Reports of E-mail's Death Have Been Greatly Exaggerated
By Laura Casey
RISMEDIA, November 13, 2010--(MCT)--All the ballyhoo that social networking sites such as Twitter and Facebook are diminishing our need for e-mail can be best summarized by paraphrasing Mark Twain: Reports of e-mail's death have been greatly exaggerated.
Just ask Wesley Lee, a 21-year-old senior at the University of California-Berkeley studying computer science. He's looking for a job after graduation, and e-mail is his lifeline to job leads and a possible employer contact.
"I am addicted to my e-mail," he says. "I check my phone for new e-mail all the time, and I also bring a laptop wherever I go. When I am not in class, I am working on e-mail."
And while Derek Miller, 18, uses Facebook to chat with his friends, the Diablo Valley College freshman still checks his e-mail account regularly, often multiple times a day.
"I use e-mail when I am talking to adults, like teachers," he says. "E-mail seems more professional than other ways of talking with people, like texting or calling."
Although social networking websites such as Facebook and, to a lesser degree, MySpace, are communication powerhouses — 500 million people are active Facebook users — e-mail is still critically important to web users, social media experts and e-mail service representatives, say. So when Facebook chief operating officer Sheryl Sandberg declared e-mail dead at a Nielsen conference in June, e-mail industry officials bristled.
"People who are heavily involved with the social networking world like to say everything except social networking is dead and dying," says Sara Radicati of The Radicati Group of Palo Alto, Calif., which performs research on messaging and collaboration technology. According to a report by The Radicati Group, as of 2009, there were about 1.4 billion e-mail users, and that number is expected to rise to 1.9 billion by 2013. The group also reports that an estimated 247 billion e-mails were sent each day in 2009.
While people, especially the younger set, are texting, instant messaging and making plans through sites like Facebook, Radicati says people of all ages are still using e-mail in business and personal communication.
"We're finding that people are doing more of everything. People are doing a lot of e-mail, social networking and instant messaging. They are doing a lot of communication in a lot of ways. Just because social networking is growing doesn't mean that everything else dies," Radicati adds.
In fact, social networking sites are generating more mail for people's virtual inboxes, says social media expert and blogger Brian Solace. Solace, of San Francisco's FutureWorks, says most people are alerted that someone has sent them messages through Facebook or Twitter in their e-mail boxes.
"The reality is e-mail is not going anywhere until one of these social networks decides it wants to be your inbox," he says. "Until then, e-mail is a necessary evil."
San Francisco-based Yahoo! has 280 million users who rely on e-mail every day, says Stephanie Shum, senior product manager for Yahoo! Mail. She says that she recognizes that people use different websites and technology to share, say, what they're doing at the moment, but Yahoo! Mail, she says, is working with some of the most popular websites like Facebook to provide a richer e-mail experience. For example, when Yahoo! Mail finishes a deal with Twitter, e-mail users will have the ability to update their Facebook, Twitter and Yahoo! status messages at the same time.
"E-mail is alive and kicking, and we're definitely investing in it," Shum says.
Tuhina Das, a University of California-Berkeley freshman studying pre-business, loves Facebook because she says it is so social and easy to connect with friends. But she uses e-mail for the important communications.
"If you're interviewing or applying for something or need it for business, you're not going to use Facebook," she says.
In fact, e-mail is only becoming more important for working professionals, says Deva Hazarika of ClearContext of San Francisco, a software company that helps people organize all the information that flows through e-mail.
Hazarika says text messaging, instant messaging, Facebook communication and Twitter tweets are all great for "lightweight" communication, such as making plans for dinner, but if you really need to document conversations and keep records and files for work, e-mail is better and more effective than anything else. That goes the same for students and schoolwork, he says.
"People need information to be traceable. They need to look back at information. That's why all of important conversations are pretty much staying with e-mail right now," Hazarika says. "E-mail is really not only sticking around, but it's getting entrenched. It's really the one place where I can reliably send (information like receipts from Amazon or business) communication to you."
And even the younger set, junior high school students who are tethered to MySpace and Facebook, also say they use e-mail. Arianna Campos, 13, of Concord has four e-mail accounts—some for friends, some for family, some for spam.
"I mostly talk to my friends through MySpace," she says. "But I do use e-mail to talk to adults."
(c) 2010, Contra Costa Times (Walnut Creek, Calif.).
Distributed by McClatchy-Tribune Information Services.
Monday, November 15, 2010
Seven Steps to a Sound Retirement
Seven Steps to a Sound Retirement
By Robert Powell
RISMEDIA, November 13, 2010--(MCT)--There are seven keys to a lot of things in life. There are seven steps to heaven and seven types of intelligence and seven habits of effective leaders.
Now we have seven steps to retirement planning courtesy of the Society of Actuaries, which just released a 64-page report with the not-so-consumer-friendly title "Segmenting the Middle Market: Retirement Risks and Solutions Phase II Report."
"Retirement financial planning requires a methodical approach that identifies and quantifies each important component that affects the asset accumulation, income management and product selection/investment decision processes," according to the report, which was sponsored by the society's committee on post-retirement needs and risk and written by Noel Abkemeier of Milliman.
Not surprisingly, Abkemeier says this approach is especially important for middle-income Americans who likely have less than $100,000 set aside for retirement. So what are those steps?
1. Quantify assets and net worth.
The first order of business is taking a tally of all that you own — your financial and non-financial assets, including your home and a self-owned business, and all that you owe. Your home, given that it might be your largest asset, could play an especially important part in your retirement, according to Abkemeier.
And at minimum, you should evaluate the many ways you can create income from your home, such as selling and renting; selling and moving in with family; taking out a home-equity loan; renting out a room or rooms; taking a reverse mortgage; and paying off your mortgage.
Another point that sometimes gets lost in the fray is that assets have to be converted into income and income streams need to be converted into assets. "When we think of assets and income, we need to remember that assets can be converted to a monthly income and that retirement savings are important as a generator of monthly income or spending power," according to SOA's report. "Likewise, income streams like pensions have a value comparable to an asset."
One reason retirement planning is so difficult, according to SOA, is that many people are not able to readily think about assets and income with equivalent values and how to make a translation between the two. Assets often seem like a lot of money, particularly when people forget that they will be using them to meet regular expenses.
Consider, for instance, the notion that $100,000 in retirement savings might translate into just $4,000 per year in retirement income.
2. Quantify risk coverage.
Take stock of all the insurance that you might already have or need — health, disability, life, auto and homeowners. In addition, consider whether you might need long-term-care insurance, especially in light of the cost associated with long-term care and the very real possibility that you might need some assistance at some point in your life.
According to the report, those households with limited assets — say, less than $200,000 in financial assets — may need to spend down their assets and rely on Medicaid, while those with more than $2 million in financial assets can cover long-term-care costs out of pocket. But those households with assets in between $200,000 and $2 million should include long-term care insurance in their plan, according to the SOA. And the best time to buy such insurance is in the late preretirement years.
The SOA also notes in its report the possible need for life insurance, the death benefit of which can be used for bequests or to provide income to a surviving spouse. Life insurance premiums can be expensive if you're getting on in years. That's why the SOA report suggests that you continue "existing preretirement coverages during the retirement period."
Of note, there will soon be many policies that combine long-term-care insurance with life insurance and annuities.
3. Compare expenditure needs against anticipated income.
The thing about retirement is that it's filled with expenses, which according to the SOA report "can be thought of as the minimum needed to sustain a standard of living, plus extra for nonrecurring needs and amounts to help meet dreams." What's more, those expenses are likely to change over time.
So to make your retirement plan work in reality, you first have to make it work on paper. You need to compare whether you'll have enough guaranteed income to cover your essential living expenses, including food, housing and health-insurance premiums, at the point of retirement and then compare what amount of income you'll need to cover your discretionary expenses, such as travel and the like (if those are indeed what you might consider discretionary expenses).
Your guaranteed sources of income include Social Security and possibly a pension and annuity. Not so guaranteed: earnings from work and income from assets such as capital gains, dividends, interest and rental property.
No doubt, as you go about the process of matching income to expenses, you might find yourself having to revise your discretionary expenses, especially if there aren't enough guaranteed sources of income to meet essential expenses.
4. Compare amounts needed in retirement against total assets.
So here's where your math skills (or your Google search skills) might come into play. Besides calculating your income and expenses at the point of retirement, you need to figure out whether your funds will last throughout retirement. In other words, you need to calculate the net present value of your expenses throughout retirement.
Now, truth be told, finding the present value of your expenses is a bit tricky, especially since there are many factors that can affect how much is really needed, including the date of your retirement, inflation rates, gross and after-tax investment returns, and your life expectancy.
But the bottom line is this: If, after crunching the numbers, the present value of your expenses is greater than the present value of your assets, you've got some adjustments to make. And the good news is that there are plenty of adjustments that you can make.
You could, for instance, delay the date of your retirement. You could return to work or work part-time. Those actions might be enough to offset the difference. In addition, you might consider trimming your expenses or consider a more tax-efficient plan to draw down income.
5. Categorize assets.
The SOA also recommends that assets be grouped to fund early, middle and late phases of retirement. Thus, assets for early retirement should be liquid, while mid-retirement assets should include intermediate-term investments such as laddered five- to 10-year Treasury bonds, Treasury Inflation-Protected Securities, laddered fixed-interest deferred annuities, balanced investment portfolios, income-oriented equities, variable annuities and the like. And late retirement assets include longevity insurance, TIPS, balanced portfolios, growth and income portfolios, laddered income annuities, deferred variable annuities and life insurance.
6. Relate investments to investing capabilities and portfolio size.
This should come as no surprise. The SOA recommends that you invest only in things that are suitable, relative to your risk tolerance, investment knowledge and the capacity of the portfolio to accommodate volatility. "In short, a retiree should not invest beyond his investment skills, including those of his adviser," the SOA report stated.
7. Keep the plan current.
This too might be a bit obvious, but retirement-income plans must not be built and set on a shelf. The plan is a point-in-time analysis that must be reviewed on a regular basis.
Consider, for instance, just some of the things that could change in one year, according to the SOA. Health status or health-care costs could change; your life expectancy might change; your investment returns and inflation might be quite different than your assumptions; and your employment status and expected retirement date might change.
What's more, you might suffer the loss of a spouse through death or divorce, or perhaps you might not be able to live independently any longer, or perhaps you might need to sell your house or unexpectedly care for dependents, or change your inheritance plans.
Said Abkemeier: "You want to keep your plan current. You need to tie everything together and go back to the start of the process each year. You want to enjoy retirement, but you don't want to be at rest."
(c) 2010, MarketWatch.com Inc.
Distributed by McClatchy-Tribune Information Services.
By Robert Powell
RISMEDIA, November 13, 2010--(MCT)--There are seven keys to a lot of things in life. There are seven steps to heaven and seven types of intelligence and seven habits of effective leaders.
Now we have seven steps to retirement planning courtesy of the Society of Actuaries, which just released a 64-page report with the not-so-consumer-friendly title "Segmenting the Middle Market: Retirement Risks and Solutions Phase II Report."
"Retirement financial planning requires a methodical approach that identifies and quantifies each important component that affects the asset accumulation, income management and product selection/investment decision processes," according to the report, which was sponsored by the society's committee on post-retirement needs and risk and written by Noel Abkemeier of Milliman.
Not surprisingly, Abkemeier says this approach is especially important for middle-income Americans who likely have less than $100,000 set aside for retirement. So what are those steps?
1. Quantify assets and net worth.
The first order of business is taking a tally of all that you own — your financial and non-financial assets, including your home and a self-owned business, and all that you owe. Your home, given that it might be your largest asset, could play an especially important part in your retirement, according to Abkemeier.
And at minimum, you should evaluate the many ways you can create income from your home, such as selling and renting; selling and moving in with family; taking out a home-equity loan; renting out a room or rooms; taking a reverse mortgage; and paying off your mortgage.
Another point that sometimes gets lost in the fray is that assets have to be converted into income and income streams need to be converted into assets. "When we think of assets and income, we need to remember that assets can be converted to a monthly income and that retirement savings are important as a generator of monthly income or spending power," according to SOA's report. "Likewise, income streams like pensions have a value comparable to an asset."
One reason retirement planning is so difficult, according to SOA, is that many people are not able to readily think about assets and income with equivalent values and how to make a translation between the two. Assets often seem like a lot of money, particularly when people forget that they will be using them to meet regular expenses.
Consider, for instance, the notion that $100,000 in retirement savings might translate into just $4,000 per year in retirement income.
2. Quantify risk coverage.
Take stock of all the insurance that you might already have or need — health, disability, life, auto and homeowners. In addition, consider whether you might need long-term-care insurance, especially in light of the cost associated with long-term care and the very real possibility that you might need some assistance at some point in your life.
