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Ed Powers Real Estate July 2020 Newsletter

Get the latest news in the July 2020 Ed Powers Newsletter Real Estate Update

For the complete July 2020 Newsletter Click here

Newsletter Content Index:

Thinking of Investing in Rentals With Others?

Investing in rental property is a way for many to take advantage of monthly cash flow while seeing the asset increase in value over time. There really isn’t any type of investment that provides both benefits as rental property can. That’s why many diversify their portfolios to include real estate. However, sometimes it can be a bit expensive to come up with the necessary down payment and closing costs as well as identify a property that will cash flow each month. With rates still flirting with record lows, now might be as good a time as ever to make the leap and purchase your very first property. Some real estate investors like to partner with others to spread the risk around a bit while at the same time being

able to afford a property that might just be out of reach. Think of a fourplex or an apartment building. If you’re thinking of investing in real estate with others, there are some things you CONTINUED >>>

Home Equity Lines Of Credit On The Rise…But Can You Qualify?

The Coronavirus quarantine has you thinking about making upgrades to your home, and that has you thinking about tapping your equity to take out as a home equity loan (HELOC), right? If so, you’re part of a real estate trend that’s sweeping the nation right now.
      A new report from LendingTree found that, “While the total number of home equity loan applications has fallen since January…those who do apply for a home equity loan are more likely to use it to pay for home improvements than they might’ve been at the start of the year.”
      Across the nation’s 50 largest metro areas, “An average of 45.9% of home equity loans are being used to make home improvements,” they said. That’s up from 37.3% in CONTINUED >>>

What Will Homes Look Like In A Post-pandemic World?

Better family gathering space. More comfortable bedroom space. Peaceful and private outdoor space. If those items tick your preferred “quarantine home” boxes, we get it. 
      The truth is that being stuck at home—in a home you don’t necessarily love—stinks. So, we don’t blame you if, while you’ve been sheltering, you’ve been dreaming of what you would change and where you would move given the choice. 
      The good news is that this pandemic is already having an impact on how builders operate, and the very things that are frustrating you about your existing home will likely drive changes to design and architecture in the future.
      “While the coronavirus still rages on, it’s hard to predict what post-pandemic abodes might look like,” said Barrons. “Yet, developers around the U.S. are already rethinking projects, anticipating residents’ needs and CONTINUED >>>

How To Support Anti-racism With Your Home Buying Or Homeowner Dollars

The country was rocked by the murder of George Floyd on May 26, and protests have been erupting all over the world ever since. In the aftermath of Floyd’s death, many companies have spoken out to decry racism and commit their dollars—and their activism—to equality. 
      In that vein, we’re posting a list of companies who have been outspoken in their support of racial equality. For the purpose of this article, we’re focusing on those that are in some way related to buying or selling a home, renovating, decorating, and even celebrating a purchase or home-related milestone. But you can track corporate donations and see a growing list of companies across nearly every type of industry who have taken a stand here.
      This is not meant to be a comprehensive list, and we invite you to add anyone we missed in the comments.
Look to your lender Choosing between financial institutions for a purchase or refi? “Bank of America pledged $1 billion over four years to help communities across the country address economic and racial inequality and said the commitment
CONTINUED >>>

Daily News and Advice

Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.

More Articles

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Buyer Beware: What You Need To Know About Warranty Companies

Mortgage Rates 
U.S. averages as of July 2020:
30 yr. fixed: 3.13%
15 yr. fixed: 2.59%
5/1 yr. adj: 3.08%

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How To Choose The Best Refi

How To Choose The Best Refi

As mortgage rates continue their freefall, more and more homeowners are opting to refinance. With the recent dips, experts are saying that even those who refinanced in 2019 should take a look to see if they can save money.  

“Millions of homeowners could benefit by refinancing their mortgages, even if they bought or refinanced as recently as May 2019,” said NerdWallet. “A typical refinance could save more than $150 a month.”

But the rates are just one of the considerations. If you’re thinking about looking into a new loan, here are some other things to consider. 

How much is it going to cost you?

Yes, refinancing to lower your rate and your payment is typically a good idea. But refinancing isn’t free, and the fees you pay can add up. Make sure you take a good look at all of the fees, negotiate where you can, and figure out how long it’s going to take you to break even.

