RISMEDIA, October 21, 2010—Lately, you've been thinking a lot about investing strategies. You have a small nest egg that needs to grow, but frankly you don't trust the stock market. (If you're like many investors, your 401(k) hasn't fared well in recent years.) And while real estate has been somewhat of a rocky road in recent years, it's still a solid long-term investment strategy—and clearly we're in a buyer's market. But you aren't really interested in being a landlord. What to do?
Christine Karpinski has a suggestion: Purchase a vacation home and rent it out to travelers.
"Vacation homes are almost always a good investment," says Karpinski, director of Owner Community for HomeAway—te the world's leading vacation rental marketplace—and author of How to Rent Vacation Properties by Owner, 2nd Edition: The Complete Guide to Buy, Manage, Furnish, Rent, Maintain and Advertise Your Vacation Rental Investment (Kinney Pollack Press, 2007, ISBN: 0-9748249-9-2, $26.00).
"First, if you're looking for a good long-term investment, real estate tends to be a good bet," she adds. "Second, vacation properties have the ability to pay for themselves, and owners often earn a profit in rental income. Third, the investment comes with the desirable perk of having a place at the beach or in the mountains to call your own. And finally, there has never been a better time to buy a vacation home—it's like the planets have all lined up perfectly."
Karpinski, who owns vacation homes in several parts of the country, says she herself is looking for new properties to invest in. Overall, she says, the vacation home rental market is a burgeoning segment of the economy.
Want to know more? Read on for a few reasons why there's never been a better time to go vacation rental house hunting:
There have never been so many properties on the market. For potential home buyers, there is a silver lining to the slow economy and the housing crisis: Most vacation markets are chock-full of buying opportunities. Once you've pinpointed the vacation rental market that is right for you—The coast? The mountains? A ski resort area?—you will likely have a lot of properties to choose from.
"There are many properties available right now in many different areas," says Karpinski. "Once you start hunting, I think you'll be pleasantly surprised at what you find. But I must offer one caveat: Before you let yourself fall in love with a property, make sure it is legal to rent it out as a vacation home. Some areas and homeowners' associations do not allow short-term rentals."
Prices aren't going to get much better. In fact, they're the lowest they've been in five to ten years. If you're pretty sure you want to buy a vacation home "someday," you might want to quit procrastinating and pull the trigger, says Karpinski.
"Prices should increase eventually," she points out. "Now is the perfect opportunity to make a really sound investment. In fact, speaking from my own perspective, I'm afraid that if I don't take the plunge now, I'll look back ten years from now and say, 'Why the heck didn't I buy back in 2010?'"
Interest rates are very favorable for purchasing. Today, mortgage interest rates are low. Bottom line: Take advantage of them while they last.
These days, you have access to the best real estate professionals. Anyone connected to the housing market who managed to survive the housing crash had to be at the top of his or her game. That means the agents left standing today—including the ones you'll be working with in your search for the perfect vacation home—are possibly the best of the best.
"Quite simply, the real estate professionals still working today are the top in the business," says Karpinski. "And because vacation home renting has become so popular, they are more knowledgeable than ever. Use their knowledge to your advantage. They are at your service when it comes to helping you hunt down the best property for you."
It's never been easier to rent your vacation home. As mentioned earlier, vacation home rentals have never been more popular. More and more consumers are choosing to stay in cozy condos, cabins, and chalets instead of cramped, impersonal hotel rooms when they travel. And as market demand has surged, organizations have sprung up to help connect vacation homeowners with these potential renters.
If you buy now, you can be ready for the 2011 peak season. It's true that the longer you wait to buy, the likelier it is that interest rates could rise. But there's another reason not to procrastinate: If you buy now, you'll have time to get your property ready for peak rental season. Experienced vacation homeowners often find that the rental fees generated during the twelve weeks between Memorial Day and Labor Day pay their mortgages for an entire year—and most inquiries come in between January and March.
"Even turnkey properties aren't really turnkey," notes Karpinski. "To get your property up to your standards, there will very likely be things that you will want to spruce up. Rooms might need repainting. Decorating will need to be done. And the yard might need some work. By buying now, you will have a cushion of time to get the home ready for your guests, take great photos for your property listing, and start marketing it to potential renters."
"Someone is going to be smart enough to take advantage of the great buying opportunities available today," says Karpinski. "That person might as well be you."
Tuesday, November 30, 2010
Get Credit Score in Order Before Applying for Credit
Get Credit Score in Order Before Applying for Credit
By Pamela Yip
RISMEDIA, October 19, 2010---(MCT)--If your mailbox is starting to fill up again with credit card offers and you're tempted to apply, be realistic about your chances of qualifying.
Increased credit card solicitations are an indication that things have gotten much better for card issuers, with declines in defaults and delinquencies, said Bill Hardekopf, CEO of LowCards.com and author of "The Credit Card Guidebook."
"They are once again aggressively pursuing new customers, but this time around, they seem to really be focusing on those with good or excellent credit scores," he said.
Consumers may have to jump through more hoops than before to get a credit card today. But it's not impossible to get a card.
Before you apply for a credit card, get a copy of your credit report and your FICO credit score, the dominant score used by lenders, which uses a score range of 300 to 850.
Use your credit score as a guide to what kind of credit card you should apply for.
If your score is lower than you expected, check your credit report for errors and correct them before you apply for credit. If your score is too low, be prepared to pay.
"If your FICO score is 750 or above, you should apply for the cards specifically offered for excellent credit," Hardekopf said. "A score of 720 or above is considered good credit; 660 to 720 is acceptable."
If your score is below 650, you could find yourself in the subprime category, and you could have a tough time getting approved, he said.
"Anything below a 650 FICO score seems to be the dividing line between prime and subprime," agreed John Ulzheimer, president of consumer education at Credit.com.
