Mortgage Rates below 4%! Time to buy your dream home!

Mortgage rates fell to 3.94% for a 30-year fixed home loan, with 15-year fixed rate at 3.21%. The reason, according to pundits, was the declining currency in Russia and low oil prices.

But that's great news if you are buying a home! Call me at 803-348-9922 or email me at vsashikant@gmail.com to help you with the buying process.

Quoted from Bankrate.com

Viji Sashikant

Prudential Midlands Real Estate

Columbia, SC

BUYING A HOME IN WINTER

Spring and summer are the high season for home sales, but winter can be a buyer’s market. If you don’t mind a smaller pool of homes for sale or moving around the holidays, winter might be a good time for you to house shop.

Less Competition, More Leverage

Since spring and summer are the most active real estate seasons, many home sellers wait until then to list their homes. That means there are fewer homes for sale in the winter, but the sellers often have strong reasons to sell their homes soon, such as job relocation. These motivated sellers can be a boon to the home buyer.

While there are fewer homes to choose among, the smaller selection can save you a lot of time. Do you really want to traipse through 50 houses? It may be simpler to view the handful of homes for sale in the winter and choose the one that best suits your needs.

Just as there are fewer homes for sale during the winter, there are fewer buyers, too. That means less competition and sellers who are more willing to accommodate potential buyers. Use this knowledge to your advantage. Offer a relatively low (but not insultingly low) bid for the home you’ve selected, or ask for perks such as the living room furniture or the chandelier that you admire. The low number of potential buyers also means you have more time to make your decision. In the spring, you often need to choose a home and act quickly, but in winter you may be able to take your time.

Assessing a Home’s Winter Fitness

Viewing homes in the winter lets you see how it holds up to the weather. Did you feel cold while looking through the house? Is there a functioning heating system and hot water? Are the windows letting in drafts?

Availability of Agents and Others

Another advantage of buying a home in the off-season is the greater availability of industry professionals. Real estate agents will have fewer clients and more time to focus on your home search. Lenders will be more accessible for questions and assistance. Some lenders even waive fees during the off-season to encourage borrowers to use their services. Likewise, movers tend to lower their costs during the winter months.

Gray Gardens or Winter Wonderland?

Home buyers can be turned off by the bleak look of prospective homes in winter. Bare trees and lawns covered in gray snow aren’t the most picturesque. However, you’ll be able to see how well neighbors tend driveways and sidewalks, whether the town plows or salts icy streets, and whether kids come out to play in the snow. Around the holidays, you might even see the neighborhood decorated in its winter finest.

Courtesy: Dini Harris 

By: Realtor.com Team   |

PERFECT HOME AND NEIGHBORHOOD FOR TYKES ON BIKES!

447 ABBEYDALE WAY IN LAKE CAROLINA, COLUMBIA, SC 29229

2940 SF, 4 BEDROOMS, 2.5 BATHROOMS, 2-CAR GARAGE AND FENCED YARD.

This Lake Carolina home in a cul de sac is perfect for tykes on bikes. Meet your neighbors from your rocking chair front porch. Huge raised patio and fenced yard for entertaining. With the Y round the corner, great schools, miles of trails, tennis courts, pools and the lake, you can enjoy the lifestyle you've always wanted.

This charming home has a beautiful flow on first floor from foyer through great room to elegant sunroom. Spacious kitchen with 42' cabinets, a breakfast bar and large eat-in area. Generous-sized master bedroom with trey ceiling and his/her walk-in closets. Master bath with double vanities, garden tub and separate shower. 3 more bedrooms and huge FROG on 2nd floor. Large deck and fully fenced yard. Home warranty.

BRICK FRONT HOME WITH ROCKING CHAIR PORCH

GREAT ROOM WITH FIREPLACE

LARGE KITCHEN

FORMAL DINING ROOM

HUGE PATIO FOR ENTERTAINING

FENCED YARD - SAFE FOR KIDS AND PETS

GORGEOUS SUNROOM

Great News for Home-Buyers! Mortgage Rates Dip Below 4% Threshold

If you have been worrying about interest rates going up and your dream home becoming un-affordable, take heart!

