In Freddie Mac's results of its Primary Mortgage Market Survey®, mortgage rates were marginally higher over the past week. Sam Khater, Freddie Mac's chief economist, says mortgage rates are showing a steadiness last seen in the fall of 2016. "The 30-year fixed-rate mortgage barely inched up this week, continuing the summer trend of essentially being flat," he said. "While sales and price growth have softened these last few months, this leveling of rates may be helping more buyers reach the market. Purchase mortgage applications this week were once again modestly above year ago levels." Heading into the fall, Khater says the recent slowdown in price appreciation in several markets is good news for the many prospective buyers who were priced out earlier this year. However, despite the economy in the second quarter expanding at its fastest rate in nearly four years, Freddie Mac is still expecting only a slight increase (0.2 percent) in total home sales in 2018 (6.14 million) compared to last year (6.12 million). Added Khater, "Given the strength of the economy, it is possible for home sales to pick up even more before year's end. The key factor will be if affordably-priced inventory increases enough to continue this recent trend of cooling price appreciation."
Closing Documents You Should Keep On closing day, expect to sign a lot of documents and walk away with a big stack of papers. Here's a list of some documents you should file away:  HUD-1 settlement statement. Itemizes all the costs - commissions, loan fees, points, and hazard insurance - associated with the closing. You'll need it for income tax purposes if you paid points.Truth in Lending statement. Summarizes the terms of your mortgage loan, including the annual percentage rate and recision period.Mortgage and note. Spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.Deed. Transfers ownership.Affidavits. Binding statements by either party.Insurance policies. Provide a record and proof of your coverage.How to Improve The Odds of an Offer Pay attention to the following important details for the best offer on your home: Price it right. Set a price at the lower end of your property's realistic price range.Prepare for visitors. Get your house market ready at least two weeks before you begin showing it.Be flexible about showings. It's often disruptive to have a house ready to show at the spur of the moment. But the more amenable you can be about letting people see your home, the sooner you'll find a buyer.Anticipate the offers. Decide in advance what price and terms you'll find acceptable.Don't refuse to drop the price. If your home has been on the market for more than 30 days without an offer, you should at least consider lowering your asking price.The Kind of Smart Homes People Actually Want American's thirst for smart home technology is growing, with more home owners seeking greater control of their home's appliances, lighting, and systems. Indeed, more than 70 percent of about 2,000 adults recently surveyed say they wish they could just control something in their home from their mobile device, according to Lowe's Smart Home Survey. What do they most want to be able to do? The survey showed respondents wanted to be able to adjust the thermostat, turn on the lights, or start the coffee pot before they get out of bed. Besides added convenience, 40 percent of adults surveyed say they believe a smarter home would help them trim costs and save money on their utility bills. Sixty-two percent said they find smart home systems are most beneficial for monitoring safety and security. So with the technology pool in the smart home arena ever-expanding, what's holding back adoption rates? The top considerations holding back respondents from purchasing such products were cost or fees (56 percent); ease of use (13 percent), and security (11 percent). Americans are more than twice as likely to prefer a do-it-yourself solution, without a monthly fee, over a professionally installed/monitored system with a monthly service fee, according to the survey. "In general, Americans feel positively toward products that will make their homes safer, more energy efficient, and easier to manage," says Kevin Meagher, Lowe's vice president and general manager of Smart Home. Lowe's offers Iris, a single user interface that allows home owners to control several aspects of their home from connected devices. "People want DIY solutions that are simple and affordable," Meagher said about the survey results. Written by Realty Times Staff |
Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com