According to the report, those households with limited assets — say, less than $200,000 in financial assets — may need to spend down their assets and rely on Medicaid, while those with more than $2 million in financial assets can cover long-term-care costs out of pocket. But those households with assets in between $200,000 and $2 million should include long-term care insurance in their plan, according to the SOA. And the best time to buy such insurance is in the late preretirement years.
The SOA also notes in its report the possible need for life insurance, the death benefit of which can be used for bequests or to provide income to a surviving spouse. Life insurance premiums can be expensive if you're getting on in years. That's why the SOA report suggests that you continue "existing preretirement coverages during the retirement period."
Of note, there will soon be many policies that combine long-term-care insurance with life insurance and annuities.
3. Compare expenditure needs against anticipated income.
The thing about retirement is that it's filled with expenses, which according to the SOA report "can be thought of as the minimum needed to sustain a standard of living, plus extra for nonrecurring needs and amounts to help meet dreams." What's more, those expenses are likely to change over time.
So to make your retirement plan work in reality, you first have to make it work on paper. You need to compare whether you'll have enough guaranteed income to cover your essential living expenses, including food, housing and health-insurance premiums, at the point of retirement and then compare what amount of income you'll need to cover your discretionary expenses, such as travel and the like (if those are indeed what you might consider discretionary expenses).
Your guaranteed sources of income include Social Security and possibly a pension and annuity. Not so guaranteed: earnings from work and income from assets such as capital gains, dividends, interest and rental property.
No doubt, as you go about the process of matching income to expenses, you might find yourself having to revise your discretionary expenses, especially if there aren't enough guaranteed sources of income to meet essential expenses.
4. Compare amounts needed in retirement against total assets.
So here's where your math skills (or your Google search skills) might come into play. Besides calculating your income and expenses at the point of retirement, you need to figure out whether your funds will last throughout retirement. In other words, you need to calculate the net present value of your expenses throughout retirement.
Now, truth be told, finding the present value of your expenses is a bit tricky, especially since there are many factors that can affect how much is really needed, including the date of your retirement, inflation rates, gross and after-tax investment returns, and your life expectancy.
But the bottom line is this: If, after crunching the numbers, the present value of your expenses is greater than the present value of your assets, you've got some adjustments to make. And the good news is that there are plenty of adjustments that you can make.
You could, for instance, delay the date of your retirement. You could return to work or work part-time. Those actions might be enough to offset the difference. In addition, you might consider trimming your expenses or consider a more tax-efficient plan to draw down income.
5. Categorize assets.
The SOA also recommends that assets be grouped to fund early, middle and late phases of retirement. Thus, assets for early retirement should be liquid, while mid-retirement assets should include intermediate-term investments such as laddered five- to 10-year Treasury bonds, Treasury Inflation-Protected Securities, laddered fixed-interest deferred annuities, balanced investment portfolios, income-oriented equities, variable annuities and the like. And late retirement assets include longevity insurance, TIPS, balanced portfolios, growth and income portfolios, laddered income annuities, deferred variable annuities and life insurance.
6. Relate investments to investing capabilities and portfolio size.
This should come as no surprise. The SOA recommends that you invest only in things that are suitable, relative to your risk tolerance, investment knowledge and the capacity of the portfolio to accommodate volatility. "In short, a retiree should not invest beyond his investment skills, including those of his adviser," the SOA report stated.
7. Keep the plan current.
This too might be a bit obvious, but retirement-income plans must not be built and set on a shelf. The plan is a point-in-time analysis that must be reviewed on a regular basis.
Consider, for instance, just some of the things that could change in one year, according to the SOA. Health status or health-care costs could change; your life expectancy might change; your investment returns and inflation might be quite different than your assumptions; and your employment status and expected retirement date might change.
What's more, you might suffer the loss of a spouse through death or divorce, or perhaps you might not be able to live independently any longer, or perhaps you might need to sell your house or unexpectedly care for dependents, or change your inheritance plans.
Said Abkemeier: "You want to keep your plan current. You need to tie everything together and go back to the start of the process each year. You want to enjoy retirement, but you don't want to be at rest."
(c) 2010, MarketWatch.com Inc.
Distributed by McClatchy-Tribune Information Services.
Cut Costs, Save Energy
For Your Clients: Cut Costs, Save Energy
By Paige Tepping
RISMEDIA, November 15,2010--Homeowners and home buyers alike are all after the same thing today—living in a home that is kind to the environment while saving money on their bills. As we continue to make our way through fall and homeowners begin to prepare for the colder temperatures that are on their way, homeowners should keep in mind that there are some simple things they can do to keep their energy use and bills lower this winter. According to Energy Efficient Home Tips, homeowners should follow these tips to help keep their energy use in check.
An effective seal
While the biggest portion of any homeowner’s energy bill comes from heating the home in the winter and cooling it during the summer, fall provides the perfect opportunity for homeowners to make sure their heating systems are in working order. It is also an opportune time to ensure your home is firmly sealed by checking around windows and doors to see if any air is coming in.
Eliminate unnecessary heating
One of the biggest wastes of energy occurs when homeowners are heating rooms that are unoccupied. To avoid this problem, take the time to close vents in rooms that aren’t being used.
Use window coverings to keep heat in
Be sure to take advantage of all the accessories in your home when trying to keep the warmth in and the cool temperatures out. Take advantage of sunny days by keeping the drapes open during the day and closing them at night to keep the heat in. This will allow you to keep your home comfortable without depending entirely on your heating system.
Control your thermostat
In addition to making the most of your window coverings, homeowners may want to think about investing in a programmable thermostat that can be set to turn on and off at specific times of the day and night. This will allow you to save money on your heating bill while keeping your home comfortable when you are home.
Keeping clean
To cut down on the amount of hot water you use—thus cutting your expenses—use cold water when doing laundry as much as possible. In addition, try to run the dishwasher and laundry machine only when you have a full load.
By Paige Tepping
RISMEDIA, November 15,2010--Homeowners and home buyers alike are all after the same thing today—living in a home that is kind to the environment while saving money on their bills. As we continue to make our way through fall and homeowners begin to prepare for the colder temperatures that are on their way, homeowners should keep in mind that there are some simple things they can do to keep their energy use and bills lower this winter. According to Energy Efficient Home Tips, homeowners should follow these tips to help keep their energy use in check.
An effective seal
While the biggest portion of any homeowner’s energy bill comes from heating the home in the winter and cooling it during the summer, fall provides the perfect opportunity for homeowners to make sure their heating systems are in working order. It is also an opportune time to ensure your home is firmly sealed by checking around windows and doors to see if any air is coming in.
Eliminate unnecessary heating
One of the biggest wastes of energy occurs when homeowners are heating rooms that are unoccupied. To avoid this problem, take the time to close vents in rooms that aren’t being used.
Use window coverings to keep heat in
Be sure to take advantage of all the accessories in your home when trying to keep the warmth in and the cool temperatures out. Take advantage of sunny days by keeping the drapes open during the day and closing them at night to keep the heat in. This will allow you to keep your home comfortable without depending entirely on your heating system.
Control your thermostat
In addition to making the most of your window coverings, homeowners may want to think about investing in a programmable thermostat that can be set to turn on and off at specific times of the day and night. This will allow you to save money on your heating bill while keeping your home comfortable when you are home.
Keeping clean
To cut down on the amount of hot water you use—thus cutting your expenses—use cold water when doing laundry as much as possible. In addition, try to run the dishwasher and laundry machine only when you have a full load.
Top Tips to Winter-Proof Your Home
For Your Clients: Top Tips to Winter-Proof Your Home
RISMEDIA, November 15, 2010--As winter sets in, there's nothing better than hibernating on the sofa with a good book or classic film. But having this spoiled by a home emergency can add a real chill to your winter warmth, especially if it's preventable.
We're all familiar with the issues winter forces upon us: the boiler breaking, pipes bursting or a break-in, which can make the harsh effects of winter far more severe.
Planning ahead now can help protect you against these potential problems. Here are some simple tips from John Lewis Insurance to prevent home emergencies from happening. Many of them are relatively quick and easy to do.
Quick fixes:
* Change the battery in your smoke detector or install them if you don't have any - it's a simple task that can save your life. And make sure you test them regularly.
* Inspect your roof for missing or cracked tiles. If repairs are needed, get them done as soon as you can.
* Vacuum the coils on the back of the fridge. This will help your fridge work more efficiently and will help you save money on your power bills.
* Turn your mattress regularly. We all spend more time in bed over winter - turning your mattress regularly will extend its life and ensure a more comfortable night's sleep.
* Get your boiler serviced. If you haven't had your boiler serviced this year, now is the ideal time to ensure it's in good working order.
More time needed:
* Oil your power tools and if you have a gas-powered lawn mower, drain the gas from it. They will survive the winter better and be in top shape for spring.
* Check all taps for leaks and locate the main pipe to the water mains. Pipes can burst if they freeze so if you leave home for more than a few days, ideally you should turn off the water and drain the pipes.
* Bleed your radiators by opening the valve until water appears - they will work more efficiently.
* The cold doesn't deter burglars so be sure to inspect your locks and any burglar alarms - and consider using lighting timers for that lived in appearance.
Worth the effort:
* It may take a day or two to sort out but cleaning your gutters properly will guarantee they won't get blocked or overflow.
* Trimming back trees is always recommended in the autumn.
* Clean out the garage before anything is stored that can get spoiled by the cold.
Finally, preparing an emergency kit is a great way to make those small and big emergencies as easy to handle as possible. This is what you should have at hand's reach:
* A small tool bag containing a torch, a roll of insulation tape, spare fuses, spare batteries and a screwdriver
* A radiator key
* A fire extinguisher if you have one, checked or recently replaced
* Important telephone numbers like the police, a trusted plumber, electrician, etc.
RISMEDIA, November 15, 2010--As winter sets in, there's nothing better than hibernating on the sofa with a good book or classic film. But having this spoiled by a home emergency can add a real chill to your winter warmth, especially if it's preventable.
We're all familiar with the issues winter forces upon us: the boiler breaking, pipes bursting or a break-in, which can make the harsh effects of winter far more severe.
Planning ahead now can help protect you against these potential problems. Here are some simple tips from John Lewis Insurance to prevent home emergencies from happening. Many of them are relatively quick and easy to do.
Quick fixes:
* Change the battery in your smoke detector or install them if you don't have any - it's a simple task that can save your life. And make sure you test them regularly.
* Inspect your roof for missing or cracked tiles. If repairs are needed, get them done as soon as you can.
* Vacuum the coils on the back of the fridge. This will help your fridge work more efficiently and will help you save money on your power bills.
* Turn your mattress regularly. We all spend more time in bed over winter - turning your mattress regularly will extend its life and ensure a more comfortable night's sleep.
* Get your boiler serviced. If you haven't had your boiler serviced this year, now is the ideal time to ensure it's in good working order.
More time needed:
* Oil your power tools and if you have a gas-powered lawn mower, drain the gas from it. They will survive the winter better and be in top shape for spring.
* Check all taps for leaks and locate the main pipe to the water mains. Pipes can burst if they freeze so if you leave home for more than a few days, ideally you should turn off the water and drain the pipes.
* Bleed your radiators by opening the valve until water appears - they will work more efficiently.
* The cold doesn't deter burglars so be sure to inspect your locks and any burglar alarms - and consider using lighting timers for that lived in appearance.
Worth the effort:
* It may take a day or two to sort out but cleaning your gutters properly will guarantee they won't get blocked or overflow.
* Trimming back trees is always recommended in the autumn.
* Clean out the garage before anything is stored that can get spoiled by the cold.
Finally, preparing an emergency kit is a great way to make those small and big emergencies as easy to handle as possible. This is what you should have at hand's reach:
* A small tool bag containing a torch, a roll of insulation tape, spare fuses, spare batteries and a screwdriver
* A radiator key
* A fire extinguisher if you have one, checked or recently replaced
* Important telephone numbers like the police, a trusted plumber, electrician, etc.
Friday, November 12, 2010
Survey: Parent Investors Buying Homes vs. Spending Money on Rent, Dorms
RISMEDIA, November 12, 2010--Every fall, parents wave goodbye as their college-bound kids pack up their belongings, make the drive down university lane and prepare for football games, mid-terms and freedom. While college living is often associated with dorms and campus housing, Coldwell Banker Real Estate LLC discovered that many parents are opting to purchase a home rather than spend money on rent or dorm fees. According to a recent survey among the Coldwell Banker® network of real estate professionals in college towns, 64 percent see a significant number of “parent investors” buying homes for their kids to live in while attending the university.
To see how college towns stack up in home price affordability, Coldwell Banker Real Estate released its new College Home Listing Report (College HLR), which provides the average home listing price of four-bedroom, two-bathroom properties listed for sale between April and September 2010 on coldwellbanker.com in markets home to the 120 schools in the Football Bowl Subdivision. With almost two-thirds of the College HLR markets having subject homes priced less than $250,000 (78 in total), college towns prove to be a touchdown for homebuyers.
