With 6 our of 10 American homeowners owning at least one, petscan be a problem for both sellers and Realtors bringing potential buyers.
Sellers with pets should do their best to get rid of pet odor. Pet odor and pet hair are the biggest problems, and these issues can turn off potential buyers with allergies, sensitive noses, or buyers with high standards of cleanliness. A professional cleaning as well as frequent vacuuming can help.
During showings it is smart to corral pets in a crate or behind a closed door. Make sure you have a sign on the closed door warning potential buyers that an animal is behind the door. Even if the pet is the "sweetest dog/cat on earth", some buyers just don't want animals in their home!
Tuesday, December 7, 2010
Wednesday, August 25, 2010
8 Camera Tips to Capture a Room's Size
Make sure every square foot counts when photographing interiors. Try these tips to expand the space.
By Melissa Dittmann Tracey | August 2010
Source: Realtormag.com
Buyers love spacious homes. They also love to look at online property photos. But it’s not always easy to squeeze square footage into a camera shot—and sometimes furniture arrangements or floor coverings actually do a disservice to the way your listing is presented online or in marketing photos, says Debra Gould, president of home staging company Six Elements Inc. in Toronto and creator of the Staging Diva training program.
She offers these tips for making sure that every room of your listing looks as large in photos as it does in real life.
1. Remove area rugs. Rugs break up the expanse of the floor and can make rooms look smaller. Keep the floor as clear as possible.
2. Use a wide-angle camera. A camera with a wide-angle lens (28 millimeters or less on a DSLR, or the equivalent on a point-and-shoot) is best for interior shots because it magnifies the distance between objects and showcases a room’s depth, Gould says. But beware of fisheye lenses or ultra wide-angle lenses, which tend to make rooms look wider but can mislead buyers into thinking there’s more space than there is.
3. Get creative with furniture. Make sure that furniture doesn’t block views or walkways so you reveal as much of the floor as possible. If there’s too much furniture packed into a room or the furniture is too large, it can also work against you in photos.
In a crowded room, try removing a few pieces of furniture or swapping in a smaller piece. In a kitchen or dining room, it might look better if you remove that extra leaf from the table. Try using furniture to create new spaces in large rooms and really show off that square footage. For example, Gould added a reading corner in a master bedroom to show that more than just a bed could fit.
4. Fill up an empty space. Buyers have trouble imagining how their stuff will fit into an empty room; the space can seem smaller than it really is. If possible, bring in furniture for staging. "If the rooms are furnished, they look larger and much more inviting," Gould says.
5. Use mirrors to your advantage. A reflection in a mirror can reveal more of a room when you can’t squeeze everything into your photo. This can be a great technique particularly when photographing bathrooms. Use the reflection of the bathroom mirror to show the extras, such as that soaker tub. Just be sure to shoot photos at an angle so that you don’t capture your own reflection!
6. Lighten up. In photos, brighter rooms typically come across as more open and welcoming, whereas dark rooms can look small and dingy. Pay attention to the light sources in a room to get a better shot. Turn on all of the lights and open the curtains to let in natural light and expand the space. But don’t shoot directly into a light source; it’ll darken a room.
7. Shoot at an angle. The diagonal line is the longest visual line in a room. Try shooting from the corner; back up as far as you can before you shoot. But don’t limit yourself: Take shots from three or four different angles so that you have plenty of options, Gould recommends. Also, try getting low to the ground to show off the length of the room. Eye level doesn’t always work best to capture floor proportions.
8. Remove clutter. You’ve heard it before, but clutter makes a room look cramped and steals attention from a room’s intended focal points. Clear away paper stacks, crowded walls of artwork, cluttered countertops, magnets covering the refrigerator, and towels hanging from the stove.
Finally, do your best to ensure that any major changes you make to a room’s layout for the purpose of photos are kept in place for showings. "You’ll create a disconnect if the house looks great only in the online photos," Gould says. "If buyers feel let down, they’re not going to buy the house."
Call us for more information on the FANTASTIC career opportunies at Keller Williams McKinney! GREAT people, TOP NOTCH training, and PROFIT SHARING! Our Team Leader, Matt Hilton will be happy to tell you all about it - call him direct at 469-452-1112 or email matthilton@kw.com.
By Melissa Dittmann Tracey | August 2010
Source: Realtormag.com
Buyers love spacious homes. They also love to look at online property photos. But it’s not always easy to squeeze square footage into a camera shot—and sometimes furniture arrangements or floor coverings actually do a disservice to the way your listing is presented online or in marketing photos, says Debra Gould, president of home staging company Six Elements Inc. in Toronto and creator of the Staging Diva training program.
She offers these tips for making sure that every room of your listing looks as large in photos as it does in real life.
1. Remove area rugs. Rugs break up the expanse of the floor and can make rooms look smaller. Keep the floor as clear as possible.
2. Use a wide-angle camera. A camera with a wide-angle lens (28 millimeters or less on a DSLR, or the equivalent on a point-and-shoot) is best for interior shots because it magnifies the distance between objects and showcases a room’s depth, Gould says. But beware of fisheye lenses or ultra wide-angle lenses, which tend to make rooms look wider but can mislead buyers into thinking there’s more space than there is.
3. Get creative with furniture. Make sure that furniture doesn’t block views or walkways so you reveal as much of the floor as possible. If there’s too much furniture packed into a room or the furniture is too large, it can also work against you in photos.
