Blog - Leagan Realty

Creative Holiday Storage Solutions

December 5, 2013 by lizlaurenb Leave a Comment

Creative Holiday Storage Soluttions Every holiday season when you get out the decorations, there always seems to be a period of organization where you need to untangle lights, sort out the broken ornaments and just get all of the trimmings in order.

Next year, skip the hassle of sifting through everything. The year-to-year holiday storage strategies below will help make next December’s decorating easy.

Hide Paper Up High

Utilize a space that is always vacant — the ceiling of your closet. Attach two strings of wire from the front wall above your closet door to the back wall. Make them parallel to each other and about two feet apart. Then you can slide your wrapping paper tubes across the two wires. No more crinkled or torn paper!

Bag Your Lights

The hassle of untangling holiday lights every year can become a dreaded tradition. A smart solution is to invest in inexpensive gallon-sized sealable bags. Label what each bag’s lights are for, such as the tree, mantel or outdoors.

Wrap individual strands around your arm and them place them inside the appropriate bag. Put all bags in one holiday storage container.

Recycle Wrapping For Your Breakables

After you’ve ripped off the wrapping and gotten to the goods, don’t just throw your pretty paper out. Reuse it! Run it through the shredder to create fun filling for the boxes that hold your ornaments and breakable decorations.

Get Crafty With Labels

Instead of writing straight onto the holiday storage bins, tape or glue festive envelopes to the side. Then you can write a list of everything in that box and put it in the envelope.

For those who like everything clean and organized, this means that if you switch out anything in the box, you don’t have to mark it out on the side — just change the paper inside the envelope.

Display Holiday Cards Creatively

Receiving holiday cards is a great way to keep in touch with distant family and friends. Instead of throwing the cards away each January, use a hole punch to create two holes in the sides of the card.

Then insert jump rings to make little picture memory books that you can display on the coffee table every year. For more around the home tips or if you are looking to buy a home with plenty of storage space, contact your trusted real estate professional.

5 Tips On Selling Real Estate Even In The Brisk Cold

December 4, 2013 by lizlaurenb Leave a Comment

5 Tips On Selling Real Estate Even In The Brisk Cold Any real estate agent will tell you that it’s harder to sell your home in the winter. The days are colder and shorter, leaving less time to show your home to potential buyers.

The good news is that most of the buyers who are looking at houses in the winter aren’t just killing time. They’re serious enough about finding their new home to go house hunting at a time that most people would rather stay inside.

There Are A Few Things You Can Do To Make A Good Impression On Home Buyers This Winter:

Make sure all walkways are safe. Spread out ice melt or sand to provide traction during snowy weather. Shoveling the snow on the driveway and sidewalks will make your real estate appear more inviting and well-maintained. Be sure to place a mat for visitors to wipe their feet on.
Warm up the house. Buyers will remember the house that was pleasantly warm on a frigid day. In addition, you will be able to demonstrate to the buyer that your furnace is in good working order.
For a welcoming scent, bake cookies the day of the showing. Some people are sensitive to the fragrances in air fresheners and perfumes, so skip spraying those when expecting someone to look at your house.
Serve snacks in the kitchen. Give the buyer a reason to linger in your home by leaving a light snack in the kitchen. If the weather is cold, consider providing chili or soup in a crockpot to keep it warm with festive disposable bowls. Or, to keep it simple, you can provide coffee or hot chocolate and cookies. Be sure to talk with your real estate agent before leaving these snacks so he or she knows they’re for the buyers.
Make your house appear warm and inviting. Turn all the lights in the house on; place warm-toned throws and decorator pillows around the living room. Put on some soothing classical or jazz music; keep the volume low enough that buyers can talk quietly to each other.

You can make your home seem more inviting this winter by using these proven techniques.

Are you ready to sell your home? Call your trusted real estate professional today.

Case Shiller Price Index Shows A Spike In Home Prices In The West

December 3, 2013 by lizlaurenb Leave a Comment

Case Shiller Price Index Shows A Spike In Home Prices In The West According to the S&P Case-Shiller 10-and 20-City Housing Market Indices for September, home prices grew at an average of 13.30 percent year-over-year and achieved the highest growth rate for home prices since February 2006.

On a month-to month basis, home prices are slowing in most areas with 19 cities included in the S&P 20-City Housing Market Index showing lower rates of growth in home prices. September’s average month-to-month growth rate was 1.0 percent for the 20-City HMI as compared to 0.90 percent in August, and 1.90 percent posted earlier in 2013.