Borrowing costs sank to the lowest amounts in more than a year as the 30-year-fixed rate mortgage averaged 3.97 percent this week. 

The 30-year fixed-rate mortgage is at its lowest average since the week of June 20, 2013, when it averaged 3.93 percent.

This is how today's rates look as compared to rates last week and at the same time last year:

	This Week	Last Week	A Year Ago
30-year fixed rate	3.97%	4.12%	4.28%
15-year fixed rate	3.18%	3.30%	3.33%
5-year hybrid ARM	2.92%	3.05%	2.42%
1-year ARM	2.38%	2.42%	2.63%

So... should you go ahead and buy a home? Just do it!

Call me at 803-348-9922 or email me at vsashikant@gmail.com for listings in the Columbia/Lexington area.
Source: Realtor Magazine

Harvard’s 5 Financial Reasons to Buy a Home

Eric Belsky, Managing Director of the Joint Center of Housing Studies at Harvard University, also currently serves on the editorial board of the Journal of Housing Research and Housing Policy Debate. Last year, he released a paper on homeownership - The Dream Lives On: the Future of Homeownership in America. In his paper, Belsky reveals five financial reasons people should consider buying a home. 

Here are the five reasons, each followed by an excerpt from the study: 

1. Housing is typically the one leveraged investment available.
“Few households are interested in borrowing money to buy stocks and bonds and few lenders are willing to lend them the money. As a result, homeownership allows households to amplify any appreciation on the value of their homes by a leverage factor. Even a hefty 20 percent down payment results in a leverage factor of five so that every percentage point rise in the value of the home is a 5 percent return on their equity. With many buyers putting 10 percent or less down, their leverage factor is 10 or more.”

2. You’re paying for housing whether you own or rent.
“Homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord.”

3. Owning is usually a form of “forced savings”.
“Since many people have trouble saving and have to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings to another day.”

4. There are substantial tax benefits to owning.
“Homeowners are able to deduct mortgage interest and property taxes from income. On top of all this, capital gains up to $250,000 are excluded from income for single filers and up to $500,000 for married couples if they sell their homes for a gain.”

5. Owning is a hedge against inflation.
“Housing costs and rents have tended over most time periods to go up at or higher than the rate of inflation, making owning an attractive proposition.”

Bottom Line
We realize that homeownership makes sense for many Americans for an assortment of social and family reasons. It also makes sense financially. 

From Keeping Current Matters

10 Structural Red Flags

No home is perfect. That’s why if you are a seller, it is advisable to have a pre-sale inspection. Repairing problem areas prior to putting the house on the market can increase your home’s value and avoid unpleasant surprises during the sales negotiation or at time of closing.

At the same time, home buyers need to understand what’s normal and what’s not. Most foundations have cracks and 90 percent are normal.

Here are 10 biggest structural red flags:

1.      Foundation cracks. Ridges or lateral movement indicate a change in a surface that could be cause for concern. Most times, the width of the crack is not important, but the displacement of the surfaces on either side of it. Find out why the change occurred to get the problem solved properly. A foundation wall could be inadequate, or too much water may have accumulated outside.

2.      Load-bearing walls removed. This problem may be tough to spot unless there is visible sagging of ceilings, cracks in ceilings or walls, and floors are springy. Pay particular attention to openings in basement and lower floor areas for excess deflection in the middle of the span and cracks in the corners of the openings. A history of a home’s renovation work may indicate that walls or columns were removed that should have been left.

3.      Faulty or insufficient wiring. Again, this won’t be easy to spot, unless wiring was done poorly or wires remain exposed. Ask whether wiring in older homes was updated and whether wiring can handle all your tech needs.

4.      Water, water everywhere. Stains may indicate prior water problems, but so can surfaces recently painted to camouflage past problems. When you smell fresh paint, use your judgment to determine whether the house has been redecorated for sale or painted only in certain areas to mask a problem. When in doubt, ask the sellers. But be wary - corrected past problems doesn’t guarantee that new problems won’t happen.