The scary thing is that as of April, 35.2 percent of consumers had FICO scores below 650, according to the company that produces the influential number.
"Scores below 650 are there for a reason," Ulzheimer said. "It's negative information, such as late payments, foreclosures, bankruptcy, tax liens, hitting your credit report and excessive credit card debt."
According to Hardekopf, "consumers should not waste their time and apply for a card for which they are not qualified. If you apply for too many credit cards at once, this is a red flag and may actually cause your score to drop."
Some credit card issuers will give you some guidance as to what your credit level is.
For example, Capital One considers you to have excellent credit if you've had a loan or credit card for at least five years, have a credit limit of more than $10,000, have never been more than 60 days late on a credit card, medical bill or loan payment and have never declared bankruptcy.
You have average credit in Capital One's eyes if you have a credit card limit of less than $5,000 or you may have been late on more than one credit card, medical bill or loan payment in the past six months.
How you pay your credit card bill also should determine what kind of card you apply for.
If you pay off your card each month, you should look for a card with a good rewards program, Hardekopf said.
But if you carry a balance each month, you want a card with the lowest annual percentage rate and then work your tail off to pay off the card as quickly as possible.
"You really need to decide before you apply for a card what kind of credit card customer you are," Hardekopf said.
(c) 2010, The Dallas Morning News.
Distributed by McClatchy-Tribune Information Services.
By Pamela Yip
RISMEDIA, October 19, 2010---(MCT)--If your mailbox is starting to fill up again with credit card offers and you're tempted to apply, be realistic about your chances of qualifying.
Increased credit card solicitations are an indication that things have gotten much better for card issuers, with declines in defaults and delinquencies, said Bill Hardekopf, CEO of LowCards.com and author of "The Credit Card Guidebook."
"They are once again aggressively pursuing new customers, but this time around, they seem to really be focusing on those with good or excellent credit scores," he said.
Consumers may have to jump through more hoops than before to get a credit card today. But it's not impossible to get a card.
Before you apply for a credit card, get a copy of your credit report and your FICO credit score, the dominant score used by lenders, which uses a score range of 300 to 850.
Use your credit score as a guide to what kind of credit card you should apply for.
If your score is lower than you expected, check your credit report for errors and correct them before you apply for credit. If your score is too low, be prepared to pay.
"If your FICO score is 750 or above, you should apply for the cards specifically offered for excellent credit," Hardekopf said. "A score of 720 or above is considered good credit; 660 to 720 is acceptable."
If your score is below 650, you could find yourself in the subprime category, and you could have a tough time getting approved, he said.
"Anything below a 650 FICO score seems to be the dividing line between prime and subprime," agreed John Ulzheimer, president of consumer education at Credit.com.
The scary thing is that as of April, 35.2 percent of consumers had FICO scores below 650, according to the company that produces the influential number.
"Scores below 650 are there for a reason," Ulzheimer said. "It's negative information, such as late payments, foreclosures, bankruptcy, tax liens, hitting your credit report and excessive credit card debt."
According to Hardekopf, "consumers should not waste their time and apply for a card for which they are not qualified. If you apply for too many credit cards at once, this is a red flag and may actually cause your score to drop."
Some credit card issuers will give you some guidance as to what your credit level is.
For example, Capital One considers you to have excellent credit if you've had a loan or credit card for at least five years, have a credit limit of more than $10,000, have never been more than 60 days late on a credit card, medical bill or loan payment and have never declared bankruptcy.
You have average credit in Capital One's eyes if you have a credit card limit of less than $5,000 or you may have been late on more than one credit card, medical bill or loan payment in the past six months.
How you pay your credit card bill also should determine what kind of card you apply for.
If you pay off your card each month, you should look for a card with a good rewards program, Hardekopf said.
But if you carry a balance each month, you want a card with the lowest annual percentage rate and then work your tail off to pay off the card as quickly as possible.
"You really need to decide before you apply for a card what kind of credit card customer you are," Hardekopf said.
(c) 2010, The Dallas Morning News.
Distributed by McClatchy-Tribune Information Services.
Housing Trends For the Tri-Cities Washington
Housing Trends - Ron Almberg
Housing Trends eNewsletter is filled with local and national real estate sales and price activity provided by MLSs and the National Association of Realtors, U.S. Census Bureau key market indicators, consumer videos, blogs, real estate glossary, mortgage rates and calculators, consumer articles, and REALTOR.com local community reports.
Housing Trends eNewsletter is filled with local and national real estate sales and price activity provided by MLSs and the National Association of Realtors, U.S. Census Bureau key market indicators, consumer videos, blogs, real estate glossary, mortgage rates and calculators, consumer articles, and REALTOR.com local community reports.
Friday, November 19, 2010
What You Should Know Before Buying a Home
What You Should Know Before Buying a Home
RISMEDIA, October 18, 2010--There are so many things to understand as you embark on purchasing a home, especially if it's your first purchase. Learn the basics as you get started and understand everything you need to know as it relates to financing.
Here are 10 tips about financing:
1. Before you start looking for a home, get pre-qualified for a loan. Banks, credit unions and mortgage bankers make home loans; mortgage brokers process them. The lenders will take an application, process the loan documents, and see the loan through to the funding stage.
2. If you have marginal or bad credit, consult your lender. You may be able to qualify for a loan depending on how long ago and what reason(s) caused the bad credit. A lender should be able to advise you on whether your credit history will prevent you from qualifying for a home loan.
3. You will need a down payment. Down payment requirements vary depending on the type of loan. Many down payment assistance programs exist. These programs may loan or grant you the funds necessary for the down payment. Consult with a lender about programs available in your area.
