Blog – Page 712 of 931 – Mike Pfefferman

03

Jan

Home Buyer Tips

5 Major Red Flags to Watch for When You’re Touring an Open House

5 Major Red Flags to Watch for When You're Touring an Open House An open house is one of the best opportunities a potential homeowner will have to take stock of a home and determine if it will work for them. However, it can also be a good opportunity to discover some glaring red flags that might make it a less worthwhile investment. If you’re currently perusing the open houses in your neighborhood, here’s some things you should make sure to watch out for.

A Selling Hot-Spot

It’s well and good if you love the home you visit, but ‘location, location, location’ is a popular phrase for a reason. If you’ve noticed a lot of homes for sale in the area, this could be a sign of neighborhood issues that are less than pleasing.

An Odd Smell

Baked goods or room spray are quite common when it comes to an open house, but it’s possible that they’re masking a less-than pleasant odor. Since this can point to a hard home fix-up, it’s worth checking out the closets or the basement where a strange smell can indicate mildew or mold.

A Bad Paint Job

Paint that’s peeling may mean that a few fresh coats are long overdue, but it can also indicate moisture issues in the home that have gone untreated. As this kind of repair can cost a pretty penny, it’s worth determining if there are sealing issues with windows or doors.

A Few Obvious Fix-Ups

A sticky door or a damaged wall may not seem so bad on their own, but if you notice a few things that need to be fixed around the home, it can be a sign that there’s more afoot. If a homeowner has cared for the property during their ownership, it will likely show in small details like this.

Incomplete Construction

It may seem like a good sign to see a house that’s undergoing a renovation, but it can actually be a risk to invest in a home that’s not complete. Instead of leaving this to chance, you may want to check with the construction contractor to determine the scope of the work and when it will be finished.

An open house may be a good time to decide if you’re interested in a home, but it can also be the perfect opportunity to search for deficiencies that may end up costing you.

02

Jan

By support

Mortgage Rates

What’s Ahead For Mortgage Rates This Week – January 2, 2017

Last week’s economic reports were in short supply due to the Christmas holiday. Events reported included Case-Shiller home price indices, pending home sales and weekly readings on mortgage rates and new jobless claims. Consumer confidence was also released.

Case–Shiller Readings Indicate No Slowdown in Home Price Gains

Case-Shiller’s October readings for its home price indices showed continued growth in home prices. In spite of rising home prices and mortgage rates, high demand for homes and slim supplies of homes for sale continued to fuel higher home prices.

According to Case-Shiller’s national home price index for October, home prices rose 5.60 percent on an annual basis as compared to September’s reading of 5.40 percent. The 20-city home price index rose to 5.10 percent from September’s reading of 5.00 percent. Case-Shiller’s 10-city index also gained 0.10 percent in October with a reading of 4.30 percent year-over-year.

Seattle, Washington, Portland, Oregon and Denver, Colorado had the highest year-over-year home price gains in October with readings of 10.70, 10.30 and 8.30 percent respectively. David M. Blitzer, Managing Director and Chairman of the S&P Indices Committee, said that “Home prices and the economy are both enjoying robust numbers,” but he also cautioned that rising mortgage rates and home prices growing faster than wages continue to pose obstacles for some home buyers. The Federal Reserve is expected to raise its federal funds rate in 2017, which is expected to prompt rising mortgage rates.

Mortgage Rates Mixed, Pending Home Sales Fall

Pending home sales fell 2.50 percent in November. Analysts said that post-election reaction helped to drive mortgage rates higher, which made homes less affordable for first-time and moderate-income buyers; Sellers and buyers may have postponed decisions to sell or buy as they waited for volatile post-election responses to ease.

According to the National Association of Realtors®, pending home sales fell to their lowest level in almost a year with an index reading of 107.30 in November. September’s reading was 110.00. The holiday season and rising mortgage rates were seen as contributing to fewer pending home sales.

Freddie Mac reported the ninth consecutive week that fixed rate mortgages rose. In the final mortgage rates survey for 2016, the average rate for a 30-year mortgage rose two basis points to 4.32 percent; the average rate for a 15-year fixed rate mortgage was three basis points higher at 3.55 percent. 5/1 adjustable rate mortgage rates averaged 3.30 percent, which was two basis points lower than the prior week. Discount points averaged 0.50 percent for all three mortgage types.

New jobless claims were lower last week with a reading of 265,000 new claims filed. Analysts had expected 270,000 new claims filed based on the prior week’s reading of 275,000 new claims filed.

In spite of rising home prices and mortgage rates, consumer sentiment was higher than expected in December with a reading of 113.70 as compared to expectations of 110.00 and November’s reading of 109.40.

What‘s Ahead

Next week’s scheduled economic reports include Labor Department releases on Non-Farm Payrolls, and the national unemployment rate. ADP payrolls and weekly readings on mortgage rates and new jobless claims will also be released. Financial markets will be closed on Monday in observance of New Year’s Day.

30

Dec

By support

Home Seller Tips

Selling Social: How to Leverage Your Social Network to Sell Your Home Faster

Selling Social: How to Leverage Your Social Network to Sell Your Home Faster There were days when the marketing of a home involved plunking a sign into the front yard, but with the power of the Internet, there are many mediums through which home sellers can find potential buyers. If you’re currently looking at ways to use the power of social media in order to get your ideal purchase price, here are some things you can do to best harness its capabilities.

Make A Facebook Page

According to the social market service provider, Postling, approximately 80% of real estate agents are now using Facebook in order to market and sell their properties. This means that Facebook is not only a great tool for agents, it can be an ideal means of marketing for you. By creating a Facebook page for your home that is professional looking and informative, you may be able to tap into a unique base of people without having to do a lot of legwork.

A Picture Says A Thousand Words

Open Houses can have a huge impact on finding the right buyer for your home, but a good picture can also be a great way of drawing in interested parties. Instead of creating a video or a website, you may want to try making a Pinterest account that highlights the rooms of your house and any special details that may work to entice homebuyers. It’s just important to make sure your pictures show your house in its best light so you can get people through the door.

Create A Twitter Account

It may seem a bit strange to create a Twitter account for your home, but it can actually be a fun and simple way to attract a broad mix of people and show what your home has to offer. Because a Tweet must engage people in 140 characters or less, it can be a great opportunity to articulate the benefits of your home in a concise, clear way. In addition, it’s an easy and affordable means of getting your home out there without having to invest money or time into marketing materials and a website.

From marketing material to a savvy real estate agent, there are a variety of ways to sell a home. However, with the power of social media, many home sellers have the opportunity to do the legwork without putting in a great deal of effort.