Consumer Tips

When you’re planning a move, whether you’re upsizing, downsizing, or shopping for your first home, the state of the market can have a significant impact on the home-buying experience. It is important for buyers and sellers to understand the elements that impact the housing market.

What is a Buyer's Market?

A buyer's market occurs when there are more houses for sale than there are buyers. This condition puts buyers in a position of strength when they negotiate with sellers. 

Characteristics of a Buyer's Market

Here are some of the key characteristics of a buyer's market.

• Housing prices may be low
• There are many houses available to buy
• Economic conditions may be on the downturn
• Overbuilding may be an issue

House Buying Tips for a Buyer's Market

The condition of the real estate market may dictate your strategy for buying a house. Here are some tips for buying a house in a buyer's market.

• Offer less than the asking price. If a home has been on the market for a while, sellers may be willing to accept a lower price to close the deal.
• Ask the seller to cover closing costs. Even if you can't negotiate a lower price, you might save some money if the seller will agree to pay your closing costs.
• Ask for repairs or improvements. Another negotiating tactic is to ask the seller to repair their home or make improvements to it before the closing takes place.
• Add contingencies to the purchase agreement. Finally, you may want to consider adding contingencies related to the home's appraisal, inspection, financing, and closing. These things can save you money and make it easier for you to back out of the deal if it doesn't work for you. 

What is a Seller's Market?

A seller’s market occurs when there are more potential buyers in the market than there are houses for sale. A home buyer who wants to buy a house may find themselves in competition with other buyers. 

Characteristics of a Seller's Market

Here are some key characteristics of a seller's market.

• Housing prices may be high
• There are few houses available to buy
• Economic conditions are likely to be good
• New developments may be scarce

House Buying Tips for a Seller's Market

Buying a house in a seller's market may be less than ideal, but there are still things you can do to facilitate the process as a potential buyer.

• Get pre-approved for a mortgage. This may give you a leg up if you're bidding against a potential buyer who hasn't been preapproved.
• Shop for homes under your budget. If you can find a home that suits your needs with an asking price that's lower than your budget, you'll have room to bid up if you need to.
• Pay more than the asking price. In a seller's market, it's not uncommon for buyers to offer more than the listing price in an effort to get the house they want.
• Offer incentives to the seller. In some cases, you may be able to win over a seller by offering a short escrow period or allowing them to rent back the property while they look for a house or prepare to move.
• Hire an experienced real estate agent. Having an experienced real estate agent at your side can help you navigate the ins and outs of buying in a seller's market.
• Waive contingencies. We don't recommend this option, but sometimes buyers agree to waive typical contingencies related to the inspection, appraisal, and sale to beat out other buyers.

Should You Wait for a Buyer's Market to Buy a House?

One of the questions we get asked frequently is whether it's best to wait for a buyer's market to buy a home. While it's undeniable that it's easier – and in many cases more affordable – to buy when the supply of homes for sale is high, it's not always possible or practical to wait for a buyer's market.

It's important to remember that you don't have any control over market conditions. The market is constantly changing and the factors that affect it shouldn't dissuade you from house hunting at the time when you need to buy a house.

The process of buying a house will always be partially influenced by market conditions. Understanding the differences between a buyer's market and a seller's market can help you negotiate the best possible price as you work toward your dream of homeownership.

Are you looking for the house of your dreams? Use a real estate agent approved by SIRVA to help you every step of the way. You can get $500 for every $100,000 in home value.*

If you’re extra budget conscious, you might be thinking about selling your home on your own. Before you make a final decision on whether you will use a real estate agent or not – you should consider a few things first.

COMMISSION COSTS

When you crunch the numbers, remember that you can always save money by not using a real estate agent on your end – but if a buyer comes in with an agent – you will be obligated to pay their commission. So, for instance a typical agent will require a 3% commission – so if you don’t use an agent, but your buyers have an agent, you would save 3% or 6% if they don’t have an agent. So, when you’re considering the cost of using a listing agent – keep in mind that (conservatively) it will be about 3% of the total purchase price.

