some factors to consider from bobvila.com
Looking to make a quick sale before winter arrives? Target the types of buyers who drive the market in autumn.
If you’re planning on putting your house on the market this fall, be aware that folks at different stages of life enter the market at different times of the year. For example, the lively spring real estate season thrives on families wishing to relocate while their kids are on break from school. Home sales in autumn, however, are driven mainly by millennials and empty-nesters. As we near the end of the summer, many would-be home sellers are wondering whether either of those populations can be counted on to be active in the coming months.
Millennials. What’s keeping millennials from moving out of their parents’ basements? Only money. To scrape up a down payment, young and financially insecure house hunters are likely to seek loans either from family members or the federal government. But are they actually going to obtain those loans?
Watch the stock market for clues. If investment returns are strong, waffling parents might feel rich enough to subsidize their adult children’s dreams of homeownership. Less vulnerable to uncertainty are government home loans, namely those offered by the Federal Housing Administration. As we’ve reported in the past, the FHA makes loans that combine purchase and improvement expenses. Mention those programs in all of the materials you prepare to market your property. Hey, it’s a worth a shot: You might end up informing a potential buyer of something he doesn’t already know.
Here are a few tips to help you court millennials:
• If someone visits your open house with parents in tow, pay as much attention to the parents as you do to the apparent buyer himself.
• Supplement the listing with a document that highlights the amenities that millennials view as must-haves (for example, wireless Internet infrastructure).
• Allow plenty of time for the loan to be approved. The average millennial’s credit history lacks a landlord’s verification of his ability to meet payments.
Empty-Nesters. Having already raised children, empty-nesters understand the value of good school districts, but nowadays they are more interested in amenities that suit their child-free lifestyle. If you have a hunch your house may appeal to empty-nesters, here’s how to play up that attraction:
• Emphasize multipurpose space—for instance, stage one bedroom as a home office-cum-hobby room—because empty-nesters crave flexibility for the future.
• Provide a map to points of interest within walking distance. To the extent possible, aging baby boomers wish to integrate exercise into their daily habits.
• Showcase quality. Without teenagers around, empty-nesters can enjoy more delicate finishes and fine details, so give them something to brag about. They want to upgrade as they downsize.
Monday, September 15, 2014
Buying a Home in The Fall
from realtor.com, interesting article on buying in fall....
The real estate market is open 365 days a year – yes, even on holidays – but there are cyclical trends to the marketplace. Some of those ups and downs are based on mortgage interest rates and housing availability, but some are based on season.
Next to spring, fall is the busiest season for home buying and selling. Autumn offers certain benefits to home buyers, including year-end tax breaks, pleasant weather conditions for moving and a wide selection of homes for sale. Read on to learn the advantages of buying in the fall.
Year-End Tax Breaks
Come September and October, people start to think about what year-end tax breaks they might be eligible for. Fortunately for home buyers, owning a home can yield great dividends in tax returns. For example, both mortgage interest and property taxes are deductible from gross income. Furthermore, if you have prepaid some interest before the due date of your first payment, and if you close your loan before the year’s end, that interest can also be deducted.
Getting Ahead of Mother Nature
Buying a house before the deep freeze of winter sets in is very appealing to most home buyers. No one wants to worry about icy roads, snowstorms or blackout conditions on moving day, nor is it fun to move in sweltering summer heat.
School Year and Holidays
By wintertime, kids have settled into school, established friendships and become involved in extracurricular activities. Moving in summer would be least disruptive to your children’s schooling or social calendar, but autumn is next best. Also, by moving in fall, you’ll be settled snugly into your new home before Thanksgiving and the winter holidays.
More Home Choices
While home demand is not as keen in fall as it is in spring, it’s still high, so competition can be high, too. Fall buyers and sellers tend to be motivated to move, unlike the window-shoppers who sometimes come out in spring.
You may experience pressure to buy, due to the quick turnaround of houses on the market, but you’ll also benefit from the broad selection of homes available. In fact, between September and December, you may be able to visit several open houses in a single day, and listings will be updated frequently. Therefore, to make sure you don’t miss out on your dream house, it’s a good idea to regularly check listings and check in with your Realtor.
Fall Home-Buying Tips
Given the home-buying competition and the short, pre-holiday timetable in autumn, you may be tempted to place a bid that is out of your price range, for fear of losing the home. Before you make an offer, know what kind of house you need and what you can realistically afford, and stick to your budget. You may want to explore prequalifying for a loan so that you’ll be ready to act when you find the home you want. And as always, whatever season you buy in, buy at the best time for you and your family, and hold out for the right house - there are always more homes to see and to choose among.
The real estate market is open 365 days a year – yes, even on holidays – but there are cyclical trends to the marketplace. Some of those ups and downs are based on mortgage interest rates and housing availability, but some are based on season.
Next to spring, fall is the busiest season for home buying and selling. Autumn offers certain benefits to home buyers, including year-end tax breaks, pleasant weather conditions for moving and a wide selection of homes for sale. Read on to learn the advantages of buying in the fall.
Year-End Tax Breaks
Come September and October, people start to think about what year-end tax breaks they might be eligible for. Fortunately for home buyers, owning a home can yield great dividends in tax returns. For example, both mortgage interest and property taxes are deductible from gross income. Furthermore, if you have prepaid some interest before the due date of your first payment, and if you close your loan before the year’s end, that interest can also be deducted.
Getting Ahead of Mother Nature
Buying a house before the deep freeze of winter sets in is very appealing to most home buyers. No one wants to worry about icy roads, snowstorms or blackout conditions on moving day, nor is it fun to move in sweltering summer heat.
School Year and Holidays
By wintertime, kids have settled into school, established friendships and become involved in extracurricular activities. Moving in summer would be least disruptive to your children’s schooling or social calendar, but autumn is next best. Also, by moving in fall, you’ll be settled snugly into your new home before Thanksgiving and the winter holidays.
More Home Choices
While home demand is not as keen in fall as it is in spring, it’s still high, so competition can be high, too. Fall buyers and sellers tend to be motivated to move, unlike the window-shoppers who sometimes come out in spring.
