9 Open House No-No’s

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When buying a home, there may be no single event as important as the open house. Attending an open house gives you the opportunity to see, feel, and experience the home for yourself, far beyond what’s possible from looking at photos, taking digital tours, or driving by on a sunny afternoon. The open house is when you really get to find out whether you can see yourself living in the home or not. 

But if you want to get the most from an open house, there are some things to keep in mind (and some costly mistakes you’ll want to avoid). Not only is it possible to cost yourself money at an open house, but in some (rare) instances, a seller might not even entertain an offer based on somebody’s behavior at the open house. 

So if you want things to go smoothly, and want the best opportunity to buy your dream house, here are nine things you should never do at an open house: 

1. Keep your shoes on when you’ve been asked to take them off

No one likes to walk around without shoes on, especially in somebody else’s home. But as an open house guest, you need to respect the seller’s instructions. If you refuse, you might be asked to leave, and blow your chance at landing an accepted offer. 

2. Let your children roam around unattended 

Parenting is difficult, and bringing your kids along with you to an open house is understandable—after all, they’ll be living there too. But when touring an open house, make sure to keep an eye on your children, because, as we all know, they tend to get into things, and a packed home is full of all sorts of interesting items. A good rule of thumb is to just pretend that you’re at a museum. 

3. Loudly make negative comments about the house

We all have opinions, especially when it comes to a house that we’re considering paying hundreds of thousands of dollars for. But keep your negative opinions between you, your partner, and your agent, because if the seller’s agent overhears you, they might not only feel insulted, they’re likely to relay the comments to the seller, who might not take them too kindly if you put in an offer. 

4. Pry into the seller’s personal belongings 

Being allowed into someone’s home for an open house does not give you carte blanche to go through their personal stuff, no matter how intriguing it might be. Opening dresser drawers, touching clothing, pulling back bedding, and rifling through bookcases is a no-no, and violators are likely to be asked to leave. You’re there to see a property, not personal property. 

5. Overshare 

Unless you’re a trained spy, you probably don’t think too much about tempering your speech when chatting with strangers. But an open house is an exception, and you might want to consider what you’re revealing during conversations with (and around) seller’s agents. Even though talking about how much you’re pre-approved for, where your kids go to school, how desperately you need a new home, or that your lease is ending soon might seem harmless, it can put you in a poor position when you begin negotiations, so act accordingly. 

6. Make an offer

Even if you absolutely love the house and would be willing to give up a kidney for the chance to live there, you don’t want to make an offer during the open house. Not only would this be out of the norm, but it would also reveal your eagerness and put you in a position of weakness during negotiations. So even if you’re absolutely obsessed, take a deep breath, step outside, and regroup with your agent and your loved ones before making a decision. 

7. Spend too little time there (if you’re interested) 

There’s no need to spend hours at an open house, but if you walk in and walk right out, you might be doing yourself a disservice. To be sure, sometimes you know that it’s not a fit right away, but if you dolike it, there’s nothing wrong with spending some time looking around and taking in the details. At the very least, it might help you remember the little things that you’ll be thinking about once you start planning to move

8. Lie about your intentions 

Some people like to play games, but there’s really no upside to being disingenuous about your intentions during an open house (or after). Whether you’re just there to look, or are truly serious about making an offer, don’t present yourself otherwise. Not only is it bad form, but word can travel a lot quicker than you might think, and the next time you want to be taken seriously, you might not be. 

9. Show too much enthusiasm 

When we love a property, it can be difficult to contain our excitement, especially if we’re not used to playing our cards close to the chest. The open house, however, is one occasion when you’ll want to put on your poker face and play it cool. If you show too much enthusiasm, the seller’s agent (and therefore the seller) will know that you’ll do just about anything to get the house—and that’s not the position you want to be in. 

We are happy to attend an open house with you! Just reach out – Kevin and Jennifer Hanley, REALTORS 904-515-2479 HanleyHomeTeam.com The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside

Homeownership Still More Affordable Than Renting In Most US Counties

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Most people think that renting a home is a more affordable option than buying. But, as it turns out, in the majority of counties across the US, the opposite is actually true.