YOUR TIME COMES AT A PRICE

Fundamentally, you could probably sell your house without a real estate agent easily in a seller’s market when the conditions are perfect, without much effort. But, like most situations – there are usually challenges to overcome. Not to mention, if you work full-time – you have to be realistic about how much time selling your home could take away from your work or family. Marketing and showing your home alone are huge time-sucks, which can be avoided for a 3-6% commission. Do the math and figure out what your time is worth – then calculate how many hours you might need to put against selling your home in order to justify the use of an agent.

OTHER COSTS WHEN FSBO (For Sale By Owner)

If you decide to go the FSBO route, take into account the extra things you might have to pay for:

• MLS listing fees
• Professional pictures or video of your home
• Home sale and open house signs
• Lawyer fees to review contracts
• Time off for home showings
• Staging advice
• Storage fees (for staging)
• Home buying agent commission fees
• Extra incentives for buying agents

AGENTS HAVE CONNECTIONS

If you live in a small or big town – agents talk. This is one of the benefits of using an agent – they will use all of their networks, referral groups, Web tools and connections in order to market your home. Agents have access to the MLS, which is the number one home sale site. They also have connections with ancillary service providers that could market your home better including – photographers, home stagers, storage providers, etc.

If you decide you’re ready to buy or sell a home, use a real estate agent approved by SIRVA to help you every step of the way. You can get $500 for every $100,000 in home value.*

Along with noise-induced hearing loss, presbycusis (age-related hearing loss), can not only affect your overall quality of life, but can also contribute to serious health conditions such as diabetes, cardiovascular disease, depression and dementia.

As with any medical condition, hearing loss has recognizable symptoms. The most common symptom is tinnitus, defined as a constant ringing or humming in one or both ears. Other hearing loss symptoms include:

• Trouble understanding the difference between s and f, between p and t, or between sh and th in conversations (consonants)
• Difficulty understanding conversations in noisy places like a stadium or restaurant.
• Listening to the television or radio at high volumes in order to hear them.
• Requesting those you’re conversing with to speak more slowly and clearly.
• Muffled speech and other sounds.
• Difficulty hearing high-pitched sounds like doorbells, ringing telephones, alarm clocks, etc.
• Hypersensitivity to sounds (certain sounds are annoying or cause ear pain).
• Having trouble recognizing speech during phone conversations.
• Asking someone to speak louder or constantly asking someone to repeat what they said.

Hearing loss is a degenerative condition and cannot be reversed, but it can be treated. If you or a member of your family have been experiencing any of these symptoms, schedule a comprehensive hearing exam today.

Teeth grinding, also known as bruxism, is the clenching of the jaw and grinding of the teeth. Teeth grinding can cause teeth to become painful or loose, and sometimes parts of the teeth are literally ground away. Eventually, this can destroy the surrounding bone and gum tissue and lead to jaw problems.

For many people, teeth grinding is an unconscious habit. The most common causes are stress, anxiety, smoking, caffeine and sleeping disorders. So how can you stop grinding your teeth? It's best to consult your dentist to help development a treatment plan specialized for you. Night guards or a professionally made mouth guard can help prevent some grinding. By addressing and treating bruxism early, you can prevent extensive damage to your teeth.

Make sure you combine good at-home dental practices with routine checkups. If you don’t have a regular dentist or have been putting off a dental checkup, the Union Plus Dental Discount Plan can help you save on your next dental visit. Search for a participating dentist near you and schedule an appointment today!

Whether you're looking to save for retirement, build your dream kitchen or enjoy the peace of mind that comes with an emergency fund for your family, it all starts with conquering your debt. That's where the Union Plus^® Personal Loan can make all the difference.

Shift your focus
Sometimes reaching the peak of financial wellness can feel like climbing a mountain, but if you take it one step at a time, you'd be surprised by what you can achieve. If you are feeling overwhelmed by debt, remember that you have options outside of an avalanche of payments — like the Union Plus Personal Loan.

Start with one simple step
No matter what your financial situation is, the Union Plus Personal Loan offers flexibility that makes freeing up your cash flow or building up your savings easier. By consolidating multiple payments on your existing debt into one easy payment with a fixed APR, you can focus on paying off debt without bogging down your bank account.

Pay off debt strategically
Depending on the interest rates on your debt, you may be able to save money in the long run when it comes to paying it off. Find out what interest rate you qualify for with a Union Plus Personal Loan to see how much you could save over the life of your loan.

