Author Archives: joeglez

What Women Want In Homes This Mother’s Day

Posted on by

Home-Ideas-Mothers-Day-2013Whether you’re looking to buy a new house this month or do a little remodeling, take advantage of the opportunity to give the mom in your life a present she’ll appreciate every day.

Below are a few ideas for housing priorities and renovation projects that typically rate high on women’s wish lists for their homes.

Open Living Areas

The open floor plan is usually a big plus for any mother. They want to be able to cook dinner in the kitchen while monitoring their children’s schoolwork at the dining table.

So look for a house that affords this visual luxury or consider the generous gift of getting dirty and knocking down some walls.

Large Closets

What woman doesn’t need more room for her clothes, shoes and purses? If you’re looking at houses, keep in mind how much closet space will work for your wife or mother.

If it’s not enough, see if there’s another area you could convert to create a custom closet. Another great gift would be to upgrade your mom’s closet with a new shelving and organizing storage system.

And great storage doesn’t stop in the bedroom. Most women like to keep the family’s things organized and put away, so think about upgrading some of the other cupboards and closets in the home as well.

Low-Maintenance Living

Some women are expert gardeners or love home-improvement projects; however, many just want to leave those tasks to someone else.

Many moms love easy-to-wipe-down granite counters and hardwood floors.  These can be beautiful and functional home upgrades all at the same time.

And especially if you’re shopping real estate for an elderly mother, consider looking at Phoenixville homes that are new construction, have easy-to-care-for landscaping and maintenance-free siding or brick.

Easy-to-Use Security System

While security is important to everyone, it ranks high on most women’s list of priorities. As a Mother’s Day gift, research providers and have a security system installed.

Whether your mother is living alone or your wife is worried about the family’s safety, this practical present will give everyone peace of mind.

Make a big gesture this Mother’s Day by giving the woman in your life that renovation project she’s been pining over.

And, if looking at buying a new home, keep in mind what’s important to Mom. 

Finally, if you’d like more tips on Mother’s Day home shopping or upgrades, call your favorite real estate professional for the best advice.

Upswing In April 2013 Jobs Report Signals Good News For Real Estate

Posted on by

April 2013 Jobs Report Shows Strength For Housing SectorThe Bureau of Labor Statistics released its monthly Non-farm Payrolls and National Unemployment Rate for April last Friday. These two reports are collectively called the Jobs Report.

165,000 jobs were added in April, while the unemployment rate dropped from 7.60 percent in March to 7.50 percent in April. 673,000 jobs have been added since January. Jobs were added in employment sectors including business and professional, health care and eating and drinking establishments.

The main impact of the jobs report on home sales and mortgage lending is the ability of would-be home buyers to qualify for mortgage loans.

Long term unemployment and under-employment has worked against consumers wanting to buy homes when interest rates and home prices hit significant lows.

 Falling Long Term Unemployment Numbers Help New Home Buyers Buy Homes

Long-term unemployment (workers unemployed for 27 weeks or more) fell by 258,000 workers to 4.4 million in April. The share of long term workers among all unemployed fell by 2.2 percent to 37.4 percent of unemployed workers.

Since January, the number of long-term unemployed has decreased by 687,000 workers and 3.1 percent. Gaining employment is a plus for the economy and for households facing financial stress due to unemployment.

Another significant data set in terms of U.S. jobs measures workers who are working part-time, but who want to work full time. This sector increased by 278,000 in April to 7.9 million.

February and March 2013 Non-farm Payrolls numbers were revised upward. In February, jobs added were changed from 268,000 to 332,000. In March, jobs added were revised from 88,000 to 138,000. This adjusts the number of jobs added for February to March by an additional 114,000 new jobs.

Federal Reserve Bond Purchase Point To Continued Low Mortgage Rates

The Federal Reserve is continuing its program of quantitative easing (QE) by buying $85 billion in bonds and mortgage backed securities (MBS) monthly.

Reducing or eliminating QE would lessen the demand for bonds and MBS; when bond and MBS prices fall, mortgage rates usually rise. Lower mortgage rates can help offset rising home prices and allow more consumers to buy homes.

While home prices are gradually increasing, mortgage rates are still low. This helps moderate-income home buyers with affordability, but these conditions won’t last indefinitely.

In some regions, such as the West, available homes and land are in short supply, which is driving up home prices. This trend is helping home owners, and potentially home sellers, gain higher sales prices for their real estate. Overall, increasing the number of jobs is positive for the economy.

