from cnnmoney.com good food for thought...
Look out, mortgage rates are going up!
That's the fear mongering that some are telling homeowners and homebuyers after the Federal Reserve raised interest rates -- a tad -- off their historic lows Wednesday.
But when a realtor or well-meaning relative tells you to buy a house ASAP, remind them that the Fed rate isn't the mortgage rate.
The current rate on a 30-year mortgage is 3.97%. That's incredibly low by historical standards. Most experts don't think mortgages will go much higher than 4% anytime soon.
The early indications are that rates barely budged after the big Fed announcement (and they may even go down).
"I don't think [mortgage rates] are going up," says Ed Yardeni, president and chief investment strategist at Yardeni Research. "Mortgage rates are really tied more to the bond market than the Fed funds rate."
Translation: There probably won't be much difference between buying a home now or next year.
Even if mortgage rates go up to 4.5% this summer, that would only add about $700 a year to the mortgage payments for a $200,000 home.
Home prices are likely to come down
The other key thing to keep in mind is that as mortgage rates go up, home prices usually come down.
"As interest rates go up, we expect home prices will come down eventually. It doesn't happen overnight," says Karen Stone, a real estate broker for TOWN Residential in New York City.
That could be good for buyers. Right now many cities have been "seller's markets." There aren't many homes for sale but there are a lot of people looking.
"In New York City, I'm still seeing bidding wars," says Stone, who admits she's even been surprised at the price some homes have sold for. "The last few years have been a 'no rules' environment."
Now she's starting to see a shift as buyers are saying, "Wait a minute. I'm not quite ready to spend that much more."
A lot of people aren't even aware of the rates
People looking for homes say they would be "anxious" about mortgage rates going up, according to a recent survey from Berkshire Hathaway Home Services. Nearly 4 in 10 say they would be discouraged from even starting the process of looking for a home.
One CNNMoney reader named Parker, who is in her 20s, worries that her dream of owning a home is over.
But the same Berkshire survey also found that many buyers don't have a clue what the mortgage rates are. It's why real estate agents spend time educating home buyers about rates and what their monthly costs will be.
Potential buyers like Parker who are paying attention to the Fed should feel some ease because rates are unlikely to go up much, even by December 2016.
The Fed has stressed that it plans to move slowly and gradually to raise rates further. Some investors even think the Fed will end up having to cut rates again.
Mortgage rates are tied the closest to the yield on the 10-year U.S. Treasury bond. It fell on Thursday.
Many investors are concerned about a global economic slowdown and they continue to buy U.S. government bonds, which helps keep rates low. The Fed also continues to buy a ton of mortgage-backed securities. Until the Fed stops gobbling up mortgages entirely, rates will stay cheap.
It is a good time to refinance
The key figure to watch is when mortgage rates hit 5%. That could be a turning point.
"Some markets will be more impacted than others, especially places where housing is unaffordable like Denver, San Francisco, Los Angeles and Miami," says Svenja Gudell, chief economist at the housing site Zillow.
When the typical home price is near $1 million in San Francisco, even small increases in mortgage costs are much harder to absorb.
For now, experts say the only people who should act soon are homeowners trying to refinance, although the window of opportunity won't close immediately.
"Personally, I'm refinancing myself to capture the lower rate," says real estate broker Stone.
Friday, December 18, 2015
If You Don’t Price Your Home Right, You’ll Really Pay
great article and insight from realtor.com
When it comes to selling your home quickly and (hopefully) for a sweet profit, setting the right asking price from the get-go is key to your success. Set the price too high? The place will stagnate on the market and force you into price cuts, possibly multiple ones. Set it too low? You’re kissing off money that could’ve gone into your pocket.
So how do you hit that sweet spot of an asking price? Well, for starters, avoid these common mistakes!
Mistake No. 1: Basing your price on how much you paid
Even in lackluster markets, homeowners can’t help but hope they’ll make a big profit when they sell—and that’s why many nudge their price ever higher, regardless of real-world demand. But the harsh reality is this: Buyers could care less how much you paid. All they care about is getting the best deal possible in today’s market—and if you aren’t willing to accept that and swallow a potential loss, they’ll take their money elsewhere. Another thing buyers care not a whit about: how much you owe on the mortgage. So, sadly, that shouldn’t factor into your asking price, either. It’s a cruel world. Deal with it.
Mistake No. 2: Expecting to get reimbursed for renovations
So you overhauled the kitchen or put a swimming pool out back, and it cost you a bundle. It’s logical to think that you can pass that entire expense along to buyers who’ll be enjoying the fruits of your labors. Right? Well, not exactly. Remodeling projects offer an average 62% return on investment, according to Remodeling magazine, which is why it’s a good idea to skip major cosmetic remodels right before a sale. This is particularly true if you’ve got wild or exorbitant tastes that buyers might not share.
“Some people have very expensive taste when they put in renovations, but the neighborhood doesn’t warrant the price,” says Lauren Sheehan, an agent with Windermere Real Estate in Portland, OR.
Mistake No. 3: Leaving too much room to negotiate down
The days of extreme lowball offers have gone the way of fax machines, Atkins diet plans, and jeggings. So pricing your property too high—thinking you’ll leave prospects with plenty of room to negotiate—may quickly scare away legitimate offers. Plus, buyers who search for homes online (translation: pretty much all of them) often screen by price, so they may not even see an overpriced property.
Instead, aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.
Mistake No. 4: Not shopping your competition
While you might assume your home is more or less the same as others on your block, small differences can add up to big discrepancies in price. That extra half-bath in the home next door or that fireplace in your living room should all be taken into account. So spend some time perusing local listings and attending open houses to figure out how your home stacks up.
“Home sellers need to understand the positives and negatives of their house and price accordingly,” says Scott Tamkin, an agent with Nest Realtors at John Aaroe Group in Los Angeles. That said, don’t make the next mistake…
Mistake No. 5: Basing your home on a neighbor’s asking price
Just because your neighbor is asking for a certain price on his property doesn’t mean he’s going to get it. And it may not be due to delusion, either.
“Your neighbor may not really need to sell and may be less motivated,” says Danielle Moy, a real estate agent with Coldwell Banker in Chicago. “Those properties may sit on the market for a long time.”
A far better benchmark if you want to sell your home is to look at the prices on recently closed sales. These are available through a comparative market analysis from a Realtor® and will give you a better picture of where home values are going in your neighborhood.
Mistake No. 6: Getting emotionally involved
All sellers think their home is worth more than it is. All of them. Just because you raised a beautiful family in your house doesn’t mean potential buyers will see themselves doing the same, or that they’ll pay a premium for the opportunity to do so.
Mistake No. 7: Failing to quickly and decisively reduce
If your home goes several weeks without an offer, it’s likely priced too high, particularly if homes in your area have a relatively short average days on market. Rather than making a small price cut and risking having to do it again in a subsequent month (while your listing gets older and staler), make a large and decisive price cut—$10,000 or more—that will attract buyer attention and show you’re serious about selling.
When it comes to selling your home quickly and (hopefully) for a sweet profit, setting the right asking price from the get-go is key to your success. Set the price too high? The place will stagnate on the market and force you into price cuts, possibly multiple ones. Set it too low? You’re kissing off money that could’ve gone into your pocket.
So how do you hit that sweet spot of an asking price? Well, for starters, avoid these common mistakes!
Mistake No. 1: Basing your price on how much you paid
Even in lackluster markets, homeowners can’t help but hope they’ll make a big profit when they sell—and that’s why many nudge their price ever higher, regardless of real-world demand. But the harsh reality is this: Buyers could care less how much you paid. All they care about is getting the best deal possible in today’s market—and if you aren’t willing to accept that and swallow a potential loss, they’ll take their money elsewhere. Another thing buyers care not a whit about: how much you owe on the mortgage. So, sadly, that shouldn’t factor into your asking price, either. It’s a cruel world. Deal with it.
Mistake No. 2: Expecting to get reimbursed for renovations
So you overhauled the kitchen or put a swimming pool out back, and it cost you a bundle. It’s logical to think that you can pass that entire expense along to buyers who’ll be enjoying the fruits of your labors. Right? Well, not exactly. Remodeling projects offer an average 62% return on investment, according to Remodeling magazine, which is why it’s a good idea to skip major cosmetic remodels right before a sale. This is particularly true if you’ve got wild or exorbitant tastes that buyers might not share.
“Some people have very expensive taste when they put in renovations, but the neighborhood doesn’t warrant the price,” says Lauren Sheehan, an agent with Windermere Real Estate in Portland, OR.
Mistake No. 3: Leaving too much room to negotiate down
The days of extreme lowball offers have gone the way of fax machines, Atkins diet plans, and jeggings. So pricing your property too high—thinking you’ll leave prospects with plenty of room to negotiate—may quickly scare away legitimate offers. Plus, buyers who search for homes online (translation: pretty much all of them) often screen by price, so they may not even see an overpriced property.
Instead, aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.
Mistake No. 4: Not shopping your competition
While you might assume your home is more or less the same as others on your block, small differences can add up to big discrepancies in price. That extra half-bath in the home next door or that fireplace in your living room should all be taken into account. So spend some time perusing local listings and attending open houses to figure out how your home stacks up.
“Home sellers need to understand the positives and negatives of their house and price accordingly,” says Scott Tamkin, an agent with Nest Realtors at John Aaroe Group in Los Angeles. That said, don’t make the next mistake…
Mistake No. 5: Basing your home on a neighbor’s asking price
Just because your neighbor is asking for a certain price on his property doesn’t mean he’s going to get it. And it may not be due to delusion, either.
“Your neighbor may not really need to sell and may be less motivated,” says Danielle Moy, a real estate agent with Coldwell Banker in Chicago. “Those properties may sit on the market for a long time.”
A far better benchmark if you want to sell your home is to look at the prices on recently closed sales. These are available through a comparative market analysis from a Realtor® and will give you a better picture of where home values are going in your neighborhood.
Mistake No. 6: Getting emotionally involved
All sellers think their home is worth more than it is. All of them. Just because you raised a beautiful family in your house doesn’t mean potential buyers will see themselves doing the same, or that they’ll pay a premium for the opportunity to do so.
Mistake No. 7: Failing to quickly and decisively reduce
If your home goes several weeks without an offer, it’s likely priced too high, particularly if homes in your area have a relatively short average days on market. Rather than making a small price cut and risking having to do it again in a subsequent month (while your listing gets older and staler), make a large and decisive price cut—$10,000 or more—that will attract buyer attention and show you’re serious about selling.
4 Predictions for the Housing Market in 2016
interesting snippet of an article from thestreet.com
"More than seven years after one of the worst recessions in American history, the U.S. housing market appears to be on firm ground again. Despite some hiccups, it is likely that it will carry the momentum it gained this year into next.
In fact, the prospects are better than the average consumer probably thinks. In October, an index of home builder confidence at the National Association of Home Builders reached a 10-year high.
The huge millennial population is going to be buying more homes. So-called boomerang buyers who lost their homes in the Great Recession are returning and the conditions for attaining a decent mortgage and a home at a reasonable price look solid.
Here are a few predictions for the housing market in 2016.
1. Millennials Coming Of Age
The consensus among experts has been that millennials would stimulate the housing sector. A majority of those born roughly 30 years ago are starting to realize their financial aspirations, and simultaneously entering their peak homebuyer age.
According to the National Association of Realtors (NAR), millennials are the largest population of buyers for the second consecutive year. They make up about one in three buyers. It makes sense that their entrance into the housing market will provide a boost.
To be sure, many millennials remain cautious about making big investments. As is the case with other groups, they were chastened by the declines of the Great Recession.
However, this group also represents untapped potential. The millennial home-buying momentum should pick up. Expect millennials to make up a greater share of buyers and to boost the home-buying market.
2. Boomerang Buyers To Make Their Return
Millennials were not the only population impacted by the latest recession. An estimated seven million Americans were believed to have lost their homes to foreclosure over the same period. The loss of equity resulting from the downturn, in addition to a weakened job market, made it increasingly difficult for homeowners to meet their mortgage obligations.
Many of them became renters, forgotten by institutional lenders who are hesitant to lend to individuals who had a foreclosure on their records. Over the past seven years, a number of these formerly distressed homeowners have been able to recover and represent reasonable credit risks.
The National Association of Realtors (NAR) says that about 950,000 formerly distressed homeowners are looking to buy again. Over the next five years, an additional 1.5 million formerly distressed homeowners are expected to actively participate in the housing industry. These boomerang buyers should be a boon to the housing industry.
"The deep wounds inflicted on the housing market during the downturn are finally beginning to heal as distressed sales continue to decline and home prices in some parts of the country have bounced back to their near-peak levels," said Lawrence Yun, chief economist at the NAR. "Borrowers with restored credit will likely have the ability and desire to own again, encouraged by the long-term benefits homeownership provides in a stronger economy and more stable job market."
3. Mortgage Lending Will Ease
Mortgage underwritings have undergone significant changes in a short period of time. This year, the Federal Housing Administration (FHA) dropped premiums on mortgage insurance below the standard 1.35% to 0.85%. While the decrease may not seem like much, it could catch the attention of those that have been hedging about buying a home. After all, the move is expected to save the average homeowner roughly $900 a year on mortgage insurance premiums. It is reasonable to expect the housing market to benefit from this move as early as next year.
Separately, Fannie Mae intends to make it easier for qualified borrowers to receive a loan. Households have come a long way since the depths of the recession, and underwritings are starting to reflect the improvements. In a recent move, the mortgage giant has opened the door for more borrowers to receive a loan. Qualified borrowers are now able to put as little as 3% down on a home. Perhaps even more importantly, however, is the implementation of the HomeReady mortgage program.
Unlike before, this new program will consider the incomes of others planning to live in the house, but without including them as a borrower on the loan. That way, if you live with someone, as long as they represent at least 30% of the household income, Fannie Mae will count their money towards your loan qualification criteria. If that wasn't enough, those not even living in the home can be counted toward a mortgage payment. This means millennials with parents willing to provide monetary assistance will have an easier time qualifying for a home.
The end effect: Loan requirements should ease further in the coming year. Anticipate more people qualifying for loans in 2016.
4. Growing Homebuilder Confidence
The most recent National Association of Home Builders builder sentiment index fell to 62, down three points from October's record number.
