Where Will Rates Close in 2024?????

 

As another year races by, what will the markets be watching as we bring 2024 to a close?

Let's take a look. Inflation pressures have somewhat eased, but one metric, the Core Consumer Price Index year over year, remains stubbornly sticky at 3.3%. The core rate strips out volatile food and energy. The headline Consumer Price Index hit a 40-year high of 9.1% year over year in June of 2022 but has fallen to 2.6%. The rate of inflation has declined, but prices are still rising.

Borrowing costs fell from multi-year highs in September but have pushed above those lows and look to remain near current levels for the remainder of the year and into early next year. The 30-year fixed-rate mortgage is currently just below the 7% level, as would-be home buyers try to hold off on one of their biggest investments as they seek a lower monthly cost.

The Federal Reserve will hold its Federal Open Market Committee meeting on December 17th-18th, where it is expected it will cut the short-term Fed Funds Rate by 0.25%. This is despite Fed members saying the economy is strong and the job market remains solid. But don't get too excited; a Fed Rate cut doesn't equal lower borrowing costs. At the time of the Fed Rate cut of 0.50% on September 18th, the 30-year fixed rate was just above 6% and has since climbed to 6.81%.

Over in the stock markets, investors will be looking for the Santa Claus rally, which is the sustained increase in the stock market that occurs around the Christmas holiday on December 25th. Most estimate these rallies happen in the week leading up to the Christmas holiday, while others see trends that begin on Christmas Day through January 2nd. The closely watched S&P 500 stock index is currently near an all-time record high.

Bottom line: Stocks, bonds, interest rates, borrowing costs, inflation, home buying ... and along with everyday life, so much for the American consumer to juggle. For those in the quest for homeownership, we know that there are many hurdles to jump, but they are easier when you know you can achieve the American Dream.

Source: Mortgage Market Guide

Team Lasson is here for all of your home buying needs!  If you’re thinking about making the leap into home ownership in the near future, please contact us today to get started.  We can help you determine what loan program works best for your financial goals.  The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks.  Please visit www.yourlakeloan.com or give us a call at (573) 216-7258 to get started.

Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc. For more licensing information, visit NMLSConsumerAccess.org

 

Understanding Property Taxes

Property Taxes | How They're Determined & What You Need to Know

Property taxes are a significant consideration for homeowners and potential buyers, as they contribute to the cost of owning a home. These taxes are typically used to fund local services such as schools, public safety, infrastructure, and community development. Understanding how property taxes are determined can help homeowners plan their finances better and avoid surprises.

How Property Taxes Are Determined

Property taxes are generally calculated based on the assessed value of your property, which includes both the land and any structures on it. Local government assessors evaluate the property’s market value, considering factors such as location, size, use, and comparable property sales in the area. The assessment process may vary depending on the jurisdiction, but it usually involves a periodic appraisal, often conducted annually or biannually.

Once the assessed value is determined, local tax rates, known as millage or mill rates, are applied. These rates are set by local government entities, such as city councils or school boards, and can vary widely depending on the area’s budgetary needs. The mill rate is typically expressed as a dollar amount per $1,000 of assessed value. For example, if the mill rate is 20 and your property is assessed at $200,000, your annual property tax would be $4,000. It’s important to note that these rates can change over time, reflecting the financial needs of the local government or changes in property values.

Factors Influencing Property Taxes

Several factors can influence the amount of property taxes you pay:

1. Property Location: Taxes can vary significantly based on where the property is located, as different municipalities have different tax rates and levies.
2. Property Improvements: Any improvements or additions to the property, such as building a new room or upgrading the kitchen, can increase the assessed value and, consequently, the tax amount.
3. Market Conditions: Property values fluctuate based on real estate market conditions. In a booming market, property values—and taxes—may rise, while a downturn could lower them.
4. Local Government Budget: The tax rates are influenced by the financial needs of local government services. If there is a need for increased funding, tax rates may rise accordingly.
5. Exemptions and Relief Programs: Many areas offer property tax exemptions or relief programs for certain groups, such as senior citizens, veterans, or low-income homeowners. These can significantly reduce the overall tax burden.

Understanding Your Property Tax Bill

Your property tax bill will detail how your taxes are calculated and provide a breakdown of where the funds are allocated. It’s crucial to review this bill carefully and understand each component. If you believe your property has been overvalued or the tax amount is incorrect, you have the right to appeal the assessment.