Building financial well-being begins with becoming debt-free, and the Union Plus Personal Loan can make that possible. Apply to find out which rates you qualify for and embark on the journey toward building a stronger financial foundation.

Use natural light when possible

• Avoid using a flash when photographing your pet. Bright flashes may frighten some animals and the flash could result in unsightly “red-eyes.”
• Use indirect natural light whenever possible. With four-legged subjects, it may not always be easy to position your subject, so you may have to move to get the best light.
• Aim for a mid-morning or late afternoon shoot when the light is naturally golden and filtered. If you are shooting indoors, try to avoid strong direct light, and make sure the lighting is even, unless you are trying for a dramatic shoot with specific lighting.

Make sure your pet is comfortable

• If you are going to dress your pet in an outfit, have your pet try it on before the actual photo shoot to make sure it fits properly and is comfortable.
• Give your curious cat or canine time to get used to their surroundings including the photography equipment and setting.
• Make sure your pet is not thirsty or hungry and has had a chance to exercise beforehand.
• Provide reassurance and praise, stay positive and have fun because your good attitude will set the best environment for your pet.

Be patient and take lots of photos

• Keep it fun and try different poses like getting on the floor to take photos eye-to-eye instead of always from above.
• Keep your pets undivided attention by holding a favorite toy or treat (like a piece of cheese, so you can literally tell your pet to “say cheese) just above the camera so your pet will be looking right at the lens.
• Try making an unusual noise to get your pet’s attention and make them look up because calling your pet’s name may be confusing and they’ll come to you instead.
• Take posed photos but don’t forget to let your pet act naturally and capture lots of candid shots that capture your pet’s personality.

Pro: No More Gasoline

For many people, ditching gasoline is plenty enough reason to go electric. It’s the most obvious of ways to save money with an EV, with a much lower cost per mile—regardless of whether you charge at home or at a public charging station. According to Consumer Reports, the average EV owner can save $800 to $1,000 each year on fuel costs alone. There are other side benefits to a vehicle that doesn’t run on gasoline. EVs are driven by an electric motor and battery, which means fewer moving parts for mechanics to worry about. Historically, that means less maintenance for powertrain-related components. You won’t have to worry about replacing your oil or transmission fluid, so you can expect to spend less time at the dealer and less money on maintenance.

Con: Finding a Charging Station

Have access to a charging station where you live or work? You may not need to think much about finding a place to plug in, especially when it comes to your daily commute. But you may also want to take the occasional road trip or run a few errands. When you’re low on battery, you’ll need to find a public charging station. That can take some planning and coordination. Especially compared to the early days of electric vehicles, it’s now easier to find a charging station. If you live in a major metropolitan area, you may already be used to seeing stations around town. Other areas may have fewer charging stations, so it’s smart to plan ahead if you’re driving long distances. We recommend using an app like PlugShare, which can help you find charging stations near you or along your intended route.

Pro: Lower Carbon Footprint

Electric vehicles produce zero tailpipe emissions and play a crucial role in reducing carbon emissions produced from transportation. And with new vehicles such as the Hummer EV and Ford Mustang Mach-E, you can find EVs in more shapes and sizes than ever. You can go even further if your home is powered by renewable energy. Solar panels are becoming increasingly affordable and efficient, making them a perfect pairing for EV owners. It’s true that building a vehicle produces emission, regardless of whether it’s powered by gas or electricity. Buying used is a great way to help offset any product’s carbon debt, which helps give it a second life. It’s certainly applicable to cars, and there are plenty of used and certified pre-owned electric vehicles to choose from. And if you’re worried about the battery, know that most automakers provide a warranty of at least 8 years or 100,000 miles.

Con: Slower to Charge

Filling up a traditional gasoline-powered vehicle takes just a few minutes at the pump, assuming you don’t have to wait in line. In comparison, electric vehicles are much slower to charge. The most commonly found Level 2 chargers provide up to 20 miles of range every hour spent charging. That may be acceptable if you’re at work or at dinner, but it may be challenging if you’re in a hurry. While slower charging speeds can be a downside to EV ownership, technology is advancing quickly and narrowing the gap. Most modern electric vehicles sold today are compatible with DC Fast Charging, which can provide up to 80 miles of range for every 20 minutes the vehicle is plugged in. These public stations are designed to provide fast speeds until the battery has reached 80% capacity, which helps limit degradation.

