Easy Tips for Seasonal Home Design: Warmer Months - PATTI LEE PROPERTIES - Results That Move You!

 

Spring and summer bring fresh air, lightness, and a sense of rebirth as the world comes alive again after hibernating. Check out these easy home design tips for the warmer months.

Warm Month Colors

Spring and summer traditionally mean pastels, but don’t let that stop you from using bold, vibrant colors. Yellows, golds, greens – you’ll find all of these reflected in nature, and they’re good choices for freshening your home design for the warmer months. Also watch for blue/green hues and softer, more muted versions of some primary colors to lead the way in 2020. Consider painting a focal point wall in a bathroom or living room in a trendy color to change up your interior, then coordinate with throw pillows and accessories.

Wreaths

Wreaths for your front door or inside the house make a simple and easy element to switch out as the seasons change. Use ribbons and other materials in bright colors along with other season-appropriate materials. Wildflowers, bird nests and eggs, tulips, daffodils – pick the elements that say spring to you and incorporate them into your décor.

Table décor

Linens should be swapped out and washed regularly, especially if they’re used frequently, and a change of season makes the perfect time to switch. Put away those fall- and winter-themed centerpieces and opt for fresh flowers instead. Keeping the blooms changed out with new ones will bring a sense of life and lightness to the room, as well as some color. Use a spring- or summer-based theme and create table arrangements around it for both casual and formal dining areas. Also add glasses appropriate for cold mixed drinks like margaritas to your table settings or bar area for easy access.

Bedrooms and bathrooms

You can put away those heavy down or down-alternative comforters in exchange for lighter-weight quilts. Likewise, swap out the flannel or jersey sheet sets for cotton ones, which breathe more easily during warmer months. For your bathroom, think about towels and rugs in brighter colors. Botanical artwork featuring seasonal plants and colors can quickly update your rooms and coordinate with bedding and towels.

Living rooms

Unless your home stays cold, you can probably put the heavy throws away in a blanket chest or closet. Clean them first before storing inside bags to keep dust mites from collecting. Replace them with a lightweight throw in a soft texture like chenille, which will make your seating area appear more inviting, even if it isn’t used much. Use season-appropriate plants in living rooms and choose airy window treatments like sheers to open up the space and let light in.

Related – Curb Appeal Blossoms With Springtime Flowers

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Four Warning Signs You May Have Termites - PATTI LEE PROPERTIES - Results That Move You!

 

A few words strike fear in a homeowner’s heart, such as “termites.” These pests cause about $5 billion in property damage yearly in the U.S. Protecting against infestation is vital. Here are four signs termites may be munching on your home.

Types of termite species

There are thousands of termite species, but in the U.S., three are the most common. 

• The subterranean termite causes the most damage and is found in every state except Alaska.
• Dampwood termites are attracted to wood with a high moisture content and are found near the Pacific Coast, in the southwest, and southern Florida.
• Drywood termites are found primarily in the South.

Unlike carpenter ants, which also destroy wood, termites actually eat wood fibers. Carpenter ants burrow into the wood to nest. 

What do termites look like?

You can find pictures online. Typically, termites are long-bodied and whitish to amber in color, resembling ants. Sometimes, you will see very long wings, much longer than their bodies.

The four signs you may have termites

• Mud tubes are tunnel pathways that subterranean termites use to move from the soil to a source of wood. If you see veins of mud tubes running from the ground up the concrete side of your foundation to a crack leading into the wall, you probably have termites.
• Swarmers are termites that temporarily present themselves to the open air. If you’ve researched what termites look like, you’ll recognize their long wings or find discarded wings. Look around windowsills and door frames.
• Piles of droppings, or frass, at cracks and seams leading to wood frames and trim boards signify infestation.
• Windowsills, door frames, and baseboards that make a hollow sound when tapped or are mushy when pressed are also signs of an infestation.

Prevention

• As with most things, prevention is better than cure. Don’t stack lumber or firewood next to your house. If you build a wood deck attached to your home, mount all posts on concrete piers or place them on concrete blocks. 
• Watch for leaks around outdoor faucets, which attract termites and carpenter ants. 
• Hire a professional pest control company and contract with them for scheduled prevention treatment. Make sure they offer a warranty for their services.

