Mortgage Rates and Another Baby on the Way? Essential Summer Maintenance Tasks
-This is a transcript from Go Gaddis Radio to listen to the episode click here-> https://on.soundcloud.com/zRvX3
Thank you for your service. We love you all. Happy 4th of July. Happy 4th of July. Happy 4th of July. Welcome back to Go Gaddis Real Estate Radio right here on AM nine 20. The answer. I'm Cleve Gaddis and I really appreciate you listening to this show in this segment.
Mortgage Rates and possibly Having another baby, would it make make it worthwhile to pay more interest? I. For your home mortgage, if you were adding another family member, and also, what are some essential summer maintenance tasks for your home? My name is Cleve Gaddis. You're listening to Go Gaddis Real Estate Radio, where we help listeners go from real estate novices to experts.
So home selling and buying can be done with total confidence and without all that worry. That is so typical with life's biggest investments. We want to connect with you too and it is easy. Go to go Gaddis radio.com, G O G A D D I S radio.com. You can ask questions, you can make comments, you can push back, challenge anything we say.
You can share ideas with us if you want to. We would love it. You can request your neighborhood be featured in our neighborhood spotlight and you can subscribe to our podcast. We'd love you to be a podcast subscriber right now. When you go to the site, you will also see along the top toolbar where you can register for our investor seminar.
We've got an investor seminar coming up in the month of August. By probably the end of the first week of July, we'll have the two dates and times. There'll be 45 minutes, maybe 60 minutes long, and no cost, no obligation, no pressure, just really answering questions about investing in real estate to help you and anybody you know.
By the way, if you want to invite someone to come with you, just share. The link to go Gettis radio and tell 'em to sign up for the seminar and we will, or the webinar, we will make sure and send you information when the time comes. If you are torn between to move or not to move, and you're concerned that your needs are changing and you probably need to do something now instead of waiting, even though all the financial signs point at, maybe it makes more sense for you to wait than to do it now.
We received a listener question from Al and Maria In Lawrenceville, they say rates are at an all time high. I don't know that I agree, that are all time high. Uh, all time high is more like 18, 20%, 17%. I remember my parents got a mortgage in 1979 and I think it was a floating rate and it was 10% and they were very happy to have it when I purchased.
My first home in 1992, my interest rate was 8.875%. So you can lock in today at six and a quarter, six and a half. Uh, when I got my mortgage from my new town home, I paid a little bit of a discount point. I don't even remember what it was. I think it was one discount point, and I got my interest rate all the way down to 6% and.
When you're trying to make a decision as to whether or not it makes sense to move, there are so many other things you need to consider. Let me finish this question. It says, our current rate is low, but we're expecting another baby in field. We, we may need to move like now, and I get that we are trying to figure out which is more important, the rate or the need to move.
And I'm going to answer this question for you, uh, very quickly and very easily. It is the need to move. Now, I'm not telling you should move. What I'm telling you is the need to move and provide. For the needs of your family is much more important than how the financials work out. And before you scoff at what I just said, I'm not saying you buy a house no matter whether or not the financials work out.
What I'm saying is you determine whether or not you need to move by the needs of your self and your family, and then you figure out the best way possible to make the financial situation work out. Let's talk about, um, some of the challenges with considering moving. You know, if you're thinking about selling your house right now, chances are it's because something has changed in your life.
That's what happened with me. I got a divorce three years ago. I probably wouldn't have been thinking, no, I definitely wouldn't have been thinking about selling my home had I not gone through a divorce. And so it is the events that happen in life that drive home sales and home purchases. Certainly things like mortgage rates are a key part of any decision on what you'll buy next, but it's important you not lose sight of the reason you wanna make a change in the first place.
I remember, and if you've never been a homeowner or you have been a homeowner, you'll, if you haven't been a homeowner, you won't relate. If you have been, you will. I remember driving up to my very first home, which was in Columbia, South Carolina, in Irma, South Carolina. We lived on new Bond way, N E W B O N D way, and it was a cool little house set right on the corner.
It kind of was angled at a slight angle toward the corner. Um, it was a kind of a di contemporary house on the inside, but a fairly traditional house on the outside. And boy did I love that house. When I drove up to that house, I had so much pride. That was my house, that was my yard, that was my deck, that those were my lady Banksy roses on the deck in the backyard.
That's my landscaping, my sprinkler system. All the stuff was mine and I had so much pride. And say, well, would you spend Cleve Gaddis? Would you spend a little additional money every month to have a place that make you proud, that made you proud and, and, and gave you some pride of ownership? The answer is yes.
I'm not saying that's the right thing for you. I'm saying it's the right thing for me. Rates certainly are higher now, let's just say six and a quarter, six and a half. Many homeowners because of that are deciding they'll wait and sell. Later because they don't wanna move and then have a higher mortgage rate on their next home.
