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Filed under: Buying, Financing, Refinancing
ZillowThe weekly mortgage rate chart illustrates the average 30-year fixed interest rate in six-hour intervals.
By Lauren Braun
Mortgage rates for 30-year fixed loans fell this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.83 percent, down 8 basis points from the same time last week.
The 30-year fixed mortgage rate moved lower throughout the week before settling at that rate Tuesday.
"Mortgage rates fell last week to their lowest level since early June," said Erin Lantz, vice president of mortgages at Zillow. "There is potential for increased rate volatility this week as markets look to Wednesday's Federal Open Market Committee statement and Thursday's GDP report. Rates could move back up if the data are stronger than expected."
Additionally, the 15-year fixed mortgage rate was 2.97 percent. For 5/1 ARMs, the rate was 2.84 percent.
Check Zillow Mortgages for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.
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Filed under: Buying, Lifestyle, Selling
By Susan Johnston
It's a common bit of retirement advice: Downsize your housing after the kids leave the nest to cut costs. Interestingly, though, many baby boomers have no intentions of downsizing. Nearly two-thirds of boomers surveyed in 2013 by The Demand Institute -- a nonprofit owned by Nielsen -- plan to "age in place" rather than move. Of those who do plan to move, nearly half said they plan to increase the size of their home or pay more for a comparably sized home.
Many people assume that downsizing housing saves money. But does it really?
It can, especially if you're able to cash in on the equity you've built up. But there are a lot of factors that can actually result in higher housing costs once you downsize.
"What we always recommend is to consult with a financial planner to see what your monthly expenses are now and what the expenses may be where you're thinking of moving," says Jeff Stone, a seniors real estate specialist in a Port Washington, New York.
Stone points out that the term downsizing can be, well, a bit of downer.
"Rightsizing, to me, is a better word," he says.
Here's a look at several areas to consider before moving later in life.
When you move for a job, you might get a relocation package from your employer or load the moving truck with help from a couple of able-bodied friends. But when you move during retirement, you bear those costs, which can be considerable if you're moving a long distance and need to hire professional movers.
"Sometimes with the cost of moving furniture, especially if you're going a longer distance, it can be more feasible to buy new furniture," says Mario Minotti, a partner at Minotti Group Wealth Advisors in Chicago. (Minotti's clients are mainly retirees and pre-retirees, so he has talked through the pros and cons of downsizing with several of them.)
Beyond the cost of physically transporting your belongings, you'll also pay transaction costs on selling an existing home and buying a new one.
"If [a home is] listed with a broker, you pay their commission and will also be paying your attorney fees, closing costs and so forth," Stone says. Many boomers also choose to rent, which comes with a different set of costs.
Many boomers have amassed -- and grown attached to -- large collections of antiques and other mementos over the course of their lives.
"There's china sets, a lot of antiques and family things that they want to preserve," Minotti says. "A lot of male clients have accumulated a couple of cars, and they're excited that they're going to be able to enjoy them [in retirement], but parking spots can be expensive."
Or, in some cases, "their kids had a bunch of their childhood stuff that they want to preserve for their grandkids," he adds.
One option, if you don't have space for these items, is renting a storage unit. But it doesn't come cheap, especially if you want secure, climate-controlled storage for antiques. The average asking rent for a 10-by-10-foot, climate-controlled storage unit in the U.S. was $151 per month during the fourth quarter last year, according to the Self Storage Association.
Another option is to sell, donate or give to relatives. Unless you have items that are in demand, don't count on making big bucks or getting younger relatives excited about decades-old furniture (a notable exception being college-bound or recently graduated grandchildren furnishing a place on a budget).
An item may provide "a memory but doesn't provide value to someone else," says Chris Abts, president and founder of Cornerstone Retirement Group in Reno, Nevada. "We find many times those just don't have much in the way of value."
Many boomers also lack the energy or discipline for a serious declutter, which has spawned an entire of industry of senior move managers and organizers for hire. "The key would be to downsize the things you've accumulated while you have energy, while you're healthy," Abts says.
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Filed under: Home Improvement
anekoho/Shutterstock A simple video camera often can be installed by the homeowner. Its presence alone is a deterrent to thieves.
By Teresa Mears
You want to keep your home safe from thieves, but you don't want to spend a fortune doing so because, frankly, you don't have a fortune worth stealing.
