Remodels Can Cause Relationship Issues

Remodels Can Cause Relationship Issues

A new study from home design website Houzz find the stress of a remodeling project can cause couples to keep secrets from one another. The Remodeling & Relationships Survey found that 19 percent of the more than 1,500 survey respondents say they’ve made a significant design or purchase decision during the remodeling project without telling their partner, and 11 percent admit to withholding the cost of a purchase or service. What’s more, 7 percent say they added something in the remodel without telling their significant other first.

Forty-one percent say they found remodeling with their partner “frustrating,” 25 percent say it was “difficult,” and 12 percent describe it as “painful.” The most common responses for strain: agreeing on products, materials and finishes (34 percent); communicating with one another (30 percent); and style and design (29 percent).

After the remodel, 7 percent of couples said they thought they needed couples counseling, while another 7 percent questioned how they ended up with their partner in the first place. Five percent of respondents admitted to considering a breakup or divorce during the remodeling process.

To minimize the strain remodels can put on relationships, respondents suggested compromise was key (48 percent), followed by agreeing on goals prior to starting the project (38 percent), and making a realistic budget from the start of the project (26 percent). But tensions may be set to clash from the get-go, considering just 20 percent of couples say they have the same style as their partner.

Despite the relationship problems that remodeling projects can cause, 97 percent of respondents said the result was worth it in the end. The majority of couples reported feeling more comfortable, happier, and organized in their home because of the project. Also, nearly one-third of respondents said they spend more time together at the home because of the completed project. So remodels may not doom a relationship in the long run.

Source: Houzz

Pets Are the Best in Showings

Pets Are the Best in Showings

Are you doing what you can to market yourself as a pet-friendly agent? 65 percent of American households own a pet, and of those, 83 percent consider their pet to be a member of the family. These pet-popularity stats show why it’s important for real estate pros to know how to help buyers find a home that fits the needs of their entire family, Fido included.

When it comes to selling, the properties’ pet appeal can be a big selling point. Make sure to showcase pet-friendly home features and highlight if the property is near a dog park or businesses that are dog-friendly. Agents can also appeal to a pet-loving crowd by using animals in marketing videos and even in head shots, and by staging listings to include pet accessories. Animal-loving agents who want to carve a niche in this market can volunteer at animal rescue organizations and connect with prospects on social media platforms like the Pet Realty Network.

The rise in pet power recently inspired the National Association of REALTORS® to create an infographic with facts about pet ownership and tips on how owners can make a home pet-friendly. In conjunction with the 140th annual Westminster Kennel Club Dog Show, which aired Monday and ends tonight with the Best in Show judging, NAR’s social media accounts are encouraging followers to share photos of their dogs using the hashtag #RealtorDogs.

The social sharing campaign was created to have some fun and engage with their online followers by bonding over photos of their dogs. It’s already a hit with their online audience, garnering over 1,000 tweets and trending on Twitter for more than 12 hours.

If you missed out on all of the fun last night, feel free to participate tonight by following NAR on Twitter and Facebook and sharing a photo of your pooch using the hashtag #RealtorDogs.

Source: “Infographic: Make Your House a Dog House,” NAR Newsline Blog (Feb. 12, 2016)

How Low Will Mortgage Rates Go?

How Low Will Mortgage Rates Go?

For the sixth consecutive week, mortgage rates were on a downward spiral as the 30-year fixed-rate mortgage hovers near its 2015-low of 3.59 percent, Freddie Mac reports.

“The 30-year mortgage rate dropped another 7 basis points this week to 3.65 percent,” says Sean Becketti, Freddie Mac’s chief economist. “This week’s drop leaves the mortgage rate just 6 basis points above last year’s low of 3.59 percent. In a falling rate environment, mortgage rates often adjust more slowly than capital market rates, and the early-2016 flight-to-quality has run true to form. The 30-year mortgage rate has dropped 36 basis points since the start of the year, while the yield on the 10-year Treasury has dropped 59 basis points over the same period. If Treasury yields were to hold at current levels, mortgage rates might well sink a little further before stabilizing.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Feb. 11:

• 30-year fixed-rate mortgages: averaged 3.65 percent, with an average 0.5 point, dropping from last week’s 3.72 percent average. Last year at this time, 30-year rates averaged 3.69 percent.
• 15-year fixed-rate mortgages: averaged 2.95 percent, with an average 0.5 point, falling from 3.01 percent last week. A year ago, 15-year rates averaged 2.99 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 2.83 percent, with an average 0.4 point, dropping from last week’s 2.85 percent average. A year ago, 5-year ARMs averaged 2.97 percent.

Source: Freddie Mac

5 Dating Tips That Apply to Home Shopping

5 Dating Tips That Apply to Home Shopping

Are your home shoppers desperately trying to find “the one?” Finding the perfect housing match can be like finding the perfect mate. For some Americans, this year’s Valentine may come in the form of a home, filled with shiny new fixtures and a great first impression. But that search isn’t always easy.

In a recent article, realtor.com® highlights how home-shopping can feel a lot like dating.

1. You need to have trust.

Americans seem to think they have a better chance at finding love than finding the perfect home. Fifty-two percent of home buyers believe they will find their dream home compared to 73 percent of Americans who believe they will find true love. While competition in the housing market is intense right now, home buyers shouldn’t get disheartened.