Pro: Tax Credits, Rebates and More

The perks of driving an electric vehicle run deep. When you buy new, you may qualify for federal tax credits of up to $7,500, assuming the automaker hasn’t already sold 200,000 vehicles across their lineup. You may also qualify for state rebates, ranging from $500 to $5,000. So while you may spend more at the dealership, there are plenty of ways to lower the overall cost of ownership. In addition to these savings, your state may offer other incentives that make life on the road a little easier. That includes HOV lane access and exemption from emissions testing. Also, some utility companies offer rebates with the purchase or lease of a new electric vehicle. This could help offset the price of installing a charging station in your home, which can otherwise be cost prohibitive.

Con: Higher Initial Costs

While electric vehicles are quickly becoming more affordable, they are still priced at a premium compared to their gasoline counterparts. You may make up for it by driving on electricity instead of fuel, and the average MSRP of electric vehicles is getting lower each year. But today, there’s no denying that the sticker price of an EV can make it a less compelling option. Working with a tight budget? Used electric vehicles can offer an incredible value, with many options available at a fraction of their original MSRP. This includes first-generation EVs such as the Nissan Leaf, Fiat 500e and BMW i3, which offer more limited range compared to modern examples. But if you just need something to handle commutes and short trips, going pre-owned can be the perfect gateway into an electrified lifestyle.

Thinking About Going Electric?
Electric vehicles are steadily becoming mainstream, and automakers are committing to building more of them across the board. We’re always keeping tabs on the best electric cars and best electric SUVs available today. And when you’re ready to buy, you can use the Union Plus Auto Buying service to shop and get an upfront, personalized offer from a Certified Dealer.

Here are six of the most important factors that come into play.

1. What Is the Vehicle’s Condition?
   Everyone wants a used car in the best condition possible—it’s usually the first thing a buyer notices. Outside of normal wear and tear, the exterior won’t have any major scratches, chips or dents. There should be no rust on the vehicle, including the underside. Don’t forget about the inside of the cabin. The seats, carpet and headliner should be free from heavy wear. If the vehicle has a leather upholstered interior, it should be well-maintained without any cracks or peeling. The electronics should also work as intended, including the stereo and climate controls.
2. What Is the Mileage and Age?
   Mileage is the simplest way to judge a used vehicle, and it plays a big part in determining its resale value. Vehicles with lower mileage typically cost less to maintain in the near future, especially if the car isn’t approaching a major service interval. It will also be less likely to require major engine or transmission work, which can be costly. But at the end of the day, the number on the odometer doesn’t tell the whole story. Age puts mileage into context—letting buyers know how much a vehicle was driven annually. For reference, the average person drives over 13,000 miles each year. You can use this as a starting point to determine whether a used vehicle has low mileage for its age.
3. How Many Previous Owners?
   When shopping for a used car, conventional wisdom suggests that it’s best to find a single owner vehicle. It’s far easier to get a true picture of the car’s history when it has only had one owner, whether it’s newer or older. You’ll typically have a better idea of how it was maintained, and you’ll be aware of its accident history, if applicable. This makes one-owner vehicles more desirable, and it’s something that often shows up as a benefit in the listing. If you bought your vehicle new, you’re naturally in a good position to sell or trade. Three or more owners are viewed as less desirable, especially if turnover occurred during a short period of time. If you want to double check your vehicle’s ownership history, consider purchasing a CarFax report.
4. Does It Include Maintenance Records?
   A car that’s been taken care of will always command a premium, especially if the owner can provide the receipts to document the history of maintenance. This applies to oil changes, tire rotations and regular maintenance—ideally based on the manufacturer’s recommended intervals. After all, vehicles that aren’t properly serviced can lead to costly repairs down the line. The more documentation a used vehicle has, the more confident people will feel when buying it—bonus points if it was serviced at the dealership or a reputable mechanic. And if the vehicle is still under warranty, having all the paperwork in one place will make things easier for the next owner.
5. Is It Rare?
   Some vehicles are harder to find than others. They may have been produced in low quantities, discontinued by the manufacturer or just too popular to meet demand. These vehicles are especially desirable on the used market, with certain enthusiast vehicles maintaining and sometimes increasing in market value over time.
   