4. You will need funds for closing costs Closing costs are charges for services related to the closing of your real estate transaction. They include, but are not limited to:
* Escrow fees charged by the company handling the transaction
* Title policy issuance fees charged by the title insurance company
* Mortgage insurance fees
* Fire and homeowners insurance
* County Recorder fees for recording your deed
* Loan origination fees
Consult your lender for an actual estimate of these costs, as well as information about loan programs which can assist in financing your closing costs
5. Some loans have "points" and some do not. A point is a loan origination fee equivalent to 1% of the loan amount. Together with the interest rate they constitute the yield on your loan for the lender. Some lenders charge a higher interest rate to compensate for charging no points. It is important to comparison shop lenders to make sure your loan is at a competitive yield.
6. Should you select a mortgage with a fixed rate or an adjustable rate? The answer to this question depends on whether mortgage rates are at a high or a low point when you purchase, and on how long you plan to live in the home. If rates are high, an adjustable rate might be attractive since subsequent rate drops could reduce your monthly payments. Additionally, lenders may offer a low rate during the first few years of an adjustable mortgage to make it appealing to you. If interest rates are low you might want to take a fixed rate to protect yourself against the possibility of rising interest rates.
7. Be aware of the two main types of loan categories.
* Conventional Loans. Conventional mortgage loans are available with fixed or adjustable interest rates. Some loans may require mortgage insurance.
* Government Loans. These include Federal Housing Administration (FHA) fixed and adjustable rate mortgage loans, and Veterans Administration (VA) fixed rate mortgage loan
8. If you are a low or moderate income home buyer, there are special programs designed to help you. These loans are available through private lenders, as well as local and state housing agencies, like the California Housing Finance Agency (CalHFA). Most lenders specializing in real estate mortgage loans are aware of these types of loan programs.
9. Why might I have to pay mortgage insurance? Mortgage insurance protects the lender from potential loss if you should default on your mortgage loan payment. Generally, conventional loans that require larger down payments do not require mortgage insurance. Mortgage insurance is always required on FHA mortgage loans.
10. Many organizations offer home loan counseling to prospective home buyers. These organizations provide classes for homebuyers to cover the steps to homeownership. They will cover home selection, realtor services, lenders, loan programs, homeownership responsibilities, saving for a down payment, and other important pieces of information. Many first-time home buyer programs require homebuyers to attend this type of class to be eligible for selected programs.
RISMEDIA, October 18, 2010--There are so many things to understand as you embark on purchasing a home, especially if it's your first purchase. Learn the basics as you get started and understand everything you need to know as it relates to financing.
Here are 10 tips about financing:
1. Before you start looking for a home, get pre-qualified for a loan. Banks, credit unions and mortgage bankers make home loans; mortgage brokers process them. The lenders will take an application, process the loan documents, and see the loan through to the funding stage.
2. If you have marginal or bad credit, consult your lender. You may be able to qualify for a loan depending on how long ago and what reason(s) caused the bad credit. A lender should be able to advise you on whether your credit history will prevent you from qualifying for a home loan.
3. You will need a down payment. Down payment requirements vary depending on the type of loan. Many down payment assistance programs exist. These programs may loan or grant you the funds necessary for the down payment. Consult with a lender about programs available in your area.
4. You will need funds for closing costs Closing costs are charges for services related to the closing of your real estate transaction. They include, but are not limited to:
* Escrow fees charged by the company handling the transaction
* Title policy issuance fees charged by the title insurance company
* Mortgage insurance fees
* Fire and homeowners insurance
* County Recorder fees for recording your deed
* Loan origination fees
Consult your lender for an actual estimate of these costs, as well as information about loan programs which can assist in financing your closing costs
5. Some loans have "points" and some do not. A point is a loan origination fee equivalent to 1% of the loan amount. Together with the interest rate they constitute the yield on your loan for the lender. Some lenders charge a higher interest rate to compensate for charging no points. It is important to comparison shop lenders to make sure your loan is at a competitive yield.
6. Should you select a mortgage with a fixed rate or an adjustable rate? The answer to this question depends on whether mortgage rates are at a high or a low point when you purchase, and on how long you plan to live in the home. If rates are high, an adjustable rate might be attractive since subsequent rate drops could reduce your monthly payments. Additionally, lenders may offer a low rate during the first few years of an adjustable mortgage to make it appealing to you. If interest rates are low you might want to take a fixed rate to protect yourself against the possibility of rising interest rates.
7. Be aware of the two main types of loan categories.
* Conventional Loans. Conventional mortgage loans are available with fixed or adjustable interest rates. Some loans may require mortgage insurance.
* Government Loans. These include Federal Housing Administration (FHA) fixed and adjustable rate mortgage loans, and Veterans Administration (VA) fixed rate mortgage loan
8. If you are a low or moderate income home buyer, there are special programs designed to help you. These loans are available through private lenders, as well as local and state housing agencies, like the California Housing Finance Agency (CalHFA). Most lenders specializing in real estate mortgage loans are aware of these types of loan programs.
9. Why might I have to pay mortgage insurance? Mortgage insurance protects the lender from potential loss if you should default on your mortgage loan payment. Generally, conventional loans that require larger down payments do not require mortgage insurance. Mortgage insurance is always required on FHA mortgage loans.
10. Many organizations offer home loan counseling to prospective home buyers. These organizations provide classes for homebuyers to cover the steps to homeownership. They will cover home selection, realtor services, lenders, loan programs, homeownership responsibilities, saving for a down payment, and other important pieces of information. Many first-time home buyer programs require homebuyers to attend this type of class to be eligible for selected programs.
6 Reasons it Pays to Shop Around Before Choosing a Mortgage
By Paige Tepping
RISMEDIA, October 16, 2010--You wouldn’t buy a house without shopping around first, right? Then why would you commit to the loan you use to buy that house without making sure you’re getting the best deal possible? From the experts at LendingTree, here are six reasons why it’s essential to take a few minutes to browse before you borrow:
1. To get the best interest rate possible
Over the life of a $200,000, 30-year fixed rate loan, a one-tenth of a point difference in interest rate could save or cost you thousands of dollars.
