Summer is almost over so its time for another Q&A!
August has already snuck up the Palouse! If you still have plans for fun summer activities, make sure you get to them! The real estate market is still super hot in Pullman and Moscow, but we should cool off in the next few months. Now that Summer is almost over lets get to the Q&A!
Submitted By Brenda Allen.
Q: What is the average interest rate for a mortgage?
A: There are many factors that impact interest rates for mortgages. We will just cover a few! One of the largest interest rate factors is length of time. 30 year loans are by far the most common types of home loans, but you can get 15 year fixed loans with amazing interest rates. Right now, a 30 year loan is hovering around 3.8%, and a 15 year fixed 2.9%. Another important factor is credit score and history. When applying for a home loan you want to have a credit score minimum of 750 to qualify for the best rates. You can still get a home loan with a 650 credit score, but your interest rates are going to be higher. When looking for the best loan, the secret is to ask your Real Estate Agent! I have special relationships with preferred lenders that can help get your new home financed. If you are currently looking for a new home, or a refinance, give me a call. Chances are we will be able to get you the best rates possible!
Submitted by Austin Storm.
Q: What do you think about self-storage inventory? Are we overbuilt? It seems like we still reach 100% occupancy in Moscow/Pullman during the summers.
A: My personally think that we have had overbuilt inventory for several years, but demand keeps increasing! A large reason for the increasing demand is the amount of local renters. Tons of people are choosing to rent apartments instead of purchase homes. Because of the space constraints of apartment living, the renters belongings need a home, resulting in a large increase in storage rentals. But yes, we are overbuilt.
Submitted by Linda Carol Perry.
Q: What is the best room in your house to upgrade for a sale….Kitchen or master suite?
A: Great question! The best answer depends on your home’s weaknesses. If your kitchen looks great and but your bathroom hasn’t been remodeled in years, you will want to upgrade the bathroom. If your bathroom looks fantastic and your kitchen is sad, vice versa. Its important to note that you won’t get dollar-for-dollar return on any investments, so the best way to approach home upgrades is “market appeal.” In any home, the master bedroom/bathroom are not the appeal. That space is reserved for you. The kitchen is the single greatest room for market appeal. Your kitchen is the best room in your home to invest in and will provide long term returns.
Submitted by Jon Biggins.
Q: What is the best month to put your house on the market?
A: In a typical year, the best time to market your home is the end of February to the first of April. I think it has something to do with spring cleaning. Everyone is excited that the snow is gone, and their looking for bigger places to move! After April, the market slowly accelerates towards September, then starts to cool down in winter. The most important part of selling your home is hiring a great agent! Pricing the home correctly will allow it to sell any time during the year. This is part of the Chris Clark Advantage! When you work with me we will get your home sold for a great price so you can move on with your life. Give me a call if you have any other questions!