Technology has significantly brought down the cost of home security systems and home surveillance cameras, many of which you can install yourself. But there are also many low-tech solutions that cost little or nothing that will keep your home safer from intruders.
"Most burglars are just opportunists," says Martin Holloway, owner of Hollotec.com. A security expert who teaches lock-picking and specialized entry techniques to law enforcement and the military, Holloway says burglars are going to "find the easy house."
A professionally installed security system can cost hundreds or thousands of dollars, plus $30 or so a month for monitoring. But in the last decade, dozens of do-it-yourself alarm systems have come on the market, some with monitoring options and others that send alerts to you via email or text so you can decide whether to call police. Even a rudimentary system is likely to make a loud noise when an intruder enters the house, and sometimes that's all it takes to scare away a burglar.
"Some of them are almost plug and play," says Holloway, who has a $60 security camera that he installed himself at his home. "I can control it with an app on my phone, and it's great." For a simple DIY security system, you can install cameras inside or outside your house, with a hard drive or cloud storage that collects the video footage so there is something you can review after a break-in.
Neal Scott, an Internet marketing consultant for security companies, cautions homeowners who go the DIY route to make sure they know what they're doing and install the system properly. He says homeowners should also ensure the system includes sensors for doors and windows.
One factor to consider is your insurance company may not grant a discount on your homeowners insurance if the system is not professionally installed, and some municipalities may require installers to be licensed. Good tech support is important, too.
"A technology problem with your smartphone is not a big deal, but a technology program with your security system is," Scott says. And the newest technology may not yet be tested, he warns.
"There an awful lot of time and experience that's gone into professional home security devices," says Scott, who has been working in the security system field since he started at his father's company at age 15. "I'm a proponent of going professional."
Security system or not, cameras or not, there are also free or cheap low-tech solutions that can be surprisingly effective against thieves. Here are seven free or low-cost ways to protect your home:
Use your deadbolt lock. The basic lock on your doorknob isn't really very good, Holloway says. "Many knob locks can be defeated by simply grabbing the knob with, at most, a pipe wrench or with, at the least, two hands and twisting hard," he says. "The internal locking mechanism shears and the door can be opened, and this can all happen in a matter of seconds. This is an old burglar trick." Deadbolts are harder to defeat, and a cheap deadbolt is as good as an expensive one. "The lock isn't going to break, but it's the doorjamb and the wood around the door that's going to break," Holloway says.
Protect your garage door. Garage doors have a pull cord that can be used to open them if the power is out. A burglar can stick a coat hanger down the top of a garage door, latch onto the cord and "unlock" the door. To keep that from happening, Holloway advises placing a zip tie through the piece from which the cord is hanging, which will make it almost impossible for a thief to open it from the outside with a coat hanger.
Secure sliding glass doors. Many older doors are easy to open from the outside. Use a broom handle lying on its side on the track to prevent the door from being opened.
Make sure your home is well-lighted outside. Motion detector lights are inexpensive and an easy way to illuminate anyone who approaches the house. "In all the years I was a cop, I don't think I worked a single case where a burglar kicked in a front door," says Alex Bracke, a police officer turned real estate agent in Northern Virginia. "The reason for that is because the front door is commonly the most visible part of the house, and if there's anything would-be burglars don't want, it's to be visible."
Make it look as if you're home. Lights, radio and TVs on timers create the illusion that someone is home when you're gone on vacation. Get a neighbor to pick up mail and newspapers when you're away.
Make it painful for thieves to climb in your ground-floor windows. "A window is the most vulnerable part of your house," Holloway says, reminding homeowners that keeping windows locked also is important. A thief who has to climb into a bed of thorns may be deterred. He suggests planting these three plants that grow in most parts of the U.S.: Pyracantha, also known as "firethorn," European holly, which has very sharp leaves, and voodoo rose. Homeowners who live in tropical areas can plant Bougainvillea.
Make it easy for people to see potential entry points. You want to have easily "inspectable space," says Joshua Godknecht, a sensitive compartmented information facility design specialist for AdamoSecurity.com, which designs and builds secure rooms for the government. "Most people have lots of overgrown plants or hedges to provide privacy, but trimming hedges and arranging your landscape so that it creates a single, very visible path to your front door, and only your front door, is practically free and ensures that no one could take advantage of the hidden places near your home." Permalink | Email this | Comments
Filed under: News, Celebrity Homes
Getty ImagesAudrey Hepburn was nominated for an Oscar for her role as Holly Golightly in the 1961 film "Breakfast at Tiffany's."
