Blog - Leagan Realty

3 Critical Tips To Improve Your Credit Score And Mortgage Terms

June 5, 2013 by lizlaurenb Leave a Comment

3 Critical Tips To Improve Your Credit Score And Mortgage Terms When you are looking for a mortgage for your home, your credit score is very important. Any potential lender will check your score and will use the number to assess your creditworthiness and the interest rate that they offer you.

The better your credit score the lower the mortgage interest rates will be available to you, as the lender will be able to see that you can handle credit well.

However, if you have a very bad credit score, it could be causing you to be offered high interest rates on your mortgage that could cost you thousands over the years.

Improving your credit score before searching for a mortgage will ensure that you get the best rate possible. But what can you do to improve your credit score?

Here are three tips that can help you improve your credit score and your mortgage loan:

Be Patient

Remember that improving your bad credit will be a little bit like losing weight. You might not see results right away but it is the long term benefit of your good habits that will make all the difference.

When it comes to all of the ways to improve your credit score, there are no quick-fixes and the best way to rebuild your credit is to be responsible over time.

Check Your Credit Report For Errors

If you don’t know precisely what your credit score currently is, the first step will be for you to obtain a credit report. You can request a free copy of your credit report and check it over carefully for errors. There might be an error on the report that is making your score appear worse than it should be.

Set Up Payment Reminders

If you have trouble remembering to make your credit payments by the due date, this can be one of the biggest negative factors bringing down your score. You can ask your bank to set up convenient reminders through the online banking portals so that you will receive an email or a text whenever your payments are due.

Your credit score is very important when looking for a Scottsdale home mortgage, as it will mean that you receive much better program options and interest rates. Keep these tips in mind so that you can enjoy the best rates possible on your mortgage.

For more tips on how to improve your prospects for the best mortgage, feel free to contact your local, trusted mortgage professional.

6 Ceiling Solutions To Update Your Home

June 4, 2013 by lizlaurenb Leave a Comment

Ceiling Update Options If you’re absolutely sick of looking at the popcorn ceiling of your 1980’s home – it’s time for a change.

However, behind the facade of a ceiling is a mess of plumbing, wiring, joists and structural beams, so you have to be careful and creative when updating your home.

Whether you’re dealing with an older home, a tricky duct system or an unfinished basement, below are several ceiling solutions to brighten up the space above your head.

Bring Back Wood Paneling

The 70’s are making a comeback. If you have a flat or slanted ceiling, wood paneling is easy to affix and can create a cozy cabin-like feel. This works well in living rooms, bedrooms and basements where you want generate a warm, comfortable atmosphere.

Create An Industrial Vibe

If you like the look of a modern home, then this might be the most cost-effective solution for you. If there’s an existing ceiling, remove it and then buy a paint sprayer and coat everything except the duct work in one dark color. Many converted lofts and urban spaces use this technique.

Drop It Like It’s Hot

These aren’t your parent’s drop ceilings. Today’s drop ceilings come in pressed metal, compressed wood panels and other attractive designs. They’re affordable, simple to install and allow easy access to the plumbing and electrical systems.

Go Back To The Basics With Drywall

Whether you’re looking to get rid of a popcorn surface, fixing water damage or finishing your basement, it might be prudent to minimize the cost and work involved by using drywall. You can purchase drywall for as little as 50 cents per square foot and it’s easy to paint once installed.

Utilize Soffits

Duct work and plumbing that cut through the middle of a room can be an eyesore and hard to work around. Utilize soffits to create ceilings of different heights, called tray ceilings, or use them to blend uneven surfaces into corners along a wall. They’ll help hide obstructions and make it easier to cover with drywall and paint.

Don’t let an unattractive ceiling get you down. Use one of the solutions above for an eye-catching ceiling that will keep you looking up and improve the value of your home at the same time.

For additional advice on updating your home for top-dollar, just give your trusted Scottsdale real estate professional a call!

What’s Ahead For Mortgage Rates This Week — June 3, 2013

June 3, 2013 by lizlaurenb Leave a Comment

What’s Ahead For Mortgage Rates This Week – June 3, 2013 Last week’s financial news was relatively limited due to the Memorial Day holiday and no economic reports being released on Wednesday.

The biggest news in terms of housing and mortgages was the S&P/Case-Shiller Housing Market Indices (HMI) released on Tuesday.

The March HMI data for national housing markets reflected a sharp increase in year-over-year home prices from 9.30 percent in February to 10.90 percent in March.

