Cheryl's Blog

Taking Inventory of 2008

2008-12-31T11:09:38Z

Tomorrow is a brand new year...a blank sheet of paper full of endless possibilities. Looking back over 2008, I have to say it's been one heck of a year! The economy hit on hard times, unemployment hit highs that hadn't been seen in decades, Wall Street came crashing down and "bailout" seems to be the word of the day for many corporations and CEOs. But, there were highlights, too. It was an electrifying election year. Sarah Palin spoofed on SNL by Tina Fey. The great senses of humor that both John McCain and Sarah Palin showed. And, for the first time in US history, an African-American was elected as president! Many people didn't think they would see such a thing happen in their lifetime. I was particularly proud of the humility and honor shown by John McCain in his concession speech.

On a completely different note, the Lake Havasu housing market seems to have started a leveling out and slow upturn in the past few months. In fact, since September 2008, the numbers of single-family homes sold in Lake Havasu have experienced double-digit increases from the same time last year (up 47% in September, 20% in October and 20% in November). This goes to show you that not all news is grim. Since prices and interest rates have both gone down and lenders are beginning to loosen the stranglehold they had on their lending standards, many people are able to purchase homes again. While it is highly unlikely that home prices will rise to the astonomical heights of a few years ago, I remain optimistic that the new year will bring about more positive changes. I wish all of you a prosperous and happy 2009!

Lake Havasu's Housing Stats for November 2008

2008-12-24T09:17:37Z

Thanks to lower mortgage rates and sales prices, Havasu's single-family home sales showed a 20% increase in November from the same time last year. The average sell price is down from $275,558 in November 2007 to $187,354 in November 2008. Year-to-date sales figures are down only slightly from the same period last year (3%). This marks the fourth month in a row that sales figures have increased from the same time period as last year. As lenders begin loosening the stranglehold they had over lending standards and mortgage rates continue to decline, it is a great time to purchase Lake Havasu real estate. Just ask me how!

Drive Through a Live Havasu Nativity

2008-12-18T10:07:47Z

This Saturday and Sunday (December 20 & 21), the Havasu Bible Fellowship will be presenting a live nativity in the vacant lot at Mesquite and Library Way. Live performers and animals will be reenacting the story of Christmas from 6-10pm. It is absolutely free.

The Lake Havasu Museum of History has an exhibit of Christmas Trees and monorahs 1-4pm every Tuesday through Saturday through January 3rd. It only costs $4 per adult. Visit the museum for a special view of the holidays. For more info on this exhibit, please call 928-854-4938.

If your holidays aren't complete without viewing "It's a Wonderful Life" on TV, do one better by watching it live at the Grace Arts Live theater (2146 McCulloch Blvd) this Friday, Saturday and Sunday (December 19-21). This is the story of George Bailey, Clarence the angel and being grateful for what you have instead of being sad about what you don't have. It costs $25+ tax per adult and $12+ tax for kids. Performances start at 7:30pm on Friday and Saturday and 2pm on Sunday. For more info, please call 928-855-8272.

And, as always, the Festival of Lights is viewable every evening for free in the London Bridge area from now through December 31st. For more information on activities or real estate in Lake Havasu City, please give me a call!

Havasu Workers Earn More Money

2008-12-11T10:50:27Z

According to a US Census Bureau's report using statistics from January 2005 through December 2007, Lake Havasu City workers earn an average of $3,000 more than other Mohave County workers, with a median income of $24,518 for Lake Havasu City and $21,510 for Mohave County workers. This is from a pool of 22,996 Lake Havasu workers (as of December 2007). Men continue to earn significantly more than women in the workplace: the median income for Lake Havasu workers was $33,745 for men ($32,425 for Mohave County men) vs a median income of $26,920 for Lake Havasu female workers ($26,407 for Mohave County women). The per-capita income for Lake Havasu City workers was almost $4,000 more than Mohave County ($24,735 vs $20,889). The breakdown of the workforce in Lake Havasu was as follows:

27.4% Sales and Office Occupations

22.2% Management or Professional

18.3% Construction Industry

17.5% Service Industry

9.7% Production or Transportation

These statistics help to show that Lake Havasu really is a great place to live and prosper. For more information on Lake Havasu real estate, please contact me.