According to the 2021 Rental Affordability Report from ATTOM Data, which analyzes rental, wage, and home price data in markets across the country, owning a median-priced three-bedroom home is more affordable than renting a three-bedroom home in nearly two-thirds (63 percent) of counties in the US—even though home prices are increasing at higher rates than rental prices in 83 percent of those counties.

“Home-prices are rising faster than rents and wages in a majority of the country. Yet, home ownership is still more affordable, as amazingly low mortgage rates that dropped below 3 percent are helping to keep the cost of rising home prices in check,“ Todd Teta, Chief Product Officer at ATTOM Data Solutions, said in the report. “It shows how both the cost of renting has been relatively high compared to the cost of ownership and how declining interest rates are having a notable impact on the housing market and home ownership.”

The Takeaway:

So, what does this mean for you? If you’ve been holding off on buying a property because you thought renting was the more affordable option, you may be able to transition to homeownership for less than you’re paying in rent—making now a great time to explore buying your own home. Give us a call to discuss today! Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

Among so many things, Dr Martin Luther King, Jr was important to real estate, too

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Ban racial discrimination, Fair Housing, Fair Housing Act, Martin Luther King Jr, MLK, MLK Day, real estate, real estate agents

Fill in the blank…

“I have a _________…”

It doesn’t take a psychic to know what word you chose.

Was it “dream”?

Good chance it was. We all know this line from Martin Luther King, Jr.’s famous speech. So when we hear those first three words, it sort of naturally comes to mind.

But what many people aren’t aware of is how much he affected the lives of real estate agents, buyers, and sellers.

It was his death that gave Congress the last push needed to pass the Fair Housing Act, back in 1968. It’s pretty involved, but to put it simply…

This was put in place to ban racial discrimination in housing. You can’t be refused the rental or purchase of a house, based upon your race.

Seems simple enough to most people now. A given, if you will. But it didn’t happen overnight. And believe it or not, it still can and does come up.

But guess who’s a big part of making sure this Act is followed…

On the front lines, it’s real estate agents. We’re tasked with making people aware that discrimination based upon race (and many other things) are not acceptable, and they must refuse to work with anyone who wants to do so.

Real estate agents are proud to be a part of this ongoing history.

Today is the day where we take a moment to reflect and pay him respect. It’s also a good day to share some insight into how much more responsibility real estate agents have than meets the eye. He has made us all better people and professionals.

New Federally Backed Loan Limits May Help Homebuyers In 2021

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Home prices have been steadily increasing in 2020—and as home prices increased, many buyers found they needed larger mortgages in order to purchase homes. But because there’s a limit on conforming loans, many buyers either had to explore alternative loan options (which often carry a higher interest rate) or look for homes in a lower price range (which, with inventory low in markets across the country, proved extremely difficult).

Luckily, access to larger conforming loans is on the horizon.

On November 24, the Federal Housing Finance Agency announced they would officially be increasing the conforming loan limits for Fannie Mae and Freddie Mac-backed mortgages in 2021. Currently, the limit for conforming loans for single-family units for most areas of the United States is $510,400. That limit will increase to $548,250 in 2021—an increase of 7.4 percent.

In higher cost markets (like areas of California and New York), the limit for conforming loans will be higher at $822,375—which is 150 percent of the baseline conforming loan limit of $548,250.

The Takeaway:

What does that mean for you? Increasing the limit for conforming loans will allow buyers to increase their purchasing power and keep up with rising prices—so if you’ve been thinking about buying a home, 2021 is looking like a great time to make a move. Let’s get started! Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

Homeownership Creates Wealth Even If That’s Not the Goal

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Homeowners who spent a lifetime working, raising families and paying mortgages have a greater net worth later in life. Among U.S. families who own rather than rent, a primary residence accounts for 90% of total wealth – and 99% for the bottom 20% of low-income owners.

Source: Homeownership Creates Wealth Even If That’s Not the Goal

ULI: 8 Real Estate Trends Emerging from the Pandemic

Due to COVID-19, the migration from cities to suburbs has accelerated; multifamily developers no longer have amenity wars to attract new residents; and health and wellness movements are emerging in hotels, offices and more.