5.      Leaky roofs. Even a new roof won’t guarantee that a problem was totally resolved as the problem may be due to inferior flashing. Ask how a problem was fixed and who did the work.

6.      Ineffective windows. Windows that can’t be opened and closed should be serviced, repaired or replaced. Double-glazed windows that fog up due to faulty seals may look unattractive, but it’s rarely cost effective to replace them if energy savings are the only goal.

7.      Damp facades. Stains on wood siding may reveal entrapped moisture; cracks around bricks may indicate missing mortar. Hairline cracks around bricks may be okay, but in climates where freezing takes place, it’s advisable to seal the cracks to reduce the possibility of freeze/thaw action causing spalling, or deterioration of the brick’s face.

8.      Pesky pests. Termites and carpenter ants may reside in the home and dine without being invited. They also leave few signs, except some mud tubes and sawdust, known as frass. Best rule: Quiz homeowners about prior unwanted pests and what they did to cure problems.

9.      Sagging wood floors. Like foundation cracks, variations in wood floors are normal since wood is not a perfect material. Not acceptable: excessive slopes or a floor that feels like a trampoline when walked on. A marble is the simplest device for checking a wood floor. Place the marble on the floor. If it rolls away quickly, call an expert.

10.   Rot. Most wood that’s not treated is often vulnerable to moisture and fungal growth. Problem areas are decay that appears brown and crumbly, breaks into cubes, or is soft. Pay attention to wood that touches dirt since it’s more susceptible to picking up moisture and decay and allows an easy pathway for insects such as termites. Watch masonry or joints that are slow to dry.

If you are a seller, get three recommendations and bids before making repairs. And if you are a buyer, check permits and invoices to ensure that work was performed by professionals and in compliance with local regulations.

 

How to Pick Paint Colors

Use paint’s remodeling power to emphasize a room’s best features or play down the flaws.

What is a low-cost remedy for common complaints with interiors? Paint. It has the ability to lighten, warm or enlarge, attract or detract attention.

“Paint is a powerful tool that can enhance the architectural character and intent of space,” says Minneapolis architect Petra Schwartze of TEA2 Architects. “As you choose your paint, think about what the experience in the room should be.”

More Schwartze advice:

• Always sample paint colors on a few walls. Paint a few large swaths on walls and trim to consider the effect of natural and artificial lighting. Add samples to opposite sides of a room to judge the paint color from different angles.
• Check the space with the samples in place and watch how the paint color changes at different times of the day.
• Evaluate your reaction to the proposed colors: Does the space feel cozy or is the openness enhanced?

How to enlarge space with color

·        Painting walls white, cream, pastels, or cool colors (tinged with blue or green) creates the illusion of more space by reflecting light. Paint trim similar to walls (or use white on trim) to ensure a seamless appearance that visually expands space.

·        White or light colors lift a ceiling; darker shades can have a similar effect if you select a high-gloss paint sheen, which reflects light and enhances space.

·        Employ a monochromatic scheme to amplify the dimensions of a room. Select furnishings in one color and paint walls and trim to match. Lack of contrast makes a room seem more spacious.

·        Make walls appear taller by extending wall color onto the ceiling. Create a 6- to 12-inch-wide border of wall color on the entire ceiling perimeter, or wherever walls meet the ceiling.

·        Vertical and horizontal stripes of alternating color can make a room grand. While vertical stripes enhance room height by drawing the eye upward, horizontal stripes lure your gaze around the perimeter, making walls seem further away. Use similar light colors for low-contrast stripes, and your room will look even larger.

Creating intimacy
When a room feels cavernous, draw walls inward and make it cozy with warm colors (red-tinged) because darker hues absorb light. Similarly, a dark or warm color overhead (in a flat finish) helps make rooms with high or vaulted ceilings less voluminous.

Give peace a chance
Right paint choice can lend tranquility to a bathroom, master suite or other quiet, personal space. A palette of soft, understated color or muted tones helps you instill a calming atmosphere. Some good choices include pale lavenders, light grays or greens, and wispy blues.