The top 10 most affordable markets in the Coldwell Banker Real Estate College Home Listing Report are:
1. Ball State University, Muncie, Ind. - $105,115
2. University of Buffalo: The State University of New York, Buffalo, N.Y. - $117,223
3. University of Memphis, Memphis, Tenn. - $135,090
4. University of South Carolina, Columbia, S.C. - $137,707
5. University of Akron, Akron, Ohio - $139,711
6. Eastern Michigan University, Ypsilanti, Mich. - $141,629
7. Ohio University, Athens, Ohio - $141,964
8. Kent State University, Kent, Ohio - $153,662
9. University of Toledo, Toledo, Ohio - $155,286
10. Louisiana Tech University, Ruston, La. - $157,110
“Towns that are home to major universities have a special vibe you just don’t find anywhere else,” said Jim Gillespie, chief executive officer, Coldwell Banker Real Estate and alumni of the Illinois Fighting Illini. “It’s about more than just great sports and local flavor. College towns offer rich culture and most have steady economic bases oftentimes highlighted by outstanding medical and research facilities.”
While not all college towns are affordable, even the more expensive markets make great places to live.
The top 10 most expensive markets in the Coldwell Banker Real Estate College Home Listing Report are:
1. Stanford University, Palo Alto, Calif. - $1,385,652
2. University of Hawaii, Honolulu, Hawaii - $833,439
3. University of California LA, and University of Southern California, Los Angeles, Calif. - $833,087
4. University of Colorado, Boulder, Colo. - $791,877
5. Boston College, Chestnut Hill, Mass. -$791,408
6. United States Naval Academy, Annapolis, Md. - $671,151
7. San Jose State University, San Jose, Calif. - $650,111
8. University of California Berkeley, Berkeley, Calif. - $636,958
9. University of Washington, Seattle, Wash. - $624,338
10. Northwestern University, Evanston, Ill. - $559,855
Additional Survey Findings:
Coldwell Banker Real Estate also found that college towns have continued to be a hot spot for real estate investing, regardless of the downturn in the economy. Seventy-three (73) percent of Coldwell Banker real estate professionals surveyed said they see a significant number of investors buying homes near campus and renting them to people in the community, with only 21 percent seeing a decrease in this trend over the past five years.
“Our survey suggests two types of investors see value in college towns,” Gillespie said. “Long-term investors take advantage of the steady stream of renters, including students, professors and university officials. “‘Parent investors’ buy homes for their child to live in while attending college. Roommates provide rental income for the mortgage, and the hope is that students care for the home and it appreciates over time.”
With so many benefits to living in a college town, they aren’t just for investors. Alumni and retirees are finding reasons to re-live their glory days, as well. Fifty one (51) percent of the survey respondents noted they see a lot of alumni homebuyers, and 49 percent see a significant number of retirees moving to their college town.
“It’s not just students who want to live near campus, attend games and take interesting classes,” Gillespie said. “For a few years now, college towns have been popular markets for alumni and retirees. I’m a great example,” he said. “I purchased a home in Champaign, Ill. to be near my alma mater, the University of Illinois, and it’s one of the best decisions I’ve ever made, from both a lifestyle and a financial perspective.”
Fun Fact:
The survey of Coldwell Banker real estate professionals uncovered that a college sports team’s performance affects more than just a football ranking; nearly one quarter (24 percent) of respondents indicated that the success of a college’s sports teams can have an impact on the local real estate market.
For a fun look at fans’ perspectives, Coldwell Banker Real Estate spoke with dozens of people on a fall football Saturday for insider thoughts on what makes their college town special. To see these interviews, please visit Coldwell Banker On Location: http://www.youtube.com/watch?v=fmglCxq1sck.
To see how college towns stack up in home price affordability, Coldwell Banker Real Estate released its new College Home Listing Report (College HLR), which provides the average home listing price of four-bedroom, two-bathroom properties listed for sale between April and September 2010 on coldwellbanker.com in markets home to the 120 schools in the Football Bowl Subdivision. With almost two-thirds of the College HLR markets having subject homes priced less than $250,000 (78 in total), college towns prove to be a touchdown for homebuyers.
The top 10 most affordable markets in the Coldwell Banker Real Estate College Home Listing Report are:
1. Ball State University, Muncie, Ind. - $105,115
2. University of Buffalo: The State University of New York, Buffalo, N.Y. - $117,223
3. University of Memphis, Memphis, Tenn. - $135,090
4. University of South Carolina, Columbia, S.C. - $137,707
5. University of Akron, Akron, Ohio - $139,711
6. Eastern Michigan University, Ypsilanti, Mich. - $141,629
7. Ohio University, Athens, Ohio - $141,964
8. Kent State University, Kent, Ohio - $153,662
9. University of Toledo, Toledo, Ohio - $155,286
10. Louisiana Tech University, Ruston, La. - $157,110
“Towns that are home to major universities have a special vibe you just don’t find anywhere else,” said Jim Gillespie, chief executive officer, Coldwell Banker Real Estate and alumni of the Illinois Fighting Illini. “It’s about more than just great sports and local flavor. College towns offer rich culture and most have steady economic bases oftentimes highlighted by outstanding medical and research facilities.”
While not all college towns are affordable, even the more expensive markets make great places to live.
The top 10 most expensive markets in the Coldwell Banker Real Estate College Home Listing Report are:
1. Stanford University, Palo Alto, Calif. - $1,385,652
2. University of Hawaii, Honolulu, Hawaii - $833,439
3. University of California LA, and University of Southern California, Los Angeles, Calif. - $833,087
4. University of Colorado, Boulder, Colo. - $791,877
5. Boston College, Chestnut Hill, Mass. -$791,408
6. United States Naval Academy, Annapolis, Md. - $671,151
7. San Jose State University, San Jose, Calif. - $650,111
8. University of California Berkeley, Berkeley, Calif. - $636,958
9. University of Washington, Seattle, Wash. - $624,338
10. Northwestern University, Evanston, Ill. - $559,855
Additional Survey Findings:
Coldwell Banker Real Estate also found that college towns have continued to be a hot spot for real estate investing, regardless of the downturn in the economy. Seventy-three (73) percent of Coldwell Banker real estate professionals surveyed said they see a significant number of investors buying homes near campus and renting them to people in the community, with only 21 percent seeing a decrease in this trend over the past five years.
“Our survey suggests two types of investors see value in college towns,” Gillespie said. “Long-term investors take advantage of the steady stream of renters, including students, professors and university officials. “‘Parent investors’ buy homes for their child to live in while attending college. Roommates provide rental income for the mortgage, and the hope is that students care for the home and it appreciates over time.”
With so many benefits to living in a college town, they aren’t just for investors. Alumni and retirees are finding reasons to re-live their glory days, as well. Fifty one (51) percent of the survey respondents noted they see a lot of alumni homebuyers, and 49 percent see a significant number of retirees moving to their college town.
“It’s not just students who want to live near campus, attend games and take interesting classes,” Gillespie said. “For a few years now, college towns have been popular markets for alumni and retirees. I’m a great example,” he said. “I purchased a home in Champaign, Ill. to be near my alma mater, the University of Illinois, and it’s one of the best decisions I’ve ever made, from both a lifestyle and a financial perspective.”
Fun Fact:
The survey of Coldwell Banker real estate professionals uncovered that a college sports team’s performance affects more than just a football ranking; nearly one quarter (24 percent) of respondents indicated that the success of a college’s sports teams can have an impact on the local real estate market.
For a fun look at fans’ perspectives, Coldwell Banker Real Estate spoke with dozens of people on a fall football Saturday for insider thoughts on what makes their college town special. To see these interviews, please visit Coldwell Banker On Location: http://www.youtube.com/watch?v=fmglCxq1sck.
Thursday, November 11, 2010
Census: Couples Marrying Later, Affects Household Size
Census: Couples Marrying Later, Affects Household Size
RISMEDIA, November 11, 2010--The median age at first marriage increased to 28.2 for men and 26.1 for women in 2010, an increase from 26.8 and 25.1 in 2000, according to the U.S. Census Bureau. This increase is a continuation of a long-term trend that has been noted since the mid-1950s. In addition, the overall percentage of adults who were married declined to 54.1 percent in 2010 from 57.3 percent in 2000.
According to America's Families and Living Arrangements, the average household size declined to 2.59 in 2010, from 2.62 people in 2000. This is partly because of the increase in one-person households, which rose from 25 percent in 2000 to 27 percent in 2010, more than double the percentage in 1960 (13 percent).
These data come from the 2010 Current Population Survey, which provides a look at the socioeconomic characteristics of families and households at the national level.
"This series of tables highlights some of the changes in household composition over the last decade," said Rose Kreider, a family demographer at the U.S. Census Bureau.
Even though the overall household size declined between 2000 and 2010, some household subgroups increased in size. For example, households where the householder had less than a high school degree increased to an average of 2.87 people in 2010 from 2.67 people in 2001.
Editor's note: The information can be accessed at http://www.census.gov/ population/www/socdemo/hh-fam.html.
Other highlights:
* The percentage of households headed by a married couple who had children under 18 living with them declined to 21 percent in 2010, down from 24 percent in 2000.
* The percentage of children under 18 living with two married parents declined to 66 percent in 2010, down from 69 percent in 2000.
* In 2010, 23 percent of married-couple family groups with children under 15 had a stay-at-home mother, up from 21 percent in 2000. In 2007, before the recession, stay-at-home mothers were found in 24 percent of married-couple family groups with children under 15.
* The percentage of children under 18 who lived in a household that included a grandparent increased from 8 percent in 2001 to 10 percent in 2010. Of the 7.5 million children who lived with a grandparent in 2010, 22 percent did not have a parent present in the household.
RISMEDIA, November 11, 2010--The median age at first marriage increased to 28.2 for men and 26.1 for women in 2010, an increase from 26.8 and 25.1 in 2000, according to the U.S. Census Bureau. This increase is a continuation of a long-term trend that has been noted since the mid-1950s. In addition, the overall percentage of adults who were married declined to 54.1 percent in 2010 from 57.3 percent in 2000.
According to America's Families and Living Arrangements, the average household size declined to 2.59 in 2010, from 2.62 people in 2000. This is partly because of the increase in one-person households, which rose from 25 percent in 2000 to 27 percent in 2010, more than double the percentage in 1960 (13 percent).
These data come from the 2010 Current Population Survey, which provides a look at the socioeconomic characteristics of families and households at the national level.
"This series of tables highlights some of the changes in household composition over the last decade," said Rose Kreider, a family demographer at the U.S. Census Bureau.
Even though the overall household size declined between 2000 and 2010, some household subgroups increased in size. For example, households where the householder had less than a high school degree increased to an average of 2.87 people in 2010 from 2.67 people in 2001.
Editor's note: The information can be accessed at http://www.census.gov/ population/www/socdemo/hh-fam.html.
Other highlights:
* The percentage of households headed by a married couple who had children under 18 living with them declined to 21 percent in 2010, down from 24 percent in 2000.
* The percentage of children under 18 living with two married parents declined to 66 percent in 2010, down from 69 percent in 2000.
* In 2010, 23 percent of married-couple family groups with children under 15 had a stay-at-home mother, up from 21 percent in 2000. In 2007, before the recession, stay-at-home mothers were found in 24 percent of married-couple family groups with children under 15.
* The percentage of children under 18 who lived in a household that included a grandparent increased from 8 percent in 2001 to 10 percent in 2010. Of the 7.5 million children who lived with a grandparent in 2010, 22 percent did not have a parent present in the household.
Regional Spotlight: Tax Credit Effect Evident in Illinois Third Quarter Home Sales
Regional Spotlight: Tax Credit Effect Evident in Illinois Third Quarter Home Sales
RISMEDIA, November 11, 2010--More than half of Illinois counties reported gains in the median home sale price during the third quarter of 2010 compared to a year ago despite the post-tax credit slowdown in sales activity.
According to the Illinois Association of REALTORS® (IAR) third quarter 2010 report, Illinois home sales (which include single-family homes and condominiums) totaled 24,628 in the third quarter, down 24.9 percent from 32,776 home sales in the same period a year ago. The third quarter statewide median home sale price was $154,000, down 6.1 percent from $164,000 in the third quarter of 2009. The median is a typical market price where half the homes sold for more, half sold for less.
"Home sales totals in the third quarter are evidence buyers sped up their home purchases to get the tax credit incentive while momentum toward price stabilization proved resilient in some markets and tempered in others," said REALTOR® Sheryl Grider Whitehurst, ABR, CRB, GRI, president of the Illinois Association of REALTORS® and the Development and Operations Coordinator for Traders Realty in Peoria. "For the housing market to move forward in this post-stimulus environment will require much stronger signals that the economy, jobs and foreclosure outlooks are improving."
Adds Whitehurst: "Looking ahead to the typically slower holiday months, buyers will still find exceptional affordability conditions with low mortgage interest rates and home prices."
