Living In Your Home • April 6, 2021

It’s Time For Spring Cleaning

by Roslyn Sibilia

The weather may not feel like it, but spring is here…Time to dust off the cleaning supplies for the home. Before the weather gets nice enough where you don’t want to do it, take advantage now while still indoors. There are so many things to give the seasonal dusting and cleaning to that get ignored the rest of the time. Here are some things that are good to address to give your home a fresh feel for the spring and most importatnt if you are looking to prepare your home to sell. If you want more tips about how to get your house home ready, just contact me at 732-995-5609 or go to NJhomesbyroslyn.com

Home Spring Cleaning List

The Exterior

*windows & screens (including sills and molding). Winter just seems to linger on the windows

*vent covers

*ceiling fans

* wipe down the walls

*doors (those that have fingerprints on them, because we refuse to use the doorknobs.

*switch covers

*moldings clean and recaulk if needed (including base moldings and chair rails and other decorative ones.

*carpet steaming

*airduct cleaning

*dryer vent cleaning (this prevents fire hazards)

Bathrooms

recaulk if necessary. Caulk sometimes gets dried up and cracks. Recaulking prevents leaks before they turn into something more. Grout is porous and it’s good to seal it, too.

Tile floors

If using waxes, sometimes there is a buildup, steaming the floor removes this residue

Declutter

Organization is just as important. Out with the old and in with the new. Get rid of excess papers, supplies and objects that have been around and not needed. With less stuff in out in the house, comes less cleaning.

This is a great time to look up a local charity and donate unused or lightly used clothing, toys and appliances. If you haven’t used things for a few years, you probably don’t need them. If you find it hard to part with some things, take pictures and keep in an album, especially when it comes to school projects or work.

Exterior

*Prune shrubs

*Remove any dead foliage

*Edging give a clean look to a lawn or anywhere grass leads to a patio or pool.

*Repaint/stain the deck

*Powerwash the patio, walkways, house and pvc fence. Parts of a home facing north, get discolored with a moldy green. This is normal due to the minimal amount of sun on that side.

*Weeding…we all hate it, but it needs to be done

*Resealing the driveway

EDGE Scholarship • January 3, 2021

Scholarship Application Season Is Here!

by Roslyn Sibilia

EDGEscholarship.com

Have questions…Contact me at 732-995-5609 or RSibilia@ERACentral.com

Housing Market • September 9, 2020

Listen to Your Fellow Americans

by Roslyn Sibilia

Positive news regarding the housing market has created a confidence to be part of it… Many Americans are optimistic when it comes to decisions about buying or selling a home based on a recent poll by Fannie Mae. See what other Americans are saying about the housing market. If you are ready to get off the fence and search for a new home, contact me, Roslyn Sibilia at 732-995-5609.

In a seller’s market, it’s not too surprising Americans have expressed optimism toward home selling. But Americans also say it’s a good time to be a buyer—in fact, more Americans are bullish over buying than selling.

Fannie Mae’s Home Purchase Sentiment Index, which reflects the attitudes of more than 1,000 respondents toward housing, shows consumer sentiment over five of six housing indicators increased in August. Consumers are expressing more optimistic views than previously over buying and selling, and fewer concerns over job losses.

The buyer optimism stems from near-record low mortgage rates, which are helping to “restore much of consumers’ positivity on whether it is a good time to buy a home, while also improving the good-time-to-sell sentiment,” says Doug Duncan, senior vice president and chief economist. “The August survey was conducted as consumers continue to face uncertainty regarding schools’ and business’ reopening plans and as the CARES Act $600-per-week income supplement expired.”

While Fannie Mae’s Home Purchase Sentiment Index rose by 3.3 points in August to a reading of 77.5, the index is still down 16.3 points compared to a year ago.

