What’s happening with interest rates?
Welcome back to my video blog! Today I have with me my preferred lender, Tom Ross of Nova Home Loans. I wanted Tom to explain to us what exactly is happening with interest rates and where they are going.
Tom Ross:
People ask me this all the time. If you are looking to buy a home, the ideal credit score is 740; that’s the squeaky clean scenario.
Interest rates are currently around 4.5-4.6 percent. Now, if you remember rates recently spiked up to 5 percent and have slightly dropped since then.
Why is that? Over the past couple of months the Federal Reserve had hinted it was going to pull back on buying mortgage-backed securities. When they announced this, rates began to increase.
Well, in the last meeting they decided to continue to purchase the mortgage-backed securities for now. It’s really important, then, to take care of the market. Rates can increase at any moment.
Both buyers and sellers should make their move now. Buyers need to lock in that low interest rate and sellers need to put their home on the market for those motivated buyers.
If you have any questions, please give Monique or me a call. Thanks for watching!
How to Prepare for a Home Inspection
Did you know that moving is the #3 stress for most people?
It doesn’t matter if this is your first home or your fifth home; selling is
always stressful. So how can we make it easier? Knowing what to expect and then
preparing for it can alleviate a lot of your concerns.
That’s why I have a list of tips that can you prepare.
Make sure all your utilities are on and
inspection ready.
a.
Turn gas, water and electric on prior to the
inspection
b.
Unlock the electrical panel and gates
c.
Turn on all pilot lights on gas appliances
d.
Turn all electrical circuit breakers in the ‘on’
position
Make everything accessible.
a.
Make a clear path to access the attic opening,
garage crawl space or any other areas the inspector will need to get to.
b.
Declutter congest areas in your home.
c.
Open window coverings.
d.
Clear out storage items from oven or stove
Protect Your Property
a.
Put your pets in a secure area
b.
Protect personal items that may get dirty during
the inspection, such as clothes in a closet near a attic opening or crawl
space.
c.
Put away all breakables, antiques etc
Prepare for System Tests
a.
Preset your heating and cooling thermostat
between 70-78 degrees
b.
Know that your dishwasher will be run during the
inspection
c.
Have the operating instructions ready for any
unique appliance
d.
Provide remote controls for ceiling fans,
lights, fire places, etc
Provide any pertinent information that may
affect the property of the inspection
a.
A copy of the S.P.D. is helpful
Expect a time frame of 2-4 hours for the average
home inspection.
a.
An hour per 1000 square feet depending on age
and equipment
I hope you find all this helpful and makes your home
inspection much smoother! If you have any questions, please give me a call!
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If you would like to contact my home inspector, Bruce LaBell, his contact information is as foll
Bruce LaBell
Royal Home Inspectors LLC
Scottsdale, AZ 85267-2246
602-765-2140
Cell: 602-402-7877
http://www.royalhomeinspectors.com; www.justafungi.com
License Number: BTR 41795
How much longer will the sellers market last?
Hey, guys! Lately, I’ve been asked nonstop about how long
this sellers market is going to go on.
Well, the market dynamic is set by the supply and demand.
Right now the low inventory and high buyer’s demand create the perfect sellers
market. Homes are seeing multiple offers and are getting incredible prices.
Our perfect sellers market won’t last forever, though. As
more homes come on the market, there is less of a pent up demand. Prices will
then decrease as well.
So if you know of someone who is thinking about selling,
spread the word. Now is the time to get the best price!
If you have any questions, please give me a call!
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