Contact your trusted mortgage lender for a personalized mortgage interest rate quote and to learn more about affordable home loan options.

How To Maximize Those Awkward Spaces In Your Home

Posted on by

How To Maximize Awkward Spaces In Your HomeIn almost every King of Prussia home, there are awkward spaces that are difficult to utilize.

Especially in older houses, there are rooms, closets and nooks that once had a purpose that is now outdated.

So before you try to cover it up or fill it with junk, take a look at the smart solutions below to see how you can revitalize those problematic spaces and turn them into something useful.

The Space Under The Stairs

While this is likely to be more of a hiding spot for dust-bunnies than teenage wizards, it is valuable space that you don’t have to board up. Use it for storage!

Create custom storage cabinets, or if it’s near the kitchen, build in a wine refrigerator or display shelves for china.

You could also build in a coat or shoe closet if the stairs are in the front entryway.

The Bedroom Too Small For A Bed

You might have an office that sometimes needs to be used as a bedroom or a bedroom that could fit a bed and nothing else.

If these issues strike a chord, then you might want to invest in a Murphy bed.

These space-saving inventions allow you to use a small space for another purpose during the day, and then miraculously have a place to sleep at night.

The Unused Closet

Especially in an older home, you’ll run across closets that just don’t make sense. If you don’t need it for storage, then turn it into something creative, such as a small library or toy room.

Take off the door, add adjustable shelves, build a comfortable cushioned bench and install attractive lighting. Now you and your family can curl up for story time in your new book nook.

Or put in a desk or countertop, an office chair and table lamp and use it as an office nook that can be closed off when you’re not using it.

Don’t write off awkward spaces in your home as lost causes. With a little ingenuity, hard work and smart design, you can create a useful area that everyone in your family can use and enjoy.

What’s Ahead For Mortgage Rates This Week – May 6, 2013

Posted on by

What's Ahead For Mortgage Rates This Week May 6 2013Mortgage rates fell last week and approached or reached record low levels.

According to Freddie Mac, the average rate for a 30-year fixed rate mortgage (FRM) fell from 3.40 percent to 3.35 percent. Average rates for a 15-year FRM moved from 2.61percent to 2.56 percent.

Average rates for a 5/1 adjustable rate mortgage (ARM) fell to 2.56 from last week’s average of 2.58 percent Discount points for last week’s mortgage rates ranged from 0.7percent for 30 and 15 year FRM loans to 0.5 percent for a 5/1 ARM.

Rock-bottom mortgage rates can offset the impact of rising home prices.

Last Week Was A Strong Showing For The US Economy

Last week’s economic news provided further indications of economic recovery, with housing related reports contributing to overall confidence in a stronger economy.

Highlights of last week’s news include:

Monday: Pending home sales moved up to 1.50 percent in March from February’s -1.07 percent. This reading also surpassed Wall Street’s forecast of 0.90 percent for March.

Tuesday: The Case-Shiller Home Price Index for February reported that the national average home price had increased by 9.3 percent year-over-year between February 2012 and February 2013. By comparison, the average national home price between January 2012 and January 2013 increased by 8.1 percent year-over-year. Rising home prices are contributing to the economic recovery, but in some areas demand for homes exceeds supply, which also contributes to rising home prices.

Wednesday: The Federal Open Market Committee (FOMC) issued its scheduled statement after its meeting concluded. Committee members noted signs of an improving economy, and cited housing markets as a leading contributor to the recovery. The FOMC statement also indicated that economic conditions were not sufficiently improved for the FOMC to change or cease the Federal Reserve’s quantitative easing policy. The Fed’s goal for its current quantitative easing program is keeping long-term interest rates including mortgage rates low.

Thursday: The weekly Jobless Claims Report brought better-than-expected news with new jobless claims coming in at 324,000, less than the expected reading of 345,000 new jobless claims and also higher than the previous report’s reading of 342,000 new jobless claims.

Friday: The Bureau of Labor Statistics issued its monthly “Jobs Report,” which consists of the Non-farm Payrolls Report and the national Unemployment Rate. Again new jobs added exceeded expectations for April with 165,000 jobs added against expectations of 135,000 new jobs added. April’s reading also surpassed the March reading of 138,000 new jobs.

The unemployment rate dropped to 7.5 percent as compared to a consensus of 7.6 percent and last month’s reading of 7.6 percent. To put this reading in perspective, the FOMC has targeted an unemployment rate of 6.5 percent as a benchmark for adjusting its current policies including quantitative easing.

