9 Home Improvements That Can Help (and Hurt) Value

Home improvement can be taken as very demanding action,  but there are also some ways of home improvement you can do yourself. Therefore, before you start with any, see what improvements are the most needed in your home. Nowadays, a big attraction is an energy-efficient home which saves a lot of energy and reduces energy costs. On the other hand, maintenance problems and pest or bug infestations are a major turn off and should be looked into ASAP.

We bring you several great pieces of advice you can use to improve your home’s value and feel more comfortable and cozy.

1. Water Filtration System

A water filtration system in your kitchen is a small addition that will appeal to many home buyers and is used for purifying the water. When you have a water filtration system installed in your house, you don’t have to buy bottled water anymore. The best thing is that it’s not expensive at all, and everyone can afford it.

2. Removing Old Carpets

Besides looking old, old carpets might also be hiding contaminants and allergens which means you have bad air quality in your home. Sometimes the best option for testing an indoor air quality is to call a professional company because they will surely do a great job.

Wooden floors are an excellent way to bring the touch of outdoors in your home. Great examples of environmentally friendly natural products are tile or laminated floors. By replacing your old carpets with a hard surface floor, your house will be easier to clean, and you’ll have more time to do things you like.

3. Replacing Popcorn Ceiling

It is no secret that homes with popcorn ceilings are outdated so get rid of this popcorn ceiling fast. To be sure that it does not contain asbestos, it would be best to hire professionals to test it. Replacing Popcorn Ceiling is as simple as buying a solution to soften the texture from the hardware store and scraping the popcorn away.

4. Bathroom Remodeling

Remodeling bathrooms is a great way to add more value to your home. If a full rebuild is not in your budget, you can invest in many small changes that will freshen up your bathroom. Replace the dated wallpaper, old lighting, add some fancy cupboard knobs or change the faucet and shower heads.

5. Kitchen Remodeling

Just like the bathroom, a big kitchen update can do wonders. Stained sinks and old appliances are all things to look at. If replacing the kitchen cabinets is too much for you, you can always give them a new look by adding a new varnish or paint layer and swap those old doorknobs with modern ones.

6. Maintenance and Repairs

Maintenance is an ongoing process, no matter if you plan to live in your house for a long time or move soon. Repairing or replacing broken appliances or fixtures will avoid further damage. Certain things are not to be left, and for example, leak spots on the ceiling can cause great damage to your roof if not taken care of immediately. If your home is up for sale, a sign of poor maintenance will make the home seekers wonder what else is wrong with the house.

7. Water Heater Upgrade

An old water heater can be a turn off for some home buyers, but you can find water heaters that come with a tankless model. This kind of water heaters are more efficient as they only heat up the water that you need.

8. Appliance Updates

Nowadays, energy-efficiency is becoming trendy. Appliances with an energy star label use 10 to 50 percent less energy and water than other conventional appliances. New models look great, and many are stainless steel which is a bonus. If you do not have the money for buying modern devices, upgrade the lighting to energy star.

9. Update Fixtures

Fixtures in your home include curtain rods, light fixtures, doorknobs, switch plates, outlet covers, etc. Make sure that these are updated because sometimes it’s the small detail that counts. For example, outlet covers and switch plates look more attractive when made of metal. These changes are easy to do yourself and aren’t so expensive, just be sure you choose the right color which looks great combined with other furniture in your home.

Written By Matt James

Source: https://realtytimes.com/consumeradvice/homeownersadvice/item/1016748-20180420-9-home-improvements-that-can-help-and-hurt-value?rtmpage=

April 20, 2018   No Comments

Get The Home You Want, Millennials: Smart Strategies For First-Time Homebuyers

Hey, Millennials. Come on into the real estate market! We really need you to buy some homes so we can keep chugging along. Oh, wait. Prices are rising and so are interest rates, plus inventory is scary low. Hmmm. Well, come on in anyway, wontcha?

It’s not easy to buy a home in a hot market where inventory remains at historic lows – and that covers a lot of areas across the country at a wide range of different price points. But it’s especially hard right now for Millennials, who aren’t exactly getting a warm welcome from the market that has been begging them to participate.

“I think it’s fair to say this is the most competitive housing market we’ve seen in recorded history,” Danielle Hale, chief economist for Realtor.com, told Curbed. “There’s record low inventory and strong interest from buyers in getting into the housing market. Millennials are reaching prime homebuying age – in 2020, the greatest proportion of that generation will be turn 30 – just as baby boomers are looking to downsize. This has created especially fierce competition for smaller homes, the type of starter homes that most first-time buyers desire. This dynamic can be especially frustrating for young adults because they may be bidding for the same smaller home as someone from an older generation who can lean on the accumulated wealth of decades of homeownership.”

