Can The Right Color Help Sell Your Home Faster?

When it comes to selling your home in Plymouth , you've probably thought of the most common staging tricks, such as clearing out the clutter to make your rooms look bigger and bringing in more light to brighten things up.

However, have you considered that the colors in your house might affect whether buyers are interested?

First impressions are everything when you are selling a house, so think about how the colors you choose will likely influence your potential buyers. A new coat of paint could be a simple and effective way to make your house more appealing.

Here are a few additional tips:

Choose Mellow, Neutral Shades

When a potential buyer is looking at your house, they want to be able to imagine themselves living there. If your walls are painted in lime green or hot pink, it can be difficult for a buyer to relate the house to their own tastes.

Instead, use neutral colors, such as cream, olive, beige and ivory. Then the walls become a blank canvas where prospective buyers can project their own style preferences.

Create the Illusion of Space

In order to make a space within your home feel larger, you can use a very light neutral color such as white, tan or pale grey. This will reflect more light and give the impression of a more expansive interior.

You can also try painting the moldings the same color as the walls, which will make the ceilings look higher.

Don't Forget About Exterior Color

It's easy to focus on the interior of a house and forget about the outside, but the front of the house is the first thing potential buyers will see. Curb appeal can be a huge factor in their decision.

Caution: Lead-Based Paint

One important word of caution regarding the paint in your home is the issue of lead-based paint.

Lead-based paint was most common in homes built or painted prior to 1978. If your home falls in that age category, it may require further testing to ensure that the paint covering your walls is free of lead.

Color has a psychological effect on people, whether they are aware of it or not. You'll be amazed at the difference the right colors can make in selling or improving your home.

If you would like more home staging and selling tips, please contact your trusted real estate professional today!

Fed Meeting Statement Points To Continuing Low Interest Rates

Wednesday's Federal Open Market Committee (FOMC) statement indicates the Federal Reserve's commitment to keeping long term interest rates and inflation under control.

The Fed will continue monitoring inflation, but does not expect inflation to rise more than 0.50 percent above its target rate of 2.00 percent over the next one to two years.

Ongoing monitoring of inflation and unemployment, as well as developing economic news, will guide the Fed in its future determinations concerning policy for its present iteration of quantitative easing (QE3).

Currently, the Fed purchases $85 billion of treasury securities and mortgage –backed securities each month with the goal of keeping long-term interest rates lower.

This includes mortgage rates, which can assist homebuyers with qualifying for mortgage loans in an environment of increasing home prices. Other goals include stabilizing the labor market, and limiting inflation.

Job Growth To Be Determining Factor On Fed Interest Rate Action

The statement also noted that the Fed will keep its interest rates between 0.00 and 0.25 percent, until the Fed sees the national unemployment rate fall below 6.50 percent.

While noting that the housing sector is improving, the Fed stated concerns about ongoing high unemployment rates. Jobs are a key aspect to supporting the economy, as 70 percent of the U.S. economy involves the purchase of goods and services by consumers. 

The Fed also repeated its position to evaluate the efficacy of its quantitative easing program; if the agency finds that the program is not achieving their desired objectives, changes to the program can be expected.

While a clear majority of FOMC members voted to keep current policies intact, one member voted against this course of action citing the potential for continued quantitative easing at current levels to fuel inflation.

The bottom line for today's statement is that the Fed continues its "wait and see" position concerning quantitative easing and low federal interest rates.The committee also re-asserted its intention to gradually reduce quantitative easing when it's time for a change.

In addition, the Fed is committed to monitoring a wide range of economic data with an eye toward adjusting its policies in the best interest of economic recovery. 

Case-Shiller Home Price Indices Post Highest Growth Rates Since 2006

Housing markets continue to improve according to the S&P Case Shiller Home Price Indices released April 30 for February's data.

The Indices consist of a 10-City Composite Index and a 20-City Composite Index with housing markets for each city reported based on a three-month rolling average of home prices.

Case Shiller Posts Highest Growth Rates Since 2006

The data released yesterday comprised the Indices' highest growth rates since May 2006.

For the 12 months between February 2012 and February 2013, the 10-City Composite Index reports that average home prices posted a gain of 8.6 percent and average home prices for the 20-City Composite Index grew by 9.3 percent on a non-seasonally adjusted basis. 

All 20 cities posted a year-over-year gain for at least two consecutive months.

The 10-City Composite Index grew by 0.4 percent between January and February, while the 20-City Composite Index grew by 0.3 percent for the same time period.

16 of the 20 cities reported rising annual growth rates for home sales between January and February 2013, while four cities including Detroit, Miami, Minneapolis and Phoenix saw decreases between -0.1 and -0.4 percent in annual home prices between January and February 2013 readings.

Longer-term readings provide a more positive light, as with the example for Phoenix, Arizona.

The month-to-month reading of annual home prices indicated a decrease, but the reading for Phoenix year over year indicates a + 23.0 percent increase in average home prices.

Ten Metro Areas Gain Double Digits Over Past Year

10 cities posted double-digit year-over-year growth rates; they include Atlanta, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, Phoenix, San Diego, San Francisco and Tampa.

San Diego and Tampa have joined the double-digit cities in February with average home prices increasing for each city of just over 10 percent.

Phoenix, San Francisco, Las Vegas and Atlanta posted the highest year-over-year gains in average home prices.

