Instant Reaction: July Owners’ Gains Forecast

The S&P CoreLogic Case-Shiller National Index shows that U.S. prices of single-family homes continue to rise. The national index level in July reached a new high and is up 5.9 percent from a year earlier.  But what does this mean for homeowners?

Home prices affect the wealth of homeowners. As the price of housing increases, the wealth of homeowners increases as well. Based on the above increase of home prices, it is estimated that value of owners’ household real estate was increased by 1.3 trillion in the last year and 110 billion came from home price increases in July. That means that 75 million homeowners each gained $17,600 on average in July 2017 from a year earlier.


Source: NAR Economic Outlook

Homes Typically Sold in 30 Days Under Tight Supply Conditions in August 2017

Amid strong demand and tight supply, REALTORS® reported that  properties that sold in June–August 2017 were typically on the market for less than 31 days in 29 states and in the District of Columbia, according to the August 2017 REALTORS® Confidence Index Survey.[1] Properties sold quickly in states such as Washington (19 days), Utah and D.C. (20 days) Minnesota, Nevada, and Tennessee (21 days), California, Colorado, and Kansas (22 days). Only in seven states did properties typically stay on the market for two months or more: Wyoming, Louisiana, Mississippi, Alabama, West Virginia, Vermont, and Connecticut.

domNationally, properties typically stayed on the market for 30 days in August 2017 days (30 days in July 2017; 36 days in August 2016).[2]  For comparison, properties were typically on the market for 97 days in 2011.  Nationally, 50 percent of properties that sold in August 2017 were on the market for less than a month (51 percent in July 2017; 46 percent in August).[3] Only five percent of properties were on the market for six months or longer.

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At the end of August 2017, the inventory of homes for sale stood at 1.88 million homes, which is equivalent to 4.2 months of the current monthly sales pace.  Month’s supply has been falling since January 2015, 27 consecutive months now. With falling inventory, home prices have increased. As of August 2017, the median price of existing homes sold was $253,500, surpassing the peak median price of $229,500 in June 2006.

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[1] In generating the median days on market at the state level, NAR uses data for the last three surveys to have close to 30 observations. Small states such as AK, ND, SD, MT, VT, WY, WV, DE, and D.C., may have fewer than 30 observations.

[2]The survey asks, “For the last house that you closed in the past month, how long was it on the market from listing time to the time the seller accepted the buyer’s offer?” The median is the number of days at which half of the properties stayed on the market.

[3] Days on market usually refers to the time from listing date to contract date.


Source: NAR Economic Outlook

What to Do if Your Home Doesn’t Sell

By Patti Stern, PJ & Company Staging and Interior Decorating

Has your property been on the market for months with little buyer interest? With a competitive fall market ahead, it may help to reassess the condition of your home, make necessary updates, then re-list a new and improved staged property to generate new buzz and buyer interest. Here are some questions sellers should ask themselves to get their home on top of the list and ahead of the competition.

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Family Room Staging by PJ & Company Staging and Interior Decorating

Does it Make the Best First Impression?

The key is to look at your home from the perspective of the buyer. With more than 97 percent of homes sold on the Internet, the first point of engagement for buyers today is the online listing. Therefore, it’s more important than ever to feature professional quality photos using the best lighting to encourage buyers to schedule a showing. Once they arrive, be sure that your curb appeal and front entry are well maintained, tidy, and welcoming by trimming bushes, cleaning walkways, making repairs, and adding seasonal touches to the front porch.

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Kitchen Staging by PJ & Company Staging and Interior Decorating

Does it Appeal to The Target Market?

According to a National Association of REALTORS(R) recent trends report, 66 percent of today’s first-time buyers are millennials, and they are looking for a home that is in move-in ready condition. These buyers will turn away instantly if the home is dated and gives the impression that it’s in need of renovation. They will, however, ultimately pay more for a home that looks fresh and inviting. Be sure that necessary repairs and cosmetic updates are made such as freshening up walls and cabinets with a coat of neutral paint, polishing hardwood floors, replacing lighting, hardware, appliances, etc.