Treating an infestation

Treatment could involve hitting pockets of colonies or tenting the entire house and gassing, depending on the extent of the infestation. The cost could range from $500 to $2,500 or more.

Related – Pest Inspections in the Home Sales Process

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FAQs on Financing Your First Home - PATTI LEE PROPERTIES - Results That Move You!

 

Getting your first home mortgage can be intimidating. Let’s eliminate fear of the unknown by answering some common questions.

Q: Can I get a mortgage even though I have bad credit?

Yes, though you’ll get better interest rates with a good credit rating. With conventional financing you can get a loan with a FICO credit score as low as 620. (You can get a government Federal Housing Administration (FHA) loan with a score of 580.) To hedge against the greater risk of default with borrowers whose credit scores are relatively low, mortgage companies charge them a higher interest rate.

Though it’s possible to get a mortgage with bad credit, remember that the difference in interest paid over the life of a loan with a higher interest rate is tens of thousands of dollars. If you know you have troubled credit, it’s important to work diligently to pay your debts on time and reduce overall debt before applying for a mortgage. This may mean you have to delay a home purchase, but you’ll save big in the long run.

Q: Can I put down less than 20 percent on a home?

Yes, but again, this can cost you in the long run.

You can put down as little as 3 percent on conventional loans and 3.5 percent on FHA. But if you put down less than 20 percent on these loans, mortgage companies consider you a credit risk and will require you to pay monthly for a mortgage insurance policy that protects them from the risk you’ll default. Lenders view borrowers who put down 20 percent or more as a lower default risk because they have a bigger stake in the house and their monthly payments will be more manageable. Paying for mortgage insurance, which is required until the borrower has a 20 percent stake in the home, uses money that could be going toward building equity.

You can pay nothing down on Veterans Administration (VA) and United States Department of Agricultural (USDA) loans.

Q: Should I choose a fixed-rate or an adjustable-rate mortgage?

The answer depends on your personal circumstances and the interest rate environment.

When interest rates are low, most people choose a fixed-rate loan to lock in a low rate for the life of the loan. The upside with fixed-rate loans is that you’re protected against a rate hike when interest rates rise. The risk is that if rates go down, you’ll be missing out on lower payments. Refinancing, however, is always an option in this situation.

With an adjustable-rate mortgage (ARM), your loan begins with an interest rate below prevailing rates, and at a predetermined time, ranging from a few months to five years, the interest rate rises. Usually these loans offer a cap on the highest rate allowed. ARMs are described by their adjustment period, such as a three-year ARM.

The risk with an ARM is that the rate adjustment will happen when interest rates are rising. An ARM might work for you if you know that you plan to sell the house before the adjustment happens. Otherwise, ARM borrowers run the risk of being unable to handle the higher payment in the future. If the adjustment occurs when interest rates are falling, an ARM could actually save you money by lowering the interest rate at which the loan began.

The lender must give you a very detailed description of your loan’s terms, so read carefully and consult a financial adviser if you aren’t sure what to do.

Q: How do I find a reputable lender?

Your mortgage search should begin before your house search.

There are three main types of mortgage lenders: banks, credit unions and independent mortgage brokers. Ask your real estate agent, friends and family, and research online. Read customer reviews and compare interest rates. Understand that the rates shown are estimates and can vary according to your financial profile.

Choose three lenders and make phone calls. Ask about underwriting, the ease of application and costs such as application fees, loan origination fees, appraisal fees, credit report and points. Ask whether the lender will waive any of these costs or roll them into the loan. Also ask about discount points. These are payments you can make up front to “buy down” your interest rate by an eighth- or quarter-point. By paying points, you are essentially prepaying interest to save more interest charges over the life of the loan.

Find your lender of choice and get preapproved for a mortgage before looking at homes. Pre approval tells sellers you are a serious buyer, not just a browser, and streamlines your final approval once you put a contract on a house.

Q: When should I lock in my interest rate?

Locking an interest rate with a lender means you and the lender commit to a rate for a certain period, typically 30 days. A rate cannot be locked until after initial loan approval, and the lock usually lasts during the underwriting and final approval process on up to closing.