Home prices increased by 0.70 percent in September for the combined 20-City and 10-City Housing Market Indices tracked by Case-Shiller.

Rapidly Rising Home Prices In The West: Another Housing Bubble On Tap?

Home prices continued rising in the West, with Las Vegas leading the pack with a 29.10 percent gain year-over-year although average home price in Las Vegas, Nevada remains 46 percent than its peak in February of 2006.

California also showed double-digit year-over-year growth for home prices with San Francisco at 25.70 percent, Los Angeles at 21.80 percent and San Diego posting 20.90 percent growth in home prices year-over-year.

Rapidly increasing home prices in the West are largely due to demand exceeding supply, but buyers may be sitting on the sidelines due to concerns over another housing bubble in the making.

Buyers in this scenario are aware of increasing home prices, but aren’t buying now to avoid higher prices later. Instead they are waiting to see what happens with current home prices and housing market conditions in the longer term.

Chicago, Illinois posted its highest year-over-year growth rate since 2005 while Cleveland, Ohio posted a growth rate of 5.00 percent for September as compared to a month-to-month growth rate of 3.70 percent.

This was the second lowest month-to-month growth rate for home prices, with New York City posting a month-to-month home price growth rate of 4.00 percent from August to September.

FHFA Reports Slight Gain In Home Prices

The Federal Housing Finance Agency reported stronger gains in home prices for properties financed with mortgages owned or guaranteed by Fannie Mae or Freddie Mac. In September, home prices reported by FHFA rose by 0.30 percent as compared to August’s growth rate of 0.40 percent.

On a year-over-year basis, FHFA reported a gain of 8.40 percent between the third quarter of 2012 and the third quarter of 2013. Adjusted for inflation, home prices as reported by FHFA have risen approximately 7.20 percent. FHFA noted that home prices are growing at a rate far above the rate of 1.20 percent reported for other “goods and services.”

Lower numbers of foreclosed homes are seen as a boost for home prices in general; as mortgage lenders tend to offer foreclosed homes for sale at low prices in order to reduce inventories of real estate owned.

What’s Ahead For Mortgage Rates This Week – December 2, 2013

December 2, 2013 by lizlaurenb Leave a Comment

What's Ahead For Mortgage Rates This Week -December 2, 2013 The short holiday week brought a flurry of economic reports last week. Highlights included pending home sales, the S&P Case-Shiller Housing Market Indices and the FHFA home price index. No reports were released on Thursday and Friday in observance of the Thanksgiving holiday.

The NAR released its Pending Home Sales report for October. Although pending home sales dropped by -0.60 percent, the decline was less than September’s reading of -4.60 percent.

NAR cited higher home prices and mortgage rates along with concerns over the then-pending government shutdown as factors that contributed to fewer pending sales. Pending sales are determined by signed purchase contracts and are considered an indication of future completed home sales and mortgage loan closings.

Department of Commerce reported that building permits issued increased from 974,000 in September to 1.03 million for October. Permits for multi-family dwellings rose by 17 percent from September, but permits for single-family homes rose by 1.00 percent.

A lagging supply of available single-family homes has been driving home prices up as demand also increases. The multi-family reading reflected the sector’s volatile nature and was largely concentrated in the West.

Case-Shiller And FHFA Report Higher Year-Over-Year Average Home Prices

The S&P Case-Shiller 20-City Housing Market Index for September reported its highest year-over-year gain in seven years, but the month-to-month reading was lower. The year-over-year reading was 13.30 percent in September and the month-to-month reading showed lackluster growth at 0.70 percent.

When seasonally adjusted, September’s reading was 1.00 percent against the seasonally-adjusted August reading of 1.90 percent.

In addition to the then-looming government shutdown, concerns over rapidly rising home prices in the West may have caused would-be buyers to sit on the sidelines as fears of another “housing bubble” gained traction.

Rising home prices also impact affordability and impact the ability of buyers depending on mortgage loans to compete with cash buyers.

The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, issued its housing market index report for September. Based on sales of homes financed with Fannie Mae or Freddie Mac-owned mortgages, FHFA’s report indicated that year-over-year home prices at an annual rate of 8.50 percent in September as compared to August’s year-over-year reading of 8.40 percent.

Economists noted that the increase of home prices is slowing due to a number of factors including higher mortgage rates and restrictive lending policies that are making it more difficult for buyers to purchase homes.

Analysts said that next year could bring a more sustainable rate of home appreciation with year-over-year readings averaging between five and eight percent.

