- 30-year fixed-rate mortgage (FRM) averaged 4.03 percent with an average 0.5 point for the week ending November 23, 2016, up from last week when it averaged 3.94 percent. A year ago at this time, the 30-year FRM averaged 3.95 percent.
- 15-year FRM this week averaged 3.25 percent with an average 0.5 point, up from last week when it averaged 3.14 percent. A year ago at this time, the 15-year FRM averaged 3.18 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.12 percent this week with an average 0.4 point, up from last week when it averaged 3.07 percent. A year ago, the 5-year ARM averaged 3.01 percent.
According to Sean Becketti, chief economist, Freddie Mac:
"In a short week leading up to the Thanksgiving holiday, the 10-year Treasury yield rose 8 basis points. The 30-year mortgage rate followed suit, rising 9 basis points to 4.03 percent. This increase marks the first week since 2015 that mortgage rates have risen above 4 percent." Does the Marble Test Really Work?A viral video recently showed a marble rolling on an uneven floor inside a luxury apartment building in San Francisco called the Millennial Tower. This summer, residents there learned that the structure, which had been constructed on bay mud, had sunk a total of 16 inches and is leaning at least 2 inches.
But can rolling a marble test really reveal if your listing has this kind of a problem?
"The marble is a good way to demonstrate the floor is not level, but not to tell if this means there is a problem," says Bill Neal, a structural engineer in Vernon, Conn.
Instead, there's a different tool you'll need. "Put a 4-foot-long level on the floor. Ideally, when the level is level, the end should not be more than an eighth of an inch off the floor. If it's a quarter inch or more, the house definitely should be checked," Neal says.
An uneven floor could indicate a structural problem or possibly poor workmanship, Neal says.
Sellers: Don't Let The Holidays Scare You
Some home owners may be tempted to delay putting their home on the market until after the holidays. But there's plenty of reasons why they shouldn't wait and use the holidays to their advantage and start the new year with a "sold" sign on the front lawn.Here are a four reasons why selling during the holidays may offer them a better chance than right after the new year:
1. Buyers relocating for job purposes may be in a hurry to get settled into a new home before the new year, particularly if they have school-age children.
2. Buyers who are looking for a home during the holidays tend to be more serious and in a hurry to buy.
3. Some stagers argue that homes show better when they're decorated for the holidays and welcome buyers in.
4. Sellers will likely have less competition against other home sellers during the holidays. The supply of listings tends to increase after the holidays and new-home construction likely will pick up then so home sellers will compete against more homes for-sale.
Kitchen Features Buyers Will Pay More For
A great kitchen can help you sell a home, and real estate professionals are making sure to spotlight it in their marketing.
Of all the homes listed for sale on realtor.com®, 69 percent of the listing descriptions highlight the kitchen as a selling point. Forty-nine percent mentioned the bedrooms and 35 percent highlighted the garage, the next two most popular.
Further, homes that tout a "killer kitchen" or "luxury kitchen" in their descriptions sell 8 percent faster than a similar-sized home in the same ZIP code, realtor.com®'s research finds.
So which kitchen features could possibly add the most value to a home? Realtor.com®'s research team pinpointed the following:
Custom cabinetry: 41% (the price premium: the difference between homes with the feature and homes without in the same ZIP code)
Kitchen island: 30%
Creative lighting: 21%
Granite counters: 18%
Large pantry: 14%
Stainless-steel appliances: 12%
Tile backsplash: 7%
Breakfast bar: 6%
What's more, the research team found growing demand for the "chef's kitchen." About 4.7 percent of homes on the market describe the kitchen as a "chef's kitchen" or "gourmet kitchen," which is up from 3.3 percent three years ago. Homes with such labels boast a median list price of $589,900.
Some of the most common features associated with a chef's kitchen: Oversized fridge; dual commercial-quality ovens; six-burner stovetop; and a butler's pantry. Other popular features may include a wet bar and wine fridge too.
Written by Realty Times Staff
Nancy M. Alexander Stone Harbor and Avalon NJ Real Estate, Long & Foster Avalon
