SJ Real Estate

4 Ways A Little Paint Can Revitalize Your Home

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4 Ways A Little Paint Can Revitalize Your HomeFixing up your home to sell doesn’t have to be a budget-breaker. You can revitalize the look of your property with a little bit of paint in the right places.

Here are some areas that will really stand out to prospective buyers.

1. Front Door

The front door always makes the first impression on visitors to your home. Remember that while they are waiting to enter your home, potential buyers have nothing to do except get a good look at your front door. For maximum impact, paint the front door a contrasting color to your house color. If budget allows, add a new door knocker and door knob.

2. Shutters

Vinyl shutters are very affordable when you buy them online. Before you hang them, use a spray paint gun to paint them in a matching color with your front door, or a contrasting color to your house color. 

3. Interior Trim

If your home still has bare wood trim throughout, consider painting it. This will instantly modernize your home since exposed wood trim tends to date a house. The best trim color is actually a creamy shade – not white. White trim can come off as a little harsh, and your goal in most cases is to make your home look as warm as possible.

Based on the results after painting the trim, you may find that you don’t even need to worry about repainting the walls. Instead, just spot clean walls in areas where they most need it.

4. Statement Wall

Another way that a little paint can revitalize your home for sale is to paint just one wall in a room with a contrasting color. This is commonly called a “statement wall” because it helps define the room and make a big impact on guests.

Note that oil-based paint leaves a residual odor for quite some time. If your home is being listed soon, you’re probably better off using acrylic paint. Consult with your paint store representative for details. 

These projects can all be accomplished by anyone who’s a little bit handy around the home. With a little paint and some elbow grease, your home will be picture perfect for prospective buyers.

Your trusted real estate professional can help you narrow down which home improvements will be most appealing to buyers. Asking for this valued advise could save you both time and money.

 

 

 

FOMC Minutes Reveal Fed Policymakers U-Turn

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FOMC Minutes Reveal Fed Policymakers U-TurnMembers of the Federal Reserve’s Federal Open Market Committee voted to hold the target range of the federal funds rate to its current range of 2.25 to 2.50 percent. The minutes of the most recent Committee meeting cited softening domestic and global economic conditions as reason for not raising the target federal funds range.

While labor markets remained strong, the minutes noted that household spending and business investment slowed in the first quarter of 2019. FOMC members expected Gross Domestic Product growth to slow as compared to its 2018 pace.

While current inflation and the national unemployment rate fell in line with the Fed’s dual mandate of seeking maximum employment and price stabilization, inflation fell due to falling fuel prices. The meeting minutes said that the Committee would be patient as it determined which, if any, action would be appropriate regarding the federal funds rate.

Strong Labor Sector Indicators Offset Lower GDP

Labor sector indicators remained strong with a national unemployment rate of 3.80 percent; labor force participation rose and the ratio of employment to population also rose. Strong employment and consumer sentiment readings suggested that more households may transition from renting to buying homes. Home sales recently fell due to affordability issues and rising mortgage rates.

Factors influencing FOMC monetary policy decisions include labor market conditions, inflation expectations and readings on domestic and international financial developments. The meeting minutes noted that near-term adjustments to monetary policy were dependent on changes to current economic outlook according to emerging data. The Committee consistently says that monetary policy positions can change according to developments in global and domestic economic data.

Fed Chair‘s Press Conference

Federal Reserve Chairman Jerome Powell said during his post-FOMC meeting press conference that the Committee’s “wait and see” stance on raising the target range of the federal funds rate was based on information received since growth expectations based on 2018’s economic growth rate of 3.10 percent. As of September 2018, the Fed forecasted economic growth of 2.50 percent in 2019, but subsequent information caused the Fed to downwardly revise its growth estimate.

Mr. Powell said that global economic slowing was expected in Europe and China; unresolved issues including Brexit and ongoing trade negotiations were given as reasons for slower global economic growth. While domestic and international economic forecasts indicated a modest slowdown in economic growth, Chairman Powell said that overall economic conditions remained favorable.

If you are in the market for a new home, be sure to consult with your trusted real estate professional to get the most up-to-date information about the market trends in your area.

Can You Really Buy Off-Planet Real Estate?

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Can You Really Buy Off-Planet Real EstateReal estate agents are constantly looking for new listings, which will attract potential buyers. We no longer need to limit our search for good listings to planet Earth because Mars is now for sale.

Although this may sound a bit far-fetched at first, it is not such a strange concept if you consider the serious efforts being made to colonize Mars with the commercial efforts by companies like Space X. There is a company, called Lunar Land, which is already selling acres of land on Mars as a novelty.