Freddie Mac issued its weekly Primary Mortgage Market Survey on Wednesday; average mortgage rates for 30 and 15 year mortgages rose to 4.29 percent and 3.30 percent respectively.

Discount points for fixed rate mortgages were unchanged at 0.70 percent. The average rate for a 5/1 adjustable rate mortgage dropped by one basis point to 2.94 percent with discount points unchanged at 0.50 percent.

What’s Ahead

This week’s scheduled economic reports include Construction Spending, ADP Employment, New Home Sales and the Fed’s Beige Book. The Bureau of Labor Statistics will release its Non-farm Payrolls report and the national unemployment rate.

Weekly jobless claims and Freddie Mac’s Primary Mortgage Market Survey will be released as usual on Thursday.

Ensure Your Fireplace Is Up To Snuff

November 29, 2013 by lizlaurenb Leave a Comment

Ensure Your Fireplace Is Up To Snuff When it’s cold outside, there’s nothing quite as cozy as curling up on the sofa with a good book in front of a roaring fire. A fireplace evokes the idea of a warm and pleasant atmosphere.

However, if it isn’t properly maintained, your living room could be filled with a cloud of soot, or worse, fire. A fireplace not only creates a snug setting, but most are actually functional and can help heat your home.

Harness their heat and generate the ambiance of a softly lit living space by following the tips below to ensure yours is properly maintained and working efficiently before the first cold spell hits.

Clean It Regularly

Have your chimney cleaned out twice a year. The recommended number varies depending on how often you use your hearth. However, you should have it cleaned every fall to ensure it’s properly vented so that smoke has a way to escape.

Also, you’ll want to make sure that no animals have made their home there over the summer.

Close The Damper

Make sure you close the damper when you’re not using the fireplace. You don’t want to make your furnace work overtime because warm air is sneaking up and out the chimney.

Install A Chimney Cap

If your home doesn’t have a chimney cap, then have one installed. These help to prevent snow, leaves, animals and other debris from falling down the chimney. Caps also help keep downdrafts from gusting into your living area.

Burn Firewood Only

A fireplace isn’t the spot to burn your broken chair or ex-girlfriends photos. Painted wood, plastic and other treated wood surfaces can release chemicals into the air of your home. Worse, they can coat the interior walls of your fireplace, so you continue breathe them in for the next couple of fires.

Mount Smoke Alarms

If you don’t already have them, mount smoke alarms near your hearth and in every bedroom. Consider installing combined carbon monoxide and smoke detectors if you have a home with a gas-burning fireplace.

Don’t use your fireplace without taking the right precautions. Get it cleaned, and if it’s your first use, then be sure to get it inspected beforehand. Make the hearth in your home the heart of your home by following the tips above to ensure it’s up to snuff this fall.

Get The Low Down On Pending And Existing Home Sales This Month

November 26, 2013 by lizlaurenb Leave a Comment

Get The Low Down On Pending And Existing Home Sales This Month The National Association of REALTORS reported Monday that pending home sales dropped by -0.60 percent in October after falling at a revised rate of -4.60 percent in September. According to Lawrence Yun, chief economist for NAR, 17 percent of real estate agents reported delays in loan closings due to the government shutdown in early October.

Lenders were unable to verify borrower income through the IRS, which was closed during the shutdown. October was the fifth consecutive month with fewer pending home sales reported.

Homeowners who owe more on their mortgages than their homes are waiting to sell, and recent spikes in mortgage rates were cited as factors contributing to fewer pending sales.

Pending home sales are defined as homes for which signed purchase offers have been received and are considered an indicator of future home sales. The NAR notes that most pending sales close within 30 to 60 days of an offer being signed.

High Demand And Low Supply Of Homes Thwarts Buyers

Would-be homebuyers may be including their dream homes on their wish lists for the holidays as many areas continue to experience a short supply of homes against high demand. In desirable areas this can lead to bidding wars and homes being sold before they are listed for sale.

Cash buyers are benefitting from these situations, while first-time and moderate income buyers may be sidelined due to affordability issues and the inability to compete with cash buyers.

Mortgage rates fell last week and the previous week. While a recovering housing market has been causing home prices to rise, economists described current readings for pending sales as a “pause” in the housing market recovery and said that a significant decline in home sales could adversely impact overall economic recovery.

Regional Pending Sales Mixed

Pending sales for the Northeast and Midwestern regions increased slightly and declined in the South and West. This suggested to some economists and analysts that the formerly hot housing market is cooling off along with the weather. Some decline in home sales is expected during fall and winter months.