Courtesy of Peter*Ashe Real Estate via StreeEasyThe brownstone at 169 E. 71st St. on the Upper East Side.
By Catherine Sherman
You may remember Audrey Hepburn and George Peppard standing on these front steps. The brownstone featured prominently in "Breakfast at Tiffany's" has sold for $7.4 million after most recently being listed for $8 million.
"Any time they had a street scene, the house was featured," said Asher Alcobi of Peter*Ashe Real Estate, the Manhattan home's exclusive broker. "The signature olive green doors are still the same."
The 1961 romantic comedy was filmed in a studio for the interior shots, including the famous party scene with Mickey Rooney's character, Mr. Yunioshi. But 169 E. 71st St. continues to garner interest as the place Miss Holly Golightly made her debut in The Big City.
"The house is on the tourist tour of the Upper East Side," Alcobi said.
The 3,800-square-foot brownstone boasts four bedrooms, five bathrooms, a sweeping staircase and an enclosed greenhouse.
It's split into an upper and lower duplex. Upstairs, two bedroom suites have their own renovated baths. There's also a sunny living room with a wood-burning fireplace, a renovated kitchen and laundry room. Downstairs, a garden apartment with a separate entrance has a front library, powder room and a large bedroom and full bath.
The house was renovated in the mid 1980s and again in the late '90s. It was last listed in 2011 before finding a buyer for $5.975 million in April 2012.
An earlier version of this story was published on Oct. 29, 2014.
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Filed under: Home Improvement, Selling
Getty ImagesA bathroom remodel can improve your enjoyment of your home but might not pay off if you're planning to sell soon.
By Michael Corbett
Whether you're looking to sell or stay put, you'll save money on these home improvement projects.
The possibilities are endless when it comes to remodeling and upgrading your house, and deciding where to put your precious dollars can be tough. Many of these remodeling decisions can be made based on whether or not you're planning to stay in your home long term.
Let's take a look at the places where a $10,000 investment in your home can go the furthest.
If You're Planning to Sell Within 2 Years
It's important to remember that there's not always a direct relationship between exactly how much you put into a specific renovation project and exactly how much you get out of it.
If you consider home improvements item by item, you'll likely conclude that undertaking almost any individual home improvement prior to the sale of your home is a losing proposition. However, when you add small improvements together with vision and creativity, you create an overall house improvement and a big return on your investment. The whole package is far more valuable than the sum of its parts!
Top 6 Target Projects
A $10,000 investment is not going to get you a full kitchen makeover and leave enough extra cash to make many other upgrades. Instead, think about upgrading tired old appliances. Cabinet resurfacing and upgrading the countertops can be very affordable and give a big splash. One word of caution: Make sure you don't overspend for your neighborhood. Know your market.
2. Master bath.
Again, here in the master bath, $10,000 will not go very far, but you can create a wow effect. Consider upgrading the shower to a frameless glass shower enclosure, adding new fixtures, and maybe a new vanity and countertops.
Repaint the interior of your home and keep it neutral with soft earth tones. Then make sure you pick up some fantastic pillows and accessories to add punches of color.
4. New carpet.
No homebuyer wants to walk barefoot across your tired, old, stained, dirty, worn-out carpet. When you replace the existing carpet, go with a neutral shade.
5. Curb appeal.
This is a low-cost no-brainer. Trim up the hedges, give the grass some TLC, plant some flowers, and give the front door a fresh coat of paint in a wonderful accent color. Create a strong first impression by adding shiny new house numbers and maybe even a new mailbox. Finally, add in some wonderful outdoor lighting, and presto!
6. Push the inside out.
f there's an existing room that looks out to the backyard, push it out! Replace existing windows with French doors and build a small deck. You've just increased the "size" of that room -- and added value to the house for very little money.
If You're Planning to Stay in Your House
If selling isn't in the cards for you and your family, you can still consider all of the tips above. You'll enjoy living in an upgraded house, especially if you're staying put. Additionally, think about these projects for long-term payback.
1. Heating and air system upgrades.
New heating and air systems will actually reduce your monthly utility bills over time and are a great investment.
2. Going solar.
In sunny climates, investing in solar technology can increase the value of your home and reduce your monthly and yearly utility costs.
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