But that doesn’t make buying impossible – just a bit more challenging. Get a leg up by following a few smart strategies.

Work with the right REALTOR®

This is not the right time to give your brother-in-law’s cousin’s neighbor who just got his license a shot. Having a competitive edge is more important than ever, and you need a savvy, experienced, and well-connected real estate agent to help you buy a home.

Work on your down payment

You may be competing against buyers who are coming in with an all-cash offer, which you’re going to have a hard time standing up to. But, there are ways you can make your offer look better. Remember that if it comes down to a multiple-offer situation for your home, sellers won’t just compare the offer prices. They’ll look at your down payment and the terms, and you need to have better terms than the next guy. You may only have 3.5% down, and that may be all you need to qualify for your FHA loan, but that doesn’t mean the seller will embrace you.

“Your down payment is a key part of the offer you present to the seller,” said Money Crashers. “The general rule of thumb is simple: the larger the down payment, the stronger the offer. More precisely: the greater the down payment’s share of the total purchase price, the more likely the seller is to accept.”

If you’re ready to buy and there’s no time to get a second job or go into hyper-savings mode, you can always take advantage of down payment assistance programs like the National Homebuyers Fund or hit up a relative. “If you’re struggling to pool enough cash for your down payment, a generous relative or friend can help by giving you money,” said NerdWallet. “But the money must be a true gift, not a disguised loan, and it must be documented properly through financial statements and a gift letter. If the gift is really a loan that you have to pay back, lenders won’t accept it.”

Be flexible on the closing

If another potential buyer is insistent on a 30-day close, but you could close earlier, later, and even rent back to the seller if need be, you just might end up with the house you want. Flexibility is key to submitting a winning offer, so make sure you have a Plan B – a place to stay for a few days or longer if you’re going to be between houses, and a mover/storage option squared away.

Look in adjacent neighborhoods

Yeah, you have your heart set on a specific neighborhood. But if it’s just not happening, consider the next neighborhood over. Experts say they have great potential upside.

Consider the worst house on the block

Buying the ugly duckling is a top strategy for investors, and one that can get buyers in the door (literally!) if they’re having trouble purchasing move-in-ready homes. “When your budget as a first-time buyer doesn’t stretch to a house in perfect condition in a neighborhood you adore, you might consider buying a home that needs work. Or maybe you’ve watched fixer-upper TV shows and think you could handle sweat equity. Either way, real estate experts say buying a house that needs renovating can make sense as long as you are realistic about the process,” said the Washington Post. “A fixer-upper can be a smart investment, particularly if you can buy a property under market value and then increase its value with the right projects. While some home buyers prefer move-in-ready homes, they are stuck with the choices the previous homeowner or builder picked for their countertops, fixtures and floors. Not only do buyers of fixer-uppers get to select their finishes, they also can make sure the work is done the way they want.”

If you’re worried about how you’re going to pay for all those renovations, ask your real estate agent or lender about a 203(k) loan, which rolls renovation funds into your mortgage. “An FHA 203k loan, (sometimes called a Rehab Loan or FHA Construction loan) allows you to finance not one, but two major items 1) the house itself, and; 2) needed/wanted repairs,” said The Mortgage Reports. “Because the lender tracks and verifies repairs, it is willing to approve a loan on a home it wouldn’t otherwise consider.”

The loan addresses a common problem when buying a fixer home: lenders often don’t approve loans for homes in need of major repairs.”

Waive contingencies before you submit your offer?

Note the question mark. Your real estate professional may caution you against this strategy. But, lenders like Better Mortgage are making it work with a program that “allows buyers in select markets to not only underwrite their finances, but also get the appraised value of their home before they submit an offer. That means they have the option to waive both financing and appraisal contingencies to make their offer as competitive as cash.”

Written By Jaymi Naciri

Source: https://realtytimes.com/consumeradvice/sellersadvice/item/1016724-20180419-get-the-home-you-want-millennials-smart-strategies-for-first-time-homebuyers

April 19, 2018   No Comments

April Market Statistics

*ALL REIN

Source: REIN, Inc.

Here is a quick snapshot of what happened in the market in March! If you don’t know what the market is like in you neighborhood and would like to change that then call me today!