Source: ULI: 8 Real Estate Trends Emerging from the Pandemic

Quarantine Produces ‘Horrors’ of Home Design

REALTOR® Magazine’s Styled, Staged & Sold blog counts down some of the cringeworthy decorative choices people are making while hunkering down at home.

Source: Quarantine Produces ‘Horrors’ of Home Design

Fed vows to keep rates near zero until inflation tops 2%, likely keeping meager rates 4 to 5 years

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Paul Davison USA Today Published 2:00 pm ET Sep 16, 2020 Updated 5:17pm ET Sep 16, 2020

The Federal Reserve said Wednesday that it will likely keep its key interest rate near zero until the economy reaches full employment and inflation runs “moderately” above its 2% goal for “some time,” a vow that economists say is likely to keep rates at rock bottom for the next four to five years.

The central bank made the market-friendly commitment sooner than many top economists anticipated and it drove the Dow more than 150 points higher before the market gave back the gains on persistent tech stock jitters. .

The Fed’s assertion is consistent with its new policy framework unveiled last month, which states that officials will no longer preemptively raise rates as unemployment falls to head off a potential spike in inflation. Rather, the Fed will allow inflation to edge above 2% for a time to make up for years of persistently low inflation and to bolster job gains.

The Fed plans to keep its benchmark short-term rate near zero until “labor market conditions have reached levels consistent with the committee’s assessments of maximum employment and inflation has risen to 2% and is on track to moderately exceed 2% for some time,” the Fed said in a statement after a two-day meeting.”

That, the central bank said, will help ensure inflation averages 2% “over time” and the public cam reliably expect 2% price increases. 

“These are powerful commitments that we think will support the full recovery as long s it takes,” Chairman Jerome Powell said at a news conference.

Previously, the Fed said it would maintain near-zero rates “until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.”

The U.S. economy has partially recovered from the coronavirus recession more rapidly than expected, but the Federal Reserve envisions a slog the rest of the way.Get the Coronavirus Watch newsletter in your inbox.

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“The labor market is recovering but it’s a long way — a long way — from maximum employment,” Powell said.

Besides keeping its benchmark rate near zero, new Fed forecasts indicate it likely will stay there at least through 2023, based on policymakers’ median estimate. That’s a year longer than its previous estimate since the Fed’s forecast horizon was extended. But the promise to keep rates near zero until inflation picks up should maintain rock-bottom rates until mid-2024 or possibly longer, says economist Kathy Bostjancic of Oxford Economics. 

The Fed now predicts the economy will contract by 3.7% this year, below its 6.5% estimate in June, and the 8.4% unemployment rate will fall to 7.6% by year-end. The Fed previously reckoned the jobless rate would end 2020 at 9.3%.

Yet the economy may be at a crossroads. States are allowing shuttered businesses to reopen, putting furloughed employees back to work and boosting growth. But Congress is deadlocked over a new stimulus to restore enhanced federal unemployment benefits and keep struggling small businesses afloat. The number of permanently laid off workers and bankrupt businesses is rising. And the specter of a second wave of the virus this fall looms.   

A look at the Fed’s views on:

Interest rates

All 17 Fed policymakers prefer no hikes from the near-zero federal funds rate through next year and the median projection is for no increases through 2023. But one official believes a quarter-point rate increase will be warranted in 2022 and four think the first move should come in 2023.

Bond purchases

The Fed said its massive bond purchases are now designed partly to juice the economy by lowering long-term interest rates, such as for mortgages, as well as ensure that markets run smoothly. Previously, the Fed said the purchases — of $120 billion a month in Treasury bonds and mortgage-backed securities — were aimed at reviving markets for those assets that virtually came to a halt early in the crisis.

The change eventually could pave the way for the Fed to buy bonds with longer-term maturities to more effectively push down long-term rates.

The economy

Fed officials predict the economy will shrink 3.7% this year, less than their 6.5% forecast in June. But they forecast growth of 4% in 2021, down from their prior 5% estimate, and 3% in 2022.

