Real estate blog entries tagged with chip esajian by Melissa Bayles (The Real Estate Geeks A Team of Prudential California Realty)

Home : Blogs : Melissa Bayles : Melissa Bayles's (melissabayles) Blog : Tag "chip esajian"

chip esajian: The Real Estate Geeks: How To Reduce Home Energy Costs By Sealing Air Leaks - 10/19/10 04:29 AM

With Labor Day looming, the autumn and winter months aren't far behind. It's a good time to reflect on your home's heating and cooling costs, and take steps to lower your energy bills. Finding air leaks may be a perfect first project.
According to the U.S. Department of Energy, up to 30 percent can be cut from a home's energy costs just by reducing drafts. For example, a 1/16-inch gap unsealed gap around a window is equivalent to leaving the window 3 inches open.
That's a lot of wasted air.
The good news is that air leaks are rather simple to … (0 comments)

chip esajian: The Real Estate Geeks: How To Re-Grout And Caulk Bathroom Tiles - 10/15/10 03:17 AM

Over time, the grout in a shower can become dirty and discolored, and start to separate from its grout lines. This is a potentially dangerous condition for a home because broken grout lines allow water to seep into the walls, which can then lead to the growth of mold spores.
Fortunately, keeping your grout in tip-top shape is simple.
In this 2-minute video, you'll learn how to clean the existing grout in your shower and to prepare for a new coating. You'll also learn how to replace its caulk.
The video's tips include:
Why you should remove excess grout diagonally … (1 comments)

chip esajian: The Real Estate Geeks - How Big Is The Foreclosure Market? It Depends On Where You Live, Of Course. - 10/06/10 10:30 AM

Foreclosure filings rose 4 percent nationwide last month versus June, according to foreclosure-tracking firm RealtyTrac.com. For the 17th straight month, total filings topped 300,000.
A foreclosure filing is defined as default notice, scheduled auction, or bank repossession.
As with most months, just a handful of states dominated foreclosure activity nationwide.
California : 14.9 percent of all activity Florida : 11.6 percent of all activity Arizona : 6.4 percent of all activity Michigan : 6.2 percent of all activity Georgia : 6.1 percent of all activity Texas : 4.9 percent of all activity Together, these 6 states represent just 30 percent of … (0 comments)

chip esajian: The Real Estate Geeks: Yes, You Can Still Get A Mortgage If You're Pregnant - 09/16/10 07:51 AM

The New York Times ran an important story this week concerning pregnancy and mortgage approvals. Titled "Need a Mortgage? Don't Get Pregnant", the article discussed the difficulties that expecting and recently-expanded families are having with their mortgage financing.
NBC's The Today Show picked up the story as well, as shown in the 3-minute clip above.
The crux of the issue is that maternity/paternity leave often leads to a change in household income and mortgage lenders will no longer assume one or both parents will go back to work full-time. The loss of income can raise a household's debt-to-income ratio to … (1 comments)

chip esajian: The Real Estate Geeks: 25 Cities In Which To Get A Bang For Your Homebuying Buck - 09/12/10 04:44 AM

Home affordability is at an all-time high. Home values are still in recovery while mortgage rates continue to make new lows. But where are homes the most affordable?
CNNMoney.com recently ran a piece titled "Where Homes Are Affordable", listing 25 communities around the U.S. in which median incomes are relatively high and median homes are relatively low. It's a housing market "bank for your buck" list.
The top 10 cities as listed by the editors:
Deerfield Beach, FL Lafayette, IN San Antonio, TX Deltona, FL Spring, TX Glendale, AZ Avondale, AZ Bolingbrook, IL Fishers, IN Des Moines, IA Of the top … (3 comments)

chip esajian: The Real Estate Geeks: Should You Refinance Your ARM, Or Let It Adjust Lower? - 09/05/10 03:45 AM

If your adjustable rate mortgage is due to adjust this year, don't go rushing to replace it just yet. Your soon-to-adjust mortgage rate may actually go lower. It's related to the math behind the ARM.
Conventional, adjustable-rate mortgages share a common life cycle:
There's a "starter period" in which the interest rate remains fixed There's an initial adjustment period after the starter period called the "first adjustment" There's a subsequent annual adjustment until the loan's term expires -- usually at Year 30. The starter period will vary from 1 to 10 years, but at the point of first adjustment, conventional … (1 comments)

chip esajian: The Real Estate Geeks: The Year Is Half-Over - How Did The Housing Experts Fare On Their Predictions? - 08/09/10 06:14 AM

