By Patrick McCarran, Real Estate Broker
If you haven’t heard the Fed raised the prime rate again and although they are not directly related, the mortgage industry followed suite. As expected this put a bit more of a “chill” on the market. The key take away is that rates are still historically low and if they drop , as I expect them to, you can always refinance. However if rates go up you can’t go back in time. Inventory is up but sales are steady so the market isn’t poised to crash just yet. If homeownership is your goal and you don’t plan on moving in the next few years then don’t wait for a crash that may never come and jump in now while the sellers are negotiating. If you are a seller and have plans to sell don’t let life pass you by and make the move!
If you are not ready then start boosting credit score and get ready for future with these general tips are that are commonly acknowledged to help increase your credit score
On-time payments improve your credit score tremendously. It carries almost a 40 percent weight on your score. Set up the minimum payment with e-pay and choose the recurring option so it pays every month. Keep your credit card balances within 40% of the allowed limit and don’t push your limits, it is like the old saying they only give you money if you don’t need it. This applies even if you pay it off each month.
Spread the spending, if you have a credit card with a limit of $2,000, and you charge $1,500 on it, you’ve used 75 percent of your credit limit. Now if you split your amount into two, and spend $750 each, then the percentage of usage will be around 37 percent. So it helps your FICO. An added bonus having two cards builds your credit rating.
Keep your credit score in check and get a better loan.
If you are a Seller then you should have one goal—to sell your home as quickly as possible for the highest market price. Buyers want move in ready and clean. Homeowners that are proactive before putting their homes on the market will fill this demand and sell their home and command top dollar.
To accomplish this make a list of practical repairs. A fresh coat of paint on the walls, doors, and trim. Clean the carpet and buff and polish wooden floors. Power wash the sidewalks and driveways. Replace dated fixtures. Update fixtures with LED bulbs and replace any broken electrical sockets. Replace cracked windows and torn screens. Repair broken fencing and put a fresh coat of stain on the fences and the deck.
Start to de-cutter and de-personalize the home. Start packing that rare clown collection or the special teddy bear room. Less truly is more. The basics of staging are neutral but not plain. If you are waiting for spring, start the list now and spread it over the next few months.
A home in good condition demonstrates pride of ownership. Feel free to contact me for a free consultation and action plan. Taking the time to give your home a tune up will go a long way maximizing your equity and a quick sale to enable you to go to your next adventure.
Patrick McCarran is a local Realtor and Broker DRE# 01325072. He can be contact by phone or text at (925) 899-5536, pmccarran@yahoo.com or www. CallPatrick.com. An independently owned and operated office. In association with Realty One Group Elite DRE# 0193160. Equal Housing Opportunity.
