With today’s rising interest rates speculated to go higher this year, a big change from the past few years, many homeowners are increasingly nervous about what the interest rate increases will mean to their property values. The interest rate increases is projected to an entire percentage point later this year of 2018 according to a recent report by Freddie Mac. The interest rate increases is slated to go from end of 2017’s 3.9% to 4.9% by Q4 2018. Also according to another recent article by Freddie Mac, there is nothing for current homeowners to worry about.
Interest Rate Increases VS Home Prices
Another recent article which describes the relationship between the interest rate increases and home values, the article assures readers that home prices have no relationship to interest rate increases. Most home owners will wonder how that could be. According to Freddie Mac home prices are driven by supply and demand and not interest rate increases. If the demand slips for housing due to interest rate increases the supply will also drop of existing homes as many homeowners will choose to stay in their homes and at the same time keeping their current interest rate unchanged.
The Take Away
The bottom line is, if you haven’t already refinanced at the lower interest rates or have been approved for a new mortgage for a new home, the time is now. The perfect home and a great all time low interest rate is waiting for you to purchase and If you’re a homeowner and have been concerned about the forthcoming rate increases and how it will affect your home value in the future, take a deep sigh of relief-you have nothing to worry about its all about supply and demand.
I’m here for all of your real estate needs, questions, concerns and guidance, so please feel free to call me anytime. Tom Gilliam-248-790-5594
Poll Finds Surge in U.S. Home Values Optimism
More than half of U.S. homeowners expect their home values to rise in the coming year. For Farmington Hills real estate watchers who track public sentiment as a market indicator, the news comes as a welcome addition to other reports of rising consumer optimism regarding the economy as a whole.
The finding comes from a national telephone and online survey conducted earlier this month by the Rasmussen Reports organization. It signals an acceleration in a year-long trend of rising expectations among U.S. homeowners. A year earlier, fewer than 40% had predicted that their own home values would rise in the coming year. In this latest report, that number has increased to 53%—a leap of 12% over the March finding. According to Rasmussen summary, this amounts to “a record high” in optimism about future home values.
Most Homeowners Now Predict Gains in Home Values
Farmington Hills homeowners who plan to list their own properties in the immediate future have reason to welcome measures of positive expectations. When most people expect Farmington Hills home values to rise, buyers are apt to view current market prices in terms of their investment potential. This can prove to be important—especially when values have been on the rise for a while.
This latest Rasmussen finding was all the more impressive in that it marked the first time in eight years that a majority of those sampled expressed optimism about future home values. It is in sync with a heavy majority of industry prognosticators who predict home value increases in the coming year.
It’s always good news when there is general agreement that Farmington Hills home values are expected to continue to rise. If your own future includes the possibility of buying or selling in the coming year, I’d like to help—call me anytime!
It would be a pleasure to provide you with your most current Farmington Hills home values report. Please feel free to submit the information below to receive your free no obligation home values report below.
Home Searching on Labor Day weekend, many of my home sellers and home buyers always ask me “Do home buyers look for homes on Labor Day weekend” my reply is yes. The Labor Day weekend is about a celebration of the American labor movement and is dedicated to the social and economic achievements of workers, but it is a great time for retailers and others in the market for goods and services especially home buyers in the market for a new home. Home sellers should take advantage of large numbers of potential home buyers free to shop; Labor Day has become an important sale weekend for not only retailers but home buyers and sellers alike in the United States. Some retailers claim it is one of the largest sale dates of the year, second only to the Christmas seasons. Labor Day has come to be celebrated by most Americans as the symbolic end of the summer, children returning to school and the last weekend to wear white, but all kidding aside it is indeed a great time for home buyers and sellers to have their Realtor’s out showing homes and for home sellers to be ready for showings, some even on short notice. Even though it is the beginning of the NFL and college football season, this may be your weekend to buy or sell your home.
Here are some tips for last minute showings
Timely Tips For Short-Notice Home Showings
Have a Game Plan
- Assign responsibility for each room to a family member.
When the “last-minute dash” starts, each person knows which room to straighten.
- Plan you’re get-away.
Know where you’ll go when you vacate the house for show time. Take the kids to the library, park, playground or to visit friends. Do your grocery shopping, pick up the dry cleaning or run other errands.
- Perk up your carpets.
Eliminate stray crumbs and dirt with a quick pick-up by a hand-held vacuum.
- Turn on the lights.
Light up dark corners and hallways. Even on sunny days, rooms show better when brightly lighted.
- Open curtains and blinds.
Let in as much natural light and good views as possible.
- Use paper plates.
A lot of people house hunt on their way home from work — at dinner time. Eat on, then toss, paper plates to avoid unsightly dirty dishes and speed clean-up time.
- Put dinner in cold storage.
If you’re caught with dinner on the table, shove the plates into the refrigerator. Re-heat in the microwave when prospects have gone.
- Simmer some spices
Prepare a pot of cloves, cinnamon sticks and water. With only minutes to spare,bring your spices to a rapid boil, turn back immediately to simmer and your home will have a warm, inviting smell.
- Try microwaving instead of baking.
Keep your oven free of spatters by switching to microwave dinners.
- Drain dishes in the dishwasher.
Air-dry hand-washed dishes in the upper rack of the dishwasher to keep the sink and counter clutter-free.
- Add sparkle and shine with spray cleaners.
Wipe out cooking spills with a quick squirt of a grease-cutting spray cleaner and rub with a paper towel.
- Use the washer as a hideout.
- Put your dirty clothes in the washer until you have time to launder. Same goes for clean clothes that you don’t have time to fold — let them sit in the dryer instead of in a messy pile.
- Try a laundry-basket disguise.If you have more laundry than you know what to do with, drop it in a basket, fold two large bath towels and place on top, and presto — laundry goes from messy to neat.
- Use under-bed storage boxes.
For last-minute pick-ups, under-bed boxes are great catch-alls for toys, books, dirty socks, etc.
- Have a bail-out box.
Eliminate a frantic search for keys, wallet, dog’s leash and shoes when you are leaving to let the agent show the house. Keep a small box with pertinent items stashed in a handy place such as the coat-closet floor.
Make A Final Check?
Run through the home room by room, from top to bottom, to make sure everything is in tip-top shape.
These are just a few of the ways to make your home sparkle and shine in a matter of minutes. If you are considering selling and would like more ideas on how to make your home show in its best possible light, please give me a call!
Happy Labor Day and Be Safe!