Posts for Syndication

The real estate market has made great efforts to adapt to the constraints of social distancing, providing virtual tools to help buyers and sellers get to the closing table. But as we look into the future, we can’t help but wonder how the events of today will affect the real estate market in the coming days. How will the coronavirus transform what homebuyers want?

Let’s take a closer look and if case you feel like getting more information, you might also want to read this article about the Coronavirus impact on construction. To summarize, certain jobs that wouldn’t be an issue otherwise, like residential roofing projects, can take a little longer to perform. Likewise, booking a roofing contractor might also take slightly longer, but the good news is that they are still perfectly doable. All you have to do is keep that in mind and find and book a roofing contractor as soon as you decide you will need their assistance.

How COVID-19 May Affect Your Next Home Purchase

Buyers may favor suburban locations

In recent years, urban centers have seen a real comeback in the real estate market. Major metropolitan areas have seen a rise in new construction and the creation of new jobs. Many buyers have been looking for homes with amenities that are within walking distance, which is much more prevalent in big cities. But with COVID-19 hitting urban centers particularly hard, more homebuyers may turn their eyes to the suburbs. The suburbs offer more space – making social distancing easier and time spent at home more enjoyable. And if telecommuting to jobs continues after the pandemic slows, then living in the suburbs might be even more appealing to some buyers who will no longer have to worry about a long commute.

Buyers may want bigger homes

With more than 90 percent of Americans under some kind of stay-at-home orders, we have never spent more time at home. Most of us are accustomed to sleeping at home and doing most of our activities outside the home including working, shopping, and dining out. But when you’re forced to stay at home, some people might feel they need more room – whether it’s a home office or a dedicated place for kids to do schoolwork. In the last few years, homeowners have opted for smaller homes, especially as more Millennials enter the market. But the COVID-19 pandemic could shift that trend, with future homebuyers searching for larger homes.

More buyers will be searching for second homes

For homebuyers who have the money, having a second home can provide a great sense of security. It’s easier to live in a dense city when you know you have a home in the country or on the beach to which you can escape. The pandemic also shut down the short-term rental market, making homeowners the only people with the option to leave. The market for second homes tends to be tied to the strength of the stock market, so whether or not buyers will be shopping for second homes depends largely on the economy. 

The closing process will become even more virtual

While the real estate market has generally been slow to adopt new technology, the pandemic greatly accelerated this trend. With the ability to meet face-to-face or see homes in person substantially reduced, the process of buying a home is now relying on technology. Homebuyers are scheduling detailed virtual tours, lenders are conducting drive-by appraisals, paperwork is signed electronically, and drive-thru closings are becoming popular. Even as we phase out of the pandemic, look for many of the aspects of buying a home to remain virtual.

Compliments of Virtual Results

Back in March, the federal government cut interest rates in an attempt to stimulate the economy during the COVID-19 pandemic. In addition, many lenders are offering programs that will allow homeowners who have lost income to pause mortgage payments without hurting their credit. There are many ways that these tactics are impacting the current real estate market. Here’s what you need to know.

The coronavirus impact on mortgage rates

Last month, the Federal Reserve cut interest rates and also announced that it would buy more mortgage-backed securities. These were both in an effort to keep the market functioning smoothly. Buying mortgage-backed securities means that lenders will have money for buyers to borrow. Between mid-March and mid-April, fixed mortgage rates fell by almost half a percentage point. For homebuyers, this can mean significant savings, especially if you lock-in the interest rate.

The coronavirus impact on refinances

Current homeowners may be even more enticed than buyers by the drop in mortgage rates. Many are deciding if now is a good time to refinance their loans. Keep in mind that even a small reduction of your rate can net you significant savings over time, even when you consider the closing costs. This is especially true if you plan to stay in your home long term. Be aware that this is a busy time for lenders who are processing refinance applications, and as a result it may take longer to finalize your new loan. And just like when you got your first mortgage, you should shop around so that you get the best possible rates and terms.