Still, single-family home sales are surging in the final quarter of 2015, and the inventory levels are at their highest point in five years.
With the number of homes on the market set to rise in 2016, the principles of supply and demand suggest that home price appreciation will slacken. More people should be able to afford the homes that are currently for sale."
"More than seven years after one of the worst recessions in American history, the U.S. housing market appears to be on firm ground again. Despite some hiccups, it is likely that it will carry the momentum it gained this year into next.
In fact, the prospects are better than the average consumer probably thinks. In October, an index of home builder confidence at the National Association of Home Builders reached a 10-year high.
The huge millennial population is going to be buying more homes. So-called boomerang buyers who lost their homes in the Great Recession are returning and the conditions for attaining a decent mortgage and a home at a reasonable price look solid.
Here are a few predictions for the housing market in 2016.
1. Millennials Coming Of Age
The consensus among experts has been that millennials would stimulate the housing sector. A majority of those born roughly 30 years ago are starting to realize their financial aspirations, and simultaneously entering their peak homebuyer age.
According to the National Association of Realtors (NAR), millennials are the largest population of buyers for the second consecutive year. They make up about one in three buyers. It makes sense that their entrance into the housing market will provide a boost.
To be sure, many millennials remain cautious about making big investments. As is the case with other groups, they were chastened by the declines of the Great Recession.
However, this group also represents untapped potential. The millennial home-buying momentum should pick up. Expect millennials to make up a greater share of buyers and to boost the home-buying market.
2. Boomerang Buyers To Make Their Return
Millennials were not the only population impacted by the latest recession. An estimated seven million Americans were believed to have lost their homes to foreclosure over the same period. The loss of equity resulting from the downturn, in addition to a weakened job market, made it increasingly difficult for homeowners to meet their mortgage obligations.
Many of them became renters, forgotten by institutional lenders who are hesitant to lend to individuals who had a foreclosure on their records. Over the past seven years, a number of these formerly distressed homeowners have been able to recover and represent reasonable credit risks.
The National Association of Realtors (NAR) says that about 950,000 formerly distressed homeowners are looking to buy again. Over the next five years, an additional 1.5 million formerly distressed homeowners are expected to actively participate in the housing industry. These boomerang buyers should be a boon to the housing industry.
"The deep wounds inflicted on the housing market during the downturn are finally beginning to heal as distressed sales continue to decline and home prices in some parts of the country have bounced back to their near-peak levels," said Lawrence Yun, chief economist at the NAR. "Borrowers with restored credit will likely have the ability and desire to own again, encouraged by the long-term benefits homeownership provides in a stronger economy and more stable job market."
3. Mortgage Lending Will Ease
Mortgage underwritings have undergone significant changes in a short period of time. This year, the Federal Housing Administration (FHA) dropped premiums on mortgage insurance below the standard 1.35% to 0.85%. While the decrease may not seem like much, it could catch the attention of those that have been hedging about buying a home. After all, the move is expected to save the average homeowner roughly $900 a year on mortgage insurance premiums. It is reasonable to expect the housing market to benefit from this move as early as next year.
Separately, Fannie Mae intends to make it easier for qualified borrowers to receive a loan. Households have come a long way since the depths of the recession, and underwritings are starting to reflect the improvements. In a recent move, the mortgage giant has opened the door for more borrowers to receive a loan. Qualified borrowers are now able to put as little as 3% down on a home. Perhaps even more importantly, however, is the implementation of the HomeReady mortgage program.
Unlike before, this new program will consider the incomes of others planning to live in the house, but without including them as a borrower on the loan. That way, if you live with someone, as long as they represent at least 30% of the household income, Fannie Mae will count their money towards your loan qualification criteria. If that wasn't enough, those not even living in the home can be counted toward a mortgage payment. This means millennials with parents willing to provide monetary assistance will have an easier time qualifying for a home.
The end effect: Loan requirements should ease further in the coming year. Anticipate more people qualifying for loans in 2016.
4. Growing Homebuilder Confidence
The most recent National Association of Home Builders builder sentiment index fell to 62, down three points from October's record number.
Still, single-family home sales are surging in the final quarter of 2015, and the inventory levels are at their highest point in five years.
With the number of homes on the market set to rise in 2016, the principles of supply and demand suggest that home price appreciation will slacken. More people should be able to afford the homes that are currently for sale."
Check Out These 8 Surprising Predictors of Housing Prices
interesting post from realtor.com
Like investors in the stock market, 1933 Saint Gaudens Double Eagle coins, or orange juice futures, home buyers and owners want to know which way prices are heading. Are valuations heading up, up, up, making it the perfect time to buy? Or are they beginning a precipitous decline from their peak—making it high time to sell? To read the tea leaves, they might focus on the latest jobs reports, check out what’s going on in other markets, or scrutinize the writings of economists.
But when it comes to nailing the best deal in real estate, you can get a jump on the competition! Inside-track insights can be found in the most unusual places—such as on a grocery run, or at the gas pump. We’ve rounded up eight surprising indicators of change in home prices. Do they play a role in pushing the numbers skyward or down into the dirt? Or are they false prophets? We’re here to help you sort it out!
1. Gas prices
Sure, it feels fantastic to fill up your car with gas for just $35 when it used to cost almost $50. But if you’re looking to buy a home, the financial benefit of cheap gas might be overrated—as gas prices fall, home prices inevitably go up. And homes sell faster, too, which takes a toll on available inventory.
For every $1 decrease in gas prices, home prices increase by roughly $4,000 and the average time to sell a property decreases by 25 days, according to a study by Longwood University and Florida Atlantic University.
Lower gas prices lead to increased consumer confidence and more disposable income for potential buyers, Longwood professor Bennie Waller explains. In addition, the listing broker—who has to travel between properties—is more likely to market more aggressively and have more showings when gas is cheap.
2. Trader Joe’s vs. Whole Foods
When it comes to healthy eats, cost-conscious gourmet market Trader Joe’s and pricey, environmentally conscious Whole Foods each have their own massive cult following. But it turns out, if you’re seeking a neighborhood where homes are worth more—and gaining in value—you’d better know which store to look for.
Homes near the two foodie superstores significantly trump the national average home value, but homes near a Trader Joe’s are worth 5% more than homes near a Whole Foods, according to RealtyTrac. So close, Whole Foods!
Homes near a Trader Joe’s also appreciate faster, with an average appreciation rate of 40% from the time of purchase. Meanwhile, homes near a Whole Foods appreciated 34%, the same as the national average. So even if you do tend to shop at “Whole Paycheck,” you’d probably do better to buy a home near TJ’s—and load up on some Two-Buck Chuck while you’re at it.
3. Sports facilities
Walking distance to the big game? Score! Living near a stadium clearly is not a hard sell for sports fans, but even those without an obsessive rooting interest in the local teams should pay close attention if there’s a major sports facility nearby.
Moving a residential housing unit one mile closer to a professional sports facility increases its value by $793. But the effect disappears after four miles, according to researchers at the College of William and Mary and University of Alberta, who extracted property data within 5 miles of every NFL, NBA, MLB, and NHL facility in the U.S. So sidle up to that stadium—just be sure you have a dedicated parking space.
4. Marijuana
The legalization of marijuana was predicted to have a major impact on state tax revenues, and with people relocating to take advantage of its medical benefits or just because they enjoy a regular toke, some have suggested that legal pot might also push up real estate values.
Marijuana’s impact on housing is a tale of two states: Colorado and Washington, the only ones that have legalized the sale of recreational marijuana.
The buzz is felt more in the real estate market of Colorado. Since the doors opened for recreational sales in January 2014, housing prices have appreciated 20.4%, much higher than the 15.2% across the country over the same period.
Marijuana sales in Washington are more modest, and so is the real estate growth. The state’s housing prices have risen by 7.3% since it launched its legal marijuana market in July 2014—the height of the yearly housing market—while at the national level, they increased 6.5% over the same period. (Keep in mind that housing prices are generally lower in the winter and higher in the summer, the purpose is not to compare the numbers of Colorado to Washington).
Of course, it’s hard to say whether the legalization of marijuana is really driving those numbers. After all, both Denver and Seattle are hubs for tech businesses that are fueling employment, which in turn fuels the housing market. But if you already own a home in Colorado or Washington, you’ve got plenty of reasons to be mellow and to listen to “Dark Side of the Moon” on a continuous loop.
5. Temperature change
Global warming affects not only nature, but also our daily lives and housing decisions. The National Association of Realtors® looked at home prices and temperature change over the past four years and found what seemed to be a negative correlation between temperature increase and housing prices.
Out of the 82 markets studied, those with the highest gains in housing prices typically had a small increase in temperature (up to 2 degrees Fahrenheit). For example, in Atlanta, GA, the temperature increased 1 degree while house prices increased 78%. But markets where the temperature rose more than 3 degrees did not experience significant price gains, such as Little Rock, AR.
6. Casinos
Part of Las Vegas’ legendary success story is that casinos brought wild prosperity to a barren desert area. But in fact, Sin City is an American anomaly in just about every way imaginable, not the least of which are real estate valuations. The truth is, casinos across the country, from riverboats to Native American reservations, usually have a negative impact on surrounding home values—by 2% to 10%, according to various studies.
One case study showed that in Henderson, NV, properties within a mile of a proposed large-scale casino would see their values fall by $9,200. Snake eyes!
7. Highways
Is it a good idea to live close to the highway? Yes … and no. It depends on just how close we’re talking.
A case study of the Superstition Freeway (U.S. Route 60) corridor in Mesa and Gilbert, AZ, showed that single-family homes within 0.5 miles of the freeway were adversely impacted. But the negative impacts were more than offset by housing price appreciation in the surrounding areas. Average sales price appreciation for homes within 5 miles of the freeway (including negatively affected properties) was higher than the whole metropolitan area. So while you probably don’t want to buy right by an exit ramp, easy access to a transportation corridor is definitely a strong selling point.
8. Trees on the street
Everyone knows that stately old-growth trees add major charm to a neighborhood—and are probably an indicator of more expensive homes. But did you know just how expensive? A recent study found that houses on streets where there were trees fetched an average of $7,130 more than houses on treeless streets. Maybe it’s time to consider branching out.
Like investors in the stock market, 1933 Saint Gaudens Double Eagle coins, or orange juice futures, home buyers and owners want to know which way prices are heading. Are valuations heading up, up, up, making it the perfect time to buy? Or are they beginning a precipitous decline from their peak—making it high time to sell? To read the tea leaves, they might focus on the latest jobs reports, check out what’s going on in other markets, or scrutinize the writings of economists.
But when it comes to nailing the best deal in real estate, you can get a jump on the competition! Inside-track insights can be found in the most unusual places—such as on a grocery run, or at the gas pump. We’ve rounded up eight surprising indicators of change in home prices. Do they play a role in pushing the numbers skyward or down into the dirt? Or are they false prophets? We’re here to help you sort it out!
1. Gas prices
Sure, it feels fantastic to fill up your car with gas for just $35 when it used to cost almost $50. But if you’re looking to buy a home, the financial benefit of cheap gas might be overrated—as gas prices fall, home prices inevitably go up. And homes sell faster, too, which takes a toll on available inventory.
For every $1 decrease in gas prices, home prices increase by roughly $4,000 and the average time to sell a property decreases by 25 days, according to a study by Longwood University and Florida Atlantic University.
Lower gas prices lead to increased consumer confidence and more disposable income for potential buyers, Longwood professor Bennie Waller explains. In addition, the listing broker—who has to travel between properties—is more likely to market more aggressively and have more showings when gas is cheap.
2. Trader Joe’s vs. Whole Foods
When it comes to healthy eats, cost-conscious gourmet market Trader Joe’s and pricey, environmentally conscious Whole Foods each have their own massive cult following. But it turns out, if you’re seeking a neighborhood where homes are worth more—and gaining in value—you’d better know which store to look for.
Homes near the two foodie superstores significantly trump the national average home value, but homes near a Trader Joe’s are worth 5% more than homes near a Whole Foods, according to RealtyTrac. So close, Whole Foods!
Homes near a Trader Joe’s also appreciate faster, with an average appreciation rate of 40% from the time of purchase. Meanwhile, homes near a Whole Foods appreciated 34%, the same as the national average. So even if you do tend to shop at “Whole Paycheck,” you’d probably do better to buy a home near TJ’s—and load up on some Two-Buck Chuck while you’re at it.
3. Sports facilities
Walking distance to the big game? Score! Living near a stadium clearly is not a hard sell for sports fans, but even those without an obsessive rooting interest in the local teams should pay close attention if there’s a major sports facility nearby.
Moving a residential housing unit one mile closer to a professional sports facility increases its value by $793. But the effect disappears after four miles, according to researchers at the College of William and Mary and University of Alberta, who extracted property data within 5 miles of every NFL, NBA, MLB, and NHL facility in the U.S. So sidle up to that stadium—just be sure you have a dedicated parking space.
4. Marijuana
The legalization of marijuana was predicted to have a major impact on state tax revenues, and with people relocating to take advantage of its medical benefits or just because they enjoy a regular toke, some have suggested that legal pot might also push up real estate values.
Marijuana’s impact on housing is a tale of two states: Colorado and Washington, the only ones that have legalized the sale of recreational marijuana.
The buzz is felt more in the real estate market of Colorado. Since the doors opened for recreational sales in January 2014, housing prices have appreciated 20.4%, much higher than the 15.2% across the country over the same period.
Marijuana sales in Washington are more modest, and so is the real estate growth. The state’s housing prices have risen by 7.3% since it launched its legal marijuana market in July 2014—the height of the yearly housing market—while at the national level, they increased 6.5% over the same period. (Keep in mind that housing prices are generally lower in the winter and higher in the summer, the purpose is not to compare the numbers of Colorado to Washington).
Of course, it’s hard to say whether the legalization of marijuana is really driving those numbers. After all, both Denver and Seattle are hubs for tech businesses that are fueling employment, which in turn fuels the housing market. But if you already own a home in Colorado or Washington, you’ve got plenty of reasons to be mellow and to listen to “Dark Side of the Moon” on a continuous loop.
5. Temperature change
Global warming affects not only nature, but also our daily lives and housing decisions. The National Association of Realtors® looked at home prices and temperature change over the past four years and found what seemed to be a negative correlation between temperature increase and housing prices.