You may experience pressure to buy, due to the quick turnaround of houses on the market, but you’ll also benefit from the broad selection of homes available. In fact, between September and December, you may be able to visit several open houses in a single day, and listings will be updated frequently. Therefore, to make sure you don’t miss out on your dream house, it’s a good idea to regularly check listings and check in with your Realtor.
Fall Home-Buying Tips
Given the home-buying competition and the short, pre-holiday timetable in autumn, you may be tempted to place a bid that is out of your price range, for fear of losing the home. Before you make an offer, know what kind of house you need and what you can realistically afford, and stick to your budget. You may want to explore prequalifying for a loan so that you’ll be ready to act when you find the home you want. And as always, whatever season you buy in, buy at the best time for you and your family, and hold out for the right house - there are always more homes to see and to choose among.
5 Tips to Stage Your Home for the Fall Season
some interesting advice to consider with a fall home sale....from www.money.usnews.com
If you've had your home on the market throughout the spring and summer seasons and it still hasn't sold, you might be starting to sweat. The heat and pressure are on, and it's probably hard to believe that fall is already here. Once the cold sets in, the number of buyers out there starts sinking like a weight in water. Most people just don't want to shop for a home when it's 10 degrees out.
You still have some time, but you can't ignore the fact that the clock is ticking. Don't waste these days. You need to take advantage of this last buying hurrah before winter sets in, and a major part of your strategy should be to stage your home effectively, regardless of whether you're using a real estate agent or selling your house yourself by owner.
Follow these top five staging tips for autumn planning:
1. Focus on Fall Curb Appeal. When your house is on the market, your top priority should be your home's curb appeal. Unfortunately, however, keeping an attractive-looking yard gets tougher in the fall. Your summer flowers will have already come and gone, so make sure you dress up your front steps with pots of brightly colored mums, and a few pumpkins as soon as they're available.
You'll also want to make sure your yard and beds are kept clean of falling leaves. Keeping up with falling leaves can be a chore, especially when they start falling during peak season. Raking is no job for a perfectionist, and a few leaves here and there are okay. Overall, however, you need to be sure that potential buyers see your yard and home, not dim shapes covered up by three inches of leaves.
Lastly, realize that as your lawn plants, shrubs, and trees start to go dormant for the winter, paint chips and dirty siding will become even more noticeable. You don't want these little issues to become big problems, and you definitely don't want to do repairs in the colder months. It's a good idea to pressure wash your home before it gets too cold.
2. Don't Go Overboard. Now that we've covered priority No. 1, remember the importance of moderation. As important as staging is, the key to success is to keep yourself in check and know when to stop. You don't want to break your personal budget, and you don't want to over-decorate your home. Between the weather, fall sports, and holidays, autumn is full of tempting reasons to decorate too much.
It's easy to go overboard, and plenty of people will make this mistake. Don't be one of them. Put a simple wreath on the door, grab a few potted mums for inside, and leave it at that. Remember, you want your buyers to remember the house, not your great fall or Halloween decorations. You just want some accents that make potential buyers realize what they could do if they owned your home.
3. Focus on Comfort. As the days get chilly, we all want to be in a cozy home. Once you've drawn potential buyers in, make them realize how comfortable they'd be during fall--and year-round. Highlight the coziness of your home. Stack firewood in the fireplace so it's "ready to go," at least in your buyers' minds. Add some comfy touches like laying out your favorite blanket (e.g. drape lush afghans over the side of the couch). Put out a few decorative candles, but don't light them. Remember, some potential buyers might have allergies or dislike certain smells.
Set up a small table with hot coffee and fresh-baked cookies, cider donuts, or any other local treats that will warm up your home and stick in buyers' minds. Finally, make sure every room is very clean.
4. Brighten up Your House. Autumn days get shorter and shorter, and the early sunset can weigh down emotions and lead to some tired house shoppers coming to your home experiencing seasonal affective disorder symptoms. So brighten your home, and their day.
Make sure you have bright, warm light bulbs in all of your lamps and fixtures. If it's even a little dark outside or getting slightly dim in a room, turn on your lamps. If you have a room that gets strong afternoon sun or has a great angle at sunset, make sure the shades are wide open at the right time. No matter what time it is, your home should look bright, clean, and open.
5. Change Your Bedding. Don't let the warm and cozy theme stop on the main floor of your home. Your shoppers will be upstairs checking out the bedroom, so make sure it's just as cozy as every other room - if not more.
If your quilt is old and battered, change it for a new one. You can still sleep under your favorite quilt, but show off with a thick and luxurious one, even if it's just temporary. The bed is the focal point of the room, and the comforter sets the tone and establishes how the room will feel. It's crucial for you to make it warm, relaxing, and inviting.
Final Thoughts. I've listed my own home during the fall season, so I know firsthand how challenging it can be. It's a special time of year, and it's especially challenging for home sellers. You may have a distinct advantage, however, when you list in the fall. You'll probably be competing with fewer other homes on the market. And while it's tough to combat falling leaves and do repairs on chilly days, you have the benefit of wonderful fall foliage to make your home look picture perfect.
[See Real Estate Bargaining: An Expert Opinion.]
Fall is a season of change, and if your home is still on the market, it just means you need to switch up your plan. Change the feel of your home by making it feel warm and cozy for the fall season, and you'll be more likely to draw interest from potential buyers.
Have you had success selling your home in the fall season? What are some of the methods you used to prepare your home and dress it up for prospective buyers?
If you've had your home on the market throughout the spring and summer seasons and it still hasn't sold, you might be starting to sweat. The heat and pressure are on, and it's probably hard to believe that fall is already here. Once the cold sets in, the number of buyers out there starts sinking like a weight in water. Most people just don't want to shop for a home when it's 10 degrees out.
You still have some time, but you can't ignore the fact that the clock is ticking. Don't waste these days. You need to take advantage of this last buying hurrah before winter sets in, and a major part of your strategy should be to stage your home effectively, regardless of whether you're using a real estate agent or selling your house yourself by owner.
