Sunrise Homes & Renovations, Inc.

Coping With Relationships During The Moving Process

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Coping With Relationships During The Moving ProcessHeading to a new place can be an exciting time; however, this is going to have an impact on someone’s relationships with family members and friends. The idea of relocation can be stressful for these emotional attachments. This can cause some hesitation as individuals and families adjust to living in a new place.

These are a few tips that everyone should keep in mind.

Keep In Touch

Of course, one of the most important tips for coping with the move is to keep in touch. This doesn’t mean that these relationships need to die. Simply arrange ways to talk with each other.

This starts with phone calls, video chats, and emails. This is a great way to stay involved in the lives of close friends and family members. Once the move has settled, invite them out to take a look at the new place. It is exciting to move to a new city and this is an opportunity to share some hospitality with loved ones.

Memories Of Loved Ones Are Important

Be sure to take souvenirs, mementos, and reminders of the old home. Pictures are the easiest way to do this. Be sure to display these photos in conspicuous places in the new home. This will ensure that these relationships aren’t forgotten.

In addition to pictures, paperweights, trinkets, postcards, and other items make great mementos and can serve as decorations in the new home. Display these on a shelf or ledge where they can be seen. This will help someone adjust to living in a new place.

Explore The New City

It is important to move forward. In order for someone to truly be happy in a new place, they need to give this location a chance. Get out of the house and explore everything the new city has to offer. Check out the bars, shops, restaurants, community spaces, and people. This is extremely important. Try to make new friends and create a solid support structure in a new place.

While it is important to maintain old relationships with family members and friends, they will want you to be happy in your new home as well. Therefore, branch out and explore. This will make coping with the move easier. 

If you are in the market for a new home or interested in listing your current property, be sure to contact your trusted real estate professional.

How to Buy An Investment Property

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How to Buy An Investment PropertyIt is important for everyone to take steps to diversify their assets. While many people take this to mean holding multiple stocks, bonds, and mutual funds in the market, this also includes branching out into the real estate industry. The real estate industry is far more stable than the stock market and provides a fantastic opportunity to generate reliable returns. At the same time, there are lots of options to choose from when it comes to investment properties.

Here are a few tips everyone should keep in mind.

Buying And Renting

One option is to purchase a single-family home as a second building and then rent it out. On the other hand, it is also possible to purchase a multi-unit property and rent out each individual unit. One of the biggest factors to keep in mind is that the owner is going to be responsible for collecting deposits, checking the backgrounds of potential tenants, conducting repairs, and completing maintenance tasks. 

If the property is located in a desirable area, it is possible for someone to collect enough rent to cover the cost of the mortgage and more. At the same time, it is also possible that someone might end up spending a considerable amount of time managing the property. It might be a solid idea to hire a property management company; however, this will eat away at the revenue. These are a few of the key factors to think about.

Flipping Houses

Another option real estate investors can consider is flipping houses. In this process, someone buys a home (which is often in a state of disrepair and inexpensive), repairs it, and then sells the home for a profit. It is also possible that someone might end up spending a significant amount of time and money renovating the home, which might eat away at any financial gains. Be sure to know exactly what repairs and renovations the home is going to need before buying.

A Real Estate Investment Trust

Sometimes, it might be too much for someone to buy individual properties. One possible option is called a real estate investment trust (REIT). This is a company that owns numerous big properties that generate incomes. Therefore, these trusts are often compared to mutual funds in the stock market but for real estate. Different REITs specialize in different areas, so there are lots to choose from.

If you are interested in buying a new home or purchasing an investment property, be sure to consult with your trusted real estate professional.

What’s Ahead For Mortgage Rates This Week -February 24th, 2020

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What’s Ahead For Mortgage Rates This Week -February 24th, 2020Last week’s scheduled economic reporting included readings on builder confidence in housing markets, housing starts and building permits issued and sales of previously owned homes. Weekly readings on mortgage rates and first-time jobless claims were also released.