Define your assets
Call out notable features in a room with paint. Dress crown moldings and other trims in white to make them pop against walls with color. Make a fireplace or other feature a focal point by painting it a color that contrasts with walls.

“Using a higher sheen of paint on woodwork, such as baseboards and door or window casings,” says Schwartze, “creates a crisp edge and clear transition from the wall to the trim.”

Hide flaws
Not everything should stand out in a space. Using a low-contrast palette is a good way to hide unappealing elements or flaws. Conduit, radiators, and other components painted the same color as the wall will seem to disappear.
   
Selecting low-sheen or flat paint colors also helps hide flaws. Unless walls are smooth, avoid using high-gloss paint because it reflects light and calls attention to an uneven surface.

What’s the cost?
As a DIY job, painting a 12-by-12-ft. space costs about $150, including paint, primer, brushes, drop cloths, and other painting tools and supplies. A professionally painted room using high-quality, brand-name paint costs $200-$400.

Courtesy: Realtor Magazine

Shared Living Options for Seniors

As baby boomers age and head into their later decades, many find that they need something different after their nest empties i.e. to remain active but also very connected. Even many singles who might have lived in a condo in a downtown or suburban location might want another choice for their older years.

The good news is that, today, there are many new possibilities available to home owners for the next chapter of their lives. Developers, builders and architects understand this demand and are providing baby boomers a host of opportunities: single-family houses that can be shared, townhomes and apartments, and even communities with communal gathering hubs.

Senior Communities

Being part of a community can make it easier to foster instant connections. Social interactions can not only improve one’s outlook but also improve health and help save on costs by pooling resources. The first true retirement community (age restricted) was in Sun City, Phoenix, developed in 1960.

 

Not all seniors want to live with those of just their age group, but like a sense of community and closeness. Thus, a little more than 30 years ago, architects at Duany Plater-Zyberk & Company pioneered another version designed for residents of all ages, who could mingle in walkable towns with mixed-use structures. New Urbanism took the focus off streets and automobiles and placed it on walking paths and houses with front porches to encourage more neighborliness and socializing as people walked by.

Roommates

For those reluctant to yield their anonymity, there’s another choice. For example, two older female friends who wanted to downsize after each lost a husband, chose a ranch house that they could share. They sought a plan with two master suites in a suburban location near one woman’s family, and some yard for gardening, as they were still healthy enough to live on their own.

This is not a new concept – this was the norm years ago when sisters or sisters-in-law or friends lived together for security and companionship. This is probably going to become a trend with an aging population and the cost of senior living.

Pocket Neighborhoods

Rather than have a roommate, others may prefer to own a home with people close by, but on a far smaller scale than a retirement community. Pocket neighborhoods consist of homes clustered around an open space in suburban, rural or urban locale. This is still a fledgling idea with fewer than two dozen across the country. But architects, city planners and developers are showing increased interest.

Cohousing

These are freestanding condominiums along with a community building and open acreage. Residents play a role in design, managing tasks and choosing amenities for the community center, such as a kitchen, guest rooms, pool or vegetable garden. Today, there are 121 cohousing communities in 37 states, but new ones keep popping up.

How will elder cohousing communities adapt to occupants’ aging and desire to remain independent? For residents who may need a walker, wheelchair or an oxygen tank, these could be adapted to bring in caretakers if needed.

The bottom line: Boomers will appreciate not only the intangible benefits of sharing a quality life with others, particularly those who are single or have fewer friends at that stage, but they’ll also rest easier knowing they have someone with whom to share cost-of-living expenses. In addition, recent resale data suggests that these types of homes are a good investment overall.

Courtesy: Realtor Magazine

Are you prepared for the hurricane season?

Hurricanes are strong storms that can be life-threatening as well as cause serious property-threatening hazards such as flooding, storm surge, high winds and tornadoes. Preparation is the best protection against the dangers of a hurricane.

 

Be Red Cross Ready: Get a kit. Make a plan. Be informed.