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Dining Room Staging by PJ & Company Staging and Interior Decorating

Can Buyers Visualize Living in This Home?

Whether selling an occupied or vacant home, keep in mind that If buyers can’t emotionally connect, it won’t be memorable. Consider renting furniture for vacant properties to show buyers how they can use their own furnishings in the space.  For occupied properties make sure there are no distractions such as personal items on walls, shelves and tables. Showcase every key room from the entry to the basement with a clean look and minimal accessories such as colorful pillows, wall art and simple vignettes.

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Family Room Staging by PJ & Company Staging and Interior Decorating

Are Key Features Highlighted?

Be sure that your home’s best assets are not hidden. Is your stone fireplace covered with a cluttered mantle or distracting wall art? Are hardwood floors covered up with dated carpeting? Are floor to ceiling windows hidden behind heavy curtains? Are built-in shelves cluttered with old books and photos? If so, remove and simplify to show these features off, bring new life and increase perceived value to your home.

For more examples of interior decorating and home staging, visit www.pjstagingdecorating.com.

 

PattiABOUT THE AUTHOR: Patti Stern, principal, interior decorator and professional stager of PJ & Company Staging and Interior Decorating, has been decorating and staging homes since 2005. She and her team provide turnkey, full service home staging and interior decorating to clients across Connecticut, New York and Massachusetts. She also developed an award winning staging program for luxury homebuilder, Toll Brothers. Her company has received Houzz 2015 and 2016 Awards for Customer Service. Stern has been featured in Connecticut Magazine, the Hartford Courant, Danbury News-Times and on NBC Connecticut and FOX TV. She is a regular contributor to REALTOR® Magazine’s Styled, Staged and Sold. For more information, contact Patti Stern at 203-640-3762 or patti@pjstagingdecorating.com

 


Source: National Association of Realtors

July 2017 Housing Affordability Index

At the national level, housing affordability is up from last month but down from a year ago. Mortgage rates increased to 4.14 percent this July, up compared to 3.77 percent a year ago.

  • Housing affordability declined from a year ago in July moving the index down 8.1 percent from 160.6 to 147.6. The median sales price for a single family home sold in July in the US was $260,600 up 6.3 percent from a year ago.
  • Nationally, mortgage rates were up 37 basis points from one year ago (one percentage point equals 100 basis points) while median family incomes rose 2.2 percent.
  • Regionally, the West recorded the biggest increase in price at 7.9 percent. The South had an increase of 6.6 percent while the Midwest had a gain of 6.0 percent. The Northeast had the smallest incline in price of 4.0 percent.
  • Regionally, all four regions saw a decline in affordability from a year ago. The West had the biggest decline of 9.7 percent. The South followed with a decline of 9.3 percent. The Midwest had a decline of 7.9 while the Northeast had the smallest decline of 4.9 percent.
  • On a monthly basis, affordability is up from last month in all four regions. The Midwest had the biggest incline of 2.7 percent followed by the South, which had an incline of 2.1 percent. The West had an increase of 2.0 percent. The Northeast had the smallest incline in affordability of 1.5 percent.
  • Despite month-to-month changes, the most affordable region was the Midwest, with an index value of 183.4.  The least affordable region remained the West where the index was 107.2. For comparison, the index was 147.7 in the South, and 152.7 in the Northeast.

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  • Mortgage applications are currently up. New home construction is on the decline and yet the sales pace is moving fast in new home sales. Inventory demands remain high. Mortgage rates are still historically low.
  • What does housing affordability look like in your market? View the full data release here.
  • The Housing Affordability Index calculation assumes a 20 percent down payment and a 25 percent qualifying ratio (principal and interest payment to income). See further details on the methodology and assumptions behind the calculation here.

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Source: NAR Economic Outlook

How to Find a Reliable Realtor in Williamsburg VA

Melton Team Portrait - Cindy and ErinFinding a reliable Realtor in Williamsburg VA can be a challenging task. Selling your home is a tremendous expense and the wrong Realtor can have a negative impact on more than just your bottom line. Choosing the right person for the job is essential. How do you find a trustworthy Realtor to sell your home? Start close and work your way out. Look to your past experience.

