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Dealing with the Summer Heat? How to Keep Your Home Cool Without Using a Ton of Energy

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Dealing with the Summer Heat? How to Keep Your Home Cool Without Using a Ton of EnergyMany people look forward to the long, relaxed, sunny days of summer, but they also dread opening up their energy bills throughout the summer months. Cooling a home can be costly, and many are searching for convenient ways to lower cooling costs without sacrificing on comfort inside the home on the warmest days of the year. These are just a few of the cost-effective and convenient options that can help homeowners to reduce cooling costs throughout the summer.

Keep The Blinds Closed

A significant amount of heat can enter a home through the windows, and blinds and curtains provide an extra layer of insulation between the window glass and the interior of the home. Some types of blinds and curtains are more effective at blocking heat than others, and homeowners may consider making an upgrade for the best results. For example, wood blinds can block significantly more heat than thin, almost translucent sheers.

Run The Ceiling Fans

Another way to keep cooling costs lower throughout the summer months is to run ceiling fans regularly. Ceiling fans help to circulate the air, and this helps the central cooling system function more efficiently. In addition, ceiling fans also can make those who are in the room feel cooler, and this may mean that homeowners can keep the home’s thermostat set at a slightly higher level than it otherwise would need to be set at for comfort indoors.

Use Heat-Generating Features At Night

There are numerous appliances and types of equipment that may be used indoors throughout the summer that can generate a considerable amount of heat, and running these at night can reduce the need to run the central cooling system as much during warm days. Consider that everything from running the washing machine and dryer to using the dishwasher and oven or range can emit heat in the home, and these serve to counteract the work that the cooling system is doing. When possible, limit the use of these features to cooler nighttime hours.

Keeping the home cool throughout the summer is a top priority for most, and the good news is that there are easy ways to reduce the cost associated with keeping a home cool. These ideas all can be beneficial in a homeowner’s quest to reduce energy costs during the summer.

If your current home is a real energy hog and you are ready to move into a more energy efficant option, make sure to speak with your trusted real estate professional for a look at newer energy efficant homes in your area.

What’s Ahead For Mortgage Rates This Week – June 7, 2021

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What's Ahead For Mortgage Rates This Week - June 7, 2021Last week’s economic reporting included readings on construction spending and public and private-sector employment data. Weekly reports on mortgage rates and jobless claims were also released.

Census Bureau Reports Construction Sending Up by 9.8 Percent Year-Over-Year

Construction spending rose by nearly 10 percent year-over-year in April. Overall construction spending rose by $1.542 billion on a seasonally-adjusted annual basis. Construction spending rose by 0.20 percent in April, which fell short of the expected 0.50 percent reading, and was lower than the March reading of 1.0 percent growth in construction spending.

Residential construction spending increased by one percent in April as compared to the March reading of 2.60 percent. Spending on single-family construction rose by 1.30 percent in April as compared to the March reading of 2.20 percent. Rapidly rising construction costs were fueled by higher lumber costs, but builders said that increasing costs for steel, copper, and plastic also drove higher spending. Builders expect supply chain delays and rising prices to continue impacting all types of construction projects.

Mortgage Rates Inch Up, Jobless Claims Mixed

Freddie Mac reported higher mortgage rates last week, but average rates remained below three percent. Rates for 30-year fixed-rate mortgages rose by four basis points to 2.99 percent. Rates for 15-year fixed-rate mortgages averaged  2.27 percent and did not change from the previous week’s reading.  The average rate for 5/1 adjustable rate mortgages was five basis points higher at 2.64 percent. Discount points averaged 0.60 percent for fixed-rate mortgages and 0.20 percent for 5/1 adjustable rate mortgages.

First-time jobless claims were lower last week with 385,000 new claims filed as compared to the previous week’s reading of 405,000 initial claims filed. Continuing claims rose to 3.77 million claims as compared to the previous week’s reading of 3.60 million ongoing jobless claims filed.

Jobs Increase as Unemployment Rate Falls

The government’s Non-Farm Payrolls report showed 559,000 public and private-sector jobs added in May; ADP reported 978,000 private-sector jobs added in May as compared to April’s reading of 654,000  private-sector jobs added. The national unemployment rate fell to 5.80 percent in May as compared to April’s reading of 6.10 percent and an expected reading of 5.90 percent. 

What’s Ahead

This week’s scheduled economic reporting includes readings on inflation and consumer sentiment. Weekly reports on mortgage rates and jobless claims will also be released.

