Deidre Pfeifer

Real Estate Agent, California

Let’s Talk Closets: Why a Walk-in Closet Is a Must Have for Any New Home Buyer

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Let's Talk Closets: Why a Walk-in Closet Is a Must Have for Any New Home BuyerAre you in the market for a new house or condo? Whether you’re looking for something luxurious or intimate, you’ll want to ensure that you have enough space for all of life’s necessities. Many home buyers focus on bedrooms, bathrooms and living areas as their top priorities. But have you given any thought to your closet space?

In today’s blog post we’ll explore why a spacious walk-in closet should be high on your list of “must-haves” for your new home.

Enough Storage For A Stylish Couple

An upgrade in storage space is the main reason to have a large walk-in closet – and for good reason. Today’s working professional needs a large wardrobe to store suits, work outfits, social attire, shoes, accessories and more. It’s almost impossible to cram everything needed in a small closet with one large hanging rack and a shelf or two. And even if you do decide to fill a smaller closet until it’s bursting at the seams, you’re stuck with having to try to organize it regularly just to be able to find anything. Forget it!

A Showcase For Clothes, Shoes And Accessories

A walk-in closet isn’t just for piling a ton of clothes into. It’s a showcase for your wardrobe and all of the items in it. Most walk-in closets are designed with numerous shelves, racks and other display areas. Take advantage of these to show off the best pieces in your collection. For example, are you particularly proud of that oxblood leather bag that you found while traveling Europe? Or the hat that you wore to last year’s Kentucky Derby? Your walk-in closet is the right place to show it off.

Room For Elegant Touches Like A Dressing Island

Finally, if you have enough space in your walk-in closet, you’ll be able to add some elegant touches. A dressing island with built-in shelves is the perfect feature for storing accessories and shoes. You can also add matching jewelry boxes on top to store frequently-used items. An ottoman is another elegant touch that can help make your walk-in closet feel more roomy and comfortable. And don’t forget to include a couple of mirrors for checking your look from multiple angles before you leave the house.

These are just a few of the (many!) reasons why a walk-in closet is an absolute must-have for any new home. When you’re ready to explore local real estate opportunities – including those with incredible walk-in closets – contact us. Our professional team is happy to assist you.

What’s Ahead For Mortgage Rates This Week – October 10, 2022

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What's Ahead For Mortgage Rates This Week - October 10, 2022Last week’s economic reporting included readings on construction spending, public and private sector job growth, and the national unemployment rate. Weekly readings on mortgage rates and jobless claims were also released.

Construction Spending Falls in August

The Commerce Department reported less construction spending in August as spending fell by -0.70 percent to $1.78 trillion as compared to July’s reading of $1.79 trillion. August construction spending was lower than the expected reading of -0.20 percent and July’s revised construction spending reading of -0.60 percent. Year-over-year construction spending rose by 8.50 percent.

Mortgage Rates Mixed, Jobless Claims Rise

Freddie Mac reported lower fixed mortgage rates last week as the average rate for 30-year fixed-rate mortgages dropped by four basis points to 6.66 percent. The average rate for 15-year fixed-rate mortgages fell by six basis points to 5.90 percent and the average rate for 5/1 adjustable rate mortgages rose by six basis points to 5.36 percent.

Discount points averaged 0.80 percent for 30-year fixed-rate mortgages and 1.00 percent for 15-year fixed-rate mortgages. Discount points for 5/1 adjustable rate mortgages averaged 0.30 percent.

 Higher-than-expected jobless claims were reported last week with 219,000 initial claims filed. Analysts expected  203,000 new claims to be filed and the previous week’s reading was 190,000 first-time jobless claims filed. Continuing jobless claims were also higher with 1.36 million jobless claims filed as compared to 1.35 million ongoing claims filed during the previous week. Rising jobless claims suggest that layoffs are increasing.

