Category: Real Estate

Mortgage Rates Continue to Inch Upwards | Realtor Magazine

Fixed-rate mortgages increased again this week, the third consecutive week to see a rise.

“Rates keep climbing,” says Len Kiefer, Freddie Mac’s chief economist. “The 10-year Treasury yield reached its highest point since 2014 reflecting expectations of broad-based economic growth. Mortgage rates, in turn, followed the surge in Treasury yields. The 30-year fixed rate mortgage jumped 11 basis points to 4.15 percent, its highest level since March of last year.”

Home buyer affordability will be a challenge, with mortgage rates moving higher and robust house price gains across the country, Kiefer adds.

Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 25:

• 30-year fixed-rate mortgages: averaged 4.15 percent, with an average 0.5 point, increasing from last week’s 4.04 percent average. Last year at this time, 30-year rates averaged 4.19 percent.
• 15-year fixed-rate mortgages: averaged 3.62 percent, with an average 0.5 point, increasing from last week’s 3.49 percent average. A year ago, 15-year rates averaged 3.40 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 3.52 percent, with an average 0.4 point, increasing over last week’s 3.46 percent average. A year ago, 5-year ARMs averaged 3.20 percent.

 

Money Saving Tips | DIY Money Saving Ideas | HouseLogic

ou’re going to save money with DIY home improvement projects. Sure, everybody knows that.

But did you know how much? Cut professionals out of the equation and you can save half the cost of a project — or more. 

What’s more, you get a great return on your investment. Meaning, the financial value you get out of a DIY project is much more than what you put in.

Here’s a rundown of some top money-saving projects, using cost and recovered costs data from the “Remodeling Impact Report” from the NATIONAL ASSOCIATION OF REALTORS®.

#1 New Steel Front Door

Few replacement projects have as much upside as a new steel entry door. Not only will you recover about 75% of the cost of having an entry door professionally installed, but you’ll spruce up your curb appeal big time. Want proof? Ninety-six percent of homeowners responding to the “Remodeling Impact Report” say they are happy or satisfied with their new front door.  

Of course, you’ll save even more if you tackle this project yourself. Know your door parts (jambs, threshold, stops) before digging in. You’ll be putting in a pre-hung door that includes jambs, so the old stuff has to come out. If you can, preserve the old casing (trim) that goes around the door. Otherwise, plan to buy new casing.

If You Hire		If You DIY
Cost	$2,000	Cost	$250
Recoup at sale	$1,500	Recoup at sale	$1,500
% recoup	75%	% recoup	600%

This is a good one to have a friend or spouse lend a hand. It’ll take six to eight hours if it’s your first time. Remember the three-legged mantra of door installation: Plumb, level, square.

#2 New Garage Door

Tired of looking at that big blank billboard every time you pull into your driveway? Change out your old garage door for a spiffy new steel model and the whole neighborhood will thank you. Save some cash by keeping the same motorized opener.

If You Hire		If You DIY
Cost	$2,300	Cost	$850
Recoup at sale	$2,000	Recoup at sale	$2,000
% recoup	87%	% recoup	235%

A steel garage door comes in four panels that are relatively lightweight but awkward — get a friend to lend a hand and you’ll have this project done in a day. Then stand back and admire along with 95% of homeowners in the “Remodeling Impact Report” who said they were happy or satisfied with their new garage door. 

#3 New Vinyl Windows

If you want to replace four or more windows, or a second-story window, then hire the work out. Being up on a ladder with an object as bulky as a window is no place for a non-professional. Pros bring scaffolding, which takes time to set up but ultimately makes the work faster and safer.

Replacing one, two, or maybe three first-story windows is a good DIY job. Anything more and the pros will get the job done with better efficiency in terms of time and hassle.

If You Hire		If You DIY
Cost (per window)	$556	Cost (per window)	$250
Recoup at sale	$444	Recoup at sale	$444
% recoup	80%	% recoup	178%

If you’ve measured your rough opening correctly and bought the right window, then one window should take you three to four hours. You’ll get faster with subsequent windows.

#4 New Wood Flooring

Few projects are as satisfying, while recovering such a high percentage of your investment, as new wood flooring. According to the “Remodeling Impact Report,” 96% of homeowners were happy or satisfied with their professionally installed hardwood floors. Combine that with a 91% return on your investment, and you’ll likely be a very happy homeowner.

For the DIYer, installing hardwood flooring is a bit labor intensive, but the techniques are fairly easy to master. Once you get the hang of it, installing prefinished hardwood flooring should go smoothly.