The coronavirus and home appraisals

One crucial step in the closing process for a home loan is an appraisal. The lender typically sends a professional appraiser to the property to determine its fair market value. Of course, with strict social distancing guidelines in place around the country, it is difficult to perform an appraisal in the traditional way. For this reason, new rules have been implemented to help keep the process moving forward without putting anyone in unnecessary danger. Some lenders have approved drive-by appraisals, where the appraiser drives by the home to evaluate it. Other lenders have also authorized the use of desktop appraisals where the appraiser uses existing data to determine the value of the home.

The coronavirus and mortgage relief

If you’re one of the millions of Americans who is suddenly out of work, then you may qualify to get mortgage relief. The recently enacted CARES Act directs lenders that hold federally backed mortgages to offer payment suspension for as long as 12 months. During this time, homeowners will not be charged late fees. They will also not be reported to any credit bureaus for late payments. In addition, foreclosures and evictions will be suspended for at least 60 days. Federally backed home loans are those that are insured by the FHA, the VA, and the USDA, among others. If the federal government does not back your loan, then contact your lender or loan servicer to determine if there are options that may be available to you.

Compliments of Virtual Results

The coronavirus pandemic has not stopped the real estate market — it has just moved most of the process online. While the industry has been slow to adopt technology in the past, the pandemic has created a seismic shift in how real estate transactions are handled.

A rapid embrace of existing technology has made buying and selling a home during the pandemic easier, safer, and more streamlined. Let’s take a look at how technology is making real estate transactions possible during the pandemic.

Using Technology to Close on a Home

Virtual meetings

It’s still important to interview real estate agents when you’re getting ready to list your home and to devise a selling plan once you’ve settled on an agent. Instead of going into an office for these meetings, you can have them virtually. It’s easy to conduct a video chat with an agent so you can have a face-to-face meeting, and there are several platforms you can choose from to have these virtual meetings.

Online home searches

Even before the pandemic, most homebuyers were starting their home searches online. There are many websites available where you can search for homes for sale. Online listings will give you a good sense of what’s on the market in your location and help you narrow down properties you’d like to see in more detail.

Virtual tours

To get a better sense of the layout of a home, buyers and sellers can use video tours. These can be pre-recorded by the seller or agent and uploaded to many online listing services. In addition, video tours can be done that allow buyers to virtually tour the home. These can be created if you try a site like major geek to download new programs for netsuite software implementation or done in real-time through video chatting services like FaceTime or Skype.

Digital signing

Although regulations differ from state to state, many real estate transactions that require signatures can be performed digitally. The agent or lender can upload documents that can be signed electronically on your device without leaving the comfort of your home. With the help of IT services, we managed to go from an in-person meeting to a virtual meeting. You could use Treasure Valley It or a firm local to you for any managed IT services.

Sending money

Sending money is also easy to do without having to come into contact with other people. Depending on the service and what your local regulations are, you may be able to pay with a credit card. Wiring money directly from the bank is also an option. For a more old school approach, you can even send a check in the mail, or arrange to have an agent pick up a check from you (from a safe distance, of course). Just make sure that if you’re wiring money that you don’t become the victim of wire fraud.

Drive-by or desktop appraisals

If you’re applying for a home loan, then getting an appraisal will be part of the closing process. Usually this involves an appraiser coming to the house to evaluate its condition. But Fannie Mae and Freddie Mac have eased restrictions on appraisals and are now allowing drive-by or desktop appraisals. This eliminates the need for an appraiser to enter the home.

Drive-thru closings

Believe it or not, you can even finalize the closing and maintain proper social distancing. Instead of closings where you meet around a table with all parties, many title companies are allowing drive-thru closings. This is similar to how you might do a drive-thru transaction at a bank.

Compliments of Virtual Results

While the coronavirus has changed so much about our daily lives, one thing hasn’t changed – people are still buying and selling homes. In fact, many sellers are facing big life changes that require they sell their homes now. If you’re one of those sellers, then you may be concerned that now is not a great time to put your home on the market. However, you should be aware that it is still possible to safely and successfully sell your home. Here is what you need to know if you’re selling during the pandemic.