Gross domestic product plunged at a record 31.7% annual rate in the second quarter, a bit better than the initial 32.9% forecast.

The economy has bounced back faster than expected, largely as a result of stronger consumer spending, Goldman Sachs says. While COVID-19 surges in the South and West led some states to pause or reverse reopening plans, hospitalizations and death tolls have improved recently. IHS Market predicts growth of about 30% in the current quarter.

But Barclays says the recovery is likely to slow in the months ahead, in part because a snap-back in auto production to pre-pandemic levels has played out. Powell noted that many laid-off workers have stopped looking for jobs.

Jobs

Unemployment is projected to fall from the current 8.4% to 7.6% by the end of the year, 5.5% by the end of 2021 and 4.6% by the end of 2022, according Fed officials’ median estimate.

The economy has regained nearly half the 22 million jobs lost in the early days of the pandemic as businesses have reopen but economists say recouping the remainder will be tougher. The number of workers permanently laid off jumped from 2.9 million to 3.4 million in August, indicating some temporary layoffs have become permanent.

Of the 11 million idled workers who have not been called back or found new jobs, Powell said, “Our commitment is not to forget those people.”

Inflation

The Fed estimated its preferred measure of annual inflation will close out 2020 at 1.2%, up from its 0.8% forecast in June, before rising to 1.7% in 2021. A core measure that strips out volatile food and energy items is projected to end the year at 1.5%, above officials’ previous 1% prediction.

Inflation has picked up recently, chiefly because of a surge in used car prices and a partial rebound in apparel prices and air fares that were depressed by the effects of the pandemic.

Even before the crisis, inflation was held down for years by discounted online prices and the globally connected marketplace.  The Fed’s new policy framework aims to juice inflation but economists say there’s no guarantee it will work.

 While modest price increases are generally a good thing, persistently low inflation can lead to deflation, or falling prices, that prompts shoppers to put off purchases.

Curious about buying or selling a home in today’s market? Give us a call and let’s chat! Jennifer and Kevin Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside http://www.HanleyHomeTeam.com

Pet Doors – From Simple to Smart

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moving with pets, pets, real estate, real estate advice

Does your four-legged friend need a little more freedom? Pet doors offer animals independence and allow their owners more flexibility in their day-to-day schedules. Whether you’re more of a traditionalist, or you’re inclined to adopt the latest and greatest tech, there’s something for you (and your furry friends). 

Classic flap
We’ve all seen this one, a small opening with a flap that allows a pet access in and out of the house. These types of pet doors are popular due to their versatility. They can be installed in a door or cut into the side of a home. They can be positioned to access your home’s interior or just the garage or patio. These can even be installed in screen doors or glass panels. If security is a concern, these can often be outfitted with a sliding insert that will keep out intruders of both the critter and human variety. 

Patio/panel type
This is a good option if your live in a rental or are just weary of cutting a hole in a door or the side of your home. This option is basically a panel that fits within the track of a sliding door and has a pet door flap built-in. If you’re on a tight budget, renting, or the very thought of a drill makes you sweat – this one is for you. 

Smart doors
Electronic or magnetic pet doors come with sensor tags that attach to your pets’ collar, allowing automatic entry or exit when they get close to the door. Only a pet with a sensor tag can enter or exit through them. Some electronic pet doors can be programmed to open during certain times of the day if your furry friend is the schedule-keeping type. There are even doors that connect to your smartphone, so you’ll be notified when Milo or Otis step out. If you can afford it, a smart door is an excellent option that mitigates many of the most common concerns with pet doors – including security, pet safety, and energy efficiency.

You can’t have a pet door without a house to put it in! That’s where our expertise comes in – Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.HanleyHomeTeam.com

7 WAYS HOME BUYERS LOSE MONEY BEFORE THEY EVEN BUY A HOME

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buy now, buyer home hunting tips, buyer market, Buying a home, buying a home in Jacksonville, buying new construction, Buying new construction; working with a real estate agent; Buying from a builder; negotiating with a builder; having someone on your side, real estate

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A MORTGAGE IS THE BIGGEST DEBT MOST OF US WILL EVER HAVE. BECAUSE THE NUMBERS ARE SO BIG, THOUSANDS OF DOLLARS (OR POUNDS, SHEKELS, OR OTHER MONETARY SYMBOLS) CAN SLIP AWAY WITHOUT A BORROWER EVER NOTICING. HERE ARE 7 MONEY-DRAINING CRACKS THAT HOME BUYERS NEED THINK ABOUT.