Here’s a closer look at findings on consumer sentiment from the latest survey:

Homebuying expectations: The percentage of respondents who said it’s a good time to buy a home increased from 53% to 59% in August.
Homeselling expectations: The percentage of respondents who said it’s a good time to sell a home rose from 45% to 48%.
Home prices: Fewer respondents believe home prices will rise over the next 12 months, the percentage decreasing in August from 35% to 33%. The percentage of respondents who said home prices will likely fall decreased to 26% while the share who think home prices will stay the same was unchanged at 34%.
Mortgage rates: More Americans believe mortgage rates will remain near record lows. The percentage of respondents who said mortgage rates will go down even more over the next year increased to 33%. Forty-five percent of respondents believe mortgage rates will stay the same.
Job concerns: Consumers are less concerned about losing their jobs over the next year. Seventy-eight percent of respondents said they are not concerned about losing their job in the next 12 months, up slightly from 76% the previous month.
Household income: Some Americans are feeling richer. The percentage of respondents who said their house income is significantly higher than it was a year ago rose to 25% in August. The percentage of respondents who say their household income is significantly lower stayed unchanged at 16%. Fifty-nine percent said their household income has stayed the same.

To stay most updated regarding your home buying or selling decision, contact me to discuss your local market…732-995-5609 / NJHomesbyRoslyn.com

Source: “Poll: American Say It’s a Good Time to Buy and Sell” Realtor Magazine (September 9, 2020)

Living In Your Home • September 8, 2020

Helpful Tips When Working With Technology

by Roslyn Sibilia

Technology plays a huge factor is all lives these days….Many hours on a computer can cause side effects for some. With travel times eliminated , some may even work longer hours. Also, children’s education will be more technology driven than before with many virtual classes. Here are some tips below from Start Healthy Magazine to manage the side effects of digital headaches.

Today’s world revolves around screens. It’s hard to avoid, because most jobs require using a computer and a cell phone. Even outside of work, cell phones and televisions take up our free time. If this is you, you’ve likely experienced a digital headache. Here are the reasons digital headaches occurr and how to stop them.

Do digital headaches really happen?

Yes, digital headaches are real and in fact 60 percent American adults report experiencing digital eye strain, headaches, neck and shoulder pain, dry eyes, and blurred vision after prolonged use of screens. When using screens, blinking less than you should and trying to keep focus causes dry eyes and strain. Visual demands when dealing with screens is unlike any other activity. The technical term for it is an ocular migraine caused by eye strain and mental fatigue, and it could have serious consequences on your vision if you don’t take steps to decrease and manage it.

Suggestions to ease the pain and fatigue

Turn down the brightness

The quickest way to help decrease risk for ocular migraines is to decrease the brightness of the screen. Not only does this ease up your eyes from taking in so much light at once, but it will help prolong your battery life too.

Invest in a pair of computer glasses

Computer glasses have become a phenomenon among those immersed in digital work all day. By blocking out blue UV light, they help reduce damage to the retinas. These light waves are short and full of energy. They are the same light waves emitted from the sun and are why people wear sunglasses. Typically, computer glasses are separate from regular glasses and should only be worn when sitting in front of a screen for prolonged periods.

Limit your free time used on screens

Get outside, talk to people, and call instead of text. These are ways to step away from screens during your free time so you can reserve the work your eyes need to do during work hours only. Giving yourself time away from work should mean giving your body, most important, your eyes, time to rest as well.

Annual eye exams

Stay on top of your prescription when you feel yourself getting frequent headaches. It’s always a good idea to get an annual eye exam, even when you don’t feel your eyes hurting or vision changing. There are things going on in your eyes you can’t see or feel. When you have the proper prescription and care, it makes it easier on your eyes when they do have to work hard.

Eyes are often forgotten in our health care routine. Be kind to your eyes and follow these tips to help reduce risk factors of CVS (computer vision syndrome). Consult your optometrist before trying new glasses and changing your eye care routine.

Source: “Digital Headache Remedies” 2020 Start Healthy (September 5, 2020)

Living In Your Home • September 8, 2020

What’s Changed On Your List This Year?

by Roslyn Sibilia

Many desirable features or rooms fitting the popular search criteria have a tendency to change over the years…This year is no exception to the rule. In fact, 2020 has sparked a new wave of what is desired. Here are a few of the more popular ones. Would you add anything different?

Need space or would like to downsize?