Sales Of Existing Homes Better Than Expected

October sales of existing homes surpassed expectations of 5.10 million sales with a reading of 5.12 million existing homes sold. Again, the government shutdown and related concerns of consumers and home builders were cited as reasons for sales falling shy of September’s reading of 5.29 million existing homes sold.

What’s Ahead For Mortgage Rates This Week – November 25, 2013

November 25, 2013 by lizlaurenb Leave a Comment

What’s Ahead For Mortgage Rates This Week – November 25, 2013 Last week’s scheduled economic news was varied, but mortgage rates fell and jobless claims were significantly lower than expected. The minutes for last month’s FOMC meeting were released, and confirmed the Federal Reserve’s intention to leave its quantitative easing program unchanged at least for the near term.

The National Association of Homebuilders Wells Fargo Housing Market Index for November indicated that builder confidence, while still positive, dipped by one point to a reading of 54 as compared to an anticipated reading of 55, and October’s revised reading of 54.

Retail Sales for October Rose By 0.4 Percent

NAHB noted that uncertainty over the federal budget and political gridlock may have kept builder and consumer confidence levels from achieving further gains in November.

The Consumer Price Index for October contracted by -0.10 percent against expectations of 0.00 percent growth and September’s reading of 0.20 percent growth. The Core CPI, which excludes volatile food and energy sectors, rose by 0.10 percent against expectations of 0.20 percent and was unchanged from September’s reading.

The National Association of REALTORS reported that Existing Home Sales for October were lower than for September’s reading of 5.29 million, but slightly exceeded the expected reading of 5.10 million. October’s reading came in at 5.12 million sales of existing homes.

Analysts attributed the lower reading to tight supplies of available homes in many areas and higher home prices and mortgage rates that impacted affordability.

The FOMC minutes indicated that the committee has ongoing concerns over national unemployment rate of 7.20 percent against the committee’s target unemployment rate of 6.50 percent.

Weekly Jobless Claims were notably lower at 323,000 new jobless claims as compared to the prior week’s reading of 344,000 new jobless claims. Analysts and investors had expected a reading of 334,000 new jobs. Analysts noted the Veterans Day holiday as a likely contributor to the lower reading for new jobless claims.

Freddie Mac provided good news in its weekly Primary Mortgage Market Survey; the average rate for a 30-year fixed rate mortgage fell from 4.35 percent to 4.22 percent with discount points unchanged at 0.70 percent. The rate for a 15-year mortgage fell from 3.35 percent to 3.27 percent with discount points unchanged at 0.70 percent.

The average rate for a 5/1 adjustable rate mortgage remained unchanged at 2.61 percent with discount points unchanged at 0.40 percent. This was encouraging news for home buyers and homeowners who have recently faced rising mortgage rates and home prices.

What’s Coming Up

This week’s schedule for economic reports includes several of interest to mortgage and housing professionals. Pending Home Sales will be out on Monday; Tuesday’s calendar is full with Housing Starts and Building Permits, the Case-Shiller Housing Market Index, the FHFA Home Price Index and the Consumer Confidence Index.

Wednesday’s news includes Weekly Jobless Claims, the University of Michigan Consumer Sentiment Index and Leading Economic Indicators. No economic news is scheduled for Thursday or Friday in observance of the Thanksgiving holiday.

Thanksgiving Decorating Ideas For Your Home

November 22, 2013 by lizlaurenb Leave a Comment

Thanksgiving Decorating Ideas For Your Home Thanksgiving is right around the corner, and if you’re opening your home for the family get together, that usually means you’ll be decorating.

If you’ve racked your mind for ideas and none sound just right, here are a few decorating ideas that might help you along your way.

Fall Leaves

Decorations don’t have to be expensive, just look outside the door of your home. Brightly colored fall leaves, either randomly placed on the table or bunched in small arrangements, can really brighten up a table.

Turkey Napkins

Folded turkey napkins is a simple way to spruce up your Thanksgiving table. Use linen napkins for a classy touch.

Thanksgiving Centerpiece

A cornucopia is a great idea for the centerpiece. Filled with leaves, small pumpkins and other fall foliage or fruits, cornucopias remind us to be thankful for nature’s bounty.

Candles

Candles can add a warm touch to any Thanksgiving dinner. The key for candle placement is to arrange them in places where a person’s breath won’t blow the flame out, generally between where people sit instead of in front of them.