When looking for real estate companies, start with your past experience. Most of the time, the real estate agent that sold your home can also list it for sale. If you felt they did a good job, give them a call. The next place you should look is to your family and friends. A recommendation, good or bad is essential. Lastly, the internet is a great resource to do a little bit of research. Find a real estate company that is highly reviewed and has agents with several reviews as well.
The Melton Team has two full time agents ready to make your next real estate experience the best you’ve ever had. They are backed by the largest real estate company in the world, RE/MAX. The Melton Team’s combination of experience, award winning reviews and repeat clients, speak volumes about their abilities.

The Melton Team, Realtors with RE/MAX Peninsula:

Erin Melton, Associate Broker
16 years of experience as a buyer’s agent and listing agent. Erin has sold over 150 million dollars of property in Virginia.

Cindy Matchinis, Realtor
11 years of experience as a buyer’s agent and listing agent. Cindy has sold over 50 million dollars of property in Virginia.

The Melton Team has office locations in Richmond, Williamsburg, Newport News and Gloucester. Feel free to have a look around the website for more information. Also, check out real estate agent reviews on Yelp, Facebook, Google, Zillow, Trulia and more!

5 Home Features That Will Increase Your Energy Bill

Power meter with coins in front of it.

As you look for a home within you budget, don’t forget to take note of energy-draining features.

1. Cathedral ceilings
One of the worst offenders. Homes with vaulted ceilings will cost you twice as much to heat in the winter.

2. Vintage windows
Be weary of vintage charm. Older windows often need updates, including resealing gaps to keep winter breezes out.

3. Out-of-date systems
Before falling in love with an older home’s character, check if the HVAC systems are up to code. An inefficient heating or cooling system can be costly.

4. Older appliances
Ten-year-old appliances can be about half as efficient as new models. Double-check the manufacture date of any appliances that come with the home.

5. A roof in decline
A ragged roof is not just unattractive, it can make it impossible to control the temperature inside your home. Investigate if there are any costly roof repairs that are needed before you close.

Countless other home features can end up costing you big in the long run. A savvy Realtor can help you find an energy efficient home that meets all of your needs. Find a RE/MAX agent here: http://www.remax.com/officeagentsearch/.

The post 5 Home Features That Will Increase Your Energy Bill appeared first on ABOVE.
Source: RE/MAX

Books About Moving to Read to Your Kids

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Moving to a new home, a new neighborhood and a new school can be tough for kids. Luckily, a variety of children’s books are out there to help parents explain things, add some fun and hopefully alleviate fears.

Here are a few classics – and you can post your favorite children’s book titles about moving in the comments section below:

1. “Alexander, Who’s Not (Do You Hear Me? I Mean It!) Going to Move” by Judith Viorst
Atheneum Books for Young Readers, 1995
Poor Alexander. First, the kid had a Terrible, Horrible, No Good, Very Bad Day. Now, his family is moving! Just like your kids, Alexander has to say goodbye to some special places and people, but with the help of his parents he learns to make the most of the situation.

2. “The Berenstain Bears’ Moving Day” by Stan and Jan Berenstain
Random House Books for Young Readers, 1981
Little Brother Bear’s pretty worried about moving, and more than a little scared. Kids can relate to his apprehension, and hopefully his positive change of view as moving day gets closer.

3. “A House for Hermit Crab” by Eric Carle
Aladdin Paperbacks, 1987
A little hermit crab has outgrown his shell and needs to find a bigger one – and new friends to help decorate it. This book will reassure kids that it will be easy to make new friends in their new town.

4. “Tigger’s Moving Day” by Kathleen W. Zoehfeld
Disney, 1999
Tigger needs a place with more bouncing room! His friends aren’t as close to his new house, but they still come and visit. A story to help kids understand they’ll still be able to hold on to old connections.

5. “Goodbye House” by Frank Asch
Moonbear Books, 1989
This book is a terrific way to talk about moving with preschoolers. After the moving van is packed, a little bear returns to say farewell to his old house, saying goodbye to everything, except, of course, the memories.