Out of the 82 markets studied, those with the highest gains in housing prices typically had a small increase in temperature (up to 2 degrees Fahrenheit). For example, in Atlanta, GA, the temperature increased 1 degree while house prices increased 78%. But markets where the temperature rose more than 3 degrees did not experience significant price gains, such as Little Rock, AR.
6. Casinos
Part of Las Vegas’ legendary success story is that casinos brought wild prosperity to a barren desert area. But in fact, Sin City is an American anomaly in just about every way imaginable, not the least of which are real estate valuations. The truth is, casinos across the country, from riverboats to Native American reservations, usually have a negative impact on surrounding home values—by 2% to 10%, according to various studies.
One case study showed that in Henderson, NV, properties within a mile of a proposed large-scale casino would see their values fall by $9,200. Snake eyes!
7. Highways
Is it a good idea to live close to the highway? Yes … and no. It depends on just how close we’re talking.
A case study of the Superstition Freeway (U.S. Route 60) corridor in Mesa and Gilbert, AZ, showed that single-family homes within 0.5 miles of the freeway were adversely impacted. But the negative impacts were more than offset by housing price appreciation in the surrounding areas. Average sales price appreciation for homes within 5 miles of the freeway (including negatively affected properties) was higher than the whole metropolitan area. So while you probably don’t want to buy right by an exit ramp, easy access to a transportation corridor is definitely a strong selling point.
8. Trees on the street
Everyone knows that stately old-growth trees add major charm to a neighborhood—and are probably an indicator of more expensive homes. But did you know just how expensive? A recent study found that houses on streets where there were trees fetched an average of $7,130 more than houses on treeless streets. Maybe it’s time to consider branching out.
Thursday, December 10, 2015
Yacht on a Cliff Overlooking Ocean
from Wikipedia.org
Sun Cruise Resort & Yacht is a hotel resort in Jeongdongjin on the east coast of South Korea. Designed in the image of a cruise ship, the hotel is 165 metres (541 ft) long and 45 metres (148 ft) tall and overlooks the beach resort.[1][2] It is believed to be the first of its kind in the world.
Built at the top of a large cliff, the hotel looks out over the sea[2][3] and gives the impression that a cruise ship has run aground. The town of Jeongdongjin is known for its views of the sunrise and sunset over the Sea of Japan (East Sea) and is itself a tourist destination. This has been further enhanced by the construction of the hotel, with its unusual design making it one of the most popular attractions in the country.[1][2][3]
The hotel has 211 rooms, including bedrooms and apartments, and six function rooms. There are six restaurants serving Korean and European food and a rotating bar on the top floor, giving visitors a panoramic view of the horizon and the famed sunrises.[1][2][3] Sporting facilities include a netted golf range, volleyball court, and a fitness club.[4] The cruise ship theme is enhanced by the sound of crashing waves played on speakers throughout the hotel and the use of salt water in the swimming pool.[1][4]
The resort also contains a park located adjacent to the hotel.[1] Prominent within the landscaped gardens are "The Hands of Promise", two giant hands rising from the ground, along with a variety of other sculptures. There is also an observation area with a glass floor suspended above the sea, an exhibition hall, and a lake
Sun Cruise Resort & Yacht is a hotel resort in Jeongdongjin on the east coast of South Korea. Designed in the image of a cruise ship, the hotel is 165 metres (541 ft) long and 45 metres (148 ft) tall and overlooks the beach resort.[1][2] It is believed to be the first of its kind in the world.
Built at the top of a large cliff, the hotel looks out over the sea[2][3] and gives the impression that a cruise ship has run aground. The town of Jeongdongjin is known for its views of the sunrise and sunset over the Sea of Japan (East Sea) and is itself a tourist destination. This has been further enhanced by the construction of the hotel, with its unusual design making it one of the most popular attractions in the country.[1][2][3]
The hotel has 211 rooms, including bedrooms and apartments, and six function rooms. There are six restaurants serving Korean and European food and a rotating bar on the top floor, giving visitors a panoramic view of the horizon and the famed sunrises.[1][2][3] Sporting facilities include a netted golf range, volleyball court, and a fitness club.[4] The cruise ship theme is enhanced by the sound of crashing waves played on speakers throughout the hotel and the use of salt water in the swimming pool.[1][4]
The resort also contains a park located adjacent to the hotel.[1] Prominent within the landscaped gardens are "The Hands of Promise", two giant hands rising from the ground, along with a variety of other sculptures. There is also an observation area with a glass floor suspended above the sea, an exhibition hall, and a lake
Tuesday, November 17, 2015
Anchorage Igloo Offered for Sale
interesting article from overseaspropertymall.com
Standing 180 miles out of Anchorage on the George Park Highway is a former luxury hotel, currently on sale for $300, 000 (£217, 000), and its current owner sees it being converted into a restaurant or hotel by its buyer.
So far, so normal. But there is a unique selling point to this building – or a unique not-selling point, depending on your point of view.
It’s an 80-foot rubber igloo.
The structure, made of polyurethane stretched over a wooden frame, is only inspired by Inuit igloos, it’s not actually made of ice. But the former Igloo City Hotel is likely to attract the more adventurous buyer.
The current owner, Brad Fisher, bought it in 1996 and thinks it has great potential (for someone else), pointing to its enviable location, passing trade and great views. It dates to the 1970s when it was built as a motorway rest stop. More recent years have seen it become a tourist attraction in its own right, as the fascination with the macabre meets the lure of the kitch…
The process of conversion could be expensive, though, as the Igloo Hotel is authentically freezing: there’s no electricity or heat. Not only is there no electricity inside the building: there’s none nearby. To supply it, you’d need to build a new substation.
In fact, the Igloo has always been a bit of a white elephant. It never really opened in the 1970s, and the inside remains structurally incomplete as well as lacking in that Alaskan essential, heating. It’s been extensively vandalised too, including having fireworks set off inside it.
As much as it sounds like it’s dead in the water, there actually is some method in Bob Fisher’s madness.
The Igloo has stunning views of snowy mountains and beautiful alpine meadows and is on the route out to the six-million-acre Denali National Park, home to the tallest mountain in North America and temporary accommodation to half a million tourists every year. It’s a great area to see moose, wolves, beaver, wild foxes and grizzly bears. It’s right next to prime snowmobiling and hiking territory. And the hotel already has a loyal tourist following. So yes, you could make something out of it.
You’d need deep pockets, though. In addition to getting the building actually finished and attached to the grid, you’d need to spend an unknown amount on making sure it’s up to code, including some that didn’t exist when it was built. The price seems a little steep for what is essentially half a rubber ball but it comes with 38 acres of prime Alaskan land, which is expensive, desirable and saleable. A buyer might want to do on a larger scale what Mr. Fisher did – run a separate business on the land next to it. Until 2005, Mr. Fisher operated hut rentals and a petrol station in the grounds of the hotel. So maybe an enterprising, hiking and outdoors friendly business person could make the Igloo cool again. Fancy it?
Standing 180 miles out of Anchorage on the George Park Highway is a former luxury hotel, currently on sale for $300, 000 (£217, 000), and its current owner sees it being converted into a restaurant or hotel by its buyer.
So far, so normal. But there is a unique selling point to this building – or a unique not-selling point, depending on your point of view.
It’s an 80-foot rubber igloo.
The structure, made of polyurethane stretched over a wooden frame, is only inspired by Inuit igloos, it’s not actually made of ice. But the former Igloo City Hotel is likely to attract the more adventurous buyer.
The current owner, Brad Fisher, bought it in 1996 and thinks it has great potential (for someone else), pointing to its enviable location, passing trade and great views. It dates to the 1970s when it was built as a motorway rest stop. More recent years have seen it become a tourist attraction in its own right, as the fascination with the macabre meets the lure of the kitch…
The process of conversion could be expensive, though, as the Igloo Hotel is authentically freezing: there’s no electricity or heat. Not only is there no electricity inside the building: there’s none nearby. To supply it, you’d need to build a new substation.
In fact, the Igloo has always been a bit of a white elephant. It never really opened in the 1970s, and the inside remains structurally incomplete as well as lacking in that Alaskan essential, heating. It’s been extensively vandalised too, including having fireworks set off inside it.
As much as it sounds like it’s dead in the water, there actually is some method in Bob Fisher’s madness.
The Igloo has stunning views of snowy mountains and beautiful alpine meadows and is on the route out to the six-million-acre Denali National Park, home to the tallest mountain in North America and temporary accommodation to half a million tourists every year. It’s a great area to see moose, wolves, beaver, wild foxes and grizzly bears. It’s right next to prime snowmobiling and hiking territory. And the hotel already has a loyal tourist following. So yes, you could make something out of it.
You’d need deep pockets, though. In addition to getting the building actually finished and attached to the grid, you’d need to spend an unknown amount on making sure it’s up to code, including some that didn’t exist when it was built. The price seems a little steep for what is essentially half a rubber ball but it comes with 38 acres of prime Alaskan land, which is expensive, desirable and saleable. A buyer might want to do on a larger scale what Mr. Fisher did – run a separate business on the land next to it. Until 2005, Mr. Fisher operated hut rentals and a petrol station in the grounds of the hotel. So maybe an enterprising, hiking and outdoors friendly business person could make the Igloo cool again. Fancy it?
Sunday, November 15, 2015
Spend Now, Save Big: Top 5 Preventative Home Products to Invest In
helpful info from rismedia.com
You know it’s important to set aside some savings for emergency home repairs, but it’s equally as important to spend money now to prevent what can turn into future disasters. So, don’t put it off for a rainy day (that is when you’re most likely to get a flooded basement, after all!). Invest in these five products for your home to get ahead of the game!
Programmable Thermostat
At some point or another, most homeowners find themselves scratching their heads trying to figure out why their energy bill is so high each month. They’ve tried every technique in the book – like sealing windows and doors to eliminate drafts, insulating their house, using LED lights, moving their thermostat out of direct sunlight, and unplugging small appliances when they’re not using them – to no avail. There’s an easier, more reliable way to minimize energy costs – installing a programmable thermostat.
This type of thermostat can play a huge role in conserving energy in the home. With functions like being able to program your desired temperatures up to seven days in advance, automatic adjustments when electric prices are higher, displayed reminders to change your air filters, and the ability to remotely regulate the temperature using your smart phone, there really is no better way to save money in the long run. If you really want to splurge, you could spring for a thermostat that also adjusts other systems in your home like humidifiers, dehumidifiers, and air filtration.
Some of these thermostats are DIY-able, but others may require a professional to come out and install for you. Whichever option you choose, it is important to become familiar with the system so that you can customize your settings for maximum savings. The U.S. Department of Energy estimates that you can save 10 percent a year on your energy bills just by using a programmable thermostat.
Masonry Waterproofer
Damp and moldy basements can cause a whole host of problems for homeowners – from health issues to a weakened foundation and many other headaches along the way. Many people associate these basements with older homes, but even new homes with finished basements aren’t immune to water seeping in. And, once it starts, water leaks and mold are extremely difficult to get rid of.
Before it becomes a problem, get some masonry waterproofer from your local home improvement store, and coat your basement walls. This sealant will help to keep the water out and protect any assets that may be stored in the basement. HomeAdvisor estimates that the average cost of repairing water damage to your home is about $2,100. The old saying has never rung more true – an ounce of prevention is worth a pound of cure.
Gutter Protection
Speaking of cure, most homeowners dread the headache of cleaning out clogged gutters year in and year out. But cleaning your gutters is only a temporary solution to a permanent problem. Installing gutter protection is a permanent solution.
With gutter protection, you’re not just eliminating clogs, but a whole range of other problems. You’re preventing pest infestations, foundation problems, leaky roofs, and much more. By preventing so many problems, the cost benefits of installing gutter protection really are endless.
But, be aware that some types of gutter protection products are installed by inserting under the first layer of shingles on your roof. This will limit or void your roof warranty, which could cost you even more in the future. Look for a product that is installed directly on your gutters, like LeafFilter, so that you can reap the benefits of gutter protection while leaving your roof intact.
Portable Generator
Every area has its own brand of extreme weather. Whether you live in tornado alley, a snow belt, a coastal hurricane region, or anywhere with a risk of power outage, it’s a good idea to invest in a generator for your home. Hopefully, you’ll never need to use a generator, but having one handy can potentially save you hundreds – if not, thousands – of dollars during a power outage.
If the worst case scenario happens and your power gets knocked out for several hours or days, a portable generator will be able to keep food in the refrigerator cold, allow you to continue to work on your laptop (which inevitably will have a low battery when the power goes out), or let you heat up a quick meal. More powerful generators may even let you keep the heat or central air running. You’ll gain even more benefits from your generator if you live with very young or elderly family members that can’t handle extreme heat or cold, or need special medical attention. By investing in a generator now, you’ll never get caught off guard in an emergency.
Home Security System
Do you think that you’re not at risk for a home burglary? Think again. The statistics are grim. Every year, millions of homes are broken into. These burglaries often result in devastating losses – from run-of-the-mill household objects, to priceless heirlooms, and even life itself. Are you willing to take the chance that your house won’t get broken into?
If you’re not comfortable with taking this gamble, your safest bet it to install a home security system, like LifeShield. Simply advertising that your home is secured frequently deters potential burglars from ever entering your home. But if you do experience a break-in, you’ll never have to wonder whether help is coming, even if the power is cut, and your phone and Internet go down.
Emergencies usually cause people to panic, which can end up worsening the situation. Prepare for disaster now by investing in these five products so that you can effectively protect your home – and, more importantly, yourself – in the worst case scenario.
You know it’s important to set aside some savings for emergency home repairs, but it’s equally as important to spend money now to prevent what can turn into future disasters. So, don’t put it off for a rainy day (that is when you’re most likely to get a flooded basement, after all!). Invest in these five products for your home to get ahead of the game!
Programmable Thermostat
At some point or another, most homeowners find themselves scratching their heads trying to figure out why their energy bill is so high each month. They’ve tried every technique in the book – like sealing windows and doors to eliminate drafts, insulating their house, using LED lights, moving their thermostat out of direct sunlight, and unplugging small appliances when they’re not using them – to no avail. There’s an easier, more reliable way to minimize energy costs – installing a programmable thermostat.