In a crowded room, try removing a few pieces of furniture or swapping in a smaller piece. In a kitchen or dining room, it might look better if you remove that extra leaf from the table. Try using furniture to create new spaces in large rooms and really show off that square footage. For example, Gould added a reading corner in a master bedroom to show that more than just a bed could fit.
4. Fill up an empty space. Buyers have trouble imagining how their stuff will fit into an empty room; the space can seem smaller than it really is. If possible, bring in furniture for staging. "If the rooms are furnished, they look larger and much more inviting," Gould says.
5. Use mirrors to your advantage. A reflection in a mirror can reveal more of a room when you can’t squeeze everything into your photo. This can be a great technique particularly when photographing bathrooms. Use the reflection of the bathroom mirror to show the extras, such as that soaker tub. Just be sure to shoot photos at an angle so that you don’t capture your own reflection!
6. Lighten up. In photos, brighter rooms typically come across as more open and welcoming, whereas dark rooms can look small and dingy. Pay attention to the light sources in a room to get a better shot. Turn on all of the lights and open the curtains to let in natural light and expand the space. But don’t shoot directly into a light source; it’ll darken a room.
7. Shoot at an angle. The diagonal line is the longest visual line in a room. Try shooting from the corner; back up as far as you can before you shoot. But don’t limit yourself: Take shots from three or four different angles so that you have plenty of options, Gould recommends. Also, try getting low to the ground to show off the length of the room. Eye level doesn’t always work best to capture floor proportions.
8. Remove clutter. You’ve heard it before, but clutter makes a room look cramped and steals attention from a room’s intended focal points. Clear away paper stacks, crowded walls of artwork, cluttered countertops, magnets covering the refrigerator, and towels hanging from the stove.
Finally, do your best to ensure that any major changes you make to a room’s layout for the purpose of photos are kept in place for showings. "You’ll create a disconnect if the house looks great only in the online photos," Gould says. "If buyers feel let down, they’re not going to buy the house."
Call us for more information on the FANTASTIC career opportunies at Keller Williams McKinney! GREAT people, TOP NOTCH training, and PROFIT SHARING! Our Team Leader, Matt Hilton will be happy to tell you all about it - call him direct at 469-452-1112 or email matthilton@kw.com.
Monday, August 16, 2010
10 States with Pricey Closing Costs
Info from Realtormag.com
Closing costs have risen an average of 36.6 percent compared to 2009, according to Bankrate.com’s annual survey.
The big increased was caused by the U.S. government requiring lenders to provide accurate good faith estimates of closing costs. Previously, lenders weren’t penalized for a bad estimate.
On average, the origination and third party fees on a $200,000 purchase mortgage added up to $3,741.
Here are the 10 highest states:
1. New York, $5,623
2. Texas, $4,708
3. Utah, $4,605
4. California-San Francisco, $4,566; California-Los Angeles, $4,406
5. Alaska, $4,327
6. Oklahoma, $4,254
7. Pennsylvania, $4,236
8. New Jersey, $4,110
9. Idaho, $4,077
10. Massachusetts, $4,025
Source: Bankrate.com (08/16/2010
Closing costs have risen an average of 36.6 percent compared to 2009, according to Bankrate.com’s annual survey.
The big increased was caused by the U.S. government requiring lenders to provide accurate good faith estimates of closing costs. Previously, lenders weren’t penalized for a bad estimate.
On average, the origination and third party fees on a $200,000 purchase mortgage added up to $3,741.
Here are the 10 highest states:
1. New York, $5,623
2. Texas, $4,708
3. Utah, $4,605
4. California-San Francisco, $4,566; California-Los Angeles, $4,406
5. Alaska, $4,327
6. Oklahoma, $4,254
7. Pennsylvania, $4,236
8. New Jersey, $4,110
9. Idaho, $4,077
10. Massachusetts, $4,025
Source: Bankrate.com (08/16/2010
Friday, August 13, 2010
Fannie Mae relaxes limit of 30 REO listings per broker
By Jon Prior
Source: Thisweek@KW.com
Fannie Mae has relaxed its limit of allocating no more than 30 REO listings per broker from any one Fannie Mae source, acknowledging the abilities of “higher-performing brokers.”
At the end of June, HomePath, the division of Fannie Mae that manages REO inventory owned by the government-sponsored enterprise (GSE), imposed a strict limit of 30 REO listings that a broker of record could have at any time with a single Fannie Mae source. The restrictions also limited listings to a 25-mile proximity. Fannie warned that “100% compliance” was expected.
This sparked a response from the National Association of Realtors (NAR) and Keller Williams Realty, which in support of its brokers and real estate agents, asked for some leniency from Fannie Mae.
While NAR agreed with Fannie that it should not have an inflexible limit on the number of REO listings, the trade group urged Fannie to rely on documented success and professional performance of real estate brokers.
In a letter to Michael Williams, president and CEO of Fannie Mae, Mark Willis, the CEO of Keller Williams Realty, said REO listings require focused market attention “from experienced, results-oriented real estate professionals,” and that the real estate firm disagreed strongly with the limitation.
Willis wrote: “Recent conversations with real estate professionals who are immersed in the REO arena have confirmed our contention that these limitations will impede the objectives of both Fannie Mae and the real estate professionals who have invested heavily in people and systems to efficiently move REO properties. Clearly, the REO arena is an extremely specialized field, requiring dedicated professionals who possess distinct expertise and sufficient financial and organizational resources.”
He went on to address the concern that the limitations would drive talent away from the REO business, which is, by its nature, growing in volume but generating low margins.
Fannie replied July 9. In that announcement, Fannie stated as a general rule, it does not allocate more than 30 active REO listings from any one Fannie Mae source at one time, which has been a long-standing practice.