Historical Precedent

Off-planet land sales have already had considerable success for those crazy enough to sell titles to land on the Moon. Lunar Embassy, which started in 1980, claims to have sold 2.5 million acres of the Moon for about $20 per acre. That’s $50 million in revenues.

This happened in spite of the Outer Space Treaty, which was signed by the US, the UK, and the Soviet Union. The treaty went into force according to Earth’s laws on October 10, 1967. Currently (February 2019), there are 108 countries who signed the treaty and 23 more who signed it but have not yet legally ratified it in their home country.

There is a loophole. There are 195 countries in the world. That means 64 are not a party to the Outer Space Treaty. Any of these countries can legally lay claim to any off-planet real estate according to their own country’s laws.

It’s A Fad Now That Becomes A Reality In The Future

Buying acres of land on Mars is really a fun fad. It has symbolic value but really has no practical value to earthbound persons. In a few decades, this may change.

The estimates by SpaceNews are that it will cost $230 billion to establish a human outpost on Mars with the target date of 2035. Each resupply mission, once every three years thereafter, will cost about $142 billion. The total cost to start the colonization of Mars is about $1.5 trillion.

Mars has about 35 billion acres. That means a commercial colonization program can “own” Mars for only $42.85 per acre.

The Mars Experience On Earth

One way to make this fantasy of colonizing Mars more real is to set up a practice project on Earth. We searched and found the worst, cheapest land in the United States. It is available for purchase at a mere $50 per acre. It is the worst kind of remote desert land with horrific conditions and no natural resources. However, even with the worst Earth conditions, it is a paradise compared to the challenge of living on Mars.

Some clever entrepreneur should create the Mars Habitat on Earth and invite participation to buy land and habitation in a project that develops a workable living space that is self-contained in these harsh desert areas on Earth.

If you are interested in buying a property here on Earth, contact your trusted real estate professional to assist in finding the home of your dreams.

3 Ways to Reduce the Environmental Impact of Your Home Renovation Project

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3 Ways to Reduce the Environmental Impact of Your Home Renovation ProjectThe right home renovation strategy can increase property values and improve the comfort and utility of your space. However, your actions could have a harsh impact on our natural resources.

Here are several ways you can reduce your renovation’s effect on the environment.

Use Sustainable Products

Choose Earth-friendly materials for a greener build.

  • Try reclaimed flooring. Ask permission at construction sites or search internet exchange boards to find unwanted extras. With a little artistic imagination, you can turn those cast-offs into a unique visual display.
  • Re-purpose existing material. Turn old doors into unique furniture pieces like tables and privacy shades to spruce up your new space.
  • Pick low-VOC paints to eliminate harsh chemicals in your immediate environment.

The best way to lower your impact on the Earth is to carefully choose which products you use in your project.

Evaluate Your Trash

Think about what you’re putting in the dumpster. Instead of taking up space in a landfill, many items can be redistributed and put to better use.

  • Donate household items that are no longer needed in your new space to your favorite charity.
  • Contact your local Habitat for Humanity office to help your community by donating your unused construction materials.
  • Contact your local school district. Some teachers take community donations to use in their classrooms.

Your trash could be someone else’s treasure. Don’t toss out something that others might need.

Take Care Of Your Immediate Area

Your environment includes the area in which you live. Use these tips to keep your property pristine during and after construction.

  • Rent a dumpster to make clean up easier. Pick up tools, trash, and other items at the end of each work session.
  • Use plastic tarps to protect landscaping and plant life from flying debris or chemical sprays.
  • Dispose of chemicals properly. Never pour paints, solvents, or other chemicals into your plumbing system or down a municipal drain.

Protect your neighborhood by taking careful actions during your build.

A home renovation is a fresh start for your property. Make it even more enjoyable by adding these Earth-friendly strategies to your construction plan.

If you’re planning to update your home before you put it on the market, be sure to contact your trusted real estate professional to discuss the improvements that will get you the most out of your investment.

What’s Ahead For Mortgage Rates This Week – April 8th, 2019

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What’s Ahead For Mortgage Rates This Week – April 8th, 2019Last week’s economic news included readings on construction spending and inflation; labor sector reports on the national unemployment rate, public and private sector employment were also released. Weekly readings on mortgage rates and new jobless claims were also released.

