Igor Nastaskin, Author at Live in the Hollywood Riviera

Mortgage Rates Drop

Freddie Mac’s most recent Primary Mortgage Market Survey shows that treasury yields fell from a week ago, helping to drive mortgage rates down to begin the new year. “The 30-year mortgage rate is down a quarter of a percentage point from where it was a year ago, and the spread between the 30-year fixed and 5/1 adjustable rate mortgage is the lowest since 2009,” says Len Kiefer, Freddie Mac’s deputy chief economist. “With the FOMC minutes showing continued support for gradual increases in policy rates from many participants and inflation rates remaining low, there isn’t much upward pressure on long-term rates at the moment. Whether that changes due to a tighter labor market and the economic impact of tax reform remains to be seen.” Here, a look at Freddie Mac’s survey findings for the week ending Jan. 4: The 30-year fixed-rate mortgage averaged 3.95 percent, with an average 0.5 point, down from the previous week when it averaged 3.99 percent. A year ago at this time, the 30-year fixed-rate mortgage averaged 4.20 percent. The 15-year fixed-rate mortgage averaged 3.38 percent, with an average 0.5 point, down from the previous week when it averaged 3.44 percent. A year ago at this time, the 15-year fixed-rate mortgage averaged 3.44 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.45 percent, with an average 0.4 point, down from the previous week when it averaged 3.47 percent. A year ago, the five-year adjustable-rate mortgage averaged 3.33 percent.

Deed Versus Title…What’s the Difference?

Most people use the terms deed and title interchangeably, but there’s a significant difference between the two—a distinction that’s important to understand when you’re preparing to buy a home. Here, Realtor.com examines what distinguishes a deed from a title. The difference between the two real estate terms A deed is a legal document used to confirm or convey the ownership rights to a property, and it must be signed by both the buyer and the seller. A title, however, is the legal way of saying you have ownership of the property. The title is not a document, but a concept that says you have the rights to use that property. When you buy a property, you will receive the deed, a document that proves you own it. That deed is an official document that says you have title to the real estate. How to get the deed and take title of a property To get the deed and “take title”—or legally own the property—your lender will perform a title search. This ensures that the seller has the legal right to transfer ownership of the property to you, and that there are no liens against it. If everything is clear, then at closing the seller will transfer the title to you, and you become the legal possessor of the property. The title or escrow company will then ensure the deed is recorded with the county assessor’s office or courthouse, depending on where you live. You’ll generally get a notification a few weeks after closing that your deed has been recorded. If you don’t, you should check with the professional who did your closing and ensure that the paperwork has been filed. At that point, you have the deed and title to the real estate and the property is all yours. What is title insurance? Even with all of the due diligence a title company does before closing, there are rare instances when title problems can pop up later (such as missed liens and other legal issues that can be very costly to resolve). To protect against any financial loss, two types of title insurance exist: owner’s title insurance and lender’s title insurance. An owner’s title policy protects the buyer from events that have happened in the past that could jeopardize their financial interest, such as title defects from fraud or paperwork errors, unpaid liens against the property or claims that someone else is the real, legal property owner. Meanwhile, when you secure a mortgage, your lender or bank will require that you purchase lender’s title insurance to protect the lender’s investment in case any title problems arise. Lender’s title insurance essentially protects the lender’s interest in your property, which is typically until your mortgage is paid off.