But Fannie went on to acknowledge some higher-performing brokers can handle more than 30 properties at a time and still exceed Fannie Mae’s standards. The company announced it would approve special exceptions to the limit and clarified that a broker can have 30 listings directly from Fannie and another 30 from outsourcers without Fannie Mae approval.
A spokesperson for Fannie Mae said it was the last action the company took on the matter.
Source: Thisweek@KW.com
Fannie Mae has relaxed its limit of allocating no more than 30 REO listings per broker from any one Fannie Mae source, acknowledging the abilities of “higher-performing brokers.”
At the end of June, HomePath, the division of Fannie Mae that manages REO inventory owned by the government-sponsored enterprise (GSE), imposed a strict limit of 30 REO listings that a broker of record could have at any time with a single Fannie Mae source. The restrictions also limited listings to a 25-mile proximity. Fannie warned that “100% compliance” was expected.
This sparked a response from the National Association of Realtors (NAR) and Keller Williams Realty, which in support of its brokers and real estate agents, asked for some leniency from Fannie Mae.
While NAR agreed with Fannie that it should not have an inflexible limit on the number of REO listings, the trade group urged Fannie to rely on documented success and professional performance of real estate brokers.
In a letter to Michael Williams, president and CEO of Fannie Mae, Mark Willis, the CEO of Keller Williams Realty, said REO listings require focused market attention “from experienced, results-oriented real estate professionals,” and that the real estate firm disagreed strongly with the limitation.
Willis wrote: “Recent conversations with real estate professionals who are immersed in the REO arena have confirmed our contention that these limitations will impede the objectives of both Fannie Mae and the real estate professionals who have invested heavily in people and systems to efficiently move REO properties. Clearly, the REO arena is an extremely specialized field, requiring dedicated professionals who possess distinct expertise and sufficient financial and organizational resources.”
He went on to address the concern that the limitations would drive talent away from the REO business, which is, by its nature, growing in volume but generating low margins.
Fannie replied July 9. In that announcement, Fannie stated as a general rule, it does not allocate more than 30 active REO listings from any one Fannie Mae source at one time, which has been a long-standing practice.
But Fannie went on to acknowledge some higher-performing brokers can handle more than 30 properties at a time and still exceed Fannie Mae’s standards. The company announced it would approve special exceptions to the limit and clarified that a broker can have 30 listings directly from Fannie and another 30 from outsourcers without Fannie Mae approval.
A spokesperson for Fannie Mae said it was the last action the company took on the matter.
Thursday, July 8, 2010
7 Rules for Room Additions
by Paul Bianchina
If you're happy with your home and your neighborhood but are craving a little more space, maybe adding on is a better alternative to moving out. Room additions can be a terrific alternative for many homes, adding space for a growing family and adding resale value at the same time.
But be forewarned. A good room addition involves a whole lot more than just slapping on some additional square footage. Here are some important rules to keep in mind as your planning gets under way:
1. Know why you're adding on: This is the first rule, and it happens before you lift a hammer. Why do you need to add on? And no fair cheating and saying, "I need more space!"
Do you need another bathroom? Bedroom space? A laundry room or mud room? An improved kitchen flow? More space to entertain? Better accessibility due to health issues? More storage? A larger garage or hobby area? The only way the addition will meet your needs is to know what those needs are in the first place.
2. Good additions never look like additions: This is the other top rule of room-addition planning. When you're done, the addition -- no matter what its size or where it's located -- should never look like an addition. The architectural styles of new and existing need to blend.
The exterior materials need to blend as well, or at least complement each other. To the extent possible, use the same type of windows, roofing, doors, siding and other materials. If the original home has wood windows, using new vinyl windows in the addition screams "add-on" and lowers the appeal and the value. Don't overlook the need to blend landscaping and hardscaping as well.
3. Out, up, down, or a combination: The how and the where of a room addition is always a fun and exciting challenge for everyone involved. Some homes are situated on larger lots and lend themselves very nicely to adding out. Others seem best suited to adding up by building on a second or even a partial third floor.
Some houses are even laid out in such a way that it's possible to excavate under them and add new living space in the form of a daylight basement. Or it could be that a combination of two or even all three of these options makes the most sense for your particular home. Keep your mind open to the possibilities. Work with a good contractor and a good designer and you'll be amazed at what you can come up with.
4. Don't let the interior become an afterthought: I've seen a surprising number of additions that look great from the outside but seem to have no thought put into them on the inside. Flooring doesn't match. Trim doesn't match. Sometimes even the interior floor heights don't match. Remember that how the interior of your addition looks and flows on the inside is just as important as how it looks and flows on the outside. Use the same materials or the same style of materials. Match up ceiling, floor, and wall levels. Here again, no matter how you view the addition, inside or out, it should never look like an addition.
5. Create convenient access: This is another afterthought in a lot of additions. Let's say you have a three-bedroom, one-bathroom house, and you want to add a second bathroom. Typically, that's an addition that's going to have a good payback. But then you build the addition so that the only access to the second bathroom is through the kitchen. You now have a three-bedroom, two-bath house, but since the layout is lousy, you've actually gone backwards in terms of desirability and resale value.
Are you going to create a beautiful second-floor master suite that can be accessed only by a tiny spiral staircase from the family room? Is the only way into your great new kitchen via a convoluted hallway that leads through the laundry room?
When planning your addition, never lose sight of how you're going to access the new spaces, and make sure that access is both convenient and inviting.