Construction Spending Rises, Retail Sales Slip

Construction spending expanded by one percent in February according to the Commerce Department spending was one percent higher month-to-month; analysts expected a negative reading of -0.10 percent. February saw a revised gain of 2.50 percent growth in construction spending.

Construction spending grew 1.10 percent year-over-year; by comparison, 2016 construction spending reached 10 percent year-over-year. High demand for homes and lower mortgage rates could compel more construction spending as the peak home-buying season starts.

Retail sales slowed in February, but January retail readings were strong. Sales dipped -0.20 percent as compared to 0.30 percent growth expected and January’s reading of 0.70 percent. Retail sales excluding automotive sales fell to a negative reading of -0.40 percent in February as compared to expected sales growth of 0.40 percent and January’s reading of 1.40 percent growth.

Mortgage Rates Mixed, New Jobless Claims

30-year fixed mortgage rates rose two basis points on average to 4.08 percent; rates for 15-year fixed rate mortgages averaged one basis point lower at 3.56 percent and rates for 5/1 adjustable rate mortgages were nine basis points lower and averaged 3.66 percent.

Discount points averaged 0.50 percent for 30-year fixed rate mortgages and 0.40 percent for 15-year fixed rate and 5/1 adjustable rate mortgages.  Would-be home buyers are expected to join active buyers as lower rates hold steady and warmer weather arrives.

First-time jobless claims fell last week with 202,000 initial claims filed. Analysts expected 216,000 first-time jobless claims based on 212, 000 new jobless claims filed the prior week.

Jobs Data Varied, but Unemployment holds Steady

ADP reported 129,000 private-sector jobs added in March as compared to 197,000 jobs added in February and an expected reading of 165,000 jobs added. Loss of manufacturing jobs caused private-sector jobs growth to fall to its lowest reading in 18 months.

Government readings for public and private jobs growth was higher in March with 196,000 jobs added; this was significantly higher than February’s slim reading of 33,000 jobs added. The national unemployment rate was unchanged at 3.80 percent, which matched expectations.

What‘s Ahead

This week’s scheduled economic news includes readings on inflation, minutes from the most recent FOMC meeting and consumer sentiment. Weekly readings on mortgage rates and initial jobless claims will also be released.

5 Options To Consider When Your Appraisal Comes In Low

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5 Options To Consider When Your Appraisal Comes In LowYikes! You are set on buying the home that you picked out and the appraisal comes back at a lower amount than the amount needed for the home loan to be approved. What do you do? After you calm down your significant other and then take three deep breaths, here are some options to consider.

Request A New Appraisal

Appraisals are only one person’s professional opinion. There are rules that must be followed when making an appraisal; however, there is still some flexibility in how to apply the rules. Check the comparables (also called “comps”) that the appraiser used as the basis for setting the appraised value.

There usually have to be at least three houses that are a similar size, similar age, have a similar condition, and are located in a similar neighborhood. If the home that you want to buy just had major renovation with a lot of work done on it, the appraiser may have missed this and should add more to the appraisal for the home having a better condition than the comparables.

Check to determine if any of the comparables are wrong. For example, if the appraiser uses a home that is in poor condition that may cause the appraisal to be too low. When there is another choice of a home in a better condition, which is more similar to the one being sold, the appraisal might be higher.

If you find problems with how the appraisal was done, request a review from your lender and see if they will allow you to pay for a second appraisal. Getting a new appraisal with a higher value is the easiest way to fix this problem.

If that does not work, then you can try these other options:

Negotiate With The Lender

Some lenders may cooperate with a loan restructuring if you qualify for a program with a higher loan-to-value (LTV). This may also require private mortgage insurance (PMI) if your loan amount exceeds 80% of the appraised value of the home. Working with your trusted mortgage professional can lead to unexpected options to get your home purchase completed.

Negotiate With The Seller

Trouble may come up if an appraiser cannot find comps that meet the selling price of the home. This may be caused by the home having unique qualities, a market that does not have other homes like it, or possibly that the sale price is more than the home is actually worth. If the price of the home is actually too high based on the appraisal, the seller might lower the sales price in order to keep the transaction together.

Increase Your Down Payment

If the amount of the difference is small and you can cover it, you can still proceed by taking a lower amount for the loan and adding money to your down payment to make up the difference.

Find Another Home To Buy

Your purchase offer should be subject to obtaining financing. If the appraisal comes in low and that prevents you from obtaining financing at the original sales price, you likely will be able to cancel the purchase agreement without penalty and search for a new home.

Your trusted real estate professional is well-versed in these types of issues and ready and willing to assist you with your successful home purchase.