Buy a Tree, Help a Charity

2008-12-04T10:01:00Z

The Lake Havasu Detachment of the Marine Corps League is setting up its annual Christmas tree lot through December 20th next to Jack's Auto Parts (off W Acoma Blvd and State Route 95). The Marine Corps League is comprised of retired US Marines as well as a women's auxilliary. They have approximately 440 noble and Douglas fir trees for sale that range in size from a petite 3' to a majestic 9'+. Prices (based on size and type) range from $20-$95. All proceeds from the sale of these trees go right back into the Lake Havasu community through such programs as Toys for Tots, the Community Food Bank, Hospice of Havasu and college scholarships for high school seniors. The Christmas tree lot hours are Mondays-Fridays: 12-7pm and Saturdays and Sundays: 9am-7pm. Get out to the Marine Corps League's Christmas tree lot before December 20th to put some Christmas beauty in your home and holiday cheer in the lives of those who benefit from the proceeds. Happy Holidays, everyone!

Lake Havasu's Food Bank Needs Donations

2008-11-26T09:35:26Z

The economy has had its effect on local Lake Havasu citizens. The Interagency Council Food Bank is in dire need of food and cash donations to help feed families in need this holiday season. Unfortunately, the requests for food boxes this Thanksgiving has almost doubled from the same time last year. And that doesn't even include the 50 families on the Food Bank's waiting list. Because their normal tri-weekly requests have more than doubled, the Food Bank's resources have been fairly depleted. Another hiccup they have had to face is that there is a shortage of canned goods available. Now that shoppers are starting to ask for more fresh produce, the production of canned goods has decreased, creating a shortage of damaged cans that are normally donated to food shelters. While many of Lake Havasu's major grocery chains have donated frozen foods, there is still a need for more donations, specifically canned goods since they are easy to open, mostly precooked and usually easy to heat and serve. For more information on how you can help, please call the Interagency Council Food Bank at 928-486-0408. Happy holidays to everyone!

Havasu Homes Sales are Going Up

2008-11-20T10:11:15Z

With the average median price of a Lake Havasu City home falling to $166,750 in October (down almost $40,000 from the same time last year) and interest rates on the decline, many people are taking advantage of the huge buyers' market in Lake Havasu. First time buyers are realizing that, sometimes, it is cheaper to own a home than to rent one. The lower prices have created a lower sales total (from $21 million in home sales in September to $20 million in October), but the total units sold jumped from 70 in October 2007 to 94 in October 2008, continuing to keep local Realtors busy. Approximately 75% of the homes sold so far this year have been foreclosures. It's important for buyers to keep in mind that they shouldn't hesitate to scoop up the bargains while they can. These prices may not be this low next year. And sellers need to remember to keep an eye on the competition. If your home isn't priced competetively to sell within the first 60 days, you may be forced to reduce your asking price. So, before you put your Lake Havasu real estate on the market, make sure to get a realistic picture of what buyers are willing to pay for your property.

Helping Curb the Water Shortage in Havasu

2008-11-13T09:52:39Z

With its expanding population and low precipitation levels, Lake Havasu City has experienced a bit of a water shortage. The city has used effluent water (also known as grey water) to help curb water usage for its landscaping needs. The effluent water is recovered from toilet and bathtub water. With almost 3 million gallons of effluent water created a day and 40-79% of that water being used again for irrigation, the use of effluent water for the upkeep of city property is a great way to help ease water usage. Rotary Park, London Bridge Resort, Lake Havasu Memorial Gardens Cemetary, Crazy Horse Campgrounds, London Bridge Golf Course and Island Ball Field all use varying amounts of effluent water for their landscaping needs. The new landscaping along State Route 95 is expected to use effluent water as well. The City of Lake Havasu hopes to encourage new residential developments to install effluent lines to their homes so that residential use of effluent water can take effect as well, further curbing water usage in the city.

