Survey: Higher Rates Don’t Scare Buyers

Daily Real Estate News | Despite mortgage rates being on the rise home buyers say the increases aren’t scaring them away from their real estate search, according to a new Redfin survey.

Though mortgage rates have moved higher, borrowers on the whole are still appreciating how low they are historically and are taking advantage of the opportunities still at hand before rates move any higher. Despite nine consecutive weeks of rises in mortgage rates, the annual average for the 30-year fixed-rate mortgage was 3.65 percent in 2016 – the lowest annual average ever recorded by Freddie Mac.

Twenty-five percent of respondents say the rise in rates does not impact their home buying decisions, and about 24 percent say they feel a greater sense of urgency to buy before rates go up further.

Keep Your Home Safe in Winter Weather

realtor.com® | The winter season is a prime time for house fires. Half of all destructive fires tend to occur in December, January, and February, according to the National Fire Protection Association.

But most home fires are preventable. Here are some leading culprits to watch for:

Space heaters.
These devices are the leading cause of house fires in the winter. Make sure the heater is at least three feet away from anything flammable. Plug it directly into the outlet, not an extension cord. And do not go to bed with the spacer heater still on, experts warn

Cooking.
The leading cause of house fires year-round is stovetop cooking. Interestingly, the majority of these fires occur within the first 15 minutes of cooking. Never leave the house when the oven or stove is on.

Electrical cords.
Overloaded or damaged circuits cause 3,300 fires annually. The laptop, iPhone charger, toaster, and other electrical appliances all squeezed onto the same power outlet with extension cords and adapters can be dangerous. Feel your cords to make sure they’re not warm (if they are, it’s a sure sign they’re overloaded and you need to unplug some). Also, never run extension cords under rugs or in walls, and don’t connect several in a row.

Try these tips when shopping for fixtures and appliances for your home

Los Angeles celebrity interior designer Michelle Workman heads down South for a simpler life in Chattanooga, TN. Watch Michelle build her design business in a new setting and completely redesign her southern farmhouse, all while adjusting to the slower-paced life with her once city-dwelling family. New episodes of “Glamour Goes South” will air exclusively on Zillow Blog the first Thursday of every month.Shopping for fixtures (lighting, plumbing, etc.) and appliances can be exhausting and confusing, especially if you have a spouse or significant other to take into consideration when choosing. Often times my husband doesn’t get much say in the overall design choices in our home, but when it comes to certain things like plumbing, fixtures and appliances, he wants his voice heard —loud and clear!

Here are my three biggest tips for homeowners about to embark on a fixture or appliance shopping excursion:

1. FIND A COMMON GROUND

If you and your significant other disagree on style, start by collecting photo examples of what each of you like. I’ve learned when my clients approach style disagreements this way, they often find considerable crossover in their design aesthetics that makes selecting fixtures and appliances as a team much smoother. When there isn’t crossover, I suggest selecting the style that is least objectionable to you both. To get started, try browsing for inspiration online. Zillow Digs is a great resource for design ideas as you can find and save your favorite photos all in one place, and you can easily revisit your favorites when you’re on the go.

2. EXPERIMENT WITH SOMETHING UNUSUAL

I always suggest my clients try at least one design element that is uncommon or out of their comfort zone. I try to do this in my own home as well. One of the best ways to experiment is with fixture and appliance finish colors. Right now I’m very into burnished bronze or copper finishes for both lighting and faucets. I also have a thing for exposed plumbing. It feels very Victorian and “proper” to me, which is always a fun element to add a home.

3. VISIT BOUTIQUE SHOWROOMS VS. BIG-BOX STORES

It can be very challenging and overwhelming starting your search at large warehouse home stores. That’s why I’m a huge fan of the smaller specialized showroom, like Ferguson. I feel that most people are intimidated by boutique showrooms as they think their products will be too expensive or there won’t be enough selection. I often recommend trying these stores first, as boutique showrooms have expert salespeople who can answer your questions, educate you about your options and help you remember your selections for next time. They can help you make the hard decisions with no mistakes. This personal touch coupled with a variety of price points to choose from make this the best and only choice for me as a homeowner and as a designer.

