgage qualification requirements somewhat, but Mr. Blitzer said that lenders haven’t forgotten what happened 10 years ago; they remain reluctant to further ease lending requirements.

Pending Home Sales Rise in February

In related news, the National Association of Realtors reported that pending home sales rose 3.50 percent in February as compared to an expected reading of 1.80 percent and January’s negative reading of -3.0 percent February’s reading for pending home sales was the highest in seven months.

Analysts and real estate pros use pending home sales readings s as indications of future closings and mortgage loan activity.

NAR Chairman Lawrence Yun cited lower mortgage rates as the driving force behind February’s jump in pending home sales. Mr. Yun said that building more homes is essential for boosting home sales; he cautioned that failure to increase the current supply of available homes could cause home sales to “plateau.”