How Will Rising Interest Rates Affect You?

Welcome back to my real estate blog! Lately I’ve been getting a lot of questions from both buyers and sellers about how the rising interest rates will affect them.

Buyers are going to take a harder hit than sellers. Most buyers have been looking at a base interest rate of 2-3% over the past few months. Rates have increased to 4-5% now. This is a huge impact mentally; financially it’s not that big of an impact. You are only going up one point.

To explain financially, a payment for a typical mortgage product six months ago was just around $1,700, now with the increase in rate it’s just above $2,000. That’s a $300 hit on your income. This will cause affordability problems for some which will lessen then buyers’ pool.

My advice to buyers is to get the house you want at the price you want, but with a fixed rate. I would not recommend getting a variable interest rate mortgage.

The rise in interest rates won’t affect sellers as much. You may think that now your home isn’t worth as much, but the reason for that is because appraisers are valuing your home at less. The reason for this is because of the dramatic changes in the market. With multiple offers, I am able to get you more than the appraisal value.

If you have questions about how the interest rates will affect you, give me a call 419.874.118

How to Win Your Dream Home

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A lot of you want to know the secret to winning the bid on a home.  It’s most important to know the market first.  The most recent report for the Perrysburg area shows a three month inventory.  This means that if no other homes came on the market there would be no houses for sale left.  That is the lowest I’ve seen in my career.

The report also shows the number of houses for sale has dropped from 500 to 280, yet prices have held steady or declined based on closed home sales.

Now that you know the market, we have four tips to help you win the home you want.

Don’t Look Back

When you find a home you like, make a bid.  There is no assurance a house like it will come on the market soon.

Be Serious

Make your best offer first.  If you give a weak offer first, often times you are helping someone that has a better bid get the home.

Hire a Local Real Estate Expert

You need someone who knows what they are doing.  It is a competitive market; you need a full time real estate agent who will work around the clock for you.

It’s Not Winner Takes All

Make an offer that works for both you and the seller.  Communicate with the seller, find out what they want.  If you’re flexible in other channels you may be able to get a better deal.

If you have any questions or want to know more visit my website at www.modene.com or call me at 419-874-1188.  We’ll find a way to help you!

Mobile Home Searches Changes How We Search and Find the Perfect Home

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Each year we come across countless new technologies; some have a significant impact on our home search experience while others put the entire process on overdrive!

In our constant quest to bring our buyers and sellers the ultimate experience, we are always scouting the industry for the latest and greatest tools designed to make things easier. With the newest thing in real estate being mobile home searching – we set out to find out which platforms offer the best visibility and what makes them good. Here is a look at the platforms we suggest you use and the reasons they are proven successful.

MLStoledo.com or GoToledoHomes.com 
Visit these sites for the best home buying experience in the business. These are the search engines of our choice and they are always up-to-date with the latest, factual information you need to make informed decisions. Using your tablet, mobile phone, laptop or any other mobile device that supports these platforms, you will instantly notice a difference.

Constantly Updated Data Feeds
It used to be a process that would painstakingly take weeks before you could expect to receive updated information. Then it slowly boiled down to one week between updates, then a few times each week, then daily and finally hourly. Today, when you use move.com and move.com affiliated websites, you will receive up to the minute information, updated four times each hour. So if you see a listing with a reduced price, you know that price is accurate. And you know the information displayed is the most recent.

More Communication by Agents
Most large-scale, national home search sites are driven by heavy sales and marketing efforts designed with a for-profit goal in mind. So you may not always get in touch or be able to reach the agent you’re seeking when it comes to finding out more information about some listings. Our recommended mobile search sites eradicate that concern, with move.com administration working on ways to strengthen agents’ commitments to get in touch and respond to your inquiries.

Straight Factual Information
Many national websites are geared toward presenting listing information that may or may not be up-to-date. In fact, a lot of the homes you might find in your search are purely based on public records rather than through an MLS IDX feed. Our recommended sites present only active listings that you can actually expect to see. Straight, factual information is critical in a fast-moving marketplace like today.

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We are committed to making your home buying experience the best it can possibly be and with today’s mobile home search platforms, you need to be searching on sites that give you the most accurate information, in the fastest amount of time. Call us today for a customized consultation about your home buying needs or if you’d like to see any of the homes you’ve found on your mobile search!

How to Influence a Lower Homeowner’s Insurance

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Very surprisingly, many homeowners have no idea that if they were to shop around they could easily save a significant amount of money from one insurance carrier to the next. But there is an even greater hidden secret that could end up saving you hundreds of dollars more each year (if not more) and it is very simple.

It turns out that with just a few simple and easy “tricks” you can keep a lot more money in your pocket. Here are some great ways to help bring your home insurance premium payment down:

Update Your Home to Current Safety Code
One of the easiest (and inexpensive) things to do is to change out the old plastic dryer vent accordion pipe with a metal one. It takes minutes to do and as soon as your insurance finds out you’ve made the change that extra fire safety precaution will bring down your insurance rate.

Similarly, install updated fire and smoke detectors, put in carbon monoxide detectors and monitor chemical and gas levels in and around the home so that if needed you can have mitigation systems installed.

Lower Your Deductibles
How often does an insurance claim really happen? Take a look at your past track record and if you’re like most of us, chances are you don’t have a lot of insurance claims on the property. By simply increasing your deductible amount you will make your premium go down. At the same time it will help you to take extra precautions around the home so that you won’t have to file a claim and pay a large deductible.

