Janel Voth Realtor

Signs of Cooling Buyer Demand???

Typically, the housing market cools down in the fall and winter, then picks up during the spring and summer. These seasonal trends were obliterated when Covid-19 hit. But there are some early indications that the frantic home buying stories seen earlier this year is now easing.

Applications for mortgages to purchase a home were down by 6.9% during the week ending Oct. 1 compared to the week before, according to the latest data from the MBA’s Weekly Mortgage Applications Survey.

While this isn’t a huge drop, it’s still worth paying attention to in light of similar housing trends. In August, the average number of offers per home for sale fell to four offers, from 5.1 in May, according to the NAR. With fewer offers, buyers have a better chance of getting a home. Less competition also means fewer people around to bid up the purchase price.

Do I Need a Home Warranty?

When you purchase a home, chances are you will be offered a home warranty as protection against costly unforeseen repairs. It sounds like a great idea, but should everyone purchase a home warranty?

A home warranty can be an excellent option to protect your home investment. When coupled with a good homeowners insurance policy, you can have most of your bases covered. However, if you purchased a new home, many house systems and appliances are covered by manufacturer or builders warranties.

Purchasing a home warranty is also a great tool for sellers to give buyers piece of mind.

Below is a list of pros and cons to help you decide if a Home Warranty is right for you.

Pros:
- Peace of mind for those purchasing a home with used appliances and older systems
- Convenience. (There is no need to spend time researching dozens of repair technicians.) The home warranty company has a network of trusted professionals.
- No DIY skills or tools needed
- Relatively inexpensive to purchase. The average monthly fees are less than $100.

Cons:
- Set coverage limits per repair or per year
- Service call fees. Every time an incident happens, you’ll have to pay a service call fee that may range from $50 to $75.
- Fine print. Claims can be denied if an item has not been properly maintained. The warranty provider may require you to show proof of maintenance.
- Less Control. Home warranty companies determine whether to fix or replace a system.
- You might never use it.

Winter is coming.... A few simple steps now can save you from significant hassles later in the winter.

Fall Home Maintenance Checklist

1. Aerate your lawn to allow moisture and nutrients to get into the roots. When you’re done, spread fertilizer then grass seed.

2. Drain all garden hoses and store them indoors to protect them from the elements and turn off all outdoor faucets and drain the exterior pipes to avoid freezing and bursting (and potential water damage).

3. Trim any tree limbs that are getting close to power lines or the roof of your house. Also, be sure to check for dead or weak limbs that could break easily with the weight of the wind, snow or ice.

4. Survey your roof for any damage or missing shingles.

5. Clear your gutters and eaves of leaves, sticks, and other debris so that rainwater can flow freely through them.

6. Rake and remove leaves if they are not being mulched while mowing (which is better). Leaves piled up over winter are mostly not good for lawns, driveways, and roofs/gutters.

7. Stop cold air and water from entering your home by caulking and sealing around exterior door and window frames. Apply weatherstripping in these areas as well. Add door sweeps to the bottoms of drafty doors.

8. Replace the filter in your furnace. Schedule inspections for your HVAC system and fireplace/chimney before their cold weather workout begins.

9. Seal any gaps around your home where critters may try to enter in the winter months.

10. Test your smoke detectors and carbon monoxide detectors and replace the batteries as needed. Check your fire extinguisher expiration date and replace if it’s passed.

What are "seller concessions"?

Seller concessions are certain costs associated with homebuying that the seller agrees to pay. These can include costs related to home improvements or repairs that are needed, as well as closing costs or fees, which are the final expenses associated with closing on a home loan.

Closing costs are typically from 2% to 5% of the financed amount and are usually paid by the borrower, with a few exceptions.

Read more about seller concessions below.

What Are Seller Concessions? Whether you’re buying or selling a home, seller concessions can be used to sweeten a deal and sometimes help speed up the sales process. Even so, there are some downsides as well. So if you’re buying or selling a home soon, find out how seller concessions fit into the big picture. How Seller Con

Do you want to escrow that?🤷‍♂️

Mortgage Terms: What You Need To Know The average homeowner lives in a home for 10 years, according to the 2019 Profile of Home Buyers and Sellers from the National Association of Realtors. This means that, not counting refinances, the typical homeowner is exposed to mortgage jargon once each decade. That’s not enough to become fluen