Follow these top five staging tips for autumn planning:
1. Focus on Fall Curb Appeal. When your house is on the market, your top priority should be your home's curb appeal. Unfortunately, however, keeping an attractive-looking yard gets tougher in the fall. Your summer flowers will have already come and gone, so make sure you dress up your front steps with pots of brightly colored mums, and a few pumpkins as soon as they're available.
You'll also want to make sure your yard and beds are kept clean of falling leaves. Keeping up with falling leaves can be a chore, especially when they start falling during peak season. Raking is no job for a perfectionist, and a few leaves here and there are okay. Overall, however, you need to be sure that potential buyers see your yard and home, not dim shapes covered up by three inches of leaves.
Lastly, realize that as your lawn plants, shrubs, and trees start to go dormant for the winter, paint chips and dirty siding will become even more noticeable. You don't want these little issues to become big problems, and you definitely don't want to do repairs in the colder months. It's a good idea to pressure wash your home before it gets too cold.
2. Don't Go Overboard. Now that we've covered priority No. 1, remember the importance of moderation. As important as staging is, the key to success is to keep yourself in check and know when to stop. You don't want to break your personal budget, and you don't want to over-decorate your home. Between the weather, fall sports, and holidays, autumn is full of tempting reasons to decorate too much.
It's easy to go overboard, and plenty of people will make this mistake. Don't be one of them. Put a simple wreath on the door, grab a few potted mums for inside, and leave it at that. Remember, you want your buyers to remember the house, not your great fall or Halloween decorations. You just want some accents that make potential buyers realize what they could do if they owned your home.
3. Focus on Comfort. As the days get chilly, we all want to be in a cozy home. Once you've drawn potential buyers in, make them realize how comfortable they'd be during fall--and year-round. Highlight the coziness of your home. Stack firewood in the fireplace so it's "ready to go," at least in your buyers' minds. Add some comfy touches like laying out your favorite blanket (e.g. drape lush afghans over the side of the couch). Put out a few decorative candles, but don't light them. Remember, some potential buyers might have allergies or dislike certain smells.
Set up a small table with hot coffee and fresh-baked cookies, cider donuts, or any other local treats that will warm up your home and stick in buyers' minds. Finally, make sure every room is very clean.
4. Brighten up Your House. Autumn days get shorter and shorter, and the early sunset can weigh down emotions and lead to some tired house shoppers coming to your home experiencing seasonal affective disorder symptoms. So brighten your home, and their day.
Make sure you have bright, warm light bulbs in all of your lamps and fixtures. If it's even a little dark outside or getting slightly dim in a room, turn on your lamps. If you have a room that gets strong afternoon sun or has a great angle at sunset, make sure the shades are wide open at the right time. No matter what time it is, your home should look bright, clean, and open.
5. Change Your Bedding. Don't let the warm and cozy theme stop on the main floor of your home. Your shoppers will be upstairs checking out the bedroom, so make sure it's just as cozy as every other room - if not more.
If your quilt is old and battered, change it for a new one. You can still sleep under your favorite quilt, but show off with a thick and luxurious one, even if it's just temporary. The bed is the focal point of the room, and the comforter sets the tone and establishes how the room will feel. It's crucial for you to make it warm, relaxing, and inviting.
Final Thoughts. I've listed my own home during the fall season, so I know firsthand how challenging it can be. It's a special time of year, and it's especially challenging for home sellers. You may have a distinct advantage, however, when you list in the fall. You'll probably be competing with fewer other homes on the market. And while it's tough to combat falling leaves and do repairs on chilly days, you have the benefit of wonderful fall foliage to make your home look picture perfect.
[See Real Estate Bargaining: An Expert Opinion.]
Fall is a season of change, and if your home is still on the market, it just means you need to switch up your plan. Change the feel of your home by making it feel warm and cozy for the fall season, and you'll be more likely to draw interest from potential buyers.
Have you had success selling your home in the fall season? What are some of the methods you used to prepare your home and dress it up for prospective buyers?
15 Things for Fall Home and Maintenance Checklist
good reminder article from Kiplinger.com
1. Tune up your heating system.For about $80 to $100, a technician will inspect your furnace or heat pump to be sure the system is clean and in good repair, and that it can achieve its manufacturer-rated efficiency. The inspection also measures carbon-monoxide leakage.
If you act soon, you’ll minimize the chance of being 200th in line for repairs on the coldest day of the year. Look for a heating and air-conditioning contractor that belongs to the Air Conditioning Contractors of America and employs technicians certified by the North American Technician Excellence (NATE) program. The contractor should follow the protocol for ACCA’s "national standard for residential maintenance" (or the QM, short for “quality maintenance").
2. Reverse your ceiling fans. If your ceiling fan has a reverse switch, use it to run the fan’s blades in a clockwise direction after you turn on your heat. Energy Star says the fan will produce an updraft and push down into the room heated air from the ceiling (remember, hot air rises). This is especially helpful in rooms with high ceilings -- and it might even allow you to turn down your thermostat by a degree or two for greater energy savings.
3. Prevent ice dams.If your home had lots of icicles last winter -- or worse, ice dams, which can cause meltwater to back up and flow into your house -- take steps to prevent potential damage this year. A home-energy auditor or weatherization contractor can identify and fix air leaks and inadequate insulation in your home’s attic that can lead to ice dams. If you have the work done before December 31, 2011, you can claim the federal energy-efficiency tax credit for 10% of the cost (excluding installation), up to $500. Your state or utility may offer a rebate, too.
4. Hit the roof.Or at least scan it closely with binoculars. Look for damaged, loose or missing shingles that may leak during winter’s storms or from melting snow. If need be, hire a handyman to repair a few shingles ($95 to $1275, according to www.costhelper.com) or a roofer for a larger section ($100 to $350 for a 100-square-foot area). Check and repair breaks in the flashing seals around vent stacks and chimneys, too.
If your roof is flat and surfaced with asphalt and pebbles, as many are in the Southwest, rake or blow off fall leaves and pine needles, which hold moisture, says Bill Richardson, past president of the American Society of Home Inspectors, in Albuquerque. (Don’t sweep aside the pebbles; that will expose the asphalt to damaging sunlight.)