This type of thermostat can play a huge role in conserving energy in the home. With functions like being able to program your desired temperatures up to seven days in advance, automatic adjustments when electric prices are higher, displayed reminders to change your air filters, and the ability to remotely regulate the temperature using your smart phone, there really is no better way to save money in the long run. If you really want to splurge, you could spring for a thermostat that also adjusts other systems in your home like humidifiers, dehumidifiers, and air filtration.
Some of these thermostats are DIY-able, but others may require a professional to come out and install for you. Whichever option you choose, it is important to become familiar with the system so that you can customize your settings for maximum savings. The U.S. Department of Energy estimates that you can save 10 percent a year on your energy bills just by using a programmable thermostat.
Masonry Waterproofer
Damp and moldy basements can cause a whole host of problems for homeowners – from health issues to a weakened foundation and many other headaches along the way. Many people associate these basements with older homes, but even new homes with finished basements aren’t immune to water seeping in. And, once it starts, water leaks and mold are extremely difficult to get rid of.
Before it becomes a problem, get some masonry waterproofer from your local home improvement store, and coat your basement walls. This sealant will help to keep the water out and protect any assets that may be stored in the basement. HomeAdvisor estimates that the average cost of repairing water damage to your home is about $2,100. The old saying has never rung more true – an ounce of prevention is worth a pound of cure.
Gutter Protection
Speaking of cure, most homeowners dread the headache of cleaning out clogged gutters year in and year out. But cleaning your gutters is only a temporary solution to a permanent problem. Installing gutter protection is a permanent solution.
With gutter protection, you’re not just eliminating clogs, but a whole range of other problems. You’re preventing pest infestations, foundation problems, leaky roofs, and much more. By preventing so many problems, the cost benefits of installing gutter protection really are endless.
But, be aware that some types of gutter protection products are installed by inserting under the first layer of shingles on your roof. This will limit or void your roof warranty, which could cost you even more in the future. Look for a product that is installed directly on your gutters, like LeafFilter, so that you can reap the benefits of gutter protection while leaving your roof intact.
Portable Generator
Every area has its own brand of extreme weather. Whether you live in tornado alley, a snow belt, a coastal hurricane region, or anywhere with a risk of power outage, it’s a good idea to invest in a generator for your home. Hopefully, you’ll never need to use a generator, but having one handy can potentially save you hundreds – if not, thousands – of dollars during a power outage.
If the worst case scenario happens and your power gets knocked out for several hours or days, a portable generator will be able to keep food in the refrigerator cold, allow you to continue to work on your laptop (which inevitably will have a low battery when the power goes out), or let you heat up a quick meal. More powerful generators may even let you keep the heat or central air running. You’ll gain even more benefits from your generator if you live with very young or elderly family members that can’t handle extreme heat or cold, or need special medical attention. By investing in a generator now, you’ll never get caught off guard in an emergency.
Home Security System
Do you think that you’re not at risk for a home burglary? Think again. The statistics are grim. Every year, millions of homes are broken into. These burglaries often result in devastating losses – from run-of-the-mill household objects, to priceless heirlooms, and even life itself. Are you willing to take the chance that your house won’t get broken into?
If you’re not comfortable with taking this gamble, your safest bet it to install a home security system, like LifeShield. Simply advertising that your home is secured frequently deters potential burglars from ever entering your home. But if you do experience a break-in, you’ll never have to wonder whether help is coming, even if the power is cut, and your phone and Internet go down.
Emergencies usually cause people to panic, which can end up worsening the situation. Prepare for disaster now by investing in these five products so that you can effectively protect your home – and, more importantly, yourself – in the worst case scenario.
Denver County home sellers make out big in Q3
good news for sellers in Denver County Q3, from Denver Business Journal...
Home sellers in Denver County made out big in the third quarter, where sellers sold for an average of a 41.5 percent gain over what they originally paid.
That's according to research conducted by California housing data company RealtyTrac, which placed Denver County at No. 6 in the country for highest percentage sales gains.
Only San Francisco County, California (58.7 percent gain), San Mateo County, California (55.7 percent gain), Santa Clara County, California (47.7 percent gain), Alameda County, California (43.1 percent gain), and New York County, New York (41.6 percent gain) had higher percentage sales gains than Denver County. Homeowners in these five counties owned their homes for a little more than seven years before selling, RealtyTrac said.
Nationally, "homeowners who sold during the third quarter realized an average price gain of $40,658 (17 percent) from the purchase price of their property," RealtyTrac said in a statement.
In September, RealtyTrac said Denver home sales were on pace to set a 10-year record, and median selling prices in Denver set an all-time high this summer, according to Re/Max.
Home sellers in Denver County made out big in the third quarter, where sellers sold for an average of a 41.5 percent gain over what they originally paid.
That's according to research conducted by California housing data company RealtyTrac, which placed Denver County at No. 6 in the country for highest percentage sales gains.
Only San Francisco County, California (58.7 percent gain), San Mateo County, California (55.7 percent gain), Santa Clara County, California (47.7 percent gain), Alameda County, California (43.1 percent gain), and New York County, New York (41.6 percent gain) had higher percentage sales gains than Denver County. Homeowners in these five counties owned their homes for a little more than seven years before selling, RealtyTrac said.
Nationally, "homeowners who sold during the third quarter realized an average price gain of $40,658 (17 percent) from the purchase price of their property," RealtyTrac said in a statement.
In September, RealtyTrac said Denver home sales were on pace to set a 10-year record, and median selling prices in Denver set an all-time high this summer, according to Re/Max.
21 Ways To Prepare Your Home For Selling
helpful article from trulia.com
Simple touch-ups can do a lot to impress a potential buyer — and possibly clinch a deal.
While small upgrades and minor decor replacements may seem like a waste of time when you’re in a hurry to sell your house, one of the biggest mistakes you can make as a seller is listing your home without any advance preparation.
Whether you’re listing your condo for sale in Miami, FL, or looking for a buyer for your home for sale in Chicago, IL, the easiest way to find what needs a little attention is to “put your buyer’s hat on and walk through your home like it is the first time,” says Marilou Young, an Accredited Staging Professional and an associate broker with Virtual Properties Realty in the metropolitan Atlanta, GA, area.
“Make notes on what you, as a buyer, would notice,” Young advises, “and then repair or replace those items.”
Be sure you prepare your home for sale — and can check off every item on this list — before you even begin to imagine hanging that “For Sale” sign out front.
1.Clean, clean, clean. Be sure to clean every nook and cranny. Don’t forget overlooked areas, such as dusting the fireplace mantel and ceiling fan blades, polishing appliances and faucets, and washing the windows. If you’ve already moved out or if you’re too busy to do a thorough cleaning, consider hiring a cleaning service.
2.Pay attention to smells.
3.Clear out the clutter. You want buyers to focus on how awesome your space is, not how messy it looks. Banish that pile of shoes from the entry, that stack of mail from the kitchen table, and anything else that detracts from your home’s gorgeous features.
4.Repaint the walls in neutral colors. As much as you love your dramatic red dining room, it could turn off a good portion of your potential buyers. So repaint your rooms in neutral tones such as grays, tans, and whites that allow buyers to focus on the spaces, not the color of the walls.
5.Keep the decor simple. To help buyers imagine themselves in your space, get rid of any statement art or decor that might turn people off. A classic landscape painting? Totally fine. Your zebra-print leather couch? Might want to slip-cover that for showings or rent a storage unit until you’re ready to move it into your new place.
6.Get rid of personal items. Buyers want to be able to envision themselves in your home, so remove anything overly personal, such as the gallery wall of family photos or your kids’ artwork on the fridge.
7.Let there be light! Open all the windows (especially in warmer months) to let in natural light and add floor or table lamps to illuminate areas that are dim. A bright, cheery room looks bigger and more inviting.
8.Bring nature inside. Potted plants or a few pretty buds in a vase can help bring energy into a space, fill in empty corners, and even draw attention to features you want buyers to notice. Just make sure the plants are in good health (and bug-free!).
9.Get rid of bulky furniture. Your furniture should fit the scale of the room, so get rid of any extra or oversized items that could make your space look smaller than it really is. For example, if you have a huge sectional in your family room, consider breaking it up and use just the main sofa portion.
10.Organize your closets. Storage space is a huge selling point, and if your closets are stuffed to the brim, buyers will think you don’t have enough of it. Invest in some boxes, dividers, and other solutions that will help you organize your space, and remove items you don’t need (you can stow them away until you move).
11.Tackle that honey-do list. All those little things you’ve been meaning to do but never got around to? Do them. Buyers will notice minor flaws, and they’ll detract from the value of your home. So set aside a weekend to tighten those loose doorknobs, fix that leaky faucet, and paint over the scuffs from when you first moved in your sofa.
12.Do a faux renovation. Little tweaks can make a big difference in the overall feel of a room. Kitchen a bit outdated? Replace the fixtures, faucets, and hinges. Family-room furniture beaten up? Throw some slipcovers over it.
13.Give each room a purpose. That spare room you’ve been using as an office/guest room/dumping ground won’t help sell your home unless you show buyers how they can use it themselves. So pick a use (office, guest room, crafts room) and clearly stage the space to showcase that purpose.
14.Turn the bathroom into a spa. Create the feel of a relaxing, luxurious bath — for less than $30. Stack a few pretty washcloths tied with ribbon, add some candles and orchids, and buy bathmats and towels in coordinating tones such as light green, blue, and white.
15.Lower the toilet seat. When it comes to both showing and photographing your home, this little trick can make a surprising difference.
16.Turn the living room into conversation central. Practice the art of feng shui: Help buyers picture themselves relaxing with family and guests by grouping your furniture into arrangements that inspire conversation.
17.Keep the flow going. The last thing you want is people bumping into furniture as they tour your home; it disrupts their focus and makes your space look cramped. Do a dry run as though you’re seeing your home for the first time and tweak anything that interrupts the “flow.”
18.Make something yummy. Real estate agents don’t put out fresh cookies at open houses just to treat buyers. A “homey” smell such as cookies or muffins baking can help people connect with a kitchen. Not a baker? Fake it with a scented candle.
19.Make it look lived in with vignettes. Help your buyers see themselves in your home by adding deliberate vignettes that showcase how your home can be lived in. An inviting armchair and a tray with a coffee cup and book on it can turn that empty corner into a reading nook. Pretty soaps in a decorative tray can make your tiny half bath more appealing.
20.Highlight focal points. Draw buyers’ eyes toward any special features with bright colors or accents such as plants. A pop of red from a throw pillow can draw buyers’ attention to that lovely window seat. A striking fern on the mantel can show off your fireplace.
21.Boost the curb appeal. Don’t spend all your time indoors. Buyers may decide to not enter a home based on its curb appeal, so make sure your home’s exterior looks excellent. Trim shrubs, weed flower beds, remove and refresh any peeling paint, and keep the walkway clear. Just adding a row of potted plants along the walkway or a cheerful wreath to your front door can make a big difference. Marilou Young recommends her clients focus on curb appeal first. If her clients are on a tight budget, she’ll advise that they at least spruce up the front entrance. That first impression goes a long way.
Simple touch-ups can do a lot to impress a potential buyer — and possibly clinch a deal.
While small upgrades and minor decor replacements may seem like a waste of time when you’re in a hurry to sell your house, one of the biggest mistakes you can make as a seller is listing your home without any advance preparation.
Whether you’re listing your condo for sale in Miami, FL, or looking for a buyer for your home for sale in Chicago, IL, the easiest way to find what needs a little attention is to “put your buyer’s hat on and walk through your home like it is the first time,” says Marilou Young, an Accredited Staging Professional and an associate broker with Virtual Properties Realty in the metropolitan Atlanta, GA, area.
“Make notes on what you, as a buyer, would notice,” Young advises, “and then repair or replace those items.”
Be sure you prepare your home for sale — and can check off every item on this list — before you even begin to imagine hanging that “For Sale” sign out front.
1.Clean, clean, clean. Be sure to clean every nook and cranny. Don’t forget overlooked areas, such as dusting the fireplace mantel and ceiling fan blades, polishing appliances and faucets, and washing the windows. If you’ve already moved out or if you’re too busy to do a thorough cleaning, consider hiring a cleaning service.
2.Pay attention to smells.
3.Clear out the clutter. You want buyers to focus on how awesome your space is, not how messy it looks. Banish that pile of shoes from the entry, that stack of mail from the kitchen table, and anything else that detracts from your home’s gorgeous features.
4.Repaint the walls in neutral colors. As much as you love your dramatic red dining room, it could turn off a good portion of your potential buyers. So repaint your rooms in neutral tones such as grays, tans, and whites that allow buyers to focus on the spaces, not the color of the walls.
5.Keep the decor simple. To help buyers imagine themselves in your space, get rid of any statement art or decor that might turn people off. A classic landscape painting? Totally fine. Your zebra-print leather couch? Might want to slip-cover that for showings or rent a storage unit until you’re ready to move it into your new place.
6.Get rid of personal items. Buyers want to be able to envision themselves in your home, so remove anything overly personal, such as the gallery wall of family photos or your kids’ artwork on the fridge.
7.Let there be light! Open all the windows (especially in warmer months) to let in natural light and add floor or table lamps to illuminate areas that are dim. A bright, cheery room looks bigger and more inviting.
8.Bring nature inside. Potted plants or a few pretty buds in a vase can help bring energy into a space, fill in empty corners, and even draw attention to features you want buyers to notice. Just make sure the plants are in good health (and bug-free!).
9.Get rid of bulky furniture. Your furniture should fit the scale of the room, so get rid of any extra or oversized items that could make your space look smaller than it really is. For example, if you have a huge sectional in your family room, consider breaking it up and use just the main sofa portion.
10.Organize your closets. Storage space is a huge selling point, and if your closets are stuffed to the brim, buyers will think you don’t have enough of it. Invest in some boxes, dividers, and other solutions that will help you organize your space, and remove items you don’t need (you can stow them away until you move).
11.Tackle that honey-do list. All those little things you’ve been meaning to do but never got around to? Do them. Buyers will notice minor flaws, and they’ll detract from the value of your home. So set aside a weekend to tighten those loose doorknobs, fix that leaky faucet, and paint over the scuffs from when you first moved in your sofa.
