Blog - Leagan Realty

Buying in a New Community: How to Meet and Make Friends with Your New Neighbors

June 16, 2023 by Lisa Eagan

Buying in a New Community: How to Meet and Make Friends with Your New Neighbors One of the stresses of moving to a new area is giving up the familiarity that you have with your old neighbors and starting from scratch. Whether you’ve just moved to a different locale or you’re planning to relocate in the near future, there are some easy ways that you can make a home of your new neighborhood right from the start.

Stand Up and Smile

While there are neighborhoods where people are definitely friendlier than others, by making your presence positively known you can make an instant impression on those that live around you. When you’re walking around the neighborhood, make sure you use it as an opportunity to engage with your fellow dwellers by throwing a smile in their direction, saying “Good Morning!” or paying attention to their children or their pet. It may not start a conversation right away, but if you see each other a few more times you might soon have a new fast-friend in the neighborhood.

Become a Community Member

If you happen to have a community center specific to your area, it will be even easier to meet the people who live in your neighborhood and make friends with some of them. Look into the offerings of your local center and find some classes or events that appeal to you. Whether it happens to be a craft festival or a fitness class that interests you, this will not only help you meet new people, but will ensure that their interests are aligned with your own so you’ll have some new pals to pursue old hobbies with.

Knock on the Door!

This is definitely the most assertive of options, and seems a throwback to another era, but instead of leaving meeting people up to chance, bake a cake or a batch of cookies and take them over to your new neighbor as a gesture of friendship and kindness. Your neighbors will probably love the baked goods, but this can also be the first step in forming a relationship with them that will come to be one you can both rely on.

When it comes to a new neighborhood, forming new attachments can seem all-but impossible, but there are things you can do to begin a bond right from the start.

The Role of Escrow in Real Estate Transactions

June 15, 2023 by Lisa Eagan

The Role of Escrow in Real Estate Transactions Purchasing or selling a property is a significant financial transaction that involves numerous parties, legalities, and a substantial amount of money. To ensure a smooth and secure process, the real estate industry relies heavily on a mechanism known as escrow.

Understanding Escrow

Escrow refers to a neutral third-party entity or professional, typically an escrow officer or a title company, entrusted with holding and disbursing funds and documents during a real estate transaction. It acts as a safeguard, ensuring that all parties fulfill their obligations and that the transaction progresses smoothly.

How Escrow Works

Once the buyer and seller have agreed on the terms of the transaction, they initiate the escrow process by opening an escrow account. This involves selecting a trusted escrow officer or company and depositing the agreed-upon funds into the account. The escrow officer gathers all necessary documents, including the purchase agreement, title documents, loan documents, and any other relevant paperwork. Simultaneously, the buyer deposits the earnest money into the escrow account, demonstrating their commitment to the transaction.

The buyer typically has a specific period to conduct inspections, investigations, and other due diligence activities on the property. If the buyer finds any issues or discrepancies during this period, they can negotiate repairs or request changes to the terms of the agreement.

Once the buyer is satisfied with the inspections, due diligence, financing, and title search results, they proceed to remove any remaining contingencies, such as the inspection contingency or loan contingency. After all contingencies are satisfied, the closing process begins. The escrow officer prepares the closing documents, including the settlement statement, and coordinates the signing of these documents by all parties involved.

Once the necessary signatures are obtained, the escrow officer ensures that the funds from the buyer and the buyer’s lender, if applicable, are collected. Finally, the officer disburses the funds to the seller, paying off any existing liens or mortgages, and transfers the title to the buyer.

Benefits of Escrow in Real Estate Transactions

Escrow provides a secure and neutral environment for both buyers and sellers. The escrow officer ensures that funds and documents are held safely until all conditions are met, preventing either party from misusing or misappropriating them. Escrow also protects all parties from potential risks and fraudulent activities.

By safeguarding funds and documents, facilitating clear communication, and ensuring compliance with legal and financial obligations, escrow mitigates risks and promotes a smooth transaction process. Engaging a reputable escrow officer or company can offer peace of mind to all parties involved, making the real estate transaction more secure and efficient.

Simple Tips for a Stunning First Impression

June 14, 2023 by Lisa Eagan

Simple Tips for a Stunning First Impression They say, “you never get a second chance to make a good impression”, and when it comes to your home, curb appeal is the key to making a lasting one. Enhancing the exterior of your house not only adds value but also creates a warm and inviting atmosphere for both you and your guests.

Here are some simple yet effective tips that will help transform your home’s exterior and make it the envy of the neighborhood.