6. Don't overwhelm your lot: Granted, room additions are expensive. So when you're doing one, and all those workers are onsite, there's a temptation to get as much square footage as you can. But don't cram your lot full of house. Remember that open space is important as well, both to you and your family, and, later on, to potential buyers.This is a good time to go back to Rule No. 1 and reconsider the "why" part of your room addition. Don't add space just to add it -- stay focused on your overall goals.
7. Understand the legalities: There are lots of rules and regulations that come into play regarding room additions. These include property line setbacks, zoning restrictions, and restrictions imposed by homeowner associations and architectural review committees.
In some historic areas, your addition may have to comply with certain historic guidelines. In other areas, there may even be solar shading restrictions that limit the height or the orientation of your roof line. Be sure you check into all of this before you get too far along with your planning.
If you're happy with your home and your neighborhood but are craving a little more space, maybe adding on is a better alternative to moving out. Room additions can be a terrific alternative for many homes, adding space for a growing family and adding resale value at the same time.
But be forewarned. A good room addition involves a whole lot more than just slapping on some additional square footage. Here are some important rules to keep in mind as your planning gets under way:
1. Know why you're adding on: This is the first rule, and it happens before you lift a hammer. Why do you need to add on? And no fair cheating and saying, "I need more space!"
Do you need another bathroom? Bedroom space? A laundry room or mud room? An improved kitchen flow? More space to entertain? Better accessibility due to health issues? More storage? A larger garage or hobby area? The only way the addition will meet your needs is to know what those needs are in the first place.
2. Good additions never look like additions: This is the other top rule of room-addition planning. When you're done, the addition -- no matter what its size or where it's located -- should never look like an addition. The architectural styles of new and existing need to blend.
The exterior materials need to blend as well, or at least complement each other. To the extent possible, use the same type of windows, roofing, doors, siding and other materials. If the original home has wood windows, using new vinyl windows in the addition screams "add-on" and lowers the appeal and the value. Don't overlook the need to blend landscaping and hardscaping as well.
3. Out, up, down, or a combination: The how and the where of a room addition is always a fun and exciting challenge for everyone involved. Some homes are situated on larger lots and lend themselves very nicely to adding out. Others seem best suited to adding up by building on a second or even a partial third floor.
Some houses are even laid out in such a way that it's possible to excavate under them and add new living space in the form of a daylight basement. Or it could be that a combination of two or even all three of these options makes the most sense for your particular home. Keep your mind open to the possibilities. Work with a good contractor and a good designer and you'll be amazed at what you can come up with.
4. Don't let the interior become an afterthought: I've seen a surprising number of additions that look great from the outside but seem to have no thought put into them on the inside. Flooring doesn't match. Trim doesn't match. Sometimes even the interior floor heights don't match. Remember that how the interior of your addition looks and flows on the inside is just as important as how it looks and flows on the outside. Use the same materials or the same style of materials. Match up ceiling, floor, and wall levels. Here again, no matter how you view the addition, inside or out, it should never look like an addition.
5. Create convenient access: This is another afterthought in a lot of additions. Let's say you have a three-bedroom, one-bathroom house, and you want to add a second bathroom. Typically, that's an addition that's going to have a good payback. But then you build the addition so that the only access to the second bathroom is through the kitchen. You now have a three-bedroom, two-bath house, but since the layout is lousy, you've actually gone backwards in terms of desirability and resale value.
Are you going to create a beautiful second-floor master suite that can be accessed only by a tiny spiral staircase from the family room? Is the only way into your great new kitchen via a convoluted hallway that leads through the laundry room?
When planning your addition, never lose sight of how you're going to access the new spaces, and make sure that access is both convenient and inviting.
6. Don't overwhelm your lot: Granted, room additions are expensive. So when you're doing one, and all those workers are onsite, there's a temptation to get as much square footage as you can. But don't cram your lot full of house. Remember that open space is important as well, both to you and your family, and, later on, to potential buyers.This is a good time to go back to Rule No. 1 and reconsider the "why" part of your room addition. Don't add space just to add it -- stay focused on your overall goals.
7. Understand the legalities: There are lots of rules and regulations that come into play regarding room additions. These include property line setbacks, zoning restrictions, and restrictions imposed by homeowner associations and architectural review committees.
In some historic areas, your addition may have to comply with certain historic guidelines. In other areas, there may even be solar shading restrictions that limit the height or the orientation of your roof line. Be sure you check into all of this before you get too far along with your planning.
Wednesday, July 7, 2010
Home Refinancings Not As Numerous As Expected With Record Low Mortgage Rate
By STEVE BROWN / The Dallas Morning News
With 30-year home loan rates near 4.5 percent, refinancing is back in fashion.
But local mortgage reps say they are not seeing the flood of business they anticipated.
"You would think that the refi business would be blowing and going with interest rates at 50-year lows," said Billy Parker of Old Capital Residential Lending. "We are seeing a little upswing but not the massive amount of refi borrowers that we would expect at these interest rate levels."
The nationwide cost of an average 30-year home loan was 4.58 percent last week, according to mortgage giant Freddie Mac, which tracks mortgage rates. That's the lowest such rate the mortgage company has reported since it started business in the early 1970s.
The fall in home finance costs comes at a time when "the economy struggles to gain momentum and inflation remains very low," said Freddie Mac economist Frank Nothaft.
So with inflation and interest rates expected to rise, why aren't homeowners rushing to take advantage?
"What we are seeing is that the pool of homeowners who are credit-worthy and have stable jobs have already refinanced," Parker said. And some borrowers who would like to capitalize on the low mortgage rates can't because either they can't meet tougher underwriting standards or the values of their homes have declined. "I have lost at least six refi loans this year due to [low] appraisals," Parker said.