2. To pay lower loan fees
Once your loan application is accepted, the lender will get back to you with a good-faith estimate (GFE), including an itemized list of all the costs associated with the loan. If there are any parts of the GFE that you don’t understand, don’t be afraid to ask the lender to explain each fee that is listed.
3. To avoid a prepayment penalty
In these transient times, it seems no one stays in their home long enough to pay down their mortgage the old fashioned way: in monthly increments over a period of decades. So you’ll want to be clear on whether the terms of your loan include a penalty if you pay off your mortgage early—either because you move or refinance.
4. To find a lender you feel comfortable with
You don’t want any surprises popping up at closing time. Get a lender who is responsive to your questions and is willing to give you the details in writing.
5. To find a lender that specializes in your situation
Recent volatility in the mortgage markets means that people with bad credit or little money for a down payment might have to look a little harder to find a lender.
6. To get the rate lock period you want
Once you’ve found the lender offering the best mortgage rate and terms, you’ll want to get a written commitment, known as a “lock” that puts in writing that the lender will make the loan to you at that the specified interest rate. The length of the lock can vary from 30-90 days, but many lenders will charge a fee for a rate commitment of longer than a month. Negotiate the lock period that is right for you, depending on when you plan to close on your new home and if interest rates are expected to creep higher during that time.
RISMEDIA, October 16, 2010--You wouldn’t buy a house without shopping around first, right? Then why would you commit to the loan you use to buy that house without making sure you’re getting the best deal possible? From the experts at LendingTree, here are six reasons why it’s essential to take a few minutes to browse before you borrow:
1. To get the best interest rate possible
Over the life of a $200,000, 30-year fixed rate loan, a one-tenth of a point difference in interest rate could save or cost you thousands of dollars.
2. To pay lower loan fees
Once your loan application is accepted, the lender will get back to you with a good-faith estimate (GFE), including an itemized list of all the costs associated with the loan. If there are any parts of the GFE that you don’t understand, don’t be afraid to ask the lender to explain each fee that is listed.
3. To avoid a prepayment penalty
In these transient times, it seems no one stays in their home long enough to pay down their mortgage the old fashioned way: in monthly increments over a period of decades. So you’ll want to be clear on whether the terms of your loan include a penalty if you pay off your mortgage early—either because you move or refinance.
4. To find a lender you feel comfortable with
You don’t want any surprises popping up at closing time. Get a lender who is responsive to your questions and is willing to give you the details in writing.
5. To find a lender that specializes in your situation
Recent volatility in the mortgage markets means that people with bad credit or little money for a down payment might have to look a little harder to find a lender.
6. To get the rate lock period you want
Once you’ve found the lender offering the best mortgage rate and terms, you’ll want to get a written commitment, known as a “lock” that puts in writing that the lender will make the loan to you at that the specified interest rate. The length of the lock can vary from 30-90 days, but many lenders will charge a fee for a rate commitment of longer than a month. Negotiate the lock period that is right for you, depending on when you plan to close on your new home and if interest rates are expected to creep higher during that time.
Remodeling? Choose the Right Vinyl Siding
By Stephanie Andre
RISMEDIA, October 8, 2010--Given its durability, vinyl siding is more popular today than ever before. According to some statistics, approximately 50% of homes now use the material. That said, this is one product that experts say you should not skimp on when looking at quality vs. cost. Cheaper-made siding will fade, warp and sag much quicker than a better quality product.
Here are five tips for homeowners on how to choose high-quality products, courtesy of VinylSiding.net:
Thickness - Vinyl is made from chemical combinations, which vary greatly. Thicker options will be stiffer and more durable. Thinner ones may be low quality and could sag or warp. According to building codes, vinyl siding must be at least 0.035 inch thick. Premium choices are 0.044 to up to 0.055 inch thick.
Fading - Cheap vinyl siding is more likely to fade. Homeowners should find products with UV protection and be sure the exterior can handle direct sunlight. To lessen the appearance of fading, lighter colors can be chosen.
Wind Resistance - Homeowners will want vinyl siding that can resist wind up to 150 mph. Some high-quality options have warranties that cover winds of 180 mph. Homeowners should be aware of wind codes in their area as they do vary.
Installation - The installation is just as important as the materials. Panels are not attached tightly. Rather, they "hang" on the side of a house because the material expands and contracts with heat and cold. When getting vinyl siding estimates, homeowners should ask about the installation process and warranties. Double hem mounting typically provides better attachment than a single hem. If installed too tightly, there will be poor ventilation, which is needed. If installed too loosely, it can be noisy.
Rain Resistance - Vinyl siding also "hangs" on a structure to provide better ventilation by allowing air to flow behind the panels. There are also small holes in the butts of each panel to release water. If poorly installed, it can trap moisture or cause water leaks into the house. To avoid this, the installer must add proper flashings, house felt or builder's wrap.
RISMEDIA, October 8, 2010--Given its durability, vinyl siding is more popular today than ever before. According to some statistics, approximately 50% of homes now use the material. That said, this is one product that experts say you should not skimp on when looking at quality vs. cost. Cheaper-made siding will fade, warp and sag much quicker than a better quality product.
Here are five tips for homeowners on how to choose high-quality products, courtesy of VinylSiding.net:
Thickness - Vinyl is made from chemical combinations, which vary greatly. Thicker options will be stiffer and more durable. Thinner ones may be low quality and could sag or warp. According to building codes, vinyl siding must be at least 0.035 inch thick. Premium choices are 0.044 to up to 0.055 inch thick.