12.Do a faux renovation. Little tweaks can make a big difference in the overall feel of a room. Kitchen a bit outdated? Replace the fixtures, faucets, and hinges. Family-room furniture beaten up? Throw some slipcovers over it.
13.Give each room a purpose. That spare room you’ve been using as an office/guest room/dumping ground won’t help sell your home unless you show buyers how they can use it themselves. So pick a use (office, guest room, crafts room) and clearly stage the space to showcase that purpose.
14.Turn the bathroom into a spa. Create the feel of a relaxing, luxurious bath — for less than $30. Stack a few pretty washcloths tied with ribbon, add some candles and orchids, and buy bathmats and towels in coordinating tones such as light green, blue, and white.
15.Lower the toilet seat. When it comes to both showing and photographing your home, this little trick can make a surprising difference.
16.Turn the living room into conversation central. Practice the art of feng shui: Help buyers picture themselves relaxing with family and guests by grouping your furniture into arrangements that inspire conversation.
17.Keep the flow going. The last thing you want is people bumping into furniture as they tour your home; it disrupts their focus and makes your space look cramped. Do a dry run as though you’re seeing your home for the first time and tweak anything that interrupts the “flow.”
18.Make something yummy. Real estate agents don’t put out fresh cookies at open houses just to treat buyers. A “homey” smell such as cookies or muffins baking can help people connect with a kitchen. Not a baker? Fake it with a scented candle.
19.Make it look lived in with vignettes. Help your buyers see themselves in your home by adding deliberate vignettes that showcase how your home can be lived in. An inviting armchair and a tray with a coffee cup and book on it can turn that empty corner into a reading nook. Pretty soaps in a decorative tray can make your tiny half bath more appealing.
20.Highlight focal points. Draw buyers’ eyes toward any special features with bright colors or accents such as plants. A pop of red from a throw pillow can draw buyers’ attention to that lovely window seat. A striking fern on the mantel can show off your fireplace.
21.Boost the curb appeal. Don’t spend all your time indoors. Buyers may decide to not enter a home based on its curb appeal, so make sure your home’s exterior looks excellent. Trim shrubs, weed flower beds, remove and refresh any peeling paint, and keep the walkway clear. Just adding a row of potted plants along the walkway or a cheerful wreath to your front door can make a big difference. Marilou Young recommends her clients focus on curb appeal first. If her clients are on a tight budget, she’ll advise that they at least spruce up the front entrance. That first impression goes a long way.
Colorado's Hot Home Prices Tap The Brakes, But Just For Winter
interesting on local data from kunc.org
Northern Colorado's home and condo prices are not ticking up quite as fast as they were earlier in 2015. But the lull is typical heading into winter, say real estate experts.
If you look year over year, the median single family home price of $304,000 for the Northeast Region, which covers Boulder, Larimer, Logan, Morgan and Weld counties, is still nearly 15 percent higher than the $265,000 it was at this time in 2014.
Prices for townhomes and condos market are also staying up. With a median price of $225,000 in the Northeast Region, the prices for these units are 19 percent higher versus the same time in 2014.
Kelly Moye, with the Colorado Association of Realtors, called the recent price plateau a "seasonal shift." Hiring typically slows this time of year, meaning fewer people moving into the region. In 2016, however, Moye said most people watching the market expects it to pick back up.
"Everybody that I've talked to seems to think next year [2016] is going to be equally as strong as this year. We have economic factors in our state that all point to continued growth and continued appreciation," said Moye.
This is especially true because the inventory of homes is not growing quickly. Builders are trying to fill the gap in supply that is contributing to higher prices, but they are not able to build at a rate that keeps up with demand, said Moye. This is particularly true for construction of homes priced below $300,000.
Since the Colorado economy is continuing to remain strong, growth in the state will likely continue, keeping the market busy.
"We should probably see a similar really brisk spring next year," said Moye.
It's not only Northern Colorado experiencing very fast growth in prices. The Denver Metro region, which includes Denver suburbs, is on the same track. The median single family home price in the Denver Metro in October 2015 was $344,000, up 14 percent from this time in the previous year.
Such prices may not seem unusual for workers moving from higher-priced coastal areas, but Colorado's Front Range has historically had a lower cost of living. Wages are typically lower than they are on the coasts, and that disparity between home prices and income contributes to a rising lack of affordability.
At a recent demography meeting in Littleton, Jason Schrock, a chief economist with the office of state planning and budgeting,said that home price increases in the Northern Front Range were increasing faster than any other part of the country except coastal cities.
"Really only the coastal areas of the country have higher costs than the Northern Front Range," said Schrock.
Northern Colorado's home and condo prices are not ticking up quite as fast as they were earlier in 2015. But the lull is typical heading into winter, say real estate experts.
If you look year over year, the median single family home price of $304,000 for the Northeast Region, which covers Boulder, Larimer, Logan, Morgan and Weld counties, is still nearly 15 percent higher than the $265,000 it was at this time in 2014.
Prices for townhomes and condos market are also staying up. With a median price of $225,000 in the Northeast Region, the prices for these units are 19 percent higher versus the same time in 2014.
Kelly Moye, with the Colorado Association of Realtors, called the recent price plateau a "seasonal shift." Hiring typically slows this time of year, meaning fewer people moving into the region. In 2016, however, Moye said most people watching the market expects it to pick back up.
"Everybody that I've talked to seems to think next year [2016] is going to be equally as strong as this year. We have economic factors in our state that all point to continued growth and continued appreciation," said Moye.
This is especially true because the inventory of homes is not growing quickly. Builders are trying to fill the gap in supply that is contributing to higher prices, but they are not able to build at a rate that keeps up with demand, said Moye. This is particularly true for construction of homes priced below $300,000.
Since the Colorado economy is continuing to remain strong, growth in the state will likely continue, keeping the market busy.
"We should probably see a similar really brisk spring next year," said Moye.
It's not only Northern Colorado experiencing very fast growth in prices. The Denver Metro region, which includes Denver suburbs, is on the same track. The median single family home price in the Denver Metro in October 2015 was $344,000, up 14 percent from this time in the previous year.
Such prices may not seem unusual for workers moving from higher-priced coastal areas, but Colorado's Front Range has historically had a lower cost of living. Wages are typically lower than they are on the coasts, and that disparity between home prices and income contributes to a rising lack of affordability.
At a recent demography meeting in Littleton, Jason Schrock, a chief economist with the office of state planning and budgeting,said that home price increases in the Northern Front Range were increasing faster than any other part of the country except coastal cities.
"Really only the coastal areas of the country have higher costs than the Northern Front Range," said Schrock.
Economist Calls for Off-Season Home Purchasing
from national mortgage professional.com...
While the autumn and winter months are traditionally not the most frenetic in terms of sales volume, one prominent housing economist is calling on people to break with tradition and consider residential home purchasing during this chilly off-season.
“If you qualify for a mortgage and have the funds for a downpayment and closing costs—and if you intend to live in a home long enough to cover the transaction costs of buying and selling—you will be better off financially if you buy as soon as you can,” said Jonathan Smoke, chief economist at Realtor.com. “After all, if you are tired of your current home now, you won’t feel better about it in six months.”
Smoke noted that one of the problems facing many housing markets—the lack of inventory—holds no promise of being resolved in the warmer weather.
“Inventory isn’t likely to be higher in March and April than it is now,” Smoke continued. “And while inventory should grow in late spring and into summer, it won’t grow as fast as the seasonal demand. So, if you are ready, consider getting in the market now instead of early spring. You will have more choices and less competition, and you can lock in today’s rates rather than risk rates being 25 to 50 basis points higher.”
Without mentioning Janet Yellen and friends by name, Smoke also hinted that a potential Federal Reserve rate hike would make homebuying somewhat costlier after Dec. 16.
“A 50 basis-point increase in rates … would cause monthly payments to be six percent higher,” Smoke said. “And that increase would not only affect your monthly cash flow but could also affect your ability to qualify.”
While the autumn and winter months are traditionally not the most frenetic in terms of sales volume, one prominent housing economist is calling on people to break with tradition and consider residential home purchasing during this chilly off-season.
“If you qualify for a mortgage and have the funds for a downpayment and closing costs—and if you intend to live in a home long enough to cover the transaction costs of buying and selling—you will be better off financially if you buy as soon as you can,” said Jonathan Smoke, chief economist at Realtor.com. “After all, if you are tired of your current home now, you won’t feel better about it in six months.”
Smoke noted that one of the problems facing many housing markets—the lack of inventory—holds no promise of being resolved in the warmer weather.
“Inventory isn’t likely to be higher in March and April than it is now,” Smoke continued. “And while inventory should grow in late spring and into summer, it won’t grow as fast as the seasonal demand. So, if you are ready, consider getting in the market now instead of early spring. You will have more choices and less competition, and you can lock in today’s rates rather than risk rates being 25 to 50 basis points higher.”
Without mentioning Janet Yellen and friends by name, Smoke also hinted that a potential Federal Reserve rate hike would make homebuying somewhat costlier after Dec. 16.
“A 50 basis-point increase in rates … would cause monthly payments to be six percent higher,” Smoke said. “And that increase would not only affect your monthly cash flow but could also affect your ability to qualify.”
Wednesday, October 14, 2015
Just Because It’s a Seller’s Market Doesn’t Mean Your Home Will Sell Itself
from realtor.com take this into consideration...
It’s a seller’s market in the high season, as everyone knows by now. So if your home is listed, you’re already halfway to the bank, right?
There are plenty of things you should do, and avoid, to make sure you actually make it to closing day, your way.
“When properties are moving quickly, if your home doesn’t sell within the first couple of weeks, buyers will start to perceive your home as market-worn,” says Dave Fry of The Fry Group, a Keller Williams premier realty in Minneapolis–Saint Paul. “They’ll assume there is an issue with it and consider themselves in a stronger bargaining position or reject the home altogether.”
So if you’re selling your home, don’t just phone it in. We talked to local experts in some of the nation’s hottest markets right now for tips on how you can ride the wave—as opposed to getting swept up in it.
1. Price to sell
So many factors can feed in to your initial list price: market inventory, perceived vs. actual value, and others. Sellers often fall victim to the lure of a gigantic payday, thinking the higher the price, the higher their take-home. That is almost never true, says
Alison Sternfels, a 17-year Realtor® with Re/Max in Atlanta.
“In this market,” she said, “buyers don’t think sellers are negotiating very much. If you overprice it, you’ll lose the sweet spot of the first 45 days on the market. Even if you price it $20K over, instead of making an offer, they’ll move on.” Your house will take longer to sell, and you’ll likely end up having to cut the price anyway.
“The strategy we hear a lot—‘We can always come down in price’—can be a very costly one,” says Fry. “I understand that nobody wants to leave money on the table, but unfortunately this strategy does exactly that.”
2. Don’t get booed off the stage
Even the nicest, newest cribs need TLC, says JD Esajian of FortuneBuilders.TV, a real estate investing website.
“People don’t buy empty, nice, renovated houses,” he says. “People buy homes. And staging makes a house a home.” As awesome as your house may be, it’s your home. Strategic staging offers prospective buyers visual cues to help them picture your house as their home—which can translate to a sale.
“Some buyers are capable of visualizing, but most are not,” says Sternfels, who estimates that 60% to 70% of prospective buyers need a little help to imagine themselves in your home. “Stagers have the expertise to make the most out of certain spaces in the home.”
3. Nab them at the curb
The outside of your home is at least as important as the inside. Brown grass, sketchy shrubs, wilting flowers, peeling paint—all those and more can disqualify a home before your prospect walks through the door, says Jay O’Brien, managing partner and Realtor with Re/Max Prestige in the hot region of Anaheim Hills/Costa Mesa, CA.
“You don’t need to redo your entire house, but there are cost-effective improvements you can make that will dramatically enhance the appeal to your property, like a freshly landscaped yard, clean windows, and a tidy house,” O’Brien says.
Fry adds that we sometimes forsake the exterior to declutter and streamline the inside—but both remain important.
“The first impression is everything,” he says. “Most of us open the garage door, park the car, and enter our house from the garage and rarely enter through the front door. Take the time to act like a buyer and enter your home from there, remembering that they will be spending time waiting for the Realtor to unlock the door so they will get a real good look there. Touch up paint, clean off cobwebs, shine your door handle, freshen up landscaping, and scan for brown spots in the lawn if you have a pet. This all matters.”
4. Choose your agent wisely
For all of the above, your best counselor is a good agent—even if you’ve got the nicest digs on the block.
“It’s paramount to hire a Realtor that you like, trust, and respect,” says O’Brien, adding that even in a lively market, if you don’t match well with your listing agent, your sale could be adversely affected.
“The feeling must be mutual, or no working relationship should ever take place,” he says.
Use the list above, do your homework and due diligence, and remember: Stay humble. These markets and others may be going gangbusters with activity, but selling your home is never a given. You and your Realtor will still need to hustle to land the right buyer.
It’s a seller’s market in the high season, as everyone knows by now. So if your home is listed, you’re already halfway to the bank, right?
There are plenty of things you should do, and avoid, to make sure you actually make it to closing day, your way.
“When properties are moving quickly, if your home doesn’t sell within the first couple of weeks, buyers will start to perceive your home as market-worn,” says Dave Fry of The Fry Group, a Keller Williams premier realty in Minneapolis–Saint Paul. “They’ll assume there is an issue with it and consider themselves in a stronger bargaining position or reject the home altogether.”
So if you’re selling your home, don’t just phone it in. We talked to local experts in some of the nation’s hottest markets right now for tips on how you can ride the wave—as opposed to getting swept up in it.
1. Price to sell
So many factors can feed in to your initial list price: market inventory, perceived vs. actual value, and others. Sellers often fall victim to the lure of a gigantic payday, thinking the higher the price, the higher their take-home. That is almost never true, says
Alison Sternfels, a 17-year Realtor® with Re/Max in Atlanta.
“In this market,” she said, “buyers don’t think sellers are negotiating very much. If you overprice it, you’ll lose the sweet spot of the first 45 days on the market. Even if you price it $20K over, instead of making an offer, they’ll move on.” Your house will take longer to sell, and you’ll likely end up having to cut the price anyway.
