Real Estate Blog
Tuesday, 28 March 2017
Mortgage interest rates have found a “new normal” since the Presidential election. We had become accustomed to thirty-year fixed rate mortgages coming with rates in the “3’s” but since then we’ve settled into a new range, operating in the “4’s”. With the Federal Reserve raising the Fed rate a third time in the past four months that has prospective homebuyers wondering if they’ll be stuck with rates in the “5’s”.
Predicting rates is difficult to do. If I could make that sort of prediction I’d be on Wall Street or in Las Vegas rather than helping people with their mortgages. The experts that I follow have forecast that while the Fed may not be done with their increases, mortgage interest rates are likely to stay in this range. I would be surprised if rates moved much higher than where we are but I’d be even more surprised if we dropped down into the “3’s”.
That being said, let’s take a quick look at the impact of rate on your buying power. A .5% increase in the 30-year interest rate adds almost $60 to your monthly payment on a $200,000 mortgage. Another way to look at it is that a .5% increase in rate reduces buying power by $15,000. From the seller’s perspective, an increase in rates can potentially disqualify prospective buyers by limiting their buying power.
Historically speaking, today’s rates are still near the lowest end of the spectrum. Homebuyers have financed homes at rates MUCH higher than this and with the high cost of rents, purchasing a home will continue to be an attractive option. With the uncertainty of where rates will go, those who are in the market to buy a home should at least take the first step in getting a solid pre-approval and strategy in place. A prepared homebuyer will have the advantage and that is where the big savings can be found, regardless of rate.
Call Todd Wiggins with First Community Mortgage with any questions and/or to get a quote on today's Mortgage Rates. 615.554.1983 (NMLS 211744)
Posted on 03/28/2017 9:00 AM by Jarod Tanksley
Wednesday, 15 March 2017
Aren't we all ready to get into the outside elements after a winter season? It is so refreshing to go outside without cumbersome clothing and to breathe the fresh air. This is the time to evaluate your home inside and out to ward off any ensuing problems so you can enjoy your summer weekends and events with friends and family.
* THE ROOF - Inspecting your roof is a challenging job even when you are ok with heights and climbing that forever ladder. But then what are you looking for? What are the problems for you to identify? You are looking for missing shingles, pitted and rusted flashing and some cracks around solid areas like skylights and pipe coverings. If you aren't ok with that ladder you can actually use binoculars. Try it - I have and it works. Using binoculars you can actually identify the problem areas before climbing the ladder. It's also a good idea to have the gutters cleaned out at this too. To be honest it's probably easier to pay some to do this for you.
* TREES & BUSHES - Overgrowth Making sure that limbs are at least 5 feet from your home is a must. This helps in making sure that the moisture is kept at a minimum. Keeping the limbs at bay also aids in deterring critters from picking you as their new landlord. Trust me- preventing them from entering is much better and less expensive than removing them after they set up residence with you and your family. So Springtime is an excellent time to trim those branches and bushes.
* DRAINAGE - It is Spring and we can expect lots of rain in our area. So making sure that the areas around our house are draining properly will save a lot of headaches in the future. Soil slopes going away from the house should be six vertical inches per 10 feet going away from the house. This is will avoid and stop the mold, mildew and termite problems associated with improper drainage of water due to rain and water ponding. Checking and Cleaning Foundation Vents This task can be done by hand or using a shop vac. This is also a convenient time to check any screening and Repairing that torn screen that can keep mice and other critters from entering. Mice and other creatures their size can enter a hole in the screen the diameter of a pencil.
* PAINTING - Is it time to paint the house? Actually most homes here in Middle Tennessee are brick but we have that painted trim to deal with. So what it boils down to is repair and paint. What I mean by that is scraping is imperative and then power washing to remove any and all particles to allow a clean surface for painting. Painting all exposed, scraped and exposed surfaces is necessary to protect your wood trim.
You might want to map out a plan in tackling these projects. Some of these chores can take more than one day's work but other smaller jobs can be done in a good Saturday's work day. Start now so the summer weekends are yours to enjoy. If you need a referral for a handyman please let me know.
Posted on 03/15/2017 8:30 AM by Jarod Tanksley