Saturday, February 16, 2013

Mortgage Rates and Your Home

Your home value is affected by many changes in the housing market, but one thing you don’t have to wonder about this week is mortgage rates. It’s been three weeks now and the 30-year fixed-rate mortgage (FRM) has held steady at 3.53 percent with less than a point, according to the Weekly Primary Mortgage Market Survey®. The 15-year FRM remained the same this week, as well with a 2.77 percent rate and average 0.8 point.

Freddie Mac Vice President and Chief Economist Frank Nothaft shared that “Mortgage rates remain near record lows and continue to support housing demand, translating into a pick-up in home prices in most markets.”

Nothaft further stated that, “Among large metropolitan areas, 88 percent saw positive annual increases in the fourth quarter, compared to 81 percent in the third quarter and 75 percent in the second.” Phoenix at 34 percent, Detroit at 31 percent and San Francisco at 28 percent showed the highest increases.

At 2.64 percent (.6 point) and 2.61 percent (.3 point), even Treasury rates seem to be pretty stable, too. The 5 year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.64 percent, down from a 2.84 last year. The 1-year Treasury-indexed ARM increased slightly to 2.61 percent but is still well below last year’s average of 2.84 percent.

To check the rates each week for yourself and see other news that may impact your home, please visit Freddie Mac here.

Monday, January 28, 2013

Do You Dream of Building Your Home?

Ideas for building your homeIn an effort to be in the know about trends relating to your home, I consider it a good business practice to follow real estate news. When coursing through headlines, I came across one that captured my attention. “Architect to build home using 3-D printer” it read.

I pondered it for a second and then clicked through to read the article.

The article was a curious piece, but the reality that my clients are not likely to spend $5-6 million dollars on a paper house began to become clear and I moved on to the next piece of news.

I kept thinking about it, though, wondering how many of you (my clients) dream of building your home?

In case any of you do, I wanted to share some tips learned from the Association of Home Builders (NAHB) when they recently presented their 2012 Best in American Living Awards (BALA).  A quick look through the home designs and features points out emerging trends, giving you something to think and dream about should you want to build or even consider upgrades to your home.

Review the list below to see if your home thoughts are in line with the award winners.

  • Pay Attention – Architectural features in everything from molding to cabinetry and flooring need to be in harmony with the flow and integrity of your home.
  • Natural Lights Work – Using light tubes, skylights, window additions, and additional light fixtures, you can really change the look of your home.
  • Make Mealtime Prep Areas Worthwhile – Common kitchen trends involve the use of Carrara marble and “islands” where you and your guests can create meals or socialize together in a less formal setting.
  • Customize Your Home – Specifically consider adding outdoor entertainment areas and cooking spaces, pet-friendly spaces and wine rooms.
  • Look Up! – Color and texture on ceilings is a changing trend, too.
  • Plan for the (Un)Expected – When building or remodeling your home, keep in mind that flexibility is important. As the Greek philosopher Heraclitus noted, “Nothing endures but change.” Make plans in your home design that can expand to fit your needs now AND years into the future.

To see a clear idea of these principles in action, click here.

Wednesday, January 23, 2013

Finding Your Home Taking Too Long?

Finding Your Home Taking Too Long?