Source: http://bit.ly/1vI6ItJ via zillowkitchen

 

TRID (TILA-RESPA Integrated Disclosure)

There is less than one day until TRID goes into effect and we are ready! The required loan documentation consists of two new forms: the Loan Estimate and the Closing Disclosure to ensure compliance. These new forms consolidate the TILA-RESPA forms and are meant to give consumers more time to review the total costs of their mortgage. The Loan Estimate is due to consumers three days after they apply for a loan, and the Closing Disclosure is due to them three days before closing. Contact us anytime if you have any questions on this change.

We would love to hear from you!

Nicole Wisehart
Sr. Mortgage Banker
NMLS ID 201861

Nicole@wisehartgroup.com
(949) 244-5787

How Much Room Do You Need for a Kitchen Island?

Photo credit: raahome.com 

Kitchen islands are a much-sought-after feature — almost nine out of 10 of our kitchen design and installation firm’s clients ask about them in their first design meeting. A well-planned island layout can allow a smooth workflow and provide a comfortable space for preparing and cooking food. Islands also frequently provide space for dining, working and storage. But while a well-planned layout offers much enjoyment, a poorly planned island can be frustrating. This is particularly true if there is insufficient space for an island to begin with. If you’re considering a kitchen island, follow these tips to help you decide whether you have enough space to make an island work for you. And if you don’t, discover what else you can try… continue reading at houzz.com

First-time buyers push home sales to a 5-year high

U.S. home resales surged to a 5-1/2-year high in May as first-time buyers stepped into the market, the latest indication that housing and overall economic activity were gathering steam in the second quarter.

The National Association of Realtors said on Monday existing home sales increased 5.1 percent to an annual rate of 5.35 million units, the highest level since November 2009.

That left sales this year on track for their strongest performance since 2007.

“It suggests that the U.S. housing market recovery is back on track after the missteps earlier this year. We expect this upbeat tone in the housing recovery to continue as the favorable domestic fundamentals begin to reassert themselves,” said Millan Mulraine, deputy chief economist at TD Securities in New York.

Last month’s increase unwound April’s surprise drop in purchases, which economists had dismissed as a blip given that forward-looking indicators on home sales, including mortgage applications, had been fairly strong during that period. Continue reading the full article at msn.com

Real Estate Investments: How Much Room Should You Leave in Overhead?

If you’re like many individuals new to real estate investing, you probably have little to no idea what overhead is. What you should know, however, is that overhead costs are one thing you want to understand and estimate before investing in a property.

What is Overhead Anyways?

Overhead is the sum of the recurring expenses relating to your property, otherwise known as your operating costs. This can included fixed costs–those that stay the same each month–as well as variable expenses like maintenance that vary from month to month.

Overhead costs typically include:

• Mortgage payments
• Property taxes
• Insurance
• Maintenance costs

How to Estimate Your Overhead

Assuming you’re planning to invest in a residential property, the best way to figure out how much room to leave in overhead is by estimating all of your costs.  Continue reading the full article via realestateinyourtwenties.com

More Renters Say They Want to Own, Survey Finds | Realtor Magazine

Home Prices Keep Soaring

Bianca & Real Estate

By Chris Isidore  @CNNMoney July 30, 2013: 10:38 AM ET

NEW YORK (CNNMoney)

Home prices continued to gain steam in May according to a closely-watched reading, even as mortgage rates climbed.

The S&P/Case-Shiller home price index was up 12.2% compared to a year ago, slightly better than the 12.1% rise in April. It was the biggest year-over-year jump in prices since March 2006, near the peak of the housing bubble.

Prices in two cities – Dallas and Denver – hit record highs, topping even the peaks they reached during the housing bubble.

However, the national index, which measures prices in the 20 largest markets, is still 24.4% below the peak of June 2006.

Just a year ago, the index posted a 12-month decline in prices. Sellers had been struggling while their homes languished on the market for months, or even years. But prices have…

View original post 382 more words

Welcome!

Welcome to our blog. Stay up to date on all things real estate. We look forward to putting our mortgage services to work for you.

– Cory & Nicole