House Hunting? Watch for These 5 Red Flags when Viewing Potential New Homes

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House Hunting? Watch for These 5 Red Flags when Viewing Potential New Homes From the sales price to the general layout of the building, there are numerous factors that buyers will consider when touring homes. While there are specific factors that buyers may be searching for in a new house, there are also a few warning signs that home buyers should keep their eyes open for. The following are among the top red flags that may serve as warning signs.

Signs Of Poor Home Maintenance

It is reasonable to expect all homes to have some signs of wear and tear unless they are new construction. However, it is also reasonable to expect that sellers have taken some steps to improve the condition and look of the property before listing it. When a home appears to be poorly maintained on a superficial level, home buyers should pause to consider what other aspects of the home have also been poorly maintained that are not visible.

The Grading In The Yard

When a yard grades toward the house, issues with erosion and even flooding may be concerns. Everything from a brief, torrential downpour to snow melt can result in water running toward a property when grading is a concern. Home buyers should take time to review the yard carefully to determine how water may flow when it rains or when snow melts.

A Foul Odor

It is common for sellers to try to make their home smell appealing, and different types of deodorizers may be used to mask everything from food smells to pet odors. However, it is important for home buyers to pay attention to the underlying smells in a home. Everything from a musky or mildew-y smell to sewage smells and gas odors should be warning signs.

Repairs To One Wall

Homeowners may repaint walls to make the space look cleaner, brighter and more appealing, so a fresh coat of paint by itself is not a warning sign. However, if the paint is on just one wall or if the area under the fresh coat of paint appears to have been recently textured or repaired, these are signs that water damage or other damage may have been addressed recently.

Signs Of Pests And Rodents

Another warning sign relates to signs of pests and rodents. Even if bugs and rodents are not visible during the initial tour, things like a can of bug spray, mouse traps and other related items may indicate that the seller has had an issue with bugs and rodents.

Some warning signs will be obvious during an initial home tour, but others may require more skill and experience to see. Because of this, it is best for all home buyers to consider ordering a property inspection to learn more about the condition of the home before finalizing their buying plans.

There Are Major Incentives For Homeowners To Sell Their Homes Now

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there-are-major-incentives-for-homeowners-to-sell-their-homes-nowNow is a great time to take out a new home loan because mortgage rates continue to hover near historic lows. As a result, many homeowners are refinancing to a lower rate. This is also the perfect time to move because homeowners can take out a new home loan with a lower interest rate. Mortgage rates will not remain at historic lows forever and have already begun to rise slowly this year. Homeowners should sell now and take out a new home loan before they rise too much.

Homeowners Can Take Advantage Of A Bidding War

Because the real estate market is so competitive right now, homeowners might be able to take advantage of a bidding war. With surveys showing that homeowners are getting more offers on their homes than ever before, this is an opportunity for homeowners to drive up the sale price.

Homeowners Can Speed Through The Closing Process

While many homeowners get frustrated about the time it takes to close a sale, home sales are closing faster than they ever have in the past. The number of all-cash sales is going up as well, which is also an opportunity for homeowners to close quickly. Anyone who is looking for a quick closing process should consider selling in the current market.

Homeowners Can Sell Without Updating The Home

Finally, this is also a great time for homeowners to sell because they might be able to sell their homes without updating anything. Instead of having to worry about home upgrades and cosmetic changes, homeowners might be able to get great value for the home as-is. This opportunity might not come along again for decades, so now is a great time to sell.

Case Shiller: Home Prices Rise at Fastest Pace Since 2005

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Case Shiller: Home Prices Rise at Fastest Pace Since 2005March readings for S&P CoreLogic Case-Shiller Home Price Indices rose to their highest level since 2005 in March. National home prices rose by 13.20 percent year-over-year as compared to February’s reading of 12.00 percent growth. The Case-Shiller 20-City Home Price Index reported average year-over-year home price gains of 13.30 percent in March. Phoenix, Arizona continued to lead the 20-City Index with a year-over-year home price growth of 20 percent. San Diego, California followed with home price growth of 19.10 percent; Seattle, Washington reported year-over-year home price growth of 18.30 percent.

How the Covid Pandemic Impacted  Home Prices

Real estate pros said that the Covid epidemic continued to impact housing markets as homeowners were more willing to list their homes as Covid cases decreased. Demand for single-family homes increased as homebuyers shopped for larger homes in less-congested metro areas. The pandemic opened more opportunities for working from home, which increased buyer interest in larger homes with amenities including home offices.

