SJ Real Estate

What Does A Home’s Energy Rating Imply?

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What Does A Home's Energy Rating ImplyYour home’s energy rating is an evaluation of your home’s overall energy efficiency. If your house’s rating is high, it means your potential for energy loss is also high. Bringing your rating numbers down means that your home is becoming more energy efficient. 

Your home’s energy rating is based on several things. When your energy company does a home energy audit, they are looking for ways that your home or its components are wasting energy. A low rating means that a home is more energy efficient than one with a higher number. For example, if a home is rated at 70 on the HERS Index, it is approximately 30% more energy efficient than a home built in 2006. There are many factors that are taken into consideration when determining a home’s energy rating.

Here are several things you can do to bring your numbers within an acceptable range. 

Energy Efficient Appliances

All new appliances manufactured within the United States must now carry an energy rating label that states its efficiency and how much energy is required for it operate. The Environmental Protection Agency has determined that, in order to save as much energy as possible, appliances are to be manufactured to certain specifications that will allow them to be operated using as little energy as possible.

HVAC System

One of the biggest energy drains in your home is your HVAC system. With regular maintenance and prompt repairs, your heating and cooling system can operate at maximum efficiency for many years to come. Changing the filters every month and keeping the ductwork and vents properly cleaned can also help your HVAC system to function efficiently and may reduce any type of energy waste.

Insulation, Windows, And Doors

Other areas where energy can be lost is through the roof and the windows and doors. Adding more insulation to your attic may prevent energy from being lost through the roof. It can help to keep your home cooler during the summer months and warmer during the winter months. Replacing older windows with newer, more energy efficient windows can dramatically reduce energy loss and improve your home’s energy rating. The same is true for older doors that may have worn weatherstripping.

The government offers rebates on your federal taxes for each home improvement you make that improves your home’s energy rating. If you are interested in learning more about energy ratings, contact your local utility company to have an energy audit performed. They will provide you with the answers you’re looking for.

If you are in the market for a new energy efficient home, be sure to contact your trusted real estate professional.

What’s Ahead For Mortgage Rates This Week – November 19th, 2018

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What’s Ahead For Mortgage Rates This Week – November 19th, 2018Last week’s economic news included readings on inflation, core inflation and retail sales. Weekly readings on mortgage rates and first-time jobless claims were also released.

Inflation, Retail Sales Rise in October

Commerce Department readings for October showed higher inflation and retail sales. Consumer Price Index rose by 0.30 percent and met expectations. September’s CPI reading was 0.10 percent. Core CPI, which excludes volatile food and energy sectors, also met expectations with a reading of 0.20 percent growth. September’s reading was 0.10 percent. Analysts attributed the highest reading in nine months to higher costs of fuel, rent and used cars.

Retail sales recovered from September’s negative reading of -0.10 percent and surpassed expectations of 0.60 percent growth with October’s reading of 0.80 percent. Higher fuel prices prompted the jump in retail sales after August and September readings were revised to negative readings. Recent declines in oil prices were expected to stabilize gas prices for consumers.

The reading for retail sales excluding autos also exceeded expectations with a reading of 0.70 percent. Analysts expected growth of 0.50 percent based September’s revised reading of -0.10 percent. Looking forward to the holiday shopping season, analysts expected robust readings for retail sales. Increased wages and a strong labor market were expected to help consumers during the holiday shopping season.

Mortgage Rates Stabilize

Mortgage rates were mostly unchanged last week, which provided a reprieve for home buyers. Freddie Mac reported that rates for 30-year fixed rate mortgages averaged 4.33 percent and was unchanged from the prior week. Mortgage rates for 15-year fixed rate mortgages rose three basis points and averaged 4.36 percent.

Rates for a 5/1 adjustable rate mortgage averaged 4.14 percent and were unchanged from the prior week. Discount points averaged 0.50 percent for 30-year mortgages and 0.40 percent for 15-year fixed rate mortgages. Discount points for 5/1 adjustable rate mortgages were 0.30 percent on average.

First-time jobless claims were higher last week with a reading of 216,000 new claims filed as compared to expectations of 210,000 new claims filed and the prior week’s reading of 214,000 new claims filed New jobless claims remained near historic lows despite last week’s increase in claims.

What’s Ahead

This week’s scheduled economic releases include readings from the National Association of Home Builders Housing Market Index and Commerce Department readings on housing starts and building permits issued. The National Association of Realtors® will release its report on sales of pre-owned homes. Weekly readings on mortgage rates and new jobless claims will also be released.