Estimate your break-even period: the time it takes for the accumulated monthly savings to exceed the loan fees,” said NerdWallet. “For example, if you pay $3,600 in fees to save $100 a month, it will take 36 months to break even ($3,600 divided by $100 equals 36). If you believe you’ll stay in the house beyond the break-even period, it might be worthwhile to refinance.”

Think about the terms

Who says you need to stick with a 30-year loan? With rates this low, it might be time to look at a 15-year term. Maybe you want to consider an adjustable rate. Perhaps it’s time to refinance out of your FHA loan into a conventional loan to get rid of that private mortgage insurance (PMI), which will save you even more money per month. Be sure to look at all of your options, and not just the one that seems the most obvious.

How’s the service?

“On the service side, getting your questions answered in a timely and accurate way is an important element of the process,” said Investopedia. “Getting a loan requires quite a bit of paperwork, as well as the collection and dissemination of a significant amount of personal information. Having a single, reliable point of contact for your questions can make the difference between a smooth, easy process and a tough experience.”

A conventional loan isn’t your only option. 

One of the lesser known refinancing options is called an FHA streamline. The benefit of this type of refinance is that you don’t have to jump through many of the typical lender hoops. “If you currently have an FHA mortgage, the FHA Streamline Refinance is the easiest way to get a lower rate and monthly payment,” said The Mortgage Reports. “The FHA Streamline is a ‘low-doc’ refinance with limited paperwork required; the lender doesn’t have to verify your income or credit, and there’s no home appraisal. That means a Streamline Refinance closes faster than other loans and has slightly cheaper closing costs.” 

This type of refi is also available through the VA and USDA.

Did you get a second opinion?

“Even if you go back to your current mortgage lender for your refinance, shop at least a couple of other lenders to see how interest rates and terms compare,” said NerdWallet. “You might believe that going to your existing lender will save you time and hassle. ‘They know us, they’ve already got all of our paperwork,’ you may think. If only that were true. It’s a new loan for them, just like it’s a new loan for any lender. The paperwork will be the same. When lenders know you’re shopping around, they are more likely to compete.”

Easy Ways to Fix Your Yard Before Selling Your Home

Easy Ways to Fix Your Yard Before Selling Your Home

With baby #3 on the way, you’ve decided your Fort Collins or Loveland home is just too small for your growing family. You’ve loved our home and our neighborhood, but there’s no way five fit into a 1200 square foot home and still be sane. Luckily, the inside of your home is in excellent condition with one-year-old carpeting, custom paint, and even upgraded counters. It’s absolutely beautiful inside! The yard, however, is another story…

Unfortunately, this is often the case. The money runs out before landscaping is ever completed or the landscaping already in place is just too hard to maintain. Not everyone has a green thumb, right?! It may not seem like that big of a deal since you don’t live in your yard. Maybe you’ll just let the next owner deal with it… But is that really the best solution?  Your real estate agent informs you that even with an amazing interior, your house–if it sells–will come in at a much lower price than you had hoped. First impressions are very important, and the curb appeal of your home will be the difference between someone taking a look or driving by. So the bottom line is if you’re serious about getting top dollar, you may have to spend a few dollars first.

When sprucing up your yard to appeal to prospective buyers, what are the most important areas to concentrate on?

1. Your lawn.

Prospective buyers will overlook a lot of landscaping issues if your yard is well-maintained. If it’s summer, they are looking for a well-maintained, freshly mowed, lush, green lawn free of dandelions and other weeds. If there are large dead spots, you’ll need to plant grass seed or sod to fill them in.

If you don’t have a green thumb, this is the time to call a professional lawn care service to get your lawn in parade-of-homes condition. A lawn service will be able to deal with your trouble spots and make sure that it makes a great first impression to those potential buyers.

2. Your flower beds.

When sprucing up flower beds, a little dirt under the nails is required–whether it’s your own nails or the teenaged neighbor’s nails–someone is going to need to get dirty. Weeding comes first. Next, comes fresh mulch, wood chips, or colored rock to spread across the flower beds for a clean, fresh look that will provide contrast to your main flower bed attraction: the flowers.  

When choosing flowers, pick flowers that will bloom or stay bloomed throughout your projected timeframe for selling your home. Annuals are generally cheapest and stay bright and cheery through most of the growing season.  If you already have annuals that have bloomed and dried up, replace them if possible.The splash of color that the flowers bring will go a long way in bringing beauty to your yard. 

