Make a Cramped Space Feel More Open

Make a Cramped Space Feel More Open

Even small rooms can be made to feel larger and more open with the right design. RISMedia recently featured some ways to open up a small space:

Declutter: Make sure every bookshelf isn’t crammed. Scale back on everything in the room. Clear out every corner of the room that has a tower of belongings.

Colors: “White is a great default color because it adds light and goes with everything, but playing with color gives you the opportunity to carry the eye throughout the room,” the RISMedia article notes. “Painting a room a light shade of green, while doing the ceiling in an off shade will force the eye upward, giving the impression of a higher ceiling.”

Mirrors: Add a mirror to expand a small space and add light to an otherwise dark room. For example, place a mirror opposite a window or in a sunny place in the home to bring in more light. Use a large mirror as a centerpiece on a wall for well-lit areas.

Minimize furniture: Pick one large piece of furniture to serve as the focal point of the room. Keep other pieces small and minimize what you bring in.

Source: “How to Transform a Modestly Sized Room into a Palace,” RISMedia (May 5, 2016)

Rates Drop, Near 2016 Lows

Rates Drop, Near 2016 Lows

Mortgage rates are hovering just above their lowest point of the year, Freddie Mac reports in its weekly mortgage market survey.

“The Fed’s decision to stand pat followed by a week of assorted unsettling news drove Treasury yields lower,” says Sean Becketti, Freddie Mac’s chief economist. “As a consequence, the 30-year mortgage rate drifted down to 3.61 percent, just 3 basis points above the low for the year. Since the start of February, mortgage rates have varied within a narrow range, providing an extended period for house hunters to take advantage of historically low rates.”

Freddie Mac reports the following national averages with mortgage rates for the week ending May 5:

• 30-year fixed-rate mortgages: averaged 3.61 percent, with an average 0.6 point, dropping from last week’s 3.66 percent average. Last year at this time, 30-year rates averaged 3.80 percent.
• 15-year fixed-rate mortgages: averaged 2.86 percent, with an average 0.5 point, falling from last week’s 2.89 percent average. Last year at this time, 15-year fixed-rate mortgages averaged 3.02 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 2.80 percent, with an average 0.5 point, decreasing from last week’s 2.86 percent average. Last year at this time, 5-year ARMs averaged 2.90 percent.

Source: Freddie Mac

Your Ultimate Smart Home Primer

Your Ultimate Smart Home Primer

More consumers than ever before are seeing the benefits of having a home with smart technology. In fact, a 2016 Coldwell Banker survey revealed that owners believe smart home technology makes their home safer, saves them money, and saves them time.

The same survey also found that 54 percent of home owners would buy or install smart home products if they were selling their home because they believe it would make the home sell faster.

In order to help agents and consumers understand the common smart home benefits and buzzwords, CRT Labs put together a comprehensive guide. Here are some highlights:

3 smart home terms and facts:

What are the benefits of smart home technology?

Smart home technology automates household tasks like adjusting a home’s temperature and unlocking the front door or opening the garage door using voice-activation devices. Smart devices can work together to offer owners safety by alerting them if something in their home seems amiss. Smart technology can also save owners money by automatically controlling the temperature and energy of a home. Additionally, insurance companies and utility companies offer reduced rates and rebates for homes with smart devices.

Who owns the data and how is it used and are there security risks?

A home’s smart home data can be used in a variety of ways, according to CRT Labs. Data is “generally used by smart device companies to improve product development and provide additional services to their customers,” but they caution “You should also read the vendor’s privacy policy to see what they are legally allowed to do with the data. They may allow themselves to sell your data to 3rd parties, so read carefully.”

While the home owner generally owns their data, CRTLabs is working to create a framework with the Online Trust Alliance that will allow maximum security for smart device data.

What’s the impact on selling prices?

On a large scale, the financial impact is yet to be seen since the technology is so new, but survey results showed that 72 percent of millennial owners would spend $1,500 or more to add smart home technology. Fifty-nine percent of parents with children would also pay more for a smart home, according to Coldwell Banker’s survey.