5. Caulk around windows and doors. Richardson says that if the gaps between siding and window or door frames are bigger than the width of a nickel, you need to reapply exterior caulk. (Check the joints in window and door frames, too.) Silicone caulk is best for exterior use because it won’t shrink and it’s impervious to the elements. Try GE’s Silicone II Window and Door product, which is “rain ready” in three hours ($6 at Home Depot). Check window-glazing putty, too (which seals glass into the window frame). Add weatherstripping as needed around doors, making sure you cannot see any daylight from inside your home.
Read more at http://www.kiplinger.com/article/real-estate/T029-C000-S001-fall-and-winter-home-maintenance-checklist.html#zkhoW6UjTdB8mmjG.99
6. Clean the gutters. If your gutters are full of detritus, water can back up against the house and damage roofing, siding and wood trim -- plus cause leaks and ice dams. You’ll typically pay $70 to $225 to clean gutters on a single-story house, depending on its size. Also look for missing or damaged gutters and fascia boards and repair them.
7. Divert water. Add extensions to downspouts so that water runs at least 3 to 4 feet away from the foundation, says David Lupberger, home-improvement expert for ServiceMagic, which connects consumers with service providers. For example, HomeDepot.com sells Amerimax Flex-a-Spout extension (which extends 25 to 55 inches) for $9.
8. Turn off exterior faucets. Undrained water in pipes can freeze, which will cause pipes to burst as the ice expands. Start by disconnecting all garden hoses and draining the water that remains in faucets. If you don’t have frost-proof faucets (homes more than ten to 15 years old typically do not), turn off the shut-off valve inside your home.
9. Drain your lawn-irrigation system. But call in a professional to do the job. Your sprinkler service will charge $75 to $150, depending on the size of the system. Draining sprinkler-system pipes, as with spigots, will help avoid freezing and leaks.
10. Mulch leaves when you mow. Mow your leaves instead of raking them, say studies at the University of Michigan and Purdue. The trick is to cut the leaves, while dry, into dime-sized pieces that will fall among the grass blades, where they will decompose and nourish your lawn over the winter. Use your lawn mower without its bag, and optionally swap the cutting blade for a mulching blade (about $15 to $20). The process may take several passes. For more information, see "Turn Over a New Leaf/Mulching Leaves in Place."
11. Prepare to stow your mower. As the mower sits through the winter, fuel remaining in its engine will decompose, "varnishing" the carburetor and causing difficulty when you try to start the engine in the spring. John Deere offers these preventive steps: If you've added stabilizer to your fuel to keep it fresh longer, then fill the gas tank to the top with more stabilized fuel and run the engine briefly to allow it to circulate. If not, wait until the tank is nearly empty from use and run the engine (outdoors) to use up the remaining fuel. Check your mower's manual for other cold-weather storage steps.
12. Don't prune trees or shrubs until late-winter. You may be tempted to get out the pruning shears after the leaves fall, when you can first see the underlying structure of the plant. But horticulturalists advise waiting to prune until late winter for most plants, when they've been long dormant and just before spring growth begins. To get advice specific to your plants and region, consult master gardeners at local nurseries or horticulturalists with your state university's cooperation extension department. One exception: You may need to hire an arborist to remove deadfall or trim limbs close to your home or power lines that could cause problems in a winter storm.
13. Test your sump pump. Slowly pour several gallons of water into the sump pit to see whether the pump turns on. You should do this every few months, but especially after a long dry season or before a rainy one. For more complete instructions for testing and maintenance, check your owner’s manual. Most sump pumps last about ten years, according to Chubb Personal Insurance.
14. Call a chimney sweep. Before you burn the Yule log, make sure your fireplace (or any heating appliance burning gas, oil, wood or coal), chimney and vents are clean and in good repair. That will prevent chimney fires and prevent carbon monoxide from creeping into your home. Search for a sweep certified by the Chimney Safety Institute of America. You can expect to pay $50 to $90 for an inspection to see if you need a cleaning, and $100 to $300 for the cleaning, according to www.costowl.com.
15. Avoid the rush. Don’t wait for the first winter storm to restock cold-weather essentials, such as salt or ice melt. If you can’t abide a snowblower’s roar or the back-breaking workout of shoveling, check out the Sno Wovel, a wheeled shovel that does much of the heavy-lifting for you ($150; go to www.wovel.com to locate retailers or Amazon.com to buy it online).
Read more at http://www.kiplinger.com/article/real-estate/T029-C000-S001-fall-and-winter-home-maintenance-checklist.html#zkhoW6UjTdB8mmjG.99
1. Tune up your heating system.For about $80 to $100, a technician will inspect your furnace or heat pump to be sure the system is clean and in good repair, and that it can achieve its manufacturer-rated efficiency. The inspection also measures carbon-monoxide leakage.
If you act soon, you’ll minimize the chance of being 200th in line for repairs on the coldest day of the year. Look for a heating and air-conditioning contractor that belongs to the Air Conditioning Contractors of America and employs technicians certified by the North American Technician Excellence (NATE) program. The contractor should follow the protocol for ACCA’s "national standard for residential maintenance" (or the QM, short for “quality maintenance").
2. Reverse your ceiling fans. If your ceiling fan has a reverse switch, use it to run the fan’s blades in a clockwise direction after you turn on your heat. Energy Star says the fan will produce an updraft and push down into the room heated air from the ceiling (remember, hot air rises). This is especially helpful in rooms with high ceilings -- and it might even allow you to turn down your thermostat by a degree or two for greater energy savings.
3. Prevent ice dams.If your home had lots of icicles last winter -- or worse, ice dams, which can cause meltwater to back up and flow into your house -- take steps to prevent potential damage this year. A home-energy auditor or weatherization contractor can identify and fix air leaks and inadequate insulation in your home’s attic that can lead to ice dams. If you have the work done before December 31, 2011, you can claim the federal energy-efficiency tax credit for 10% of the cost (excluding installation), up to $500. Your state or utility may offer a rebate, too.