A rate lock protects you against the risk interest rates will rise during this process. The risk of a rate lock is that rates could actually go down during the lock period, leaving you committed to a higher rate. A “float down” provision with your lender could protect you against this risk. There’s also a risk that your closing on the house could be delayed and the rate lock will expire.  The lender assumes risks of its own in rate fluctuations.

When interest rates are rising, you can commit to a 30-day lock if you believe you can close on the home in that period of time. If you choose to lock for longer than 30 days, the mortgage company may charge you an extra eighth of a percentage point or more in interest to hedge its risk.

When interest rates are falling, you might wait for a lower rate until much nearer to closing, hoping to get the best rate possible.

Q: What if my loan application is denied?

Even before the application process you should know your credit score by pulling a free credit report.  Apply for pre approval before you begin home shopping. The lender doing the pre approval should be candid with you about challenges you may face. It’s important to note that even with pre approval, final mortgage approval is not assured.

If you are denied, the lender must tell you why. You can apply with another lender, but remember that each new application shows on your credit report and can be a drag on your score.

Keep in mind that banks’ lending standards will likely be tighter than other lenders. A mortgage broker has more latitude because he works with many lenders and can shop among them to find the best rate, fee packages and other terms for you.

Ultimately the best way to recover is to work on improving your credit score. This means making timely payments and paying down your overall debt level.

Related – FAQs for First-Time Home Buyers

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How to Build a Strong Credit History in Four Steps - PATTI LEE PROPERTIES - Results That Move You!

 

Securing a good interest rate and qualifying for a home require a good credit report. That’s easier said than done, especially for today’s millennials who are often weighed down by student loan debt. Here’s a four-step approach to building a strong credit history.

Types of credit

Debt falls into two categories: revolving and installment. Revolving accounts include credit cards or cards to specific stores. These accounts give a maximum limit that you can borrow. You’ll then have a minimum payment every month that goes toward the principal and interest.

Installment accounts refer to a fixed loan amount, paid back in scheduled payments over a specific number of months. Car loans, mortgages, student loans, personal loans – payments on these regularly reduce the principal amount, which eventually results in full repayment. Revolving debt typically carries higher fees and interest rates than installment accounts.

Step 1: Establish and maintain your credit history

Yes, you need credit, and you need credit in order to get more credit and higher limits. First-time borrowers may be required to start with a “secured” credit card. Secured means you put money in an account like a certificate of deposit and in return, the bank gives you a credit card. If you put $250 down, then your credit limit is $250. Many experts recommend using this type of card for all your gasoline purchases and then paying the balance in full each month. The longer your accounts are open and in good standing, the stronger your credit history will be.

Step 2: Pay on time

Your credit history also will reflect your timeliness in repayment. Late or skipped payments will bring your score down and can remain on your report for a number of years. In addition to the ding on your report, late or skipped payments may also bring stiff financial penalties. Credit cards companies may increase your interest rate after missed or late payments and charge late fees. Car loan companies may repossess your vehicle. The interest on student loans continues to accrue when you fail to make payments. All of these scenarios make the debt more expensive for you and harder to catch up. A history of on-time payments, on the other hand, tells a mortgage lender you’re likely to pay your mortgage on time, too.

Step 3: Don’t max out

Part of your score is based on how much of your available credit you actually spend. Using all of your available credit may be interpreted as relying too heavily on debt.

Step 4: Pay down your balances

Lenders look for diligence at reducing your debt over time. Using the above tip with a small card that you pay completely each month shows you can budget and plan your spending. Keeping high balances that carry over from month to month indicates a tendency to over-spend your income. If you find yourself with a high balance because of an unforeseen expense, it’s crucial to work steadily toward eliminating the debt, paying more than the minimum required payment each month.

These tips also work for rebuilding damaged credit but are especially important for younger millennial adults to set themselves up for success.

Related – Before the House Hunt Begins, Fix Your Credit

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Transforming Your Outdoor Space with DIY Landscape Design - PATTI LEE PROPERTIES - Results That Move You!

Designing a home landscape yourself may seem overwhelming. How do you even know where to start? But working step by step, you can handle the job. Here’s how to develop and implement a charming DIY landscape design in your outdoor space.