Conduct a Mini-Audit of Your Home
Get in touch with your insurance agent and ask him or her to help you conduct a mini-audit. Take a look at all the existing policies, riders and coverage items you have. In addition, go through the home and identify other opportunities (like the dryer vent) that will lower your insurance rate.

Avoid Excessive Claims and Check With Your Agent First
A common mistake made by some homeowners is to file a claim, sometimes repeatedly, for issues that tend to raise red flags within in the insurance industry. For example, claims that deal with flooding, water-related issues or dog bites – all have the tendency to make your premiums go up. If possible, try to avoid making these claims and talk to your agent ahead of time to make sure they agree filing the claim is a good idea.
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There are other ways to chip away at your homeowner’s insurance premium, such as checking to see if they provide discounts for local college Alumni or being a member of some associations.  Call your insurance agent for more ideas.

As always, we are right here ready for you when you are ready to buy your next home. We look forward to helping make your real estate goals come true.

How to Influence a Lower Homeowner’s Insurance Premium

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Unless you live in a very volatile area, chances are your homeowner’s insurance premiums are fairly standard. But one thing that many people do not realize is that they can actually have an impact on the amount they are charged for insurance.

There are several factors involved in a homeowner’s insurance premium calculation and if you play your cards right you may be able to end up with sizable savings. Homes that are located in areas that exhibit frequent and volatile storms or acts of nature on a regular basis – such as earthquake zones, hurricane prone areas and tornado belts - will obviously see larger premiums. And seasonal weather changes like hail or windstorms will also have an impact on the rate you will pay for insurance on your property. But for the most part, there are ways to save on insurance.  Here are four factors that you can control that will help you to save money.

Cut Down Those Claims

The single biggest impact you can have on your insurance premium rates is the number of claims you file. This is largely applicable to those claims you have control over. Acts of nature will impact your rates less than deliberate or reckless occurrences such as a fire that occurs during a cookout. Be mindful of the number of claims you file and it will keep your insurance premiums down.

Spruce Up Your Credit

Like with everything else, insurance companies also want to know that you are responsible in handling your finances – in fact, they rate homeowners (and others) with an insurance score that is similar to a credit score. An insurance score takes into consideration your credit, claims history, property location and value. It is essential to get and keep good credit. Paying bills on time, avoiding late payments and demonstrating solid financial responsibility translates to lower premiums because insurance companies know they can count on you.

Choose Location Wisely

One factor that many people do not realize is how close the property is to the local fire department. The further away from a fire department the home is located the higher your insurance premium will be. In fact, your insurance premium can go as high as 50% to 60% higher than if you lived closer. The reason is the added risk of total loss since it would take them that much longer to get to your location.

Go For Higher Deductibles

At one point, deductibles for homeowner’s insurance were lower than they typically are today. Where they were once only $250 or $500 per claim, deductibles for most policies are now $1,000 with some people opting for even higher amounts – as much as $5,000. There are two reasons for the higher deductibles; not only do they serve as a deterrent from smaller claims but also homeowners receive a break on their premium.

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If you would like more information about how you can positively impact the cost of your homeowner’s insurance – or for any other property and real estate related inquiries, please contact us today!

Buyers Receive a Library of Resources on a Custom USB Stick

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We know that things are changing almost everyday. Gone are the days of triplicate documents and in come digital signatures. Those huge PC units and monitors? Replaced by every kind of mobile device that you can imagine under the sun.

So it only feels natural for us to progress with other things too. That’s why when it comes to serving our buyer clients – we don’t just hand a copy of our business card to you. We actually give you a USB stick that you can take with you. The beauty of this is that all the information you could possibly need is right on that stick.

We have everything from how to find the right Realtor ®, knowing the basics of the home buying process, to more detailed things like understanding Buyer Agency and market statistic reports so you know the area’s housing activity.

You can plug it into your computer and literally access our library of materials designed exclusively for you. If you want to add all electronic documents that pertain to your transaction, you can do that also. That way you have everything in one nifty little package. We even share information on how to go about shopping for a mortgage, sample contracts you can expect to see in your transaction and helpful tutorial videos that take out the guessing game of what you are going to experience.

We do this all with one goal in mind; to make our buyers’ experience the best it can be, to provide the most valuable information to you and to educate you so that you are prepared throughout each step. When you have these things in order – you are in a position to make good decisions about your real estate. And that’s what we want.

So the next time you decide you want to look at a home, or even if you just want a copy of this fantastic resource, just let us know. We’ll be glad to give you yours. And as always, we are right here for you, looking forward to making all your real estate goals become a reality!

Saying a Huge “Thank You” to Our Clients With a Fabulous Cruise on Lake Erie!

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Nothing brings us more pleasure than to see our clients happy and thriving in their new homes. Whether you have bought, sold or invested in property through us – we are very grateful to have had the opportunity to be your trusted real estate firm.

This time around, as we cruised around Lake Erie, hit some favorite spots along the way and enjoyed the gorgeous weather, it was a great time to be among friends. We have served some of our clients for as many as two, three or more generations – and it’s an honor to hold that distinction!

Snacks and drinks were on us – guests brought their own nibbles too and the entire trip was packed with fun...

If you would like to be a part of our next Client Appreciation Cruise – contact us today and we’ll make sure you get an invitation. And as always, we look forward to serving you with all your real estate needs!