The federal government also released month-to-month readings for public and private sector job growth and the national unemployment rate. Non-farm payrolls rose by 263,000 jobs in September, which fell short of the expected reading of 275,000 jobs added and the previous month’s reading of 315,000 jobs added. The national unemployment rate fell to 3.50 percent in September as compared to August’s reading of 3.70 percent and the expected reading of 3.70 percent.

ADP reported that 208,000 private-sector jobs were added in September as compared to August’s reading of 185,000 jobs added; Analysts expected 200,000 jobs added, which was revised from initial expectations of 132,000 jobs added. Nela Richardson, the chief economist at ADP, said that reopened schools and childcare providers supported parents’ ability to return to work after pandemic shutdowns.

What’s Ahead

This week’s scheduled economic reporting includes readings from the Fed’s Federal Open Market Committee, readings on retail sales, and the University of Michigan’s initial monthly report on consumer sentiment. 

Selling Your House? 3 Strange Questions That Potential Buyers Might Ask and How to Answer Them

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Selling Your House? 3 Strange Questions That Potential Buyers Might Ask and How to Answer ThemAre you listing your home for sale now, or in the near future? If so, you have probably come to terms with the fact that soon you’ll be having strangers tour through your home asking all kinds of questions about it. In today’s blog post we’ll take a look at three strange questions that buyers might ask and how to approach answering them.

“Has Anyone Died In This House Or Is It Haunted?”

You might have chuckled when you read that, but questions about paranormal activity are more common than you think. Many people have beliefs and superstitions about ghosts, ghouls, demons and other spirits that haunt homes. Learning that someone has died in your house – even if it was long before you owned the place – is enough for some potential buyers to pass and move on to the next listing.

“Is Anything Buried In The Backyard?”

Have you ever owned a pet that has grown old or otherwise perished? Think back to that experience and ask yourself: where did you bury them? Many families bury deceased pets in their backyard, thinking that it is a good final resting place. And that may be true if you own the house for the rest of your life. However, if you decide to sell, then you have passed on a backyard that has a corpse resting in it. That can end up as a startling surprise for the next family to live there, especially if they have a dog that enjoys digging up the turf.

“Have There Been Any Infestations?”

Asking about pest problems is a bit less on the weird side of things, but it is one question that is almost certain to come up. Visitors will want to know if your home has experienced mice, rats, termites, ants, cockroaches and a variety of other plagues. Some of these will make sense for your home or the area you live – termites in a wood-framed house, for example – while others will make no sense at all.

Rest assured that the above are just a couple of the many bizarre and strange questions you might get while showing your house to potential buyers. If you do encounter something that seems a bit funny, aim to be polite and answer thoughtfully. When you are ready to list your home for sale, or for more tips and real estate advice, contact us. Our professional real estate team is here to answer any questions you have.

4 Home Staging Ideas That Are Heavy on the “Wow” Factor but Light on the Wallet

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4 Home Staging Ideas That Are Heavy on the Staging is one of the most important aspects of any home sale. The more attractive your home is to potential buyers, the faster you can finalize the sale and move on. With that in mind, let’s explore four home staging ideas that won’t cost a fortune but are sure to impress your buyers.

#1: Clean The Place Until It Shines

The first and most obvious option is not going to cost much more than your time. Your home needs to be absolutely, positively spotless. The floors should be so clean that you would have no issue with eating off of them. The walls should be clean and free of marks. Windows and mirrors buffed to a sparkling shine. If there’s dirt to be found, rest assured that potential buyers will see it!

#2: Buy New Slip Covers And Sheet Sets

If your furniture is starting to look a little dated, you can spruce it up by investing in new slipcovers. These can be color matched to the rest of the room’s palette so that your furniture fits in. It is also a great idea to ensure that you have new-looking, matching sheet sets on all of the beds. The bedrooms don’t need to look like hotel rooms, but they do need to look good.