Let’s discuss your options! Contact me at 732-995-5609 / NJHomesbyRoslyn.com

Source: Keeping Current Matters (September 4, 2020)

Housing Market • September 2, 2020

Keeping You In The Know

by Roslyn Sibilia

How Did Your County Measure Up with Home Sales?… Let me keep you on current with periodic updates about the housing market in your area. The current data shows that housing market is moving forward. Questions about your local market? Contact me, at 732-995-5609 / NJHomesbyRoslyn.com. I am always happy to keep you in the know.

Housing Market • September 2, 2020

Mortgage Applications…No Sign Of Slowdown

by Roslyn Sibilia

Thinking of Waiting it Out?…Other buyers are ahead of the game with low interest rates making the rising home prices more affordable. In fact the number of mortgage applications has surpassed the 2019 numbers 1 year ago and is up by 33%. Check out the additional information below offered in Realtor Magazine to support the current market conditions.

Contact me at 732-995-5609 /NJHomesbyRoslyn.com to discuss your next move. I am always happy to keep you in the know.

The summer homebuying spree continues as buyers rush to apply for mortgages, CNBC reports. The COVID-19 pandemic and stay-at-home orders delayed the spring housing market and fueled pent-up demand that took off well into the summer, making “August the new April,” CNBC adds.

Mortgage applications to purchase a home inched up 0.4% last week compared to the previous week, and are now 33% higher than a year ago, the Mortgage Bankers Association reported Wednesday.

Low mortgage rates are adding to buyer urgency. The average contract interest rate for a 30-year fixed-rate mortgage fell to 3.11% last week, the MBA reports.

“The home purchase market remains a bright spot for the overall economy,” says Joel Kan, an MBA economist. “Mortgage rates at record lows and households looking for more space are driving this summer’s surge in demand.”

Meanwhile, applications to refinance are 34% higher than a year ago.

Offering an olive branch to refinancers, the Federal Housing Finance Agency announced Tuesday that it would delay implementation of a new loan refinance fee until Dec. 1. The fee, known as the “adverse market fee,” was originally slated to take effect in September. It will add a surcharge of 0.5% on mortgages backed by Fannie Mae and Freddie Mac that are refinanced into lower rates. That could result in up to $1,400 extra fee for homeowners refinancing an average $300,000 GSE-backed refinanced loan. The new fee does not apply to applications for home purchases.

“Extending the effective date will permit lenders to close refinance loans that are in their pipelines and honor the rate lock commitments they made to their borrowers, ensuring that economic relief in the form of record-low interest rates will continue to flow to consumers,” says MBA CEO Bob Broeksmit.

Source: “Mortgage Demands From Homebuyers Spikes 33% Annually, Signalling No End to Summer Spree,” CNBC (Aug. 26, 2020)

Buying a Home • September 1, 2020

Importance Of Homebuying Pre-Approvals

by Roslyn Sibilia

While Most Buyers Dive Right into the List of Homes to View…I have my clients start with getting pre-approved for their home purchase. It is the first step in setting the things up for the process ahead…and you need to be ready especially in this current market and the article below from Keeping Matters Current explains why…

You may have heard that pre-approval is a great first step in the homebuying process. But why is it so important? When looking for a home, the temptation to fall in love with a house that’s outside your budget is very real. So, before you start shopping around, it’s helpful to know your price range, what you’re comfortable within a monthly mortgage payment, and ultimately how much money you can borrow for your loan. Pre-approval from a lender is the only way to do this.

According to a recent survey from realtor.com, many buyers are making the mistake of skipping the pre-approval step in the homebuying process:

“Of over 2,000 active home shoppers who plan to purchase a home in the next 12 months, only 52% obtained a pre-approval letter before beginning their home search, which means nearly half of home buyers are missing this crucial piece of paperwork.”

This paperwork (the pre-approval letter) shows sellers you’re a qualified buyer, something that can really help you stand out from the crowd in the current ultra-competitive market.

How competitive is today’s market? Extremely – especially among buyers.

With limited inventory there are many more buyers than sellers right now, and that’s fueling the competition. According to the National Association of Realtors (NAR), homes are receiving an average of 2.9 offers for sellers to negotiate, so bidding wars are heating up.