If You Hire		If You DIY
Cost	$5,500	Cost	$1,770
Recoup at sale	$5,000	Recoup at sale	$5,000
% recoup	91%	% recoup	282%

 

#5 Insulation Upgrade

OK, maybe it’s not the sexiest project. After all, it’s tucked out of sight in your attic. But you can feel it with increased comfort, and see the savings on your energy bill. Those are big pluses. 

Upgrading an under-insulated attic space can save you up to 50% per year in energy costs. With a pro cost of $2,100, it’ll take at least a couple of years to pay off your investment with savings. Do it yourself, however, and you’ll only spend about $700 for enough 10-inch-thick fiberglass batt insulation to cover a 20-foot-by-40-foot attic space. You’ll pocket the savings much sooner. 

It’s also an awkward project, it can be messy, and you’ll need to bundle up behind protective clothing. However, insulating your attic is a low-skill project that most DIYers can pull off. Just be sure not to stick your foot through the drywall under the attic floor joists!

If You Hire		If You DIY
Cost	$2,100	Cost	$700
Recoup at sale	$1,600	Recoup at sale	$1,600
% recoup	76%	% recoup	229%

New City, New Salary: 5 Best Destinations For Tech Transplants

Would you move to a new city for a tech job? Doing so might be financially rewarding–but a large part of that depends on where exactly you’re headed when you pack up the U-Haul (and where you’re coming from).

Of course, if you’re going to uproot your life and bid farewell to family and friends, you want it to be worth your while. Start your job hunt in these five cities, which, according to a Paysa study, offer the highest average salary increases for migrating tech professionals.

1. San Francisco, CA

Anyone in the tech world won’t be shocked that San Fran takes the top spot. After all, it’s home to the famous Silicon Valley, where many big companies and startups offer generous packages to tech talent.

If you’re coming from Chicago, you’re going to like it here: Windy City transplants top the list with average salary increases of over $120,000 after moving. And San Diego residents might be able to double their salary just by moving eight hours north–thanks to the $114,000 salary increase the average tech migrant can enjoy without even leaving the state. In third place are New Yorkers, who tend to add about $110,000 to their salaries after a move.

 

2. Seattle, WA

The Pacific Northwest (and Seattle in particular) is emerging as another major tech hub, and companies here are making it worth candidates’ whiles to invest in a good raincoat and stay for a while.

If San Diego tech professionals are willing to travel even further north than San Francisco, they can tack on a few extra tens of thousands to their offers: on average, those who make this move increase their salaries by over $139,000. Close behind is the average for movers from our nation’s capital–transplants from Washington D.C. enjoy average increases of $134,000+. And Texans moving from Austin might be willing to give up their warm climate for a $131,000 pay bump.

 

3. New York, NY

lifeofpix.com

Best cities to relocate to for a salary increase

Not all the good jobs are in the west. Tech professionals who want to stay on the East Coast should set their jobs board searches to NYC.

As it turns out, the tech workers most likely to benefit from moving to the city already live in New York. If you’re moving there from Fulton, you’ll add an average of $63,000 to your salary. Buffalo transplants command increases of nearly $59,000. The third-highest increases are for movers from Chicago, who increase their pay by roughly $53,000.

Lower down the list, movers from Los Angeles usually add to their salaries by $11,500–but if you’re coming from San Francisco or Seattle, you’ll be losing between $1,000-$15,000.

4. Boston, MA

If you like coding and snow, head northeast to Boston–another fast-growing tech hub with a mix of startups and established companies.

And if you’re from Chicago, this should be near the top of your list when you’re job hunting–if you want to tack on an extra $110,000 to your yearly gross, that is. Southerners who migrate from Atlanta, GA come in second here; they’ll make $105,500 more after a move. And Texans take the third spot, with Austin transplants pulling in an extra $78,700 when they switch jobs.

5. Washington, D.C.

The last city on the list also hails from the east–and while many consider D.C. to be more a hub of politics and history, it’s actually a big player in the tech world as well. The city is third in the nation for tech jobs, and even San Francisco tech transplants enjoy rewards for moving here.

The study shows that it’s most lucrative for those moving from Charlotte, NC: they’ll add to their yearly salaries by nearly $68,000. West-coasters from Los Angeles enjoy $47,000 increases, and Chicagoans command $44,500 higher offers.

So: have tech skills, will travel? Maybe you’ll be the next transplant to call one of these cities home.

Laurence Bradford is a product manager at Teachable, an EdTech enthusiast, and the creator of Learn to Code With Me, a blog and podcast helping self-taught coders get ahead in their lives + careers.