Havasu Fun for Veteran's Day Weekend

2008-11-06T10:14:51Z

Schools, banks and government offices in Lake Havasu will be closed this Monday, November 11th, for Veteran's Day. It's a great opportunity to take some time this weekend to enjoy time with the family. Grace Arts Live (2146 McCulloch Blvd) is performing a musical adaptation of Charles Schultz' "You're a Good Man, Charlie Brown" on Friday, Saturday and Sunday. Friday and Saturday's performances are at 7:30pm and Sunday's performance is a 2pm matinee. Also on Friday, Saturday and Sunday, the Desert Hawks RC Club will be sponsoring the 22nd Annual London Bridge Seaplane Classic at Lake Havasu State Park Windsor #4. This is a fun fly of remote controlled airplanes. The 39th Annual Gem and Mineral Show takes place at the Aquatic Community Center on Saturday and Sunday. Fishing enthusiasts can participate in either one of two tournaments this weekend: the US Angler's Choice Fishing Tournament or the Won Bass Team Fishing Tournament at Windsor Beach. And, finally, the 3rd Annual Veteran's Day Car Show will take place on Saturday at the Anderson Chrysler Dodge Jeep dealership (3920 N Hwy 95) from 9am-3pm. There is no end to what fun you can have with your family this weekend in Lake Havasu City.

Get Out There and Vote!

2008-10-30T09:56:47Z

No matter what your political affiliation, it is important for you to get out there next Tuesday, November 4th, and exercise one of your most precious rights as an American citizen...VOTE! Here is a list of your local polling places in Lake Havasu City:

Precinct #7 (Desert Hills) Desert Hills Fire Station - 3983 London Bridge Road

Precinct #33 (Industrial) Lake Havasu Baptist Church - 2101 N Palo Verde Blvd

Precinct #34 (Palo Verde) Hampton Inn (Old Holiday Inn) - 245 London Bridge Rd

Precinct #35 (London Bridge) Our Lady of the Lake Catholic Church - 1975 Daytona Dr

Precinct #36 (SARA) Our Saviours Luthern Church - 3163 Maricopa Ave

Precinct #43 (Smoketree) Mohave County Library - 1770 McCulloch Blvd

Precinct #44 (Starline) Hilltop Community Church - 3180 McCulloch Blvd

Precinct #52 (Crossman) Abundant Grace Church - 3516 McCulloch Blvd

Precinct #53 (Lakeview) St Michael's Methodist Church - 2895 Jamaica Blvd South

Precinct #54 (Oro Grande) Community Presbyterian Church - 3450 Chemehuevi Blvd

Precinct #57 (Rainbow) Mount Olive Lutheran Church - 2170 Havasupai Blvd

Precinct #63 (Thunderbolt) Our Saviour Lutheran Church - 3163 Maricopa Ave

Precinct #64 (Avalon) Mt View Property Owners Association - 2635 Anita Ave

Precinct #67 (Daytona) Aquatic Community Center - 100 Park Ave

Precinct #68 (Chesapeake) Stone Bridge Christian Fellowship - 2700 Jamaica Blvd

Precinct #69 (El Dorado) KNLB Radio/Advance Ministries - 510 N Acoma Blvd

Precinct #70 (Roadrunner) Lamb of God Lutheran Church - 2791 Inca Dr

Precinct #71 (Quail Run) Bethany Bible Church - 1200 Park Terrace Ave

Precinct #72 (Fiesta) Church of the Nazarene - 2700 Rainbow Ave

Precinct #73 (Jamaica) Grace Episcopal Church - 111 Bunker Dr

IMPORTANT: Your current address on your ID must match the current address you have on file with the Voter's Registration office. Use blue or black ink (not pencil) to mark your ballot. If you make a mistake on your ballot, request a new one. Lined out items or anything marked outside of the bubble on the ballot will be discounted. You must go to your appointed polling place, present your ID and give the poll workers your name in order to be allowed to vote. If your ID doesn't have your current address on it, you must present some form of identification to show your place of residency. Call 928-753-0767 to find out what your precinct number is. By following these rules, we can all make sure to get our votes counted and our voices heard.