Pre-approval shows homeowners you’re a serious buyer. It helps you stand out from the crowd if you get into a multiple-offer scenario, and these days, it’s likely. When a seller knows you’re qualified to buy the home, you’re in a better position to potentially win the bidding war and land the home of your dreams.

Danielle Hale, Chief Economist for realtor.com notes:

“For ‘a buyer in a competitive market, it’s typically essential to have pre-approval done in order to submit an offer, so getting it done before you even look at homes is a smart move that will enable a buyer to move fast to put an offer in on the right home.’”

In addition, today’s housing market is also changing from moment to moment. interest rates are low, prices are going up, and lending institutions are regularly updating their standards. You’re going to need guidance to navigate these waters, so it’s important to have a team of professionals (a loan officer and a real estate agent) making sure you take the right steps along the way and can show your qualifications as a buyer at the time you find a home to purchase.

Bottom Line

In a competitive market with low inventory, a pre-approval letter is a game-changing piece of the homebuying process. If you’re ready to buy this year, let’s connect before you start searching for a home.

Source: “Why Is It so Important to Be Pre-Approved In the Homebuying Process” Keeping Current Matters (August 21, 2020)

Housing Market • August 24, 2020

Strong Real Estate Market Indicates Good News

by Roslyn Sibilia

This is good news!...A strong Real Estate market compared to those years ago is trending towards lower forbearance numbers than those anticipated…which means less foreclosures on the horizon due to the shutdown this year. Current conditions…this is not a housing crisis. The real estate market keeps moving forward.

A recent article by Keeping Matters Current shows why this is so.

Originally, some housing industry analysts were concerned that the mortgage forbearance program (which allows families to delay payments to a later date) could lead to an increase in foreclosures when forbearances end. Some even worried that we might relive the 2006-2008 housing crash all over again. Once you examine the data, however, that seems unlikely.

As reported by Odeta Kushi, Deputy Chief Economist for First American:

“Despite the federal foreclosure moratorium, there were fears that up to 30% of homeowners would require forbearance, ultimately leading to a foreclosure tsunami. Forbearance did not hit 30%, but rather peaked at 8.6% and has been steadily falling since.”

According to the most current data from Black Knight, the percentage of homes in forbearance has fallen to 7.4%. The report also gives the decrease in raw numbers:

“The overall trend of incremental improvement in the number of mortgages in active forbearance continues. According to the latest data from Black Knight’s McDash Flash Forbearance Tracker, the number of mortgages in active forbearance fell by another 71,000 over the past week, pushing the total under 4 million for the first time since early May.”

Here’s a graph showing the decline in forbearances over the last several months:

The report also explains that across the board, overall forbearance activity fell with 10% fewer new forbearance requests and nearly 40% fewer renewals.

What about potential foreclosures once forbearances end?

Kushi also addresses this question:

“There are two main reasons why this crisis is unlikely to produce a wave of foreclosures similar to the 2008 recession. First, the housing market is in a much stronger position compared with a decade ago. Accompanied by more rigorous lending standards, the household debt-to-income ratio is at a four-decade low and household equity near a three-decade high. Indeed, thus far, MBA data indicates that the majority of homeowners who took advantage of forbearance programs are either staying current on their mortgage or paying off the loan through a home sale or a refinance. Second, this service sector-driven recession is disproportionately impacting renters.”

There is one potential challenge

Today, the options available to homeowners will prevent a large spike in foreclosures. That’s good not just for those families impacted, but for the overall housing market. A recent study by Fannie Mae, however, reveals that many Americans are not aware of the options they have.

It’s imperative for potentially impacted families to better understand the mortgage relief programs available to them, for their personal housing situation and for the overall real estate market.

Bottom Line

If Americans fully understand their options and make good choices regarding those options, the current economic slowdown does not need to lead to mass foreclosures.

Source: ” Forbearance Numbers Are Lower Than Expected” Keeping Current Matters (August 21, 2020)

Buying a Home • July 31, 2020

Are You Ready To Take The Leap For A New Home?

by Roslyn Sibilia

First time home buyers leaping ahead… and I am ready to help you through the process…First time home buyers are proving to take advantage of the current interest rates, which have been around 3%. it’s a great time to buy if you are renting and paying your landlord’s mortgage. For the same rental amount and possibly less you can purchase the security of being able to live in your home as long as you so choose.

