Blog – Michael Inkman

Safety First! How Often Should You Clean Your Chimney?

January 22, 2020 by Michael Inkman

, Blog, Michael Inkman, Michael Inkman Chimneys are as old as homes themselves. Yet, when it comes to chores, cleaning the chimney is one of the most neglected tasks. While people often think about yard work and housework, they often forget to clean the chimney.

When someone neglects to clean the chimney, they risk the development of mold. This can influence the efficiency of the chimney, causing debris to back up into the home. For this reason, it is essential for people to clean their chimneys on a regular schedule.

Make Sure To Inspect The Chimney Properly

Chimneys are used seasonally. When the temperature starts to drop outside, people are going to start up the fireplace and use the chimney. Prior to lighting up the chimney for the next season, it is important to make sure they are properly inspected.

Cleaning grout and mold is an important part of making sure the chimney works properly. When someone is cozied up in front of the fireplace, it is important to note that there is an active fire happening. About 25,00 fires per year start due to an issue with the chimney. Make sure that all routine maintenance has been performed on the chimney for that year before firing it up.

Why Clean the Chimney In The First Place?

When it comes to fires, safety should always come first. This the biggest reason why chimneys need to be thoroughly cleaned. When someone cleans the chimney, they are working to prevent home fires.

The more people use the fireplace, the more soot is going to build up in the chimney. The end result is flammable substances backing up in the chimney. This can be dangerous because it might lead to a fire when people least expect it. To prevent this from happening, be sure to clean the chimney on a regular basis.

How Often Should A Chimney Be Cleaned?

At a minimum, it is important to clean the chimney at least once per year. Annual maintenance on the chimney should be a readily accepted part of owning a home. This includes both cleaning the chimney and inspecting it for any structural flaws.

Some people may want to clean the chimney themselves. This is acceptable; however, it is also recommended to have a professional come in and take a look at the chimney. An extra set of eyes on the chimney may help prevent a fire from breaking out in the future.

If you are in the market for a new home or interested in refinancing your current property, be sure to consult with your trusted home mortgage professional about financing options.

What’s Ahead For Mortgage Rates This Week – January 21st, 2020

January 21, 2020 by Michael Inkman

, Blog, Michael Inkman, Michael Inkman Last week’s economic reports included the National Association of Home Builders Housing Market Index along with readings on consumer sentiment and weekly reports on mortgage rates and new jobless claims.

NAHB: Builder Confidence d in Housing Markets Drops 1 Point in January

Homebuilder confidence in overall housing market conditions dropped one point in January, but analysts said that a new trade deal would likely benefit builder interests. The National Association of Home Builders Housing Market Index dropped to an index reading of 75 from December’s reading of 76; December’s reading was the highest since 1999.

The reading for builder confidence in January 2019 was 58; while any reading over 50 is considered positive, builder confidence increased significantly year-over-year.

Sub-index readings used to calculate the overall housing market index reading were mixed; builder confidence in current housing market conditions fell -3 points to an index reading of 81.

Homebuilder confidence in market conditions over the next six months was unchanged at a reading of 79. Homebuilder confidence in buyer traffic levels in new housing developments rose one point to 58; index readings over 50 for buyer traffic are unusual.

NAHB reported mixed readings for homebuilder sentiment regionally. Builder confidence in market conditions in the Western region rose four points; builder confidence in the Northeastern region rose three points and builder confidence readings for the South were unchanged. Builder confidence in housing market conditions in the Midwest fell seven points.

Factors contributing to high builder confidence in housing markets include high demand for homes and a potential easing of materials prices due to recent trade agreements. Builders continue to battle high materials and labor costs that reduce their profit margins. Analysts note that narrower profit margins contribute to builders’ongoing focus on building high-end homes.

Mortgage Rates Rise; New Jobless Claims Fall

Average mortgage rates rose incrementally last week; Freddie Mac reported a one basis point gain for 30-year-fixed-rate mortgages to 3.65 percent. Rates for 15-year fixed-rate mortgages averaged 3.09 percent and were two basis points higher. Rates for 5/1 adjustable rate mortgages averaged 3.39 percent and were nine basis points higher.

New jobless claims were lower than expected with 204,000 initial claims filed. Analysts expected 220,000 new claims and 214,000 new claims were filed the prior week. Initial jobless claims fell for the fifth consecutive week, which indicates a strong labor market.

The University of Michigan reported a lower index reading for its Consumer Sentiment Index in January. The monthly reading fell to 99.1 from December’s reading of 99.3; the projected reading for January was 99.6. The Consumer Sentiment Index reflects consumers’ attitudes toward their personal finances along with their views of overall business and buying conditions.

What’s Ahead

This week’s scheduled economic reports include sales of previously-owned homes and the Chicago Fed’sNational Index report; weekly readings on mortgage rates and new jobless claims will also be released.

5 Important Mistakes To Avoid When Selling A Home

January 17, 2020 by Michael Inkman

, Blog, Michael Inkman, Michael Inkman Sellers of homes often make mistakes that are not in their best interests. Here are common mistakes people make when selling a home and how to avoid them.

Using Bad Photography

Using lousy photos or no photos to promote the property for sale is foolish. Professional photography is not so difficult or expensive that sellers should settle for the use of bad photos. Sometimes all the potential buyers will see is the photos they find online. If the photos are bad or not there at all, then that is the end of their interests.

To stimulate interest in a property, it is even better to use a high-quality video walk through than simple photos. This allows a buyer to enjoy a virtual showing of the property.

Allowing Emotions To Control The Process

Sometimes, buyers should step aside and let the experts guide the process. One example of this is the decisions about staging a home for sale. Staging is getting the home in an immaculate condition that is most attractive to buyers.

An important part of staging is the depersonalization of the home. This means removing any photos or family items. The reason for doing this is to allow the potential buyer to imagine their family living in the home and not have them think about the previous residents.

This part of the process may be quite emotional for the seller because it is the first clear sign that they are truly giving up a home. Those emotions are natural but should not stand in the way of getting the home ready for sale.

For Sale By Owner

It may be tempting to try to sell a home without utilizing the services of a professional REALTOR®. However, many studies show that the net price that sellers receive for selling a home on their own is about the same as if they used a real estate agent.

The buyer pays the real estate agent’s commission. Usually, the price achieved by a professional real estate agency is higher than what an owner may achieve alone. The reason for this is that buyers expect to get a discount from the market price for a for-sale-by-owner (FSBO) home. Another consideration is that marketing a home is not easy for amateurs to do, so FSBO homes may languish on the market for a long time before selling.

Too Pricey

Listing a home for a price that is higher than the market value, automatically puts the seller at a disadvantage. It discourages a potential buyer from making an offer. Eventually, this may lead to having to discount the listing price. This makes the home look like something may be wrong with it.

Not Making Repairs

Homes that have a pre-inspection and all the necessary repairs made are much more attractive to buyers. This is true, even if the price includes a discount from market value to allow for the estimated repair costs. It is mostly a matter of convenience for buyers who want a home that is ready to move in and does not immediately need repairs to be made.

Summary

Avoiding these common, and sometimes costly, mistakes may help sellers to sell their homes faster and hopefully get a higher price. Work with a qualified REALTOR® to learn more about how to get a home ready for sale, what price to ask for, when to list it, and what to do to maximize the sales price.

If you are in the market for a new home or interested in refinancing your current property, be sure to consult with your trusted home mortgage professional to discuss financing options.

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