Is There a Market Turnaround in Lake Havasu City?

2008-10-23T11:33:06Z

It appears that the Lake Havasu real estate market is beginning to stabilize and may even be experiencing a turnaround. Home sales have been up since January of this year. They have leveled off in the last four months, but have remained consistent. Lake Havasu listings are down 20% since September 2007. This reduction in inventory means that more homes are selling. Median home prices have also stayed consistently around or under $200,000 throughout 2008. The median home price in September 2007 was $218,750. This means that more people are able to afford to buy a home. Even though home prices are lower, total sales are up by 64% from September 2007. Typically, January is a high volume month for Lake Havasu home sales due to the increase of residents moving back to Lake Havasu for the winter. Instead of renting a winter home, many people are looking to buy a winter home in Lake Havasu City. What this boils down to is that now is definitely the time to purchase that home you've had your eye on.

Lake Havasu Housing Stats for September 2008

2008-10-16T11:43:44Z

The latest statistics for the Lake Havasu real estate market show that single-family home sales in Lake Havasu were up 27% in September from September 2007 (87 single-family homes sold in September 2008 vs 59 in September 2007). However, year-to-date numbers for September 2008 were down 9% from the same time last year (869 year-to-date in 2008 vs 952 year-to-date in 2007). The average sales price has gone down from $262,663 in September 2007 to $240,509 in September 2008. Vacant land sales were down from 6 in September 2007 to 4 in September 2008, but the total dollars in sales has gone up ($654,000 in September 2007 to $1,976,120), resulting from an increase in average sale price of $494,030 (vs $109,000 in September 2007). Year-to-date average sales price figures for vacant land in 2007 and 2008 show that prices are on the decline ($210,818 in 2007 vs $177,002 in 2008). Multi-family home sales are down as well, but the average sales price has gone up slightly ($313,317 in September 2007 vs $316,667 in September 2008). There is plenty of inventory available for buyers looking to invest in Lake Havasu real estate. With historically low interest rates and lower single-family home and vacant land prices, now is definitely the time to buy.

Sales Are Looking Up in Arizona

2008-10-09T09:38:30Z

The National Association of Realtors (NAR) released a report recently that showed pending home sales across the country were up 7.4% in August after a downturn in July. That means that pending home sales were up everywhere across the country, but the Western United States experienced the highest increase: an amazing 18.64%. The biggest growths in pending home sales were found in Arizona, Nevada and California. With lower home prices, the cuts in mortgage rates and the projection of an increase in 30-year fixed mortgage rates going to 6.6% by the end of 2009, now is definitely the time to buy a home!

Sweat Equity Equals Affordability for First-Time Home Buyers

2008-10-02T11:38:56Z

If you're in the market for your first home but your budget can't afford that beautiful, large, brand new home, consider a smaller home or a fixer-upper. The trend nowadays with first time homebuyers has been to buy a bigger home in turnkey condition. However, this may be out of your price range. An older home in need of simple cosmetic work: paint, landscaping, window treatments and/or carpeting, can bring a huge discount on the price. Many sellers are looking to sell a home quickly and decide against making simple changes. Always make sure to get a home inspection before purchasing a property, however, to see what fixes a home is in need of. That way, you are better able to weigh the cost of repairs against the discounted price of the home. Keep in mind that equity will build up over the years. If you buy your home at a lower price point and do simple repairs to update the home, you will end up with more equity in a smaller amount of time than the person who bought the brand new turnkey home. Also remember that transportation can add a hefty cost to the price tag on a home. Purchasing that smaller fixer-upper near work can save you huge money when compared to the cost of commuting from the larger, brand new home further in the suburbs.

The Weather May Be Cooling, But FHA Insured Mortgages Are Hot, Hot, Hot!

2008-09-26T17:11:58Z

This fall season, FHA (Federal Housing Administration) loans will be more popular than ever for home purchase and refinancing. These types of loans are more popular because the requirements can be much more flexible, which makes them available to a broader spectrum of potential homebuyer's.

Some reasons you may want to consider one of these fixed rate loans:

~ Attractive interest rates. FHA loans are insured. This reduces the risk and more borrowers are eligible for better or more favorable rates.