4. Hit the roof.Or at least scan it closely with binoculars. Look for damaged, loose or missing shingles that may leak during winter’s storms or from melting snow. If need be, hire a handyman to repair a few shingles ($95 to $1275, according to www.costhelper.com) or a roofer for a larger section ($100 to $350 for a 100-square-foot area). Check and repair breaks in the flashing seals around vent stacks and chimneys, too.
If your roof is flat and surfaced with asphalt and pebbles, as many are in the Southwest, rake or blow off fall leaves and pine needles, which hold moisture, says Bill Richardson, past president of the American Society of Home Inspectors, in Albuquerque. (Don’t sweep aside the pebbles; that will expose the asphalt to damaging sunlight.)
5. Caulk around windows and doors. Richardson says that if the gaps between siding and window or door frames are bigger than the width of a nickel, you need to reapply exterior caulk. (Check the joints in window and door frames, too.) Silicone caulk is best for exterior use because it won’t shrink and it’s impervious to the elements. Try GE’s Silicone II Window and Door product, which is “rain ready” in three hours ($6 at Home Depot). Check window-glazing putty, too (which seals glass into the window frame). Add weatherstripping as needed around doors, making sure you cannot see any daylight from inside your home.
Read more at http://www.kiplinger.com/article/real-estate/T029-C000-S001-fall-and-winter-home-maintenance-checklist.html#zkhoW6UjTdB8mmjG.99
6. Clean the gutters. If your gutters are full of detritus, water can back up against the house and damage roofing, siding and wood trim -- plus cause leaks and ice dams. You’ll typically pay $70 to $225 to clean gutters on a single-story house, depending on its size. Also look for missing or damaged gutters and fascia boards and repair them.
7. Divert water. Add extensions to downspouts so that water runs at least 3 to 4 feet away from the foundation, says David Lupberger, home-improvement expert for ServiceMagic, which connects consumers with service providers. For example, HomeDepot.com sells Amerimax Flex-a-Spout extension (which extends 25 to 55 inches) for $9.
8. Turn off exterior faucets. Undrained water in pipes can freeze, which will cause pipes to burst as the ice expands. Start by disconnecting all garden hoses and draining the water that remains in faucets. If you don’t have frost-proof faucets (homes more than ten to 15 years old typically do not), turn off the shut-off valve inside your home.
9. Drain your lawn-irrigation system. But call in a professional to do the job. Your sprinkler service will charge $75 to $150, depending on the size of the system. Draining sprinkler-system pipes, as with spigots, will help avoid freezing and leaks.
10. Mulch leaves when you mow. Mow your leaves instead of raking them, say studies at the University of Michigan and Purdue. The trick is to cut the leaves, while dry, into dime-sized pieces that will fall among the grass blades, where they will decompose and nourish your lawn over the winter. Use your lawn mower without its bag, and optionally swap the cutting blade for a mulching blade (about $15 to $20). The process may take several passes. For more information, see "Turn Over a New Leaf/Mulching Leaves in Place."
11. Prepare to stow your mower. As the mower sits through the winter, fuel remaining in its engine will decompose, "varnishing" the carburetor and causing difficulty when you try to start the engine in the spring. John Deere offers these preventive steps: If you've added stabilizer to your fuel to keep it fresh longer, then fill the gas tank to the top with more stabilized fuel and run the engine briefly to allow it to circulate. If not, wait until the tank is nearly empty from use and run the engine (outdoors) to use up the remaining fuel. Check your mower's manual for other cold-weather storage steps.
12. Don't prune trees or shrubs until late-winter. You may be tempted to get out the pruning shears after the leaves fall, when you can first see the underlying structure of the plant. But horticulturalists advise waiting to prune until late winter for most plants, when they've been long dormant and just before spring growth begins. To get advice specific to your plants and region, consult master gardeners at local nurseries or horticulturalists with your state university's cooperation extension department. One exception: You may need to hire an arborist to remove deadfall or trim limbs close to your home or power lines that could cause problems in a winter storm.
13. Test your sump pump. Slowly pour several gallons of water into the sump pit to see whether the pump turns on. You should do this every few months, but especially after a long dry season or before a rainy one. For more complete instructions for testing and maintenance, check your owner’s manual. Most sump pumps last about ten years, according to Chubb Personal Insurance.
14. Call a chimney sweep. Before you burn the Yule log, make sure your fireplace (or any heating appliance burning gas, oil, wood or coal), chimney and vents are clean and in good repair. That will prevent chimney fires and prevent carbon monoxide from creeping into your home. Search for a sweep certified by the Chimney Safety Institute of America. You can expect to pay $50 to $90 for an inspection to see if you need a cleaning, and $100 to $300 for the cleaning, according to www.costowl.com.
15. Avoid the rush. Don’t wait for the first winter storm to restock cold-weather essentials, such as salt or ice melt. If you can’t abide a snowblower’s roar or the back-breaking workout of shoveling, check out the Sno Wovel, a wheeled shovel that does much of the heavy-lifting for you ($150; go to www.wovel.com to locate retailers or Amazon.com to buy it online).
Read more at http://www.kiplinger.com/article/real-estate/T029-C000-S001-fall-and-winter-home-maintenance-checklist.html#zkhoW6UjTdB8mmjG.99
How Many Homes Fit on a Football Field
interesting article from eyeonhousing.org
Given that single-family homes have been generally getting larger, it may be tempting to assume that the lots they’re sitting on are getting larger as well. However, according to the Census Bureau’s Characteristics of New Single-Family Houses Sold, the opposite is closer to the truth. The median lot size of a new single-family detached home sold was an even 10,000 square feet from 1992 through 1995, then drifted downward until it reached 8,833 square feet in 2004.
After 2004, median lot size bounced back up to over 9,000 square feet for a few years before resuming a downward trend. By 2012, the median lot size of a new single-family detached home sold had fallen to 8,687 square feet, and in 2013 is was still only 8,720–the smallest two numbers in the historical Census series.
An acre is 43,560 square feet, so the above median lot size for 2013 is almost exactly one-fifth of an acre. Not everyone has a good sense of how big an acre is. To help visualize it, consider that, between the goal lines, a football field covers just about 1.1 acre. This means that, if you placed a median-sized lot for a single-family detached home sold that filled the width of the field (160 feet) on the goal line, it would reach just past the 18 yard line. And if you laid 5 of them side by side they would extend nearly to the opposite 9 yard line–leaving space for almost exactly half another median-sized lot before reaching the other end zone.