3. Your trees and shrubs.

Trees and shrubs are additional areas where professional lawn care services can help. If you don’t think you can safely climb a ladder and handle a chainsaw in one hand while holding a branch in the other, you shouldn’t attempt to cut down dead or stray branches or shape scraggly bushes yourself. Instead, you should spend the money to stay safe and have the job done properly.

Beautifully shaped shrubs and well-trimmed trees add an extra pizzazz and show prospective buyers that you care about your yard.

4. Special yard features.

You may have special features in your yard such as planters, waterfalls, and ponds. If these features don’t add much to your overall landscape design, you may want to consider removing them altogether. If they were hard for you to keep up, they may be hard for future owners as well. In fact, these types of features sometimes turn future owners away for fear of future upkeep.

If these features add beauty and personality to your yard, refill planters with fresh plants after cleaning out the dead material, make sure waterfalls are clean and functioning properly, and be sure that ponds are clean and stocked with fish if desired.

You may also have playground equipment in your backyard. Ask your real estate agent on advice concerning whether or not playground equipment should stay or go; it may be that future owners will welcome it, but there is also a chance they won’t. The final decision will most likely depend on its condition. If it is rundown or detracts from the home and the rest of your yard, consider taking it down and moving it to your new house where your own kids can continue to enjoy it for years to come.

Getting your lawn professionally taken care of, sprucing up your flower beds, trimming your trees and shrubs, and taking a hard look at any special features in your yard are great places to focus your attention when trying to sell your home. None of these fixes require major changes nor are they too expensive, but taking the time and money to focus on them will go a long way toward increasing your curb appeal and helping you sell your home faster and at a more competitive price.

Message me if your thinking about selling your Fort Collins or Loveland home at m.me/EdPowersRealEstate

Ed Powers Real Estate 970-690-3113 [email protected] www.EdPowersRealEstate.com

Things You Can Do to Prepare for a Home Appraisal

Things You Can Do to Prepare for a Home Appraisal

Getting your Fort Collins or Loveland home appraised is a necessary step in putting it on the market and the appraisal will influence your asking price. This means you want your home in its best possible condition, so it will be appraised at the highest potential value. While undertaking massive renovations may not be an effective process, there are smaller things you can do to raise the market value of your home.

Start Small with a Little Spackle

If you’ve lived in your home for any length of time, you’ve probably hung things on the walls, put up shelves, or simply had accidents that resulted in minor damage. Now is the time to repair those blemishes. By filling these holes and crevices with a little spackle and painting over the area, you can leave your walls looking like new. While this may not boost the value of your home, it will keep the appraiser from deducting for the damage.

As Long as You’re Painting…

After you’ve touched up your walls, you might want to consider freshening up the paint in other areas. For instance repainting worn borders and moldings around the home can give it a newer look. Additionally, take the paint outside and touch up the trim around the windows and doors. This will boost curb appeal and help you add value to the home. Any area where the paint is peeling, chipping, or simply has lost its luster should be retouched with a fresh coat.

Update Your Crawl Spaces

Something that’s receiving more attention in home updates is crawl space encapsulation. Crawl spaces are essential for providing homeowners and contractors with access to the deepest recesses of the home. However, these spaces are vulnerable to moisture and water damage caused by humidity, warmer temperatures, and harsh weather conditions. To protect crawl spaces, homeowners have started encapsulating, or sealing, the spaces in moisture-resistant materials. Similar to a swimming pool liner, a polyethylene barrier is added to keep the crawl space dry.

Do a Deep Clean

This is also the time to really clean your home from top to bottom. Especially if you have young children and pets, there may be odors and damage that you might not be noticeable to you. Yet, a strong pet odor, or your child’s scuff marks on a hard wood floor will be the first things your appraiser notices. Consider hiring a professional cleaning crew to wax the floors, shampoo the carpets, and conduct an intensive cleaning of the entire home.

Conduct Other Repairs

At some point, you should tour your home with the mindset of a home buyer. This will open your eyes to problems that you live with every day, and just don’t notice anymore. Look for things that need to be repaired, such as a loose handrail, dripping faucet, or shorted electrical outlet. Repairing these problems ahead of time will ensure you won’t lose money on the appraisal.