Understanding property taxes is essential for homeowners to effectively manage their finances and avoid unexpected costs. By understanding how property taxes are determined and what factors influence them, you can make informed decisions about buying, maintaining, or improving your property. Keeping an eye on local government activities and budgetary needs can also help anticipate potential changes in your tax obligations. 

Sources:

TaxFoundation.org

Investopedia

Team Lasson is here for all of your home buying needs!  If you’re thinking about making the leap into home ownership in the near future, please contact us today to get started.  We can help you determine what loan program works best for your financial goals.  The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks.  Please visit www.yourlakeloan.com or give us a call at (573) 216-7258 to get started.

Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc. For more licensing information, visit NMLSConsumerAccess.org

Thanksgiving Feasts around the Lake 2024

 

If you find yourself enjoying the Thanksgiving holiday at the Lake but don’t want to spend the entire day in the kitchen…….check out Team Lasson’s list of local restaurants serving meals on Thanksgiving.  Take this time to relax and enjoy time with your family!

 

Camden on the Lake

They are having a buffet 11 a.m. to 4 p.m., which is perfect for your parade and football game viewers. It’s in H. Toad’s Bar and Grill with a bonus of Live Music with Dave Bennett.

$42 for Adults

$36 for Seniors

$22 for Kids 6-12

It’s a very gourmet take on the typical feast with Citrus and Sage Brined Turkey, Dover Sole with Lemon Crab Sauce, and Quinoa salad with black Walnuts, but they have all the traditional dishes as well. 

 

HK’s Restaurant and Bar 

They have an introductory seafood round heading up their Thanksgiving Buffet from 11 a.m. to 3 p.m. Their indulgent menu includes all the traditional fare with a brunch omelet bar.

$40 for Adults

$18 for Children 5-12

 

Encore Lakeside Bar and Grill 

Their Thanksgiving feast is 11 a.m. to 6:30 p.m. and features Turkey and Prime Rib on the carving board along with an andouille stuffing, and blackened grouper, among over 30 other choices.

$48 for Adults

$42 for Seniors

$20 for Children 5-12

 

The Trophy Room at Old Kinderhook 

This venue makes the perfect place to take the family for a well-rounded holiday since their ice-skating rink is opening on Thanksgiving Day. Buffet is served from 11 a.m. to 3 p.m. Their menu is straight up traditional with a seafood appetizer bar.

$42 for Adults

$36 for Seniors and Military

$16 for Children 5-12

 

Country Club Hotel and Spa Buffet 

They have a more simplified menu of the traditional offerings and is a good option for those that can’t decide when presented with too many choices.

$36 for Adults

$14 for Children 6-12

 

Inn of the Grand Glaize 

They are offering a buffet that is served from 11 a.m. to 2 p.m.

$22.95 for Adults

$18.95 for Seniors

$12.95 for Children 4-12

Team Lasson is here for all of your home buying needs!  If you’re thinking about making the leap into home ownership in the near future, please contact us today to get started.  We can help you determine what loan program works best for your financial goals.  The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks.  Please visit www.yourlakeloan.com or give us a call at (573) 216-7258 to get started.

Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc. For more licensing information, visit NMLSConsumerAccess.org

 

Preparing Your Home for the Winter

 

As winter settles in, staying warm isn’t the only thing to consider; the cold can also impact your home if it’s not well-prepared. At Flat Branch Home Loans, we care about the safety of families and their homes. Winterizing your home can help prevent costly damage and save you money in the long run.

Furnace Service and Replacement

Replacing a furnace can be costly, but annual servicing, which costs around $100-$300, can help extend its life and improve efficiency. A technician will clean and inspect your system, checking for issues like carbon monoxide leaks. Well-maintained furnaces can last 20-30 years.

Signs you may need a new furnace include frequent repairs, strange noises, dust or rust buildup, and uneven heating. When choosing a replacement, consider your home's size, energy efficiency, and budget. A licensed HVAC contractor can ensure proper, safe installation.

Window Replacement

Windows are crucial for your home's energy efficiency. As they age (typically lasting 15-20 years), weakened seals can let in drafts and moisture. Signs you need new windows include visible damage, drafts, interior condensation, or difficulty opening and closing.