“The strategy we hear a lot—‘We can always come down in price’—can be a very costly one,” says Fry. “I understand that nobody wants to leave money on the table, but unfortunately this strategy does exactly that.”
2. Don’t get booed off the stage
Even the nicest, newest cribs need TLC, says JD Esajian of FortuneBuilders.TV, a real estate investing website.
“People don’t buy empty, nice, renovated houses,” he says. “People buy homes. And staging makes a house a home.” As awesome as your house may be, it’s your home. Strategic staging offers prospective buyers visual cues to help them picture your house as their home—which can translate to a sale.
“Some buyers are capable of visualizing, but most are not,” says Sternfels, who estimates that 60% to 70% of prospective buyers need a little help to imagine themselves in your home. “Stagers have the expertise to make the most out of certain spaces in the home.”
3. Nab them at the curb
The outside of your home is at least as important as the inside. Brown grass, sketchy shrubs, wilting flowers, peeling paint—all those and more can disqualify a home before your prospect walks through the door, says Jay O’Brien, managing partner and Realtor with Re/Max Prestige in the hot region of Anaheim Hills/Costa Mesa, CA.
“You don’t need to redo your entire house, but there are cost-effective improvements you can make that will dramatically enhance the appeal to your property, like a freshly landscaped yard, clean windows, and a tidy house,” O’Brien says.
Fry adds that we sometimes forsake the exterior to declutter and streamline the inside—but both remain important.
“The first impression is everything,” he says. “Most of us open the garage door, park the car, and enter our house from the garage and rarely enter through the front door. Take the time to act like a buyer and enter your home from there, remembering that they will be spending time waiting for the Realtor to unlock the door so they will get a real good look there. Touch up paint, clean off cobwebs, shine your door handle, freshen up landscaping, and scan for brown spots in the lawn if you have a pet. This all matters.”
4. Choose your agent wisely
For all of the above, your best counselor is a good agent—even if you’ve got the nicest digs on the block.
“It’s paramount to hire a Realtor that you like, trust, and respect,” says O’Brien, adding that even in a lively market, if you don’t match well with your listing agent, your sale could be adversely affected.
“The feeling must be mutual, or no working relationship should ever take place,” he says.
Use the list above, do your homework and due diligence, and remember: Stay humble. These markets and others may be going gangbusters with activity, but selling your home is never a given. You and your Realtor will still need to hustle to land the right buyer.
Yes, You Can Compete With All-Cash Buyers—Here’s How
food for thought from realtor.com
To some of us, all-cash buyers are the scourge of the superhot housing market: They swoop in, supervillain-like, and snatch up the most beloved and valuable properties from under our noses. Or at least the ones you might have loved, had you not been stuck with that pesky mortgage contingency.
Competing with cash buyers isn’t impossible, just difficult.
Sure, some sellers will take the major moolah every single time and there’s nothing you can do about it. But if you go in with a strategy, you might just have a shot. Here’s how to create one.
Figure out the seller’s goals
Determining what’s most important to your seller can be key to getting your dream home—even when you’re competing against an all-cash buyer.
“People often think that all sellers want the most aggressive, quick close, for the highest price. That’s not always the case,” says Shashank Shekhar, founder and CEO of Arcus Lending in San Jose, CA. When he sold his home earlier this year, the most important factor was getting back two months’ free rent, because he was also trying to buy.
“Even if the price was slightly lower but came with that offer, we would have taken that over all-cash,” Shekhar says. “Understanding what the seller needs is always the most important thing.”
Consider your contingencies
If you’re willing to forgo a home inspection or secondary appraisal, you may have a leg up over buyers who won’t.
“If you’re going to compete with a cash buyer, the contingencies may be a concern for a seller,” says Joe Petrowsky, a mortgage broker in Manchester, CT. “If the prospective buyer is willing to eliminate the contingencies, that may be an incentive for a seller, especially if there are some issues with the property.”
This isn’t necessarily the best strategy. Without a home inspection, for instance, the property could have crippling issues that might have precluded you from purchasing, had you known. But if you’re dead-set on this exact house and you’re pitted head to head against a cash buyer, it might be an option to consider.
Of course, there’s one contingency you can’t remove: the mortgage. (Hey, if you could, you wouldn’t be reading this right now!)
Get pre-approved…
You can help soften your mortgage contingency by getting pre-approved—and offering a strong pre-qualification letter from your lender. If you’ve saved up a significant down payment and have excellent credit, this might be your winning strategy.
“The seller or their agent should understand there really isn’t a chance the loan will not go forward,” says Petrowsky. With great financials and a large down payment, your mortgage officer can go to bat for you with the sellers, promising nothing serious will happen in the delicate time between offer and closure to compromise their money.
“Make your offer as cashlike as possible,” Shekhar says. “The No. 1 reason transactions fall through is because the loan gets declined during escrow.”
… but make sure your mortgage broker is great
“I see pre-qualifications all the time that are not worth the paper they’re written on, because the broker doesn’t know—or hasn’t done—the due diligence on the prospective buyer,” Petrowsky says.
How can you make sure your broker is worth his salt? Both Petrowsky and Shekhar recommend researching online beforehand, keeping an eye out for any negative reviews indicating mortgages that fell through at the last minute.
You’re looking for someone who’s thorough: “We do a lot of due diligence to make damn sure that person is going to get a loan,” says Petrowsky.
After all, sellers often go with all-cash “because they don’t want to get in any hassles during the loan process,” says Shekhar. “Give them that comfort, that safety.”
Make it personal
If you’re competing against all-cash flippers, you already have a leg up: Most buyers don’t want to see the home they’ve loved and lived in destroyed or turned into another cookie-cutter development.
“It’s an emotional reason, but people are more inclined to give to people who use it as their primary residence,” Shekhar says. “They’ve lived in this home for all these years and want future homeowners to have similar kinds of memories.”
Try including a letter telling the sellers about yourselves—and your hopes and dreams for their property. Putting a face to a name—and a story to a face—can be a valuable way to secure the home you want.
To some of us, all-cash buyers are the scourge of the superhot housing market: They swoop in, supervillain-like, and snatch up the most beloved and valuable properties from under our noses. Or at least the ones you might have loved, had you not been stuck with that pesky mortgage contingency.
Competing with cash buyers isn’t impossible, just difficult.
Sure, some sellers will take the major moolah every single time and there’s nothing you can do about it. But if you go in with a strategy, you might just have a shot. Here’s how to create one.
Figure out the seller’s goals
Determining what’s most important to your seller can be key to getting your dream home—even when you’re competing against an all-cash buyer.
“People often think that all sellers want the most aggressive, quick close, for the highest price. That’s not always the case,” says Shashank Shekhar, founder and CEO of Arcus Lending in San Jose, CA. When he sold his home earlier this year, the most important factor was getting back two months’ free rent, because he was also trying to buy.
“Even if the price was slightly lower but came with that offer, we would have taken that over all-cash,” Shekhar says. “Understanding what the seller needs is always the most important thing.”
Consider your contingencies
If you’re willing to forgo a home inspection or secondary appraisal, you may have a leg up over buyers who won’t.
“If you’re going to compete with a cash buyer, the contingencies may be a concern for a seller,” says Joe Petrowsky, a mortgage broker in Manchester, CT. “If the prospective buyer is willing to eliminate the contingencies, that may be an incentive for a seller, especially if there are some issues with the property.”
This isn’t necessarily the best strategy. Without a home inspection, for instance, the property could have crippling issues that might have precluded you from purchasing, had you known. But if you’re dead-set on this exact house and you’re pitted head to head against a cash buyer, it might be an option to consider.
Of course, there’s one contingency you can’t remove: the mortgage. (Hey, if you could, you wouldn’t be reading this right now!)
Get pre-approved…
You can help soften your mortgage contingency by getting pre-approved—and offering a strong pre-qualification letter from your lender. If you’ve saved up a significant down payment and have excellent credit, this might be your winning strategy.
“The seller or their agent should understand there really isn’t a chance the loan will not go forward,” says Petrowsky. With great financials and a large down payment, your mortgage officer can go to bat for you with the sellers, promising nothing serious will happen in the delicate time between offer and closure to compromise their money.
“Make your offer as cashlike as possible,” Shekhar says. “The No. 1 reason transactions fall through is because the loan gets declined during escrow.”
… but make sure your mortgage broker is great
“I see pre-qualifications all the time that are not worth the paper they’re written on, because the broker doesn’t know—or hasn’t done—the due diligence on the prospective buyer,” Petrowsky says.
How can you make sure your broker is worth his salt? Both Petrowsky and Shekhar recommend researching online beforehand, keeping an eye out for any negative reviews indicating mortgages that fell through at the last minute.
You’re looking for someone who’s thorough: “We do a lot of due diligence to make damn sure that person is going to get a loan,” says Petrowsky.
After all, sellers often go with all-cash “because they don’t want to get in any hassles during the loan process,” says Shekhar. “Give them that comfort, that safety.”
Make it personal
If you’re competing against all-cash flippers, you already have a leg up: Most buyers don’t want to see the home they’ve loved and lived in destroyed or turned into another cookie-cutter development.
“It’s an emotional reason, but people are more inclined to give to people who use it as their primary residence,” Shekhar says. “They’ve lived in this home for all these years and want future homeowners to have similar kinds of memories.”
Try including a letter telling the sellers about yourselves—and your hopes and dreams for their property. Putting a face to a name—and a story to a face—can be a valuable way to secure the home you want.
15 Ways to Prepare Your Home for the Holidays
from popularmechanics.com, great article...
In a few days, a ravaging hoard will descend on your humble dwelling. Is it up for the job? Use our thorough, all-encompassing checklist to prepare for the onslaught of holiday guests—for Thanksgiving and beyond.
1. Clean the microwave. Appliances take a beating during this holiday, but there's still time to make a few pre-holiday adjustments. Take out the microwave's rotating tray and scrub it or pop it into the dishwasher. Wipe down the microwave's interior with a soft cloth and a little soapy water. Make sure its air vents are clear of dust and grease. (If the microwave is an over-the-range model and provides general kitchen ventilation, be especially thorough cleaning its vent surfaces of greasy dust.) If you don't have spray degreaser on hand, use a soft cloth moistened with ammoniated glass cleaner.
2. Don't clean the oven. The self-clean cycle is so stressful on the appliance that it could cause it to fail, right before you need it most. Give a quick cleaning around the top burner elements and leave the rest be. Save the big cleanup until leftovers are safety nestled in the fridge.
3. Inspect the refrigerator. It's liable to be opened and closed more times on this one day than it is in a couple of weeks of normal use. Check for the following problems:
More From Popular Mechanics
* Tighten screws on any loose door handles.
* Fix loose or misaligned door gaskets. Take a nut driver or socket and wrench, loosen all hex head gasket screws, reposition the gasket using a putty knife to shove it into position and retighten. Consider installing a new gasket after the holidays.
* Clear blocked freezer vents. Reposition food in the freezer compartment to clear area around vents.
* Clear cold air vents. Reposition food in fresh food compartment to allow cold air from freezer to move more freely. Gain critically needed space by putting all drinks on ice in a cooler.
* Replace burned out lights with an appliance bulb, typically a clear 40-watt bulb sized for appliance use--a $3 item at hardware stores and home centers. If the fresh food compartment is still dark after its replacement, that usually indicates a failed door switch.
4. Prepare vacuum cleaners. Empty canisters or replace bags on these appliances and position them in a hall closet or other location for rapid deployment.
5. Clean drip coffeemakers. If you haven't recently checked the drip opening (and the area around it), you may be unpleasantly surprised. Unplug the coffeemaker and turn it upside down. If the drip opening looks like it's covered in asphalt, clean it with a soft cloth and a solution of warm water and dish detergent. It may take several tries to get the crud off.
6. Inspect the dishwasher. Check the strainer/drain area in the bottom of the wash tub (it's located under the spray arm). Remove food debris and wipe off detergent residue. Remove utensils and any bits of plastic or glass that you find in the bottom of the dishwasher tub. Wipe detergent residue, mold and slime off the door gasket and around the rim of the door, as well as the latch arm that locks the door.
7. Check the oven temperature. If you don't have an oven thermometer to check the appliance's temperature, this is the perfect excuse to treat yourself to a more versatile test instrument: a battery-powered infrared thermometer. The Heat Seeker from General Tools is a point and shoot diagnostic tool. Its laser points right to the surface you want to measure. After you're done analyzing the range, you can use it for checking heating/cooling equipment, and for any number of repairs around the house, such as whether the dryer is getting sufficiently warm. It's versatile and packs a diagnostic punch with -4 to 605¼ F capability. That's a lot of range for a $66 test tool.
If need be, adjust the range's oven temperature using the instructions in the owner's manual or using a repair manual for the appliance. Sometime's it's nothing more complicated than adjusting the temperature dial so it points correctly.
8. Sharpen knives. Tuning up kitchen knives is easy, so don't settle for hacking the bird when you can carve it like a pro.
The traditional method calls for laying the knife's long axis at 90¼ to the long axis of the sharpening stone and then moving down the stone's length with a gently curving arc. Hold the knife so it's about 22¼ to the stone's surface. To read more, click here.
While you're at it, you can tighten loose wooden knife handles by tapping in the center of their rivet using a center punch struck with a ball-peen hammer. The method spreads the rivet slightly and tightens the handle. To read more, click here.
9. Tune up cabinets.
A few minutes with a screwdriver is all it takes to whip loose parts into shape. Tighten loose cabinet hinges. Tighten the screws that mount to the door and to the cabinet wall. While you're at it, tighten loose drawer and door pulls and drawer slides. If kitchen drawers are over-stuffed and liable to jam in the middle of the cooking frenzy, now's the time to take out some of the clutter.
10. Take care of the toilet. Not to get too graphic here, but toilets see a tougher workout than any other fixture in the house, especially when guests pull up a seat. Now's the time to take care of poor flushing action or a toilet that flushes by itself by replacing the flapper valve or the entire flush mechanism. If the toilet rocks slightly, try tightening its mounting bolts. If you lift the bolt caps and find severely corroded fasteners (don't be surprised) leave well enough alone and let it go until after the holidays. For more on tuning up toilets, click here.