 

April 18, 2018   No Comments

Trend Alert: Big, Bold Floral Walls

If there’s one thing you can count on, it’s that some type of floral pattern will always be in style. And they’re even more prevalent in spring – especially this year. “We can hear Miranda Priestley’s dripping sarcasm now: Florals? For spring? Groundbreaking,” mused Country Living.

But today’s floral trends are a far cry from your grandmother’s busy, tightly patterned situation. Instead, it’s all about big and bold, and the trend is hitting hard for those who want to make a statement on one wall, or more.

This Ellie Cashman Design “dramatic, large-scale floral wallpaper is inspired by the still life paintings of the Dutch Golden Age,” they said. “Majestic, ethereal blooms cascade down a dark, shadowy background.” The wallpaper appears as part of Elle Décor’s April Edit: Large-Print Florals (Their edit also includes dinnerware, placemats, and pillows, along with several fashion pieces.). “The April Edit is devoted to all petals, pistils, and stems,” they said. “A fresh bouquet, literal or figurative, marks the start of spring like no other. But beyond adding a fresh spray wherever counter space allows, plant a seed in your wardrobe and on your wall, too.”


Elle Decor
It’s just one of the large-print florals that are breaking the light and airy mold this season. Expect to see lots of these dark, dramatic looks, many with black backgrounds and others that continue with the jewel tone theme we’ve been seeing in fashionable interiors.

This black-backed print helps an entry come to life.


houselust
You don’t need a flat wall to create a statement wall – and your large floral print doesn’t have to be the only print in the space, etiher.


mydomaine.com
Think you can’t go bold in a small space? Think again!


hgtv.com – Mike Schwartz
Maybe it’s the fifth wall you have your eye on.


hgtv.com – Twist Tours
“Floral prints are always ‘in’ if you ask Anthropologie,” said Country Living. “Rather than a traditionally feminine look in 2018 they feel especially fresh and more interesting styled in a casual bohemian way. Juxtaposing florals with organic textures and neutral palettes evokes a new kind of elegance that is appealing.”

We also love that you can incorporate this trend into your home even if you don’t want to make such a semi-permanent commitment. There are numerous peel-and-stick options that will give you the look in an easily removable material, like this one from Etsy.


etsy.com
Or this fun and unique pattern from Walls Need Love that adds peacocks to the mix.


wallsneedlove.com
If the thought of covering a wall in something so bold is still too much, even in a removable application, think about smaller bursts of flower power, like these drapes.


theeverygirl.com – SF Girl By Bay
Or some show-stopping recovered dining chairs.


pinterest.com
 Written By Jaymi Naciri
Source: https://realtytimes.com/consumeradvice/homeownersadvice/item/1016634-20180416-trend-alert-big-bold-floral-walls?rtmpage=

April 17, 2018   No Comments

Mortgage Interest Rates Have Begun to Level Off

Mortgage Interest Rates Have Begun to Level Off

Whether you are a buyer searching for your first home, or a homeowner looking to move up to your next home, you should pay attention to where mortgage interest rates are heading.

Over the course of 2018, according to Freddie Mac’s Primary Mortgage Market Survey, rates have increased from 3.95% in the first week of January to 4.40% in the first week of April.

At first glance, the difference between these numbers in such a short amount of time could be concerning, but if we look at the graph below, we’ll see that rates have already started to level off and return to the mark set in February.

Mortgage Interest Rates Have Begun to Level Off | Keeping Current Matters

This is great news for anyone looking to buy a home this spring! The spring is always one of the busiest seasons for home buying, and with rates increasing even more, buyers have come off the fence to lock in great rates! This is still great advice as the experts believe that rates will continue to rise throughout the year.

Every month, Freddie Mac, Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors release their projections for where they believe mortgage rates will be in the coming months. If we take the average of what each of the four organizations is predicting for the second quarter, rates are expected to rise to about 4.48% by June.

That average climbs to 4.73% by the end of this year.

So, what does this mean?

Waiting until the end of the year to buy, with rates still projected to increase, will end up costing you more money on your monthly mortgage payment. For every $250,000 you need to borrow to purchase your dream home, you will spend $49.21 more per month, $590.52 per year, and over $17,700 by the end of your 30-year mortgage.

And that’s just the impact of your interest rate going up!

Bottom Line

If you are ready and willing to purchase a home, find out if you’re able to by sitting with a local real estate professional who can evaluate your needs and help you with next steps!

Written By The KCM Crew

Source: https://www.keepingcurrentmatters.com/2018/04/11/mortgage-interest-rates-have-begun-to-level-off/

 

April 16, 2018   No Comments