Other favorites include: “Big Dan’s Moving Van,” by Leslie McGuire, “Neville,” by Norton Juster, “The Moving House” by Mark Siegel, “I’m Not Moving, Mama” by Nancy White Carlstrom, and “The Leaving Morning,” by Angela Johnston.

Looking to a move to a neighborhood that’s great for kids (and parents)? Find a local RE/MAX agent who can help.

The post Books About Moving to Read to Your Kids appeared first on ABOVE.
Source: RE/MAX

7 Organization Tips for a More Functional Garage

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Is your garage so packed with bikes, tools and unmarked boxes of junk that you’re forced to park in the driveway? Here are some tips to rein in the clutter and actually use your garage for your car.

Free the floor: Hang bikes from the ceiling or walls using specially made hooks, or install a ceiling organizer to store camping gear and other seasonal items.

Build a shelving system: Organizing pros say systems that allow you to see the contents tend to keep down the clutter more than units with doors that hide the chaos.

Reorganize your recycling: Check out the handy stackable containers available at your local home improvement store to help you sort and store recyclables.

Find a new purpose: Closet storage solutions, like hanging plastic shoe holders, are great for storing miscellaneous items in the garage. They can be perfect for cans of spray paint, small gardening implements and hand tools.

Find a new place for paint: The gallon cans of paint you’ve been tripping over may be ruined if the temperature gets too low. Move them to the basement and free up some floor space.

The post 7 Organization Tips for a More Functional Garage appeared first on ABOVE.
Source: RE/MAX

4 Tips for Creating a Home Gym with Limited Space

HomeGym_FullSize

There’s no need for an expensive gym membership or hi-tech equipment to slim down this year. Here are a few suggestions for creating a home gym, even in a small space:

1. Designate a space
Regardless of whether your workout space is an entire room or just the width of a yoga mat, take steps to separate it from the rest of your living area. Experts agree a dedicated space helps keep you motivated. A room divider can help separate your equipment from the rest of your life — and prevent it from becoming a drying rack for your laundry.

2. Admire and inspire
A $10 mirror can make all the difference when it comes to checking your alignment and preventing injury. It can also give you a way to check your progress, or keep an eye on those love handles for extra motivation.

3. Equip yourself wisely
If you’re short on space you can find treadmills, rowers, TRX machines and even bikes in fold-and-stash options. Adjustable weight sets take up a fraction of the space of a whole set of dumbbells. And a chin-up bar across a doorway hogs no floor space at all.

4. Turn the music up
An upbeat playlist can be a huge motivator for going the extra mile. Install speakers in your workout space, or find portable ones that can link to your phone.

The post 4 Tips for Creating a Home Gym with Limited Space appeared first on ABOVE.
Source: RE/MAX

7 Ways a Buyer’s Agent Makes Life Easier

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As a potential homebuyer, it’s important that you understand the two different types of real estate agents. A seller’s agent looks out for the interests of the person selling the property while a buyer’s agent can serve as your advocate during your home search. Here are just a few reasons to enlist a buyer’s agent’s help.

1. They save time
These days, you can glean tons of information (not all of it accurate) on your own from the Internet. An agent can use their experience and expertise to streamline your search, guiding you to the properties that are truly appropriate and eliminating legwork on your end.

2. They have the inside scoop
Thanks to their professional network, agents often know of properties before they hit online listing sites.

3. They keep you in check
Shopping for your next home can be an emotionally charged, overwhelming experience. A buyer’s agent can help you keep your main objectives – and financial limitations – in mind as you sift through properties with alluring features.

4. They a have team of experts on speed dial
An agent can save you time, heartache and dollars by connecting you with trusted service providers such as painters, inspectors and insurance brokers.

5. They play hardball
Buyer’s agents are professional negotiators, with the skills and experience needed to get a fair price for you.

6. They don’t get paper cuts
They’ll help you complete all the time-consuming paperwork accurately and on time.

7. They’ll be the first to congratulate you when you close
A buyer’s agent will be your advocate at closing, making sure all your interests are protected as you sign that pile of forms at the settlement table.

Interested to learn more about how an agent can assist with your unique buying needs? Get in touch with one here: http://www.remax.com/officeagentsearch/.