   Although the most desirable and rare vehicles are often sports cars, rarity isn’t limited to this class. Certain trims, colors and configurations can be difficult to track down. This also applies to special and limited-edition models, which are made specifically for collectors. Some cars also have rare variants, such as a hatchback or even an electric vehicle.
6. Where Are You Located?
   The location of your vehicle can have a huge effect on its value, just like real estate. Terrain and weather influence the kind of lives people lead—and the cars they want to buy. If you live in a warm climate near the coast, rear-wheel drive sports cars may command a premium. Drivers in mountainous areas prefer utility vehicles with four-wheel drive, especially if the area sees heavy snowfall.
   
   Timing can also go hand in hand with location. A convertible may be seen as less desirable during the winter months, when it may spend more time in the garage. And when gas prices go up, commuters tend to flock to hybrids and electric vehicles. It all comes down to supply and demand, which is always changing with the times.

Find Out How Much Your Vehicle Is Worth

Thinking about your next car? You’re probably wondering how much you can get for your current vehicle. TrueCar Trade makes it easy to see the value of your car and get a cash offer in minutes—all without leaving the comfort of your own home. Simply enter your car’s information to get an instant estimate.

You’ll also be able to see how features like color and mileage affect your car’s value. Then you’ll receive a True Cash Offer™. That means you get a check directly from a TrueCar Certified Dealer. No need to deal with online classifieds, because getting paid just got a whole lot easier. 

MetLife Legal Plan network attorneys are able to provide document review and consultations for many issues you may face, at no cost through MetLife's Emergency Response Legal Assistance. These include:

• Reviewing documents related to federal aid and insurance claims
• Providing assistance with identity theft issues due to lost personal documents
• Answering questions about damaged property for renters or homeowners
• Providing advice on dealing with creditors and bill collectors

If you need assistance call the Customer Service Center at 1-800-821-6400.

You will need to identify you are with Union Plus, the last four digits of your Social Security Number and indicate that you are interested in the document review and consultations services being offered as part of the Emergency Response Legal Assistance.

Now may be a good time to rethink your mortgage and consider whether refinancing is right for you.

Refinancing may allow you to:

1. Lower your monthly mortgage payment
   You may be able to take advantage of the current rate environment and lower the interest rate on your mortgage. If you get a lower interest rate, your monthly payment may go down. You can also lower your monthly payment by refinancing to a longer-term loan. While both of these options will lower your monthly payment and free up some cash each month that can be used to meet other financial goals, you may pay more interest over the life of the loan.
2. Access funds for other important uses
   With a cash-out refinance, you may be able to tap into your home’s equity to help fund home improvement projects, pay off high-interest loans or credit cards, or cover other large expenses. If you have enough equity in your home, this could be an alternative to other financing options with higher interest rates.
3. Pay off your mortgage faster
   If you want to pay off your loan sooner, you can shorten your loan term. While it’s likely you’ll pay less interest over the life of your loan, your monthly payment may go up.
4. Get a predictable rate and payment
   Switch from an adjustable-rate to a fixed-rate mortgage and enjoy payments and rates that don’t change over time.

Be sure to talk to your lender about your specific situation and goals. Also, consider these tips:

1. Check your credit score before you apply
   Your credit history and credit score are key factors in determining your interest rate and the amount you may be able to borrow.
2. Understand the costs of refinancing
   You’ll have to pay closing, origination, and other loan fees.
3. Keep in mind that you’re starting over
   Refinancing replaces your existing loan with a new one. If your new loan has the same term as your original mortgage, you may end up paying more interest over the long run.

Your special benefit – a $300 My Mortgage Gift^SM award
Verified members of eligible labor unions and their qualifying family members who refinance a home with Wells Fargo and mention their eligibility will receive a $300 My Mortgage Gift award after closing.¹ (A $500 value when purchasing a new home.)

Personalized support
When you’re ready to take the next step, a Wells Fargo Home Mortgage consultant can answer your questions, discuss your situation, and explain the various mortgage options available. You’ll have the information and support you need to decide if refinancing is right for you.