Why You Shouldn’t Buy a House Without a Home Inspection Checklist

A home inspection checklist is a rundown of features throughout a house that might be faulty or need fixing. Home inspectors use these lists while inspecting homes, which prevents them from accidentally overlooking small things and thereby guarantees that their inspection is thorough. Getting a good home inspection is crucial, since it can help you root out potentially costly problems before the house is officially yours. If any of these features don’t pass muster, you can renegotiate with the seller (to lower the price or pay for repairs), or back out of the deal entirely. Here, Realtor.com offers a rundown of the main things a home inspection checklist will encompass. Structural issues A home inspector will look for a cracked foundation, sagging beams, wood rot and uneven floors, identifying areas that may be compromised. Roof problems If the roof is sloped, an inspector will look for curling or missing shingles, worn granules, cracks in skylight sealant and loose gutters. If the roof is flat, the inspector will want to check for cracks in the seams and any kinds of divots or spongy areas. Mechanical issues From central air to water radiators, the heating and cooling systems in a house should be turned on by the inspector (regardless of the season) to ensure they’re in proper working condition. Plumbing concerns Although a home inspector can inspect only plumbing that is visually accessible, the checklist will include keeping an eye out for leaks under bathroom sinks, signs of corrosion and rusting of cast-iron drain lines, and water pressure. Electrical troubles Electrical issues could spark house fires, which is why inspectors check outlets individually to ensure they’re properly hooked up to power and grounded. They’ll also check for code violations and gauge the age of the electrical system. Overall condition Do the doors stick? Are there windows that have been painted shut? Will the oven that’s being sold with the house actually turn on? A home inspector’s checklist includes walking through the house and checking on these basic elements, so that issues can be rectified before you buy. Safety The home inspection checklist will include items that may compromise the safety of you and your family. That list includes: • Open stair risers that are too high; • Wobbly deck supports; • Loose or missing handrails; • Nonfunctional smoke and carbon monoxide detectors; • Peeling paint if the home was built before 1978; • Signs of mold; • Spongy subfloors; • Tripping hazards; and • Signs that a chimney needs maintenance. Should home buyers read the home inspection checklist? Since a home inspection checklist is extremely detailed, home buyers should not feel required to peruse it in depth. However, you should make sure your home inspector is working off one. No one, not even the best inspector, can remember everything. After your home inspection, you should receive a report with detailed notes that analyze the condition and flag any potential problems. This document is the one you’ll want to scrutinize and discuss with your inspector. Even better: See if you can tag along during the home inspection so you can actually see any problems for yourself.

Seven Home-Staging Secrets That Can Make a Small Living Room Look Huge

When it comes to home staging, the golden rule is to make a space look bigger to prospective buyers. And perhaps nowhere is that concept more vitally important than in the living room—the place where homeowners tend to spend most of their time entertaining and relaxing, and where potential buyers will be placing extra scrutiny. Here, Realtor.com offers a few quick and relatively affordable ways to maximize your living room’s first impression, even when the square footage is lacking. 1. Don’t leave the living room empty An empty room gives buyers no point of reference for size. In fact, buyers often will walk away from a vacant home because they falsely believe their own furniture will not fit in the master bedroom or that the living room will not provide enough seating for entertaining. Staging can help buyers visualize how they can arrange their own furniture. But don’t just shove some furniture in the living room and call it a day. There’s actually a science to arranging your stuff in a way that makes the room feel bigger. Most buyers scan a room from left to right upon entry. If you place the tallest piece of furniture in the far left corner, the room will appear larger than if that same piece of furniture is closer to the entry. Placing a large or tall piece of furniture near an entryway or door tricks the eye into thinking a space is smaller than it is, so keep taller items in corners or eliminate them altogether. 2. Carefully consider your seating scheme Choose a focal point—a fireplace or windows with a view are the usual suspects, but maybe yours is a great piece of art or a family heirloom—and position your seating arrangement around it. Remember: You want prospective buyers to imagine themselves actually living in and using your space, so your seating concept should be functional. Carefully consider how your room flows; you never want a buyer to walk into a room that’s blocked or overloaded with heavy furniture. 3. Scale down your furniture Never fill your small space with a truckload of huge stuff; you’ll dwarf the space, naturally. Instead of a sectional or large sofa, use a love seat, a wedge sofa or a semicircular sofa that curves inward. Using smaller furniture leaves more white space, which will make the room seem larger. Another alternative: Choose a piece that looks airy in a material such as wicker or rattan. Note: Try not to go overboard with the tiny pieces. Too many can make a room look cluttered and, therefore, smaller. 4. Build around your largest piece—and edit ruthlessly Assess the room for your largest piece (likely your sofa), and judge every other item in the room against it. Ask whether it serves a purpose, either functional or decorative. If you can’t come up with an answer immediately, it’s not worth keeping. While you’re at it, switch bold, busy pieces of artwork for more neutral, unobtrusive prints, and get rid of the clunky family photos on the mantel. Remember: The goal is for your space—not your trinkets—to do the talking. Pro stagers also nearly universally recommend ditching TV sets, which occupy a lot of visual real estate. The only exception? A wall-mounted, flat-screen TV that’s appropriately sized to the room. 5. Balance color You don’t need to cover your walls in white. You can have some fun with color, but you’ll need to follow some basic rules to avoid overwhelming the space. First, nix dark or bold paint colors, which make cramped spaces feel tighter—or at least use them sparingly on accent walls, for example. Brighter colors should be repeated to be balanced well—especially in a smaller space. If a rug is red and everything else in the room is various shades of neutral, add red to the pillows and accessories. When it comes to ceiling colors, choose a shade that’s lighter than your walls to give the impression of openness. For extra credit, match your wall color to larger (lighter-hued) pieces of furniture, which makes the latter blend in and seem smaller. 6. Use the proper materials When it comes to furnishings, materials such as glass and metal reflect light and give a greater sense of space than dark, heavy wood pieces. Avoid heavy bookshelves and try floating shelves instead. Then declutter their contents by at least 60 percent. 7. Lighten up An abundance of natural light tricks the eye into thinking a space is larger. To maximize light, keep your window treatments minimal with a simple roller shade. If you must have curtains, choose a lightweight, airy fabric such as voile or linen and mount the rod as close to the ceiling as possible to create the illusion of height. For darker rooms, hang mirrors to reflect the light you have.