The post 7 Ways a Buyer’s Agent Makes Life Easier appeared first on ABOVE.
Source: RE/MAX

Great Work: The Sign of a RE/MAX Agent

RE/MAX real estate agents do a lot of work behind the scenes of every transaction. The 2016 RE/MAX advertising campaign highlights the incredible value these dedicated pros deliver to their buyers and sellers.

Here’s a great video that lays a foundation for the full campaign. It’s a sneak peek of what’s to come. Enjoy!

The post Great Work: The Sign of a RE/MAX Agent appeared first on ABOVE.
Source: RE/MAX

5 Things to expect when selling your home in winter

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Winter is traditionally a slower time for home sales, but don’t despair. Here are a few ways the timing might play in your favor.

1. Buyers tend to be more motivated
Buyers looking for homes are doing so because they really must relocate due to job, family or other unavoidable circumstances. You’ll probably waste less time dealing with real estate tire-kickers.

2. Things move faster
Because there are fewer transactions during the winter, mortgage companies, home inspectors and appraisers have less on their plates. You should be able to schedule appointments sooner and expect faster turnaround for reports and approvals than in the busy warmer seasons.

3. You can leverage the smaller inventory
With fewer homes on the market, it can be easier to promote your property’s comparative advantages. Highlight your home’s unique features. Are you the only townhome within walking distance of downtown? The only split-level with a pool in your school district? Be sure to mention it in your listing.

4. Summer buyers are looking now
Not everyone looking in the winter must move immediately. Your Realtor may have ideas about how to market your home among local businesses and organizations with fluid populations, such as universities, or via school district websites that might attract families moving to the area.

5. You can remind buyers of warmer weather
Be sure to include images of your home during greener summer months, including lifestyle shots of your deck, patio, porch and/or yard. Feature these photos in a frame during showings to remind buyers how the home can come alive in the spring.

The post 5 Things to expect when selling your home in winter appeared first on ABOVE.
Source: RE/MAX

6 Tips for Cheering on the New Home Team

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1. Remember the big picture (not just the jumbo flat screen)
Don’t forget, you and your new friends are all fans of the sport. The athleticism, thrills, spills and suspense are probably what hooked you in the beginning, and those are common to all teams.

2. Share your favorite tailgate food
Food has been a powerful peace offering since the dawn of time. Do you have a favorite tailgating snack unique to your original hometown? Chili from Dallas? Hot wings from Buffalo? Serve up tons to share with your new friends during the game.

3. There’s no crying in baseball (or football, basketball, hockey…)
Try not to take things personally, even the negative comments about your favorite team.

4. Don’t rub it in
Is your home decorated in the colors of your favorite team? It might be better to invite neighbors to watch the game in neutral territory, such as a sports bar.

5. Do your research
Read up a bit on the local team so you can talk about it with your new friends. They’ll be more than happy to fill in gaps in your knowledge.

6. Draft a hometown hero
Add a local player to your fantasy team. It will give you a reason to pay attention to the local team’s record.

The post 6 Tips for Cheering on the New Home Team appeared first on ABOVE.
Source: RE/MAX

5 Inexpensive Steps to a Speedy Home Sale

5 Inexpensive Steps to a Speedy Home Sale

If you’re a homeowner considering a move, you may be wondering what’s next. Do I need to renovate the kitchen? Repaint the exterior? Replace the flooring? Before taking on a costly remodel, consider this: these measures don’t always recoup the highest percentages in return. Many sellers have much more success by investing in upgrades that boost their home’s value in the process. The best part? Both sides of the transaction profit.

Consumer Reports recommends completing these updates:

1. Paint key rooms.
In the grand scheme of things, painting is one of the least expensive ways to freshen up your home for sale, but it can cost up to $300 a room if you’re hiring a pro to do your entire home. Save big by painting just a few select areas: high-traffic rooms, like the kitchen and bathrooms, and rooms with brightly-painted walls. You can save even more by doing the project yourself – a gallon of paint averages about $30.