~ Easier to qualify. Even those with lower credit scores are acceptable and you can use co-borrowers who don't live with you to help you qualify.

~ Low Down Payment. As much as 96.5% of the home's value may be financed. The down payment can be used as a gift, but it is subject to conditions.

~ Not limited to primary residences. FHA loans can be used for a second or third home also.

~ No income restrictions. FHA loans don't exclude higher-income borrowers, unlike other government loans.

These are the most up-to-date requirements and conditions, but they change frequently. So, be sure to get any updates that may be available, before you go with a FHA loan. And, good luck on your home search.

Lake Havasu Gives Special Olympics a Tug

2008-09-18T11:12:59Z

Come to Rotary Park in Lake Havasu City on Saturday, September 27th for Family Safety Day. This free event includes a bicycle obstacle course, car seat safety inspections, help with proper installation of car seats, crafts, free food, skateboard competitions, free bike registration and licensing, a bounce house, airbrush tattoos and free giveaways. The local Lake Havasu Fire Department, Law Enforcement officials, FOP Lodge 47 and the city's parks and recreation department are sponsoring a Fire Truck Tug to benefit Special Olympics. Three different categories will compete separately: up to eight men on a team, up to ten women on a team or co-ed teams of five of one gender and four of the other. The cost of registration for each team will be $100, which can be raised through the members of the team however they wish (a sponsor, conducting a fundraiser or simply having each member pay a portion). All proceeds from this tug will go directly to the Lake Havasu Special Olympics. Make time in your family's day on Saturday, September 27th, from 9am-1pm to come down and celebrate Family Safety Day at Rotary Park. You'll have a blast and could raise some money for a wonderful cause.

Lake Havasu to Remember Victims of 9/11

2008-09-11T13:36:45Z

Where were you seven years ago when you heard the devastating news about the Twin Towers, the Pentagon and the heroic actions of a group of people on a plane downed in that Pennsylvania field? Today, Lake Havasu City will gather at London Bridge Park to remember that day and honor the memory of those lost in the tragedies. The ceremony will begin with a prayer and a moment of silence followed by a posting of colors and the National Anthem being sung by choirs from Thunderbolt and Daytona Middle Schools. Local essay contest winners will lead the Pledge of Allegiance while presenting wreaths to place on the Sept. 11 Memorial in the park. Lake Havasu's own Mayor Mark Nexsen and Joe Torillo, a retired New York City Firefighter injured during the 9/11 rescue and recovery, are set to speak. After songs are performed by local students, several members of the armed forces will conduct a Rifle Salute. The ceremony will conclude with Taps being played while the flags are raised. We must never forget the day that changed our nation forever..September 11, 2001.

Primping Your Curb Appeal

2008-09-04T16:01:14Z

You know that a tidy front yard, beautiful foliage and gorgeous flowers go a long way in making that critical first impression on visitors to your home. But, another large, often overlooked area for possible positive curb appeal is your driveway. Thankfully, unless the driveway poses a safety hazard or is cracked and crumbling, creating an attractive entrance to your home is not an expensive process. One easy way to keep your driveway crack-free is to reseal it. You can find great sealants that also fill in small cracks by visiting your local home improvement warehouse. Adding low-voltage or even solar landscape lighting creates a lovely border for your driveway. Another great border option is a row of flowers, colored pavers or even a rock garden. And make sure that you don't forget the sidewalk. Clean off the dirt, algae or mold that can build up from watering your yard and plants. These easy and simple steps can make the difference between inviting a potential buyer into your home or making them decide it's not worth their time.

Updating Your Home's Look on a Budget

2008-08-28T10:18:06Z

Is your home starting to look a little worn around the edges and you want to sell, but you don't have the money to invest in a major overhaul? There are a few quick fixes you can make that cost little money:

A fresh coat of paint is a quick, easy, inexpensive way to brighten up a room. A beautiful neutral color on the wall will bring an older home into the 20th century and appeal to a wide variety of potential buyers. Painting the baseboards and other trim a bright white makes the walls pop even more.

