Sunrise Homes & Renovations, Inc.

3 Quick Painting Tips That Will Help Take Your Walls from Tacky to Tasteful

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3 Quick Painting Tips That Will Help Take Your Walls from Tacky to TastefulWhether you happen to be a painting pro or you’ve never dared to pick up a roller, there are a few tricks of the trade that professionals use to make a paint job look its best. If you want to take an old, outdated paint job and turn it into something you can be proud of, here are a few tips from those who know best.

Start With A Perfectly Smooth Surface

If you’re trying to rush through it, sanding might seem like an unnecessary step in re-covering your walls, but it’s very important in order to level out the spackle paste and ensure that no ridges will appear in the paint around the nails. According to one professional painter, you should start by sanding from the baseboard to the ceiling with a fine grit sandpaper, and then move on to a horizontal sand that will make for a smooth wall finish.

Forget About The Plastic

The proper floor coverage while painting is just as important as the paint when it comes to getting the job done properly, so opt for a large canvas cloth instead of linens or plastic. Paint on linen can sink through to your floor and stain it, while paint on plastic takes a long time to dry and may end up smearing all over other things. A canvas cloth will keep any paint splotches away from your floor and ensure they aren’t tracked throughout the home after they fall.

Stick To One Wall

It can be tempting to get done the rudimentary step of completing the corners and trim before you move on to painting, but this can actually make for a less smooth finish. Instead of finishing one task at a time, complete the corners and trim on one wall and immediately reach for the roller. This is something professional painters do to ensure that the brushed and rolled paint will blend together more seamlessly.

There are a few simple steps you can follow when painting a room that will make it look like a professional did the job. By using a canvas cloth to cover your surfaces and sticking with one wall until the job is done, you should have a smooth new surface you can be proud of. If you’re currently painting your home and preparing to sell, you may want to contact one of our local real estate agents for information about your options on the market.

What Is The Impact Of COVID-19 On Home Value?

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What Is The Impact Of COVID-19 On Home Value?It is no secret that the COVID-19 pandemic has had an impact on everyone; however, there are a few impacts that are being overlooked. In addition to the public health crisis and the tanking of the stock market, there are also impacts of the virus on people’s home values.

Some of these impacts have been positive while others have been negative.

Regardless, it is important for everyone to understand how these impacts might impact someone’s home value, particularly for those who are looking to buy or sell a home in the future.

The Dropping Rates Of Mortgages

Because of the shelter in place laws surrounding the COVID-19 pandemic, not many people are looking to move right now. As a result, banks have had a hard time getting people to come in and sign up for loans. 

This means that many people who are looking to buy a home might be able to sign up for a loan at a very low cost. This might open the door for someone to buy a bigger home than they might have been able to during less turbulent times.

The Impact On Sellers

As a result of the low-interest rates from the COVID-19 pandemic, this also means that sellers should anticipate getting a large number of offers for their homes. There are still many people who are hesitant to sell a home in this environment. This means that there might not be many options on the market. For those who decide to take the plunge, they might be rewarded with more offers than usual. This is going to drive up the value of their home, which is good for their next purchase.

The Future Of The Market During The Pandemic

These are just two of the many ways that the COVID-19 pandemic has impacted the value of homes. While it is unclear when this pandemic is going to be behind us, it is important for everyone to understand how the pandemic is going to impact them if they are looking to buy or sell a home. This will help everyone make the right decision during a turbulent time.

The 5-Minute Guide To Flood Insurance: What It Is, How It Works, And Whether You Need It

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The 5-Minute Guide to Flood Insurance: What It Is, How It Works, and Whether You Need ItYou’ve got house insurance, and assume your property is covered for any type of detrimental occurrence that can possibly take place.

However, not all homeowners are aware that home insurance policies don’t necessarily cover damage related to a flood, as the risks are too great. As a result, homeowners must purchase flood insurance through a private company.

Floods are one of the most common hazards in the US, costing billions of dollars in damage to properties every year.

Since this is a common issue lately, the federal government updating these policies currently so please talk with your real estate professional or local insurance company for the most up to date information.

What Is Flood Insurance?

Flood insurance policies are typically made available to homeowners in flood-prone areas. The majority of insurance policies cover some form of water damage, from things like leaking faucets to bursting plumbing pipes.

However, such policies don’t cover water damage as a result of flooding of rivers or sewers that cause water to ruin a home.

Specific flood protection is provided by the National Flood Insurance Program (NFIP), which is run by the Federal Emergency Management Agency (FEMA). Standard flood insurance policies cover “direct physical damage” to a property resulting from floods.