The 3Q10 interest rate for 30-year, fixed-rate mortgages averaged 4.45 percent in the North Central Region, according to the Federal Home Loan Mortgage Corporation. It was down from 4.94 percent in the second quarter and down from 5.28 percent a year ago in 3Q09.
"The national and regional economies continue to under-perform even though the National Bureau of Economic Research indicated that the economic recovery began in July 2009; there is broad agreement that the pace of recovery needs to be accelerated," said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois. "Since the beginning of the recession in December 2007, Illinois has added jobs in eight months and suffered declines in 24. If account is taken of population (and thus the labor force growth), Illinois would need to add 450,600 more jobs to put it in a comparable position to the last peak level recorded in November 2000."
In the Chicagoland Primary Metropolitan Statistical Area (PMSA) total home sales (single-family and condominiums) were down 22.4 percent in the third quarter of 2010 to 16,520 homes sold compared to 21,297 home sales in the third quarter of 2009.
The Chicagoland PMSA third quarter 2010 median price was $188,666, down 8.0 percent from $205,000 in the third quarter of 2009.
More than half of Illinois counties (51 of 99 counties reporting) posted median price increases in the third quarter of 2010 compared to the same period in 2009 including: Champaign, up 4.1 percent to $147,500; DuPage, up 0.6 percent to $238,627; Knox, up 10.3 percent to $75,000; Lake, up 4.2 percent to $216,700; Madison, up 5.0 percent to $121,500; Saint Clair, up 15.7 percent to $141,950; Sangamon, up 3.9 percent to $124,000; and Tazewell, up 6.6 percent to $127,900.
In the city of Chicago, total home sales (single-family and condominiums) in the third quarter were down 23.1 percent to 4,477 sales compared to 5,820 sales in the third quarter of 2009. The city of Chicago median price in the third quarter was down 16.1 percent to $192,900 from $230,000 in third quarter 2009.
"The third quarter of 2010 reflects a different marketplace than the same period in 2009, when buyers were incentivized with $8,000 and $6,500, respectively, for first-time and move-up home purchases," said Mabel Guzman, president of the Chicago Association of REALTORS® and a REALTOR® with Su Familia Real Estate, Chicago. "Today, tightened credit practices paired with a lack of consumer confidence continue to make homebuying a challenge for those potentially on the fence. Positive signs, however, can be seen in the stabilization of the average price in the city of Chicago and the ongoing investment in distressed properties throughout the city."
Sales and price information is generated from a survey of Multiple Listing Service sales reported by 35 participating Illinois REALTOR® local boards and associations. The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
RISMEDIA, November 11, 2010--More than half of Illinois counties reported gains in the median home sale price during the third quarter of 2010 compared to a year ago despite the post-tax credit slowdown in sales activity.
According to the Illinois Association of REALTORS® (IAR) third quarter 2010 report, Illinois home sales (which include single-family homes and condominiums) totaled 24,628 in the third quarter, down 24.9 percent from 32,776 home sales in the same period a year ago. The third quarter statewide median home sale price was $154,000, down 6.1 percent from $164,000 in the third quarter of 2009. The median is a typical market price where half the homes sold for more, half sold for less.
"Home sales totals in the third quarter are evidence buyers sped up their home purchases to get the tax credit incentive while momentum toward price stabilization proved resilient in some markets and tempered in others," said REALTOR® Sheryl Grider Whitehurst, ABR, CRB, GRI, president of the Illinois Association of REALTORS® and the Development and Operations Coordinator for Traders Realty in Peoria. "For the housing market to move forward in this post-stimulus environment will require much stronger signals that the economy, jobs and foreclosure outlooks are improving."
Adds Whitehurst: "Looking ahead to the typically slower holiday months, buyers will still find exceptional affordability conditions with low mortgage interest rates and home prices."
The 3Q10 interest rate for 30-year, fixed-rate mortgages averaged 4.45 percent in the North Central Region, according to the Federal Home Loan Mortgage Corporation. It was down from 4.94 percent in the second quarter and down from 5.28 percent a year ago in 3Q09.
"The national and regional economies continue to under-perform even though the National Bureau of Economic Research indicated that the economic recovery began in July 2009; there is broad agreement that the pace of recovery needs to be accelerated," said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois. "Since the beginning of the recession in December 2007, Illinois has added jobs in eight months and suffered declines in 24. If account is taken of population (and thus the labor force growth), Illinois would need to add 450,600 more jobs to put it in a comparable position to the last peak level recorded in November 2000."
In the Chicagoland Primary Metropolitan Statistical Area (PMSA) total home sales (single-family and condominiums) were down 22.4 percent in the third quarter of 2010 to 16,520 homes sold compared to 21,297 home sales in the third quarter of 2009.
The Chicagoland PMSA third quarter 2010 median price was $188,666, down 8.0 percent from $205,000 in the third quarter of 2009.
More than half of Illinois counties (51 of 99 counties reporting) posted median price increases in the third quarter of 2010 compared to the same period in 2009 including: Champaign, up 4.1 percent to $147,500; DuPage, up 0.6 percent to $238,627; Knox, up 10.3 percent to $75,000; Lake, up 4.2 percent to $216,700; Madison, up 5.0 percent to $121,500; Saint Clair, up 15.7 percent to $141,950; Sangamon, up 3.9 percent to $124,000; and Tazewell, up 6.6 percent to $127,900.
In the city of Chicago, total home sales (single-family and condominiums) in the third quarter were down 23.1 percent to 4,477 sales compared to 5,820 sales in the third quarter of 2009. The city of Chicago median price in the third quarter was down 16.1 percent to $192,900 from $230,000 in third quarter 2009.
"The third quarter of 2010 reflects a different marketplace than the same period in 2009, when buyers were incentivized with $8,000 and $6,500, respectively, for first-time and move-up home purchases," said Mabel Guzman, president of the Chicago Association of REALTORS® and a REALTOR® with Su Familia Real Estate, Chicago. "Today, tightened credit practices paired with a lack of consumer confidence continue to make homebuying a challenge for those potentially on the fence. Positive signs, however, can be seen in the stabilization of the average price in the city of Chicago and the ongoing investment in distressed properties throughout the city."
Sales and price information is generated from a survey of Multiple Listing Service sales reported by 35 participating Illinois REALTOR® local boards and associations. The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
Wednesday, November 10, 2010
HUD to Launch Pilot Program to Help Homeowners
HUD to Launch Pilot Program to Help Homeowners
RISMEDIA, November 10, 2010-- HUD on Tuesday announced a new pilot program that will offer credit-worthy borrowers low-cost loans to make energy-saving improvements to their homes. Backed by the Federal Housing Administration (FHA), these new FHA PowerSaver loans will offer homeowners up to $25,000 to make energy-efficient improvements of their choice, including the installation of insulation, duct sealing, doors and windows, HVAC systems, water heaters, solar panels, and geothermal systems.
HUD and FHA developed PowerSaver as part of the Recovery Through Retrofit initiative launched in May 2009. More homeowners are interested in making their homes energy efficient, according to industry forecasts. Yet options are still limited for financing home energy improvements, especially for the many homeowners who are unable to take out a home equity loan or access an affordable consumer loan. HUD today published a notice seeking the participation of a limited number of mortgage lenders in the two-year pilot program slated to begin in early 2011.
“PowerSaver provides lenders with a new product option to serve a potentially growing market,” said David H. Stevens, FHA Commissioner. “We believe there are a number of lenders who will be interested in working with us to help save energy and money for homeowners, while creating jobs and cutting greenhouse gas emissions.”
Lenders will be selected to participate in the PowerSaver pilot based on their capacity and commitment to provide affordable home energy improvement financing. Lenders will be required to serve communities that have already taken affirmative steps to expand home energy improvements. HUD will help lenders identify such markets – which exist in many suburban, rural and urban areas across the country.
PowerSaver loans will be backed by the FHA – but with significant “skin in the game” from private lenders. FHA mortgage insurance will cover up to 90 percent of the loan amount in the event of default. Lenders will retain the remaining risk on each loan, incentivizing responsible underwriting and lending standards. FHA will provide streamlined insurance claims payment procedures on PowerSaver loans. In addition, lenders may be eligible for incentive grant payments from FHA to enhance benefits to borrowers, such as lowering interest rates.
PowerSaver has been carefully designed to meet a need in the marketplace for borrowers who have the ability and motivation to take on modest additional debt to realize the savings over time from a home energy improvement. PowerSaver loans are only available to borrowers with good credit, manageable overall debt and at least some equity in their home (maximum 100% combined loan to value).
To read the full text of FHA’s notice, visit HUD’s website.
RISMEDIA, November 10, 2010-- HUD on Tuesday announced a new pilot program that will offer credit-worthy borrowers low-cost loans to make energy-saving improvements to their homes. Backed by the Federal Housing Administration (FHA), these new FHA PowerSaver loans will offer homeowners up to $25,000 to make energy-efficient improvements of their choice, including the installation of insulation, duct sealing, doors and windows, HVAC systems, water heaters, solar panels, and geothermal systems.
HUD and FHA developed PowerSaver as part of the Recovery Through Retrofit initiative launched in May 2009. More homeowners are interested in making their homes energy efficient, according to industry forecasts. Yet options are still limited for financing home energy improvements, especially for the many homeowners who are unable to take out a home equity loan or access an affordable consumer loan. HUD today published a notice seeking the participation of a limited number of mortgage lenders in the two-year pilot program slated to begin in early 2011.
“PowerSaver provides lenders with a new product option to serve a potentially growing market,” said David H. Stevens, FHA Commissioner. “We believe there are a number of lenders who will be interested in working with us to help save energy and money for homeowners, while creating jobs and cutting greenhouse gas emissions.”
Lenders will be selected to participate in the PowerSaver pilot based on their capacity and commitment to provide affordable home energy improvement financing. Lenders will be required to serve communities that have already taken affirmative steps to expand home energy improvements. HUD will help lenders identify such markets – which exist in many suburban, rural and urban areas across the country.
PowerSaver loans will be backed by the FHA – but with significant “skin in the game” from private lenders. FHA mortgage insurance will cover up to 90 percent of the loan amount in the event of default. Lenders will retain the remaining risk on each loan, incentivizing responsible underwriting and lending standards. FHA will provide streamlined insurance claims payment procedures on PowerSaver loans. In addition, lenders may be eligible for incentive grant payments from FHA to enhance benefits to borrowers, such as lowering interest rates.
PowerSaver has been carefully designed to meet a need in the marketplace for borrowers who have the ability and motivation to take on modest additional debt to realize the savings over time from a home energy improvement. PowerSaver loans are only available to borrowers with good credit, manageable overall debt and at least some equity in their home (maximum 100% combined loan to value).
To read the full text of FHA’s notice, visit HUD’s website.
Friday, September 17, 2010
The Law of Success
Mental Equipment Checklist
by Dr. Napoleon Hill
There follows a list of very desirable qualities which almost any normal and reasonable person can come to possess and exercise. The list is long and perfection may be only slowly attained. Therefore, before entering into a detailed consideration of the things you would like to have your mind and body capable of doing, let's at once enumerate those which are absolutely necessary.
1. Physical fitness is of tremendous importance for the simple reason that neither mind nor body can function well without it. Therefore, give attention to your habits of life, proper diet, healthful exercise and fresh air.
2. Courage must be the part of every man or woman who succeeds in any undertaking, especially that of selling in these trying time of intense competition after a devastating period of depression and discouragement.
3. Imagination is an absolute requisite of a successful salesman. He must anticipate situations and even objections on the part of his prospective customer. He must have such a lively imagination as to enable its operation to place him in sympathetic understanding with the position, needs, and objectives of his customer. He must almost literally stand in the other man's shoes. This takes real imagination.
4. Speech. The tone of voice must be pleasing. A high-pitched squeaky voice is irritating. Words half swallowed are hard to understand. Speak distinctly and enunciate clearly. A meek voice indicates a weak person. A firm, clean-cut, clear voice that moves with assurance and color, indicates an aggressive person with enthusiasm and aggressiveness.
5. Hard work is the only thing that will turn sales training and ability into money. No amount of good health, courage, or imagination is worth a dime unless it is put to work; and the amount of pay a salesman gets is usually fixed by the amount of very hard, intelligent work that he actually puts out. Many people side-step this factor of success.
Source: How to Sell Your Way Through Life, 1955, Ralston Publishing Co., Cleveland, Ohio, pgs. 72-73.
by Dr. Napoleon Hill
There follows a list of very desirable qualities which almost any normal and reasonable person can come to possess and exercise. The list is long and perfection may be only slowly attained. Therefore, before entering into a detailed consideration of the things you would like to have your mind and body capable of doing, let's at once enumerate those which are absolutely necessary.
1. Physical fitness is of tremendous importance for the simple reason that neither mind nor body can function well without it. Therefore, give attention to your habits of life, proper diet, healthful exercise and fresh air.
2. Courage must be the part of every man or woman who succeeds in any undertaking, especially that of selling in these trying time of intense competition after a devastating period of depression and discouragement.