Thanksgiving Wreaths

Thanksgiving wreaths can be fun to make, and a well-made wreath may even bring some surprising compliments. Tasteful and elegant at any time, wreaths made in fall colors are a beautiful addition to your decorations.

Thanksgiving Baskets

Thanksgiving baskets can be simple, inexpensive decorations for your home. Acorns or other nuts, mixed with fall leaves and a few flowers from your garden, will brighten up any room. Hang small baskets from wall hooks, or place larger baskets in corners.

No matter what Thanksgiving decorations you use, whether elegant or fun, hand-made or store-bought, the key is not to overdo it. Don’t let yourself get so caught up in making the decorations perfect that you forget to enjoy your friends, family and food.

May you have many things to be thankful for in the years to come. Happy Thanksgiving!

4 Tips On Hosting A Cozy Open House

November 21, 2013 by lizlaurenb Leave a Comment

4 Tips On Hosting A Cozy Open House The weather is starting to become a little too crisp for outdoor barbecues and camping. When Mother Nature goes into hibernation, then it’s time to move the party indoors.

Whether you’re looking to show off your new digs or have just listed your home on the market, winter is the perfect time to host an open house.

You want this to be a fun event that is as stress-free as possible. So plan ahead and don’t go too crazy. With a little furniture rearranging and a casual menu, you can plan a special evening that everyone will enjoy. Below are a few party tips to help get you organized.

Invitations

Get personal and send out invitations — not just an Evite. Hand-deliver them around your neighborhood. If you’re listing your home for sale, then give a stack to your real estate agents to pass along to other brokers that might have interested clients.

Clearly print a start and finish time to the open house. You don’t want strangers outstaying their welcome.

Furniture Arrangement

Hosting a festive get-together requires some furniture rearranging. You want to have open floor space for mingling that is interspersed with seating areas. It might be wise to declutter by putting some of your larger furniture in the basement.

Lighting

Try to use as little overhead lighting as possible. Turn on lamps in each room, especially around seating areas. Light unscented candles in places that are clear of accidental bumping. This will create soft, cozy glow within your home.

Food And Drink

Keep the food and drink simple. Warm apple cider and coffee along with appetizers and dessert should be sufficient. Also, place your buffet at the end of one a room, so it doesn’t block any entryways. Put the bar close to the entrance, so guests can grab a drink in case you’re occupied and can’t introduce them around.

A winter open house is the perfect way to surround yourself with all you favorite people. Or, it can be the best method for highlighting a house you’re hoping to sell. Follow the tips above to create a fun and cozy atmosphere that makes everyone feel right at home.

3 Common First Time Home Buyer Mistakes That Can Cost Thousands

November 20, 2013 by lizlaurenb Leave a Comment

3 Common First Time Home Buyer Mistakes That Can Cost Thousands Buying real estate for the first time is a very exciting step in life. It is likely to be one of the biggest financial commitments that you make, so it’s very important to navigate the purchasing process wisely.

Many first-time home buyers make rookie mistakes that bring on negative consequences and a lot of frustration. Outlined below are common errors home buyers make, so you can learn from their missteps and avoid them yourself.

1. Buying More Than What You Can Truly Afford

Just because the bank says that you qualify a certain amount for a mortgage doesn’t mean that you have to choose a house at the very top of this price range. Many people get carried away and buy the most expensive house that they qualify for.

If something unexpected happens, they may find it difficult to keep up with their monthly mortgage payments later on.

Remember that you will also have student loan payments, vehicle costs, credit card bills, health insurance, groceries, retirement savings and other expenses, so make sure that your mortgage payments will comfortably fit within your budget.

2. Failing To Get A Home Inspection

Before buying a house, you should always have a professional inspection done. Not doing so is a big mistake. You don’t want to get stuck with hidden damage that could saddle you with the expense of ongoing repairs.

Hiring a professional to assess the home’s condition is absolutely essential before making your final decision.

3. Disregarding Your Future

When you are buying real estate, don’t just think about how the home will work for you in the immediate future. Also consider what your needs will be five, ten or even 20 years from now.

Find out the development plans for the neighborhood. Look for reputable schools if you intend to start a family. And consider whether the street’s home values are likely to increase or decline in the future.

Your Next Steps

Don’t let the home-buying process overwhelm you! Learn from these common first-time home buyers’ mistakes, so you can avoid them.

A great next step toward planning for your first home purchase is to consult with a trusted, licensed mortgage professional who is trained in providing the best advice on how a new home will affect your budget.