5 Strategies Millennials Can Use To Buy Homes

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5 Strategies Millennials Can Use To Buy HomesMillennials face numerous challenges when buying their first homes. 55% of young adults between 25 and 34 years old don’t own homes as compared to 80% in 1967, according to data from the Census Bureau. 

Buying a home is tough with the $1.4 trillion student loan debt, growing childcare expenses and rising rental costs. However, hope is not lost. Millennials can realize the quintessential dream of owning a home. 

Millennials can employ several strategies to plan for home ownership without selling their kidneys. Here are five ways to do just that. 

Develop A Realistic Budget 

Now is a great time to examine your finances and create a budget for a house you can really afford. Lenders may be able to approve you for a larger loan amount than what you thought possible. Therefore, it’s imperative to be realistic when deciding on the amount of home mortgage payment you can afford comfortably per month.   

Make Sacrifices 

Not long ago, someone said (and probably regretted) Millennials can’t save enough to buy homes because they are spend extravagantly. Well, saving thousands of dollars for down payment isn’t easy, but it’s not impossible either. And there are many low to no down payment programs available if you check with your trusted mortgage professional first.

You may have to sacrifice and cut unnecessary expenditures such as buying new outfits and even getting a new car. Living minimally can help pad your personal savings to propel you into owning a house. 

Consider The Suburbs 

Although it’s vital to stay near family and a lively social location, consider purchasing a house in a suburban area, where houses are typically more affordable. Plus, if you have pets they will love the larger lots and yards giving them space to play.

You can choose a less populated state where you will probably have a higher chance of affording a home. Although this may not be ideal, if owning your own place tops your list, then location will not stand in the way. 

Use State And Federal Programs 

The Federal Housing Administration (FHA) gives home buyers the chance to purchase houses with a very low down payment. This lower amount is quite attainable if you save toward this goal.  Some states also offer supplemental programs beyond the FHA program. Find out whether you can access extra grants and subsidies. 

Get Your Hustle In Gear 

Although most millennials struggle with unemployment, if you have one job, look for other ways to make extra dollars. You may consider driving for rideshare services, freelance gigs and running errands for people as a way to temporarily boost your earning potential.

Owning a place to call home is great. Like anyone else millennials can buy homes. Talk to a home finance expert and your trusted real estate agent for more information on how you can make your best investment. 

5 Home Design Trends To Watch Out In 2019

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Home design trends continue to change at supersonic speeds. With New Year right around the corner, the home design world is focusing on trends that will probably reign big in 2019. 

5 Home Design Trends To Watch Out In 2019So, as you make your annual resolutions or consider revamping your home, it’s worth knowing them. After all, we all adore coming back to a place that makes us happy and helps us disconnect from tough days at work. 

It’s wise to be aware of temporary fads in design, but don’t be shy to try some new home designs and decor in 2019. In this post, we explore five trends to watch out for in 2019. 

Nature Luxury 

Blending outdoors with indoors continues to trend and is not stopping soon. Today, the idea enjoys a boost from state-of-the-art accessories made from natural elements to complete the appearance. Natural fibers, wood and rattan are getting indoors, helping to blur the lines. 

Classic Terrazzo Comeback 

Terrazzo, a hard stone with chips of granite, glass, marble and quartz reigns with its speckle signatures. Terrazzo was popular in the 80s but making a comeback in 2019. Because of its versatility, terrazzo is preferably used on countertops and not floors. This comeback will likely take away from marble’s more recent popularity. 

Colored Kitchens 

Though white remains a classic color for most kitchen designs, homeowners are injecting vibrant colors and shying away from bland hues. Rich colors, including wood tones and neutrals like mahogany, blues and grays are making their way into kitchens giving them a fresh, warm and unique feel. 

Social media platforms like Instagram and Pinterest play key roles exposing homeowners to the endless possibilities and fun of rich colors, encouraging them to be risk takers when it comes to color. 

Blue Hues 

Blues are gaining popularity in interior dress ups. Most paint companies prefer shades of blue as their top choice in 2019. Blueprint is often seen as warmer than denim and softer than navy. Blue is perfect for reflecting the pool. The coloration is also popping up in home accessories like artwork, pillows and throws. 

Florals 

Though tropical palm prints remained popular this year, people aren’t tired of the look quite yet. In fact, eye-catching, oversized florals will probably dominate throughout 2019, with more complex interpretations expected. 

Your trusted real estate professional is familiar with popular trends in your area. Be sure to let them know what tops your list! 