Begin with a Welcoming Entrance: The front door is the gateway to your home, and a fresh coat of paint can do wonders to revitalize its appearance. Consider selecting a color that complements your home’s style and personality. Don’t shy away from bold choices that create a statement.

Revitalize the Exterior: The exterior walls of your house may benefit from a thorough cleaning or a fresh coat of paint. Pressure washing can remove dirt, grime, and stains, making your home look instantly refreshed. If you’re painting, choose a color scheme that harmonizes with the surroundings while accentuating architectural features. Take the time to inspect your home’s siding or brickwork for any necessary repairs, as addressing these issues promptly prevents further deterioration.

Beautiful Landscaping: A well-maintained and thoughtfully designed landscape can make a significant difference in your home’s curb appeal. Start by trimming overgrown shrubs and trees, removing weeds, and adding fresh mulch to flower beds. Incorporate a variety of plants that thrive in your climate, ensuring year-round color and texture. Consider planting flowers, installing window boxes, or hanging baskets to bring vibrancy to your windows and walls.

Upgrade Outdoor Lighting: Outdoor lighting not only enhances safety but also creates an inviting ambiance. Illuminate your pathways, porch, and landscaping with stylish light fixtures that match the architectural style of your home. Consider installing solar-powered lights to save energy and reduce maintenance. Strategically placed lighting can highlight focal points, such as trees or architectural details.

Pay Attention to Small Details: Don’t underestimate the impact of small details when it comes to enhancing your home’s curb appeal. Replace worn-out house numbers, doorbells, and mailbox to give your home a polished look. Upgrade your front porch furniture or add decorative elements like outdoor artwork or a porch swing to create an inviting space. Ensure that your gutters and downspouts are clean and in good condition, and consider adding window shutters or freshening up their paint.

Remember, the key to improving curb appeal is to create a visually appealing and well-maintained exterior. By implementing these tips and putting in some effort, you can significantly enhance the curb appeal of your property.

Homeowners Insurance: How Much Coverage Do You Need?

June 13, 2023 by Lisa Eagan

Homeowners Insurance: How Much Coverage Do You Need? Homeownership is a significant milestone that comes with a sense of security and pride. Your home is not just a place to live but also a valuable asset that needs protection. Homeowners insurance provides financial coverage for unexpected events and damage that may occur to your property.

Determining the right amount of coverage can be challenging, here are some of the factors to consider when deciding how much homeowner’s insurance coverage you need.

Assessing the Value of Your Home: The first step in determining your coverage needs is to evaluate the value of your home. Consider the cost of rebuilding or repairing your house in the event of a total loss.

Understanding Different Coverage Types: Homeowners insurance typically consists of several types of coverage, including dwelling coverage, personal property coverage, liability coverage, and additional living expenses coverage. Each of these covers different aspects of your home and belongings. Understand the purpose and limits of each type to determine the appropriate amount of coverage you need for your specific circumstances.

Evaluating Personal Belongings: Take an inventory of your personal belongings and estimate their value. This includes furniture, appliances, electronics, clothing, and other valuable items. Ensure that your personal property coverage provides enough coverage to replace these items in case of theft, fire, or other covered perils.

Considering Liability Coverage: Liability coverage protects you in the event someone is injured on your property or you cause damage to someone else’s property. Evaluate your liability needs based on factors such as the size of your property, potential risks, and your personal circumstances.

Assessing Additional Living Expenses: In case your home becomes temporarily uninhabitable due to a covered loss, additional living expenses coverage helps cover the cost of alternative accommodations, meals, and other related expenses.

Reviewing Deductibles: A deductible is the amount you need to pay out of pocket before your insurance coverage kicks in. Higher deductibles typically result in lower insurance premiums, but you should choose a deductible amount that you can comfortably afford in the event of a claim.

Consult with an Insurance Professional: Determining the appropriate amount of coverage for your home can be complex. It’s advisable to consult with an experienced insurance professional who can assess your unique needs, guide you through the process, and recommend the right coverage options based on your specific circumstances.

Choosing the right amount of homeowners insurance coverage is crucial for protecting your home, personal belongings, and financial well-being. Assess the value of your home, understand the different coverage types, evaluate your personal belongings, consider liability coverage and additional living expenses, review deductibles, and consult with an insurance professional to ensure you have adequate coverage. By taking these steps, you can enjoy peace of mind knowing that you are well-protected in case of unexpected events or damage to your home.

What’s Ahead For Mortgage Rates This Week – June 12, 2023

June 12, 2023 by Lisa Eagan

What's Ahead For Mortgage Rates This Week - June 12, 2023

Last week’s scheduled economic news included results from Fannie Mae’s National Housing Survey and weekly readings on mortgage rates and jobless claims.