Twelve cities included in the Case-Shiller 20-city index reported double-digit year-over-year percentage gains for March home prices. While this data strongly supports recovering home prices, analysts cite the need for more jobs, which would enable more consumers to buy homes.

Thursday’s weekly Jobless Claims Report from the Labor Department highlighted ongoing problems with lagging employment as new jobless claims jumped to 354,000. The four-week moving average for new jobless claims increased by 6.75 percent to 347,250 new jobless claims.

Bullish Stock Market Affects Mortgage Interest Rates

Mortgage rates jumped in connection rising stock prices; Freddie Mac reported that the average rate for a 30-year fixed rate mortgage increased to 3.81 percent plus 0.80 percent in discount points. The average rate for a 15-year fixed rate mortgage increased to 2.98 percent plus 0.70 percent in discount points.

Rising mortgage rates suggest that home buyers may benefit from considering hybrid adjustable rate mortgages; the average rate for a 5/1 hybrid ARM was 2.66 percent with 0.50 percent in discount points.

The Chicago Purchasing Managers Index (Chicago PMI) measures how manufacturing and related businesses perform on a monthly basis. May’s reading increased to 58.70 and surpassed expectations of a 49.90 reading as well as April’s reading of 49.00. Readings above 50 are considered positive.

Consumer Sentiment rose in May to a reading of 84.50, which exceeded both the expected reading of 83.80 and April’s reading of 83.70. As consumers gain confidence in the economy, they are more likely to buy homes.

Next Week’s News

Construction spending for April is due Monday with a consensus of +1.00 percent as compared to -1.70 percent in March. Rising construction spending could indicate an increase in residential construction, which has been facing obstacles including increasing labor and material costs and a shortage of available land for residential building.

Thursday’s news includes the weekly Jobless Claims report and Freddie Mac’s weekly report of average mortgage rates.

Friday brings the monthly Jobs Report, which consists of the Department of Labor’s Non-farm Payrolls report and the monthly unemployment rate. These reports are significant for gauging national and regional labor markets and for anticipating the Fed’s decision regarding its current quantitative easing policy.

If the Fed ceases or reduces its purchase of Treasury securities and mortgage-backed securities (MBS), mortgage rates are likely to rise.

5 Super Spring Decorating Ideas To Spruce Up Your Home

May 31, 2013 by lizlaurenb Leave a Comment

5 Spring Decorating Ideas To Spruce Up Your Home With spring just around the corner, now is a good time to begin decorating your home for the upcoming season.

Whether you enjoy chic decorations that are budget-friendly or easy changes to create a fresh look, below are five quick ideas to brighten up your home for the season.

Add a Pop of Color

Spring is a good time to add color to your décor. Switch your tablecloth in the dining room for one with lighter colors.

Cover decorative pillows with pastel pillowcases to lighten a room.

Adding decorative centerpieces to tables that contain a pop of spring colors is also a simple way to get your home ready for spring.

Find A Spring Wreath

Wreaths are usually hung during the Christmas holiday, but other seasonal wreaths are becoming a popular trend.

You can purchase a floral wreath to hang on your front door or get creative and make a spring wreath using flowers, plastic eggs, fabric or a variety of other materials.

Place Flowers Around The House

Flowers are perfect to use when decorating for spring. Place lilies or tulips in a colored vase to sit on the table or hang floral prints on a bare wall to add color.

Whether using fresh flowers or floral inspired pieces, nothing says spring like brightly colored blooms.

Hang Up Mirrors

Putting up mirrors around your house will help brighten your home by reflecting light into every corner. Don’t be afraid to add more than one to a room, and choose looking glasses with fun frames to light up your space — and your mood.

Remember, Less Is More

Spring is also a time when people clean out their houses and de-clutter. Spring is thought of as the season of fresh starts or new beginnings.

When decorating for spring, get rid of items you no longer need. Too many nick-knacks end up being dusty objects that constantly need cleaning.

Decorating your Scottsdale home for spring should not be expensive or time consuming. Making a few simple changes and adding bright colors will give your place a fresh feel and make it ready for spring.

Case-Shiller Reports Energetic Annual Home Price Gains Nationally

May 30, 2013 by lizlaurenb Leave a Comment

Case-Shiller Reports Energetic Annual Home Price Gains Nationally The most recent S&P/Case-Shiller Index showed all three composites posting double-digit increases over the last four quarters. The national composite, which is the broadest based index, showed an increase of 10.2% annually. The 20-City composite posted even stronger annual growth at 10.9%.