1. Ignoring the true cost of home ownership

Owning a home comes with new expenses that surprise many buyers. Even experienced home owners can forget how much it costs to upgrade a home, improve outdated features, and fix hidden problems. It’s wise to take these costs into consideration before signing on the dotted line.

Before purchasing, calculate realistically what you’ll need to spend to get the home up to your standard. In some cases, you may be better off paying more for a home that’s already been upgraded than paying for a cheaper home that needs more work. 

On the other hand, if you are struggling to make a down payment on a more expensive home, then buying cheaper and putting money into it over time and using your own sweat (“sweat equity”) might offset the higher down payment you would have had to make on the more expensive home. 

A 20% down payment on a $300,000 is $60,000. If you can’t afford that, consider buying a nearby fixer-upper. That home might only cost $225,000, with a down payment of $45,000. The extra $15,000 might be enough for you to do many upgrades that would bring it close to the standard of the more expensive home, but you won’t need to come up with that extra $15,000 up front. This might be a good investment option—as long as you go into it with eyes wide open…along with a really good home inspection.

Ongoing Maintenance

The longer you own a home, the more you’ll want or need to make expensive fixes. A new roof may be in your future, as well as repairs to a cracked driveway or installation of a new fence. Some items can sneak up on you, like tree removal service, a broken water main, and termites!

As a rule of thumb, budget 1 to 2% of your home’s purchase price annually for maintenance. If your home will cost you $250,000, expect to spend $2,500 to $5,000 annually on unglamorous purchases like a new water heater or having your furnace serviced. The older your home and the larger it is, the more you’ll spend. 

Also consider a savings fund for big ticket items. If your roof has a life expectancy of 5 years, start putting aside a little each month now.

2. Becoming house poor

There are many places in your life where you’ll need to put money besides your house. Replacing a worn-out car. Saving for retirement. Building a college fund for the kids. Life-altering vacations. Even buying furniture for your home. If you’re spending too much on a mortgage, you won’t have money for these other investments.

A general rule for housing affordability is to spend no more than 28% of your gross income on a mortgage. So, if you earn $75,000 a year, you should spend no more than $1,750 a month on payments, including insurance premiums and association fees. You can use a mortgage calculator to see how much house you can buy for the amount you can afford monthly, and how much down payment money you’ll need.

3. Not shopping around for loans

While it may seem to the average consumer that all mortgage loans are alike, and a loan broker may not even offer any options, the truth is that you do have options. You may be more or less qualified for some kinds of loans that offer better rates or terms. A military veteran’s loan is a good example of this, offering a zero down payment for some people. There are also loans for teachers and other job types, and loans for buying in certain areas.

Aside from special loans, your standard loans also come with different price tags…

According to Sergei Kulaev on the website, Consumer Financial Protection Bureau, “Our research showed that a borrower taking out a 30-year fixed rate conventional loan could get rates that vary by more than half a percent. Getting an interest rate of 4.0% instead of 4.5% translates into approximately $60 savings per month. Over the first five years, you would save about $3,500 in mortgage payments. In addition, the lower interest rate means that you’d pay off an additional $1,400 in principal in the first five years, while making lower payments.”

To compare prices, you can use one of many websites that allow you to request bids from mortgage brokers. One broker may know of a special loan that another doesn’t know about, and all may have different fees. The fees and interest rate differences between these loans can be huge, especially over the life of the loan. 

You can also compare loans by calling different loan brokers personally. Be sure to include one or two bank lenders and credit unions on your list. Many of these bankers have in-house loans that might be better than another company’s loans. 

4. Ignoring the APR

Some lenders advertise low interest rates but make up for the low rates with high up-front fees. If you were to spread the cost of those fees out over the life of your loan, you might discover that your effective interest rate is actually higher than you could have gotten with another mortgage. Sometimes a lower rate loan has a higher “effective” APR…making your loan more expensive over time.