Fading - Cheap vinyl siding is more likely to fade. Homeowners should find products with UV protection and be sure the exterior can handle direct sunlight. To lessen the appearance of fading, lighter colors can be chosen.
Wind Resistance - Homeowners will want vinyl siding that can resist wind up to 150 mph. Some high-quality options have warranties that cover winds of 180 mph. Homeowners should be aware of wind codes in their area as they do vary.
Installation - The installation is just as important as the materials. Panels are not attached tightly. Rather, they "hang" on the side of a house because the material expands and contracts with heat and cold. When getting vinyl siding estimates, homeowners should ask about the installation process and warranties. Double hem mounting typically provides better attachment than a single hem. If installed too tightly, there will be poor ventilation, which is needed. If installed too loosely, it can be noisy.
Rain Resistance - Vinyl siding also "hangs" on a structure to provide better ventilation by allowing air to flow behind the panels. There are also small holes in the butts of each panel to release water. If poorly installed, it can trap moisture or cause water leaks into the house. To avoid this, the installer must add proper flashings, house felt or builder's wrap.
Crafty Ideas for Winter Curb Appeal: Home & Design
Yes, it's still possible to create great curb appeal when it's cold and gray outside.
During summer months when gardens are in bloom and the sun is shining bright, curb appeal comes naturally to many homes. But when the autumn chill turns to winter cold and the sun sets earlier in the day, it becomes more difficult to create that inviting exterior look that grabs buyers from the curb.Fortunately, it is possible to create striking winter curb appeal without expensive or complicated exterior changes, says Charlene Storozuk, a home stager and designer with Dezigner Digz in Burlington, Ontario—a city that averages 51 inches of snow per year. It just requires a little creativity.
She and other home-design experts offer these eight tips:
1. Add splashes of green and purple. Plants, grasses, and evergreens can liven up a home’s winter landscape. Experiment with tall grasses, such as fountain grasses, that survive harsh winters. And in late fall and early winter, plants from the cabbage family add a vibrant purple color. Make the front door the focal point with a large wreath adorned with a colorful ribbon. To finish the look, place large, colorful planters filled with evergreens beside the front door, suggests Elizabeth Lord, broker with Carolina Farms & Estates LLC in Rock Hill, S.C.
2. Give it seasonal sparkle. Transform an unused bird bath or fountain into a seasonal display by adding twigs with red berries. Or fill frost-resistant urns with twigs, winter greenery, and sparkly baubles (sold at most craft stores), Storozuk says. For extra sparkle, roll twigs in glitter and incorporate a gazing ball—a mirrored glass ball available in various colors—into the display.
3. Make the garden statuesque. Roman- or Greek-themed outdoor sculptures can add class and elegance to a garden in winter. Be sure to use frost-resistant statues so they don’t crack, Storozuk says. Place the statues strategically throughout the garden to draw buyers’ eyes around the outdoor space.
4. Light it bright. During the winter, it’s more likely that buyers will be viewing home after sunset. Use clear flood spotlights to focus on the home’s architectural features, Storozuk says. Keep exterior lighting fixtures at maximum wattage and clean them regularly. When snow covers the ground, Michele Thompson, broker-owner of White Fence Real Estate in Vevay, Ind., takes photos of listings at night with all of the interior lights on—the light bounces off the white snow to create a warm, inviting glow. For the best results, turn off the flash, and use a tripod to avoid blurring, she says.
5. Show off the lifestyle. Just because it’s cold outside doesn’t mean you can’t use the deck. Shovel your backyard sitting area and leave your grill uncovered so buyers can envision themselves using the space, Storozuk says. If the home has a hot tub, leave that open and running during showings as well.
6. Make the deck an extension of the house. Set up your outdoor tables and chairs just as you would in warmer months. “Home owners often cover their furniture and place lawn objects haphazardly on the deck,” says Kitty Schwartz, president and owner of Classic Home Staging in Katonah, N.Y. For added appeal, she adds a weatherproof cafe set with pillows that play off of interior accent colors. “Glancing out onto this type of vignette can make the indoor space feel larger and more interesting,” she says.
7. Create a photo display of sunnier days. Show buyers what the outside of the home looks like during other seasons by displaying some landscape photos in frames or using a digital photo frame with a slide show of images. “This will give a sense of what the property looks like at other times of year,” Storozuk says. If the home has a garden, make a list of what’s planted where. “Perennials can be expensive,” she says, “so treat them as a selling feature.”
8. Don’t forget to clear a path. If the ground is covered in snow, the simplest and most important thing you can do is shovel the driveway and sidewalks and keep the home’s patios and decks as clear as possible so buyers can get a sense of their true size.
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.
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.
Top 5 Tips for Buying a Newly Built Home
By Dan Steward
RISMEDIA, November 17, 2010—Newly built homes, often in recently developed communities, are regaining popularity and are more affordable than in years past. New homebuilders are using desirable, open floor plans and are helping buyers get into new homes despite the nationwide credit crunch.
As with any major transaction, it’s critical that the buyer enter the home purchase fully informed and educated. Follow these important tips in a new home transaction to ensure that the outcome is a success.
1. Choose a Realtor Who Has New Home Sales Experience
Hire a buyer’s agent to represent you. Most of the time, your agent will be paid by the seller, but sometimes the responsibility for the agent’s fee is open for discussion. Even if you have to directly pay your agent, you can probably add that fee to the sales price, which would be worthwhile since a strong Realtor negotiating on your behalf can save you thousands more than the commission.
The builder’s sales agents are paid to represent the builder, regardless of what they may tell you. Many will use high pressure tactics to persuade you to sign the contract. Due to the high volume nature of brand-new home sales, lots of builder’s agents are paid less than a traditional commission; some earn a salary plus incentives, so turnover is important to their livelihood.