Click Here To Download The Full Report

The Case-Shiller Index measures changes in home prices by tracking same-home sales using 10-City, 20-City and national housing markets; and the change in sales price from sale-to-sale. Detached, single-family residences are used in the Case-Shiller Index methodology and data is for closed purchase transactions only.

12 Of 20 Metro Markets Notch Double-Digit Annual Growth

Between March 2012 and March 2013, home values rose in all 20 Case-Shiller Index markets. Phoenix, Arizona (+22.5%) once again was leading the national price recovery, quite possibly due to its precipitous fall during the onset of the housing crisis.

Another notable gainer was San Francisco (+22.2%), followed by Las Vegas, Nevada (+20.6%) On the weaker end were Boston (+6.7%), Cleveland (+4.8%) and New York (+2.6%), but it is important to note that even these smaller numbers still represent significant gains across the board.

There were a total of 12 year-over-year double digit gainers in home value which included those mentioned above as well as Atlanta, Detroit, Los Angeles, Miami, Minneapolis, Portland, San Diego, Seattle and Tampa.

All 20 Metro Markets Show Positive Growth For 3 Consecutive Months

In another very strong supporting point for the housing recovery, all 20 metro markets measured showed positive home price growth for at least 3 consecutive months. This consistency in growth contributes to an overall indication of strength in the housing sector rebound.

The only potential back-pedaling in the report came from noting that higher than normal multi-family housing numbers, large numbers of homes still in the foreclosure process, and significant investor activity may demonstrate that the housing recovery is not yet complete.

This latest S&P/Case-Shiller Home Price Indices report seems to indicate that the housing market continues to show positive growth.

Now may very likely be the best time to move forward with your next Scottsdale real estate transaction. A positive next step is to call your local, trusted real estate professional for advice today.

Simple Ideas To Create An Outdoor Living Space For Your Home

May 29, 2013 by lizlaurenb Leave a Comment

Create an Outdoor Living Space for Your Home As the weather gets warmer, the desire to get outside and enjoy the fresh air begins to take hold. Having a place to entertain or just unwind can add a new dimension and enjoyment to your home.

First, you have to decide what type of space you want to create. Whether you want to have an outdoor living room, a vacation-like spot or a place to meditate and enjoy nature, how you extend your living space is limited only by your imagination — and possibly your budget.

Start with your vision and make a list of the things you want to have there. Then go for it!

Choose a Theme

Vacation spot – Decorate with bright colors for a festive, tropical look.

Zen garden – Add a water feature, such as a fountain, for a calming effect.

Nature hideaway – Surround a patio or porch with plants and trees to bring nature closer to your home.

Find Elements to Enhance Your Space

Furniture – If your outdoor zone isn’t completely under cover, then make sure to choose all-weather furniture. Comfortable seating is key, so add pillows or cushions for extra luxury.

Lighting – String lighting throughout the trees, under umbrellas or around fencing to create atmosphere. It also helps to make sure you can see where you’re going once the sun goes down.

Outdoor kitchen – Bring the food with you! Keep it simple with a BBQ grill or add other elements like a refrigerator, sink and food prep area. And, don’t forget the beverages!

Fireplace – Extend your outdoor evenings into the fall by adding a fireplace for friends and family to gather around.

Borders – Define the borders of the area to increase privacy and separate the space from the rest of the yard or neighbors.

Your Scottsdale home is an extension of your personality. Creating an outdoor oasis can give you an opportunity to find your inner child, Zen master, or beach bum!

Make it as simple or elaborate as you desire, and open it up to friends, or keep it all to yourself. Follow these simple tips and create a wonderfully relaxing place right at your home for the summer.

Existing Home Sales Numbers Highest Since 2009

May 28, 2013 by lizlaurenb Leave a Comment

Existing Home Sales Numbers Highest Since 2009 The National Association of REALTORS reported that sales of existing homes in April reached 4.97 million on a seasonally-adjusted annual basis.

Although this reading fell short of Wall Street’s expectations of 5.00 million existing homes sold, it surpassed the March 2013 upwardly revised reading of 4.94 million existing home sales. This represents a 0.60 percent increase from March to April, and a 9.70 increase year-over-year.

Low Mortgage Rates Contribute To High Sales Levels

Low mortgage rates and pent-up demand for homes are driving sales of existing homes, which reached their highest level since November 2009.