2. Don’t take the first one you find.

Home buyers look at a median of 10 homes before making a purchase. In the search for love, a man will date, on average, six other people before choosing “the one,” while a woman typically dates five. Home buyers shouldn’t be discouraged if the first few homes don’t feel right to them. Sometimes it takes a few before finding the perfect match.

3. Try finding an online connection first.

Ninety-two percent of home buyers say they use the Internet during their housing search while 38 percent of single-Americans say they have used online or mobile dating services to find love. Does that make realtor.com® your Matchmaker.com? The majority of Americans surveyed about dating sites and mobile apps say that they find a better romantic match because of the wide range of potential partners they can access. Sounds like a good lesson for real estate too!

4. First impressions do matter.

Seventy-seven percent of home buyers say they’ll know immediately when they’ve found their ideal home; 52 percent of Americans believe in love at first sight when dating. Trust your hunch.

5. Regrets happen.

Eighty percent of home buyers have at least one major regret about their new home purchase; 72 percent of married women admit they’ve considered leaving their husbands at some point. Home owners typically had buyer’s remorse when buying a home that was too small or didn’t have enough storage space, choosing a home near unpleasant neighbors, and purchasing in a bad school district. At least with real estate, your always a for-sale sign away from moving on.

“The reality, of course, is that neither homes nor relationships are ever truly perfect,” realtor.com®’s article notes. “But if you really work at understanding what you want and what you need, and taking the time to assess a variety of options, you’re likely to find a pretty good fit. Maybe even one that will improve with time.”

Source: “Why Home Buying Is (or Isn’t) Like Dating,” realtor.com® (Feb. 8, 2016)

What Has Non-Owners Afraid to Buy

What Has Non-Owners Afraid to Buy

Almost half of renters surveyed by Bankrate.com say they haven’t purchased a home yet because they believe their credit isn’t good enough to qualify for a mortgage or they can’t afford a down payment.

“A lot of people make assumptions that they can’t afford to buy based on just some perceptions, and many have not taken the step to figure out how mortgage-ready they are,” says Marietta Rodriguez, vice president of NeighborWorks America, a national home ownership programs.

Bankrate.com’s survey found that Hispanics are the ethnic group most likely to say that their credit is blocking them from home ownership. On the other hand, blacks and whites cited the main reason for not buying yet as they just weren’t ready to own a home yet.

Overall, 35 percent of non-home owners say they don’t want to own a house yet, according to the survey. Blame that percentage on the still-lingering after-effects of the housing crisis, says Pava Leyrer, COO for Northern Mortgage Services in Grandville, Mich.

“A lot of people went through some deep pains in the past 10 years or less,” such as foreclosures, job losses, or bankruptcy filings, Leyrer says. “All of those things are traumatic in your life.”

Fear aside, many non-home owners are under the assumption that they need a higher down payment to purchase a house than is actually needed. About 20 percent of respondents to Bankrate’s survey said they need between 11 percent to 20 percent for a down payment, while 17 percent said they need 6 percent to 10 percent.

Nearly a quarter of non-home owners said, however, they “don’t’ know” how much they need for a down payment. Only 9 percent of respondents said they could do a 1 percent to 5 percent down payment.

Many non-home owners seem to lack awareness that they can get an FHA loan with just a 3.5 percent down payment or a conventional loan with a 3 percent down payment, says Rob Chrane, president and CEO at Down Payment Resource in Atlanta.

“The biggest single issue is that consumers just don’t know these programs even exist,” Chrane says. “If you don’t know of the possibility then you don’t know to ask people for help with it.”

Source: “Bankrate Survey: Nearly Half of Renters Are Afraid They Can’t Buy,” Bankrate.com (Feb. 9, 2016)

Quicken Loans’ Super Bowl Ad Generates Buzz

Quicken Loans’ Super Bowl Ad Generates Buzz

Quicken Loans’ Super Bowl 50 commercial promoting its Rocket Mortgage app has sparked discussion online, including questions about whether the lender is making getting a mortgage too easy now.

In the 60-second commercial spot, the company touts: “You can get a mortgage from your phone.” The company says in the commercial that making the mortgage process easier would, in turn, create more home owners and lead to a more robust economy.

But on social media, viewers were quick to express concerns that making it too easy to get a mortgage could bring about a second housing crisis by extending loans to unqualified borrowers.

The Consumer Financial Protection Bureau even weighed in to the Twitter blitz, warning consumers to be wary of technology in the mortgage application process (although it doesn’t refer to Quicken Loans by name).

Quicken Loans’ Rocket Mortgage doesn’t underwrite mortgages by just a tap on your smartphone. Instead, the company says it’s a way to skip the verbal interaction with a lender over the phone when consumers seek to obtain their rate options and will make shopping for a loan quicker.

Its commercial has certainly gotten people talking on social media, and Quicken Loans has been quick to engage with customers back on social media who have expressed concerns.

“By using social media to interact directly with consumers, Quicken provided an opportunity to engage with people who are either uninformed about the mortgage process or haven’t even given any thought to the idea of buying a home, and answer their questions in real time,” the National Mortgage News reports.

Source: “Quicken Renews Debate Over How Fast Is Too Fast to Get a Mortgage,” National Mortgage News (Feb. 8, 2016)