11. Replace burned out light bulbs. Pay close attention to lights that serve the front entrance and walkway that leads to the front door or other busy entrances.
12. Make your home slip- and fall-proof. Fix loose treads on exterior steps, loose deck boards or loose pavers on front walkways. Take care of all other tripping/falling hazards while you're at it, like using double-sided tape to stick down slippery rugs. Tighten the mounting screws on loose handrails. Buy de-icer to clear walkways and the driveway.
13. Bring in firewood. Stack it and let it dry for a few days before lighting that cheerful holiday blaze. Test run gas fireplaces before the big day, especially if they haven't been used since last winter. Split kindling for the holiday fire safely. Hold the kindling in place using a scrap of wood with a roofing nail driven through its end. Jab the nail into the kindling you're splitting to hold it in place and to keep your hand safely away from the hatchet or axe.
14. Child-proof your home. Make all child-safety preparations in advance, such as covering electrical outlets, moving lamps and vases away from table edges and making provisions to block stairways to prevent hazardous falls.
15. Final Safety Checklist:
* Change smoke detector/CO detector batteries.
* Keep jumper cables on hand, especially if you're expecting a big crowd. Always seems somebody's got a bad battery, and it's usually the car that will block everybody in the driveway.
* Double-check your first aid kit. At the least you should have burn cream, ice packs and bandages to deal with kitchen-related cuts.
* Keep a fire extinguisher handy in the kitchen.
In a few days, a ravaging hoard will descend on your humble dwelling. Is it up for the job? Use our thorough, all-encompassing checklist to prepare for the onslaught of holiday guests—for Thanksgiving and beyond.
1. Clean the microwave. Appliances take a beating during this holiday, but there's still time to make a few pre-holiday adjustments. Take out the microwave's rotating tray and scrub it or pop it into the dishwasher. Wipe down the microwave's interior with a soft cloth and a little soapy water. Make sure its air vents are clear of dust and grease. (If the microwave is an over-the-range model and provides general kitchen ventilation, be especially thorough cleaning its vent surfaces of greasy dust.) If you don't have spray degreaser on hand, use a soft cloth moistened with ammoniated glass cleaner.
2. Don't clean the oven. The self-clean cycle is so stressful on the appliance that it could cause it to fail, right before you need it most. Give a quick cleaning around the top burner elements and leave the rest be. Save the big cleanup until leftovers are safety nestled in the fridge.
3. Inspect the refrigerator. It's liable to be opened and closed more times on this one day than it is in a couple of weeks of normal use. Check for the following problems:
More From Popular Mechanics
* Tighten screws on any loose door handles.
* Fix loose or misaligned door gaskets. Take a nut driver or socket and wrench, loosen all hex head gasket screws, reposition the gasket using a putty knife to shove it into position and retighten. Consider installing a new gasket after the holidays.
* Clear blocked freezer vents. Reposition food in the freezer compartment to clear area around vents.
* Clear cold air vents. Reposition food in fresh food compartment to allow cold air from freezer to move more freely. Gain critically needed space by putting all drinks on ice in a cooler.
* Replace burned out lights with an appliance bulb, typically a clear 40-watt bulb sized for appliance use--a $3 item at hardware stores and home centers. If the fresh food compartment is still dark after its replacement, that usually indicates a failed door switch.
4. Prepare vacuum cleaners. Empty canisters or replace bags on these appliances and position them in a hall closet or other location for rapid deployment.
5. Clean drip coffeemakers. If you haven't recently checked the drip opening (and the area around it), you may be unpleasantly surprised. Unplug the coffeemaker and turn it upside down. If the drip opening looks like it's covered in asphalt, clean it with a soft cloth and a solution of warm water and dish detergent. It may take several tries to get the crud off.
6. Inspect the dishwasher. Check the strainer/drain area in the bottom of the wash tub (it's located under the spray arm). Remove food debris and wipe off detergent residue. Remove utensils and any bits of plastic or glass that you find in the bottom of the dishwasher tub. Wipe detergent residue, mold and slime off the door gasket and around the rim of the door, as well as the latch arm that locks the door.
7. Check the oven temperature. If you don't have an oven thermometer to check the appliance's temperature, this is the perfect excuse to treat yourself to a more versatile test instrument: a battery-powered infrared thermometer. The Heat Seeker from General Tools is a point and shoot diagnostic tool. Its laser points right to the surface you want to measure. After you're done analyzing the range, you can use it for checking heating/cooling equipment, and for any number of repairs around the house, such as whether the dryer is getting sufficiently warm. It's versatile and packs a diagnostic punch with -4 to 605¼ F capability. That's a lot of range for a $66 test tool.
If need be, adjust the range's oven temperature using the instructions in the owner's manual or using a repair manual for the appliance. Sometime's it's nothing more complicated than adjusting the temperature dial so it points correctly.
8. Sharpen knives. Tuning up kitchen knives is easy, so don't settle for hacking the bird when you can carve it like a pro.
The traditional method calls for laying the knife's long axis at 90¼ to the long axis of the sharpening stone and then moving down the stone's length with a gently curving arc. Hold the knife so it's about 22¼ to the stone's surface. To read more, click here.
While you're at it, you can tighten loose wooden knife handles by tapping in the center of their rivet using a center punch struck with a ball-peen hammer. The method spreads the rivet slightly and tightens the handle. To read more, click here.
9. Tune up cabinets.
A few minutes with a screwdriver is all it takes to whip loose parts into shape. Tighten loose cabinet hinges. Tighten the screws that mount to the door and to the cabinet wall. While you're at it, tighten loose drawer and door pulls and drawer slides. If kitchen drawers are over-stuffed and liable to jam in the middle of the cooking frenzy, now's the time to take out some of the clutter.
10. Take care of the toilet. Not to get too graphic here, but toilets see a tougher workout than any other fixture in the house, especially when guests pull up a seat. Now's the time to take care of poor flushing action or a toilet that flushes by itself by replacing the flapper valve or the entire flush mechanism. If the toilet rocks slightly, try tightening its mounting bolts. If you lift the bolt caps and find severely corroded fasteners (don't be surprised) leave well enough alone and let it go until after the holidays. For more on tuning up toilets, click here.
11. Replace burned out light bulbs. Pay close attention to lights that serve the front entrance and walkway that leads to the front door or other busy entrances.
12. Make your home slip- and fall-proof. Fix loose treads on exterior steps, loose deck boards or loose pavers on front walkways. Take care of all other tripping/falling hazards while you're at it, like using double-sided tape to stick down slippery rugs. Tighten the mounting screws on loose handrails. Buy de-icer to clear walkways and the driveway.
13. Bring in firewood. Stack it and let it dry for a few days before lighting that cheerful holiday blaze. Test run gas fireplaces before the big day, especially if they haven't been used since last winter. Split kindling for the holiday fire safely. Hold the kindling in place using a scrap of wood with a roofing nail driven through its end. Jab the nail into the kindling you're splitting to hold it in place and to keep your hand safely away from the hatchet or axe.
14. Child-proof your home. Make all child-safety preparations in advance, such as covering electrical outlets, moving lamps and vases away from table edges and making provisions to block stairways to prevent hazardous falls.
15. Final Safety Checklist:
* Change smoke detector/CO detector batteries.
* Keep jumper cables on hand, especially if you're expecting a big crowd. Always seems somebody's got a bad battery, and it's usually the car that will block everybody in the driveway.
* Double-check your first aid kit. At the least you should have burn cream, ice packs and bandages to deal with kitchen-related cuts.
* Keep a fire extinguisher handy in the kitchen.
Real Houses Inspired by Cartoons
from oddee.com blog...interesting to see where some home builders get their inspiration from...
The Simpsons House
This exact replica of The Simpsons' House was made by a fanatic, and it looks exactly like the one in the cartoon inside and out. It is located in Henderson, Nevada.
Flintstones House
This stone house looks amazingly similar to The Flintstones'. In spite of its unusual look, given by the huge spherical boulder on the uphill side and scoop-shaped end, it is like most contemporary homes on the inside. It has a front door, some windows, a roof. This house is located in Nas Montanhas de Fafe in Portugal .
Barbie House
This modern house was created by interior decorator Jonathan Adler on the eve of Barbie's 50th birthday. In March 2009, he decked out a real-life 3,500-sq ft pad overlooking the Pacific Ocean to look like the famous doll's outrageous home. The Barbie's Real-Life Malibu Dream House is in Malibu, California.
Minnie Mouse's House
This pink and lavender house not only looks cute on the outside but it is full equipped on the inside. It includes items such as an answering machine (where you can listen to messages from Mickey and Goofy), an oven through which you can watch a cake baking, and a microwave that even pops popcorn! It can be seen at the Mickey's Toontown Fair, in Orlando, Florida and also in Mickey's Toontown in Disneyland Anaheim, California.
Hello Kitty's House
This cute pink painted house was 100% inspired by the most famous cat in history. The Hello Kitty villa is located in Taipei, Taiwan.
Weblink to full source post
The Simpsons House
This exact replica of The Simpsons' House was made by a fanatic, and it looks exactly like the one in the cartoon inside and out. It is located in Henderson, Nevada.
Flintstones House
This stone house looks amazingly similar to The Flintstones'. In spite of its unusual look, given by the huge spherical boulder on the uphill side and scoop-shaped end, it is like most contemporary homes on the inside. It has a front door, some windows, a roof. This house is located in Nas Montanhas de Fafe in Portugal .
Barbie House
This modern house was created by interior decorator Jonathan Adler on the eve of Barbie's 50th birthday. In March 2009, he decked out a real-life 3,500-sq ft pad overlooking the Pacific Ocean to look like the famous doll's outrageous home. The Barbie's Real-Life Malibu Dream House is in Malibu, California.
Minnie Mouse's House
This pink and lavender house not only looks cute on the outside but it is full equipped on the inside. It includes items such as an answering machine (where you can listen to messages from Mickey and Goofy), an oven through which you can watch a cake baking, and a microwave that even pops popcorn! It can be seen at the Mickey's Toontown Fair, in Orlando, Florida and also in Mickey's Toontown in Disneyland Anaheim, California.
Hello Kitty's House
This cute pink painted house was 100% inspired by the most famous cat in history. The Hello Kitty villa is located in Taipei, Taiwan.
Weblink to full source post
Thursday, September 3, 2015
Unique Doorways That Would Give Any Guest A Memorable First Impression
fun article from thelightersideofrealestate.com
Having an appropriate home entryway can create quite the impression for yourself and your guests. Be it the material, the paint used, or the sculpting of the surroundings, your doorway can make an unforgettable first impression. Here are a few examples of some rather extreme and beautiful entrances found around the world.
Having an appropriate home entryway can create quite the impression for yourself and your guests. Be it the material, the paint used, or the sculpting of the surroundings, your doorway can make an unforgettable first impression. Here are a few examples of some rather extreme and beautiful entrances found around the world.
Prepare Your Home for Fall and Winter
From Reader's Digest.com (rd.com, good advice...
With summer a fading memory, now’s the time to ready your home for fall and winter’s cooler temps and unpredictable weather conditions.
1. Clear out the gutters.
Remove leaves and other debris from your drainpipe and gutters to prevent clogging. In areas with cold winters, outdoor faucets should be drained in the fall.
2. Clean the fireplace and chimney.
You can clear out ash and charred wood from the fireplace yourself, but leave the chimney cleaning to a professional. Have the chimney cleaner check the damper to ensure it can be tightly closed to prevent drafts.
3. Check the heating system.
Do a survey of your home’s heating vents to make sure they’re not blocked or covered by furniture, carpeting, or curtains. Dust vents and clean all filters. Make an appointment for an annual heating system check-up.
4. Store air conditioners.
If you have removable window air conditioners, be sure to unplug them before taking them down. Dust and clean before covering or storing.
5. Check for drafts.
Stay warm, save energy, and reduce your heating bills this fall by examining windows and doors for cracks and sealing them to prevent drafts.
6. Put up storm windows.
If you have removable screens, now’s the time to clean, store, and replace them with storm windows.
7. Ready the water heater.
Prepare for cooler weather by draining the water heater and clearing out any debris that has settled in the tank.
With summer a fading memory, now’s the time to ready your home for fall and winter’s cooler temps and unpredictable weather conditions.
1. Clear out the gutters.
Remove leaves and other debris from your drainpipe and gutters to prevent clogging. In areas with cold winters, outdoor faucets should be drained in the fall.
2. Clean the fireplace and chimney.
You can clear out ash and charred wood from the fireplace yourself, but leave the chimney cleaning to a professional. Have the chimney cleaner check the damper to ensure it can be tightly closed to prevent drafts.
3. Check the heating system.
Do a survey of your home’s heating vents to make sure they’re not blocked or covered by furniture, carpeting, or curtains. Dust vents and clean all filters. Make an appointment for an annual heating system check-up.
4. Store air conditioners.
If you have removable window air conditioners, be sure to unplug them before taking them down. Dust and clean before covering or storing.
5. Check for drafts.
Stay warm, save energy, and reduce your heating bills this fall by examining windows and doors for cracks and sealing them to prevent drafts.
6. Put up storm windows.
If you have removable screens, now’s the time to clean, store, and replace them with storm windows.
7. Ready the water heater.
Prepare for cooler weather by draining the water heater and clearing out any debris that has settled in the tank.
Buying a Home in the Fall
interesting article from realtor.com
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.
Zillow: Average First-Time Homebuyer 33 Years of Age
interesting article from National MortgageProfessional.com
Today's first-time homebuyer is older and more likely to be single than first-time homebuyers in the 1970s and 1980s, according to a new Zillow analysis. Zillow's study found that Americans are renting for an average of six years before buying their first homes. In the 1970s, they rented for an average of 2.6 years. They're also spending a bigger chunk of their incomes to buy: In the 1970s, first-time homebuyers bought homes that cost about 1.7 times their annual income. Now they're buying homes that cost 2.6 times their annual income.
Part of that can be attributed to the housing markets where Millennials are moving: More expensive cities on the coasts, where there are growing job markets.
The average first-time homebuyer is about 33, at the front end of the Millennial generation. Their median income is $54,340, which is about the same as what first-time homebuyers made in the 1970s, when adjusted for inflation.
In the late 1980s, 52 percent of first-time homebuyers were married. Today, only 40 percent were married.