2. Spruce up the exterior.
Your home’s exterior is the first impression for many buyers online and in person. Aside from keeping up with maintenance like mowing the lawn and trimming shrubs, assess the outside of your home for any repair work – a fading front door, cracked siding or a loose step – that needs to be completed before selling. And don’t forget about the roof. If it needs to be replaced, choose an inexpensive but durable option, like standard, three-tab asphalt shingles. They cost approximately $75 per 100 square feet, including installation.

3. Upgrade the bathroom.
Bathrooms can become a point of contention for buyers if they’re not in tip-top shape. Rather than taking on an expensive renovation, make minor upgrades that have an impact. Caulk the tub, re-grout tile, and install new fixtures. Larger, less costly fixes are also a possibility if you know where to look – a new vanity, for instance, can cost less than $1,000 if you shop around.

4. Make kitchen repairs.
Buyers want to be wowed by the kitchen, but that doesn’t mean you have to fork over tens of thousands of dollars to make that happen. Focus on making repairs that cost well under $500, like tightening a leaky faucet or eliminating burn marks on countertops. For a cheap alternative to repainting your cabinets, consider updating your hardware in a modern finish.

5. Clean, clean, clean.
Even if the home has been renovated top to bottom, a messy appearance can be the ultimate deal breaker. Fortunately for sellers, de-cluttering and de-personalizing doesn’t have to cost a dime. A short list that will help buyers visualize living in the home:

- Vacuum, dust and wipe all surfaces regularly while your home is on the market.
- Pare down closets to the bare essentials.
- Replace family or otherwise personal photos with neutral wall art.
- Cut clutter in cabinets and on bookshelves.
- Keep counter and tabletops clear, especially during an open house.

If the project is overwhelming, consider hiring a professional cleaning service or organizer to cut through the chaos. A pro can cost anywhere from $600 to $2,500.

Source: Consumer Reports

Need Professional Hampton Roads Real Estate Advice? Contact Erin Melton or Cindy Matchinis
Finding Your Next Williamsburg Home is Just a Click Away! Search the MLS Now
How much is your home worth? Request a Neighborhood Market Report

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p style="color: #777; font-size: 10px;">Reprinted with permission from RISMedia. ©2015. All rights reserved.

4 Expenses You Avoid When Working With a Seller’s Agent

Couple greeted by a REALTOR in front of an open house.

Selling your home yourself may be tempting. Hold a few open houses, trudge through some paperwork, and save by not paying an agent’s fee, right?

Think again. Statistics show sellers tend to make more money when they hire a professional Realtor. According to the National Association of Realtors®, the typical agent-assisted home sale typically has a 13 percent higher sales price than the typical “For Sale By Owner,” or FSBO, sale.1

Here are a just a few ways you save with an agent.

1. The price is right
Pricing your property can be the most challenging part of selling your home. Starting too high may mean your home languishes on the market. Once you start dropping the price, buyers may assume you are desperate and will submit even lower offers. On the flipside, starting too low means you’ll leave money on the table. A Realtor can help you price your home correctly to avoid these pitfalls.

2. Marketing
Paying up front for online listings, mailers and signs to market your home can be expensive. Not only do many agents have connections that can get you a great deal, they can also help to make the process much less stressful.

3. Negotiations
Even when your home is priced appropriately, you’re still likely to find yourself at the negotiating table. Agents are well practiced in the art of debate, and will go to bat to make sure you get a fair price.

4. Time is money
Creating marketing materials, arranging showings and finding contractors to make necessary updates costs you both time and money. Handing off duties to a Realtor not only opens up your schedule but can also help you sell your home faster than you would on your own.

Reconsidering your FSBO status? Consult a RE/MAX agent here:http://www.remax.com/officeagentsearch/

The post 4 Expenses You Avoid When Working With a Seller’s Agent appeared first on ABOVE.


Source: RE/MAX

6 Lessons Monopoly Can Teach You About Home Buying

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1. Patience
MONOPOLY: So your family has decided to play Monopoly? Refill your beverage, grab a snack and change into comfortable clothes. You’re going to be there a while.

