June's Look Into The Markets
"Do not stop thinking of life as an adventure. You have no security unless you can live bravely, excitingly, imaginatively; unless you can choose a challenge instead of competence." - Eleanor Roosevelt
What to Watch - Could the mortgage sector of the U.S. economy have seen a pivotal moment when an agreement was recently reached and signed into law regarding the debt ceiling?
Shopping for Homes in a Busy Market: Top 4 Tips - Use these tips to help you secure your dream home.
3 Easy Landscaping Projects You Can DIY - Avoid spending thousands of dollars on landscaping projects by completing these three simple DIY projects yourself.
Q&A: What Should You Do Once You Close on Your New Home? Create a post-closing checklist of these tasks and take care of them after you're handed the keys.
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What To Watch
So, what does this mean for the mortgage market?
Bottom line: Hurdles continue in the home-buying market given that many homeowners still have interest rates well below current levels and may not be eager to sell. This has caused a low inventory environment for buyers that are seeking existing homes, however...the new home market has an abundance of inventories and builders could be offering some sweet incentives to lure in buyers.
Housing News
Shopping for Homes in a Busy Market: Top 4 Tips
Get pre-approved. In many markets, inventory is low because so many current homeowners don't want to get rid of the ultra-low mortgage rate they received several years ago. Getting pre-approved shows sellers that a lender verified your credit and can give you an advantage over another potential buyer who lacks pre-approval.
Look for a fixer-upper. Don't ignore a fixer-upper because you might receive a better price on a piece of property that needs a little extra TLC. Add up the approximate costs needed to remodel, and if the numbers look right, don't be afraid to make an offer.
Try to reduce your mortgage payment. Financing a home is a huge responsibility, so taking steps to reduce your monthly costs can save you hundreds or thousands of dollars. Consider making a larger down payment or ask for a seller's credit or concession as part of the deal.
Partner with a trusted real estate professional. A real estate professional can offer insight into the housing market and know how to negotiate with sellers and other agents. Since these agents might also be busy during this time, start expressing your interest early so they can prioritize your needs appropriately.
Sources: CNN.com, Fortunebuilders.com, Guidanceresidential.com
Home Improvement
3 Easy Landscaping Projects You Can DIY
Make a flagstone wall. These types of walls are about 1 foot tall, and you can complete this project in one weekend. Dig a trench a few inches deep and wide to accommodate the flagstone, and fill the trench with pea gravel to level the trench. Lay out the flagstone, and backfill with more gravel.
Create a tree surround. Installing masonry around a tree not only looks great but also means you have less grass to mow. This project should take less than one day to complete. Dig a circular trench, add some sand, and install either brick or stone. Select whatever material you think would look best.
Design a fire pit. Adding a fire pit to your backyard or patio is an excellent way to add a focal point to your landscaping. It's another project you can complete in a day. Use large rocks from your property or fire bricks from your local home improvement store. Stack your materials in a circle or square, and place chairs around the finished project.
Q & A
What Should You Do Once You Close on Your New Home?
QUESTION: What steps should you take after you close on your new home?
ANSWER: After you close on your home, you might think all the hard stuff is done and you can move right in. Before you load up the moving truck and settle into your new home, you need to take care of a few additional steps.
Safely store the closing documents. Remember signing your name on dozens of pieces of paper? Those important documents need to be in a secure place.
Change the locks. Those keys you received at the closing are the same ones the previous homeowners used. You don't know if they gave copies of the keys to friends or relatives. To err on the side of caution, change the locks as soon as you can.
Update your address. Contact the U.S. Postal Service to have any piece of mail forwarded to your new residence. It might take up to two weeks for your forwarding request to take effect. Don't forget to update your insurance company, bank, employer, medical provider, and anyone you have an account with.
Create a maintenance to-do list. During your inspection, you likely became aware of repairs that your new residence needed. If you didn't have all of them taken care of before the closing, add the task to a list and get started.
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