By definition, the single-family detached homes sold discussed above exclude “custom” homes built on the home owner’s land, either with the owner hiring a builder or serving as the general contractor him or herself. They also exclude single-family attached homes–that is, homes built side-by-side in a townhouse arrangement.
Lot sizes for custom homes tend to be larger. The median lot size for custom single-family detached homes started was exactly one acre (suggesting some rounding in the data) every year from 1999 through 2012. In 2013, it dropped 10 percent to 39,204 square feet. Custom homes don’t involve the work of a professional land developer subdividing a property, and some people may not think of them as sitting on lots in the conventional sense. Currently, custom homes account for a little under a quarter of the single-family market.
On the other hand, townhouses–currently a little over 10 percent of the single-family market–tend to have smaller lots. In 2013, median lot size for single-family attached homes sold was 2,984 square feet. Median lot size for all single-family homes sold in 2013–attached and detached combined–was 8,596 square feet.
So, although it becomes a little harder to visualize, if you had a normal mix of detached and attached single-family homes built for sale with the median lot size, about 5.6 of them would fit on a standard American football field between the goal lines, compared to almost exactly 5 and a half for single-family detached only.
Given that single-family homes have been generally getting larger, it may be tempting to assume that the lots they’re sitting on are getting larger as well. However, according to the Census Bureau’s Characteristics of New Single-Family Houses Sold, the opposite is closer to the truth. The median lot size of a new single-family detached home sold was an even 10,000 square feet from 1992 through 1995, then drifted downward until it reached 8,833 square feet in 2004.
After 2004, median lot size bounced back up to over 9,000 square feet for a few years before resuming a downward trend. By 2012, the median lot size of a new single-family detached home sold had fallen to 8,687 square feet, and in 2013 is was still only 8,720–the smallest two numbers in the historical Census series.
An acre is 43,560 square feet, so the above median lot size for 2013 is almost exactly one-fifth of an acre. Not everyone has a good sense of how big an acre is. To help visualize it, consider that, between the goal lines, a football field covers just about 1.1 acre. This means that, if you placed a median-sized lot for a single-family detached home sold that filled the width of the field (160 feet) on the goal line, it would reach just past the 18 yard line. And if you laid 5 of them side by side they would extend nearly to the opposite 9 yard line–leaving space for almost exactly half another median-sized lot before reaching the other end zone.
By definition, the single-family detached homes sold discussed above exclude “custom” homes built on the home owner’s land, either with the owner hiring a builder or serving as the general contractor him or herself. They also exclude single-family attached homes–that is, homes built side-by-side in a townhouse arrangement.
Lot sizes for custom homes tend to be larger. The median lot size for custom single-family detached homes started was exactly one acre (suggesting some rounding in the data) every year from 1999 through 2012. In 2013, it dropped 10 percent to 39,204 square feet. Custom homes don’t involve the work of a professional land developer subdividing a property, and some people may not think of them as sitting on lots in the conventional sense. Currently, custom homes account for a little under a quarter of the single-family market.
On the other hand, townhouses–currently a little over 10 percent of the single-family market–tend to have smaller lots. In 2013, median lot size for single-family attached homes sold was 2,984 square feet. Median lot size for all single-family homes sold in 2013–attached and detached combined–was 8,596 square feet.
So, although it becomes a little harder to visualize, if you had a normal mix of detached and attached single-family homes built for sale with the median lot size, about 5.6 of them would fit on a standard American football field between the goal lines, compared to almost exactly 5 and a half for single-family detached only.
Modscape's Cliff House Hangs Perilously Over a Cliff's Edge in Australia
from inhabitat.com
Australian prefab architecture specialists Modscape Concept have designed an exciting five story home that clings to a cliff’s edge. Aptly called Cliff House, the design was created in response to a growing number of clients exploring design options for living on extreme coastal plots in Australia. The modular home was inspired by the shape of barnacles clinging to a hull of a ship, and it extends off the side of a cliff, rather than sitting upon it.
Read more: Modular Cliff House Hangs Perilously Over a Cliff's Edge in Australia | Inhabitat - Sustainable Design Innovation, Eco Architecture, Green Building
Australian prefab architecture specialists Modscape Concept have designed an exciting five story home that clings to a cliff’s edge. Aptly called Cliff House, the design was created in response to a growing number of clients exploring design options for living on extreme coastal plots in Australia. The modular home was inspired by the shape of barnacles clinging to a hull of a ship, and it extends off the side of a cliff, rather than sitting upon it.
Read more: Modular Cliff House Hangs Perilously Over a Cliff's Edge in Australia | Inhabitat - Sustainable Design Innovation, Eco Architecture, Green Building
Saturday, September 13, 2014
DMAR September Market Update: Market Remains Strong Despite Market Slowing Due to Seasonality
from DMAR Market Trends...interesting...
Denver Metro Association of REALTORS® (DMAR) released its “September Denver Metro Real Estate Market Update” today, highlighting key data and market trends for the month of August 2014. DMAR’s report indicates Denver’s market conditions remain strong despite slowing due to seasonality adjustments. Now is a good time for buyers, as evidenced by lower interest rates, down to 4 percent last month, along with trending data showing an increase in home affordability and continued rise in consumer confidence.
The slowing trend is apparent though, as last month, single-family residential listings experienced an 11.35 percent dip in homes sold compared to the month prior, and the condo market experiencing a 7.87 percent decline as well. Notably, the average sold price for single-family and condos is up 5.77 percent year-over-year, and median price has increased 7.71 percent.
“Buyers had much less urgency about finding a home in August as they were in previous months during
the frenzy,” states Anthony Rael, Chairman of the Market Trends Committee for Denver Metro Association of REALTORS®. “As things slowed down and sellers jumped into the market late, some
were left wondering where the sea of buyers and multiple offers had gone. Many who priced at the top of the market found themselves with fewer requests for showings, were sitting on the market longer than expected, and eventually had to entertain lower-priced offers.”