3. Imagination is an absolute requisite of a successful salesman. He must anticipate situations and even objections on the part of his prospective customer. He must have such a lively imagination as to enable its operation to place him in sympathetic understanding with the position, needs, and objectives of his customer. He must almost literally stand in the other man's shoes. This takes real imagination.
4. Speech. The tone of voice must be pleasing. A high-pitched squeaky voice is irritating. Words half swallowed are hard to understand. Speak distinctly and enunciate clearly. A meek voice indicates a weak person. A firm, clean-cut, clear voice that moves with assurance and color, indicates an aggressive person with enthusiasm and aggressiveness.
5. Hard work is the only thing that will turn sales training and ability into money. No amount of good health, courage, or imagination is worth a dime unless it is put to work; and the amount of pay a salesman gets is usually fixed by the amount of very hard, intelligent work that he actually puts out. Many people side-step this factor of success.
Source: How to Sell Your Way Through Life, 1955, Ralston Publishing Co., Cleveland, Ohio, pgs. 72-73.
Friday, September 10, 2010
Wednesday, August 11, 2010
Thursday, July 1, 2010
Working with reputable lenders...
How is it that in today's market, we are still coming across lenders that are not fully qualifying their clients?!?!
My partner has been working a short sale file for 2 years and finally had everything in line with both banks that she had to negotiate hard with! And a week before closing she finds out that the buyers credit isn't good enough to get final commitment for their loan??? And this is after they gave her the run-around saying they needed a 30 extension to ensure that the well water testing was in... however, that wasn't the case she soon found out! They did need the water test to pass, but more importantly they really needed time to check on the buyers credit score!
But how did the buyer get an approval letter if their score was too low in the first place?! When she asked the lender why they gave them a pre-approval letter, they told her that they gave the letter based on the buyers future score! What in world is going on here? I sympathize with the buyer because he has actually invested money in the property and has done work there to ensure that they passed any appraisal issues and township inspections! How does a lender like this stay in business? How could they not inform their client of the situation?
Stories like this are exactly why we only use reputable lenders that we know are honest and upfront about all situations! I want to know when they cannot approve a buyer and we want a plan in place to better a buyers credit if needed! In markets like the one we are in, there's too thin of a line to work with anyone that you don't have faith in...
My partner has been working a short sale file for 2 years and finally had everything in line with both banks that she had to negotiate hard with! And a week before closing she finds out that the buyers credit isn't good enough to get final commitment for their loan??? And this is after they gave her the run-around saying they needed a 30 extension to ensure that the well water testing was in... however, that wasn't the case she soon found out! They did need the water test to pass, but more importantly they really needed time to check on the buyers credit score!
But how did the buyer get an approval letter if their score was too low in the first place?! When she asked the lender why they gave them a pre-approval letter, they told her that they gave the letter based on the buyers future score! What in world is going on here? I sympathize with the buyer because he has actually invested money in the property and has done work there to ensure that they passed any appraisal issues and township inspections! How does a lender like this stay in business? How could they not inform their client of the situation?
Stories like this are exactly why we only use reputable lenders that we know are honest and upfront about all situations! I want to know when they cannot approve a buyer and we want a plan in place to better a buyers credit if needed! In markets like the one we are in, there's too thin of a line to work with anyone that you don't have faith in...
Wednesday, June 30, 2010
U.S. House Extends Closing Deadline for Homebuyer Tax Credit
IT'S ABOUT TIME THEY DECIDED! I wish they would have done this sooner because I bet there are a lot of buyers that let their contracts go because of they figured they would be missing out on the opportunity to get the $8,000!
See the link for more details!
See the link for more details!
Tuesday, June 29, 2010
How to price a short sale listing...
Many may say to price it at a price that will net the full amount due to the bank before reducing the price... my opinion is to price it around the fair market value. Overpriced listings don't sell, so what's the point of overpricing a short sale home if you aren't going to sell it? And ya know what, the fair market value still might not generate enough activity! Buyers want a deal, so why not price your short sales competitively.. maybe 10-15% below the market value? And make appropriate adjustments in price if you aren't seeing any results. I think that's the fairest way to go about it. The Federal Governemnt passed the Debt Relief Act so homeowners are not liable to pay the balance of their loan if it is a primary residence. So price your short sales appropriately and get them sold!
Monday, June 28, 2010
Tax credit extension standstill?!
I just read an article that congress has not passed the tax credit extension!!! What are they waiting for? There are roughly 4,300 New Jersey buyers that will lose out on the tax credit if they don't extend it. And it's all because their sales were postponed or short sales haven't been approved. This should be an easy decision and it's taking so long! What are your thoughts? Should they pass the extension?
Friday, June 25, 2010
Thank goodness for credit repair!!!
WHEW!!! We just dodged a bullet... (fingers crossed!)...
We have a short sale that is just about approved and the buyer (maybe the 2nd or 3rd buyer for this property!) just found out that he needs to bring his credit score up about 20 points before he can buy... UGH!!!
It's a great thing that we have a relationship with Brian Dinella from Avenue Financial because he's going to help this client improve his score! If all goes as planned, we should be ready to move forward in 60 days or so! It's crucial in this challenging market to have great service providers in your corner!
If anyone needs help call Brian @ 856-982-0084 or email him @ bdinella@theavenuellc.com.
We have a short sale that is just about approved and the buyer (maybe the 2nd or 3rd buyer for this property!) just found out that he needs to bring his credit score up about 20 points before he can buy... UGH!!!
It's a great thing that we have a relationship with Brian Dinella from Avenue Financial because he's going to help this client improve his score! If all goes as planned, we should be ready to move forward in 60 days or so! It's crucial in this challenging market to have great service providers in your corner!
If anyone needs help call Brian @ 856-982-0084 or email him @ bdinella@theavenuellc.com.
Thursday, June 24, 2010
What's up with all of these overpriced homes?!?!
I had appointments to show about 8 homes the other day with a client of mine who is looking in the $165,000 to $175,000 price range. He was really excited to head out and was extremely optimistic about finding a home that day... UNTIL... we saw about 3 of the 8 homes and realized how overpriced they were!!! I couldn't believe that these homes have been at their current prices for so long without a price adjustment... Sellers really need to understand that this market is flooded with listings and if your home isn't priced aggressively, buyers will pass on by... The only way sellers will realize this is if we, agents, have REAL conversations with our clients about pricing?!
Wednesday, June 16, 2010
Thursday, May 27, 2010
Friday, May 21, 2010
Saturday, May 15, 2010
Friday, May 14, 2010
Wednesday, April 14, 2010
Monday, April 12, 2010
Friday, April 9, 2010
Tuesday, April 6, 2010
Thursday, April 1, 2010
Monday, March 22, 2010
Thursday, March 18, 2010
Wednesday, March 17, 2010
Monday, March 1, 2010
Tuesday, February 23, 2010
Friday, February 19, 2010
Beautiful 1 bedroom condo, only blocks from the beach!
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Tuesday, February 16, 2010
Wednesday, February 10, 2010
Thursday, February 4, 2010
Thursday, January 28, 2010
Saturday, January 23, 2010
Monday, January 18, 2010
There are SO many reasons to buy a home!
There are many benefits to home ownership. Here are just a few of them...
1) Tax Breaks!
The interest you pay on your mortgage and the property taxes you pay are tax deductible!
2) The chance to have your investment grow!
It has been proven that over time, Real Estate is the best investment you can make. Yes, the market can go down, as it has recently, but it can also go up, and if you are in it for the long haul, you will see appreciation.
3) The flexibility of ownership
When you own your own home, you can make it what you want it to be. The kitchen you want, the floors you like, etc. instead of having to accept someone else's choices and restrictions in a rental situation.
4) The chance to build equity in your investment
Each mortgage payment you make puts you closer to being the full owner of your property.
5) The best reason
You can come home and know that you really are home in your very OWN place!
Now is a great time to buy...epecially with the tax credits available through April 30, 2010.
Call the Deals in NJ team today for more details!
856-685-1633
1) Tax Breaks!
The interest you pay on your mortgage and the property taxes you pay are tax deductible!
2) The chance to have your investment grow!
It has been proven that over time, Real Estate is the best investment you can make. Yes, the market can go down, as it has recently, but it can also go up, and if you are in it for the long haul, you will see appreciation.
3) The flexibility of ownership
When you own your own home, you can make it what you want it to be. The kitchen you want, the floors you like, etc. instead of having to accept someone else's choices and restrictions in a rental situation.
4) The chance to build equity in your investment
Each mortgage payment you make puts you closer to being the full owner of your property.
5) The best reason
You can come home and know that you really are home in your very OWN place!
Now is a great time to buy...epecially with the tax credits available through April 30, 2010.
856-685-1633
Friday, January 15, 2010
Wednesday, January 13, 2010
Mortgage Information
U.S.News and World Report gave some interesting mortgage information and predictions which I summarize for you here:
“More than 3 years into a painful housing crash, the real estate market has sent recent -albeit tentative signs of stabilization. Home sales have increased, inventory levels are down and price declines have become less precipitous.”
Lending standards have tightened in the last few years and some people predict further tightening ahead. “Generally to get the best rate around, you need a 20% down payment, says Guy Cecala, the publisher of Inside Mortgage Finance, an industry newsletter. That doesn’t mean that you can’t get a mortgage if you have less of a down payment… it just means that you may not get the best interest rates.”
Lenders are also looking for higher credit scores than previously. Currently, most lenders prefer to see a score of 730 or higher.
For those with lower credit scores and less down payment FHA loans offer a great alternative. Currently, a borrower needs a credit score of 690 or better and a minimum down payment of 3.5% to purchase a home and get an FHA loan.
Keep in mind that the mortgage industry is constantly changing. Rates and requirements can change at any time so it is important to consult with a reputable mortgage person and get the facts as they relate to your situation.
“More than 3 years into a painful housing crash, the real estate market has sent recent -albeit tentative signs of stabilization. Home sales have increased, inventory levels are down and price declines have become less precipitous.”
Lending standards have tightened in the last few years and some people predict further tightening ahead. “Generally to get the best rate around, you need a 20% down payment, says Guy Cecala, the publisher of Inside Mortgage Finance, an industry newsletter. That doesn’t mean that you can’t get a mortgage if you have less of a down payment… it just means that you may not get the best interest rates.”
Lenders are also looking for higher credit scores than previously. Currently, most lenders prefer to see a score of 730 or higher.
For those with lower credit scores and less down payment FHA loans offer a great alternative. Currently, a borrower needs a credit score of 690 or better and a minimum down payment of 3.5% to purchase a home and get an FHA loan.
Keep in mind that the mortgage industry is constantly changing. Rates and requirements can change at any time so it is important to consult with a reputable mortgage person and get the facts as they relate to your situation.
Monday, January 11, 2010
There is still time to take advantage of the home buyers tax credit!
Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
•• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
•• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Who Qualifies for the Extended Credit?
•• First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
•• Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How is a Buyer's Credit Amount Determined?
Each home buyer’s tax credit is determined by two additional factors:
1.The price of the home.
2.The buyer's income.
Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
•• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
•• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Who Qualifies for the Extended Credit?
•• First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
•• Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How is a Buyer's Credit Amount Determined?
Each home buyer’s tax credit is determined by two additional factors:
1.The price of the home.
2.The buyer's income.
Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
Sunday, January 10, 2010
Freeze-Proof your pipes!
As winter temperatures go down, the risk of a frozen pipe goes up. Pipes can freeze in homes of any age and condition, and no matter what type of material your pipes are made from. So don't make the mistake of thinking that because your house is new it's safe, or because your house is older the materials are somehow stronger. The only way to prevent a frozen pipe is to keep it warm, and luckily that's not too hard to do.
Pipes are vulnerable any time they're in a location where they're exposed to low-enough temperatures for long-enough periods that the water inside them can freeze. Once the freezing occurs, the water expands, rupturing the pipe, splitting the seam between the pipe and a fitting, or damaging components such as cartridges inside faucets. Once the pipes warm up and the ice melts again, the damage becomes evident -- often in the form of a flood inside the house!
Although a frozen pipe can occur just about anywhere, pipes in unheated attics and underfloor basements and crawl spaces are at the most risk. And ironically, the better you insulate the ceiling and the floor, the more you put pipes in those areas at risk. Heat that had been escaping from the house into those areas used to be keeping the pipes warm, so when you add insulation and stop heat loss from the house, the attic, basement and crawl space become colder, and pipes are more vulnerable.
Keep the water pipes insulated
Any water pipes that are not buried in your underfloor, wall or attic insulation need to be insulated. The easiest method for the do-it-yourselfer is to use a foam sleeve, which is pretty much like slipping a bun over a hot dog. The sleeves are actually long foam tubes, and are available with different interior diameters to fit different pipe sizes. The tubes are slit along one side, so installation is simply a matter of opening up the slit and fitting the tube over the pipe.
