Mortgage Rates: Keep Them in Perspective

The thought of mortgage rates being on the rise is a frightening one, particularly for new buyers looking to enter the real estate market. However, as Chief Economist of the National Association of REALTORS Lawrence Yun points out in a recent Forbes.com article, we all need to keep the current rates in perspective.

In his words, “Taking a look back, let’s recall how high rates were in the distant past. In the 1970s, they averaged 8.9%; in the 1980s, 12.7%; in the 1990s, 8.1%; and in the first decade of the new century they came in at 6.3%. The in-and-around 4% rate is only a recent phenomenon from the year 2011 to today.”

Yun recognizes that young buyers have in recent years seen rates dip below 4%, but points out that average income levels are also on the rise, making the gradual mortgage rate climb less painful.

Be sure to put the current rate increases into perspective, especially the for younger buyers who may have never known rates to be any higher.

Cold Weather Sellers’ Checklist: 4 Tips for Staying Open House-Ready

Selling your home during the winter months can be tricky, especially for homeowners living in regions frequently affected by snow. From unforeseeable storms to unwanted messes around the house, keeping your selling timeline on-track may seem daunting – but don’t fret! Here are a few tips to keep your home open-house ready during the snowy months:

• Get ‘em in the door – You have to get potential buyers in the door, but with snowy driveways and slick walkways this can be easier said than done. Be sure to clear a path to the front door, and don’t forget to salt the walkways; you want buyers to fall in love with your home, not slip on their way in!

• Let there be light – With winter days being shorter and often darker it’s important to give your home some light. By simply pulling back any drapery and turning on lamps and overhead lights you can make your entire home look and feel brighter.

• Keep it cozy, not stuffy – While you want to keep your home comfortable and heated, many potential buyers will likely be bundled up while visiting. Rather than cranking the heat, offer a plate of cookies and hot drinks to keep the house feeling warm and give it a natural sweet smell.

• Tidy up – Winter-weather clothing is bulky; snow boots, puffy jackets, scarfs and mittens can easily pile up by the front door. De-clutter your entryways – pack away your outdoor gear to make your home look clean and organized.