What To Look For This Week

This week’s economic events include latest Jobless Claims report on Thursday. It will be interesting to see if this week’s reading will be lower than last week’s reading of 324,000 new jobless claims.

On Friday, the Federal Budget will be released; this could influence financial markets depending on what programs and services are cut or reduced.

Can The Right Color Help Sell Your Home Faster?

Posted on by

How To Choose The Right Paint Colors For Selling Your HomeWhen it comes to selling your home in King of Prussia , you’ve probably thought of the most common staging tricks, such as clearing out the clutter to make your rooms look bigger and bringing in more light to brighten things up.

However, have you considered that the colors in your house might affect whether buyers are interested?

First impressions are everything when you are selling a house, so think about how the colors you choose will likely influence your potential buyers. A new coat of paint could be a simple and effective way to make your house more appealing.

Here are a few additional tips:

Choose Mellow, Neutral Shades

When a potential buyer is looking at your house, they want to be able to imagine themselves living there. If your walls are painted in lime green or hot pink, it can be difficult for a buyer to relate the house to their own tastes.

Instead, use neutral colors, such as cream, olive, beige and ivory. Then the walls become a blank canvas where prospective buyers can project their own style preferences.

Create the Illusion of Space

In order to make a space within your home feel larger, you can use a very light neutral color such as white, tan or pale grey. This will reflect more light and give the impression of a more expansive interior.

You can also try painting the moldings the same color as the walls, which will make the ceilings look higher.

Don‘t Forget About Exterior Color

It’s easy to focus on the interior of a house and forget about the outside, but the front of the house is the first thing potential buyers will see. Curb appeal can be a huge factor in their decision.

Caution: Lead-Based Paint

One important word of caution regarding the paint in your home is the issue of lead-based paint.

Lead-based paint was most common in homes built or painted prior to 1978. If your home falls in that age category, it may require further testing to ensure that the paint covering your walls is free of lead.

Color has a psychological effect on people, whether they are aware of it or not. You’ll be amazed at the difference the right colors can make in selling or improving your home.

If you would like more home staging and selling tips, please contact your trusted real estate professional today!

Fed Meeting Statement Points To Continuing Low Interest Rates

Posted on by

Fed Meeting Statement Points To Continuing Low Interest RatesWednesday’s Federal Open Market Committee (FOMC) statement indicates the Federal Reserve’s commitment to keeping long term interest rates and inflation under control.

The Fed will continue monitoring inflation, but does not expect inflation to rise more than 0.50 percent above its target rate of 2.00 percent over the next one to two years.

Ongoing monitoring of inflation and unemployment, as well as developing economic news, will guide the Fed in its future determinations concerning policy for its present iteration of quantitative easing (QE3).

Currently, the Fed purchases $85 billion of treasury securities and mortgage –backed securities each month with the goal of keeping long-term interest rates lower.

This includes mortgage rates, which can assist homebuyers with qualifying for mortgage loans in an environment of increasing home prices. Other goals include stabilizing the labor market, and limiting inflation.

Job Growth To Be Determining Factor On Fed Interest Rate Action

The statement also noted that the Fed will keep its interest rates between 0.00 and 0.25 percent, until the Fed sees the national unemployment rate fall below 6.50 percent.

While noting that the housing sector is improving, the Fed stated concerns about ongoing high unemployment rates. Jobs are a key aspect to supporting the economy, as 70 percent of the U.S. economy involves the purchase of goods and services by consumers. 

The Fed also repeated its position to evaluate the efficacy of its quantitative easing program; if the agency finds that the program is not achieving their desired objectives, changes to the program can be expected.

While a clear majority of FOMC members voted to keep current policies intact, one member voted against this course of action citing the potential for continued quantitative easing at current levels to fuel inflation.

The bottom line for today’s statement is that the Fed continues its “wait and see” position concerning quantitative easing and low federal interest rates.The committee also re-asserted its intention to gradually reduce quantitative easing when it’s time for a change.

In addition, the Fed is committed to monitoring a wide range of economic data with an eye toward adjusting its policies in the best interest of economic recovery. 

Case-Shiller Home Price Indices Post Highest Growth Rates Since 2006

Posted on by

Case-Shiller Posts Highest Gains Since 2006Housing markets continue to improve according to the S&P Case Shiller Home Price Indices released April 30 for February’s data.