Lawrence Yun, chief economist for the National Association of REALTORS, indicated that housing market momentum is overcoming obstacles: “The robust housing market recovery is occurring in spite of tight access to credit and limited inventory. Without these frictions, existing home sales would be well above the five million unit pace.”

Inventories of homes for sale are gradually increasing; at the end of April, the total inventory of existing homes had increased by 11.9 percent to 2.16 million existing homes for sale. This represents a 5.20 month supply of available homes in April as compared to a 4.7 month supply of homes in March 2013. Listed inventory is 13.60 percent below April 2012, when there was a 6.60 month supply of homes available.

Average Home Sales Prices Up 14 Months In A Row

The national average price for all housing types was $192,800, and increase of 11.0 percent over April 2012. This represents the fourteenth consecutive month of rising average home prices; the last time this occurred was between April 2005 and May 2006.

Homes sold through foreclosure or short sales fell by three percent to 18 percent of existing homes sold in April. Of these sales, 11.0 percent were foreclosure sales and 7.0 percent were short sales. Foreclosure sales averaged 16.0 percent below market value and short sales averaged 14.0 percent below market value.

The Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, provided more positive news for U.S. housing markets as of March 2013. Average home prices for homes mortgaged by Fannie Mae and Freddie Mac increased by 7.20 percent year-over-year, and were up by 1.20 percent from February 2013. FHFA also reported that home prices had risen by 6.70 percent in the first quarter of 2013 as compared to the same period in 2012.

New Home Sales Show Rising Trend As Well

In related news, the Department of Commerce reports that New Home Sales are up by 2.30 percent from March to 454,000 units on a seasonally-adjusted annual basis. This handily exceeds Wall Street’s consensus of 430,000 new homes sold in April, and is also higher than March’s reading of 444,000 new homes sold.

Buyers are turning to new homes due to pent-up demand in housing markets caused by low inventories of existing homes and low mortgage rates. It’s also likely that with home prices rising, would-be buyers are acting on indications that record low rates and home prices are expected to increase.

Rising home prices suggest that as demand increases, mortgage rates may not be far behind. Buyers in the Scottsdale market today can still gain the advantage of historically low mortgage rates.

How To Throw A Memorial Day Weekend Party To Remember

May 24, 2013 by lizlaurenb Leave a Comment

Preparing For Memorial Day 2013 Memorial Day weekend is widely regarded as the beginning of summer and many people kick off their summer plans on the weekend coming up.

We take this time to remember the brave men and women who have given their lives to protect and defend our liberty and freedom. But even while giving thanks for their sacrifice, we also celebrate the beginning of our summer with fun and (hopefully) sun!

As many people are more budget-conscious these days, holiday travel out of town may not be the best option for everyone. There are so many ways to enjoy the first long weekend of the summer, and since it is one of the busiest travel times of the year, maybe you should just plan to stay at your home this Memorial Day.

Not only do you get to skip packing suitcases and spending hours in the car, you’ll also save some money!

Below are six ideas to keep your kids smiling and get the whole family involved.

Plan the Menu – Memorial Day means picnics, and there are all kinds of fun and colorful dishes you can make to celebrate.

Make Decorations – Red, white and blue are the colors of the day. Get creative with centerpieces, balloons and table settings to make your Scottsdale home a festive holiday venue.

Invite Friends and Relatives – The more the merrier, right? And you can always ask your guests to bring a snack or covered dish to share.

Have a Plan B – How many times have you known it to rain on Memorial Day? Have a back-up plan in case Mother Nature makes you retreat inside.

Have Indoor and Outdoor Games – If the weather cooperates, water games, such as balloons or a slip-n-slide are perfect, but have some board games or crafts ready to go in case you find yourself running for cover. Don’t forget to have some games for the adults too!

Remember the Meaning of Memorial Day – The history behind the holiday is sometimes lost along the way. Make sure the kids realize why this holiday exists — to honor the people who fought to give us the freedom to celebrate.

So get out your address book or cell phone contact list and start calling your friends and relatives who have decided to forego the holiday traffic. With a little organization, you’ll be ready to throw a Memorial Day bash that no one will soon forget.

Fed Meeting Minutes Expose Rising Interest Rate Risk

May 23, 2013 by lizlaurenb Leave a Comment

Fed Meeting Minutes Expose Rising Interest Rate Risk Minutes of the April/May Federal Open Market Committee (FOMC) recently released may have a significant impact on mortgage rates going forward. One significant development from the meeting suggests that the present quantitative easing (QE) program may be modified in the near future.

