The Home Buyer's Korner

Information presented should be used for educational purposes only.

May 16th, 2016

Guy looking up in color

What Home Buyer’s Need to Know for the Week of May 16, 2016 

Boyd Mill Franklin TN

Tennessee/Mississippi Real Estate Social

Both retail sales with and without auto sales reports exceeded expectations last month. Retail sales jumped 1.30 percent in April as compared to the March reading of 0.30 percent. Retail sales excluding the automotive sector rose from 0.40 percent growth in March to 0.80 percent growth in April. The increase in consumer spending may suggest higher confidence in economic conditions and if continued, may lead to more would-be home buyers to consider buying rather than renting.

 

Consumer sentiment also jumped in May to a reading of 95.8 as compared to an expected reading of 89.5 and April’s reading of 89.0. The reading further suggests an easing of consumer concerns over economic conditions and could bode well for housing markets as we move through the peak sales season. May’s reading was the highest in nearly a year, according to the University of Michigan, which conducts the Consumer Sentiment Survey.

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The Wendy Thompson Team

Real Estate Social ~ Memphis

The housing markets received another boost last week as average mortgage rates fell, but rising housing costs will continue to eat away at any savings seen with at today’s ultra-low rates. The rate for a 30-year fixed rate mortgage fell to 3.57 percent; the rate for a 15-year fixed rate mortgage came in at 2.81 percent. The average rate for a 5/1 adjustable rate mortgage was two basis points lower at 2.78 percent. Discount points averaged 0.50 percent for all three types of mortgages, as reported by Freddie Mac’s mortgage rate survey.

 

Despite the better than expected economic news in lower mortgage rates and higher consumer sentiment, new jobless claims jumped to a 14-month high with 294,000 new claims from the prior week’s reading of 274,000 new claims and employment analyst had expected 270,000 new claims.

 

New claims remained below the benchmark reading of 300,000 new claims for 62 consecutive weeks, which is the longest period since 1973.

 

Some employment analysts are concerned that the increase could indicate a softening of labor markets, but labor laws in New York State likely influenced the national jump in new claims as certain school workers are allowed to file for unemployment benefits during spring break.

 

A strike by some telecommunications workers likely contributed to the abrupt rise in new jobless claims. Some employment analysts pointed to New York allowing striking employees replaced by their employers while on strike to collect unemployment benefits. Excluding New York new jobless claims were near historically low levels in all other states.

 

Whats Ahead for the Week?

 

We’ll get the National Association of Home Builders Housing Market Index and Commerce Department reports on Housing Start and Building Permits issued. Monthly reports on inflation are also expected. The National Association of Realtors® will release its report on Existing Home Sales, while weekly reports on new jobless claims and mortgage rates will also be released.

HOME OWNERSHIP TOOL

Your Home Purchasing or Refinancing & Renovation Tools,

Home Improvements, Home Renovations,

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase.

Here are just a few of the home improvements

you might consider with any Home Renovation loan

Repair or replace a roof

Install, replace or repair gutters and downspouts

Replace, repair or upgrade your HVAC system

Repair or replace plumbing

Install, repair or replace electrical systems

Kitchen remodeling (including the purchase and installation of appliances)

Bathroom remodeling, Full interior painting, Total exterior painting

Repair or replace a septic system and/or well

Disability access (wheelchair ramp, elevator, widen doorways)

Build, repair or replace a deck, patio or porch

Basement waterproofing and finishing

Abatement/Stabilization of lead-based paint hazards

Replace old windows, Room additions, Finish an attic

Add a second story to your home

Replace a termite damaged sill plate (a water-damaged sill plate also)

Possible landscaping items such as correction of grading & drainage problems,

tree removal, repair a driveway and sidewalks

FHA 203K

Your Home Purchasing or Refinancing & Renovation Tool

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

FANNIE MAE HOMESTYLE

The Conventional Alternative to FHA 203K

Great for Real Estate Investors and Second Home Renovations

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

USDA RURAL DEVELOPMENT

Up to $10K for Home Improvements, Renovations or a Simple Remodel

Mortgage Loan Officers, Real Estate Agents & General Contractors are ready to assist you

A SIMPLE HOME SHOPPING INSPECTION TOOL

Organizing your home shopping experience affords a wise decision-making process.

This simple home inspection tool makes your ultimate buying decision a smart one.

To print this document click on “Open in New Window” located at the lower right corner;

click on “File”; then click on “Print”. In the center of the screen you will

have the option to “Create A Printable PDF of the Presentation”.

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