5 Tips That Can Help Sell Your House Fast

Looking to find a buyer as fast as possible? Looking to find a buyer as fast as possible? Before your home hits the market, do these 5 things to make your home stand out. Don’t forget #5. These tips from Realtor.com can’t guarantee a speedy sale, but they definitely won’t hurt your chances of securing a buyer. 1. Tidy up to make your house stand out Pristine houses are much more attractive to a buyer, so you’ll want to start cleaning before the listing photos are taken. That means getting rid of clutter both inside the house and in the yard and making everything look its best. Clean from top to bottom in every room of the house. Wipe down cabinets and drawers, remove any scuffs from the walls, give all kitchen appliances a once-over, clean air vents, shampoo your carpets, and then sweep, vacuum or mop every inch of the house. It will take you several days of work, but the payoff will be worth it. 2. Have your house staged If you want to go the extra mile beyond cleaning, consider having your house staged to make it more attractive to buyers. Staging typically takes anywhere from a few days to a couple of weeks, depending on the availability of rental furniture, movers and installers. If you’re facing a major time crunch, try focusing on staging the beds, sofas, tables, chairs, and art—items that make a house feel like a home where people can live and get comfortable. 3. Hire a professional photographer to take listing photos It may feel like hiring a professional will be a waste of money; after all, your cellphone has a great camera, right? But that can be a sale killer. First impressions are everything and need to be done correctly. A professional photographer has all of the tools to capture the right lighting and to make everything look brighter and inviting. The pros also have wide-angle lenses to fit the entire room in a photo. 4. Make your home available for showings Once everything is set up, prepare to spend a lot of time away from your home so buyers and real estate agents can view the property comfortably—without you or your pets wandering around the halls. Remember: If you want to sell your home fast, you need to be flexible and open with your time and allow buyers to tour it as often as possible. 5. Decide on the right selling price To sell fast, your house needs to be priced to compete with others currently on the market. Your real estate agent can help you decide on the right price for your home by looking at a variety of factors: your home’s age; any updates; square footage; and the school district. An agent also will pull up comparable homes that have sold in the area to evaluate the best price.