#3: Invest In Better Lighting For Important Rooms

When was the last time you replaced the bulbs in your fixtures and lamps? If you are still using dull older incandescent bulbs, it’s time to invest in newer LED or compact fluorescent lighting. It is best to try to match the color temperature of the bulbs to the rest of the room so that the room’s color and ‘feel’ don’t clash with the lighting. If this is a bit above your head, consider having a lighting expert come in to help light the important, high-traffic areas.

#4: Use Plants To Add A Bit Of Warmth And Life

Finally, if your home is lacking a bit of plant life, it might be time to take a quick trip to the local nursery. Adding one or two plants to your common areas adds a touch of life and even helps to keep the air fresh. If you prefer a pop of color, you can always add a flowering plant that’s currently in bloom.

Spending a few hours and a few dollars on staging is an investment that will pay off immensely when you sell your home. If you are thinking about listing your home for sale, or for more staging tips, contact our real estate team. We are happy to share our experience and help get your home sold quickly at a great price.

3 Reasons to Hit the Accelerator on Your Mortgage Payments – If You Can Afford It

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3 Reasons to Hit the Accelerator on Your Mortgage Payments If You Can Afford ItDoes the thought of repaying your mortgage for the next twenty-plus years leave you feeling a little down? Whether you’ve had your mortgage for weeks or years, accelerating your payments is an excellent option that can help get your mortgage fully paid off in a shorter time frame. Let’s explore three great reasons to accelerate your payments so that your mortgage debt is paid down faster.

You’ll Be Debt-Free That Much Faster

It may seem obvious, but it’s worth stating that you’ll be debt-free that much quicker if you accelerate your repayment schedule. Every extra payment you make against your mortgage debt builds the amount of equity you own in your home. So not only are you becoming more debt-free with each payment, but you’re also building your net worth. And while it’s true that you might only shave a year or two off of your 25-year mortgage period, being debt-free faster is still worth the effort.

You’ll Pay Less Interest

With most mortgages, any extra payments that you make will go straight towards your ‘principal’ balance. Getting the principal paid down faster means that you’ll end up paying less in interest than if you hadn’t. If you consider that every year you shave off of a 20-year amortization period is a full year of interest that you won’t have to pay, it adds up. Note that if you have an existing mortgage agreement, you’ll need to check the terms to determine the rules around extra principal payments.

You’ll Have More Financial Freedom

Finally, the faster you get your mortgage paid off, the more financial freedom you’ll have. The equity and credit you’ve built over time will also provide you with some options. You can invest in buying an investment property, or in taking out a line of credit to renovate and upgrade your current home. If the numbers make sense, you can also borrow against your home equity to invest in the financial markets. This will diversify your investment portfolio and expand your net worth.

As you can see, it’s well worth the financial investment to accelerate your mortgage repayment. If you can afford it and it won’t significantly lower your quality of life. If you have questions about a mortgage new or existing, contact our team of mortgage professionals. We’re happy to help.

An Overview Of A Buyer’s Agent

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An Overview Of A Buyer's AgentIf you plan on purchasing a home in the near future, you have probably noticed that there are plenty of options available. The market changes quickly, the perfect house may come and go before you get a chance to see it, and you might have a hard time figuring out which house is right for you. A buyer’s agent can be helpful, but do you actually need to work with one? There are several important points to keep in mind.

A Buyer’s Agent Represents Your Interests

You should consider working with the buyer’s agent because they will represent your best interests. Their main goal is to help you go through houses that could be right for your needs, pointing out potential problems while highlighting specific features.

They will help you find a house that suits your requirements and your budget, helping you fulfill as many items on your wish list as possible. They will also draft offers on your behalf, help with the negotiation process, coordinate closings, and handle paperwork. They are important because they can prevent a real estate deal from falling through.

A Buyer’s Agent Is Not Necessarily Required

You are not legally required to hire a real estate agent or buyer’s agent to help you find the right house. At the same time, it is typically better for you to hire a real estate agent to help you with the process. A knowledgeable buyer’s agent is important for giving you a competitive advantage when you are bidding on a house.