Fannie Mae Survey Shows Lower Home Buyer Confidence in May

Fannie Mae reported lower home buyer confidence in housing market conditions in May. High home prices and rising mortgage rates challenged prospective home buyers while providing favorable conditions for sellers. 65 percent of consumers surveyed for Fannie Mae’s Home Purchase Sentiment Index believed that it was a good time to sell their homes as compared to 62 percent of consumers surveyed in April. This was the highest consumer sentiment reading posted for the Home Purchase Sentiment Index since July 2022.

Mr. Mark Palim, a Fannie Mae Vice President and Deputy Chief Economist said: “Consumers also indicated that they didn’t expect affordability constraints to improve in the near future.” 81 percent of renters surveyed believed that it would be difficult to get a mortgage today.

Mortgage Rates Fall, Jobless Claims Rise

Freddie Mac reported lower mortgage rates last week after three consecutive weeks of rising rates. The average rate for 30-year fixed-rate mortgages fell by eight basis points to 6.71 percent. Rates for 15-year fixed-rate mortgages averaged 6.07 percent and 11 basis points lower.

Jobless claims rose with 261,000 initial jobless claims filed as compared to the expected reading of 236,000 first-time claims filed and the previous week’s reading of 233,000 filings.

What’s Ahead

This week’s scheduled economic news includes The Fed’s Federal Open Market Committee Statement and Fed Chair Jerome Powell’s scheduled press conference. The University of Michigan will release its monthly reading on consumer sentiment and weekly readings on mortgage rates and first-time jobless claims will also be released.

The Most Common Dangerous Home Issues

June 9, 2023 by Lisa Eagan

The Most Common Dangerous Home Issues The most important reason to check for dangerous home issues is to ensure the safety of you and your family. Leaving home issues unchecked can cause significant damage to your property and if you’re planning to sell your home in the future, it’s important to ensure that it’s free of dangerous issues that could affect its value.

Here’s What to Look For:

Electrical problems: Faulty electrical systems, exposed wires, and outdated circuits can pose a serious risk of electrical fires, electrical shock, and electrocution.

Mold: Mold is a type of fungus that grows in damp, warm environments and can cause a variety of health problems, particularly for people with allergies, asthma, or weakened immune systems.

Carbon Monoxide Poisoning: Carbon monoxide (CO) poisoning is a potentially deadly condition caused by inhaling carbon monoxide gas, which is colorless, odorless, and tasteless. It can be produced by gas-powered appliances, such as furnaces, water heaters, and stoves, as well as by cars and generators.

Gas Leaks: Natural gas leaks can cause carbon monoxide poisoning, fire, and explosions. If you smell gas, you should evacuate your home immediately and contact your gas company.

Lead Poisoning: Lead poisoning is a serious health issue caused by exposure to lead, a toxic metal that can cause damage to the brain, kidneys, and other organs. Children under the age of 6 are particularly vulnerable to lead poisoning because their developing bodies can absorb more lead than adults.

Asbestos: Older homes may contain asbestos, which can cause lung cancer and mesothelioma. Asbestos should be removed by a professional.

Drowning: Drowning is a leading cause of accidental death, particularly among children and young adults. Drowning can happen in any body of water, such as pools, lakes, oceans, and even bathtubs. To prevent drowning, it’s important to always supervise children around water, never leave them unattended, and teach them basic water safety skills such as swimming and floating. Additionally, homeowners with pools should install fencing around their pools and use safety covers when the pool is not in use.

Radon: Radon is a naturally occurring gas that can seep into homes and cause lung cancer. A radon test can determine if your home has unsafe levels of radon.

Reducing Household Dangers

Reducing household dangers is important for maintaining a safe and healthy living environment. Here are some tips to help reduce potential dangers in your home:

Install smoke detectors and carbon monoxide detectors on each level of your home and outside each sleeping area. Test them regularly and replace the batteries as needed.
Keep fire extinguishers in accessible areas of your home and make sure everyone knows how to use them.
Keep all electrical cords in good condition and avoid overloading outlets or extension cords.
Regularly maintain and clean your home’s heating, ventilation, and air conditioning (HVAC) systems.
Keep your home free of clutter, especially on stairs and in walkways, to reduce the risk of trips and falls.
Ensure that your home has adequate lighting, especially in areas like stairways and entrances.
Regularly inspect and maintain your home’s plumbing systems to prevent water damage and leaks.
Store hazardous materials, such as cleaning products and chemicals, in a secure location away from children and pets.
Test your home for radon and consider installing a radon mitigation system if necessary.
Regularly inspect your home’s roof, foundation, and siding for damage and make repairs as needed.

