Real Estate Blog

Through these unprecedented times, we’ve been hard-pressed to find good news.  I’m pleased to say that here in the mortgage industry we have been blessed with interest rates at all-time lows, allowing us to help a record number of homebuyers and homeowners.

These low rates have fueled a refinance boom and has helped home buyers increase their buying power.  Prior to the drop-in rates, many buyers were locking in the low 4’s and high 3’s.  Now many buyers are able to borrow at rates in the 2’s.

For easy math, let’s look at a thirty-year loan of $400,000.  At 4% interest that would result in a principal and interest payment of $1,909.66.  That same loan at 3% would yield a payment of $1,686.42.  That 1% difference in rate provides savings of over $223 per month.  And a buyer who qualified for a $400,000 loan at the 4% rate would qualify for a $450,000 loan at a 3% rate.  These low rates are also allowing many buyers to consider a 15-year loan where they could not in the past.

Some segments of the buying population may find the terms not quite as attractive, however.  Buyers looking at Jumbo loans may find they need to come up with a larger down payment and the rates on Jumbo loans aren’t as low as those within the conforming loan limits.  Also, buyers with credit scores on the lower end of the spectrum are findings the price adjustments cause their rates to be higher than they would expect considering how low rates are in general.  My advice for buyers in these situations is to seek pre-approval early to see if any action needs to be taken to address credit issues or to free up funds for a larger down payment.  Of course, I always recommend one get pre-qualified in advance of looking at homes.  It really is never too early to research your options and set a plan.

We’ve seen a lot of people who now find that they can work from home.  And many people have found that they can make that home wherever they like.  “Location, location, location” has been replaced by functionality and “room to roam”.  It is less about the commute to the office as it is the walk to the swimming pool.

Whatever moves you to consider a home purchase, make sure to get your loan approval out of the way early so you can shop with confidence and with a plan in place.

Todd Wiggins Loan Originator, NMLS 211744 with FirstBank Mortgage 615-554-1983 mobile

todd.wiggins@firstbankonline.com  https://fbmortgageloans.com/lo/twiggins/

... and remember..."You've Got A Friend in Real Estate"

Jarod Tanksley 615.403.8265

www.BrentwoodandBeyond.com

Brentview Realty 615.373.2814

As the summer progresses, homeowners continue to spend a lot of quality time around the house as their regular activities return, but at a slow pace.  Many have spent the last few months decluttering and completing long overdue projects to make their current spaces more organized and family-friendly to better host a new variety of daily activities that include virtual learning, working and a whole lot more cooking!  Some have also decided their current space no longer serves them and would like to sell but aren’t quite sure where to start. 

Even though there are a lot of questions right now regarding the market, one thing hasn’t changed and that is the fact that you want your home to be as attractive as possible to buyers when it is listed.  If you are ready to sell, start by walking around your home, both inside and out and make a list of items that need attention.  Quirky little things that you have “lived with” for years like that door knob you have to jiggle may not be all that endearing to a new buyer!  Begin by looking at your own skill level and budget to decide what items you can tackle on your own.  Small items like spackling nail holes and painting walls, repairing a leaky faucet or replacing dated light fixtures should be considered first.

When considering larger items on your list like a kitchen or bathroom renovation, you need to look at your home’s competition first.  If they have updated kitchens and bathrooms, you would need to consider those rooms more carefully in your own home if yours are dated and in need of some upgrades.  However, if your kitchen and theirs is similar, you may not get a high return on your investment by knocking out walls and replacing cabinetry.  Visit open houses in your area or scan through online listings to see what the competition is offering.  Talk to your Realtor^® to discuss larger projects before doing anything to see what type of return you can expect on your investment.  Often times, sellers want to spend time and money repairing items that buyers may not care about or want to pay extra for in the sales price of your home.  Most likely you will need to repair broken appliances staying with the home, cracks in walls or ceilings and broken windows.  However, you may have other items on your list that certain buyers would be fine with correcting on their own for a discount on the purchase price.

Getting your property ready to list is probably one of the most important steps in the selling process.  Thinking ahead to make improvements or repairs before photographers, buyers or home inspectors view your home will save you time and some headaches as you prepare to move on to your next home! Call me I can help...

..."You've Got A Friend in Real Estate"

Jarod Tanksley 615.403.8265

www.BrentwoodandBeyond.com

Brentview Realty 615.373.2814