They are even more helpful if there is a lot of demand for homes and not a lot of supply on the market. A real estate agent also understands how to fill out paperwork, and they can tap into their referral network to see if there are houses you might be interested in that are not yet on the market.

Who Pays For A Buyer’s Agent

You should also consider working with a buyer’s agent because you don’t necessarily have to pay them. The vast majority of buyer’s agents are paid on commission, and the commission comes from the sale price of the house. This means the seller will pay for your agent and the buyer’s agent. 

 

The Minimum Credit Score For VA Home Loan Approval: What To Know

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The Minimum Credit Score For VA Home Loan Approval: What To KnowWhen you are applying for a home loan, you need to make sure that you meet the minimum credit score requirements. If you decide to go with a traditional loan, the credit limit can be high, making it hard to qualify for a home loan. In contrast, you might be able to qualify for a VA home loan with a much lower credit score. What do you need to know?

The VA Does Not Have A Minimum Credit Score Requirement

One of the major benefits of applying for a VA home loan is that you do not need to worry about meeting a minimum credit score requirement. There is no minimum credit score you need to qualify for a VA home loan, as there are lots of factors that the lender will consider when reviewing your application. Your credit score is only one factor. At the same time, you are encouraged to have a credit score between 580 and 660 to increase your chances of being approved for a home loan.

There Are Other Benefits Of Applying For A VA Home Loan

In addition to the lack of a credit score requirement, there are other benefits of applying for a VA home loan. For example, you do not have to worry about putting any money down. While you might be able to get a lower interest when if you decide to put money down, you are not required to do so. You also do not have to worry about paying PMI, even if you do not put 20 percent down. This is just another way that a VA home loan can help you save money.

A VA Home Loan Could Be The Right Option For You

With so many benefits of applying for a VA home loan, it makes sense to do so; however, you need to make sure that you meet the eligibility requirements. For this reason, you should work with a professional who can make sure you qualify for a VA home loan for your next purchase.

Case-Shiller Home Price Indices: Home Price Growth Slows in July

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Case-Shiller Home Price Indices: Home Price Growth Slows in JulyThe S&P Case-Shiller Home Price Indices for July showed a sharp slowing in home price growth from June to July. National home price growth slowed from June’s reading of 18.7 percent year-over-year growth to 16.10 percent home price growth in July. This reading translated to an 0.20 percent loss in month-to-month home price growth.

The S&P Case-Shiller 20-City Home Price Index fell 0.40 percent in July after increasing by 0.40 percent in June. This was the first time since March 2012 that the 20-City Home Price Index posted a decreasing pace of home price growth; all 20 cities posted slower year-over-year home price growth in July than in June.

Seven cities in the 20-City Index posted higher home price gains in July as compared to June. Demand for homes exceeds supply in many areas; limited availability of homes, rising mortgage rate, and high home prices have discouraged would-be home buyers. Analysts said that home prices fell due to rising mortgage rates impacting affordability. Craig J. Lazzara, managing director for S&P Dow Jones Indices, said that the slowing pace of home price growth in July was the “largest deceleration in the history of the Index.”

Cities that previously enjoyed rapidly rising home prices experienced a marked slowing in home price growth. Home price growth fell by 3.50 percent in San Francisco, California, and Seattle, Washington reported a 3.10 percent decline in home price growth. Home price growth in San Diego, California decreased by 2.50 percent in July. Cities posting gains in home prices included Miami, Florida with month-to-month home price growth of 1.30 percent; Home prices in Cleveland, Ohio rose by one percent, and Home prices in Chicago, Illinois rose by 0.70 percent.