At each elbow or other fitting in the pipe, cut out a wedge from one side of the tube so that it will bend around the joint in the pipe. Cutting can be done with scissors or a sharp utility knife. After you bend the tube around the fitting and snap it over the next pipe, it should stay in place on its own, and the seams and elbows don't require any sealing. If you do need to seal any odd joints or patch in any small pieces, you can hold things together with utility tape from the home center or hardware store where you purchased the foam sleeves.
The pipes can also be wrapped using scraps of fiberglass insulation. This is less expensive than the foam sleeves, but a little more time consuming if you're not used to the process. Typically, fiberglass batt insulation is cut into strips. It's then wrapped around the pipes, either in a spiral fashion or by folding it lengthwise over the pipe. As the insulation is installed, it's held in place with a spiral wrapping of very fine copper wire, which is available on spools from any hardware store or home center.
Close foundation vents and look for air leaks
Now for a small bit of controversy, which is almost sure to generate a letter or two: Close off your foundation vents! Use foam blocks or other insulation, and seal the vents to prevent cold air from entering. The vents are there to allow air to circulate under the house and remove unwanted moisture, and they should remain open during whatever part of the year that temperatures remain above freezing. But during the winter, when humidity levels are low and the risk of a frozen pipe outweighs the need for ventilation, be sure they get closed off.
Attic vents are a different story. Due to their location and the year-round need for attic ventilation to prevent ice damming, they should not be closed off. You should, however, carefully examine the area around each vent to be certain that no pipes are exposed to the air coming in from the vent.
If you find a pipe that is adjacent to a vent, double up the amount of insulation that's on the pipe, and permanently close off that portion of the vent that's directly exposed to the pipe.
Another thing that can greatly increase the chance of a pipe freezing is to expose it to outside air. This often happens when the pipe is installed near a foundation vent or an attic vent, or in an exterior wall in which holes were drilled for plumbing or wiring.
In any open walls, use expandable foam sealant to close off any holes and gaps in the framing. In colder climates, pipes should never be installed in exterior walls, and pipes should never be run in exposed soffits or other uninsulated framing areas.
Exterior faucets are another potential freeze problem. When installing a new exterior faucet, your best bet is to use a freeze-proof type (freeze-proof faucets are required by code in some areas), which has a long stem that extends back into the insulated portion of the house, so it shuts the water off at a spot where it's not exposed to freezing outside air.
If your house is not equipped with freeze-proof faucets, you can insulate them quickly and easily by installing an insulated dome over them. The dome is simply a large foam shell that fits over the faucet, and is held in place with a strap or a long hook.
All of the materials you need for pipe insulation, including faucet domes, pipe wraps, wire and other material, can be found at any home center or plumbing supply retailer, as well as hardware stores, discount stores and most lumber yards.
Pipes are vulnerable any time they're in a location where they're exposed to low-enough temperatures for long-enough periods that the water inside them can freeze. Once the freezing occurs, the water expands, rupturing the pipe, splitting the seam between the pipe and a fitting, or damaging components such as cartridges inside faucets. Once the pipes warm up and the ice melts again, the damage becomes evident -- often in the form of a flood inside the house!
Although a frozen pipe can occur just about anywhere, pipes in unheated attics and underfloor basements and crawl spaces are at the most risk. And ironically, the better you insulate the ceiling and the floor, the more you put pipes in those areas at risk. Heat that had been escaping from the house into those areas used to be keeping the pipes warm, so when you add insulation and stop heat loss from the house, the attic, basement and crawl space become colder, and pipes are more vulnerable.
Keep the water pipes insulated
Any water pipes that are not buried in your underfloor, wall or attic insulation need to be insulated. The easiest method for the do-it-yourselfer is to use a foam sleeve, which is pretty much like slipping a bun over a hot dog. The sleeves are actually long foam tubes, and are available with different interior diameters to fit different pipe sizes. The tubes are slit along one side, so installation is simply a matter of opening up the slit and fitting the tube over the pipe.
At each elbow or other fitting in the pipe, cut out a wedge from one side of the tube so that it will bend around the joint in the pipe. Cutting can be done with scissors or a sharp utility knife. After you bend the tube around the fitting and snap it over the next pipe, it should stay in place on its own, and the seams and elbows don't require any sealing. If you do need to seal any odd joints or patch in any small pieces, you can hold things together with utility tape from the home center or hardware store where you purchased the foam sleeves.
The pipes can also be wrapped using scraps of fiberglass insulation. This is less expensive than the foam sleeves, but a little more time consuming if you're not used to the process. Typically, fiberglass batt insulation is cut into strips. It's then wrapped around the pipes, either in a spiral fashion or by folding it lengthwise over the pipe. As the insulation is installed, it's held in place with a spiral wrapping of very fine copper wire, which is available on spools from any hardware store or home center.
Close foundation vents and look for air leaks
Now for a small bit of controversy, which is almost sure to generate a letter or two: Close off your foundation vents! Use foam blocks or other insulation, and seal the vents to prevent cold air from entering. The vents are there to allow air to circulate under the house and remove unwanted moisture, and they should remain open during whatever part of the year that temperatures remain above freezing. But during the winter, when humidity levels are low and the risk of a frozen pipe outweighs the need for ventilation, be sure they get closed off.
Attic vents are a different story. Due to their location and the year-round need for attic ventilation to prevent ice damming, they should not be closed off. You should, however, carefully examine the area around each vent to be certain that no pipes are exposed to the air coming in from the vent.
If you find a pipe that is adjacent to a vent, double up the amount of insulation that's on the pipe, and permanently close off that portion of the vent that's directly exposed to the pipe.
Another thing that can greatly increase the chance of a pipe freezing is to expose it to outside air. This often happens when the pipe is installed near a foundation vent or an attic vent, or in an exterior wall in which holes were drilled for plumbing or wiring.
In any open walls, use expandable foam sealant to close off any holes and gaps in the framing. In colder climates, pipes should never be installed in exterior walls, and pipes should never be run in exposed soffits or other uninsulated framing areas.
Exterior faucets are another potential freeze problem. When installing a new exterior faucet, your best bet is to use a freeze-proof type (freeze-proof faucets are required by code in some areas), which has a long stem that extends back into the insulated portion of the house, so it shuts the water off at a spot where it's not exposed to freezing outside air.
If your house is not equipped with freeze-proof faucets, you can insulate them quickly and easily by installing an insulated dome over them. The dome is simply a large foam shell that fits over the faucet, and is held in place with a strap or a long hook.
All of the materials you need for pipe insulation, including faucet domes, pipe wraps, wire and other material, can be found at any home center or plumbing supply retailer, as well as hardware stores, discount stores and most lumber yards.
Wednesday, January 6, 2010
Cost vs Value Report
10 Big-Impact, Low-Cost Remodeling Projects
Here are budget-minded enhancements you can do make your home stand out.
1. Tidy up kitchen cabinets.
"Potential buyers do open kitchen cabinets and look inside," says Morrissey. "Home owners can add rollout organizing trays so when buyers peek in, they feel like there’s lots of room for their stuff."
2. Add or replace tile.
"By retiling very inexpensively, you make a room look way cleaner that it was," says Javier Zuluaga, owner of Home Repairs and Remodeling LLC in Tempe, Ariz. "Every city has stores that offer $1 to $2 tile, so home owners have to pay only for the low-cost tile and labor to replace a dated backsplash or add a new one. We also use inexpensive tile to upgrade bathrooms."
3. Add a breakfast bar.
When a wall separates a kitchen from a family room, suggest cutting out an opening to create a breakfast bar. "In one home, there was a cutout in the wall between the kitchen and living room," explains Matthew Quinn, a sales associate at Quinn’s Realty & Estate Services in Falls Church, Va., who handles estate and real estate sales for family members whose loved ones have passed away. "We left the structure of the cutout, added an oversized granite breakfast bar, and put chairs in front of it. That cost about $600."
4. Install granite tile instead of a slab.
"Everybody is hot for granite kitchen countertops, but that can be a $5,000 upgrade," says John Wilder, a general contractor and owner of Fence and Deck Doctor in New Castle, Ind. "Instead, home owners can put in 12-inch granite tiles for about $300 in materials and get very high impact for little money."
5. Freshen up a bathroom without retiling.
"With a dated bathroom, I recommend putting in a new medicine cabinet for $100 to $150, light fixtures for about $100, a faucet for $50 to $75, and a vanity for $200 to $300," says Wilder. "And instead of replacing the tile, the existing grout can be lightly scraped and regrouted, which leaves a haze that can be buffed out and will make the tile look brand new. Also install glass shower doors. A French door adds a lot of panache and elegance for $250, and people will notice the door, not the tile. With all that, you’ve done a bathroom remodel for $1,000 to $2,000."
6. Freshen up the basement.
"If home owners have cement block or poured concrete walls in the basement, suggest they have a contractor fill in cracks with hydraulic cement and then paint with waterproofing paint," recommends Wilder. "They can then add a top coat to add color. They can also paint the basement floor with a good floor paint, which spiffs it up. The basement may not be finished, but it’s no longer a damp dungeon."
7. Add a room.
Look for large spaces that can be enclosed to create a new bedroom for just the price of creating a wall. "One time, we closed off a half-wall to an office and added a door to the other side of the room, thus creating another bedroom," says Quinn. "That $400 procedure, which took a contractor one day, netted about $40,000 in the sales price." Zuluaga has also added bedrooms inexpensively. "In a two-bedroom house, there was an archway that led to a third room that was used as a den," he explains. "It had a dry bar where there would have been a closet, so we took out the dry bar and created a closet so the owners had a third bedroom."
8. Spruce up cabinet fronts.
Suggest home owners update tired-looking kitchen cabinets. Reconditioning is the least expensive move for under $1,000. "If the wood is starting to look shabby from use or contaminants in the air, we take out the nicks and scratches, recondition it with oil, and put new hardware on," explains Heidi Morrissey, vice president of marketing and sales at Kitchen Tune-Up in Aberdeen, S.D. For $1,500 to $4,000, owners can replace the cabinet doors and drawer fronts, and for $4,000 to $12,000, they can have all the cabinets refaced. "With refacing, owners can change the color of the cabinets by replacing the door and having a new skin put on the boxes," says Morrissey. "If they have oak cabinets today, they can have cherry the next day."
9. Replace light fixtures.
"In a foyer and in bathrooms and kitchens," says Wilder, "replacing overhead light fixtures provides a lot of pop for a little money." If the kitchen has track lighting, Zuluaga suggests the home owner spend $450 to $600 to have an electrician replace it with recessed canned lights on a dimmer switch to add ambience. For about $700, Zuluaga also suggests installing pendant lights over a kitchen island or peninsula.
10. Tech-up the garage.
"Sometimes we replace the garage door opener with a remote touchpad entry system," says Zuluaga. "That costs about $425 and makes it look like a high-end system."
Here are budget-minded enhancements you can do make your home stand out.
1. Tidy up kitchen cabinets.
"Potential buyers do open kitchen cabinets and look inside," says Morrissey. "Home owners can add rollout organizing trays so when buyers peek in, they feel like there’s lots of room for their stuff."
2. Add or replace tile.
"By retiling very inexpensively, you make a room look way cleaner that it was," says Javier Zuluaga, owner of Home Repairs and Remodeling LLC in Tempe, Ariz. "Every city has stores that offer $1 to $2 tile, so home owners have to pay only for the low-cost tile and labor to replace a dated backsplash or add a new one. We also use inexpensive tile to upgrade bathrooms."
3. Add a breakfast bar.
When a wall separates a kitchen from a family room, suggest cutting out an opening to create a breakfast bar. "In one home, there was a cutout in the wall between the kitchen and living room," explains Matthew Quinn, a sales associate at Quinn’s Realty & Estate Services in Falls Church, Va., who handles estate and real estate sales for family members whose loved ones have passed away. "We left the structure of the cutout, added an oversized granite breakfast bar, and put chairs in front of it. That cost about $600."
4. Install granite tile instead of a slab.
"Everybody is hot for granite kitchen countertops, but that can be a $5,000 upgrade," says John Wilder, a general contractor and owner of Fence and Deck Doctor in New Castle, Ind. "Instead, home owners can put in 12-inch granite tiles for about $300 in materials and get very high impact for little money."
5. Freshen up a bathroom without retiling.
"With a dated bathroom, I recommend putting in a new medicine cabinet for $100 to $150, light fixtures for about $100, a faucet for $50 to $75, and a vanity for $200 to $300," says Wilder. "And instead of replacing the tile, the existing grout can be lightly scraped and regrouted, which leaves a haze that can be buffed out and will make the tile look brand new. Also install glass shower doors. A French door adds a lot of panache and elegance for $250, and people will notice the door, not the tile. With all that, you’ve done a bathroom remodel for $1,000 to $2,000."
6. Freshen up the basement.
"If home owners have cement block or poured concrete walls in the basement, suggest they have a contractor fill in cracks with hydraulic cement and then paint with waterproofing paint," recommends Wilder. "They can then add a top coat to add color. They can also paint the basement floor with a good floor paint, which spiffs it up. The basement may not be finished, but it’s no longer a damp dungeon."