 

Here is the ‘Be Red Cross Ready’ Checklist: Your kit should contain items that provide comfort for a range of events from everyday scrapes to life-threatening emergencies.

1.                Prepare a kit with at least a 3-day supply of food, water and other items you will need in an easy-to-carry preparedness kit.

2.                Keep a 2-week supply at home in case stores are closed or you cannot leave the affected area.

3.                Remember to check your supplies every 3 months and replace expired or outdated items.

 

For a family of 4 (2 adults, 2 children) for 3 days, you will need:

Water - 12 gallons

Food - 24 meals

Flashlight - 2

Radio - 1

First aid kit - 1

Medication - 2 sets

Batteries - 2 packs per kit

Multi-purpose tool - 1

Personal documents - 1 set

Cell phone and chargers - 2

Emergency contact info - 4 sets

Cash – estimate how much you would need without an ATM or credit card

Emergency blanket - 4

Map - 1

 

When preparing for a disaster:

-        Meet with your family and discuss how to prepare and respond to emergencies most likely to happen where you live, work and play.

-        Learn where and how to turn off utilities like gas, water and electricity.

-        Identify responsibilities for each member of the household and plan to work together as a team.

 

Here are tips to take action now:

-        Prepare an emergency kit.

-        Identify a room or closet away from windows and glass where the family can take shelter.

-        Establish a plan with family members to meet somewhere following a disaster in case you are separated.

-        Keep a fireproof safe in a closet in your home or office. Label your safe with your name and phone number in case it is carried away by a storm. That will improve the odds of it being recovered.

-        Back up all of your important documents, both work and personal, in a cloud storage account. Keep hard copies in your safe, including financial records, insurance documents, passports, and irreplaceable keepsakes.

 

Know a Safe Place to Take Your Pets: Local and state health and safety regulations do not permit pets in disaster shelters. Exceptions are service animals.

-                  Check if friends or relatives, local animal shelters and hotels will accept your pet.

-                  Assemble a Pet Emergency Preparedness Kit that includes current photos of your pets in case they get lost.

-                  Help Emergency Workers Help Your Pets: The ASPCA recommends using a rescue sticker alert to let people know that pets are inside your home. Make sure it is visible to rescue workers, and that it includes the types and number of pets in your household and your veterinarian's phone number. If you evacuate with your pets (and if time allows) write "EVACUATED" across the stickers so rescue workers don’t waste time looking for them.

 

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10 Best Cities for Working Women

The number of working women has been on the rise for the past five decades, so Nerdwallet.com recently crunched the numbers to find out the best cities for women in the workforce. The publication analyzed 522 cities, factoring in women's earnings, income equality and population growth to come up with its list.

The following cities emerged at the top (included are the median earnings for full-time, year-round female workers in each city):

Rank	City	Median Earnings	% of Men’s Earnings
1	Aurora, CO	$39,712	95.44%
2	Austin, TX	$40,356	93.34%
3	Washington, DC	$60,116	90.06%
4	Albuquerque, NM	$38,537	90.96%
5	Fresno, CA	$34,469	92.49%
6	Oakland, CA	$48,465	96.22%
7	Minneapolis, MN	$42,331	90.56%
8	Sacramento, CA	$41,849	93.25%
9	Milwaukee, WI	$36,020	93.09%
10	Indianapolis, IN	$36,297	88.37%

The list of 10 best medium-sized cities for women in the workforce includes Kent (WA), LeHigh Acres(FL), Richmond (CA), Durham (NC), Syracuse (NY), The Woodlands (TX), Vallejo (CA), Inglewood (CA), Berkeley (CA) and Brandon (FL).

The list of 10 best small cities for women in the workforce includes Pharr (TX), Sandy Springs (GA), Hesperia (CA), Edinburg (TX), Whittier (CA), Union City (NJ), Concord (NC), Rio Rancho (NM), San Leandro (CA) and Clifton (NJ).

CA must be doing something right if they have 3 in the large, 3 in the medium and 3 in the small cities! SC is sadly absent from large, medium-sized or small cities.

 

Courtesy: Realtor Magazine & Nerdwallet.com