Don't Spluge on Kitchen Updates

Do you have an extra $111,000 lying around? Not many of us do; but that is the average estimate for a complete kitchen redo according to Remodeling magazine. What if you were thinking about doing a minor kitchen upgrade instead? The magazine estimates those projects to be around $20,000. So how are you to update one of the most popular gathering spaces in the home without breaking the bank? Here are a few low cost ideas to update your kitchen:

1- Paint  One of the easiest and least expensive ways to update your kitchen is to add a fresh coat of paint. Remember when painting to base your color off of elements in the room that are likely to not be changed anytime soon, such as your floor, appliances, and any tiling you may have.

2- Stainless Steel  If you find that you are in the need of new kitchen appliances and decor try to purchase stainless steel. This look is universally appealing.

3- Lighting  Lighting can make the world of difference in a kitchen. Think about adding recessed lighting to create a welcoming effect, under cabinet lights to help perform tasks, and a few decorative lights to create a mood.

4-Pseudo Island  If you have the space, adding an island to your kitchen is a great idea, but since we are trying to update your kitchen without spending a lot of money think about placing a stainless steel counter height table in the center of your room. Make sure the table features room for storage underneath to help free up counter space and other clutter in your kitchen.

5-Tile  Replace (or add) the tiling on the back splash. Think about using glass tiles in a vertical pattern for a creative look.

6-Open the Room  An open floor plan is very attractive to potential buyers, so think about taking part of a wall (or the entire wall) down between your kitchen an an adjoining room.



Read the full RealtorMag article

Great News For Home Affordability

Mortgage rates took yet another dip to reach new all-time record lows according to Freddie Mac.

Take a look at the latest average rates:
-30 year fixed rate: 3.84% This rate has reached a new historical low; the last record for  a 30 year fixed rate mortgage was set in February of this year at 3.87%
-15 year fixed rate: 3.07% This also had reached a historical low. The last record for a 15 year fixed rate mortgage was set in April of this year at 3.11%
-5 year adjustable rate: 2.85% Last year, these rates were at 3.47%
-1 year adjustable rate: 2.7% Again, this is a record low for this mortgage rate!



Read the full Freddie Mac Press Release

Bidding Wars: Don't Be Surprised!

It's the return of the bidding war! Markets across the Untied States are finding increased competition for the same home. But why the competitive bidding? The answer lies within the active inventory.

Many markets are seeing a decrease in the amount of homes for sale, thus leaving prospective buyers with plenty of competition for the same home. Analysts believe that this shortage in supply is caused by homeowners unwilling to list their home for a price that is less than what they had originally purchased it for. Some economists believe that the inventory is being held low because previously foreclosed homes have failed to be listed by Fannie Mae & Freddie Mac and banks that currently own them.



Courtesy of the Wall Street Journal



But why so many buyers now? Rent prices are currently on the rise while mortgage rates are still at record lows. According to the Wall Street Journal, the monthly mortgage payment on a median-priced home is lower than any time since the 1990s. It is still most certainly the time to buy.



Read the full Wall Street Journal article