According to the Federal Housing Finance Agency, home prices for single-family homes owned or financed by Fannie Mae and Freddie Mac rose by 12.60 percent from the first quarter of 2020 through the first quarter of 2021.

As Covid cases fall more Americans will either return to their workplaces or re-evaluate their employment and housing situations. Demand for homes will exceed the supply of available homes for the foreseeable future, but the current high demand for homes may soften as families return to work and school and covid-related fears ease.

Home Price Growth May Slow, but Prices Unlikely to Drop

Rapid home price growth is likely to slow as more home sellers and buyers enter the market in the aftermath of the pandemic. Analysts don’t see major dips in home prices as demand continues to exceed supplies of new and previously-owned homes. Homebuilders face ongoing obstacles including labor shortages and rapidly rising materials prices that impact their ability to provide enough homes to meet demand.

Affordable homes are in short supply as pre-owned homes are often subject to bidding wars and cash sales due to buyer competition for fewer available homes. First-time and moderate-income buyers are joined on the sidelines by buyers who depend on mortgages to buy homes; they typically can’t compete with cash sales. As real estate markets return to pre-pandemic conditions, home prices may gradually plateau, but there isn’t much relief in sight for homebuyers needing to finance their home purchases.

What’s Ahead For Mortgage Rates This Week – June 1, 2021

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What's Ahead For Mortgage Rates This Week - June 1, 2021Last week’s economic reports included readings on home price growth, new and pending home sales, and inflation. Weekly readings on mortgage rates and jobless claims were also released.

Case-Shiller Reports Highest Gains in Home Prices Since 2005

March home prices grew at a seasonally-adjusted annual rate of 13.20 percent according to S&P Case-Shiller’s National Home Price Index for March. National home prices gained 12.00 percent year-over-year in February; the corresponding 20-City Home Price Index reported that Phoenix, Arizona held the top spot for home price growth for the 22nd consecutive month; home prices rose by 20.00 percent year-over-year. San Diego, California followed with 19.10 percent growth in home prices, and Seattle, Washington posted year-over-year home price growth of 18.30 percent for third place in the 20-City Home Price Index.

All cities participating in the 20-City Index reported faster growth in March home prices than in February. Rapidly rising home prices pressed new home sales down from the March reading of 917,000 new homes sold to a seasonally-adjusted annual pace of 863,000 new homes sold in April. The inventory of new homes for sale dipped to a 3.80 month supply in April as compared to a 4.60 month supply of new homes available in March. Builders faced continuing obstacles including high materials and labor costs that reduced their ability to produce the volume of homes needed to meet ongoing demand.

Pending home sales were -4.40 percent lower in April as compared to expectations of a 1.00 percent increase in pending sales; Pending home sales rose by 1.70 percent in March. High competition for homes and fewer available homes along with higher prices sidelined prospective buyers as affordability concerns increased. 

Mortgage Rates, Jobless Claims Fall

Freddie Mac reported lower mortgage rates last week as the average rate for 30-year fixed-rate mortgages fell by five basis points to 2.95 percent. Rates for 15-year fixed-rate mortgages averaged 2.27 percent and were two basis points lower. Rates for 5/1 adjustable rate mortgages were unchanged at 2.59 percent. Discount points averaged 0.70 percent for 30-year fixed-rate mortgages and  0.60 percent for 15-year fixed-rate mortgages. Discount points for 5/1 adjustable rate mortgages averaged 0.20 percent.

First-time jobless claims fell to 406,000 initial claims filed as compared to the previous week’s reading of 444,000 new claims filed. Continuing jobless claims fell to 3.64 million claims filed from the prior week’s reading of 3.74 million continuing jobless claims filed.

Inflation rose by 0.50 percent in April, which matched analysts’ expectations. Core inflation, which excludes food and fuel sectors, rose by 0.70 percent and exceeded expectations of 0.60 percent growth.in April. The March reading for core inflation showed 0.40 percent growth. The Federal Reserve has an annual goal of two percent inflation; current readings indicate that inflation may rise above the two percent benchmark if the current pace of inflation continues. 

What’s Next

This week’s scheduled economic news includes readings on construction spending and readings on public and private-sector jobs growth. Weekly reports on mortgage rates and jobless claims will also be published.