17
May
By First Rate Financial Group
Real Estate

Inexpensive Curb Appeal Tips That Work

Inexpensive Curb Appeal Tips That WorkNo doubt you’ve been told that curb appeal will help sell your home. But if money is short you’ll need to do some curb appeal on a budget tricks.

Following are some inexpensive curb appeal tips that really work.

Fresh Coat Of Paint

A fresh coat of paint adds curb appeal without busting the budget. With a gallon of paint you can freshen up the window ledges, shutters, front door and the garage door. Add a fresh coat of paint to decks and railings, and street lampposts, as well. 

Solar Lighting

You can find inexpensive solar lighting stakes at discount stores around the country. Add these to the edges of the driveway, along the front pathway and around front hedges for nighttime curb appeal.

Metallic Paint

If you can’t afford brand new hardware for your front door, consider investing in a small tub of metallic paint. Refinish the doorknob, door knocker and the metal porch light fixtures. 

Annuals

Landscaping can be pricey, but with a couple dozen inexpensive blooming annuals you can transform your front walkway. Choose the most colorful annuals you can find at your local discount store. Plant right alongside the path leading to your front door. Fill in empty spaces in between plants with colored mulch. 

Wreath

Simply hanging an attractive wreath on your front door adds a tremendous amount of curb appeal that can be seen all the way from the road. To avoid marring the wood, use a wreath hanger that installs over the top rim of the door. 

New House Numbers

Pick up a set of brand new house numbers from your local hardware store. Hang them front and center next to your mailbox on your porch, on your mailbox post or over your garage door.

Refreshed Mailbox

Mailboxes get ignored so many times. It’s a shame because it’s easy to add curb appeal with an inexpensive magnetic mailbox cover. If you have a different kind of mailbox, consider just giving it a fresh coat of spray paint. 

Bird House

Another inexpensive way to add curb appeal is with a decorative bird house or similar lawn ornament next to your front porch. These are on long stakes that you simply push into the ground. Tick one into your hedges for a charming look.

You can complete these inexpensive curb appeal tips with a minimum of time and money. Yet, they’ll have a similar impact as if you spent hundreds of dollars. 

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

16
May
By First Rate Financial Group
Market Outlook

NAHB: May Home Builder Confidence Hits Highest Level in 7 Months

NAHB May Home Builder Confidence Hits Highest Level in 7 MonthsThe National Association of Home Builders reported the highest builder confidence reading in seven months for May. May’s reading exceeded expectations for an index reading of 64 and rose three points to 67.

Component readings for the main NAHB reading were also higher. Builder confidence in current housing market conditions rose three points to 72; confidence in housing market conditions for the next six months rose one point to 72 and the reading for buyer traffic in single-family housing developments rose two points to 49.

Any reading over 50 indicates most builders are positive about housing market conditions, but the reading for buyer traffic is often lower than 50. May’s reading suggests that builders were expecting solid buyer traffic as the peak home buying season started. The average NAHB Housing Market Index reading for 2018 was 67; 2019’s average reading is 62.

March housing starts were the lowest in two years. Lower mortgage rates could increase demand for homes and possibly compel builders to ratchet up construction, but there are no guarantees that low mortgage rates will hold steady over the long run.

Builders Cite Ongoing Obstacles Including Tariffs And Labor Costs

Home builders continued to experience higher materials and labor costs. Tariffs were cited as a cause of higher materials costs that are passed on to buyers by raising home prices. While would-be buyers may enter the market due to lower mortgage rates, higher home prices are likely to sideline first-time and moderate income buyers who are concerned with affordability and strict mortgage qualification requirements.

Freddie Mac reported that based on its survey of recent buyers, about 16 percent of recent home buyers relied on seller assistance. While seller contributions to home buyers are carefully regulated, this type of transaction can help buyers get into a home without spending their last dollar.

Rapidly rising home prices and buyer competition have skewed housing markets in favor of sellers in high-demand markets, but slower growth of home prices in recent months could help more renters buy homes. Continued trade negotiations and increased tariffs on China could impact housing costs depending on terms of negotiations and tariffs imposed.

 

15
May
By First Rate Financial Group
Real Estate

Can I Sell A House That Still Needs Repairs?

Can I Sell A House That Still Needs RepairsWhen you started thinking about putting your house up for sale, you probably made a list of repairs that need to be done ahead of time. If that list was long, you might be at a point where you’re asking if it’s all worth it. Will prospective buyers really notice the little things? And even if they do, will that affect how much you’re able to get for your home?

You Can Sell An Imperfect House

Your house doesn’t need to be perfect in order to sell it. Many older homes have some issues like outdated kitchens and bathrooms or wall-to-wall carpeting that needs to be replaced or gotten rid of.

But be aware that a house in need of repair or is different than a house that needs updating. Outstanding repairs are a red flag to buyers that you haven’t maintained the home as you should have over the years. Buyers may suspect that your home needs even more repairs than the obvious issues. So first off, you might have more buyers walk away from a house in need of repair and second, you will probably get less money for your home. 

Outstanding Repairs Give Buyers Leverage

When you try to sell a home that’s in need of repairs, you give buyers leverage to get a lower price out of you. For instance, if your house needs a new furnace, the buyers might say, “Well, we’ll make an offer but it’s lower by this amount because we know we’ll have to get a new HVAC system as soon as we move in”.

That amount for the HVAC system will usually be more than what you could have paid for a new furnace before listing your home. You can almost always sell your house for more by taking care of repairs first.

One thing that real estate agents advise is to get an independent home inspection report before you sell. This will give you an official list of all the repairs that need to be done. Then you can pick and choose among which repairs you should take care of.

This also helps to avoid unpleasant surprises later on. Even though finishing repairs can be costly and time-consuming, many home sellers find that it’s worth it to do as much as possible before listing. The final purchase price often ends up reimbursing you for your expenses, if not for your time.

As you prepare to sell your current property, it’s a good idea to consult with your trusted mortgage professional about your financing options for your next home purchase.