Is A Neighbor Hurting Your Home’s Value
A recent survey by Harris Interactive and State Farm Insurance found that 60% of Americans have a pet peeve with someone who lives nearby.
Certain next-door nuisances — such as annoying pets, unkempt yards, foul odors, and dangerous trees — could reduce your home value by 5% or more, according to the Appraisal Institute.
So what’s your recourse? Try working with your neighbor but before you approach them, have a game plan:
Temper your temper. “The worst thing to do is march over when you’re angry and demand action,” says Mary Greenwood, author of How to Negotiate Like a Pro. Take 24 hours.
Give notice. Don’t try to work this out over the hedgerow. Schedule a time to chat. Maybe even invite the offender to your house, a friendly gesture that also allows him to see his ugly satellite dish from your perspective.
Do your homework. Before the conversation, research what state laws or local ordinances apply, in case your neighbor needs extra persuading.
Keep a log. A record of your dispute can help refresh your memory should you eventually go to the authorities or to court, says Emily Doskow, co-author of Nolo’s Neighbor Law.
Home prices have been rising steadily all year due to strong demand and a limited supply of quality homes on the market. You need to make sure that you are able to enjoy this uptick in home values by limiting any objection a potential buyer might have due to neighbor issues.
What Happened to Rates Last Week:
Mortgage backed securities (MBS) lost -246 basis points from last Friday’s close which caused 30 year fixed rates to shoot up compared to the prior week. MBS hit their lowest point of 2013 on Friday and that means mortgage rates hit their highest level of 2013.
During the holiday-shortened week, the focus was squarely on jobs data.
We had a sell off in MBS (which equals higher rates) on Tuesday as both Factory Orders and Total Vehicle sales were much better than expected (if you are building more…you are probably hiring more). MBS sold off again on Wednesday as the ADP Private Payroll report was much higher than expected and new filings for Initial Jobless Claims were a little lower than expected.
And then on Friday we received the much anticipated jobs data. The Unemployment Rate remained unchanged at 7.6%. But traders don’t focus on that number which is based upon surveys and not real data. Instead, traders focus on the Non-Farm Payroll report.
After the last two Non-Farm Payroll reports, MBS sold off in a major way which pushed mortgage rates upward. And that was certainly the case after Fridays release.
Non-Farm Payrolls were much better than market expectations (195K vs 165K) plus, both April and May were significantly revised upward. This positive economic news pummeled MBS and drove pricing downward and inversely, mortgage rates upward.
|Date||ET||Economic Release||Actual||Market Expects||Prior|
|8-Jul||3:00 PM||Consumer Credit||–||$13.2B||$11.1B|
|10-Jul||7:00 AM||MBA Mortgage Index||–||NA||-11.70%|
|10-Jul||10:00 AM||Wholesale Inventories||–||0.30%||0.20%|
|10-Jul||10:30 AM||Crude Inventories||–||NA||-10.347M|
|10-Jul||2:00 PM||FOMC Minutes||–||–||–|
|11-Jul||8:30 AM||Initial Claims||–||345K||343K|
|11-Jul||8:30 AM||Continuing Claims||–||2949K||2933K|
|11-Jul||8:30 AM||Export Prices ex-ag.||–||NA||-0.70%|
|11-Jul||8:30 AM||Import Prices ex-oil||–||NA||-0.30%|
|11-Jul||10:30 AM||Natural Gas Inventories||–||NA||72 bcf|
|11-Jul||2:00 PM||Treasury Budget||–||NA||-$59.7B|
|12-Jul||8:30 AM||Core PPI||–||0.10%||0.10%|
|12-Jul||9:55 AM||Mich Sentiment||–||84.8||84.1|
I will be watching these reports closely for you and let you know if there are any big surprises:
It is virtually impossible for you to keep track of what is going on with the economy and other events that can impact the housing and mortgage markets. Just leave it to me, I monitor the live trading of Mortgage Backed Securities which are the only thing government and conventional mortgage rates are based upon.
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