You know, homeowners who locked in their mortgage rates in the twos and threes don't necessarily want to give that up in exchange for rate in the six or sevens. And it's got a lot of people on hold all throughout Metro Atlanta and all over the country. But the reality is, your lifestyle and your changing needs should probably matter more.
Here are a few of the most common reasons people choose to sell and buy. Number one, relocation. Some of the things that can motivate a move. To a new area include changing jobs, the desire to be closer to friends and loved ones. That's a great one. Wanting to live in a dream location or just looking for a change in scenery.
And certainly this was driven to new heights during the pandemic where people could work remotely and so they could live wherever they wanted to. Sometimes it's time to upgrade. Many homeowners decide to sell and move into larger homes. This is especially common where there's a need for more room to entertain or an additional bedroom for a growing family or, or maybe other generations moving in with you.
And if your house is growing, it may be time to find a home that better fits those needs. And what's interesting is for those. Who have children, you know, the window of opportunity you have to provide the right living environment for your children. You know, it's, it's 18 years or 19 years, or 16 or 20 years, whatever it is.
It's not 50 years. So if you, um, I'm gonna use the word blow it. If you blow it and stay in the wrong home for too long, you basically run out of time. And, uh, I'll be honest with you, the house we lived in for the last 24 years, and when I say we, I mean me and Claire and Kyla, and Stacy and McCall, my daughters, um, that home was very, very important to us.
And it, it, it, that was like the, that was the central hub of the Gaddes girls lives and, um, I love that home. Sad to be selling it and moving on. But the reality is, is sometimes you gotta do what you gotta do. The next thing for, um, that might cause you to need to sell is to downsize. Homeowners many times, decide to sell, to reduce the maintenance and other costs.
It could be that they've recently retired or maybe they're ready for a change or just, just wanna get outta the fast lane. Also a change in relationship status, a divorce or a separation or a marriage or other common reasons people decide to sell and buy different homes. And then you've also got health concerns, and this is a big deal in today's world.
If a homeowner faces mobility, mobility challenges, or other health issues that require like specific living arrangements or maybe modifications, then they might consider selling their current home to find one that works better. For them. In many cases, home sellers are moving into assisted living facilities, but they need to sell their home first, to use the proceeds to help pay for a unit in that assisted living facility to increase the affordability of the assisted living facility.
So cleaves advice for whatever it is worth, and you can either take it or. Leave it as you wish is it's more important to meet the needs of yourself and your family, whatever your family looks like than it is to make sure you are saving money. If you're thinking about selling your home anytime in the next six months, we believe we can sell your home for $28,000 more, then your neighbor sold his or her home for you.
Gotta be thinking, wait a minute, that sounds too good to be true. Well, In many cases it's not. There are some homes out there that do not qualify, but that's a very, very small list of homes that would not qualify. We'll do two things that I believe nobody else in Metro Atlanta does. If you go to go Gaddis radio.com, we'll make sure you know about those things.
You can click on sell for $28,000 more, put in a little bit of information. You'll get a customized maximum value plan and a rehab and refresh budget of up to $15,000, both designed to enhance the sales price of your property and increase the amount of money you have in your pocket when you walk away from closing.
Because in many cases, it's the only time we as. US citizens get to earn some money tax free. When you sell your house and you've lived in it two of the last five years, your proceeds are not taxable up to $250,000 for a single filer, 500,000 for joint filers. I know everybody is in the process of soaking up tons of summer fun, but have you put your house to the test to make sure it passes a checklist of maintenance tasks?
We got a question from Alexander and Roswell now that summer is here. And we want to enjoy family time. Do you have quick tips on main, main on maintaining our home this time of year? And the answer is yes. As the days grow longer and temperatures rise, it's time to prepare your home for the summer months.
Regular maintenance can help avoid costly repairs and keep your home in excellent condition. Here's the things we think you should do. Inspect your roof. Clean your gutters and your downspouts. Check the outdoor faucets and sprinklers. I shut mine off during the winter. Inspect and clean the deck and the patio pressure.
Wash the siding of your home, the driveway, walkways, paint and repair, siding and trim. Service your pool if you have one. Boy I really wanna pool in my next house. Test smoke and carbon monoxide detectors. This is huge. Just bought my new town home. A town home only has one way out. So in addition to having smoke and carbon monoxide detectors, I'm also gonna have those ladders that you can hook to the window and roll down the side of the building.
Cuz if my. Town home catches on fire. I don't want to be caught. You need to maintain your ceiling fans. You need to see a windows and doors. You need to do a deep cleaning of your home and that is so important. Your outdoor stuff. Prune and mulch. Mow your lawn regularly. Water your plants for sure.
Inspecting. Update outdoor lighting. Prep your grill, and set up your outdoor living areas. We're gonna take a quick break when we come back in our neighborhood. Spotlight Kingswood in Buckhead. And what is the most expensive zip code in Atlanta? We'll be back.
Comments (0)
Be the first to comment on this post!
Post a Comment