It is important for homeowners to regularly maintain their homes and address any potential issues promptly to minimize the risk of harm. By following these tips, you can help to reduce potential dangers in your home and promote a safe and healthy living environment for you and your family.

How Do You Make A Household Budget

June 8, 2023 by Lisa Eagan

How Do You Make A Household Budget Creating a household budget can be a helpful way to track your spending and ensure you are meeting your financial goals. You will need to examine your fixed expenses that are the same each month, such as rent or car payments and your variable expenses that change each month, such as groceries or entertainment. Dealing with debt can be challenging but incorporating it into your budgeting strategy can help you regain control of your finances. Here are some steps you can take to effectively manage your debt while budgeting:

Assess your debt: Begin by gathering all your debt information, including outstanding balances, interest rates, and minimum monthly payments. List your debts in order of priority, such as high-interest debts or those with approaching due dates.

Create a budget: Develop a comprehensive budget that covers all your income and expenses. Categorize your expenses into essential (e.g., housing, utilities, groceries) and non-essential (e.g., entertainment, dining out) categories. Make sure to allocate funds for debt repayment.

Prioritize debt payments: Allocate a portion of your budget specifically for debt repayment. While making minimum payments on all debts, focus on paying extra towards high-interest debts to reduce their impact over time. This strategy is known as the debt avalanche method. Alternatively, you can prioritize the debt with the lowest balance first (debt snowball method) for psychological motivation.

Reduce discretionary spending: Look for areas where you can cut back on non-essential expenses. This might involve reducing eating out, entertainment costs, or finding more affordable alternatives for certain services. Direct the savings towards debt repayment.

Negotiate with creditors: If you’re struggling to meet your debt obligations, contact your creditors to discuss possible alternatives. They may be willing to offer reduced interest rates, extended repayment terms, or debt consolidation options. Exploring these options can help make your debt more manageable.

Consider debt consolidation or refinancing: If you have multiple debts with high-interest rates, consolidating them into a single loan or refinancing them with a lower interest rate may be beneficial. This approach simplifies your payments and can potentially save money on interest charges.

Build an emergency fund: While dealing with debt, it’s crucial to simultaneously build an emergency fund. Having some savings set aside can prevent you from relying on credit cards or loans in case of unexpected expenses. Start with small, regular contributions until you reach your desired emergency fund amount.

Remember, managing debt takes time and discipline. Stay committed to your budgeting efforts and regularly review your progress. Over time, as you reduce your debt, you’ll regain financial stability and move closer to achieving your financial goals. It may take some time to find the right balance, but creating a household budget can be an effective way to manage your finances and achieve your financial goals.

Buying Vs. Building a House

June 7, 2023 by Lisa Eagan

Buying Vs. Building a House Deciding whether to buy or build a house can be a complex decision that depends on several factors. Here are some pros and cons to consider:

Pros of Buying a House:

Convenience: Buying a house is generally quicker and more convenient than building one. You can move in as soon as you close the deal, without having to wait for construction to be completed.

Location: When you buy a house, you have the opportunity to choose a home in an established neighborhood with existing amenities such as schools, parks, shopping centers, and other essential services. You can choose a location that is convenient for your lifestyle.

Cost: Depending on the location, buying a house may be less expensive than building a new one. You can often find great deals on homes that have been on the market for a while, or in areas where the real estate market is more favorable to buyers.

No Hassle of Design and Construction: When you buy a house, you don’t have to worry about designing the home or supervising construction. You can focus on personalizing the house according to your taste, rather than starting from scratch.

Resale Value: Buying an established home often means it already has a resale value, making it easier to sell in the future.

Cons of Buying a House:

Limited Customization: When you buy an existing house, you may have limited options for customization. You’ll need to accept the home’s layout, features, and design unless you’re willing to invest additional time and money to make renovations.

Unpredictable Market: Real estate markets can be unpredictable, and the value of your home may fluctuate depending on economic conditions. There’s always a risk that the value of your home may decrease in the future.

Maintenance: As a homeowner, you’ll be responsible for maintaining and repairing the home, which can be costly. Older homes may require more maintenance than newer ones, which can add up over time.

Hidden Problems: Even with a thorough home inspection, there may be hidden problems with the house that you only discover after moving in, such as foundation issues, electrical problems, or water damage.

