Rates dip and quickly rebound!

Mortgage rates this week edged up slightly as Federal Reserve officials charted a course for 2018 that will likely lead to still higher rates. The average for the benchmark 30-year fixed-rate mortgage rate rose 1 basis point, or 0.01 percent, from the previous week in Bankrate’s weekly survey of lenders.The rate, at 4.09 percent, is still below the 52-week high of 4.44 percent, so it’s worth looking into a mortgage or refinance before rates are expected to rise on the heels of the Federal Reserve’s latest action.

- Bankrate.com

How are Americans feeling about the real estate market this summer?

Well, as good as ever.

Consumers' attitudes about home prices, buying and selling, mortgage rates, etc. - in June, was at an all-time high. 

Americans are feeling optimistic overall but particularly about selling a house. 

Consumers are also growing more optimistic about their ability to get a mortgage.

Lenders expect credit standards to ease further going forward.

Fewer home are for sale this season, and easing credit standards could have the unintended consequence of pushing home prices higher. 

Still, even with the challenges today's market presents, buyers remain eager. 

In fact, the number of respondents who said now was a good time to buy a house was up 3 percent in June. How are Americans feeling about the real estate market this summer? 

Well, as good as ever.

Consumers' attitudes about home prices, buying and selling, mortgage rates, etc. - in June, was at an all-time high. 

Americans are feeling optimistic overall but particularly about selling a house. 

Consumers are also growing more optimistic about their ability to get a mortgage.

Lenders expect credit standards to ease further going forward.

Fewer home are for sale this season, and easing credit standards could have the unintended consequence of pushing home prices higher. 

Still, even with the challenges today's market presents, buyers remain eager. 

In fact, the number of respondents who said now was a good time to buy a house was up 3 percent in June. 

The vast majority of surveyed Americans say they believe owning a house is a solid investment.

83% of renters agreed with current homeowners who said that buying a house was a good investment. 

The fact that the American dream of owning a home is once again considered a smart investmentsuggests the housing market has years of strong performance ahead of it.

But though overwhelming numbers say they think buying a house is a good financial move, renters also face some challenges when making the jump. 

Among them, insufficient income and not being able to save enough for a down payment rank high. 

Still, the fact that homeownership has regained it's reputation as an essential part of the American Dream and a good way to build wealth is a good indication that, despite those challenges, Americans will continue to aspire to homeownership. 

Buying a home is no small transaction and the potential for stress is high

Buying a home is no small transaction and the potential for stress is high,  here are purchaser's top three concerns:

1.  They will lose their earnest money deposit.   One way to avoid problems with this is to make your offers subject to earnest money being deposited after inspection issues have been resolved.

2.  Becoming house poor or financially burdened by the costs of homeownership.  Fortunately, this is a risk that can be easily avoided by having a firm budget beforehand and sticking to it. 

3,  Getting into a bidding war that drives up the price of their desired home.     Explain to your clients in detail your techniques and strategies for avoiding this issue.

Demand is up!

Demand for loans to buy homes is now 8% higher than it was at the same time last year.

Last week, for example, average mortgage rates fell again and are now at seven-month lows. 

From a borrower's perspective, rates held steady at seven-month lows last week providing some borrowers an opportunity to refinance.

Over the last two weeks applications have increased 13 percent and the average loan size increased to its largest since September 2016, reflecting the tendency for jumbo borrowers to be more sensitive to rates.

Size of American Home grows...

American homes are generally getting bigger and adding more rooms. 

A look at the numbers shows our living spaces have changed over the years. 

For example, numbers from the U.S. Census Bureau's 2016 Characteristics of New Housing show that the number of homes under 1,400 square feet has fallen 9 percent just since 2000. 

At the same time, the percentage of homes over 4,000-square feet has doubled. 

Sure, the majority of homes still fall somewhere between 1,800 and 2,400 square feet, but there is clearly a trend toward larger houses. 

Another way to look at it is the number of rooms. For example, 59 percent of homes now have three or more bathrooms. In 2000, it was closer to 20 percent. 