A separate policy must be purchased to protect the belongings inside the home or building. Homeowners can buy up to $250,000 in coverage for the home, and up to $100,000 in coverage for possessions. Even renters are permitted to purchase flood insurance to cover their possessions.

How Does Flood Insurance Work?

Flood insurance isn’t sold by FEMA directly, but rather is sold to customers through private insurance agencies. Premium rates are determined by the government, and they remain consistent from one insurer to the next.

How much a homeowner pays for their own specific flood insurance depends on a number of factors, including how prone the neighborhood is to floods and how much coverage a homeowner wants. The average annual premium is approximately $520 for $100,000 worth of coverage for a property with no basement, and approximately $615 annually for a property with a basement.

Filing A Flood Insurance Claim

The claims process is like any other insurance claim. Once the claim is filed, the damage will be analyzed by an adjustor assigned by the insurance company. A “proof of loss” form will need to filled out and submitted to the insurer within 60 days of the flood occurrence.

Do You Need Flood Insurance?

It’s necessary to find out if you are eligible for flood insurance before buying it. For residents of a community to be eligible, the community needs to enforce floodplain statutes to lessen the chances of flood damage, after which FEMA ensures that such regulations are followed.

Only those who reside in a community that participates in NFIP can buy insurance – today, about 20,000 communities across the country participate in this program.

FEMA offers maps that outline what areas are at high risk for floods, and those that are at moderate-to-low risk. The law requires homeowners to have flood insurance if the properties are located in a high-risk zone and have a federally-backed mortgage. This is because properties located in these high-risk areas have a 26 percent chance of suffering flood damage during the 30 years that it would take to pay off a mortgage.

Homeowners are not required to buy flood insurance if they reside in a moderate-to-low-risk zone, though it may be a good idea to purchase it anyway. Properties outside the high-risk areas make up over 20 percent of NFIP claims. Homeowners in these areas can purchase up to $200,000 in flood insurance.

The bottom line is, even if you don’t necessarily live in a high-risk zone, this doesn’t mean your home won’t ever get flooded. Many conditions can result in flood damage, including clogged drain systems, flash rainstorms, and damaged levees.

Condo Damage Caused By Contractors Hired By The HOA: Who Pays?

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Condo Damage Caused By Contractors Hired By The HOA: Who Pays?For those who live in a condo, they know that there are numerous advantages that come with this living arrangement. Living in a condo means that other people are going to be responsible for landscaping and common areas while homeowners are still able to build equity in the home.

At the same time, the HOA has quite a bit of power and one of the biggest concerns that people might have involves who pays for the damage in the event that something in the building has been damaged. There are a few important points to keep in mind.

Roof Replacement Contractors

Sometimes, the HOA might hire contractors to work on the roof. During this process, there might be a leak that develops in the roof. This could leak through and damage condos that are on the top floor of the building. This could damage the kitchen ceiling. The association might try to get out of paying to fix certain damages.

It is important to note that those who live in a condo building buy into everything that goes along with ownership. This includes the management and the contractors that are hired by the manager.

Read The Document Carefully

When people move into a condo building, there are certain bylaws they agree to follow. Sometimes, this packet might state that the unit owner is responsible for any damage to a unit that is caused by the association. The bylaws usually state something along the lines of “unit owners need to have homeowner’s insurance.” In this case, the insurance carrier should help the unit owner cover some of the costs of the repairs.

If the condo docs are drafted in this manner, then the unit owner is responsible for the repairs even though the contractor caused the damage.

File An Insurance Claim

While this might not sound like a perfect solution, the unit owner might still not have to pay for the damages. This is why unit owners need to have home insurance. The next step should be to file a claim with the home insurance company. This claim might be able to cover the cost of the repairs that were caused by the contractors hired by the HOA.

What’s Ahead For Mortgage Rates This Week – August 3, 2020

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What's Ahead For Mortgage Rates This Week - August 3, 2020Last week’s economic reports included readings from Case-Shiller Home Price Indices, data on pending home sales, and the consumer sentiment index released by the University of Michigan. The Federal Reserve released a statement from its Federal Open Market Committee and Fed Chair Jerome Powell gave a press conference. Weekly readings on mortgage rates and expanded reports on jobless claims were also released.

Case-Shiller Home Price Readings Showed Slowing Home Price Gains in May

May readings from Case-Shiller Home Price Indices showed no decline in home prices, but the national pace of home price growth slowed to 4.50 percent from April’s national average of 4.60 percent.