The Indices consist of a 10-City Composite Index and a 20-City Composite Index with housing markets for each city reported based on a three-month rolling average of home prices.

Case Shiller Posts Highest Growth Rates Since 2006

The data released yesterday comprised the Indices’ highest growth rates since May 2006.

For the 12 months between February 2012 and February 2013, the 10-City Composite Index reports that average home prices posted a gain of 8.6 percent and average home prices for the 20-City Composite Index grew by 9.3 percent on a non-seasonally adjusted basis. 

All 20 cities posted a year-over-year gain for at least two consecutive months.

The 10-City Composite Index grew by 0.4 percent between January and February, while the 20-City Composite Index grew by 0.3 percent for the same time period.

16 of the 20 cities reported rising annual growth rates for home sales between January and February 2013, while four cities including Detroit, Miami, Minneapolis and Phoenix saw decreases between -0.1 and -0.4 percent in annual home prices between January and February 2013 readings.

Longer-term readings provide a more positive light, as with the example for Phoenix, Arizona.

The month-to-month reading of annual home prices indicated a decrease, but the reading for Phoenix year over year indicates a + 23.0 percent increase in average home prices.

Ten Metro Areas Gain Double Digits Over Past Year

10 cities posted double-digit year-over-year growth rates; they include Atlanta, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, Phoenix, San Diego, San Francisco and Tampa.

San Diego and Tampa have joined the double-digit cities in February with average home prices increasing for each city of just over 10 percent.

Phoenix, San Francisco, Las Vegas and Atlanta posted the highest year-over-year gains in average home prices.

Three older cities, New York, Boston and Chicago posted the lowest year-over-year rates in average home price readings.

Atlanta and Dallas achieved the highest annual growth rates since the inception of the 10-City Composite (1991) and the 20-City Composite (2001).

Improving Housing Markets Seen As Beacon Of Economic Recovery

Improving housing markets are considered a leading indicator of overall economic recovery as home ownership typically increases wealth and leads to more spending.

Economists note that while current news for housing markets is good, average home prices remain at 2003 levels, which can be very good for new home buyers.

Shortages of available homes in some areas and news that apartment construction is increasing can impact availability and ultimately, the sale of single-family homes.

 

7 Fun and Easy Housewarming Gifts for A New Homeowner

Posted on by

7 Great Housewarming Gift IdeasWhether you have new neighbors next door or old friends moving across town, a housewarming gift is a great way to show you care.

New owners always appreciate anything that relieves the pressures of moving and settling in to an unfamiliar neighborhood.

Here are seven fun and easy housewarming-gift ideas for your friends moving into their home.

A Door Wreath

You can choose a wreath that fits the season or that is simply attractive on the front door.

Include a wreath door-hanger and storage box so they can easily hang it or put it away.

A Pair of Candlestick Holders

Candlesticks are a simple, yet practical gift for a new King of Prussia home.

They’re perfect for a mantel, dresser or table. Choose attractive candlestick holders that match the house’s decor and include a set of candles to burn.

A Homemade Meal

Moving and getting settled in a new house takes a tremendous amount of time and effort.

This leaves little time to cook nutritious meals.

Bring either a takeout or home-cooked meal along with disposable plates and utensils for a much appreciated housewarming gift.

Fresh Flowers

Nothing makes a room look more inviting than fresh-cut flowers or a lush green plant.

Flowers add a punch of color while plants last longer while still requiring little work.

Choose flowers that fit the season or a plant with full, green leaves that is easy to maintain.

Scented Candles

Not only are they practical, but they also help bring comfort and serenity to the chaos of moving.

Choose a theme for the candles, such as a color or a scent that matches the style.

Include candles of different shapes and sizes and a lighter.

Picture Frames

Keep in mind the house’s décor as you choose a picture frame.

Wood, pewter, bamboo or decorative glass looks great in a casually decorated house.

If the house has a more formal décor, choose crystal or silver.

It’s be fun for your friends to have a place to display their new memories.

There are few experiences that offer the excitement of moving into a new home, and you can add to that excitement and wonder by giving one of these housewarming gift ideas.

And if you want to be the one receiving housewarming gifts by moving to a new home, then call your trusted mortgage professional today for your home loan approval!

What’s Ahead For Mortgage Rates This Week – April 29, 2013

Posted on by

What's Ahead For Mortgage Rates This Week - April 29 2013Mortgage rates fell again last week and are again near record lows.