NAHB: Builder Confidence Remains Strong Despite Challenges

February data from the National Association of Home Builders indicated strong builder confidence in housing market conditions overall, but February’s index reading was one point lower at 74. Readings over 50 indicate that most builders have a positive outlook on housing market conditions.

Homebuilder outlook remained positive, although building materials and buildable lots remained costly. Demand for affordable single-family homes was high due to short supplies of existing homes for sale. Homebuyers turned to new homes to find more options. Low mortgage rates and strong job markets contributed to high builder confidence readings.

Housing Starts Fall in January as Building Permits Rise to 13-Year High

Commerce Department data on housing starts showed that the pace of housing starts slipped  3.60 percent from 1.626 million starts in December to 1.567 million starts in January. Housing starts are calculated on a seasonally-adjusted annual basis; analysts said that January’s housing starts were markedly lower after an unexpected rise in housing starts in December 2019.

Building permits rose by 9.60 percent in January with 1.55 million permits issued as compared to 1.420 permits issued in December and an expected annual pace of 1.453 million housing starts for January.

Ongoing shortages of available single-family homes can only be resolved by building more homes, but home builders face obstacles in obtaining necessary zoning  approvals. January’s increase in permits issued is expected to help ease persistently slim inventories of homes for sale.

Sales of previously-owned homes dipped in January due to short supplies of homes for sale and fewer options for would-be home buyers. Pre-owned homes sold at a seasonally-adjusted annual pace of 5.46 million sales as compared to December’s reading of 5.53 million sales.

Mortgage Rates Mixed, New Jobless Claims Rise

Freddie Mac reported little change in average mortgage rates last week. Rates for 30-year fixed-rate mortgages rose two basis points to 3.49 percent; the average rate for 15-year fixed-rate mortgages also rose two basis points to 2.99 percent.

The average rate for 5/1 adjustable rate mortgages fell by three basis points to 3.25 percent. Discount points averaged 0.70 percent for 30-year fixed-rate mortgages and 0.80 percent for 15-year fixed-rate mortgages. Discount points averaged 0.20 percent for 5/1 adjustable rate mortgages.

New jobless claims rose to 210,000 claims filed, which matched expectations. The prior week’s reading showed 206,000 first-time claims filed.

What’s Ahead

This week’s scheduled economic reports include readings on home price trends from Case-Shiller and the Federal Housing Finance Agency and readings on new home sales and consumer sentiment. Weekly readings on mortgage rates and new unemployment claims will also be released.

5 Benefits of Using A Real Estate Agent When Buying Or Selling A Home

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5 Benefits of Using A Real Estate Agent When Buying Or Selling A HomeIt may come as a surprise for some people to learn that not everyone uses a real estate agent when buying or selling a home. Whenever someone is looking to move, it is critical to rely on the experience of a real estate agent. There are a few benefits that everyone should keep in mind.

Tips For Price Guidance

The price is one of the most challenging aspects of either buying or selling a home. A trained real estate agent spends his or her days looking at the prices of homes that are bought and sold in the local area. 

Therefore, real estate agents can help someone sell a home both quickly and at the right price. If homes are left on the market for too long, prospective buyers might think that something is wrong with the house. This may make the home harder to sell.

Networking In The Real Estate Industry

Next, hiring professional real estate agent is important for accessing the professional network. Real estate agents typically have access to appraisers and inspectors who will be able to do a quick, easy, and cost-effective evaluation of the home. This will help the homeowner determine whether or not any repairs are necessary to get the house ready to sell.

Appropriate Financing Options

A real estate agent can also guide a prospective buyer through the financing options. There are lots of options when it comes to purchasing a home. A real estate agent can help someone review his or her options, helping a client find the right financing option for them.

Exposure For A Home Sale

One of the major benefits of working with a real estate agent is access to something called the Multiple Listing Service. This is a service where the vast majority of real estate agents list homes that are for sale. This will help any house being sold gain more exposure. The more exposure, the more potential offers, helping a house sell for a higher price.

Handling The Paperwork

One of the most often overlooked benefits of working with a real estate agent is help with the paperwork. The paperwork required to buy or sell a home can be significant. A real estate agent knows how to get through this paperwork quickly, efficiently, and accurately.

