2015 Thanksgiving Pie Event

November 5th, 2015

2015 JOHN Pie Invite

CHA…CHA…CHANGES!

October 23rd, 2015

Changes (1)

 

Times they are a changin’ and the new homes of today and in the future have had to mold to the lifestyles of our future. Consideration of our natural resources and the technology demand need to be realized and recognized in the construction of our new homes today.

When deciding to buy a home, one question you may ask yourself is whether you want new construction or an older home. Are you one of those people who love the new paint smell? Or are you looking for a resale home? In considering your choices and listing your “wants & needs”, be sure to consult with your Realtor! They have vital information to share on interrupting your current and future market knowledge and return on investment.

 

Value points new construction can bring to your “lifestyle” and return on investment:
Layout. Newer construction is usually done with modern families in mind. For instance, most have a family room adjacent to a spacious kitchen in order to accommodate the need of having one large room where families can spend time together.
Amenities. Some newer developments have amenities such as a pool, walking trails and a gym. This is nice since you don’t have to worry about driving to your closest health and fitness facility. It’s no more than a walk away!
Fewer Repairs. Because it’s newer construction, you typically have fewer repairs to do, especially the larger ones like a roof repair or a new furnace.
More EnergyEfficient. Since new homes include new, energy-efficient appliances, new windows, and insulation, among other things, your home will stay warmer during the winter and cooler during summer.
Warranties. With new construction comes new appliances, new equipment and their warranties. Some builders also have extended warranties on their newly built homes, which can give a buyer peace of mind, especially first-time home buyers

Challenges in a Resale Purchase:
Smaller. It’s interesting to see how floor plan size has increased with time. According to the National Association of Home Builders, the average home size in the U.S. in 2009 was 2,700 square feet, compared to only 1,400 square feet in the 1970s. The main complaints of older homes are storage space, bedroom size and the lack of having a “master suite.”
Less energyefficient. Think about it–windows and insulation are older, some homes were built with older materials, some homes may even have additions that tampered with the home’s structure, or maybe even construction with code violations…there are many ways for an older home to truly become a money pit when it comes to energy consumption. Do you know the expense of repairs and updating in a resale home? What return on your investment is truly realized?
More maintenance. Again, you may have to change the roof, or furnace, or carpet, etc. There are just changes that you need to make on a home every so many years.
Older appliances. Unless you find one of those older homes that has been completely updated, you may need to also replace appliances. This is not only to update your home, but it also helps when trying to resell the home.

 

 

Interest Rates Remain Steady with Fed’s Latest Announcement

October 7th, 2015

The U.S. Federal Reserve reached a decision regarding a potential hike in interest rates on Sept. 17, and the final verdict indicated the key funds rate would remain steady, according to Reuters.

“Recent global economic and financial developments may restrain economic activity somewhat and are likely to put further downward pressure on inflation in the near term,” noted the Fed in its policy statement following the meeting.

Before the final decision was reached, interest rates for home loans remained relatively unchanged when compared to the previous week.

Fixed-rate mortgages tick up slightly. According to Freddie Mac’s Primary Mortgage Market Survey, both 30- and 15-year FRMs increased by 0.01 percentage points. The current average 30-year FRM rose to 3.91%, and the 15-year FRM ticked up to 3.11%.

Adjustable-rate mortgages see little change. In addition, the average 5-year Treasury-indexed hybrid ARM settled at 2.92%, which is just above last week’s average of 2.91%. However, the 1-year Treasury-indexed ARM slid slightly to 2.65% from 2.63%.

“The Treasury market was relatively quiet this week, and as a result the 30-year mortgage rate barely budged,” noted Sean Becketti, Freddie Mac’s chief economist.

Current housing market conditions remain strong. The real estate industry has improved greatly since the housing market crisis in 2008.

“Low mortgage rates help to support housing markets, which continue to bring good news,” added Becketti. “The National Association of Home Builders’ HMI came in above expectations at 62, which is a ten year high.”

The Housing Market Index (HMI) is based on the responses of members of NAHB. It measures the current health of the single-family housing market.

In addition, even if rates had risen after the Fed’s two-day meeting, the broader real estate market would probably not have been impacted too adversely. In fact, Becketti indicated the U.S. is still on track to experience the best year of completed home sales since 2007.

Buyers should expect low rates to continue. Interested buyers can expect manageable interest on U.S. home mortgages to remain an option, as Becketti anticipates consumers will still have access to low rates for the foreseeable future.

“While our outlook incorporates a moderate increase in mortgage rates over the next 18 months, rates are likely to remain low by historical standards and should not be a determining factor for most Americans looking to purchase a home,” noted Becketti.