Despite obstacles, more consumers across the country are trying to refinance. Nationwide home loan refinance applications were up more than 12 percent in the week ending June 25 to the highest level since early 2009, the Mortgage Bankers Association reports.
At the same time, home purchase mortgage applications were down to near 13-year lows. But in North Texas, homebuyers now dominate the mortgage business, some lenders say. "Right now, I'm seeing refis at about 25 percent to 30 percent of all applications," said Mark Raskin, a senior loan officer for PrimeLending. "Our purchase business in Texas has not slowed down at all. "In fact, we are continuing to see an increase in purchase applications," Raskin said.
Many homeowners who have already locked into lower rates would have to see even further cuts before getting back into the loan market. "Actually, our refi orders are down significantly versus the strong first six months of last year, when lots of folks took advantage of rates between 4.75 percent and 5 percent for 30-year fixed," said Britt Fair, chief operating officer at Hexter-Fair Title Co.
"Most homeowners either don't qualify or already refinanced and don't want to incur the transaction costs for such a small rate improvement." Fair said "substantially higher" numbers of higher-priced homeowners are refinancing. A year ago, the cost spread on these "jumbo" loans was much higher, he said.
With 30-year home loan rates near 4.5 percent, refinancing is back in fashion.
But local mortgage reps say they are not seeing the flood of business they anticipated.
"You would think that the refi business would be blowing and going with interest rates at 50-year lows," said Billy Parker of Old Capital Residential Lending. "We are seeing a little upswing but not the massive amount of refi borrowers that we would expect at these interest rate levels."
The nationwide cost of an average 30-year home loan was 4.58 percent last week, according to mortgage giant Freddie Mac, which tracks mortgage rates. That's the lowest such rate the mortgage company has reported since it started business in the early 1970s.
The fall in home finance costs comes at a time when "the economy struggles to gain momentum and inflation remains very low," said Freddie Mac economist Frank Nothaft.
So with inflation and interest rates expected to rise, why aren't homeowners rushing to take advantage?
"What we are seeing is that the pool of homeowners who are credit-worthy and have stable jobs have already refinanced," Parker said. And some borrowers who would like to capitalize on the low mortgage rates can't because either they can't meet tougher underwriting standards or the values of their homes have declined. "I have lost at least six refi loans this year due to [low] appraisals," Parker said.
Despite obstacles, more consumers across the country are trying to refinance. Nationwide home loan refinance applications were up more than 12 percent in the week ending June 25 to the highest level since early 2009, the Mortgage Bankers Association reports.
At the same time, home purchase mortgage applications were down to near 13-year lows. But in North Texas, homebuyers now dominate the mortgage business, some lenders say. "Right now, I'm seeing refis at about 25 percent to 30 percent of all applications," said Mark Raskin, a senior loan officer for PrimeLending. "Our purchase business in Texas has not slowed down at all. "In fact, we are continuing to see an increase in purchase applications," Raskin said.
Many homeowners who have already locked into lower rates would have to see even further cuts before getting back into the loan market. "Actually, our refi orders are down significantly versus the strong first six months of last year, when lots of folks took advantage of rates between 4.75 percent and 5 percent for 30-year fixed," said Britt Fair, chief operating officer at Hexter-Fair Title Co.
"Most homeowners either don't qualify or already refinanced and don't want to incur the transaction costs for such a small rate improvement." Fair said "substantially higher" numbers of higher-priced homeowners are refinancing. A year ago, the cost spread on these "jumbo" loans was much higher, he said.
Tuesday, July 6, 2010
10 Home Repairs That Will Save You Money
by Claire Bradley
Remodels are great, but can get pretty pricey. Not everyone has thousands to add value to their home - but what about those less glamorous repair projects on your to-do list? These simple and inexpensive maintenance items don't seem like they add to your home's value, but they're big money-savers in the long run.
1. Caulk
If you've lived in your house a few years, you probably noticed that the caulk along your sinks, countertops and bathtub is coming loose. These gaps may not seem like a big deal, but they can wreak havoc inside your walls. Moisture causes mold and even leaks - expensive repairs that can easily be prevented. A tube of kitchen and bath caulk costs just a few dollars, and you'll avoid expensive repairs.
2. Insulate
The quickest way to save money on your energy bill is to insulate, yet so many of us overlook this simple home improvement project for its benefits. Sure, your walls are insulated, but what about your basement, your attic, and your garage? Just in case the energy cost savings aren't enticing enough for you, check with the IRS - there are current credits that allow you to deduct this energy-saving expense from your taxes.
3. Change Filters
When was the last time you changed your furnace's air filters? It's an oft-overlooked chore, but one that keep your furnace running efficiently, and improves the air quality inside your home. Change your filters at least every three months to keep your furnace working efficiently for years to come.
4. Install a Thermostat
Does your home have a programmable thermostat? If not, invest in one; it'll earn its money back in no time. By programming heating and cooling, you avoid paying to keep an empty house at a comfortable temperature. Manage the heat appropriately in winter to avoid burst water pipes; in summer, draw your curtains during the day to keep the house cool. Buy a programmable thermostat and you can save big on monthly bills.
5. Fix Leaks
That leaky faucet or runny toilet is draining your water bill, and in most cases it's a cheap and quick fix. Replace the washer on your faucet, and while you're at it, consider installing a faucet aerator if yours doesn't already have one. Faucet aerators reduce water flow from your faucet to save on your water bill; check your home improvement store for this inexpensive fix.