During the same time, most homes also upgraded from three bedrooms to four. 

Of course, along with the extra space, bedrooms, and bathrooms, the median sales price has also risen.

 Americans clearly think the extra expense is worth the luxury of not having to schedule who gets the first shower in the morning.

Buyers can benefit when Sellers leave thier belongs

This one doesn't so much help you get to know your home, but it might result in a few nice bonuses. Got your eye on that deer head mounted on the den wall? Or those gorgeous ferns by the window? It's worth a shot to see if the seller is willing to part with large items he or she might not want to bother moving.
“Most things that are being left, such as appliances, are dealt with in the original contract,” Golden says. “But, as it gets closer to closing, sellers are often wanting to unload some other things, too. You might get lucky and wind up with something great."

From realtor.com

Americans view of home ownership!

Buying a house, for many Americans, is seen as an achievement and evidence that they've reached a certain level of success. 

There is no other symbol as closely association with the American Dream than owning a home. 

Home ownership has remained our national shared aspiration.

 Because of this, there is a strong emotional pull toward buying a house that most Americans feel even today. 

A recent survey found that 2/3rds of American believe owning a home is an essential part of achieving the American Dream. 

Over the years, and despite the ups-and-downs of the housing market, homeownership has consistently ranked high among Americans' goals, whether it's something they hope to achieve right now or a couple of years down the road. 

Getting you home ready to sell? Here are some tips!

Clean/Replace Blinds ($5-15):

Dirty blinds are an eyesore, and you can easily clean them with a damp cloth. Broken blinds are easy to replace, and make a huge visual difference. Even knotted-up strings, missing wands and crooked hardware can turn off potential buyers. They see the replacements necessary as the result of poor maintenance. Make it easy for them by running to your local hardware store and grabbing some replacement blinds.

Squeaky Doors and Drawers ($7):

Potential buyers will cringe at the sound of a squeaky door or drawer that you’ve totally tuned out. Grab a $7 can of silicone spray from your local hardware store, and spray down all door hinges and drawer tracks.

Make Sure All Lightbulbs Work ($5-20):

Sometimes closet light bulbs, hallway sconces and other little-used light fixtures get overlooked for dead lightbulbs. You may even have to drag out the ladder for tall fixtures, but buyers check every switch, and the difference in lighting will be noticeable. A dead lightbulb is most likely the cause, but potential buyers may think worse electrical problems are at hand.

Freshen the Air ($5-7):

A quick odor-eliminating spray (an unscented spray that eliminates odors) around the house can keep odors at bay. Candles or any scented spray can set off allergies and only mask odors instead of eliminating them.

Pretend Your House is a Hotel (free):

Make the beds, fluff the pillows on beds and couches, and fold blankets and towels neatly. Sweep surfaces and floors clean of clutter.  Neatly arrange all bathroom products, empty the trash, and maybe even put out a fresh hand soap for a spa-like touch.

Corral All Seasonal Decorations (free):

Your eyes probably don’t even see the off-season string of lights in that tree or the unlit Rudolph hiding in the scraggly bushes. But buyers will, so pack up the outdated seasonal touches or throw them out. Even in-season decorations should be kept minimal and easily removable. Dead mums, old pumpkins, past-prime wreaths and garlands all need to be composted or dumped.

Check the Front Door ($10-40):

Most of us don’t use our front doors on a regular basis, so it can become an overlooked area. Make sure the surrounding area is swept and the doorbell works. A new, plain doormat or shiny door knocker can make a nice first impression for buyers. Clean the mailbox, too — it’s often caked in grime and spider-webs.

Rates are down!

Average mortgage rates fell to their lowest level since last November this past week. 

Rates fell across all loan categories, including 30-year fixed-rate mortgages with both conforming and jumbo balance loans. 

Naturally, lower rates spurred an increase in the number of current homeowners looking to refinance their loans. 

Homeowners took advantage of the 6 basis-point drop in rates.  

Jumbo rates fell even more, sending the average refinance loan size up 5 percent as borrowers with larger loans, who are typically more sensitive to rate changes, moved to refinance.

