Many home owners put off making energy-efficient upgrades because of cost and believe there is no way they can afford it. Well, maybe you can do those improvement you have been dreaming of. It may be time to "stop" the stop. Energy-efficient mortgage program (EEM) and new tax credit for upgrades could help you out.
EEM lets home buyers or owners the ability to finance cost of adding energy-efficient features to new or exiting homes as par tof the FHA-insured purchase or re-fi mortgage. EEM has been around since the 1980's but under used.
This could be the best time for home owners to think seriously about upgrades that will help lower the utility bills and increase value of your home. The maximum the FHA allowed was $8000 and that was recently modified. Now the maxium amount of portion of the EEM for improvements is to be lesser of 5% of the value of the property or 115% of the median area price of a single family dwelling or 150% of the conforming Freddie Mac limit. Also, under the stimulus plan, upgrades are eligible for tax credit of 30% of qualifying costs up to $1500 but this is only through 2010.
EEM are sponsored by federaly insured mortgage program and conventional secondary mortgage market. To get started, you need to have a CHEERS rater (called CHEERS which is California Home Energy Efficiency Rating Services) or another approved rater to give you an analysis, and get a report. The report will be submitted to the lender. The report will show the current condition of the home, and savings after upgrades.
According to recent report from CAR, existing sale of single family homes reported in May showed an increase of 35.2%, while the median home price declined by 30.4%. The statewide median price of an existing single family home increased 4.2% in May.
Statewide Median Home Price May 2009
Sngle Family Home $267,570
Condo $236,660
Home prices are affordable for first time home buyers, plus the low mortgage rates and buyer tax credits are bringing many people out into the real estate market. And buyers may not get a chance like this again for a long time.
The 10 cities in California with the highest median home price in May 2009 were:
So here I am, searching active listings in City Of Altadena and WOW.
Do you remember years back when you could not find a home to sell your clients? Or, a new listing comes up on the market and there are 20 buyers and agents outside the house during caravan?
Today, I look on the multiple and find 77 listings of single family homes available in Altadena. I wished I had 77 qualified buyers...FYI, what are the prices out there...
14 homes are under $400,000
16 homes are over one million
3 homes are over two million
New listings to check out:
3033 Glen Ave. 3 bed, 2 bath $379,900
1892 E. Altadena Dr. 3 bed, 1 bath $595,000
1016 Alta Pine, 3 bed, 2 bath $689,000
Majority of homes are priced over 1/2 million ($500,000). Though we hear that prices have gone down, to find a decent home in Altadena (and Pasadena) is still challenging for many first time buyers.
Just like the clothes and shoes we wear, they go out of style and home decoration goes out of style too. We get so used to our setting and become comfortable; we cannot think of seeing them go. Eventually, everything needs to be updated. And updating does not have to be expensive. Little touch here and there can really make a smashing difference. Here are few inexpensive way to update your home.
Just rearranging furniture can give a different feel and energy to a room. Add and remove furniture, area rugs, lamps, shelf, tables, etc. Mirrors are great to give a new look to a room.
Houseplants are a great way to give warmth and color to a room. Choose a decorative planter and see how it changes the feel of a room. Different plants, size, shape, and color can be very dramatic influence to a room.
Color, color, color. Paint is one of the most cost effective ways to dress a room. Many stores now carry a small "test size" paint containers. Now, you can test the color on the walls before painting the whole room.
De-clutter. Add shelves to display your favorite collectibles, book, picture frames. Place hooks inside the doors to hang items. Use baskets and bins to place magazines. Even if you don't remove or throw things away, just neatly organizing and placing things back to where it was can make a difference.
Hide an area away such as a banged up wall. How? A paintable wall paper can smooth out a dented wall. Or just move some plants and furniture, or use a screen to camouflage.
Change old cabinet handles, switch plates (with colorful and design), knobs for a small cost. Even new towels and toilet seats can give a new and clean feel to a bathroom.
Room light can make a big impact on how a home looks. Whether the home looks dark, bright, harsh all depend on the lighting. Remember light sets the mood. Control the lighting and create the mood.
Just plain "Clean Up." Get rid of that fingerprint on the wall, scrub the bathroom, mop the floor, shampoo the carpet, and dust the shelves. It's one of the most inexpensive ways to make a room look new again.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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