6. Install Dimmers
Dimmers aren't just for romance; they can save you big bucks on your energy bill. They're cheap and easy to install, so look for rooms that could use a little reduction in harsh lighting. While you're at it, replace your light bulbs with energy-efficient ones. They're big money savers.
7. Clean Carpets
Clean your carpet lately? With proper care, carpets can last a long time and look great, but everyone needs to clean them sometime. You don't need to hire an expensive service either - if you can vacuum, you can clean your carpets by yourself. Rent a carpet cleaner at your local supermarket or big-box store for a modest fee. Make sure you vacuum thoroughly before cleaning, and pick a dry day so your carpet dries quickly. With regular cleaning your carpet can last a long time, saving you big bucks on new flooring.
8. Clean Siding and Windows
Windows and siding get a beating in most climates. Wash your windows and siding with a simple hose and water first, and with a cleaning solution as needed; your home improvement store sells specialty products for just this kind of job. Rent a power washer for very dirty jobs. Keep an eye on cobwebs, wasp and bird nests to ensure your home's exterior stays in good shape. Touch up with paint as needed, and your house will look like new at little or no cost.
9. Fight Pests
Those spiders and ants at your foundation, that mouse nest in your crawl space? Take care of it - pests can destroy a home in a hurry. Hire an exterminator, or for small pests, combat with pesticides. Even if you don't think you have a problem, inspect every part of the interior and exterior of your home regularly to avoid small pest problems getting out hand.
10. Clean Ductwork
If your home is older, your ductwork likely has dust, grime, and other unwelcome residue inside. For big jobs, pay a professional; a simple cleaning can easily be done yourself. Simply remove the grates from your air vents, and clean the inside with your vacuum.
The Bottom Line
The best way to invest in your home is to take good care of what's already there. With these simple repair jobs, you'll even save money - with just a little elbow grease as investment.
Remodels are great, but can get pretty pricey. Not everyone has thousands to add value to their home - but what about those less glamorous repair projects on your to-do list? These simple and inexpensive maintenance items don't seem like they add to your home's value, but they're big money-savers in the long run.
1. Caulk
If you've lived in your house a few years, you probably noticed that the caulk along your sinks, countertops and bathtub is coming loose. These gaps may not seem like a big deal, but they can wreak havoc inside your walls. Moisture causes mold and even leaks - expensive repairs that can easily be prevented. A tube of kitchen and bath caulk costs just a few dollars, and you'll avoid expensive repairs.
2. Insulate
The quickest way to save money on your energy bill is to insulate, yet so many of us overlook this simple home improvement project for its benefits. Sure, your walls are insulated, but what about your basement, your attic, and your garage? Just in case the energy cost savings aren't enticing enough for you, check with the IRS - there are current credits that allow you to deduct this energy-saving expense from your taxes.
3. Change Filters
When was the last time you changed your furnace's air filters? It's an oft-overlooked chore, but one that keep your furnace running efficiently, and improves the air quality inside your home. Change your filters at least every three months to keep your furnace working efficiently for years to come.
4. Install a Thermostat
Does your home have a programmable thermostat? If not, invest in one; it'll earn its money back in no time. By programming heating and cooling, you avoid paying to keep an empty house at a comfortable temperature. Manage the heat appropriately in winter to avoid burst water pipes; in summer, draw your curtains during the day to keep the house cool. Buy a programmable thermostat and you can save big on monthly bills.
5. Fix Leaks
That leaky faucet or runny toilet is draining your water bill, and in most cases it's a cheap and quick fix. Replace the washer on your faucet, and while you're at it, consider installing a faucet aerator if yours doesn't already have one. Faucet aerators reduce water flow from your faucet to save on your water bill; check your home improvement store for this inexpensive fix.
6. Install Dimmers
Dimmers aren't just for romance; they can save you big bucks on your energy bill. They're cheap and easy to install, so look for rooms that could use a little reduction in harsh lighting. While you're at it, replace your light bulbs with energy-efficient ones. They're big money savers.
7. Clean Carpets
Clean your carpet lately? With proper care, carpets can last a long time and look great, but everyone needs to clean them sometime. You don't need to hire an expensive service either - if you can vacuum, you can clean your carpets by yourself. Rent a carpet cleaner at your local supermarket or big-box store for a modest fee. Make sure you vacuum thoroughly before cleaning, and pick a dry day so your carpet dries quickly. With regular cleaning your carpet can last a long time, saving you big bucks on new flooring.
8. Clean Siding and Windows
Windows and siding get a beating in most climates. Wash your windows and siding with a simple hose and water first, and with a cleaning solution as needed; your home improvement store sells specialty products for just this kind of job. Rent a power washer for very dirty jobs. Keep an eye on cobwebs, wasp and bird nests to ensure your home's exterior stays in good shape. Touch up with paint as needed, and your house will look like new at little or no cost.
9. Fight Pests
Those spiders and ants at your foundation, that mouse nest in your crawl space? Take care of it - pests can destroy a home in a hurry. Hire an exterminator, or for small pests, combat with pesticides. Even if you don't think you have a problem, inspect every part of the interior and exterior of your home regularly to avoid small pest problems getting out hand.
10. Clean Ductwork
If your home is older, your ductwork likely has dust, grime, and other unwelcome residue inside. For big jobs, pay a professional; a simple cleaning can easily be done yourself. Simply remove the grates from your air vents, and clean the inside with your vacuum.