Lift up the carpet. If there is salvageable hardwood underneath, you have hit the jackpot! You can do your own staining and sealing quite easily and inexpensively, but hire a professional to sand down the floors. This will typically cost you only $1-$1.50 per square foot. However, it's too easy to ruin a good floor in the sanding process, so hiring someone is the best way to do it. If carpet is the only way to go, buy the best padding you can afford. A mid-range priced carpet will feel alot more luxurious with a nice, thick padding underneath it.

Replace older lighting fixtures in the kitchen, hallways and bathrooms. Are there still fluorescent lights in the kitchen? That's so 1970's. Are there brass lighting fixtures in the hallways and bathrooms? Hello '80s. Adding recessed lighting is a great way to create natural-looking light as well. Updating the light fixtures brings a fresh, new look to a home.

Don't forget the curb appeal. Keeping the grass cut and the shrubbery trimmed shows a pride in ownership. Painting the front door and replacing old doorknobs or doorknockers will freshen up an entryway. Potted plants and flowerbeds are also great ways to create a cheery entrance. Replace that old mailbox or change out the tired house numbers. Buy a new welcome mat. Many times, potential buyers make up their minds before they even enter a home.

These are just a few ways you can make your home look new without breaking the bank.

Free Estate Planning at Havasu Senior Center

2008-08-21T10:53:10Z

When Rick Williams' father passed away recently without establishing a will, Rick decided to team up with his partner, Steve Moss (Kelley, Moss and Williams), in cooperation with the Mohave County Senior Center to offer free estate planning for Lake Havasu City's senior citizenry from 9am-3pm on September 27, 2008. They are planning to have four to six attorneys on hand that day to help seniors establish living wills, complete wills and durable and health care powers of attorney. Additionally, notary publics and witnesses will be on hand to complete any necessary documentation. Participants can expect it to take approximately 30 minutes to complete all legal documents. Only seniors with assets of $750,000 or less are eligible. However, those with more complex estate planning issues may be able to receive a referral to private counsel in Lake Havasu. Havasu Area Transit has a stop at the Senior Center for those who do not drive. There is also curb-to-curb service with a 24-hour advance reservation for those who are 65 and older that meet certain requirements. If you are interested in attending this event, appointment registration and information forms will be made available at the Senior Center starting September 2nd. For more information, please contact the Mohave County Senior Center at 928-453-0715.

Hot Deals in Havasu

2008-08-14T10:47:03Z

Two stores in Lake Havasu are offering up a spectacular deal for their patrons. If temperatures soar over 114 degrees Fahrenheit on Labor Day (September 1st), you can receive a full rebate of a previous purchase (within certain parameters). Mexidona Fine Handcrafted Imports and Crown Jewels are both participating in this awesome deal. Mexidona is offering the rebate on purchases made between August 1-23 and Crown Jewels is offering the rebate on purchases made between August 1-24. Proof of purchase at these stores between these dates is needed for the rebate. There is absolutely no catch. Simply put, if the temperatures reach above 114 in Lake Havasu on Labor Day, your purchase between those dates at those stores is free. The offer is backed by Promotion and Prize Indemnification Insurance, so the money is guaranteed to anyone who qualifies within the parameters set for the promotion. Crown Jewels will be using the official temperatures gauged at Fire Station 5 and Mexidona will be using those from the South Lake Havasu City Station. The stores want you to get your money back as much as you do because, many times, the customer turns around and spends more money at the store. This is the sixth year that Crown Jewels has ran this promotion and says that, in that time, the temperatures have hit their mark twice. They are also happy that other stores are trying this idea as well. So, do your Christmas shopping early! You may be the one with coming home with a gift all your own.

Riverwalk Renovation

2008-08-07T12:10:27Z

Lake Havasu City's Riverwalk area could be getting its first tenant soon. Tom Flatley, the developer of the London Bridge Resort, is working on plans to build a 5-story combination retail and residential structure on 4.4 acres in the Riverwalk district. The main floor of the complex would strictly be for retail shops and restaurants, with over 88 condominium complexes (one- and two-bedroom units) on the floors above. They do have some requests for slight modifications to the rules regarding rezoning the area from a C-1 to a CRW usage. These requests are being considered by Lake Havasu's Planning & Zoning Commission. Opponents of the project say that many residents don't like the idea of more residential units along the channel and that the proposed height of the building would be too tall. However, supporters believe that this new project could bring much needed jobs and revenue to the city in the next few years and that many residents would like to see the land put to some use.