FHFA Reports Home Price Growth in All Regions

The Federal Housing Finance Agency, which oversees government-sponsored mortgage lenders Fannie Mae and Freddie Mac, reported that year-over-year home prices rose for all nine census divisions and ranged from 10 percent growth in the Pacific region to 18.90 percent growth in the South Atlantic region. FHFA data is based on home sales connected with purchase money mortgages owned or guaranteed by Fannie Mae and Freddie Mac.

Baby on the Way? Learn How to Child-proof Your Home so Your Baby Is Safe From Harm

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Baby on the Way? Learn How to Child-proof Your Home so Your Baby Is Safe From HarmDo you have a baby on the way? If so, you are likely already wondering how you are supposed to make your home safe from harm. The good news is that with a little work, you’ll be able to make your house or apartment that much safer. Let’s take a look at how you can child-proof your home in under a few hours.

Start With The Baby’s Bedroom 

For the first few months, your baby will be spending a lot of time either sleeping or resting in their crib. You’ll want to keep the crib away from any cords, blinds, drapes or other items the baby might get their hands on. The crib itself should meet federal safety regulations and should be comfortable without being too restrictive.

Keep a watchful eye out for anything loose that the baby might be able to put in its mouth. All choking hazards should be kept well away from a crib.

Baby-Proofing The Halls And Stairs

Next, it’s time to take a quick sweep through your halls and stairways. Once your baby starts crawling, they’re at risk for falls and other issues. Go through your hallways and look for any items that the child might pull over. For example, if you have hall tables with plants or pictures on them, are there any fabric items which the baby might be able to reach?

Your stairways should have some sort of baby guards placed in front of them at all times. If possible, you’ll also want your stairs to be carpeted. This can help to reduce injury if your child takes a tumble down the stairs.

Keeping The Kitchen Safe

Finally, don’t forget the kitchen. There are all sorts of dangerous items in the average kitchen, from heavy appliances with loose cords to tablecloths that can lead to utensils on the floor. In short, everything should be kept in drawers and out of a child’s reach. Cupboards should be secured so that a baby can’t open them. If you want to go a bit further, consider installing some padding on the legs of hard kitchen furniture and on corners where a baby could bump their head.

It’s almost impossible to fully baby-proof a home, but the above checklist is a good start. If you have a baby on the way and are looking for a larger, safer home, contact your local real estate professional.

How Can A Cash-Out Refinance Help You?

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How Can A Cash-Out Refinance Help You?If you have been in your home for a while, you might be able to refinance. If your credit score has increased, your income has gone up, or the average home loan interest rate has gone down, you might be able to conduct a cash-out refinance. During this process, you can keep your mortgage payments the same, secure a lower interest rate, and withdraw the difference as cash. What can you do with this extra cash? 

You Can Make Improvements To Your Home

One of the most popular ways people use a cash-out refinance is to increase the value of their homes. For example, you may want to use the money from a refinance to upgrade the kitchen. Or, you might want to use a cash-out refinance to add an addition to your home. You can also use the proceeds from a refinance to handle expensive home repairs. If you want to increase the value of your home, you can tap into the equity in your home through a cash-out refinance.

You Can Pay Off Student Loans

Another popular way to use a cash-out refinance is to pay off existing debt. For example, you can use the cash from this refinance to pay off a car loan, credit card debt, or student loans. Some people have hundreds of thousands of dollars in student loans, and it can take decades to pay them off. If your mortgage has a lower interest rate than your student loans, you may want to use a cash-out refinance to pay off your student loans. 

You Can Pay Expensive Medical Bills

Finally, you can also use a cash-out refinance to cover emergency expenses. If you have expensive medical bills, you might want to use a cash-out refinance to cover these costs. A cash-out refinance can help you in a pinch. 

Consider A Cash-Out Refinance For Your Home

These are just a few of the many ways you might be able to use a cash-out refinance to help you. If you are interested in refinancing your home loan, you should work with a professional who can point you in the right direction. You can secure the best terms possible, withdraw the maximum amount of cash, and ensure you still pay off your mortgage on time. 

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