January’s 20 Hottest Markets | Realtor Magazine

California housing markets are still among the top performers in the country, according to realtor.com®’s monthly rankings of the hottest housing markets. Realtor.com® ranks metros based on the most online listing views and the markets where homes are selling the fastest.

Overall, the median home list price nationwide was $269,000 in January, 8 percent higher than a year ago. Still, list price increases have subdued somewhat in recent weeks after the double-digit increases in mid-2017 and a price peak reached $275,000 in the summer of 2017.

“A strong stock market run, new tax laws, and a government shutdown have given buyers and sellers plenty to digest as they come to terms with the new economic landscape and their personal situation,” says Javier Vivas, director of economic research at realtor.com®. “While the national picture remains largely unchanged, real estate remains more local than ever, and supply-and-demand dynamics are rapidly shifting across the country as the dust begins to settle.”

 

The hottest housing markets in January, according to realtor.com®, are:

1. San Francisco
2. San Jose, Calif.
3. Vallejo, Calif.
4. Colorado Springs, Colo.
5. Midland, Texas
6. San Diego
7. Santa Rosa, Calif.
8. Sacramento, Calif.
9. Denver
10. Stockton, Calif.
11. Modesto, Calif.
12. Dallas
13. Fresno, Calif.
14. Los Angeles
15. Columbus, Ohio
16. Chico, Calif.
17. Oxnard, Calif.
18. Santa Cruz, Calif.
19. Detroit
20. Boise, Idaho

3 Design Tips to Enhance a Home’s Good Vibes | Realtor Magazine

A space can have an instant effect on your mood. How can you make sure a home gives off positive energy and style? A recent article at The New York Times shares tips from designers on creating a home that supports a person’s well-being. Some of these tips could also apply to creating a more welcoming vibe in the staging of properties.

 

Embrace the two-foot rule.

Justina Blakeney, author of The New Bohemians Handbook: Come Home to Good Vibes, abides by a rule that passageways within the home be at least 24 inches between furnishings. “Even in small spaces, if you can leave two feet for these passageways, you tend not to bonk as much and get as cluttered,” she told The New York Times.

Let more light flow in.

“If I had to pick one tool that makes a home feel good, I would pick natural light,” Blakeney says. “Having a big window where there was none is a huge game changer. I would choose that over the sofa of my dreams.” Mirrors can also help add in more light by strategically reflecting whatever natural light the space does have.

Add in more plants.

“Anyone who spends a day hiking in the forest can attest that being in nature is good for the soul,” Blakeney says. “Why not bring that feeling home?” She has 52 houseplants in her 1,100-square-foot home. The plants range from small succulents to large palms in every room. “Living energy in your home is positive energy,” she said. “It’s people, pets, and plants that make a home.”

Home Buyers in a Rush to Beat Higher Rates | Realtor Magazine

Mortgage rates are moving higher, and that has some home shoppers rushing to locking in rates before they edge up even more.

Mortgage applications for refinancings and home purchases increased 4.5 percent last week compared to the previous week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. Loan applications are now 6.1 percent higher than the same week a year ago.

Broken out, applications to purchase a home surged 6 percent during the week and reached their highest level since April 2010, the MBA reports. Loan applications for home purchases are now 7 percent higher than the same week a year ago.

“A combination of being left on the sideline last summer due to a lack of inventory for sale and the prospect of slowly rising interest rates over the near term appears to have buyers in a hurry to start the spring buying season,” says Lynn Fisher, the MBA’s vice president of research and economics.

Mortgage applications to refinance a home increased 1 percent for the week. Typically, refinance applications move lower when interest rates rise, but borrowers are showing some concern for missing an opportunity to refinance at lower rates.

The 30-year fixed-rate mortgage averaged 4.36 percent during the week, its highest average since March, the MBA reports.

“The increases that we’ve seen so far have only gotten people off the couch and into the market,” Glenn Kelman, CEO of Redfin, told CNBC. “People are worrying that they need to hurry and buy a house now before rates go up further.

4 Pros, 4 Cons of Open Floor Plans | Realtor Magazine

The open floor plan has been popular in many new home designs. Homeowners are showing a desire to have no walls separating the kitchen, dining, and living areas. In fact, 84 percent of new single-family homes have fully or partially open layouts, according to the National Association of Home Builders.

Some owners are knocking down walls during home renovations to have their own open floor plan. But before they do, they may want to reconsider if an open floor plan is what they really want or if they’re just motivated because of its popularity.