The Bottom Line
The best way to invest in your home is to take good care of what's already there. With these simple repair jobs, you'll even save money - with just a little elbow grease as investment.
Monday, July 5, 2010
Tax Credit Deadline Extended; Flood Insurance Program Reinstated
Source: CCAR
Congress has passed a bill extending the Homebuyer Tax Credit closing deadline to September 30, 2010. The extension applies only to transactions that had ratified contracts in place as of April 30, 2010, and have not yet closed. There will be no gap between June 30 and the date the President signs the bill into law.
Additionally, Congress has extended the National Flood Insurance Program (NFIP) through September 30, 2010. This will allow transactions to move forward. The bill is retroactive and will cover the lapse period from June 1, 2010, to the date the law is enacted.
For additional information on both the tax credit deadline and the NFIP, visit Realtor.org/Government Affairs.
Congress has passed a bill extending the Homebuyer Tax Credit closing deadline to September 30, 2010. The extension applies only to transactions that had ratified contracts in place as of April 30, 2010, and have not yet closed. There will be no gap between June 30 and the date the President signs the bill into law.
Additionally, Congress has extended the National Flood Insurance Program (NFIP) through September 30, 2010. This will allow transactions to move forward. The bill is retroactive and will cover the lapse period from June 1, 2010, to the date the law is enacted.
For additional information on both the tax credit deadline and the NFIP, visit Realtor.org/Government Affairs.
Thursday, July 1, 2010
Foreclosures Account for 31% of Sales
Online foreclosure marketplace RealtyTrac reported today that homes in foreclosures accounted for 31 percent of the residential sales in the first quarter of 2010. The average sales price of these properties was nearly 27 percent below the average sales price of properties not in foreclosure.
RealtyTrac expects foreclosure discounts to stay between 25 percent and 30 percent as lenders steadily release foreclosures. The average price of foreclosed properties is $171,971.
Overall, foreclosures are down 14 percent in the first quarter compared to the fourth quarter of 2009. They are down 33 percent from the peak during the first quarter of 2009.
Source: RealtyTrac and Bloomberg, Dan Levy (06/30/2010)
RealtyTrac expects foreclosure discounts to stay between 25 percent and 30 percent as lenders steadily release foreclosures. The average price of foreclosed properties is $171,971.
Overall, foreclosures are down 14 percent in the first quarter compared to the fourth quarter of 2009. They are down 33 percent from the peak during the first quarter of 2009.
Source: RealtyTrac and Bloomberg, Dan Levy (06/30/2010)
Wednesday, June 30, 2010
House Approves Tax Credit Extension
Daily Real Estate News | June 30, 2010 |
The U.S. House on Tuesday agreed to give home buyers until Sept. 30 to close on eligible properties and still qualify for the home buyer tax credits.
The current deadline requires buyers to close by June 30 in order to qualify.
The Senate must still approve the measure. Supporters there are planning to tack the bill onto one that would extend unemployment benefits, hoping the popularity of the tax credit extension will overcome Senate objections to extending unemployment.
Practitioners estimate that at least 200,000 buyers won’t be able to close today because settlement offices are slammed, short sales are delayed,and lenders are overwhelmed.
Critics say extending the deadline is an invitation for more fraud.
Source: Reuters News, Corbett B. Daly (06/29/2010)
The U.S. House on Tuesday agreed to give home buyers until Sept. 30 to close on eligible properties and still qualify for the home buyer tax credits.
The current deadline requires buyers to close by June 30 in order to qualify.
The Senate must still approve the measure. Supporters there are planning to tack the bill onto one that would extend unemployment benefits, hoping the popularity of the tax credit extension will overcome Senate objections to extending unemployment.
Practitioners estimate that at least 200,000 buyers won’t be able to close today because settlement offices are slammed, short sales are delayed,and lenders are overwhelmed.
Critics say extending the deadline is an invitation for more fraud.
Source: Reuters News, Corbett B. Daly (06/29/2010)
The Road to Success is Not Straight
Getting to a successful place in your life or business is not always easy. There are a lot of obstacles and challenges that make many people give up. If acheiving success was an easy road everyone would be successful. If getting in shape and healthy was an easy road everyone would be at their ideal weight. If owning a business was easy most everyone would want to do it. I love how David Jones puts it in this quote,
“The road to success is not straight. There is a Curb called Failure, a Loop called Confusion, Speed Bumps called Friends, Red Lights called Enemies, Caution Lights called Family and Flats called a Job. But, if you have a Spare Tire called Determination, an Engine called Perseverance, Insurance called Faith and a Driver called vision, you will make it to a place called success.”
Here are some tips to achieve success even when you hit bumps in the road.
Commitment-Commit to whatever it is you are doing is key. You are going to have good days and bad days. We all do. I know there are days when I am so productive and I get so much done I surprise myself. Then there are days when I feel like I am spinning my wheels and getting no where. Just make a commitment to not give up. Realize you will have hard days but don’t let those days defeat you or cause you to lose hope. Don’t let hard days derail you and get you off your path to success.
Know your Reason- In network marketing this is often called your “why” or your “vision”. You are often told to know your “why” or to create a “vision board”. This is so you have a clear defined purpose as to why you are trying to achieve success. I think it is a great exercise because in struggles and tough times you are still wholeheartedly committed to reaching your success. You see and know the reason that you are working towards being successful and are less likely to give up. For example if you are working tirelessly on a business and your “why” is to have more freedom, be able to travel more, make more money and help others, a bad day now and then is not going to devastate you and make you quit.