Kingman is the King

2008-07-31T12:30:02Z

In a recent Mohave County survey comparing the local services in Bullhead, Lake Havasu City and Kingman, Kingman consistently ranked above average. Consumers surveyed said that they were more than satisfied with their internet providers, local utilities (including gas, electrical, water and sewer) and cell phone service. Kingman's educational system was considered above average as well as the Mohave Community College campus located there. Public transportation, Kingman's planning and zoning department and its local government services all rated tops in the survey as well. Additionally, the Kingman Regional Medical Facility ranked above average in Mohave County's survey and Kingman's emergency services were considered first rate, too. Come and visit us to see why Kingman is king.

The Upside of the Downside Reports

2008-07-24T23:25:16Z

The financial reports this week were not the most glowing but if the truth is told things are not as bad as people fear.

The economy is weak.
The upside is that the economy is definitely in a slow growth phase but it is growing albeit slowly. The economy is not at a standstill and it is not in a recession. Corporate profits are still near-record levels at $1.5 trillion.

Banks are reporting losses.
The upside: The Financial sector of the economy is still fairly strong although not making the profits they made a year ago. Profits still totaled over $19 billion after adjustments for loan losses.

The real estate market is weak and slow.
The upside: the housing market continues to improve in more markets across the nation. Home sales are increasing not by leaps and bounds but by one sale at a time.

Home Prices are down.
The upside: continued price corrections in the real estate market will allow more Americans the opportunity to become home owners. Two years ago most of the country's real estate was over-valued but today homes are priced where they should be for a particular areas economy and many areas are under-valued.

Mortgage credit is tight.
The upside: You do not have to have perfect credit to purchase a home. FHA will work with buyers who have FICO scores less than 700. FHA only requires 3% down and part of the funds can be gifted. In addition, FHA has raised its loan limits which will enable more prospective home-buyers to buy.

Everything is going up.
The upside: interest rates for mortgage loans are less than what they were a year ago at this time.

There is always a downside to everything in life but the upside is there is always an upside. Remember to look for the silver lining in every cloud - it is there.

Be "In" with the In-Law Crowd

2008-07-17T11:42:59Z

With the generations getting older, health care costs on the rise and the real estate market at a virtual standstill, many people are considering adding an in-law suite to their home as a nice guest room alternative or a permanent residence for our elderly relatives. Not only does the addition of an in-law suite mean a more cost-effective way to help take care of your parents, but it also provides added resale value to your home. The most important thing to remember before starting construction of any kind on your home is to check the local building codes to make sure that nothing is in violation.

There are a few things to keep in mind when deciding how to build your in-law suite. First, privacy is key. It's nice to have a common gathering area, but the elderly still need to feel like they have their own space. A separate outside entrance and kitchenette can add to their sense of independence while still being under one roof. Keeping the living area on the ground floor of a multi-story home can help ease the stress on elderly joints and bones as well.

Next; an elderly-friendly bathroom is essential. This tends to be the hardest room in the house to maneuver as people get older. The toilet seats can be too low, causing stress to the knees and back. Getting a seat extender is a simple fix to this problem. If you can't afford the extra expense of a built-in shower bench, many companies offer non-slip shower chairs that come with the added convenience of baskets on the side to hold soap, shampoo and any other necessary items. Also, keep the bathroom as close to the bedroom as possible. Depending on your guest's mobility, it can take some time to get out of bed and to the bathroom in the middle of the night.

Lastly, remember that this area may not always be used just for the "in-laws". Make sure to keep the design versatile enough for any future use you may have. Keep the fixtures fashionable and easily transitionable from in-law suite to guest quarters, home office or even a possible master suite. This will go a long way in the resale of your home.