Inventory still remains an issue for Denver’s real estate market. The notable drop in the number of homes that went under contract in the month of August, indicates a decline in future sales, however, this is to be expected given typical seasonality adjustments. According to Rael, “Seller’s who wish to sell for topdollar will have to seriously consider making some updates such as carpet, granite and appliances, or have more realistic expectations on the price they are likely to receive without these updates.”
The hot price range for single-family homes continues to be $200k to $299k, and $100k to $199k for condos. In August, the average sale price was $330,245 (down 1.48 percent from July), while median sales price totaled $277,900 (down 1.80 percent from July). Year-to-date, sales of single-family homes is down 10.93 percent, but the condo market has experienced a 23.04 percent increase in sales.
“Despite the August trends showing a slowdown in the market, many brokers, including myself, remain confident the market will bounce back in September, and the selling season will remain strong heading into fall and throughout the holidays,” says Rael. “In addition, the drop in interest rates and boost in affordability, make this a great time for buyers who may have missed out during the frenzy to get back into the hunt for a great property, and perhaps even have a little negotiating power.”
Market Insights:
Market remains strong, despite market slowing due to seasonality.
Consumer confidence is up, which means purchases of large ticket items such as cars, vacations, and homes is increasing as well. Great for the local economy.
Traditionally, seasonality adjustment is largest in August, but for the last two years market activity, although slower, has continued through mid December.
Inventory is still an issue, but many REALTORS® sense there is more to choose from now, and buyers have 48 hours instead of 48 minutes to consider.
An increase in open houses reinforces the “frenzy” has subsided or at least is cooling. The market is still hot though.
Lack of showing activity has some seller’s worried.
Many properties still going under contract quickly, but we’re seeing a lot of deals fall through for various reasons.
Denver Metro Association of REALTORS® (DMAR) released its “September Denver Metro Real Estate Market Update” today, highlighting key data and market trends for the month of August 2014. DMAR’s report indicates Denver’s market conditions remain strong despite slowing due to seasonality adjustments. Now is a good time for buyers, as evidenced by lower interest rates, down to 4 percent last month, along with trending data showing an increase in home affordability and continued rise in consumer confidence.
The slowing trend is apparent though, as last month, single-family residential listings experienced an 11.35 percent dip in homes sold compared to the month prior, and the condo market experiencing a 7.87 percent decline as well. Notably, the average sold price for single-family and condos is up 5.77 percent year-over-year, and median price has increased 7.71 percent.
“Buyers had much less urgency about finding a home in August as they were in previous months during
the frenzy,” states Anthony Rael, Chairman of the Market Trends Committee for Denver Metro Association of REALTORS®. “As things slowed down and sellers jumped into the market late, some
were left wondering where the sea of buyers and multiple offers had gone. Many who priced at the top of the market found themselves with fewer requests for showings, were sitting on the market longer than expected, and eventually had to entertain lower-priced offers.”
Inventory still remains an issue for Denver’s real estate market. The notable drop in the number of homes that went under contract in the month of August, indicates a decline in future sales, however, this is to be expected given typical seasonality adjustments. According to Rael, “Seller’s who wish to sell for topdollar will have to seriously consider making some updates such as carpet, granite and appliances, or have more realistic expectations on the price they are likely to receive without these updates.”
The hot price range for single-family homes continues to be $200k to $299k, and $100k to $199k for condos. In August, the average sale price was $330,245 (down 1.48 percent from July), while median sales price totaled $277,900 (down 1.80 percent from July). Year-to-date, sales of single-family homes is down 10.93 percent, but the condo market has experienced a 23.04 percent increase in sales.
“Despite the August trends showing a slowdown in the market, many brokers, including myself, remain confident the market will bounce back in September, and the selling season will remain strong heading into fall and throughout the holidays,” says Rael. “In addition, the drop in interest rates and boost in affordability, make this a great time for buyers who may have missed out during the frenzy to get back into the hunt for a great property, and perhaps even have a little negotiating power.”
Market Insights:
Market remains strong, despite market slowing due to seasonality.
Consumer confidence is up, which means purchases of large ticket items such as cars, vacations, and homes is increasing as well. Great for the local economy.
Traditionally, seasonality adjustment is largest in August, but for the last two years market activity, although slower, has continued through mid December.
Inventory is still an issue, but many REALTORS® sense there is more to choose from now, and buyers have 48 hours instead of 48 minutes to consider.
An increase in open houses reinforces the “frenzy” has subsided or at least is cooling. The market is still hot though.
Lack of showing activity has some seller’s worried.
Many properties still going under contract quickly, but we’re seeing a lot of deals fall through for various reasons.
Wednesday, September 10, 2014
Helping Your Child Buy A Home
interesting article from bankrate.com
Traditionally (and when they could afford to), parents have provided cash to their offspring for down payments on homes. But in these days of tightened credit guidelines, some parents take bigger steps to help their kids become homeowners at today's low interest rates.
Three factors determine whether it's financially smart for parents to help adult children buy homes: the parents' finances, the kids' finances and the real estate deal itself.
"The first rule of thumb is that parents should never get financially involved with their adult offspring unless they are adequately prepared to address their own needs and pending retirement, which may not be far down the road," says Guy Penn, principal and founder of G.M. Penn Wealth Management in O'Fallon, Mo.
Penn says while there's no one-size-fits-all answer to whether parents should help their offspring buy a home, it definitely is a bad idea to pull money from a retirement account to give assistance.
Jeffrey Ivory, a partner with Stonebridge Financial Partners in Bingham Farms, Mich., says, "If parents are giving their kids down payment money, they should be willing to lose that money and not get it back. If they are helping their kids by buying a home and renting it to them or by co-signing their loan, they need to have not only the liquidity for the down payment, but they also need to be certain they can pick up the mortgage payments if the kids cannot pay them."
Adult offspring finances
Parents should make sure they are helping their kids for the right reasons, Ivory says.