Action- You need to take consistent action to achieve success. Are you trying to lose weight? You can’t get there without taking consistent action with eating right and exercising. Are you working on being successful in your business? You won’t get there if you don’t put in the work and effort. Create a plan for where you want to be in 30 days, 6 months and a year. Figure out the actions you need to take to get there and be persistent in your action. You might not see the results right away but with repeated action you will start to see results.
Be Patient- Success does not happen overnight. If you can combine patience with hard work you will be very happy in the long run. It always gratifying to see the culmination of all your hard work coming together. Things are always more rewarding when you have waited for them and trulyput in the effort to get them. I like to think of my business in terms of a marathon rather than a sprint. I need to be patient, keep at it and be in it for the long haul. There may be people who sprint out ahead of me and start out stronger but it is all about how you finish the race.
Tuesday, May 25, 2010
Mortage Rates at New Lows, Thanks to Europe's Debt Crisis
On Monday May 24, 2010, 12:44 pm EDT - Source: CNBC
Here's some good news for the struggling US housing market: Thanks to the European debt crisis, mortgage rates are at historic lows.
The current average rate for a 30 year fixed loan is 4.87 percent, according to Bankrate.com. That's the lowest rate for the 30 years since Bankrate started keeping track 25 years ago.
Even jumbo loan rates-loans for more than $417,000-have fallen. The 30-year fixed jumbo loan is at an average rate of 4.5 percent, down from nearly 6 percent at this time last year.\
"It's the best time in our generation to buy," says Mark Zandi, chief economist at Moody's. "It may be the best time in any generation. Mortgage rates are so low and with homes prices down and lots of inventory, you couldn't pick a better time to buy or re-finance."
Europe's debt crisis is behind the drop. Nervous investors are flocking to the security of US Treasurys, which pushes down their yield and influences a host of consumer interest rates-including those on mortgages.
The decline is also good news for homeowners looking to refinance, particularly those who owe more on their mortgage than their house is worth.
"There's a tremendous window on re-financing," says Greg McBride, chief economist at Bankrate.com. "That's particularly true for people who can take advantage of the government's Home Affordability Refinance Program (HARP)-which allows home owners to refinance into low mortgage interest rates even if they're property value has gone down."
HARP, which was due to end at the end of this June, now runs through June of 2011.
"Think of the benefits if you buy or refinance now," says McBride. "Locking in now at the lower rates means more more bang for the buck and more breathing room for homeowners when it comes to payments."
But the decline in rates probably won't last long, analysts say. So homeowners need to move fast.
"I think they won't last much longer than a month or two at the best," says Lawrence Yun, chief economist at the National Association of Realtors. "I can see them going up to 5.5 percent by the end of June if not sooner."
The reasons? Yun says the worries over Europe will be fading soon and investors will be looking at other assets besides US Treasurys. And there's the US deficit, which will push up Treasury yields.
"The US is fortunate now that there's no pressure on interest rates," Yun goes on to say. "But going forward, higher rates will be needed for financing the debt."
Zandi agrees. "Yes, I can't see these rates being this low in three to four weeks," Zandi says. "Investor's will settle down and this current crisis (Europe) will pass and the focus will be back on US debt. It's really a now or never type of proposition, when it comes to getting these types of historic rates."
Here's some good news for the struggling US housing market: Thanks to the European debt crisis, mortgage rates are at historic lows.
The current average rate for a 30 year fixed loan is 4.87 percent, according to Bankrate.com. That's the lowest rate for the 30 years since Bankrate started keeping track 25 years ago.
Even jumbo loan rates-loans for more than $417,000-have fallen. The 30-year fixed jumbo loan is at an average rate of 4.5 percent, down from nearly 6 percent at this time last year.\
"It's the best time in our generation to buy," says Mark Zandi, chief economist at Moody's. "It may be the best time in any generation. Mortgage rates are so low and with homes prices down and lots of inventory, you couldn't pick a better time to buy or re-finance."
Europe's debt crisis is behind the drop. Nervous investors are flocking to the security of US Treasurys, which pushes down their yield and influences a host of consumer interest rates-including those on mortgages.
The decline is also good news for homeowners looking to refinance, particularly those who owe more on their mortgage than their house is worth.
"There's a tremendous window on re-financing," says Greg McBride, chief economist at Bankrate.com. "That's particularly true for people who can take advantage of the government's Home Affordability Refinance Program (HARP)-which allows home owners to refinance into low mortgage interest rates even if they're property value has gone down."
HARP, which was due to end at the end of this June, now runs through June of 2011.
"Think of the benefits if you buy or refinance now," says McBride. "Locking in now at the lower rates means more more bang for the buck and more breathing room for homeowners when it comes to payments."
But the decline in rates probably won't last long, analysts say. So homeowners need to move fast.
"I think they won't last much longer than a month or two at the best," says Lawrence Yun, chief economist at the National Association of Realtors. "I can see them going up to 5.5 percent by the end of June if not sooner."
The reasons? Yun says the worries over Europe will be fading soon and investors will be looking at other assets besides US Treasurys. And there's the US deficit, which will push up Treasury yields.
"The US is fortunate now that there's no pressure on interest rates," Yun goes on to say. "But going forward, higher rates will be needed for financing the debt."
Zandi agrees. "Yes, I can't see these rates being this low in three to four weeks," Zandi says. "Investor's will settle down and this current crisis (Europe) will pass and the focus will be back on US debt. It's really a now or never type of proposition, when it comes to getting these types of historic rates."
Monday, May 24, 2010
What is your truth?
What an AWESOME video!!! Watch until the end before answering the question- What is your truth? ENJOY!
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