LESSON: Buying real estate is a process. There’s pre-approval for a loan, interviewing agents, searching for homes, submitting an offer, maybe submitting another offer, the home inspection, the appraisal, and final loan processing before you get the keys. Needless to say, buying a home can take some time. Instead of getting frustrated, focus on all of the great reasons you decided buying a home was right for you. Staying in close communication with your agent throughout the process will help, too.

2. Neighborhood matters
MONOPOLY: Everyone starts the game with one corner in mind: Boardwalk and Park Place. The highly priced properties have the best returns on investments, and the players who snag them first tend to do well in the game.

LESSON: Location is often a major consideration in real life as well. Home values, your lifestyle and so much more are factors in your neighborhood choice. Work with your agent to learn all you can about the neighborhoods that pique your interest.

3. Keep an open mind
MONOPOLY: Baltic and Mediterranean Avenue have a bad reputation because they’re the cheapest properties on the board, but they also present opportunity. Add a few houses and hotels and your return could be bigger than the one on nearby Connecticut Avenue.

LESSON: Keep an open mind when shopping for a home. An up-and-coming neighborhood may have appeal you didn’t see before, and more value for your budget.

4. Be prepared
MONOPOLY: You’re a Monopoly mogul! You have a handful of desirable properties and a steady stream of income from your houses and hotels. Then comes the Chance card: “Make general repairs on your property – for each house pay $25, for each hotel pay $100.”

LESSON: You never know what card you’re going to draw. But unlike Monopoly, the real world has home insurance available to help you prepare for unexpected repairs and disasters. A variety of plans, customizable to any budget, are available. Some homebuyers also opt for warranties covering potential appliance issues after move-in.

5. How to win a bidding war
MONOPOLY: Trading properties keeps Monopoly exciting. And there are no strict rules as to how a seller determines to accept an offer. Sibling rivalry, bribes involving candy or even business sense can play into a player’s decision.

LESSON: Sellers don’t always accept the highest offer. Writing a letter about why you fell in love with their home can sometimes sway their decision in your favor.

6. The importance of strategy
MONOPOLY: Monopoly is a game of strategy, but few players are inclined to study ways to win. What if you had a coach sitting next to you, advising how much to bid for a property, where to look next, and whether or not mortgaging a utility to buy Boardwalk is a smart idea? You would be unstoppable!

LESSON: Buying a home is an infrequent occurrence; for some it happens only once in a lifetime. Wouldn’t it be helpful to have someone on your side who was up-to-speed on laws for your state, knew which neighborhoods would best fit your lifestyle and offered to help you navigate a bidding war? That’s the value an experienced agent provides.

The post 6 Lessons Monopoly Can Teach You About Home Buying appeared first on ABOVE.


Source: RE/MAX

Mortgage Rates Move Higher

Mortgage Rates Move Higher
Mortgage Rates Move Higher - Home Ownership Mosaic
Average fixed mortgage rates rose amid market expectations of possible rate increase by the Federal Reserve, according to Freddie Mac's recently released Primary Mortgage Market Survey® (PMMS®) results.

"Treasury yields climbed nearly 20 basis points over the past week, capturing the market movement following last week's FOMC meeting,” says Sean Becketti, chief economist, Freddie Mac. “In response, the 30-year mortgage rate experienced its largest increase since June, up 11 basis points to 3.87 percent. Recent commentary suggests interest rates may rise in the near future. Janet Yellen referred to a December rate hike as a 'live possibility' if incoming information supports it. The October jobs report to be released this Friday will be one crucial factor influencing the FOMC's decision."

The 30-year fixed-rate mortgage (FRM) averaged 3.87 percent with an average 0.6 point for the week ending November 5, 2015, up from the last week when it averaged 3.76 percent. A year ago at this time, the 30-year FRM averaged 4.02 percent.

Additionally, the 15-year FRM this past week averaged 3.09 percent with an average 0.6 point, up from the last week when it averaged 2.98 percent. A year ago at this time, the 15-year FRM averaged 3.21 percent. 

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent with an average 0.4 point, up from the last week when it averaged 2.89 percent. A year ago, the 5-year ARM averaged 2.97 percent.