Three older cities, New York, Boston and Chicago posted the lowest year-over-year rates in average home price readings.

Atlanta and Dallas achieved the highest annual growth rates since the inception of the 10-City Composite (1991) and the 20-City Composite (2001).

Improving Housing Markets Seen As Beacon Of Economic Recovery

Improving housing markets are considered a leading indicator of overall economic recovery as home ownership typically increases wealth and leads to more spending.

Economists note that while current news for housing markets is good, average home prices remain at 2003 levels, which can be very good for new home buyers.

Shortages of available homes in some areas and news that apartment construction is increasing can impact availability and ultimately, the sale of single-family homes.

 

7 Fun and Easy Housewarming Gifts for A New Homeowner

Whether you have new neighbors next door or old friends moving across town, a housewarming gift is a great way to show you care.

New owners always appreciate anything that relieves the pressures of moving and settling in to an unfamiliar neighborhood.

Here are seven fun and easy housewarming-gift ideas for your friends moving into their home.

A Door Wreath

You can choose a wreath that fits the season or that is simply attractive on the front door.

Include a wreath door-hanger and storage box so they can easily hang it or put it away.

A Pair of Candlestick Holders

Candlesticks are a simple, yet practical gift for a new Maple Grove home.

They're perfect for a mantel, dresser or table. Choose attractive candlestick holders that match the house's decor and include a set of candles to burn.

A Homemade Meal

Moving and getting settled in a new house takes a tremendous amount of time and effort.

This leaves little time to cook nutritious meals.

Bring either a takeout or home-cooked meal along with disposable plates and utensils for a much appreciated housewarming gift.

Fresh Flowers

Nothing makes a room look more inviting than fresh-cut flowers or a lush green plant.

Flowers add a punch of color while plants last longer while still requiring little work.

Choose flowers that fit the season or a plant with full, green leaves that is easy to maintain.

Scented Candles

Not only are they practical, but they also help bring comfort and serenity to the chaos of moving.

Choose a theme for the candles, such as a color or a scent that matches the style.

Include candles of different shapes and sizes and a lighter.

Picture Frames

Keep in mind the house's décor as you choose a picture frame.

Wood, pewter, bamboo or decorative glass looks great in a casually decorated house.

If the house has a more formal décor, choose crystal or silver.

It's be fun for your friends to have a place to display their new memories.

There are few experiences that offer the excitement of moving into a new home, and you can add to that excitement and wonder by giving one of these housewarming gift ideas.

And if you want to be the one receiving housewarming gifts by moving to a new home, then call your trusted mortgage professional today for your home loan approval!

What's Ahead For Mortgage Rates This Week - April 29, 2013

Mortgage rates fell again last week and are again near record lows.

According to Freddie Mac, the average rate for a 15-year fixed rate mortgage did achieve a record low of 2.61 percent as compared to 3.1 percent one year ago.

The average rate for a 30-year fixed rate mortgage fell to 3.40 percent and near the record low of 3.31 percent.

Low mortgage rates are helping homeowners with refinancing and are boosting housing markets as more buyers can qualify for mortgage loans.

Home Values Continue To Rise

Last week's economic news was mixed; The Federal Housing Finance Agency, which oversees Freddie Mac and Fannie Mae, released its Home Price Index for February.

According to this index, home prices increased by 0.7 percent between January and February, and increased by 7.1 percent year-over-year on a seasonally adjusted annual basis.

According to the National Association of REALTORS®, existing home sales for March fell short of the expected 5.03 million and came in at 4.92 million existing homes sold on a seasonally adjusted annual basis.

This reading was also 0.7 percent shy of February's reading of 4.95 million existing homes sold.

Some homeowners may be taking a wait-and-see stance as they wait for home values to continue rising.

Employment Numbers Gaining Steam

Weekly jobless claims fell to 339,000 and were short of the consensus of 351,000 and the prior week's 355,000 jobless claims filed.

As more workers gain employment, those able to buy homes increases.

The economy in general also benefits as households gain income they can use for purchasing goods and services.

Consumer Sentiment rose by 2.1 points to 76.4 over the March reading of 72.3 percent.

April's reading also surpassed expectations of 74.0 percent.

As consumers gain confidence in the economy, they are generally more likely to buy homes and make other major purchases that contribute to the U.S. economy.

Coming Up this Week

This week's economic news calendar includes several reports that impact the housing sector as well as the general economy:

• Monday: Personal Income, Consumer Spending and Pending Home Sales reports are due for release.

• Tuesday: The Case Shiller/Wells Fargo Home Price Index for February and Consumer Confidence for April will provide data concerning national and regional home prices and indicate how consumers view the economy.

• Wednesday: The customary statement by the Federal Open Market Committee (FOMC) is set for release at the conclusion of its meeting. The ADP Employment Index for April and Construction Spending for March provide data on jobs and trends in construction spending.

• Thursday: Weekly Jobless Claims report

• Friday: The Non-farm Payrolls Report and Unemployment Rate for April, collectively known as the Jobs Report, will be released.

While we can't predict what will happen with mortgage rates, some industry analysts indicated that they expect rates to remain low in the near-term.

These lower rates should continue to support growth in the Plymouth real estate market for homebuyers and sellers as well as those looking to refinance their home.