If you replace windows, regular maintenance is key. Clean them gently and seal gaps with caulk or weatherstripping to keep your home warm and insulated.

Add Energy-Efficient Insulation

Proper insulation is key to staying warm and saving on energy costs during winter. Start by identifying drafts or cold spots in your home. These are signs of weak insulation. Seal gaps with spray foam or consider high-performance materials like aerogel. Addressing insulation issues now can cut energy waste and save money, which can you put toward something fun next year!

Upgraded Lighting

Winter is the perfect time to create a cozy, inviting space for friends and family to gather. When dark nights happen earlier, create a welcoming environment by upgrading to warm or soft lighting. Start simply by upgrading your most-used lightbulbs to set the right mood.

Consider adding smart features, like dimmer switches or a lighting control app, to easily adjust brightness with a touch. For a bold refresh, add a statement fixture to a dim corner—it’s an easy way to elevate your space while making it feel warm and well-lit.

Winter is Coming...

Winter may be coming, but you can have a stress-free season with home preparations. Proper upkeep and management of items in your home can help prepare you for the cold, winter months. By taking consideration now, you don’t have to worry about costly repairs or fixes down the road.

Team Lasson is here for all of your home buying needs!  If you’re thinking about making the leap into home ownership in the near future, please contact us today to get started.  We can help you determine what loan program works best for your financial goals.  The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks.  Please visit www.yourlakeloan.com or give us a call at (573) 216-7258 to get started.

Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc. For more licensing information, visit NMLSConsumerAccess.org

DIY Home Projects

Transforming your space on a budget isn’t always simple or easy; but one of the ways to tackle home projects on a budget is to Do-It-Yourself or DIY.  These projects are a great way to increase the value of your home when done effectively.

Let’s look at some of the simple but fun projects you can complete on your own to improve your home.

• Painting Walls: A fresh coat of paint can transform a room. Choose a color that suits your style and gives the space a personal touch.

• Installing a Backsplash: Enhance your kitchen or bathroom by adding a stylish backsplash. Peel-and-stick options make this project beginner-friendly.

• Creating a Gallery Wall: Collect and frame your favorite photos or artwork to create a personalized gallery wall. It's a simple way to add character to any room.

• Building a Bookshelf: Create a custom bookshelf using pre-cut boards and brackets. This DIY project adds both storage and a decorative element to your space.

• Planting a Garden: Start a small garden with easy-to-care-for plants or herbs.
  
  
  Gardening can be therapeutic, and you'll enjoy the fruits (or veggies) of your labor. If you have outdoor space, consider constructing a raised garden bed.

• Installing a Smart Thermostat: Upgrade your home with a smart thermostat. Many models are easy to install and can help save energy and money in the long run.

• Cabinet Hardware Upgrade: Swap out old cabinet handles and knobs for new ones to give your kitchen or bathroom a quick and cost-effective facelift.

• Weather Stripping Windows and Doors: Save on energy costs by installing weather stripping around windows and doors. It's a simple yet effective way to improve insulation.

• Creating a DIY Headboard: Craft a personalized headboard for your bed using reclaimed wood, fabric, or even an old door. It adds a unique touch to your bedroom.

• Installing a Ceiling Fan: Improve air circulation by installing a ceiling fan. Many kits come with step-by-step instructions, making it a beginner-friendly project.

• Creating a DIY Entryway Organizer: Build a simple entryway organizer using hooks, shelves, and a mirror. It's a practical and stylish solution for keeping your entry tidy.

• Installing Dimmer Switches: Upgrade your lighting by installing dimmer switches. It's a relatively simple project that can enhance the ambiance in any room.

• 
  DIY Floating Shelves: Build and install floating shelves to display decorative items or create additional storage space. It's a versatile and visually appealing project.

Whether you’re tackling it yourself or with a friend, DIY projects can be a budget-friendly effective way to update your home, and ultimately, add value to your home.

Team Lasson is here for all of your home buying needs!  If you’re thinking about making the leap into home ownership in the near future, please contact us today to get started.  We can help you determine what loan program works best for your financial goals.  The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks.  Please visit www.yourlakeloan.com or give us a call at (573) 216-7258 to get started.

Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc. For more licensing information, visit NMLSConsumerAccess.org

Halloween Safety Tips

Who doesn’t love to dress up and feast on candy? While Halloween is a night we all get excited about, there are a lot of things to think about before putting on a costume and eating a bag of treats.