Get ahead of the curve

It’s true that some home sellers are removing their listings from the market right now. But that could be a very good thing for those that are ready to sell. Fewer homes on the market means less competition. And you can bet that those who are searching for homes right now are serious buyers. Plus – you can expect to see a glut of homes on the market once the pandemic passes and social distancing guidelines are relaxed. Once those restrictions are lifted, your home will face fierce competition if you decide to wait. Get ahead of the curve by moving forward with your listing now and by seeking professional help from real estate business coaching.

Have a great online listing

With more than 90 percent of Americans under stay-at-home orders, you can bet that there are more people than usual looking at online home listings. Those in the market for a new home have the time to browse and many may be reaching out to listing agents to take a virtual tour of the home. Make sure your listing stands out among the competition with great photos.

Make a video tour

In addition to taking high-quality photos of your home, consider having your agent make a video tour. Many buyers will not want to schedule in-person showings unless they are very interested, so having a video tour will give them a better idea of how your home really looks so they can decide if they want to see it in person.

Follow CDC guidelines

At some point, other people will need to enter your home. They could be potential buyers who want a tour or a home inspector who needs to evaluate the property. While you should always clean your home before a showing, now it is more important than ever. Follow CDC guidelines for cleaning and disinfecting your home. Wipe down all surfaces including light switches and door handles with disinfectant. It’s also a good idea to clean everything again when you return home. Consider having an array of cleaning products on hand so that visitors can use them, such as hand sanitizer and disinfecting wipes. Be sure to put hand soap at every sink so people can frequently wash their hands.

Work with a trusted partner

Finally, one of the best tips for selling right now is to work with a trusted real estate professional. Selling a house can already be a stressful endeavor – now it’s doubly so given the current conditions. An expert agent can help you more easily navigate the process and give you valuable insight and advice about how to succeed. In addition to a realtor, you may also need to work with property conveyancing professionals.

Compliments of Virtual Results

With warmer weather on the way, homeowners with backyards will no doubt be spending much more time outdoors. But does your yard lack the privacy you desire? Whether your yard gets too much sun or too many curious looks from the neighbors, you may be looking for ways to make your space more intimate. Here are some clever ways to create privacy in your backyard without breaking the bank.

Grow a bamboo fence

Nothing says “Zen” quite like bamboo. If you want to create a tropical retreat in your backyard, then bamboo could be a great choice. You can use it to create a green fence that blocks a view. Or use it to fill in gaps in your landscaping. Be aware that bamboo can be invasive. Be sure to choose a variety of bamboo that is compatible to your environment and can be contained easily. Opt to plant it in pots or purchase clumping, slower-growing varieties.

Use large planters

One of the easiest ways to create privacy in your backyard is with planters. Buy extra-large sized containers and fill them with tall plants. Great plant choices include tall decorative grasses, dwarf trees, and tall shrubs like arborvitae. Place the planters on wheeled discs, which will allow you to move the plants around to create the privacy you desire. Just don’t forget to water them.

Hang outdoor curtains

Don’t have a green thumb? Don’t worry – you can still create privacy without using a single living plant. Instead, use curtains around decks, patios, or other seating areas to create a cozy area for dining or hanging out. If you don’t have a place to hang curtains, that’s no problem, either. Drive wooden posts into the ground and fasten rods to them to hang your curtains.

Install a lattice fence

If you’re in a DIY mood, then consider installing a lattice fence to create privacy in your backyard. All you need for this project is a few wooden posts and sheets of wooden lattice to attach to the posts. Vacaville Fencing Pros – fencing contractors in fairfield ca have found a full proof way to secure your home and up the equity value for your home. If you’re looking for ideas for a new fence or even a repair – give them a look. You can stain or paint a western rail fence so that it blends well with the style of your home. You can also use plants to trellis on the lattice fence to create even more privacy. Some excellent choices include vining plants like morning glory or clematis, perennial vines like bougainvillea or passionflower, or even climbing roses. Not only will this provide a beautiful partition, but it will also help to reduce noise from neighbors or from the street. You may also consider installing aluminum fencing. Ask a fence company for aluminum fence installation services.