If you are in the market for a new home or interested in listing your current property, be sure to consult with your trusted real estate professional.

NAHB: Home Builder Confidence Near 1999 High

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NAHB Home Builder Confidence Near 1999 HighThe National Association of Home Builders reported a housing market index reading of 74 in February; the index reading was one point lower than for January and was only two points below the highest reading of 76 reported in December. Readings over 50 indicate that most builders consider housing market conditions to be positive.

Factors contributing to builder confidence included strong housing markets and low mortgage rates; job growth and higher wages also boosted builder confidence.

Low Inventory Influences Home Prices

Low inventories of available homes continued to drive demand and rising home prices. Homebuyers faced with low supplies of existing homes turned to new home developments for additional options. First-time homebuyers faced obstacles including affordability and student loan debt that negatively impacted the ability to save for a down payment and qualify for home loans.

High costs of building materials and lots contributed to homebuilder expenses and higher home prices. Analysts noted that environmental and zoning issues also presented challenges for builders and limited their ability to meet the rising demand for affordable single-family homes.

Composite indices used to calculate the Homebuilders Housing Market Index slipped one point in each category. Builder confidence in current market conditions for newly-built single-family homes fell to an index reading of 80 and builder confidence in market conditions over the next six months dipped to 79. Buyer traffic volume in new housing developments dropped to 57, but buyer traffic readings of 50 or more were historically rare until recently.

Analysts identified correlations between the Housing Market Index and readings on consumer sentiment. The University of Michigan’s Consumer Sentiment Index and the Conference Board’s Consumer Confidence Index readings trend close to the NAHB Housing Market Index but are reported one month behind the Housing Market Index.

Regional Builder Confidence Mixed

Homebuilders reported mixed confidence in housing market conditions throughout the U.S. Market Conditions improved in the Northeast where homebuilder confidence was five points higher at 67. The Midwestern region reported a builder confidence reading of 62, which was five points lower than January’s reading. Homebuilder confidence in the South rose two points to an index reading of 79; homebuilder confidence fell four points in the West to 82.

Regional builder confidence levels reflect local economic conditions and events impacting housing markets.

 

5 Essential Questions Real Estate Investors Should Ask Before Making An Offer

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5 Essential Questions Real Estate Investors Should Ask Before Making An OfferReal estate investing is not only a great way to diversify assets but can also be used to generate both income and capital appreciation. While this is a fantastic opportunity, it is also important to choose investment projects carefully. It is critical to ask the right questions before making an offer on an investment property.

Why Is The Building On The Market?

There is a reason why the property is on the market. It is important to know the answer to this question. Sometimes, the house is on the market purely because the owner is moving for job or family purposes.

On the other hand, there might be an issue with the integrity of the structure. Be sure to figure out the true nature of the building before making an offer.

What Are The Other Offers?

It is important to know the competition when purchasing an investment property. Those who are trying to get the best deal possible need to know what they are up against. Asking about whether a cash offer will sweeten the deal is a great way to garner some additional insights.

What Is The Recent Maintenance?

One of the most common hidden costs in the world of real estate comes in the form of deferred maintenance. If nothing has been done on the property recently, these maintenance costs are going to be passed on to the buyer, hurting any potential ROI. Be sure to ask about any recent repairs or replacements. It’s not unusual for someone to spend a third of the building’s value on repairs.

What Is The Seller Interested In?

Be straightforward and ask what is important to the seller. Some sellers want a quick close. Other sellers want to rent the property back. There are even some sellers who want to leave the furniture behind as well. Ask what the seller needs to offload the investment property.

How Long Has It Been On The Market?

Always check and see how long the building as been on the market. If the building has been on the market for a while, figure out why it hasn’t sold. On the other hand, if the building just landed on the market, there might be more room to negotiate.

If you are in the market for a real estate investment property, your trusted real estate agent will be one of your very best assets. Be sure to make contact as soon as you are ready to start looking!