3 smart home common phrases to know:

• IoT (Internet of Things):This buzzword describes automated devices like lights, thermostats, and locks that work together and are connected by the Internet. IoT products use data to simplify things that previously weren’t automated.
• Hub:In the world of smart homes, a hub is almost like a universal remote, according to CRTLabs. A hub is the main device that connects all of the different smart home products together so they’re all automated.
• SmartMeter:These electric and gas meters help owners monitor their utility usage by sending real time meter readings.

Source: “Smart Home Glossary,” and “Smart Home and Internet of Things FAQ,” CRT Labs (May 2016)

Loan Demand Recedes Again

Loan Demand Recedes Again

Total mortgage application volume – which encompasses applications for refinancings and home purchases – nudged down 3.4 percent week-to-week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. The decrease came as interest rates edged slightly higher last week.

Nevertheless, total mortgage application volume still remains 14 percent higher than a year ago when mortgage rates were at about the same average. MBA reported that refinance demand has seen the biggest downfall in recent weeks, dropping 6 percent last week. Still, that demand is 15 percent higher than a year ago.

“Refinance activity decreased for the second-straight week because fewer borrowers have an incentive to refi at the current level of rates,” says Michael Fratantoni, MBA’s chief economist. “But there are still some who respond to the small changes we have seen in recent weeks.”

Mortgage applications for home purchases remained mostly flat last week. However, applications are about 13 percent higher than a year ago. The average on the 30-year rate mortgage rose to 3.87 percent from 3.85 percent, MBA reported.

Source: “Mortgage Applications Down 3.4% on Another Slight Rate Gain,” CNBC (May 4, 2016)

Renovation Mistakes to Avoid

Renovation Mistakes to Avoid

Home renovations can be costly. Add a mistake to it, and the costs can skyrocket even more.

Emerick Architects has taken on dozens of commercial and residential renovation projects over the last 16 years, and their architects recently shared some of the most common renovation mistakes in an interview with Curbed.com.

1. Succumbing to “fashion architecture”: The architects point to home owners who try to be too trendy with their renovations. “People try to treat architecture like fashion,” Melody Emerick told Curbed.com. “And architecture takes a long time to build, uses a lot of resources, and needs to last a while.” Trends can quickly fade. Instead, she says it’s important to stay true to the character of the house and be careful when updating the home’s structure. “You can change out a countertop or tile, but it’s a lot harder to re-do windows and doors,” she says. “Make these the highest quality that you can and it will be money well spent.”

2. Ignoring proportions: Too often, home owners just focus on the results but fail to consider the process enough. “People will just want to add on and say, ‘I want a family room that’s 12 by 18 feet,’ rather than seeing if that fit is right for the character of the house and how it flows,” says Emerick. She recommends keeping a close eye on proportions, such as the size of windows and doors as well as ceiling height, to make sure the renovation fits the home.

3. Rushing the renovation: Renovations take time and shouldn’t be rushed, she says. “It takes longer than you think,” says Emerick. “And that’s because it usually takes home owners a while to process the changes.” Talk to experts early on to understand the deadlines involved. Add 10 percent more time to a project than originally anticipated, she suggests.

Source: “8 Renovation Mistakes – and How to Avoid Them,” Curbed.com (May 2, 2016)

Ways to Remove Smelly Odors

Ways to Remove Smelly Odors

Whether it’s a pet odor or yesterday’s pungent dinner, you can take steps to remove bad odors from a home prior to a showing.

“If you enter a home and immediately encounter a smell, that is generally all people focus on, and all they will remember,” says Debra Johnson, a home cleaning specialist with Merry Maids.

Realtor.com® recently offered the following tips for banishing common odors from a home.

1. Pet urine: Use a spray with enzymes that breaks down odor molecules. Soak the area with the spray and let it seep into the carpet.

2. Dinner: Open the windows and turn the range hood fan on to high when cooking high odor items, like fish. If smells still linger, fill a shallow bowl with white vinegar or coffee grounds and place it on the counter. It’ll absorb the smells overnight.

3. Paint: Slice an onion in half. Place each half on a dish on opposite sides of the room. It will neutralize paint smells. (The smell of the onion should only linger for an hour.)

4. Kitchen sink: Check your drain and garbage disposal to make sure something isn’t stuck. Then, place two or three slices of lemon or orange into the disposal. Turn on the water. Flip the switch.

Source: “Tricks to Banish Bad Smells From Your Home—Forever,” realtor.com® (April 28, 2016)