Buy an outdoor screen

Finally, you can create privacy on a budget in your back yard. Buy an outdoor privacy screen to create a secluded space. You can even purchase a portable screen that will allow you to create privacy in any area of your yard. Privacy screens can be made out of wood, fabric, or metal to match the style of your home. If you’re feeling creative, you can make your own privacy screen. Try using old doors hinged together, or create a frame with PVC pipe and use it stretch fabric.

When you’re purchasing a home, the down payment isn’t the only money you’ll need to have available. Homebuyers will be expected to pay certain fees and costs at the closing of the deal. If you’ve never purchased a home before, then these costs may come as a bit of a shock. And if you don’t have the extra money, you could risk losing the deal. Let’s take a look at some of the most common closing costs that homebuyers should be prepared to pay, like a notary, so for getting affordable services you can Call us for the best notary richmond va to help you with the process.

Home inspection fee

Your lender will probably require a home inspection that assesses the condition of the home. The average cost for a home inspection ranges from $300 – $500.

Appraisal fee

Is your property worth what you’ve agreed to pay for it? Your lender will want to know and will schedule an appraisal of the property. You can expect to pay between $300 and $400 for the appraisal.

Application fee

You will be charged a fee for filling out a mortgage application to cover administrative costs and credit checks. The cost of the application fee will vary from lender to lender depending on how involved the application process is.

Loan origination/underwriting fee

The loan origination or underwriting fee is one of the more expensive fees you can expect to pay at closing. It covers the work involved to evaluate and prepare your home loan, including document preparation and notary fees. Generally, you will pay approximately 0.5 percent of the amount of your loan.

Prepaid interest

You will most likely be required to pay the interest that accrues on your home loan between the closing date and the first monthly payment. This amount will vary depending on the size of your loan and the interest rate.

Attorney’s fees

If you live in a state that requires an attorney to be present at closing, then you will also be on the hook for those fees, which are usually calculated by the hour.

Mortgage broker fee

Did you work with a mortgage broker to find a loan? Then you will be required to pay the broker’s commission fee, which is usually a percentage of the purchase price. Typically you can expect to pay anywhere from 0.5 to 2.75 percent. NMLS PE course is a loan originator process and safe exam prep evening course taken by aspiring mortgage brokers.

Mortgage insurance application fee

If you secured a loan that does not require a 20 percent down payment, then you will need to have private mortgage insurance. The cost of the application will vary by lender.

Mortgage insurance

If you need mortgage insurance, you will pay up front for some or all of it, depending on your lender. This fee is usually between 0.55 and 2.25 percent of the purchase price.

Loan fees

Did you get an FHA, VA, or USDA loan? Then you will need to pay guarantee fees for these loans. Check the loan program for specifics.

Property taxes

Yes, you’ll be on the hook for property taxes at closing. You will usually pay two months’ worth of city and county property taxes.

Homeowners insurance premium

You will probably be required to secure homeowners insurance before you close. The amount of your premium will vary from location to location.

Title search fee

When you purchase a home, a title company will perform a title search to make sure there are no claims or liens against it. The fee for a title search is generally about $200.

Compliments of Virtual Results

A critical step in buying a home is making the down payment. And for many homebuyers, saving for the down payment can be the biggest obstacle to overcome. But how much do you really need for a down payment? Let’s take a closer look.

What is a down payment?

A down payment is the money that a buyer pays to a seller in order to secure the home purchase. Down payments are usually calculated as a percentage of the total price of a home. The remainder of the purchase price is either paid in cash or through a home loan. Most lenders require that homebuyers make some kind of down payment in order to buy a home.

Down payment requirements

While a general rule of thumb is to pay at least 20 percent of the purchase price for your down payment, this can vary by the kind of loan you receive. Here’s a look at the down payment requirements for some of the most common types of home loans:

• FHA loans – FHA loans are backed by the Federal Housing Administration. You can pay as little as 3.5 percent for the down payment on an FHA loan. But be aware that if your credit score is between 500 and 579, you’ll pay at least 10 percent for a down payment.
• VA loans – VA loans are backed by the U.S. Department of Veteran’s Affairs. In order to qualify for a VA loan, buyers must either be active members of the military or a surviving spouse. No down payment is required for a VA loan.
• USDA loans – USDA loans are backed by the U.S. Department of Agriculture. These loans are for both suburban and rural buyers who meet certain eligibility requirements such as income. USDA loans also require no down payment.
• Conventional loans – Conventional loans that follow the guidelines set by Fannie Mae and Freddie Mac require as little as three percent for a down payment.

