Blog | Jenkins Real Estate Group

Mold Awareness Month

September is Mold Awareness Month and our good friends at U.S. Inspect have put together this brief primer to answer the most asked questions when it comes to this important topic. Feel free to reach out to them directly if you would like to have your home inspected.

What is Mold?
Molds are microscopic organisms present everywhere, both indoors and outdoors. Molds are fungi which break down dead material and recycle nutrients in the environment. Molds need moisture and an organic food source (e.g., wood, paper) to grow. Molds gradually destroy whatever surface they grow on. Visible mold growth is typically discolored green, gray, brown, or black.

Why is Mold a Problem?
Mold is bad for your health. Molds release tiny, lightweight spores that travel through the air. Indoor mold growth is undesirable and potentially dangerous and can cause: inflammation, rash, allergy, congestion, headaches, and infection.

When to Test for Mold?
Mold often is caused or accelerated by moisture. Therefore, many people test for mold after a water-related issue, e.g., heavy rain causes water in the basement, dishwasher floods the kitchen, washing machine floods the laundry room, etc. People also test for mold when they smell an unusual odor, see discolored spots, or become sick for no apparent reason.

What’s the Best Way to Assess Mold?
Mold testing, combined with infrared scans and visual inspection methods, is the best non-invasive method to assess the extent and types of mold in a home.

U.S. Inspect’s Mold Assessment, offered in select markets, delivers a comprehensive understanding of the types and extent of mold in a home. They will conduct a visual examination, air sampling, infrared inspection, and in some cases, surface sampling. U.S. Inspect then ships samples to a qualified lab for results and analysis and their hygienist will review the results. If they identify issues, they’ll provide you with specific recommendations and next steps.

Source: U.S. Inspect

Jenkins Real Estate Group Receives 8 Awards!

Every year in March, Long & Foster holds a Regional Award Ceremony. Unfortunately, this year’s event was canceled due to COVID-19. Although there were no attendees, our clients helped us stand out in a BIG way!

This year, the Jenkins Real Estate Group received 8 prestigious awards, including entry into the esteemed Long & Foster Master’s Club. Thanks to your support, and the tremendous efforts of our amazing staff, our team successfully closed 171 transactions in 2019 for a total sales volume of more than $43 million dollars!

All we can say is wow! We are truly honored.

Source: Long & Foster

Mortgage Rates Fall Again, Average 2.91%

Mortgage rates remain near all-time lows, and many economists believe they will stay for the remainder of this year and well into next year.

“This year has been anything but normal and as the uncertainty lingers, mortgage rates remain” low, says Sam Khater, Freddie Mac’s chief economist. “These rates continue to incentivize potential buyers and the home-buying season, which shifted from spring to summer, will likely continue into the fall.”

The Federal Reserve this week announced the adoption of a more flexible policy to achieve inflation that averages 2% over time. “This significant change can keep interest rates low for longer periods, which could translate into both long periods of cheap mortgages and a strong job market,” the National Association of REALTORS® said in a statement. “More and more home buyers and homeowners are expected to take advantage of these ultra-low rates.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 27:

30-year fixed-rate mortgages: averaged 2.91%, with an average 0.8 point, dropping from last week’s 2.99% average. The 30-year fixed-rate mortgage hit an all-time low of 2.88% at the beginning of this month. A year ago, 30-year rates averaged 3.58%.
15-year fixed-rate mortgages: averaged 2.46%, with an average 0.7 point, falling from last week’s 2.54% average. A year ago, 15-year rates averaged 3.06%.
5-year hybrid adjustable-rate mortgages: averaged 2.91%, with an average 0.2 point, unchanged from last week’s average. A year ago, 5-year ARMs averaged 3.31%.

Freddie Mac reports average commitment rates along with average fees and point stop reflect the total upfront cost of obtaining the mortgage.

Source: REALTOR® Magazine

Homes Are Going Under Contract in Record Time

Contract signings posted another big jump in July, the National Association of REALTORS® reported Thursday. This marks three consecutive months of growth as markets continue to roar back after facing initial closures from the COVID-19 outbreak this spring.

Pending home sales are now up 15.5% year over year. Each of the four major regions of the U.S. saw increases in pending home sales, both month over month and annually. And NAR Chief Economist Lawrence Yun said there are no indications that contract activity will wane anytime soon, particularly in the suburbs.

“We are witnessing a true V-shaped sales recovery as home buyers continue their strong return to the housing market,” says Yun. “Home sellers are seeing their homes go under contract in record time, with nine new contracts for every 10 new listings.”

NAR’s Pending Home Sales Index, a forward-looking indicator of home sales based on contract signings, increased 5.9% in July over June’s numbers. The index reached a reading of 122.1 in July. (A reading of 100 on the index is equal to the level of contract activity in 2001.)

With nearly all states now at least partially reopened since the start of the COVID-19 pandemic, the housing market is facing a “robust activity from pent-up demand,” according to NAR’s index. Pending home sale increases were led in July by a 20.6% year-over-year uptick in the Northeast, followed by a 15.4% annual increase in Midwest, 14.9% annual increase in the South, and a 13.2% increase in the West.

Yun forecasts existing-home sales to reach 5.4 million this year, a 1.1% increase over 2019. By 2021, he predicts existing-home sales to reach 5.86 million, buoyed by an expanding economy and continued low interest rates. The 30-year fixed-rate mortgage is expected to remain low next year, averaging 3.2% in 2021. Yun also expects housing starts to grow, averaging 1.35 million in 2020 and increase to 1.43 million in 2021.

“Anecdotally, REALTORS® are telling me there is no shortage of clients or home seekers, but that scarce inventory remains a problem,” Yun says. “If 20 percent more homes were on the market, we would have 20 percent more sales, because demand is that high.”

Source: National Association of REALTORS®