The Case-Shiller 20-City Home Price Index reported slower home price growth in May with only three of 19 cities reporting higher home price growth rates than in April. Data for the Detroit, Michigan metro area was not reported. The year-over-year rate of home price growth for May’s 20-City Home Price Index was 3.70 percent as compared to April’s reading of 3.90 percent.

Phoenix, Arizona led the 20-City HPI with 9.00 percent year-over-year home price growth in May; Seattle, Washington followed with 6.80 percent year-over-year home price growth and Tampa, Florida held third place with 6.00 percent year-over-year home price growth. Analysts credited record-low mortgage rates and slim inventories of available homes with keeping home prices afloat, but the spreading coronavirus pandemic may cause home prices to lose ground as would-be home buyers postpone home purchases due to weakening economic conditions.

In related news, the National Association of Realtors® reported that pending home sales increased by 16.60 percent as compared to April’s reading of 44.30 percent growth in pending home sales. April’s reading was the highest growth rate reported for pending home sales.

FOMC Meeting: Fed Says Ongoing Assistance Needed for Consumers

The Federal Open Market Committee of the Federal Reserve left its key interest rate range of 0.00 to 0.25 percent unchanged and said it didn’t anticipate raising the rate in the next three years based on the coronavirus pandemic’s damage to the current economy and the Fed’s low to medium-term outlook. Fed Chair Jerome Powell said that given current economic indicators, it is important for the government to provide ongoing aid to American consumers.

Freddie Mac reported record low mortgage rates as the average rate for a 30-year fixed-rate mortgage fell two basis points to 2.99 percent. The average rate for 15-year fixed-rate mortgages was three basis points lower at 2.51 percent. Rates for 5/1 adjustable rate mortgages dropped by 15 basis points to 2.94 percent on average. Discount points averaged 0.80 percent for 30-year fixed-rate mortgages and 0.70 percent for 15-year fixed-rate mortgages. Discount points for 5/1 adjustable rate mortgages averaged 0.40 percent.

Jobless Claims Fall, but Remain Far Above Pre-Pandemic Levels

New state jobless claims rose by 1000 claims to 1.43 million claims as ongoing state jobless claims rose to 17.29 million claims from the prior week’s reading of 16.20 million continuing jobless claims. National and state jobless claims rose by 2.04 million initial claims as compared to the prior week’s reading of 2.31 million initial claims. Continuing State and National jobless claims fell to 30.2 million claims from the previous week’s  reading of 31.80 million continuing jobless claims 

The University of Michigan reported that consumer confidence fell in July to an index reading of 72.90 percent as compared to June’s reading of 73.20.

What’s Ahead

This week’s scheduled economic reports include labor-sector reports on public and private-sector jobs, the national unemployment rate, and weekly readings on mortgage rates and new and ongoing jobless claims.

FOMC Statement: Fed Holds Key Rate Steady as Coronavirus Spreads

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FOMC Statement: Fed Holds Key Rate Steady as Coronavirus Spreads

Wednesday’s post-meeting statement of the Federal Reserves Federal Open Market Committee reaffirmed its concern over the coronavirus pandemic and its impact on the economy and health of all Americans. The Committee voted to hold its benchmark target federal funds range at 0.00 percent to 0.25 percent. Analysts do not expect the Fed to raise its key interest rate more than once in the next three years.

Federal Reserve Chair Jerome Powell said that the sharp increase in Covid-19 cases in mid-June kept the economy from recovering after the virus pandemic caused a historic plunge in the U.S. Gross Domestic Product during the second quarter.

Chair Powell described the resurgence of Covid-19 as “flattening the curve of the recovery,” and said that efforts taken to control the virus are “critical.” Restoring the economy to normalcy will require national responses designed to stop the rapid spread of the highly contagious virus.

Fed Chair Powell said the pandemic and its fallout caused the biggest shock to the U.S. economy in living memory. 

FOMC Statement Commits to Using its Full Range of Tools to Ease Impact of Pandemic

The Federal Open Market Committee reasserted its commitment to using ”all available tools to support the U.S. economy during these challenging times.” The Committee’s monetary policy decisions are based on two legal mandates to achieve maximum employment and price stability. 

Committee members said that although the economy has recovered since the initial coronavirus outbreak, economic readings remain far below their pre-pandemic levels. The Fed statement said that the path of economic recovery depends significantly on the course of the virus. The Fed expects the pandemic to severely impact the economy in the near term and to continue damaging the economy in its mid-term forecasts.

The Fed will continue to purchase Treasury bonds and mortgage-backed securities to support credit flow to businesses and households. The FOMC statement stressed the Committee’s flexibility in dealing with current and emerging economic conditions; members will review domestic and global financial conditions and will change monetary policy according to developments.