Realtor.com® recently highlighted some pros and cons of open floor plans to help owners and buyers decide if it’s right for them:

Pros

• Takes advantage of square footage: “An open floor plan home will feel bigger because you don’t have all this unused space,” says Jay Kallos, vice president of architecture for Ashton Woods in Atlanta.
• Brightens a home: More natural light from windows can spread throughout an open home.
• Fosters social gathering: Open floor plans can make it easier to socialize, putting family and guests all in one space together.
• Encourages flexibility: “Open floor plans create a usable space that’s flexible, based on your needs,” says Jimmy Branham, a real estate professional with the Keyes Company in Fort Lauderdale, Fla. Homeowners can define the space without having to make architectural changes.

Cons

• Smells travel: The cooking heat and kitchen aromas will be impossible to contain, so the smells are more present in an open floor home.
• Offers less privacy and can be noisier: You may have a tough time hiding from noise—the lack of walls makes the space echo and absorb less sound.
• Can’​t hide messiness: Without separate rooms, any mess will be on display. You can’t conceal anything behind closed doors.
• Being a fad that fades: The open floor plan is a hot trend right now, but everything eventually goes out of style. The trend doesn’t appear to be slowing yet, but realtor.com® cautions that you could be setting yourself up to look outdated in 10 or 20 years.

2018 Outdoor Living Trends: Jaw-Dropping Transformations

Outdoor patio spaces have sure changed in the last few years with the onset of new outdoor materials, furnishings, fixtures, Cantina doors, and the home owner’s desire for more outdoor living and entertaining space.  In fact, according to the 2017 National Association of REALTORS’ Profile of Home Staging report, the desire to see outdoor spaces staged when selling a home was at 63 percent.  It was not even mentioned in the previous survey.

This outdoor space total transformation is a great example of the kinds of living trends you can expect to see for 2018 and beyond.

Trend #1 – Capitalizing on Available and Unusable Yard Space by Creating Multi-Functional Entertaining Areas

This side yard off the kitchen and dining area was an unusable space used only for barbecuing and the occasional outdoor eating. The patio was too small.  Today’s yards are multi-functional and serve to entertain, lounge, and maximize lot square footage.

BEFORE / Photo credit: www.homestagingresource.com

 

AFTER / www.homestagingresource.com

 

The side yard appears to be much bigger than before and now serves as an extension of the kitchen and living room area.  The wasted and unused yard is now a highlight of the home adding nearly 1,000 square feet of living space.

Trend #2 – Bring the Outside In with La Cantina/Folding Doors

BEFORE / www.homestagingresource.com

 

AFTER / www.homestagingresource.com

 

 

Removing the kitchen wall and adding La Cantina folding doors allows for seamless movement between the inside and out.  Almost every new home being built in San Diego County has one of these doors inside, so expect to see a lot more of these in the coming years.

Trend #3– Home Bars and Wine Rooms for Entertaining

The casual setting of a home bar is on the rise with a large selection of finishing materials and resources available online to home owners.  More people are entertaining larger crowds in a “help yourself” type of atmosphere.  The Houzz category of “Home Bar” is one of the fastest growing and searched type of photos. So it’s no wonder people are adding them to their outdoor space.

BEFORE / www.homestagingresource.com

 

AFTER / www.homestagingresource.com 

Trend #4 – Textured Walls/Tongue and Groove Siding

Part of making an outside addition appear to be seamless to the inside is to not have the walls look like the outside of a house.  An easy way to create the “indoor look” is to banish stucco entirely and use tongue and groove, as well as wood cabinets (treated and painted) to add character.

Photo credit: www.homestagingresource.com

 

Trend #5 – Seamless Outdoor Heating that Works and is Energy Efficient

It wasn’t that long ago home owners were relegated to the indoors for most of the year due to cold and hot weather issues.  Sophisticated and low energy heating units embedded into the ceiling make this a year round space for watching TV and entertaining!

 

Photo credit: www.homestagingresource.com

 

Trend #6 – Matching Flooring as an “Extension” of the Indoor Space

Keeping in line with the home owner’s desire for a seamless movement between inside and outside, flooring options have widened allowing owner’s to use tile that looks like wood but is hardy and easy to wash in their outside space.

BEFORE / www.homestagingresource.com

 

AFTER / www.homestagingresource.com

 

From a resale standpoint, these outdoor spaces cost much less than additions and add buyer lifestyle value.  Light fixtures, finishes, and furnishings that can withstand the outdoor elements are easier to source than ever before, so it can be fun for the designer/stager to get creative with their clients.