APR means Average Percentage Rate and includes all the fees as though spread over the life of the loan. For instance, imagine a $100,000 30-year fixed-rate loan with an interest rate of 3.85%. Now imagine the lender charges two points (a 2% buy-down of the interest rate), a 1% origination fee, and $1,500 in other closing costs. That brings the “real” interest rate from 3.85% to 4.215% APR.

Next, imagine a $100,000 loan at 4.05%, but with no points (no buy-down), a 1% origination fee, and just $800 in other closing costs. That loan’s “real” rate is 4.199% APR.

The first loan looks cheaper on the surface, but it’s really more expensive. The difference may only amount to $10 or $11 per year, but that’s your money, year after year. If you paid your mortgage for 30 years, you would pay an additional $3,650. That’s money you could have in your hand at the end to pay off another bill, put into your retirement account, or take a vacation!

Of course, if you plan to sell in 5 years, the extra $50 might not matter to you, in exchange for working with a broker you like, or someone more willing to give you a loan based on your credit rating.

5. Making a small down-payment

Most loan programs require a 20% down payment to get the best rates and avoid paying mortgage insurance — an extra cost that typically adds $100 or more to your monthly payments! You want to avoid paying that extra premium if possible. It goes away after the home’s value rises to more than 20% of the loan value, but until that time, you could be paying an extra $100 per month for many years, with nothing to show for it.

If you can’t afford 20% down, consider three things:

1. Maybe you should wait until you’ve saved up enough down payment.
2. Maybe you should buy a cheaper home, where you have a 20% down payment.
3. Maybe you can put 15% down…that will help.
4. If you have to buy now and pay the mortgage insurance premium, but you plan to make renovations, consider getting a reassessment of value as soon as possible. Ask the lender how soon you can do that…some loans won’t reassess under two years, leaving you stuck with $2,400 in extra payments! 

6. Not checking and fixing credit reports

Checking your credit report should be a part of your annual financial health checkup anyway, but when you are about to apply for a mortgage, it’s extra-important. Why? Because credit rating equals interest rate. 

A low or poor credit rating will result directly in higher interest rates and higher monthly payments. The worse your credit, the higher the rate. Conversely, a lower rate might mean you can buy a more expensive (nicer) house. 

But many credit reports make mistakes. Sometimes it may be a legitimate financial shortcoming on your part, but one that you “fixed” a long time ago, such as an unpaid library bill. It should have been removed from your report, but lingers. You have a right in most countries to contest that item and have it removed. Then have your credit rating rebalanced. 

Doing this can mean the difference of many thousands of dollars, and even determine whether or not you get the home of your dreams.

Also, keep an eye on your credit usage. A high credit usage will cause lenders to be concerned that you are over-extending yourself. Lower credit usage demonstrates wise or controlled spending, which they like. However, don’t pay off or close your credit lines entirely. Keeping some credit also demonstrates credit-worthiness more than keeping no credit at all.

7. Not waiting until you’re more financially stable

As alluded to earlier, sometimes a buyer just needs to wait until they have more money before buying a home. 

Down Payment—Coming up with a 20% down payment can be financially wise. It will result in less to pay off, and a lower monthly payment, and it will save on the mortgage insurance premium. It can be hard to wait, to delay gratification, but it can make a huge difference over the years to come.  

Quality of Life—Also, making sure there is enough income to afford the maintenance, and be able to enjoy life besides, are strong reasons to plan long term for a home purchase. 

Balance of Interests—However, there are legitimate reasons to buy a house, even if it stretches you financially. If it seems that house values are rising fast, or you’re able to score a great deal, or you need to purchase for another personal reason, then you may be better off jumping now, rather than waiting for the perfect financial picture.

Contact me for smart home buyer representation BEFORE YOU START HOUSE HUNTING! WE’LL HELP YOU AVOID SOME OF THE HIDDEN EXPENSES.  Simply reach out to Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.HanleyHomeTeam.com Team@HanleyHomeTeam.com