"If the kids can't get a loan on their own, the parents really need to know why not," says Ivory. "If the scenario is that your kids are going through a divorce or a job loss and you want to help them, tying them to a permanent location may not help. If they are dealing with the financial consequences of credit problems, helping them pay off their credit card debt may be more important than buying a home. But if you are helping a young couple with stable jobs who just haven't had time to save for a down payment, and you can easily afford to help, this could make sense."
Ivory says parents should ask their kids to pull their credit scores and show it to them, and ask to see their paychecks and credit card debt.
"If your kids are already struggling, then you are setting them up to struggle more if you get them into a house they can't afford," Ivory says.
Educating your kids
Ivory says parents should talk to their kids about the rules of thumb of homeownership, including keeping all total debt including housing costs to less than 38 percent of monthly income before taxes. Housing costs, including taxes, homeowners insurance, homeowners association dues, and principal and interest on the mortgage, should be less than 28 percent of gross monthly income.
"The No. 1 way a parent can help their children is to offer them the gift of knowledge," Penn says. "Parents rarely have serious money discussions with their children, and throwing money in their direction now may be doing more harm than good. Parents should be talking to their kids realistically about the hidden costs of homeownership like utility payments, maintenance and repairs."
The real estate deal
The simplest way parents can help their kids financially is with down-payment money.
"Lenders want to know if the money is a gift because if the parents are treating it as a loan, it will be considered a second loan on the home," says Dan Kruse, broker and president of Century 21 Affiliated in Madison, Wis.
Individuals can give $13,000 tax-free to another individual each year, Ivory says, so if two parents each give their offspring and their offspring's spouse the maximum, they can give a total of $52,000 tax-free.
Kruse says parents often buy a home as an investment and have their kids pay rent.
"The parents can then sell the home to the kids when they are ready, keep it as an investment property or sell it to someone else," Kruse says. "You can do this with two separate transactions, or you can make a rent-to-own arrangement with the parents giving the kids a rent credit toward the purchase."
Ivory says a lease-to-own arrangement requires consultation with a tax professional as well as a lender, and must include a written contract.
Even within the family, financial planners say it is crucial to have everything in writing to make sure there are no misunderstandings in the future about repayment plans or the consequences of a loan default.
Parents with enough cash can lend the entire mortgage to their offspring, but this too should be in writing and include a reasonable interest payment. "Everyone needs to pay attention to the law and to the tax consequences of any financial arrangement," says Ivory.
Most financial planners view co-signing a loan as the worst option because of potential damage to the parents' credit and cash flow if the kids cannot make the payments.
Traditionally (and when they could afford to), parents have provided cash to their offspring for down payments on homes. But in these days of tightened credit guidelines, some parents take bigger steps to help their kids become homeowners at today's low interest rates.
Three factors determine whether it's financially smart for parents to help adult children buy homes: the parents' finances, the kids' finances and the real estate deal itself.
"The first rule of thumb is that parents should never get financially involved with their adult offspring unless they are adequately prepared to address their own needs and pending retirement, which may not be far down the road," says Guy Penn, principal and founder of G.M. Penn Wealth Management in O'Fallon, Mo.
Penn says while there's no one-size-fits-all answer to whether parents should help their offspring buy a home, it definitely is a bad idea to pull money from a retirement account to give assistance.
Jeffrey Ivory, a partner with Stonebridge Financial Partners in Bingham Farms, Mich., says, "If parents are giving their kids down payment money, they should be willing to lose that money and not get it back. If they are helping their kids by buying a home and renting it to them or by co-signing their loan, they need to have not only the liquidity for the down payment, but they also need to be certain they can pick up the mortgage payments if the kids cannot pay them."
Adult offspring finances
Parents should make sure they are helping their kids for the right reasons, Ivory says.
"If the kids can't get a loan on their own, the parents really need to know why not," says Ivory. "If the scenario is that your kids are going through a divorce or a job loss and you want to help them, tying them to a permanent location may not help. If they are dealing with the financial consequences of credit problems, helping them pay off their credit card debt may be more important than buying a home. But if you are helping a young couple with stable jobs who just haven't had time to save for a down payment, and you can easily afford to help, this could make sense."
Ivory says parents should ask their kids to pull their credit scores and show it to them, and ask to see their paychecks and credit card debt.
"If your kids are already struggling, then you are setting them up to struggle more if you get them into a house they can't afford," Ivory says.
Educating your kids
Ivory says parents should talk to their kids about the rules of thumb of homeownership, including keeping all total debt including housing costs to less than 38 percent of monthly income before taxes. Housing costs, including taxes, homeowners insurance, homeowners association dues, and principal and interest on the mortgage, should be less than 28 percent of gross monthly income.
"The No. 1 way a parent can help their children is to offer them the gift of knowledge," Penn says. "Parents rarely have serious money discussions with their children, and throwing money in their direction now may be doing more harm than good. Parents should be talking to their kids realistically about the hidden costs of homeownership like utility payments, maintenance and repairs."
The real estate deal
The simplest way parents can help their kids financially is with down-payment money.
"Lenders want to know if the money is a gift because if the parents are treating it as a loan, it will be considered a second loan on the home," says Dan Kruse, broker and president of Century 21 Affiliated in Madison, Wis.
Individuals can give $13,000 tax-free to another individual each year, Ivory says, so if two parents each give their offspring and their offspring's spouse the maximum, they can give a total of $52,000 tax-free.
Kruse says parents often buy a home as an investment and have their kids pay rent.
"The parents can then sell the home to the kids when they are ready, keep it as an investment property or sell it to someone else," Kruse says. "You can do this with two separate transactions, or you can make a rent-to-own arrangement with the parents giving the kids a rent credit toward the purchase."
Ivory says a lease-to-own arrangement requires consultation with a tax professional as well as a lender, and must include a written contract.
Even within the family, financial planners say it is crucial to have everything in writing to make sure there are no misunderstandings in the future about repayment plans or the consequences of a loan default.
Parents with enough cash can lend the entire mortgage to their offspring, but this too should be in writing and include a reasonable interest payment. "Everyone needs to pay attention to the law and to the tax consequences of any financial arrangement," says Ivory.
Most financial planners view co-signing a loan as the worst option because of potential damage to the parents' credit and cash flow if the kids cannot make the payments.
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