Making a larger down payment

For many homebuyers, saving the money for a down payment can take months or even years. That’s what can be so enticing about loans that require a low or no down payment. Smaller down payments allow you to buy a home more quickly. However, it’s important to know that making a larger down payment has many advantages. If you make a larger down payment you’ll qualify for better interest rates on the loan. You’ll also have lower fees and a lower monthly mortgage payment. And you’ll have more equity in your home from the very beginning. Also keep in mind that any down payment less than 20 percent will require you to purchase private mortgage insurance since lower down payments mean bigger risks for the lender.

What’s the best strategy for you?

Deciding how much to pay for a down payment really depends on your unique financial situation. It’s affected by your age, your income, how much debt you already have, and how much you have saved. There are online tools you can use to determine how the down payment will affect your monthly mortgage payment. And be aware that you can use monetary gifts from family members, which can help you reach your down payment goals faster.

Compliments of Virtual Results

Are you getting a little tired of looking at your stuff at home? Is it time for a change? Well, here’s a secret – you don’t have to leave the house or spend any money to rejuvenate your home’s style. It just takes looking at your things with a fresh perspective. Check out these tips to spruce up your home with items you already own.

Pare down

First of all, let’s start with the basics. It’s hard to love your home when it’s cluttered and untidy. Before you begin any redecorating project, declutter your home. If an item doesn’t have a use or you don’t love it, set it aside to donate later. Visual clutter makes you tune out your environment – it’s just too much to take in. When your home is tidy, then you’re able to enjoy each item more.

Switch out lamps and shades

Have you always used the same lamps in the same rooms? Why not switch it up? Take a lamp from the living room and swap it out with the one on your bedside table. You might even just switch out the shades. If you’re using lamps in pairs, but they’re different heights, then set the smaller one on a stack of books. This creates visual symmetry without being too matchy-matchy.

New uses for old things

While stools are made for sitting, that doesn’t mean you have to follow that rule. Why not use a stool for an end table? Or take one of your favorite teacups that just sits in the cupboard and use it to corral jewelry in your bedroom. And before you toss that pretty wine bottle into the recycling, why not use it to display some spring flowers from your garden?

Switch out frames

Most people have framed photos scattered around their homes. When was the last time you really looked at them? Take an afternoon and switch out all the photographs that are in the frames. It can be fun to take a little walk down memory lane by searching through your old photos or hire a photographer such as a Raleigh child photographer for new ones. You can also bring them to a custom picture framing shop to put them in customized frames and make them look new again.

Restyle your shelves

Do your shelves contain a mix of books and knick-knacks? Then spend some time restyling those shelves. First, take all the items off and give everything a good cleaning. It can be surprising how much dust can collect on shelves. Then find a new way to organize your objects so you can appreciate them more. You may even bring in new items from other rooms to showcase them.

Group similar things together

By doing a style refresh on your home, you may suddenly realize you have a collection you didn’t know you had. Maybe you like items that have elephants on them, or you tend to gravitate towards a certain color. Take these similar items and display them together, either on your shelves or in vignettes on tables. They will pack a greater visual punch when displayed together and remind you of the things you really love.

Compliments of Virtual Results

Did you know you could shop around for a mortgage? Many homebuyers don’t realize that they have choices when it comes to lenders. In fact, shopping around can save you some serious cash. Right now, one of the best ways to shop around for a mortgage is to check out all the online lenders. But is an online mortgage lender right for you? Let’s take a look at the pros and cons.

Pro – It’s less time consuming

Applying for a mortgage can be a very time-consuming process. It can take days or even weeks to gather all the paperwork you need to apply. Applying for a mortgage online can save you a significant amount of time. Applications are generally easier to navigate and you can upload your documents directly to the website. You are able to sign documents digitally and avoid delays because of missing paperwork.