According to Freddie Mac, the average rate for a 15-year fixed rate mortgage did achieve a record low of 2.61 percent as compared to 3.1 percent one year ago.

The average rate for a 30-year fixed rate mortgage fell to 3.40 percent and near the record low of 3.31 percent.

Low mortgage rates are helping homeowners with refinancing and are boosting housing markets as more buyers can qualify for mortgage loans.

Home Values Continue To Rise

Last week’s economic news was mixed; The Federal Housing Finance Agency, which oversees Freddie Mac and Fannie Mae, released its Home Price Index for February.

According to this index, home prices increased by 0.7 percent between January and February, and increased by 7.1 percent year-over-year on a seasonally adjusted annual basis.

According to the National Association of REALTORS®, existing home sales for March fell short of the expected 5.03 million and came in at 4.92 million existing homes sold on a seasonally adjusted annual basis.

This reading was also 0.7 percent shy of February’s reading of 4.95 million existing homes sold.

Some homeowners may be taking a wait-and-see stance as they wait for home values to continue rising.

Employment Numbers Gaining Steam

Weekly jobless claims fell to 339,000 and were short of the consensus of 351,000 and the prior week’s 355,000 jobless claims filed.

As more workers gain employment, those able to buy homes increases.

The economy in general also benefits as households gain income they can use for purchasing goods and services.

Consumer Sentiment rose by 2.1 points to 76.4 over the March reading of 72.3 percent.

April’s reading also surpassed expectations of 74.0 percent.

As consumers gain confidence in the economy, they are generally more likely to buy homes and make other major purchases that contribute to the U.S. economy.

Coming Up this Week

This week’s economic news calendar includes several reports that impact the housing sector as well as the general economy:

  • Monday: Personal Income, Consumer Spending and Pending Home Sales reports are due for release.
  • Tuesday: The Case Shiller/Wells Fargo Home Price Index for February and Consumer Confidence for April will provide data concerning national and regional home prices and indicate how consumers view the economy.
  • Wednesday: The customary statement by the Federal Open Market Committee (FOMC) is set for release at the conclusion of its meeting. The ADP Employment Index for April and Construction Spending for March provide data on jobs and trends in construction spending.
  • Thursday: Weekly Jobless Claims report
  • Friday: The Non-farm Payrolls Report and Unemployment Rate for April, collectively known as the Jobs Report, will be released.

While we can’t predict what will happen with mortgage rates, some industry analysts indicated that they expect rates to remain low in the near-term.

These lower rates should continue to support growth in the Collegeville real estate market for homebuyers and sellers as well as those looking to refinance their home.

7 Tips To Get Your Home In Tip Top Selling Condition

Posted on by

Study Shows 568% ROI On Home Cleaning InvestmentA clean, uncluttered home is very likely the single most important thing to get your home sold quickly and for top dollar.

In fact, a recent survey by HomeGain showed a whopping 568% return on investment for money put toward cleaning and organizing a home for sale!

And other experts say that a well-put-together home can shorten the time on market drastically as well.

Before your real estate agent lists your King of Prussia home, it’s essential for it to look its best.

7 Tips To Get Your Home In Tip Top Selling Condition

Examine your living space and see it as a buyer would — then double check this list of staging tips to make sure you haven’t overlooked these important details.

  • Clear out the clutter. Tidy up counter tops, bookcases, garages and closets.
  • Pack up your sentimental items. Personal photos and knick-knacks should be boxed up for moving day.
  • Get a storage unit. Open up space by moving furniture and boxes into storage — it will make the rooms appear bigger.
  • Remove appliances and fixtures that you want to keep. If you are taking the dining room chandelier or the built-in microwave, remove them before the house goes on the market.
  • Make minor repairs. Check that faucets don’t leak, doors close properly and holes in the walls are patched.
  • Make it pretty! Windows, floors and bathrooms should be sparkling. Dust every surface, hang up fresh towels in the bathroom and make sure there are no lingering odors.
  • Don’t forget the yard. Curb appeal starts at the curb — go figure — so mow the yard, wash down walkways and add some bright flowers near the front door to trigger the emotion to buy.

There are so many different ways to give your home an advantage over the competition in the spring buying market.

Plus, nice looking properties are more appealing for real estate agents to show their clients, so your well-taken-care-of home may get a lot more exposure.

In the end, the better your property looks, the faster it’s going to sell…and get you the most for it.