How To Handle Common Homeowner Challenges

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How To Handle Common Homeowner ChallengesIt takes hard work to achieve the American Dream of homeownership. Everyday people work to save for a down payment and build a good credit score. When you turn the key to your first home or dream home, the sweat equity feels well worth it.

But the hard work of buying a home continues long after hanging family photos and hooking up a big-screen TV. There are challenges that property owners are unprepared to handle. These are three of the more common ones you may want to be ready to manage.

Leaking Pipes

Plumbing does not last forever and at some point, it will begin to leak. For people who have wells on their property, copper pipes can wear thin faster. That’s because the pH of well water can tend to be on the more acidic side and corrode pipes quicker.

Many homeowners are ill prepared to deal with pipes that spring a leak. If a leak goes unchecked, the water can cause other damage or hazardous mold growth behind walls and under floorboards. While one solution is often having a plumber make an expensive emergency call, there are other simple solutions.

Take a piece of an old bicycle tire tube and fasten it tight over the leak using a pair of hosepipe screw clamps. These clamps wrap around the pipe and can be closed over the rubber and leak using a screwdriver. If you do not have these items handy, it may be in your best interest to spend less the $5 and get them sooner rather than later.

Moisture In The Bathroom

The single most destructive force to any home is not rodents or termite infestations. Water can do more damage than the average homeowner might imagine. A poorly ventilated bathroom can create one of the most hazardous problems.

When moisture seeps behind walls or under the floor, it can spur on dangerous mold growth. These health hazards often go undetected and sick family members may not know the root cause is hidden behind the walls.

Overly moist bathroom walls from hot showers are a telltale sign that you need improved ventilation. Start immediately by opening a window when showering and enlist the help of a professional to properly vent the bathroom. The difference could be thousands of dollars in ripping out walls and rebuilding, not to mention your health.

Power Outages

There are two types of power outages that homeowners would be wise to prepare for — short ones and long ones. If your power is interrupted for a few hours or half of a day, keep the refrigerator shut and enjoy the time without television noise. A few inexpensive battery-operated lanterns or candles will provide enough light.

But if you are hit by a long-term outage, there are things you can do ahead of time to be prepared. Many homeowners in areas that suffer annual severe weather incidents purchase generators. Small ones can be set outside and run electricity to important items. Even a modest generator can help a homeowner through a week-long outage.

If you don’t have a backup generator, the time is now to prepare. They will fly off the shelves when the lights go out.

The joy of homeownership is coupled with ongoing challenges. Planning ahead can save time, money and help keep your dream home in tip-top shape.

Your trusted real estate professionals has tons of tips for homeowners and will likely be able to make sound referrals for home improvement professionals if the need presents itself. 

What’s Ahead For Mortgage Rates This Week – November 13th, 2018

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What’s Ahead For Mortgage Rates This Week – November 13th, 2018Last week’s scheduled economic news was slim last week. The Federal Open Market Committee of the Federal Reserve issued its post-meeting statement, weekly readings on average mortgage rates and first-time jobless claims were also issued.

FOMC: Fed Target Rate Unchanged, but Expected to Rise in December

The Federal Open Market Committee of the Federal Reserve announced that it did not raise the target federal funds rate but set the stage for raising the benchmark rate n coming months. The current range for the Fed rate us 2.00 percent to 2.00 to 2.25 percent. The Fed expects to increase rates three times in 2019 provided that strong economic conditions prevail.

FOMC members watch inflation, financial markets and domestic and global news to determine how or if to adjust the Federal Reserve’s target interest rates range.

Although FOMC releases projections based on current events and financial developments, changes to financial markets or global events could cause the Fed to hold off on raising interest rates.

Mortgage Rates, Hit Seven-Year High, New Jobless Claims Fall

Freddie Mac reported higher average mortgage rates that pushed current mortgage rates to their highest levels in seven years. Rates for a 30-year fixed rate mortgages rose 11 basis points to an average of 4.94 percent; 15-year fixed rate mortgage rates averaged 4.33 percent, which was ten basis points higher than the prior week.

Rates for a 5/1 adjustable rate rose by 10 basis points to an average of 4.14 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

First-time jobless claims fell by 1000 new claims to 214,000 new claims filed. Analysts expected 210,000 new claims filed based on the prior week’s reading of 215,000 first-time jobless claims filed.

What‘s Ahead

Next week’s economic reports include readings on inflation, retail sales and weekly reports on mortgage rates and mortgage rates.