Here at Team Lasson, we prioritize the wellbeing of homeowners and families. On this exciting night, it is important to keep these safety tips in mind.

Walking

When trick-or-treating, there are a lot of hazards that can make streets busy and unsafe. Following these safety tips can keep you and your family safe while out trick-or-treating:

• Cross the street at traffic signals and crosswalks. Always look both ways when crossing a street.

• Walk on sidewalks or paths. If there are no sidewalks, walk facing traffic as far to the left as possible.

• Pay attention. Avoid looking down at phones or other electronics to ensure your path is safe.

Driving

Whether driving home from work or going to a Halloween party, make sure to be extra cautious on the road. While driving on Halloween, be sure to keep these safety tips in mind:

• Drive slowly and be especially alert in neighborhoods. Children are excited on Halloween and will move unpredictably.

• Take extra time at intersections and on curbs to look for children.

• Enter and exit driveways and alleys cautiously.

• Trick-or-treating hours are usually around 5:30 p.m. to 9:30 p.m. Be alert for kids during these hours.

Costumes

While trick-or-treating, there are ways you can make costumes effective in keeping your family safe. Whether your costumes are homemade or from the store, think about how you can customize them using these tips:

• Make yourself visible. Carry glow sticks, flashlights, or add strips of reflective tape to costumes or bags so you stand out to drivers.

• Wear makeup and hats instead of costume masks that can obscure your vision.

• Ensure your costume is the right size to avoid tripping.

Halloween is a night for people of all ages to dress up and party. Whether you’re out trick-or-treating with your family or attending an awesome Halloween party, remember to keep these tips in mind to ensure a safe night.

Team Lasson is here for all of your home buying needs!  If you’re thinking about making the leap into home ownership in the near future, please contact us today to get started.  We can help you determine what loan program works best for your financial goals.  The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks.  Please visit www.yourlakeloan.com or give us a call at (573) 216-7258 to get started.

Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc. For more licensing information, visit NMLSConsumerAccess.org

Modular vs. Manufactured Home

In the ever-evolving landscape of homeownership, prospective buyers are presented with a number of options, each catering to different preferences, budgets, and lifestyles. Two popular choices that often spark debate are modular and manufactured homes. Understanding the distinctions between these housing options is crucial, especially when it comes to securing a home loan.

Modular homes are constructed in sections or modules off-site and then transported to the desired location for assembly. Unlike manufactured homes, they often adhere to the same building codes and standards as traditional stick-built homes. This can be a significant advantage when seeking financing, as modular homes are typically viewed more favorably by lenders.

Manufactured homes, on the other hand, are built entirely in a factory and transported to the site as a complete unit. While these homes offer affordability and quicker construction timelines, they are subject to different building codes, which can impact loan eligibility. Financing for manufactured homes may come with more stringent criteria due to perceived differences in durability and long-term value, but that shouldn’t stop you from seeking this option if it works for you!

When navigating the path to homeownership with either modular or manufactured homes, it's crucial to work closely with your lenders who specialize in these types of properties. Lenders experienced in modular and manufactured home loans can guide buyers through the intricacies of the financing process, ensuring that the chosen home aligns with both their preferences and financial capabilities.

In conclusion, the choice between modular and manufactured homes extends beyond architectural preferences; it significantly influences the financing journey. Prospective buyers should weigh the benefits and drawbacks of each option and collaborate with their knowledgeable lender to secure a loan that transforms their homeownership dreams into reality.

Team Lasson is here for all of your home buying needs!  If you’re thinking about making the leap into home ownership in the near future, please contact us today to get started.  We can help you determine what loan program works best for your financial goals.  The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks.  Please visit www.yourlakeloan.com or give us a call at (573) 216-7258 to get started.

Michael Lasson

Senior Mortgage Banker

NMLS #:  493712

Flat Branch Home Loans – Team Lasson

2882 Bagnell Dam Blvd

Lake Ozark, MO 65049

Cell:  (573) 216-7258

Email:  teamlasson@fbhl.com

Website:  www.yourlakeloan.com

**The postings on this site are my own and do not necessarily represent Flat Branch Home Loans positions, strategies, or opinions.

Flat Branch Home Loans NMLS 224149. A Division of Flat Branch Mortgage Inc. For more licensing information, visit NMLSConsumerAccess.org