Your own agent will represent you, act as your fiduciary and disclose the positives as well as the negatives about the transaction. Builder’s agents don’t discuss drawbacks.
If your contract contains a contingency to sell your existing home before buying, again, hire your own seller’s agent to list your home. Be aware that buying before selling is not always in your best interest as hard bargaining goes out the window once you’ve emotionally already left your home.
2. Carefully Evaluate the Seller’s Lender before Committing
Builders often prefer their own lender because the builder will be kept fully informed of your personal progress; it’s one-stop shopping for a builder. However, a builder’s lender might not offer you the best deal. This is particularly true if the builder actually owns the lending company.
Builders will offer huge incentives to get you into your new home; sometimes up to 15% of the value of the home. However, they will often put one big stipulation on those incentives – that you use their lender. There are many problems that may crop up when you pigeon-hole yourself to one lender – higher rates and higher closing costs are the two biggest.
Ask to see a copy of your credit report and FICO cores. You can also order your own free credit report before shopping for a new home.
Insist that your lender guarantee its Good Faith Estimate. If the lender balks or makes excuses, go elsewhere. Reputable lenders will honor that request, even though it’s not required by law.
3. Check out the Builder’s Reputation
If a buyer has a bad experience with a builder, word spreads rapidly throughout a community. However, accurately and fairly assessing a builder’s history is the appropriate path—check public records for lawsuits or complaints and evaluate their resolutions.
Talk to the neighbors and scrutinize the construction quality of surrounding homes. Is the builder consistently building same-sized or larger than existing properties, or are homes shrinking in size, which could reduce neighborhood value?
Learn if the builder limits investor purchases – this ensures that the neighborhood doesn’t turn into a “rental” neighborhood, which may appear less well-maintained and reduce property value.
4. Hire a Home Inspector
Many people who buy new construction homes don’t bother to get a home inspection. Most new homes come with a one year “bumper-to-bumper” warranty that includes everything, and many home buyers feel that they can find out if there are any construction flaws during those 12 months. The problem is that many problems won’t surface until well after the 12-month warranty has expired.
If the inspector calls for further inspection by another professional contractor, find out if the inspector is telling you there could be a serious issue or if the inspector isn’t licensed to address that issue.
An inspection provides education about the property, and offers the validation of a trained, independent third party assessment of the structure and systems.
5. Obtain Legal Advice before Buying a Brand-New Home
Before you sign a purchase contract, talk to a real estate lawyer. Standard purchase agreements are designed to keep everybody out of court, but they don’t necessarily contain language that protects the buyer.
Ask questions about removal of contingencies and your cancellation rights. Make sure you understand your liability and commitments.
Find out if the materials used by the builder contain chemicals that are hazardous to your health. If your contract contains a warning about health issues, it’s probably because it’s a valid concern and other buyers have gone to court over it.
Dan Steward is president, Pillar To Post.
RISMEDIA, November 17, 2010—Newly built homes, often in recently developed communities, are regaining popularity and are more affordable than in years past. New homebuilders are using desirable, open floor plans and are helping buyers get into new homes despite the nationwide credit crunch.
As with any major transaction, it’s critical that the buyer enter the home purchase fully informed and educated. Follow these important tips in a new home transaction to ensure that the outcome is a success.
1. Choose a Realtor Who Has New Home Sales Experience
Hire a buyer’s agent to represent you. Most of the time, your agent will be paid by the seller, but sometimes the responsibility for the agent’s fee is open for discussion. Even if you have to directly pay your agent, you can probably add that fee to the sales price, which would be worthwhile since a strong Realtor negotiating on your behalf can save you thousands more than the commission.
The builder’s sales agents are paid to represent the builder, regardless of what they may tell you. Many will use high pressure tactics to persuade you to sign the contract. Due to the high volume nature of brand-new home sales, lots of builder’s agents are paid less than a traditional commission; some earn a salary plus incentives, so turnover is important to their livelihood.
Your own agent will represent you, act as your fiduciary and disclose the positives as well as the negatives about the transaction. Builder’s agents don’t discuss drawbacks.
If your contract contains a contingency to sell your existing home before buying, again, hire your own seller’s agent to list your home. Be aware that buying before selling is not always in your best interest as hard bargaining goes out the window once you’ve emotionally already left your home.
2. Carefully Evaluate the Seller’s Lender before Committing
Builders often prefer their own lender because the builder will be kept fully informed of your personal progress; it’s one-stop shopping for a builder. However, a builder’s lender might not offer you the best deal. This is particularly true if the builder actually owns the lending company.
Builders will offer huge incentives to get you into your new home; sometimes up to 15% of the value of the home. However, they will often put one big stipulation on those incentives – that you use their lender. There are many problems that may crop up when you pigeon-hole yourself to one lender – higher rates and higher closing costs are the two biggest.
Ask to see a copy of your credit report and FICO cores. You can also order your own free credit report before shopping for a new home.
Insist that your lender guarantee its Good Faith Estimate. If the lender balks or makes excuses, go elsewhere. Reputable lenders will honor that request, even though it’s not required by law.
3. Check out the Builder’s Reputation
If a buyer has a bad experience with a builder, word spreads rapidly throughout a community. However, accurately and fairly assessing a builder’s history is the appropriate path—check public records for lawsuits or complaints and evaluate their resolutions.
Talk to the neighbors and scrutinize the construction quality of surrounding homes. Is the builder consistently building same-sized or larger than existing properties, or are homes shrinking in size, which could reduce neighborhood value?
Learn if the builder limits investor purchases – this ensures that the neighborhood doesn’t turn into a “rental” neighborhood, which may appear less well-maintained and reduce property value.