White Kitchen Fatigue?

Are homeowners growing tired of the all-white kitchen? Some design experts believe so. White kitchens have been popular over the past few years, but Houzz editor and writer Mitchell Parker predicts that the number of homeowners who will get “white-kitchen fatigue” will grow in the new year.

Some homeowners may experiment with adding more colors back in to the kitchen.

“While white kitchens aren’t going anywhere, expect to see a rise in color, especially other neutrals like gray and blue,” Parker notes in reporting on 2018 home trends. “Plus, warm wood tones are becoming a popular replacement for painted cabinets, leading to sophisticated, rich palettes.”

The two-tone look started catching on in 2017, in which cabinet colors were mixed and matched in the kitchen. For example, the bottom cabinets might be a darker color, such as gray, and the upper cabinets then all in white. Or, homeowners were making a bigger statement with their kitchen islands by painting it a bolder color that contrasted with the rest of its kitchen cabinets.

Photo by Rikki Snyder – More kitchen photos

Photo by Art of Construction Inc – Browse kitchen ideas

How to Get Hot Water Faster at Home | Home Matters | AHS

No ones likes getting splashed with cold water during the winter. Learn how to get hot water faster and how this affects your heating and plumbing.

Do you ever find yourself wondering how to get hot water faster? In the chilly winter months, waiting for the tap to deliver hot water can seem like an eternity. But you may be surprised to learn that, even with a standard tank water heater, you can have instant hot water in your home — or something very close to it. Let’s explore your options for getting instant hot water at home. 

Hot Water Recirculation Pump

One way to instantly get hot water is a hot water recirculation pump. This innovative device delivers hot water to your faucet without the wait. Here’s how it works.

When you turn off the hot water tap in most homes, the hot water remaining in the pipes eventually cools down. When you reopen the tap, you drain that cooled water until a fresh supply of hot water reaches the faucet. The process can take several minutes and can waste a significant amount of water, heat energy and time.

With a recirculation or booster pump mounted near your faucet, the hot water that has cooled is sent back to your water heater and quickly replaced with a fresh supply of hot water. Now, when you turn on the hot water tap, you get near-instantaneous hot water. Recirculation pump-equipped plumbing systems can reduce your hot water wait times by between 60 and 80 percent.

A variation of the faucet recirculation pump is the water heater-mounted unit. These models contain a 120-volt pump and a timer that is connected to the hot water line. At preset times, the recirculation pump turns on (using about the same power as a 25-watt lightbulb) and keeps the hot water circulating, making it immediately available at the tap.

Finally, electronic recirculation pumps also rely on an electric pump. However, these models add digital controls and a thermostat-controlled zone valve to achieve peak efficiency. Electronic recirculation pumps can be activated by a push button, remote control or even a motion detector.

Point-Of-Use Tankless Water Heater

If you want to get hot water faster, a point-of-use tankless heater is another option to consider. These small units usually fit inside a sink cabinet or closet. They work much like whole-house tankless units but are intended to serve only one sink or shower. They are far less expensive than whole-house models and are a good option when your standard water heater doesn’t have the capacity to simultaneously meet all your household’s hot water needs.

Structured Plumbing For Instant Hot Water At Home

Another way to get hot water faster, especially in newer homes, is structured plumbing. In a structured plumbing scenario, your water heater is situated at the center of the house rather than in your garage or basement. Whenever you need hot water, you simply switch on the hot water pump. A one-inch main hot water line runs through the home, never more than 10 feet from any faucet, and is connected to your faucets with pipe measuring three-eighths of an inch in diameter. The larger main line means a shorter wait for hot water when the pump is activated, and the smaller branches mean that less water runs down the drain while you’re waiting for hot water.

Whichever instant hot water option you choose, you could end up conserving as much as 11,000 to 16,000 gallons of water each year. Moreover, by speeding up the delivery of hot water, you’re likely to see a positive difference in your utility bills. Heating water to washes dishes, do laundry, shower and bathe accounts for 12 percent of the average American household’s total energy expenses.

Upgrades to your home’s plumbing and heating systems are an investment, and therefore worth protecting. Be sure to perform the manufacturer’s recommended preventive maintenance on your systems and their components, and have any necessary repairs made quickly by a qualified professional. To further minimize the costs associated with the repair and replacement of your home’s heating and plumbing equipment, consider purchasing an American Home Shield® Home Warranty. Our flexible plans and expert contractors can help you safeguard your home, as well as your household budget.