Results show the 1-year Treasury-indexed ARM averaged 2.62 percent with an average 0.2 point, up from 2.54 percent last week. At this time last year, the 1-year ARM averaged 2.45 percent. 

For more information, visit www.FreddieMac.com.

Need Professional Hampton Roads Real Estate Advice? Contact Erin Melton or Cindy Matchinis

Finding Your Next Williamsburg Home is Just a Click Away! Search the MLS Now

How much is your home worth? Request a Neighborhood Market Report

Reprinted with permission from RISMedia. ©2015. All rights reserved.

Closets Too Small? 10 Tips for Finding More Wardrobe Space

10 Tips for Finding More Wardrobe Space - Closet Ideas Mosaic
City apartments, bungalows, cottages, cabins and just about any home built before the 1950s tend to have one thing in common: very little bedroom closet space. A small closet can work for you, but it might take a bit more strategizing and planning than you’re used to, especially if you’ve recently downsized from a spacious walk-in. If you’ve been dealt a too-small bedroom closet, here are 10 tips to help combat the claustrophobia.

1. Declutter and simplify your wardrobe. Think of having a capsule collection of clothes you love to wear for each season of the year, rather than a mountain of options you’re less than excited about. If you sort through your clothes and still have too much to fit into your petite closet, the tips that follow will help you find room for what’s left. Just remember, when you have limited closet space, each item really needs to earn its keep. When decluttering feels really challenging, sometimes it helps to give yourself a break for a week, then go back in and take a second look at everything.

2. Move off-season and less frequently worn items to another place. The idea is to reserve the prime closet space for the items you love and wear regularly in the current season. Everything else (including special occasion pieces) ideally would find a home in an out-of-the-way spot. Bins that can slide beneath your bed are great for this purpose. Or fill old-fashioned hard-sided suitcases elsewhere in the house with off-season wardrobe items. If you really need to save space, get some vacuum storage bags — these are especially handy for reducing bulky winter items for summer storage.

3. Replace closet doors with curtains. Soft curtains open wider than doors, giving you a bit of extra room and saving wall space where the door would swing. It may not seem like much, but even a few inches can make a big difference in how a small closet functions.

4. Add wall hooks. Hooks and short valet-style rods are convenient for quickly tidying up and storing items you reach for frequently — musts for any small closet. Always keep a few empty, as these are great for last-second cleanups, setting out the next day’s outfit or hanging once-worn clothes.

5. Make it well-lit. Lighting is not just an aesthetic choice:
A well-lit closet is easier to use, and encourages neatness. If your closet doesn’t have a light fixture, get a simple clip-on or battery-powered light to illuminate the darkest corners.

6. Go for a combo of hangers, shelves, boxes and bins. Doubling up on hanging rods carves out extra space in a small closet for other storage options, like pullout bins and shelves. Move less-used items onto a high shelf, and use open-top bins and shelves for easy storage of sweaters and delicate items. Shoeboxes or photo boxes can be repurposed to store small accessories; label the boxes and store them on a high shelf.

7. Boost storage power with risers and dividers. Make your open shelving work harder by fitting it with slim dividers (to keep piles of sweaters from toppling over) and risers (great for storing a double layer of small items). Avoid bulky wood dividers in favor of sleek acrylic or wire.

8. Bring the clothes out of the closet. Co-opt a corner of the bedroom, hall or home office for extra clothing storage with an attractive wall or ceiling-mounted hanging rod. If possible, add a shelf above or below the rod to maximize storage potential. Just remember, clothing on display is just that — on display — so choose your best, fanciest or favorite pieces, and store the rest inside your closet or dresser drawers.

9. Add discreet extra storage. Exposed racks of clothing not your style? Go more low-profile by adding clothing storage bins to shelving. Baskets and bins work well for storing sweaters, T-shirts, socks, pajamas, workout wear and other soft items.

10. Try a portable garment rack. With a small wardrobe rack on casters, you have the option of leaving it out or rolling it away to a hidden spot (in the office or behind a folding screen, for example) when company comes (or if you get tired of looking at it). If you’re crafty, you could even make your own in exactly the size you need using plumbing pipes and fittings from the hardware store — very industrial chic

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