4. Hire a Home Inspector
Many people who buy new construction homes don’t bother to get a home inspection. Most new homes come with a one year “bumper-to-bumper” warranty that includes everything, and many home buyers feel that they can find out if there are any construction flaws during those 12 months. The problem is that many problems won’t surface until well after the 12-month warranty has expired.
If the inspector calls for further inspection by another professional contractor, find out if the inspector is telling you there could be a serious issue or if the inspector isn’t licensed to address that issue.
An inspection provides education about the property, and offers the validation of a trained, independent third party assessment of the structure and systems.
5. Obtain Legal Advice before Buying a Brand-New Home
Before you sign a purchase contract, talk to a real estate lawyer. Standard purchase agreements are designed to keep everybody out of court, but they don’t necessarily contain language that protects the buyer.
Ask questions about removal of contingencies and your cancellation rights. Make sure you understand your liability and commitments.
Find out if the materials used by the builder contain chemicals that are hazardous to your health. If your contract contains a warning about health issues, it’s probably because it’s a valid concern and other buyers have gone to court over it.
Dan Steward is president, Pillar To Post.
Helping low income families become homeowners
PASCO, Wash. -- A housing development that helps low-income families become homeowners adds another to the community.
The Almanzar family immigrated to the U.S. and are putting two kids through college. Friday they officially own their first home. It was all made possible by First Story, a non-profit that helps low income families purchase homes.
Maria and Ignacio Almanzar say they are "really thankful and excited and grateful to everybody that has helped out, thankful for God. Our dream has finally come true."
The Almanzars are not alone. Dozens of families have made Tierra Vida their home. In English it means "land and life".
Roger Bairstow with CASA L.L.C. says, "for us it's not just about the houses. It's about the people moving in. Roger Bairstaw works for CASA L.L.C. which is an affiliate of Broetje's Orchards. Their main goal is to provide their employees with an opportunity to become first time homeowners.
However, it's not only limited to Broetje's employees. The community provides affordable housing to all low-income families.
"Home ownership is a piece of the American dream. Everybody has the idea of wanting to own their own piece of land and their own house and that's something that we can offer here at a far more affordable price," says Bairstow.
Tierra Vida started with 73 lots and now there are only about 5 lots left.
Cody Tapia is a new homeowner and says "it's especially good for a new homeowner. There's a lot of activities that the neighborhood put on. So for us it was a perfect, nice neighborhood. Obviously people take care of their homes, they take care of their yards."
For families like the Almanzar family, they are just excited to finally be homeowners.
The Almanzar family immigrated to the U.S. and are putting two kids through college. Friday they officially own their first home. It was all made possible by First Story, a non-profit that helps low income families purchase homes.
Maria and Ignacio Almanzar say they are "really thankful and excited and grateful to everybody that has helped out, thankful for God. Our dream has finally come true."
The Almanzars are not alone. Dozens of families have made Tierra Vida their home. In English it means "land and life".
Roger Bairstow with CASA L.L.C. says, "for us it's not just about the houses. It's about the people moving in. Roger Bairstaw works for CASA L.L.C. which is an affiliate of Broetje's Orchards. Their main goal is to provide their employees with an opportunity to become first time homeowners.
However, it's not only limited to Broetje's employees. The community provides affordable housing to all low-income families.
"Home ownership is a piece of the American dream. Everybody has the idea of wanting to own their own piece of land and their own house and that's something that we can offer here at a far more affordable price," says Bairstow.
Tierra Vida started with 73 lots and now there are only about 5 lots left.
Cody Tapia is a new homeowner and says "it's especially good for a new homeowner. There's a lot of activities that the neighborhood put on. So for us it was a perfect, nice neighborhood. Obviously people take care of their homes, they take care of their yards."
For families like the Almanzar family, they are just excited to finally be homeowners.
Tuesday, November 16, 2010
Realty Times - Pasco, Washington Real Estate Market Conditions from Marchell Mascheck
Realty Times - Pasco, Washington Real Estate Market Conditions from Marchell Mascheck
Tri-Cities is currently experiencing a realatively balanced market in many price ranges and locations. Consumers should fight the urge to follow the national news of the real estate market. Some price ranges are very much a 'sellers market' while others may be the opposite.
Pasco can be described as a 'bedroom community' since nearly three-fourths of the land area consists of residential neighborhoods. The Tri-City area's commercial airport is located in Pasco as well as some industrial, commercial and retail businesses. May through October, Pasco features a popular farmer's market in the downtown area. It is also home to the Tri-Cities Dust Devils, a baseball farm team to the majors. Look for a new aquatic center to be developed in the future and located very near the Columbia River to make it centrally located in the Tri-Cities.
This is the entry-level residential growth center of the three communities. It has cooperated and annexed large tracts of land for development of single-family homes for the areas' first-time homebuyer families. Growth has been so drastic that Pasco is Washington State's first ranked city for percentage of growth and is ranked high nationally.
Types of housing include multi-family, older neighborhoods, new neighborhoods, high-end river front areas, large manufactured home neighborhoods and country living.
Many new construction and re-sale homes are available, especially in the sprawling areas north and west of town. Many new homes are marketed to first-time buyers.
ZIP Code: 99301
Location Characteristics: Pasco is predominately a residential community located in (and the county seat for) Franklin County. Pasco is across the Columbia River from Kennewick and Richland. This city is one of the communities making up the region known as the Tri-Cities.
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Tri-Cities is currently experiencing a realatively balanced market in many price ranges and locations. Consumers should fight the urge to follow the national news of the real estate market. Some price ranges are very much a 'sellers market' while others may be the opposite.
Pasco can be described as a 'bedroom community' since nearly three-fourths of the land area consists of residential neighborhoods. The Tri-City area's commercial airport is located in Pasco as well as some industrial, commercial and retail businesses. May through October, Pasco features a popular farmer's market in the downtown area. It is also home to the Tri-Cities Dust Devils, a baseball farm team to the majors. Look for a new aquatic center to be developed in the future and located very near the Columbia River to make it centrally located in the Tri-Cities.
