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5 Percent Mortgage Rates Are Back!

by Melissa Dierks

5 Percent Mortgage Rates Are Back!

The average rate on the 30-year fixed sat just below 4 percent a year ago, after dropping below 3.5 percent in 2016. It just crossed the 5 percent mark, according to Mortgage News Daily.

The benchmark 30-year mortgage rate spiked fifteen basis points to 5.04 percent from 4.89 percent in the previous week, according to Bankrate.com’s weekly survey of the nation’s largest mortgage lenders. Meanwhile, the average 15-year fixed mortgage rate surged 15 basis points to 4.41 percent and the average rate for a 5/1 adjustable-rate mortgage rose 7 basis points to 4.42 percent.

Mortgage borrowers are taking note of soaring rates. Total mortgage applications fell 1.7 percent from the previous week, according to data from the Mortgage Bankers Association’s weekly applications survey for the week ending Oct. 5. That’s down nearly 15 percent from a year ago.

Refinances, which are more sensitive to rate changes, dipped 3 percent from a week ago, the MBA reported. Overall, refinance activity sank to 39 percent of total applications from 39.4 percent the previous week and is down about 32 percent from a year ago.

Rising home prices and tight inventories for starter homes won’t abate in the year ahead, says Joel Kan, an MBA economist. And although year-over-year growth in purchase applications is expected, the movement will be gradual, Kan says.  “With the economy doing well and job market still strong, we’re starting to see the fruits of that and opportunities will be there,” Kan says of homebuying demand.

Higher mortgage rates mean now is a good time to buy a home as higher home prices are likely to become more affordable and homebuyers will have a better chance of finding a home in their price range and more likely to have an offer accepted. Its important to note that while higher rates may drive prices down, a higher interest rate does impact your buying power. What does buying power mean? Simple put, what you can afford to buy at an interest rate of 5 percent will be less than what you can afford to buy at an interest rate of 3 percent.

So, if you’re in the market to buy a home, now is the perfect time take advantage before rates go up more, and your buying power goes down. Contact the Regal Team today for more information about the new mortgage rates and get prequalified to buy a home in Phoenix.

Melissa Dierks

The Regal Team of RE/MAX Professionals

7111 W Bell Road, Suite 101

Glendale, AZ 85308

(623) 229-0154

www.theregalteam.com

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This communication is provided to you for informational purposes only and should not be relied upon by you. RE/MAX Professionals or The Regal Team are not a mortgage lender and so you should contact a qualified mortgage broker directly to learn more about its mortgage products and your eligibility for such products.

3 Fall Curb Appeal Tips to Quickly Sell Your Home

by Melissa Dierks

3 Fall Curb Appeal Tips to Quickly Sell Your Home

With the fall season being one of the most popular times to sell, making your home stand out amongst the competition is essential and having attractive curb appeal grabs potential homebuyer’s attention and interest. Homes with high curb appeal command higher prices and take less time to sell. How do you make your home stand out from the moment it’s seen? Here are 3 fall curb appeal tips to quickly sell your home.

1.) Add an Adorable Door:  The front door makes a great focal point to any homes exterior and makes a good attention-grabbing tactic. A fresh coat of paint in an eye catching, tasteful color can make your entrance stand out. But if painting your door red isn’t an option (hello, angry homeowner association!) try adding a simple wreath of fall foliage and flowers to add a nice, inviting touch to your front entry.

2.) Beef Up Your Yard: Brown spots, weeds, and dry leaves do not a well maintained yard make. Be sure to upkeep your front lawn by removing clutter and weeds from gravel, pruning bushes and covering bare spots in grass with seeds and sod as needed. Once your yard is looking nice, add some attractive punches of color like planting colorful fall annuals.

3.) Let there be light! As the days get shorter, it gets darker faster and safe lighting and clear paths are vital for potential home buyers who are viewing your home in the evening. Make sure your exterior lighting is clean and has no burnt out bulbs. You can also add flood lights or motion sensor lights to light your entry and solar lighting or decorative lanterns to illuminate walkways. You can even add some decorative lights to enhance the inviting fall season look; just keep it simple and tasteful.

Which of these 3 fall curb appeal tips to sell your home quickly do you plan to use? If you are looking for more fall curb appeal tips or looking to sell your Phoenix home, please contact The Regal Team today for a free valuation of your home with absolutely no obligation.

Melissa Dierks

The Regal Team of RE/MAX Professionals

7111 W Bell Road, Suite 101

Glendale, AZ 85308

(623) 229-0154

www.theregalteam.com

Follow us on Facebook!

4 Reasons to Avoid Overpricing Your For-Sale Home

by Melissa Dierks

4 Reasons to Avoid Overpricing Your For-Sale Home

Studies show that the longer a house stays on the market, the less the seller will net upon the sale. That’s all the more reason to make sure you are properly pricing your home to sell. The current real estate market has low housing inventory and higher priced homes, so overpricing your for-sale home by even a few thousand dollars could mean that your house will take longer to sell or worse; not sell at all! Here are 4 reasons to avoid overpricing your for-sale home.