Here’s an article by Realtor.com and about First Time Home Buyers

July 23, 2020By: Scholastica (Gay) Cororaton

First-time buyers accounted for 35% of existing homes sold in June 2020, according to the latest Realtors® Confidence Index (RCI) Survey report, a report based on a monthly survey of Realtors® about their transactions during the month.1 The share of first-time buyers increased in March through June—right into the heart of the pandemic period and the surge in unemployment—and is now trending higher than the 29% to 32% average in past years since 2012.

Why the rise in home buying? The major factor is, arguably, low mortgage rates. As of the week ended July 16, the 30-year fixed mortgage rate dropped to 2.98%. With rates so low that are locked in under a 30-year mortgage, the typical mortgage payment, estimated at $1,036, has fallen below the median rent, at $1,045. For potential home buyers who were thinking of purchasing a home anyway before the pandemic outbreak and who are likely to remain employed, the low mortgage rate may be the clincher.

Below, I show the savings from mortgage payment versus rent in a low mortgage environment (~$178,000) and the price appreciation gains from owning a home over the past 30 years (~$168,000). It is no wonder that homeownership is a pathway to wealth accumulation.

Savings from lower mortgage payment over 30 years: $177,500

In June, the 30-year fixed-rate mortgage averaged 3.16%. At this rate, the mortgage payment on a single-family home worth $298,600 (median price) financed with a 20% down payment and a 30-year mortgage is $1,036, which is slightly lower than the median rent of $1,045 in the second quarter of 2020.

Not only is the mortgage payment lower – it will remain so for the next 30 years while rent payment won’t stay the same. If we assume that rent will rise at 2.5% annually, the rent on the 30th year will have doubled to $2,128. The annual difference in mortgage payment and rent starts off at $107 in the first year, but by the 5th year, the savings rise to $1,409 per year, and then to $3,228 on the 10th year, and to $13,328 on the last year. The fact that mortgage rents are fixed while rent rises are one of the causes of the wealth built from homeownership, not counting the equity gain from homeownership.

Typical home equity (appreciation gains) in past 30 years: $167,521

In addition to savings from a lower mortgage payment compared to renting, there is the gain from home price appreciation. Prices fell during the Great Recession but recovered strongly since 2012. Since 1989 through 2019, home prices have appreciated nationally by 77% based on the S&P Core Logic Case Shiller Home Price Index.3 So, if one bought a home in 1989 at $94,308, that home will be worth $261,829 in 2019, or an equity gain of $165,521.

Mortgage rates are expected to remain low for at least a year or two as the Federal Reserve Board keeps rates low to get the economy growing and bring back lost jobs, with nearly 18 million people still out of work. This means that home buying demand is likely to remain strong, with demand coming from first-time buyers, especially millennials who are in their home-buying years. For this to be sustainable, housing starts need to rise again to around 1.5 million, the rate of housing formation. Housing starts fell below 1 million after the economic lockdown delayed permitting and certification.

1 NAR’s 2019 Profile of Home Buyers and Sellers reported that the annual share of first-time buyers was 33%.

2 Social distancing regulations have been concentrated in wholesale/retail trade, hospitality/leisure & transportation ( 40% of unemployed workers) and they have a lower homeownership rate compared to the overall homeownership rate).

3 This is a repeat price index so the appreciation captures changes in sale prices of houses sold with similar physical characteristics.

Scholastica (Gay) Cororaton

Research Economist

Scholastica Gay Cororaton is the Research Economist for the National Association of REALTORS®.

It’s Time For Spring Cleaning

Scholarship Application Season Is Here!

Listen to Your Fellow Americans

Helpful Tips When Working With Technology

What’s Changed On Your List This Year?

Keeping You In The Know

Mortgage Applications…No Sign Of Slowdown

Importance Of Homebuying Pre-Approvals

Bottom Line

Strong Real Estate Market Indicates Good News

What about potential foreclosures once forbearances end?

There is one potential challenge

Bottom Line

Are You Ready To Take The Leap For A New Home?

Scholastica (Gay) Cororaton

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