Con – It can be more difficult to get help

When you apply for a mortgage at a local bank, you have a person right there in front of you. It’s easy to ask questions when you’re face to face or only a phone call away. But when you’re applying for a mortgage online, it may be more difficult to get help. It may take time to get someone on the phone to answer your questions about the application process. And if you misinterpret a question on the application, it could result in higher fees or even your inability to get approved.

Pro – You may find lower rates and fees

Brick-and-mortar lenders have more overhead than online lenders. For this reason, online lenders may be able to pass those savings to you. You may qualify for lower rates and fees than you would with a brick-and-mortar lender. While your rate may only be a quarter percentage lower, that could mean significant savings over time.

Con – Rates are not guaranteed

While you may be enticed by the lower rates and fees, be aware that these are not guaranteed. You could be several weeks into the mortgage application process before you discover that you are not eligible for the reduced rate. If you back out, then you’ll lose valuable time. If you don’t back out, then you may find out that you’re paying much more than you originally anticipated.

Pro – Online lenders have more options

When you walk into a bank or credit union, they are going to have a limited number of loan products that they can offer to you. In some cases, you may not be able to apply for an FHA loan or a VA loan. When you work with an online lender, you’ll find more options that may not be offered by brick-and-mortar lenders.

Con – Beware of hidden fees

Online lenders stay competitive by offering consumers great deals. But be aware that those great deals often come with a lot of fine print. Closing costs can add considerably to what you’re paying for your home. Make sure to read the find print of any online loan and ask questions so that you know exactly what to expect at closing.

Compliments of Virtual Results

Are you one of the millions of Americans who are currently working from home? If so, then it can be extremely helpful to create a space in your home that’s conducive to getting the job done. Whether you’ve been working from home for years or find yourself temporarily telecommuting, here’s what you need to do to set yourself up for success.

If you’re concerned over privacy, then also be aware that you can use a virtual office from a city like Birmingham so that you can use that address instead.

Determine your needs

What kind of work do you do? Will you need space to spread out or a specific type of equipment? Before carving out a space for your home office, make a list of everything you’ll need to get your job done. This could include office furniture for the new office space for rent, computer equipment, and storage space.

Find the space

If you don’t have a spare room in your home, then you need to get creative about where to put your space. According to commercial office fitouts Perth, you’ll want to choose a location that is as quiet and private as possible. Do you have a closet that you can covert into a workspace? This can be the perfect spot for a desk if you remove the hanging rod or shelves. Other places that can accommodate a home office include the space under the stairs, the basement, or even a large landing at the top of the stairs.

Light it up

It’s critically important to have the right lighting in your home office to reduce the strain on your eyes. In addition to overhead lighting, use a reading light on your desk. If possible, choose a location that has a window nearby so you can also enjoy natural light during the day. The natural light will help improve your mental health, which is even more important when you’re not used to working from home. Purchase some cheap glasses online to use when working to prevent eye strain.

Choose a comfortable chair

Do you have to sit for long stretches of time for your job? Then you’ll want to choose a comfortable chair. It should be the right height for your desk or table and provide both back and arm support. If needed, use a small footstool under your desk.

Make it personal

Who says your home office has to be boring? You will be spending a significant amount a time working in your home office, so why not give it a little personality? Move a plant into the area to provide warmth and a place for your eyes to rest away from the computer screen. Place a framed photo or two near your desk. Throw a pretty blanket over the back of your chair or use a decorative throw pillow to support your lower back.

Track the time

If you’re not used to working form home, then you may not notice the time passing. It’s important for your health and well being to get up several times a day. Taking regular breaks will help keep you focused when you need to be. It will also help to keep you in shape. Take an afternoon walk or do a short yoga session when you’re feeling fatigued.

Know when to call it a day

When you work from home, it can be difficult to separate your personal and your professional lives. If possible, work your normal hours and have an end to your workday. It can be tempting to always be on call when your home office is only steps away. But in the end you’ll be happier and healthier when you can spend some dedicated time each day to your home life.

Compliments of Virtual Results