Gary Pierpont Blog

According to the Mortgage Bankers Association’s Weekly Mortgage Application Survey for last week, mortgage applications increased substantially, jumping 7.9% from the previous week. This large increase made up for the 7.2% decrease during the week of September 5th. The Market Composite Index rose 7.9% on a seasonally adjusted basis, the Refinance Index jumped 10%, and the Purchase Index increased 5%. The MBA’s Chief Economist, Mike Fratantoni said, “application volume rebounded coming out of the Labor Day holiday, even as rates increased to their highest level in the last few months.” More here

Home price appreciation is growing, and many baby boomers are intimidated by rising prices, causing some to stay in their over-sized family homes. Some experts forecast things to change over the coming years, expecting the baby boomer generation to move out of their current single-family homes and downsize to apartments, condos, and smaller homes. Data suggests that downsizing is not as common as it used to and may come later in life than in years past. Experts expect the big baby boomer downsize movement to take place within the next ten years when the generation hits the age where downsizing is more a necessity. More here

As peak buying season comes to a close, many home sellers begin to feel concern over selling their home quickly during the offseason. While making a good impression, being friendly, and being easy to work with are important factors to help sell your home fast, there are a few other steps a home seller can take to ensure a speedy sale. Price your home right in the beginning; pricing your home lower will increase interest, and buyers will take your offer more seriously. Increase curb appeal; planting a few flowers outside and painting the front door can make a major difference. Prospective buyers will often drive by your home first to look in-person, and you want to make sure they have a good impression. Clean your home and depersonalize; make sure your home is spotless, and when you know people are coming by to take a look, take down family photos and other personal effects. You also should remove any pets before the showing. The point is to allow homebuyers to be able to see themselves in your home. More here

As summer winds to a close, mosquitoes can still be a problem in parts of the United States. There are plenty of products on the market that promise to repel mosquitoes or to relieve the itch caused by their bite. Experts say there are safer ways to keep mosquitoes away without buying chemical solutions. Keeping your outdoor area free of standing water will help decrease the amount of mosquitoes near your house, as they will have no place to lay their eggs. Lay sand underneath moist decks, and if you have an ornamental pool, you can stock it with mosquito fish (top-feeding minnows). Set up a fan to create a wind effect, wind stops mosquitoes from biting. There are also devices available to purchase such as  LarvaSonic, bug zappers, ultrasonic mosquito repellents, citronella smoke, and home misting systems. Experts advise that if you know you will be outside for a long period, putting on a bug repellent with the ingredient Picaridin is a safe option. More here

Construction spending has increased significantly in the United States, reaching levels not seen in over 5 1/2 years. Private construction jumped 0.7% as the housing market and the economy continue to make huge strides. Overall construction spending jumped 1.8%, reaching an annual rate of $981.31 billion according to the Commerce Department. Data suggests that the increase in residential construction is made up of new home construction and also home improvements. More here

Ceramic bathroom tiles are a great addition to any shower or tub. The durable material stays resistant to moisture for many years if maintained. When you begin to see cracks or damages to the tile, it is time to take action. Repairing ceramic tile walls is not something to procrastinate about as it may result in a total wall replacement if moisture reaches the drywall. Below are four simple steps to follow when repairing ceramic bathroom tiles. Number one – remove the old grout; you should use a grout saw to scratch out the faulty grout and use a straight blade scraper to cut out the caulk bed. Number two – re-grout the area between tiles. You can use a premixed grout or a powdered grout, both are inexpensive. Let the grout sit overnight before taking any other steps. Number three – re-caulk the seams of the ceramic wall starting with the joint that connects the tub or shower to the tile.  Lastly, wait until everything has dried and apply a silicon sealer to all of the joints to help lengthen the longevity of your work and make the grout more water resistant. More here

Luxury home sales have increased considerably and are expected to continue to increase, passing last year’s sales. Luxury homes sales have jumped above 50% this year in 10 U.S. markets, suggesting that the housing market, including the luxury home sales market are flourishing. A few states with the most expensive homes are New York, Florida, Georgia, Texas, California, and Arizona. The most expensive home in the U.S. is worth approximately $69 million and is located in Water Mill, New York. More here

According to RealtyTrac, the housing market is considered affordable to recent college graduates who have a median income, including those paying on student loans. Data suggests that 96% of U.S. homes are affordable to younger homebuyers. Daren Blomquist, RealtyTrac’s vice president said, “contrary to much rampant speculation that student loan debt is holding back home ownership among recent graduates, we found that the vast majority of markets are affordable for recent graduates making the median household income — even many of those recent graduates with student loans.” More here

Maintaining your home is a vital part of home ownership. It is easy to wait until something goes wrong to fix it, but waiting can cause you to spend a much larger amount of money than if the problem was addressed at an early stage. A yearly DIY home inspection may help cut down of repair costs and keep your home safe. Just a few things to check while doing a home inspection are: Electrical wires, keeping trees away from live wires will increase safety around your home. Also, check break boxes and fuses. Look for outdoor hazards like uneven paths, or driveways. Examine your roof, porches, gutters, and siding. You’ll also want to inspect all plumbing and pipes in your home for leaks and water pressure. And finally, if you have a septic tank you should do regular examinations to be sure it is working properly. More here

Renters have increased in the U.S. over the last few years, and while many agree that renting often offers less stress than owning a home, renting comes with its fair share of stresses. As a renter, you should be aware of certain laws and helpful tips that may help make your renting experience a positive one. When looking for a place to rent you may want to consider looking during the winter season. Winter months are usually slow, and you may find a better deal. Renter’s insurance is available for you and worthy of consideration. Most policies cover theft, damage caused by natural disasters, and liability for visitors. There is a cap on your security deposit. You should look up your state’s limit, and ensure your landlord is following the law. Every renter should retain receipts and document everything such as repairs and broken appliances. Finally, save receipts and email correspondence between you and your landlord in case something goes wrong, and you need to pull up critical information in the future. More here