Five Signs That You Need to Upgrade Your Kitchen Before Selling Your Home

The kitchen is one of the most beloved rooms in any home. So, when it comes time to sell, you’ll want to make sure it’s not only functional but appealing as well. Here, Zillow offers five signs that scream for a kitchen upgrade. 1. Outdated appliances If you still have the same appliances as you did when you first moved in to your home, they likely are outdated. This means they usually are less attractive and drain more energy than newer models on the market. If you do decide to upgrade, be sure to consult a professional electrician to make sure everything is wired properly and up to code. 2. Damage and wear Damage beyond normal wear and tear needs to be addressed. For example, water damage from a leaking refrigerator or dishwasher can cause mold on and underneath the flooring or peeling on the countertops, floors and walls, depending on the materials. Cracked, peeling or chipped countertops and floors also are prime spots for dangerous bacteria to reside. And even clean counters and floors with stains can cause buyers to think twice if they’re considering purchasing your home. Upgrading to newer counters made from a durable material such as granite is a good investment that can last practically a lifetime. 3. Not enough counter space Ideally, your counters always should be clutter-free, and everything should have an easily accessible place. Adding more counter space doesn’t have to mean tearing down walls and completely redoing the layout. If your floor plan allows, installing an island is a simple way to add counter space. And if it’s just the clutter that’s the problem, adding larger cabinets or deeper drawers will increase storage. 4. You can’t find anything A disorganized kitchen makes it difficult to find anything, which can cause anxiety over cooking and render a kitchen useless. A fresh design and organization strategy is a worthy investment that will help prospective buyers see that they will enjoy the cooking process. 5. Your house won’t sell Although saving for your new home often is the priority when moving, upgrading your current kitchen before you go is an investment that may very well pay for itself. Home shoppers often gravitate first toward the kitchen. So, if you’ve been having trouble selling your home and the kitchen’s outdated that could be the reason. Buyers usually are more interested in move-in ready homes that require little or no remodeling. A more appealing, upgraded kitchen can be a motivating factor for buyers, hopefully resulting in less time on the market and a better selling price.

What Happens When a One-of-a-Kind Home Needs a New Owner?

Sometimes when you’re shopping for a home, you can come across one that truly stands out for some reason. Maybe it’s architecturally significant or in some way conveys a “different” attribute—it might be a castle, church or a fire station that has been converted into one or more living spaces. With an unusual home, pricing and marketing can be a challenge, but Zillow offers three important factors to keep in mind if you’re thinking about buying or selling a truly unique property. 1. Buyers should be cautious A would-be buyer may want to reconsider purchasing an offbeat home. Although it might be a home you love, it also is an investment. A home with a unique, unchangeable structural feature likely will alienate a large portion of the market. If you’re faced with the opportunity to purchase a unique home, don’t get caught up in the excitement of it all. Think long term. Understand that when it comes time to sell, it may be a burden, particularly if you try to sell in a slow market. 2. When selling, don’t assume buyers will love what you love As the owner of an interesting or different home who is considering a sale, be aware that not everyone will have the same feeling about the home as you did when you bought the place. While you’re likely to get lots of activity, showings and excitement over your property, a lot of that simply might be curious buyers, nosy neighbors or tire kickers. Time after time, sellers with unique homes believe that since they fell head over heels, another buyer who might feel the same. But that person could be hard to find. 3. Hire the right agent and have a serious marketing/pricing discussion A unique home requires a unique marketing plan and pricing strategy, as well as a good agent. The buyer may not even live in your local market, and instead might be an opportunist buyer open to a unique property. So, you should consider advertising outside the mainstream circles. Media and press can help get the special home the attention it may need. The buyer may not want to live in your town, but is fascinated by an old church or castle. The more you get this out there, the better your options for finding the specific buyer. If you get lots of action but few offers, you may need to drop the price below the comparable sales to generate interest, particularly if you really need to sell. Just like a home with a funky floor plan, on a busy intersection or with a tiny backyard, the market for your unique home is simply smaller.