This is the entry-level residential growth center of the three communities. It has cooperated and annexed large tracts of land for development of single-family homes for the areas' first-time homebuyer families. Growth has been so drastic that Pasco is Washington State's first ranked city for percentage of growth and is ranked high nationally.
Types of housing include multi-family, older neighborhoods, new neighborhoods, high-end river front areas, large manufactured home neighborhoods and country living.
Many new construction and re-sale homes are available, especially in the sprawling areas north and west of town. Many new homes are marketed to first-time buyers.
ZIP Code: 99301
Location Characteristics: Pasco is predominately a residential community located in (and the county seat for) Franklin County. Pasco is across the Columbia River from Kennewick and Richland. This city is one of the communities making up the region known as the Tri-Cities.
Realty Times - Kennewick, Washington Real Estate Market Conditions from Marchell Mascheck
Realty Times - Kennewick, Washington Real Estate Market Conditions from Marchell Mascheck
Tri-Cities is currently experiencing a balanced market in many price ranges and locations. Consumers should fight the urge to follow the national news as the situation here is quite different. Some price ranges are very much a 'sellers market' while others may be the opposite.
Kennewick is a more sprawling town than others in the Tri-Cities area. This is a community that has developed some tourism and full-scale retail to serve the entire area. Also included is the Toyota Coliseum (home to the Tri-City Americans hockey team and the Fever Arena Football team--2005 Champions) and Three Rivers Convention Center complex. Additionally, the Coliseum is home to the Windermere Theatre--a more intimate space than a hockey arena, where Broadway shows and more personal performances provide a greater experience.
Kennewick has a diverse array of residential housing and offers extensive and affordable housing, services and retail amenities as well as a highly educated and trained workforce. Kennewick has beautiful river-view neighborhoods and downtown neighborhoods, which have been targeted for revitalization.
Types of housing include golf course communities, multi-family, planned communities, rejuvenated downtown area and country living.
New construction residential and commercial development is continuing. An adequate supply of homes is currently available, but the market as a whole is very balanced.
ZIP Codes: 99336, 99337, 99338
Location Characteristics: Kennewick is a community with plenty of shopping, commercial development, re-sale homes and new home construction. This city has the largest population making up the region known as the Tri-Cities.
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Tri-Cities is currently experiencing a balanced market in many price ranges and locations. Consumers should fight the urge to follow the national news as the situation here is quite different. Some price ranges are very much a 'sellers market' while others may be the opposite.
Kennewick is a more sprawling town than others in the Tri-Cities area. This is a community that has developed some tourism and full-scale retail to serve the entire area. Also included is the Toyota Coliseum (home to the Tri-City Americans hockey team and the Fever Arena Football team--2005 Champions) and Three Rivers Convention Center complex. Additionally, the Coliseum is home to the Windermere Theatre--a more intimate space than a hockey arena, where Broadway shows and more personal performances provide a greater experience.
Kennewick has a diverse array of residential housing and offers extensive and affordable housing, services and retail amenities as well as a highly educated and trained workforce. Kennewick has beautiful river-view neighborhoods and downtown neighborhoods, which have been targeted for revitalization.
Types of housing include golf course communities, multi-family, planned communities, rejuvenated downtown area and country living.
New construction residential and commercial development is continuing. An adequate supply of homes is currently available, but the market as a whole is very balanced.
ZIP Codes: 99336, 99337, 99338
Location Characteristics: Kennewick is a community with plenty of shopping, commercial development, re-sale homes and new home construction. This city has the largest population making up the region known as the Tri-Cities.
Realty Times - Richland, Washington Real Estate Market Conditions from Marchell Mascheck
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Tri-Cities is currently experiencing a generally balanced market in many price ranges and locations. Consumers should fight the urge to follow the national news and trends since it is quite different here. Some price ranges are very much a 'sellers market' while others may be the opposite.
Because the city of Richland is close to the Hanford Nuclear Facility (one of the areas largest employers), some incoming residents tend to prefer this area over others. Tourism, entertainment and commercial/retail activity is increasing along the rivers. Richland has the small town flavor as a community and is limited by space for growth. These factors tend to keep the prices slightly higher than other communities in the area.
Richland is known for its resident scientists, engineers and technicians working in one of the country's most important nuclear research laboratories, which is also the headquarters for the cleanup efforts at the Hanford Reservation. This city also has a large cultural center, is home to a four-year Washington State University campus and has a growing medical center serving the entire region. Nearby is the Red Mountain area known for its wineries and scenic drive.
Because the city of Richland is close to the Hanford Nuclear Facility (one of the areas largest employers), some incoming residents tend to prefer this area over others. Tourism, entertainment and commercial/retail activity is increasing along the rivers. Richland has the small town flavor as a community and is limited by space for growth. These factors tend to keep the prices slightly higher than other communities in the area.
Richland is known for its resident scientists, engineers and technicians working in one of the country's most important nuclear research laboratories, which is also the headquarters for the cleanup efforts at the Hanford Reservation. This city also has a large cultural center, is home to a four-year Washington State University campus and has a growing medical center serving the entire region. Nearby is the Red Mountain area known for its wineries and scenic drive.
Types of housing include golf course neighborhoods, planned neighborhoods, large older home areas, small older home areas, new neighborhoods, mature neighborhoods and country living.
New residential construction continues and commercial construction is ongoing as well. Availability of homes is strong and sales are steady.
ZIP Codes: 99352, 99354
Location Characteristics: Richland (central) has generally more mature and well established neighborhoods. The south part of town (south of the river) is predominately newer homes and neighborhoods. This city is one of the communities making up the region known as Tri-Cities.
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