7. Add a room.
Look for large spaces that can be enclosed to create a new bedroom for just the price of creating a wall. "One time, we closed off a half-wall to an office and added a door to the other side of the room, thus creating another bedroom," says Quinn. "That $400 procedure, which took a contractor one day, netted about $40,000 in the sales price." Zuluaga has also added bedrooms inexpensively. "In a two-bedroom house, there was an archway that led to a third room that was used as a den," he explains. "It had a dry bar where there would have been a closet, so we took out the dry bar and created a closet so the owners had a third bedroom."
8. Spruce up cabinet fronts.
Suggest home owners update tired-looking kitchen cabinets. Reconditioning is the least expensive move for under $1,000. "If the wood is starting to look shabby from use or contaminants in the air, we take out the nicks and scratches, recondition it with oil, and put new hardware on," explains Heidi Morrissey, vice president of marketing and sales at Kitchen Tune-Up in Aberdeen, S.D. For $1,500 to $4,000, owners can replace the cabinet doors and drawer fronts, and for $4,000 to $12,000, they can have all the cabinets refaced. "With refacing, owners can change the color of the cabinets by replacing the door and having a new skin put on the boxes," says Morrissey. "If they have oak cabinets today, they can have cherry the next day."
9. Replace light fixtures.
"In a foyer and in bathrooms and kitchens," says Wilder, "replacing overhead light fixtures provides a lot of pop for a little money." If the kitchen has track lighting, Zuluaga suggests the home owner spend $450 to $600 to have an electrician replace it with recessed canned lights on a dimmer switch to add ambience. For about $700, Zuluaga also suggests installing pendant lights over a kitchen island or peninsula.
10. Tech-up the garage.
"Sometimes we replace the garage door opener with a remote touchpad entry system," says Zuluaga. "That costs about $425 and makes it look like a high-end system."
Tuesday, January 5, 2010
Home Inspection Facts
Who Pays For the Home Inspection?
The buyer of a house pays an independent inspector to assess the condition of the house they're contemplating buying. The inspector should complete the home inspection, and provide a report detailing the findings. Sometimes sellers will have a home inspection done prior to putting the house on the market, to determine if there are potential problem areas that can be fixed before the house it put up for sale. No two inspections will be exactly the same, however, so a buyer inspection may turn up issues that weren't identified by the seller's inspection.
Is a Home Inspection Necessary?
Buying a home is the single largest purchase most people make. And most of us are not contractors or engineers. It's good business to have a professional inspect the home you're considering purchasing before you make the deal. Often, the results of a home inspection will enable you to renegotiate some details of the purchase contract, or have the seller make some repairs before you buy.
Choosing a Home Inspector
Your realtor is always a good source of referrals for home inspectors. It's always a good idea to do your homework when hiring an inspector. Home inspectors usually need to be licensed, but requirements vary by state. Membership in a professional society such as the American Society of Home Inspectors (ASHI), the National Association of Home Inspectors (NAHI) or the National Association of Certified Home Inspectors (NACHI) is usually an indication that the home inspector takes his or her profession seriously, but it's not a guarantee of competence. Try to get references in your community to verify that the home inspector you're considering will do a good job for you.
The Added Value of a General Home Inspection
Everyone agrees to the importance of getting a home inspection performed on a home you intend to purchase. The home inspector will examine all of the major mechanicals of the home, inspect its foundation, roof and overall condition. What many don't understand, is that a good inspector will also educate buyers about the non-essential components of the house. The inspection is a great learning opportunity where an inspector will provide tips about general upkeep and repair that should be performed regularly to keep the home in tip-top shape. Money spent for a home inspection is money well-spent.
What is Inspected?
A home inspector will inspect the home's interior (other than cosmetics like wallpaper); the framing; the foundation; the roof and attic; the chimney; kitchen and bathrooms, including appliances like the dishwasher); the plumbing system; the electrical system including wiring and circuit breakers; the heating and air conditioning systems; and the garage. The inspector may offer other services, like mold or asbestos testing, usually at an additional charge.
The buyer of a house pays an independent inspector to assess the condition of the house they're contemplating buying. The inspector should complete the home inspection, and provide a report detailing the findings. Sometimes sellers will have a home inspection done prior to putting the house on the market, to determine if there are potential problem areas that can be fixed before the house it put up for sale. No two inspections will be exactly the same, however, so a buyer inspection may turn up issues that weren't identified by the seller's inspection.
Is a Home Inspection Necessary?
Buying a home is the single largest purchase most people make. And most of us are not contractors or engineers. It's good business to have a professional inspect the home you're considering purchasing before you make the deal. Often, the results of a home inspection will enable you to renegotiate some details of the purchase contract, or have the seller make some repairs before you buy.
Choosing a Home Inspector
Your realtor is always a good source of referrals for home inspectors. It's always a good idea to do your homework when hiring an inspector. Home inspectors usually need to be licensed, but requirements vary by state. Membership in a professional society such as the American Society of Home Inspectors (ASHI), the National Association of Home Inspectors (NAHI) or the National Association of Certified Home Inspectors (NACHI) is usually an indication that the home inspector takes his or her profession seriously, but it's not a guarantee of competence. Try to get references in your community to verify that the home inspector you're considering will do a good job for you.
The Added Value of a General Home Inspection
Everyone agrees to the importance of getting a home inspection performed on a home you intend to purchase. The home inspector will examine all of the major mechanicals of the home, inspect its foundation, roof and overall condition. What many don't understand, is that a good inspector will also educate buyers about the non-essential components of the house. The inspection is a great learning opportunity where an inspector will provide tips about general upkeep and repair that should be performed regularly to keep the home in tip-top shape. Money spent for a home inspection is money well-spent.
What is Inspected?
A home inspector will inspect the home's interior (other than cosmetics like wallpaper); the framing; the foundation; the roof and attic; the chimney; kitchen and bathrooms, including appliances like the dishwasher); the plumbing system; the electrical system including wiring and circuit breakers; the heating and air conditioning systems; and the garage. The inspector may offer other services, like mold or asbestos testing, usually at an additional charge.
Saturday, January 2, 2010
Rebates for Appliance Buyers in 2010
The 2010 plan to encourage energy efficiency is the government rebate for appliance buyers. The plan lets people swap their old appliances for new energy-efficient models at very low prices.
Here are some things to keep in mind:
State plans vary.
For NJ:
Incentive Type: State Rebate Program
State: NJ
Eligible Efficiency Technologies: Clothes Washers, Dehumidifers, Lighting, Air Conditioners.
Applicable Sectors: General Public/Consumer
Rebate Amount: Clothes Washers: $75
Dehumidifers: $25
Room A/C: $20
Equipment Requirements: Purchased generally must be Energy Star qualified; other requirements may vary by product type.
Measures must be installed in NJ.
Total Program Budget: $25.3 million and will expire when funding is depleted.
Is it really a deal?
It may not be worth replacing appliances that are fewer than 7 years old, but older models can represent a real deal. Joe McGuire, president of the Association of Home Appliance Manufacturers, says a 20-year-old refrigerator uses three times as much power as a new Energy Star-approved model.
Buy now before it ends
There is a limited amount of funding available (as mentioned above), it is expected to run out fast.
If you are thinking about replacing an appliance now is the time to do it!
Here are some things to keep in mind:
State plans vary.
For NJ:
Incentive Type: State Rebate Program
State: NJ
Eligible Efficiency Technologies: Clothes Washers, Dehumidifers, Lighting, Air Conditioners.
Applicable Sectors: General Public/Consumer
Rebate Amount: Clothes Washers: $75
Dehumidifers: $25
Room A/C: $20
Equipment Requirements: Purchased generally must be Energy Star qualified; other requirements may vary by product type.
Measures must be installed in NJ.
Total Program Budget: $25.3 million and will expire when funding is depleted.
Is it really a deal?
It may not be worth replacing appliances that are fewer than 7 years old, but older models can represent a real deal. Joe McGuire, president of the Association of Home Appliance Manufacturers, says a 20-year-old refrigerator uses three times as much power as a new Energy Star-approved model.
Buy now before it ends
There is a limited amount of funding available (as mentioned above), it is expected to run out fast.
If you are thinking about replacing an appliance now is the time to do it!
Thursday, December 31, 2009
Mortgages under 5% are back in "bloom"
NEW YORK (CNNMoney.com) -- The possibility of securing a mortgage rate below 5% has greatly improved in recent weeks, in a positive sign for would-be home buyers.
Home mortgage rates fell for the sixth straight week, according to two key measures, with one of them pointing to a sub-5% rate for the 30-year fixed loan for the second week in a row.
Freddie Mac's (FRE, Fortune 500) weekly report said the 30-year rate slipped to 4.87% for the week ended Thursday, the lowest since May. According to the mortgage backer, last week's rates stood at 4.94%.
Mortgage tracker Bankrate.com said the average 30-year fixed loan slipped to 5.22% from 5.25% the previous week. The 15-year fixed rate also fell, Bankrate said, to 4.6% from 4.64% the week before.
The 30-year rate is influenced by the benchmark 10-year note's yield, which moves in the opposite direction of its price. Treasury prices have risen over the past week as $78 billion worth of auctions received above-average demand.
"Another disappointing employment report had investors questioning the strength and sustainability of the economic rebound," the Bankrate report said. "The resulting uncertainty drove investors into the safety of government and mortgage-backed bonds."
"Not even a substantial auction of government debt has been enough to derail the streak of declining mortgage rates," the Bankrate report said.
Rates are returning to levels not seen since the spring when, in an effort to cap mortgage rates, the Federal Reserve began a campaign to buy back $300 billion in Treasurys. The Fed hoped that it would spark demand and keep yields -- and therefore, mortgage rates -- in check.
Mortgage rates fell as refinancings abounded. But those benefits seemed to wear off, as rates started on a tear in the summer. By June, the benchmark 10-year bond's yield had increased steadily to hover around 4%.
Now the central bank has less than $15 billion left to spend on its buyback program, which led some investors to worry that yields would soar again. So far, that's not the case.
On Wednesday, reports said Democratic congressional leaders were working to extend a $8,000 tax credit for first-time home buyers past the Nov. 30 expiration date and could even make it available to current homeowners who buy a new house.
Homeowners have received a boost from both the tax credit and the lower rates -- last year, the average 30-year fixed mortgage rate was 6.2%, according to Bankrate.
To translate the difference in mortgage rate into dollars, consider a $200,000 loan. At last year's rate of 6.2%, the monthly payment would be $1,224.94, or $124 higher than the monthly payment at the current rate.
The low rates helped mortgage applications surge by 16.4% last week, according to a separate report.
Home mortgage rates fell for the sixth straight week, according to two key measures, with one of them pointing to a sub-5% rate for the 30-year fixed loan for the second week in a row.
Freddie Mac's (FRE, Fortune 500) weekly report said the 30-year rate slipped to 4.87% for the week ended Thursday, the lowest since May. According to the mortgage backer, last week's rates stood at 4.94%.
Mortgage tracker Bankrate.com said the average 30-year fixed loan slipped to 5.22% from 5.25% the previous week. The 15-year fixed rate also fell, Bankrate said, to 4.6% from 4.64% the week before.
The 30-year rate is influenced by the benchmark 10-year note's yield, which moves in the opposite direction of its price. Treasury prices have risen over the past week as $78 billion worth of auctions received above-average demand.
"Another disappointing employment report had investors questioning the strength and sustainability of the economic rebound," the Bankrate report said. "The resulting uncertainty drove investors into the safety of government and mortgage-backed bonds."
"Not even a substantial auction of government debt has been enough to derail the streak of declining mortgage rates," the Bankrate report said.
Rates are returning to levels not seen since the spring when, in an effort to cap mortgage rates, the Federal Reserve began a campaign to buy back $300 billion in Treasurys. The Fed hoped that it would spark demand and keep yields -- and therefore, mortgage rates -- in check.
Mortgage rates fell as refinancings abounded. But those benefits seemed to wear off, as rates started on a tear in the summer. By June, the benchmark 10-year bond's yield had increased steadily to hover around 4%.
Now the central bank has less than $15 billion left to spend on its buyback program, which led some investors to worry that yields would soar again. So far, that's not the case.
On Wednesday, reports said Democratic congressional leaders were working to extend a $8,000 tax credit for first-time home buyers past the Nov. 30 expiration date and could even make it available to current homeowners who buy a new house.
Homeowners have received a boost from both the tax credit and the lower rates -- last year, the average 30-year fixed mortgage rate was 6.2%, according to Bankrate.
To translate the difference in mortgage rate into dollars, consider a $200,000 loan. At last year's rate of 6.2%, the monthly payment would be $1,224.94, or $124 higher than the monthly payment at the current rate.
The low rates helped mortgage applications surge by 16.4% last week, according to a separate report.