Pros of Building a House

Customization: You can design the house to your exact specifications, ensuring that it meets your unique needs and preferences.

New materials and technology: You can take advantage of the latest building materials and technology, which can make the house more energy-efficient and environmentally friendly.

No hidden problems: Since the house is new, there should be fewer hidden issues or problems to deal with.

Cons of Building a House

Cost: Building a house can be more expensive than buying an existing one, especially if you choose high-end materials or features.

Time-consuming: Building a house can take months or even years to complete, which means you’ll need to be patient and flexible.

Uncertainty: There may be unexpected delays or complications during the construction process, which can be frustrating.

Buying a house can be a smart and practical option for many people, especially those who prioritize convenience, location, and cost savings, buying a house is a big decision that requires careful consideration of both the advantages and disadvantages. It’s important to do your research and weigh your options before deciding.

When Buying Land to Build a New Home, Don’t Forget These Important Factors

June 6, 2023 by Lisa Eagan

When Buying Land to Build a New Home, Don't Forget These Important Factors Buying land for a new home is a significant investment, so take your time, do your research, and make an informed decision. It’s essential to do your due diligence and research before buying land to build a new home. Here are some important things you shouldn’t forget:

Determine your budget: Before you start your search, it’s important to have a clear idea of your budget. This will help you narrow down your search to properties that are within your price range.

Choose a location: Consider the location where you would like to build your new home. Look for areas that are safe, have good schools, and are close to amenities like shops and restaurants. Also, consider the proximity to your work or other important places you regularly visit.

Check zoning laws: Make sure that the land you’re interested in is zoned for residential use and that you can obtain the necessary building permits.

Evaluate the site: When evaluating a potential site, consider factors such as the size of the lot, the topography, and the soil type. Also, consider the orientation of the lot in relation to the sun, wind, and views.

Get a land survey: A land survey will help you determine the exact boundaries of the property and identify any potential issues, such as easements or encroachments.

Utilities and Services: Before you buy the land, make sure you research the availability of utilities and services such as water, electricity, gas, sewage, and internet connectivity. If these services aren’t readily available, it could add significantly to the cost and complexity of building your new home.

A real estate agent can help you find suitable land and guide you through the buying process. They can also help you negotiate the price and advise you on any potential issues with the land. By keeping these important considerations in mind, you’ll be better prepared to make an informed decision and ensure that your new home is everything you want it to be.

S&P Case-Shiller Home Price Indices Show Mixed Readings in March

June 2, 2023 by Lisa Eagan

S&P Case-Shiller Home Price Indices Show Mixed Readings in March March readings for the S&P Case-Shiller National Home Price Index showed that month-to-month home prices rose by 0.40 percent in March. The 20-City Home Price Index, which is considered a benchmark indicator by U.S. real estate professionals, rose by 0.50 percent month-to-month in March but posted a negative reading of -1.10 percent year-over-year. Analysts said that the slim supply of homes for sale drove up prices as demand for homes exceeded available inventory.

Homeowners took a “wait and see” position as mortgage rates rose and concerns over the economy persisted. Those who refinanced their mortgages to low rates during the pandemic weren’t looking to buy new homes or refinance at current mortgage rates near seven percent. Prospective homebuyers faced affordability challenges and concerns over buying at the top of their local real estate markets.

Southeast leads the U.S. in home price growth

U.S. home price growth dominated the S&P Case-Shillere 20-City Home Price Index in March; the top three cities reporting the highest year-over-year home price appreciation rates were Miami, Florida with 7.7 percent growth. Tampa, Florida reported 4.8 percent home price growth and Charlotte, North Carolina held third place with 4.7 percent year-over-year home price growth.

The Western region continued to lag as year-over-year home prices fell by -1.10 percent from March 2022 to March 2023 as compared with 0.40 percent year-over-year growth in February. Data included in S&P Case-Shiller readings are seasonally adjusted. All 20 cities reported home price gains on a month-to-month basis, which indicates that housing prices continue to recover from the lows that occurred during the pandemic. Home prices will indicate further developments in the economic recovery based on how home prices and sales perform during the typically busy summer home-buying season.

FHFA reports 3.6 percent year-over-year home price growth in March

The Federal Housing Finance Agency, which oversees government-sponsored mortgage enterprises Fannie Mae and Freddie Mac, reported 3.6 percent seasonally-adjusted year-over-year growth in home prices for U.S. properties owned and sold by the two government-sponsored organizations. FHFA reported regional home price growth rates for the nine U.S. Census divisions; month-to-month results ranged from -10 percent in the Pacific division to 1.20 percent growth in the Mountain division.