1.) Less Offers: Incorrect home pricing for the current market could minimizes the number of offers you receive, because it’s not priced comparable to the current market.

2.) Wastes Money: Overpricing your home wastes advertising dollars, because you’re losing money when you advertise a home that’s priced too high. Your home stays listed longer with continual price reductions and additional advertising time.

3.) Less prospects: Over valuing your home on the market lowers prospects, because potential buyers choose not to view a home priced higher than the rest of the neighborhood. It also limits qualified buyers from purchasing your home, because it’s priced out of their budget.

4.) Less Showings: The less people who see your home for sale, the less likely you are to sell it within the average seven-week window it takes a home to sell.

Do you know the real value of your for-sale home? Is your Phoenix home competitively priced to sell? It’s time to find out! Contact the Regal Team today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!

Melissa Dierks

The Regal Team of RE/MAX Professionals

7111 W Bell Road, Suite 101

Glendale, AZ 85308

(623) 229-0154

www.theregalteam.com

Follow us on Facebook!

3 Reasons Not to Overprice Your For Sale Home

by Melissa Dierks

3 Reasons Not to Overprice Your For Sale Home 

Did you know the best chance for selling your property is within the first seven weeks? Studies show that the longer a property stays on the market, the less the seller will net upon the sale. That’s all the more reason to make sure you are properly pricing your Phoenix home to sell. Even over pricing your for sale home by a few thousand dollars could mean that your house will not sell. Here are 3 reasons not to overprice your for sale home.

1.) Less offers: Overpricing your for sale home can greatly minimize the number of offers you receive from potential home buyers because it’s not priced comparable to the current market.

2.) Less qualified buyers: If you price your home too high, you’ll limit possibly qualified buyers from purchasing your home because it’s priced out of their budget. Also potential buyers may choose not to view a home priced higher than the rest of the neighborhood.

3.) More time on the market: Your home stays listed longer with continual price reductions and additional advertising time when you price your home too high. As a result, you waste advertising dollars, because you’re losing money when you advertise a home that’s priced too high.

The bottom line is over pricing your Phoenix home means you could end up less likely to sell your home within that crucial seven week window. Is your Phoenix home priced to sell? It’s time to find out! Contact the Regal today for a personal market value analysis of your home.

Melissa Dierks

The Regal Team of RE/MAX Professionals

7111 W Bell Road, Suite 101

Glendale, AZ 85308

(623) 229-0154

www.theregalteam.com

Follow us on Facebook

Are you scaring off potential home buyers?

by Melissa Dierks

Are you scaring off potential home buyers?

So, you’re finally ready to get your home on the market and sell your property. Your home’s been listed, photographed, and you feel like it should sell very quickly. But days, weeks, and months pass without even so much as an interested bid. What’s going on? Before you throw the for sale sign in the trash and resolve to live in your home forever, check to see if you are scaring off potential home buyers with these 3 faux pas.

1.) Clutter bugs: The key to attracting buyers is to keep it simple. Buyers want to visualize their stuff in their possible future home so the less of your stuff they see the better. Removing clutter opens up a room and makes it more spacious, something most everyone is looking for. So clear off those counter tops, file away that stack of untidy mail, and pack extra furniture, books, and space stealers away.

2.) Unpleasant odors: Potential buyers don’t want to walk into you home and be assaulted by the smells of pets, mold, stale cigarette smoke, or other unpleasant odors. So if you don’t want give potential buyers a reason to turn and run holding their noses, then make sure to change your air filters and rid your space of nasty odors. Not sure if your home can pass the smell test? Your real estate agent or an honest, trusted friend can help you make sure your home comes out smelling like a rose.

3.) Repair nightmares. Wear and tear of a home is normal, especially if you’ve lived there for a long time. But items that show your home is in desperate need of maintenance can scare potential buyers away. It’s in your best interest to make cost efficient repairs to your home so that buyers won’t be deterred by the possible cost of fixing things themselves. Keeping your home well-maintained and staying on top of repairs can mean the difference between a sale and a fail.

Remember to check your home to make sure you’re not scaring off potential home buyers with these 3 faux pas. If you’re ready to sell your Glendale home quickly without scaring off buyers, contact the Regal Team today!

Melissa Dierks

The Regal Team of RE/MAX Professionals

7111 W Bell Road, Suite 101

Glendale, AZ 85308

(623) 229-0154

www.theregalteam.com

Follow us on Facebook

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Melissa Dierks
The Regal Team of RE/MAX Professionals
7111 W Bell Road, Suite 101,
Glendale AZ 85308
Direct: (623)229-0154
Office: (623)643-1092
Fax: (623)201-7562

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