Wednesday, December 23, 2009
Great mortgage news!!!
Mortgages are becoming easier to obtain...
In some areas of the country, borrowers with good credit are able to borrow up to 95% of the purchase price. This is a considerable amount more than what was allowed only a few short months ago.
Most of the country has home prices and values stabilizing, which means standards are relaxing.
This is a sign of great things to come for 2010.
Happy Holidays everyone!
In some areas of the country, borrowers with good credit are able to borrow up to 95% of the purchase price. This is a considerable amount more than what was allowed only a few short months ago.
Most of the country has home prices and values stabilizing, which means standards are relaxing.
This is a sign of great things to come for 2010.
Happy Holidays everyone!
Monday, December 21, 2009
You don't have to be a millionaire to buy a home!
More than 70% of homes that were sold in the third quarter were deemed affordable! Now is the time to buy!
The Great Recession has ravaged savings and boosted unemployment rates, forcing people to become more conservative with their cash. It has also made homes a lot more affordable - at least for those people still working.
The typical American family, making the nation's median income of $64,000 a year, could afford to buy 70/1% of the homes sold in the United States during the third quarter, according to a report from the National Association of Home Builders (NAHB) and Wells Fargo (WFC, Fortune 500).
That's down slightly from the previous quarter, when 72.3% were considered affordable, but still way p from the third quarter of 2008, when only 56/1% of the homes qualified. The NAHB judges a home to be affordable if a family making the metro area's median income could buy it if they devote no more than 28% of their gross pay toward housing costs.
The affordability pushed many buyers into the market last quarter. Plus, they wanted to take advantage of the $8,000 homebuyer's tax credit that was scheduled to expire on Nov 30.
Those that procrastinated, however, got lucky: The credit was recently extended and expanded to include more buyers.
"At a time when housing is at its most affordable, we applaud the recent actions taken by COngress and President Obama to stimulate housing by extending the federal tax credit beyond its November 30th deadline and expanding to a wider group of eligible home buyers" said NAHB Chairman Joe Robson, a home builder from Tulsa, OK.
"With interest rates now lower than last quarter, the tax credit will encourage even more home buyers to enter the market and help stabilize housing and the economy by creating new jobs, stimulating home sales, reducing foreclosures, cutting excess inventories and stabilizing home prices."
Extremes of affordability
All real estate is local, of course; it doesn't matter much to someone buying in Peoria what a home sells for in Pennsauken. The fact is, though, that housing markets across much of the nation have been and remain quite affordable for most working households.
In Cherry Hill, NJ the median household income is $81,000 a year. Figuring conservatively that no more than 28% of household income should go to pay for housing expenses, buyers could afford a house costing well over $300,000.
One man's meat...
What's good for buyers is pure poison for sellers, who are the big losers as affordability improves. Prices have fallen more than 30% from their peaks, according to the S&P/Case-Shiller Home Price Index and many people selling their homes these days are taking losses.
According the data from Zillow.com, the real estate information website, 27% of all sellers during the quarter received less than what they paid for their homes.
There are sure signs of the improvement of real estate as housing slowly begins to increase.
The Great Recession has ravaged savings and boosted unemployment rates, forcing people to become more conservative with their cash. It has also made homes a lot more affordable - at least for those people still working.
The typical American family, making the nation's median income of $64,000 a year, could afford to buy 70/1% of the homes sold in the United States during the third quarter, according to a report from the National Association of Home Builders (NAHB) and Wells Fargo (WFC, Fortune 500).
That's down slightly from the previous quarter, when 72.3% were considered affordable, but still way p from the third quarter of 2008, when only 56/1% of the homes qualified. The NAHB judges a home to be affordable if a family making the metro area's median income could buy it if they devote no more than 28% of their gross pay toward housing costs.
The affordability pushed many buyers into the market last quarter. Plus, they wanted to take advantage of the $8,000 homebuyer's tax credit that was scheduled to expire on Nov 30.
Those that procrastinated, however, got lucky: The credit was recently extended and expanded to include more buyers.
"At a time when housing is at its most affordable, we applaud the recent actions taken by COngress and President Obama to stimulate housing by extending the federal tax credit beyond its November 30th deadline and expanding to a wider group of eligible home buyers" said NAHB Chairman Joe Robson, a home builder from Tulsa, OK.
"With interest rates now lower than last quarter, the tax credit will encourage even more home buyers to enter the market and help stabilize housing and the economy by creating new jobs, stimulating home sales, reducing foreclosures, cutting excess inventories and stabilizing home prices."
Extremes of affordability
All real estate is local, of course; it doesn't matter much to someone buying in Peoria what a home sells for in Pennsauken. The fact is, though, that housing markets across much of the nation have been and remain quite affordable for most working households.
In Cherry Hill, NJ the median household income is $81,000 a year. Figuring conservatively that no more than 28% of household income should go to pay for housing expenses, buyers could afford a house costing well over $300,000.
One man's meat...
What's good for buyers is pure poison for sellers, who are the big losers as affordability improves. Prices have fallen more than 30% from their peaks, according to the S&P/Case-Shiller Home Price Index and many people selling their homes these days are taking losses.
According the data from Zillow.com, the real estate information website, 27% of all sellers during the quarter received less than what they paid for their homes.
There are sure signs of the improvement of real estate as housing slowly begins to increase.
Friday, December 18, 2009
Feds commit to Holding down interest rates
The Federal Reserve said Wednesday that it would keep short-term key interest-rate target between 0 - 0.25 percent for an "extended period" - interpreted by many analysts to mean months.
Officials said in a statement after the close of its December meeting that the economy has "picked up," unemployment is "abating" and financial conditions have "become more supportive of economic growth".
The Feds also said Wednesday that it will complete its purchase of up to $1.25 trillion in mortgage-backed securities by March, a decision that could negatively affect the availability of mortgages.
Officials said in a statement after the close of its December meeting that the economy has "picked up," unemployment is "abating" and financial conditions have "become more supportive of economic growth".
The Feds also said Wednesday that it will complete its purchase of up to $1.25 trillion in mortgage-backed securities by March, a decision that could negatively affect the availability of mortgages.
Tuesday, December 15, 2009
View one of our featured listings: 535 W Main Street, Malaga, NJ
535 West Main Street, Malaga, NJ 08328
$195,000.00
24 hour info line! 1-888-838-3266 x504
Pre-Foreclosure home in immaculate condition. Sellers need to sell now and have kept the home in tip-top condition for you. Hardwood floors welcome you in the living room and continue throughout all bedrooms. The large eat in kitchen features tiled flooring, beautiful wood cabinets and plenty of counterspace. The 1 car garage has been converted to additoinal living space. You can easily convert back or use as a FR. A spacious full finished basement with wood burning stover, outside walkout, and abundance of storage awaits you as well. The large corner lot provides you with almost .75 acres of country living. Your outdoor screened-in sunroom is great for your summer gatherings. Special financing is available with Smart Start program and the Gloucester County Grant!
$195,000.00
24 hour info line! 1-888-838-3266 x504
Pre-Foreclosure home in immaculate condition. Sellers need to sell now and have kept the home in tip-top condition for you. Hardwood floors welcome you in the living room and continue throughout all bedrooms. The large eat in kitchen features tiled flooring, beautiful wood cabinets and plenty of counterspace. The 1 car garage has been converted to additoinal living space. You can easily convert back or use as a FR. A spacious full finished basement with wood burning stover, outside walkout, and abundance of storage awaits you as well. The large corner lot provides you with almost .75 acres of country living. Your outdoor screened-in sunroom is great for your summer gatherings. Special financing is available with Smart Start program and the Gloucester County Grant!
Thursday, December 3, 2009
REDUCE YOUR PROPERTY TAXES NOW!!
DealsInNJ Sales Team
Cheryl Dare & Dan Mauz
Keller Williams Realty
856-685-1633
Thursday, November 19, 2009
Sellers Caputuring Buyers In the Winter Months
The new tax credit – coupled with low mortgage rates and the supply of affordably priced homes on the market – may give many people who had been ambivalent of buying that extra nudge to step into the market. And in contrast to the first-time home buyer credit, the new $6,500 credit is available to a larger part of the population, with higher incomes.
This is “a gift of $6,500” that could help cover closing costs or renovations. Over the next couple of months we suspect we’ll get a lot more people – who were in no hurry to buy before – to make a move a little earlier.
The Slow Months Won’t Be As Slow
The renewed tax credit is obviously good news for buyers, but it’s even better for sellers.
That’s because the real estate market is headed into what is traditionally the slowest months for real estate sales – October to April. Typically, sellers are advised that a home on the market in that time will probably get the least attention from buyers and attract lower offers than in busier periods. But the credit should renew interest in the market during those typically slow months -- and compel sellers to take advantage of any influx of buyers. Waiting for the Spring to list your home will be too late for sellers in this market.
Cheryl Daigle & Daniel Mauz
DealsInNJ Sales Team
Keller Williams Realty
Ofc: 856-321-1212
Wednesday, October 28, 2009
TAX CREDIT EXTENDED!!!!!!!!!
Well here it is...what everyone has been asking me about and wondering if this day would ever come! For first-time homebuyers it sure has....AND now for move-up buyers as well! Thats right...for anyone who has owned their home for 5years you are eligable for a $6,500 credit! Take a look at this article from Philly.com!
Email us with any additional questions to see if you qualify.
Email us with any additional questions to see if you qualify.
Thursday, September 24, 2009
Extending the $8,000 Tax Credit?
Find out what congress is saying about the impact of extending the $8,000 tax credit will have on our economy. The government has already paid out 2x as much as they expected this year for this credit. Many are in hopes that it will be extended once again and raised to the originally proposed $15,000 in order to help those move-up buyers and not just first-time homebuyers.
Obviously, the credit is keeping us Realtors very busy but what are your thoughts?
Team DealsInNJ
Keller Williams Realty856-321-1212
Thursday, September 17, 2009
Ever Wonder Why Realtors Don't Quote Square Footage?
The article below featuring a lawsuit in Oklahoma will tell you exactly why!!
Although many buyers like to rely on square footage to compare potential homes and prices; we find as Realtors that we put ourselves in tremendous risk when doing so. Any possibly inaccurate information we provide online about a property can put us as well as our brokers in the position to be sued.
I find myself conflicted on topics like this. We as Realtors must abide by a strict Code of Ethics. If square footage is included in the MLS from a deemed reliable source, like in this case where it was obtained from the local tax assessor, then the buyer and sellers best interest were at hand. With any home purchase or sale it is the buyer's responsibility to complete their due diligence and make sure they are working with a Realtor that is doing the same for them.
Any thoughts from you folks out there?
We would love to hear from you.
ARTICLE:
Lawsuit over Square Footage Proceeds
Oklahoma’s highest court has considered whether to affirm judgment in favor of a real estate broker and seller in a dispute over a home’s square footage.
Michael Presley (“Seller”) listed his home for sale with his mother, Linda Presley (“Salesperson”) of Century 21 Bob Crothers Realty (“Brokerage”). Richard and Dana Bowman (“Buyers”) made an offer to purchase the home, and the parties agreed upon a $145,000 purchase price. The Brokerage listed the property’s size as 2890 square feet in the MLS. The Brokerage stated that it had obtained this information from the local tax assessor’s office. The Buyers claimed their purchase was motivated by their desire to acquire a larger home and they had based their offer for the property was based on the property’s listed square footage.
Following the closing, the Buyers received an appraisal report listing the property’s actual size as 2187 square feet. The Buyers later obtained an earlier appraisal made at the time Seller purchased the property also listing the square footage as 2187. The Buyers filed a lawsuit against the Salesperson, Brokerage, and the Seller for fraud, breach of contract, and also alleged violations of the state’s license laws against the Broker and the Salesperson. The lower courts ruled in favor of the Salesperson, Brokerage, and the Seller, and the Buyers appealed.
The Supreme Court of the State of Oklahoma reversed the lower courts and ruled that there were issues of fact that needed to resolved by a jury. The lower courts had found that the Buyers could not claim fraud because the inaccurate square footage information had not harmed them, as the appraisal had also valued the property at more than $145,000 and so the Buyers did not have any damages. .
Next, the court considered whether the Brokerage and the Salesperson had violated the Oklahoma license laws by misrepresenting the size of the home. The Brokerage and the Salesperson argued that they had relied on the information provided by the county assessor’s office and also there was a disclaimer in the MLS stating that “this information is deemed reliable, but not guaranteed”. The court found that the state’s license laws prevented “substantial misrepresentations” and required licensees to “exercise reasonable skill” in performance of duties. Committing fraud while performing brokerage duties would constitute a breach of the state’s license laws.
The court sent the case back to the trial court for further proceedings.
Bowman v. Presley, 212 P.3d 1210 (Okla. 2009).
Team DealsInNJ
Cheryl Daigle & Daniel Mauz
Keller Williams Realty
856-321-1212Thursday, September 10, 2009
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