Loan application demand for loans to buy homes is up 3 percent.

Back Yard summer hazards

Summer cookouts bring together friends and family. But did you know that grill fires account for an average $37 million in damage, 100 injuries and 10 deaths per year, according to the U.S. Fire Administration?
While fire typically is covered by standard home insurance, you don’t want to deal with one. To prevent grill fires, ensure that your grill is properly cleaned and stored. Check hoses for cracks, holes or other faults, store propane tanks away from your home if you have a gas grill, don’t cover or put away your grill until it has cooled, rinse charcoal with cool water before disposing of it, and keep a fire extinguisher nearby. Don’t grill in an enclosed area.
While grownups man the grill, kids may choose to jump around on the trampoline. Nearly 105,000 children visited emergency rooms last year for injuries caused by trampolines, according to the Consumer Product Safety Commission.
To prevent injuries, don’t take shortcuts when assembling the trampoline. Furthermore, pad the bars, springs and the surrounding areas, and get the trampoline as close to ground level as possible to reduce potential impact if a jumper falls.
Always supervise trampoline use, and let your insurance provider know about this type of addition to your home. You need a fence around it for the same reason you need one around a swimming pool on your property

These next 10 posts are from the balance with some home seller tips!

The First Step for a First-Time Home Seller

Price your home accurately. For this, you should enlist the help of a reputable listing agent. Don't choose your cousin's sister-in-law, for example, who dabbles in real estate. You'll fare much better if you select an experienced real estate agent who sells a fair number of listings, preferably in your neighborhood.

Your agent will analyze comparable sales and prepare an estimate of value often called a CMA, for comparative market analysis. It is OK to compare the Zestimate at Zillow but note the variances your agent will point out because your listing agent should have the experience and education to provide you with a more accurate opinion of value.

The Second Step for a First-Time Home Seller

Ask your agent to advise you on preparing your home for sale. Most homes show better with about half of the furniture removed. If a buyer walks in the door and wonders if anybody lives in the house, you've done your job correctly. Consider home staging to boost your selling power and appeal.

Painting is the single most effective improvement you can make. Don't let dings in the woodwork or scraps on the walls make your home reflect deferred maintenance.

The Third Step for a First-Time Home Seller

Choose the best day to list your home. This time period will vary depending on your local community, the weather, time of year, and a host of other factors, including the state of your present real estate market. It's not like that movie Groundhog Day. You basically get one chance to present your home in hopefully its best light the first day on the market.

The Fourth Step for a First-Time Home Seller

Ask about your agent's standard real estate commission before you get too far down the line. If it's reasonable, consider the big picture and benefits to you to hire this individual. Check track records for performance. Don't expect a full-service agent to discount. Getting into a contract is only the beginning; you need to make it all the way to closing.

Your home will not sell itself, despite what you may read or hear or the propensity of real estate websites to make the process appear as easy as the click of a mouse. It's not. You don't know what you don't know. To get the most money from the sale of your home, you will most likely rely on the professionals you have hired to sell your home.

Do not try to pit agents against each other to compete for commission or you'll increase the chances you'll end up with a weasel. You don't deserve a weasel.

The Fifth Step for a First-Time Home Seller

Be flexible with showings. If home showings are too much of an imposition, consider going away the first weekend your home is on the market. Yes, it can feel a bit intrusive to allow strangers to trek through your home and check out your soft-closing drawers in the kitchen. The best way to sell your home is to let a buyer inside with her buyer's agent to tour in peace and quiet.

Leave the house when buyer's agents show up. Anything you say can and will be used against you, plus, buyer's agents prefer to show without interference.

The Sixth Step for a First-Time Home Seller

Allow an open house if your home is conducive to an open house.

Not every home is a viable candidate for an open house. If your home is located in an area close to major traffic, that is generally indicative of a reasonable expectation that the open house signs will pull in visitors. Ask your agent if she advertises the open house online. Many a home buyer has had no desire to buy a home until she spots an open house and subsequently falls in love.