Step one: Learn the lay of the land

Before turning a spade of dirt, you must plan. Begin by familiarizing yourself with your property. On which sides does the sun rise and set? Does your backyard get the morning or afternoon sun? From what direction does the wind most often blow? How do your house and trees cast shade throughout the day? During periods of heavy rain, does water pond on your property? 

Spend time getting to know the characteristics of your land and house. Sit outside at different times of the day, noting the patterns of sun and shade. This information will help you choose your property’s best design and plants.

Prioritize your landscape design needs

Do your kids need a play space? Do you want to entertain with an outdoor kitchen on a patio or deck? Do you want to raise a vegetable or a flower garden? Decide what is important to you and where to place features, incorporating the knowledge you’ve gained about your property through observation.

Take out your number two pencil and sketch

Use graph paper to draw the footprint of your house and the property boundaries. Next, sketch the layout you envision for placing flower beds, lawn areas, playscapes, outdoor kitchens, and more. Start with the features closest to the house and work your way outward to ensure you plan everything to the proper scale. Contour features around the footprint of your home and the property lines to allow for easy foot traffic. 

Research plants

Now, the fun part begins: choosing the plants you’ll use to beautify your property. Buy books on gardening and landscaping or browse pictures online to find the kinds of trees, bushes, and bedding plants that please you.

Note the important characteristics of each plant you choose to ensure it will work in your landscape.

• How much sun/shade does each plant need?
• Are your flower choices annuals (plants that live one year only) or perennials (plants that return each year)?
• How much water do your choices need?
• Are your tree choices evergreen (always have leaves/needles) or deciduous (drops leaves in winter)?

Using your landscape sketch, pencil in the plants you want in each area. Be aware of the spacing needed between each species of plant.

Consult with a professional nursery

Take your DIY landscape design sketch and pictures to an independent professional nursery staffed with knowledgeable people. Big-box home improvement store personnel will not have the necessary training and experience. The nursery employees may affirm your plant choices or steer you to alternatives. Trust their advice.

You might also take a sandwich bag of your soil so the nursery can advise you on what you may need to add to your dirt to create the best growing conditions.

Purchase your plants and any soil, compost, or other additives you may need, then head home and bring your beautiful new DIY landscape design to life.

Related – Choosing the Right Trees for Your Landscape

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Selling your home? SELLER'S PACKET INFORMATION

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For Sellers, Mortgage Rates, Selling Tips Should I Wait for Mortgage Rates To Come Down Before I Move?

Should I Wait for Mortgage Rates To Come Down Before I Move?

If you’ve got a move on your mind, you may be wondering whether you should wait to sell until mortgage rates come down before you spring into action. Here’s some information that could help answer that question for you.

In the housing market, there’s a longstanding relationship between mortgage rates and buyer demand. Typically, the higher rates are, you’ll see lower buyer demand. That’s because some people who want to move will be hesitant to take on a higher mortgage rate for their next home. So, they decide to wait it out and put their plans on hold.

But when rates start to come down, things change. It goes from limited or weak demand to good or strong demand. That’s because a big portion of the buyers who sat on the sidelines when rates were higher are going to jump back in and make their moves happen. The graph below helps give you a visual of how this relationship works and where we are today:

 

As Lisa Sturtevant, Chief Economist for Bright MLS, explains:

“The higher rates we’re seeing now [are likely] going to lead more prospective buyers to sit out the market and wait for rates to come down.”

Why You Might Not Want To Wait

If you’re asking yourself: what does this mean for my move? Here’s the golden nugget. According to experts, mortgage rates are still projected to come down this year, just a bit later than they originally thought. 

When rates come down, more people are going to get back into the market. And that means you’ll have a lot more competition from other buyers when you go to purchase your next home. That may make your move more stressful if you wait because greater demand could lead to an increase in multiple offer scenarios and prices rising faster.

But if you’re ready and able to sell now, it may be worth it to get ahead of that. You have the chance to move before the competition increases.

Bottom Line

If you’re thinking about whether you should wait for rates to come down before you move, don’t forget to factor in buyer demand. Once rates decline, competition will go up even more. If you want to get ahead of that and sell now, talk to a real estate agent.

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