Get an Early Home Inspection

Even after you think you have done everything that can be done to boost your home’s appraised value, consulting an expert is wise. Getting a home inspection at this time will help you uncover issues that you may not have the expertise to notice. This gives you the time to get these items fixed ahead of putting the home on the market, while also ensuring you can ask a more competitive selling price. It’s better to uncover these problems now than to have them affect the sale of the home in the future.  

In selling your home, you want to ensure you get close to its value, including the money and time you invested in updating its features. By taking the time to spruce up the home ahead of the appraisal, you may be able to increase the value by thousands of dollars. The suggestions offered here can give you a start, and your real estate agent may be able to offer more tips to help you get the most out of your home.

Message me if your thinking about selling your Fort Collins or Loveland home at m.me/EdPowersRealEstate

Ed Powers Real Estate 970-690-3113 [email protected] www.EdPowersRealEstate.com

Ed Powers Real Estate June 2020 Newsletter

Get the latest news in the June 2020 Ed Powers Newsletter Real Estate Update

For the complete June 2020 Newsletter Click here

Newsletter Content Index:

Should I Sell Now?

The pandemic has put the world on pause. Should you put your real estate plans on pause, too?
      This article reaches a sizable online audience, so there’s not just one answer to this question. In direct conversation with you—one-on-one—this question could be answered with specific reference to your location, property, finances, and desired outcomes, but there would still not only be one answer to this question.
      Real estate, by its nature and its tremendous location-driven diversity, makes that question open-ended, with many possible answers:
      • Each option has many perspectives.
• Each property is is unique.
• The reasons homeowners love, or are ready to leave, their real estate are unique, too.
      The greatest challenge can be uncovering and CONTINUED >>>

Credit and Coronavirus: What You Need to Know

If you’re one of the thousands of homeowners who is struggling to pay your mortgage and bills right now, safeguarding your credit probably isn’t high on your must-do list. But if you want to make sure your credit stays good—or even improves—despite any economic difficulties, read on for some important updates and tips. 
Government safeguarding credit? There have already been steps taken to safeguard credit for those who enter into a forbearance program. Typically, “Payments that are skipped or only partially paid during a mortgage forbearance period technically violate the original terms of your mortgage loan agreement, so even though your lender agrees to the forbearance plan, they may report your payments as delinquent to the CONTINUED >>>

Are You Ready to Divorce Your House After the Quarantine?

A number of things have happened during this unprecedented time:
      People have had more time to spend together. They’ve also spent that time at home. 
      All that time together has not necessarily helped some relationships. Perhaps not surprisingly, the divorce rate is skyrocketing in countries like China, and now it’s been reported that, “Cooped-up New Yorkers are flooding lawyer phone lines with divorce inquiries — with an avalanche of filings expected once the courts re-open,” said the New York Post.
      But it’s our relationship with our homes that may be the most stressed. A home may function perfectly fine when you’re only there a few hours a day, but this quarantine has shined a light on many a flaw. Here’s how to tell if you’re just done or if your relationship with your house can recover.
It’s not something a CONTINUED >>>

Tele-Maintenance: The Newest Thing in Virtual Service

Medical appointments have gone virtual. Zoom has all but replaced workplace meetings. And now, there’s a new can’t-live-without-it, at-home service we’re loving. Hippo Home Care is now offering free tele-maintenance to help owners keep their home functioning while we’re all hunkered down.
      “Using our free tele-maintenance service, you can talk directly with a Home Pro whenever you have questions or issues around your home,” said Hippo. “We can help. Schedule a complimentary virtual ‘house call’ with a Hippo Home Care Pro who can help you with home maintenance by phone or video.”
      The company has completely shifted to a virtual model for the time being as a service to customers who might not be comfortable having strangers in their house during the pandemic. Customers can schedule a Virtual House Call to troubleshoot specific issues and also use the tele-maintenance service for a complimentary guided Hippo Home Care Home Checkup. “Think of it like getting a car tune-up or a physical, only this one is for your house,” they said. 
      The free
CONTINUED >>>

Daily News and Advice

Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.

More Articles

May Real Estate Roundup
Forbearance News: Borrowers Can Now Defer Payments Until The End Of Their Loan
Could The Corona Virus Provide The Next Boon For Private Mortgage Lending?
The Things That Matter The Most In Your Credit Report
5 Outdoor Projects for a Beautiful and Fun Homecation Space

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