"Millennials are delaying all kinds of major life decisions, like getting married and having kids, so it makes sense that they would also delay buying a home," said Zillow Chief Economist Dr. Svenja Gudell. "We know Millennials value homeownership and want to buy. The next challenge will be figuring out how they can save for a downpayment and qualify for a mortgage, especially while the rental market is so unaffordable all over the country. The last hurdle will be finding a home they like amidst very tight inventory, especially among starter homes."
Today's first-time homebuyer is older and more likely to be single than first-time homebuyers in the 1970s and 1980s, according to a new Zillow analysis. Zillow's study found that Americans are renting for an average of six years before buying their first homes. In the 1970s, they rented for an average of 2.6 years. They're also spending a bigger chunk of their incomes to buy: In the 1970s, first-time homebuyers bought homes that cost about 1.7 times their annual income. Now they're buying homes that cost 2.6 times their annual income.
Part of that can be attributed to the housing markets where Millennials are moving: More expensive cities on the coasts, where there are growing job markets.
The average first-time homebuyer is about 33, at the front end of the Millennial generation. Their median income is $54,340, which is about the same as what first-time homebuyers made in the 1970s, when adjusted for inflation.
In the late 1980s, 52 percent of first-time homebuyers were married. Today, only 40 percent were married.
"Millennials are delaying all kinds of major life decisions, like getting married and having kids, so it makes sense that they would also delay buying a home," said Zillow Chief Economist Dr. Svenja Gudell. "We know Millennials value homeownership and want to buy. The next challenge will be figuring out how they can save for a downpayment and qualify for a mortgage, especially while the rental market is so unaffordable all over the country. The last hurdle will be finding a home they like amidst very tight inventory, especially among starter homes."
Home Values Slide after Nearly Four Years of Growth
interesting article from RISMedia.com
The housing market is slowing down, with home values seeing the first negative monthly change since the market began its recovery nearly four years ago, according to the Zillow July Real Estate Market Reports.
Nationally, home value appreciation is leveling off after its rapid pace in the early years of the recovery. Homes lost 0.1 percent of their value in July, falling to a Zillow Home Value Index of $179,900. Homes appreciated three percent on an annual basis, down from 3.4 percent in June.
Of the 517 metros covered by Zillow, 204 saw a slowdown, including major metros like Washington, D.C. and Cincinnati, where home values declined month-over-month in July. The slowing appreciation is a sign that the market is returning to normal; economists have expected to see growth flattening out as the recovery continues.
Even hot markets like Denver, Dallas, San Jose and San Francisco, which had double-digit annual home value growth in July, saw their monthly appreciation rates ease from June.
"This slight dip in home values is a sign of the times. Many people didn't think it was happening, but it is: we're going negative," says Zillow Chief Economist Svenja Gudell. "We've been expecting to see a monthly decline as markets return to normal. However, this is not like the bubble bust. We're not going to see 10 percent declines. The market is leveling off, and it's good news, particularly for buyers, because it will ease some of the competitive pressure."
Slowing home values could provide more opportunities for hopeful buyers who have been waiting on the sidelines for the market to cool off. More homes may be coming online as homeowners who have been watching strong home value growth decide to list their houses as appreciation slows and smaller gains are expected. This could help ease the constrained inventory the market has been facing for the past several months.
Meanwhile, rents continue to grow at a rapid pace, up 4.2 percent from last July to a Zillow Rent Indexof $1,376. With no sign of rents slowing down and the potential for more homes for sale, conditions may be right for buyers to enter the market.
The housing market is slowing down, with home values seeing the first negative monthly change since the market began its recovery nearly four years ago, according to the Zillow July Real Estate Market Reports.
Nationally, home value appreciation is leveling off after its rapid pace in the early years of the recovery. Homes lost 0.1 percent of their value in July, falling to a Zillow Home Value Index of $179,900. Homes appreciated three percent on an annual basis, down from 3.4 percent in June.
Of the 517 metros covered by Zillow, 204 saw a slowdown, including major metros like Washington, D.C. and Cincinnati, where home values declined month-over-month in July. The slowing appreciation is a sign that the market is returning to normal; economists have expected to see growth flattening out as the recovery continues.
Even hot markets like Denver, Dallas, San Jose and San Francisco, which had double-digit annual home value growth in July, saw their monthly appreciation rates ease from June.
"This slight dip in home values is a sign of the times. Many people didn't think it was happening, but it is: we're going negative," says Zillow Chief Economist Svenja Gudell. "We've been expecting to see a monthly decline as markets return to normal. However, this is not like the bubble bust. We're not going to see 10 percent declines. The market is leveling off, and it's good news, particularly for buyers, because it will ease some of the competitive pressure."
Slowing home values could provide more opportunities for hopeful buyers who have been waiting on the sidelines for the market to cool off. More homes may be coming online as homeowners who have been watching strong home value growth decide to list their houses as appreciation slows and smaller gains are expected. This could help ease the constrained inventory the market has been facing for the past several months.
Meanwhile, rents continue to grow at a rapid pace, up 4.2 percent from last July to a Zillow Rent Indexof $1,376. With no sign of rents slowing down and the potential for more homes for sale, conditions may be right for buyers to enter the market.
10 Cheap And Easy Ways To Make Your Home Look More Expensive
lightersideofrealestate.com
Planning to sell your home? Want to enhance its overall appeal quickly and inexpensively? Check out the DIYs below that will help you do just that — for just pennies on the dollar vs. hiring the work out.
1. You can frame that “builders” mirror without having to remove it from the wall.
2. Hide piping like a champ with some fake rafters that also bring a rustic appeal to the room.
3. Is your ceiling lackluster to the eye? Create beautiful joinings for crown molding.
4. How would you like impeccable window trim for $50 and a weekend’s worth of work?
5. Wainscotting is easy to create using wooden frames, a chair rail, some caulk and paint.
6. Another impressive use for wainscotting is to transform a bland entryway. It’s probably easier than you think.
7. Jenna Sue does it again with these expert paneled walls. All it took was some hard wood sheeting, half-inch thick MDF panels, and some elbow grease.
8. This window valance was created for less than $30 with some MDF wood and leftover crown molding.
9. Some people just don’t like empty space above their cabinets. This may not be a $30 fix, but it’s still worth mentioning. Instead of cluttering them up with stuff you should probably be throwing away, you can do what Remodelando la Casa did and make that spacing look like something fabulous.
10. Teara Backens Rhode decided her chandelier just wasn’t quite enough. With a cheese plate and some paint, she created this expensive looking ceiling plating to add more style.
Planning to sell your home? Want to enhance its overall appeal quickly and inexpensively? Check out the DIYs below that will help you do just that — for just pennies on the dollar vs. hiring the work out.
1. You can frame that “builders” mirror without having to remove it from the wall.
2. Hide piping like a champ with some fake rafters that also bring a rustic appeal to the room.
3. Is your ceiling lackluster to the eye? Create beautiful joinings for crown molding.
4. How would you like impeccable window trim for $50 and a weekend’s worth of work?
5. Wainscotting is easy to create using wooden frames, a chair rail, some caulk and paint.
6. Another impressive use for wainscotting is to transform a bland entryway. It’s probably easier than you think.
7. Jenna Sue does it again with these expert paneled walls. All it took was some hard wood sheeting, half-inch thick MDF panels, and some elbow grease.
8. This window valance was created for less than $30 with some MDF wood and leftover crown molding.
9. Some people just don’t like empty space above their cabinets. This may not be a $30 fix, but it’s still worth mentioning. Instead of cluttering them up with stuff you should probably be throwing away, you can do what Remodelando la Casa did and make that spacing look like something fabulous.
10. Teara Backens Rhode decided her chandelier just wasn’t quite enough. With a cheese plate and some paint, she created this expensive looking ceiling plating to add more style.
Thursday, August 6, 2015
7 Geodesic Homes
fun article from Trulia.com...Enjoy!
There’s No Place Like Dome: 7 Geodesic Homes
Would you live in a dome-shaped home? We found 7 geodesic styles that might change your mind.Quirky and unusual, any home with a geodesic dome is certain to inspire curiosity. But they aren’t just local landmarks. Geodesic domes are both energy-efficient and resistant to natural disasters. Filled with light and character, they’re beautiful too. Want proof? Browse these seven homes across the U.S. But beware — you might end up wanting a “home sweet dome” of your own.
1. $134,900 in Fort McCoy, FL
Situated on 10 acres in central Florida, this two-bedroom, two-bathroom geodesic dome is a graceful, simple work of art. The home’s red front door gives a brilliant pop of color. When your friends are boarding up their homes for hurricane season, know that your dome was designed with the integrity to withstand the strongest storm. Skip the storm prep and enjoy a cup of joe on the second-story balcony before you head down to take care of your chickens, goats, or horses in one of the property’s paddocks and coops.
2. $350,000 in Idaho Springs, CO
There is no better place for a home with earthy quirkiness than the Rocky Mountains. With wooden shingles, a spiral staircase, and two decks, this three-bedroom, one-bathroom dome blends right into the Colorado countryside.
3. $289,900 in North Myrtle Beach, SC
Built in 1992, this five-bedroom, three-bathroom home has blueprints that date back to the 1988 World’s Fair, when engineers worked to design the most aerodynamic and energy-efficient home for the area. The result? This quaint little home, located just blocks from the beach and Main Street. Traditional enough for a family beach house or a permanent residence, unique enough to count as a landmark, and sturdy enough to brave the strongest coastal Carolina storms. - See more at:
4. $1,350,000 in Ojai, CA
This compound, with two main houses and a geodesic dome, is the perfect escape. To find the dome, head to the backyard, where the airy enclave awaits. A spiral staircase leads from the kitchen and living room to the loft bedroom above. Minimalism is key at this garden hideaway. Whether you use it as a guesthouse, writer’s retreat, artist’s loft, or a personal sanctuary, you’ll find peace here.
5. $545,000 in Randolph, NJ
Modern meets vintage in this five-bedroom geodesic home. A contemporary take on a potbellied stove is tucked in one corner, contrasted by an orange statement wall that illuminates six of the home’s geodesic triangles pointing to a breathtaking window — the home’s focal point.
6. $595,000 in Sarasota, FL
Blend natural elements with abstract shapes, and you have the recipe for this two-bedroom, two-bathroom home. The dome’s stark, concrete exterior — which is completely tornado- and hurricane-proof — is softened by natural hardwood doors and surrounding gardens. Inside, a staircase leads to an open, airy living room featuring white walls, hardwood floors, and glimpses of the rooms above, accessed by a spiral staircase.
7. $987,000 in Portland, ME
Not many people can say they are able to measure their home in square feet and by diameter. But the diameter measurements are hardly the most distinctive aspect of this 5,000-square-foot, 46-foot-diameter dome. The house promises a sensory experience from the moment you step foot onto the mosaic foyer floor. Be sure to pry yourself away from the beauty before too long — you’ll want to have time to study the intricate, carved-wood doorway leading to the kitchen. In the living room, cast your eyes to the sky to catch a glimpse of the wood-paneled triangles that create the dome.
There’s No Place Like Dome: 7 Geodesic Homes
Would you live in a dome-shaped home? We found 7 geodesic styles that might change your mind.Quirky and unusual, any home with a geodesic dome is certain to inspire curiosity. But they aren’t just local landmarks. Geodesic domes are both energy-efficient and resistant to natural disasters. Filled with light and character, they’re beautiful too. Want proof? Browse these seven homes across the U.S. But beware — you might end up wanting a “home sweet dome” of your own.
1. $134,900 in Fort McCoy, FL
Situated on 10 acres in central Florida, this two-bedroom, two-bathroom geodesic dome is a graceful, simple work of art. The home’s red front door gives a brilliant pop of color. When your friends are boarding up their homes for hurricane season, know that your dome was designed with the integrity to withstand the strongest storm. Skip the storm prep and enjoy a cup of joe on the second-story balcony before you head down to take care of your chickens, goats, or horses in one of the property’s paddocks and coops.
2. $350,000 in Idaho Springs, CO
There is no better place for a home with earthy quirkiness than the Rocky Mountains. With wooden shingles, a spiral staircase, and two decks, this three-bedroom, one-bathroom dome blends right into the Colorado countryside.
3. $289,900 in North Myrtle Beach, SC
Built in 1992, this five-bedroom, three-bathroom home has blueprints that date back to the 1988 World’s Fair, when engineers worked to design the most aerodynamic and energy-efficient home for the area. The result? This quaint little home, located just blocks from the beach and Main Street. Traditional enough for a family beach house or a permanent residence, unique enough to count as a landmark, and sturdy enough to brave the strongest coastal Carolina storms. - See more at:
4. $1,350,000 in Ojai, CA
This compound, with two main houses and a geodesic dome, is the perfect escape. To find the dome, head to the backyard, where the airy enclave awaits. A spiral staircase leads from the kitchen and living room to the loft bedroom above. Minimalism is key at this garden hideaway. Whether you use it as a guesthouse, writer’s retreat, artist’s loft, or a personal sanctuary, you’ll find peace here.
5. $545,000 in Randolph, NJ
Modern meets vintage in this five-bedroom geodesic home. A contemporary take on a potbellied stove is tucked in one corner, contrasted by an orange statement wall that illuminates six of the home’s geodesic triangles pointing to a breathtaking window — the home’s focal point.
6. $595,000 in Sarasota, FL
Blend natural elements with abstract shapes, and you have the recipe for this two-bedroom, two-bathroom home. The dome’s stark, concrete exterior — which is completely tornado- and hurricane-proof — is softened by natural hardwood doors and surrounding gardens. Inside, a staircase leads to an open, airy living room featuring white walls, hardwood floors, and glimpses of the rooms above, accessed by a spiral staircase.
7. $987,000 in Portland, ME
Not many people can say they are able to measure their home in square feet and by diameter. But the diameter measurements are hardly the most distinctive aspect of this 5,000-square-foot, 46-foot-diameter dome. The house promises a sensory experience from the moment you step foot onto the mosaic foyer floor. Be sure to pry yourself away from the beauty before too long — you’ll want to have time to study the intricate, carved-wood doorway leading to the kitchen. In the living room, cast your eyes to the sky to catch a glimpse of the wood-paneled triangles that create the dome.
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