The current QE program involves the Fed purchasing $85 billion per month in mortgage backed securities (MBS) and Treasury bonds. The Fed’s goal with QE is keeping long-term interest rates, including mortgage rates, low.

Considerations mentioned in favor of slowing the current QE program include concerns over “buoyant” financial markets as evidence of a developing economic “bubble”. FOMC members in favor of continuing the current easing program cited fears of economic deflation resulting from cutbacks in QE.

Fed Chief Calls Current Bond Buying Program “Overheated”

In related news, Fed chairman Ben Bernanke, in testimony before Congress, characterized the current QE program as “overheating the economy,” but he also stated that slowing economic growth is a worse alternative than continuing the current QE program. Chairman Bernanke noted that QE is supporting financial markets and the economy and indicated that it is not time to reduce the Fed’s support.

Diverse opinions within the FOMC added to the impasse over QE, as one member advocated for immediate tapering of the QE program, while another proposed expanding QE purchases.

The FOMC noted a number of challenges including the national unemployment rate of 7.60 percent at the end of March, that private sector hiring plans were “subdued,” and that jobless claims had trended up during the inter-meeting period. Among numerous economic positive statistics cited, the Fed noted that consumer spending improved and was driven by higher automotive sales and a drop in fuel prices.

The FOMC minutes reflect that some members had concerns about the ability of consumer spending to hold without notable improvement in hiring and business investment. Businesses contacts of FOMC members were reluctant to plan additional hiring and investing in their businesses based on reports of decreased manufacturing and lower international demand for products.

Good News Revealed About Low Future Inflation Expectations

The Fed predicted modest inflation over the medium term, and expected inflation to remain subdued until 2015. The Fed will maintain its benchmarks for adjusting the Federal Funds Rate and QE based on the national unemployment rate reaching 6.50 percent and the inflation rate reaching 2.00 percent.

The FOMC characterized the improving housing market as responsible for economic improvements for related businesses, but also acknowledged that increasing demand for housing was being caused by low inventories of available homes rather than buyer enthusiasm alone.

Improving home prices and easier consumer credit terms were viewed as contributing to improvement in overall economic conditions. These factors increase household cash flow and provide consumers with more discretionary income for spending.

While the FOMC members did not agree on how or if to revise their current QE policy, it seems likely that the next meeting will bring increased scrutiny of QE and its impact on current economic conditions.

Simple Tips To Help Your Flowerbeds Flourish This Spring

May 22, 2013 by lizlaurenb Leave a Comment

Simple Tips To Help Your Flowers Flourish This Spring Flowerbeds can be a very attractive addition to any Scottsdale home — if you have the time to set up and maintain them. Flowerbeds don’t necessarily require a profusion of costly flowers that need to be fertilized, mulched, covered during severe weather, and possibly re-planted on a yearly basis.

So put on your green thumb and brave the outdoors this spring. With the tips below, you’ll keep your flowerbeds filled and your house looking cheery without a huge money or time commitment.

Weed Eradication

Before you even start picking out roses and tulips, take care of the weeds. Gardens get weeds because there are already pesky roots hiding below the surface.

Dig up the soil and weeds before you plant. It will save you hours of maintenance in the long run and keep your flowers healthy.

Perennial Wildflowers

Wildflower mixes native to your area are often a good choice if you want an array of flowers, but don’t have the time or the motivation to take care of them.

These flowers can grow back easily every year and are well adapted to the climate and soil conditions in your area. Native wildflowers may need little more than watering and the occasional weeding.

Decorative Rock

Filling the beds with attractive decorative rock provides maintenance-free curb appeal to your home. Several colors of decorative rock are available and can be chosen to off-set the color of your house.

Planters may also be placed amongst the rocks to add live plants to your flower beds, and those plants can easily be moved inside before the weather gets too cold for them.

Low-Growing Shrubs

For low-maintenance ground cover in your flowerbeds, plant low-growing shrubs, such as various strains of boxwood or juniper.

The main issue with this option is that the shrubs take a while to grow and fill in. But once established, the only maintenance required is the occasional trimming of overgrown branches.

Vacant flowerbeds detract from the overall look of your house and contribute to an air of neglect. Attractive fillers do not have to be either expensive or difficult to put into place.

If you’d like additional tips on how to spruce up the outside your home, please call your trusted real estate professional for the best advice!