As 2009 was ending, the "experts" were busy making forecasts about the U.S. economy and what to expect in 2010.
With respect to the housing markets, two predictions were made again and again:
Home prices would fall in the first half of 2010 Mortgage rates would be higher in 2010 Well, it's July 1 and the year is half-over. Both predictions are proving to be incorrect. Home values are rising in most markets and mortgage rates are down. Way down.
It reminds us that economists are much more skilled with analysis of the past versus predictions of the future.
A pile … (0 comments)

chip esajian: The Real Estate Geeks: The 1 Force That Can Really Change A Mortgage Rate - 08/09/10 06:06 AM

All day, every day, conforming and FHA mortgage rates in California are in flux. Rates move in response to hundreds of factors which exact varying levels of influence.
Among the biggest influences on mortgage rates is inflation. When inflation is unexpectedly high, mortgage rates tend to rise quickly. Conversely, when inflation is unexpectedly low, rates tend to fall quickly.
But what is inflation?
By definition, inflation is when a currency loses its value; when what used to cost $1.00 now costs $1.10.
As consumers, we recognize inflation by the items we buy on a daily basis becoming more expensive. However, it's … (0 comments)

chip esajian: The Real Estate Geeks On: The Largest Historic Homes In The United States - 07/30/10 04:13 AM

In 2009, the median size of new homes started was roughly 2,100 square feet. This figure was down from 2,200 square feet between 2005-2007 which, itself, was down from 2,350 in 2004.
Homes are getting smaller across the United States.
But, as compared to the nation's largest homes, the shrinking is laughable. The Biltmore Estate, built in 1895 by George Washington Vanderbilt II, measures 175,000 square feet -- 83 times the size of a typical home today.
The Biltmore Estate in Asheville, North Carolina is the largest home in the country and, meanwhile, another Vanderbilt-built property built in 1895 checks in … (0 comments)

chip esajian: The Real Estate Geeks On: Fannie Mae's Loan Quality Initiative : Repulling Your Credit Just Before Closing - 07/04/10 06:51 AM

A new loan quality initiative from Fannie Mae is making it harder for home buyers and refinancing homeowners everywhere to close on a mortgage.
Beginning June 1, 2010, with all new applications, Fannie Mae wants lenders to verify that borrowers have not taken on new debt during the underwriting phase of the mortgage.
If new debts are found, the mortgage is subject to a re-underwrite and a possible turndown.
For Fannie Mae, the goal is to reduce the number of loans that go bad because of new, non-disclosed debt. Lenders have the freedom to verify in whatever manner they wish, but … (0 comments)

chip esajian: The Real Estate Geeks On: May 2010 Jobs Report Gives A Temporary Boost To Home Affordability - 07/04/10 06:38 AM

On the first Friday of each month, the Bureau of Labor Statistics releases its Non-Farm Payrolls data from the month prior.
The release is more commonly called "the jobs report" -- a major factor in mortgage rates and monthly payments.
Especially now.
With the recession officially over and growth returning to the U.S. economy, the recovery's next frontier is jobs. As job growth increases, home affordability should take a hit. Here's why:
As the number of working Americans increases, so should total consumer spending As consumer spending increases, so should a return to risk-taking on Wall Street As risk-taking returns to … (0 comments)

chip esajian: The Real Estate Geeks On: Home Price Index Rises 0.3% in March 2010 - 06/22/10 11:23 AM

Home values rose in March, according to the Federal Home Finance Agency's most recent Home Price Index. Values were reported higher by 0.3 percent, on average, from February.
We use the phrase "on average" because the Home Price Index is broad-reaching, national housing statistic. It ignores the dynamics of neighborhood real estate markets as well as citywide markets , too.
Instead, the Home Price Index focuses on state and regional statistics.
For example, in March 2010 as compared to February:
Values in the East South Central region rose 2.5% Values in the Mountain states rose 1.1% Values in the Middle Atlantic … (0 comments)

chip esajian: The Real Estate Geeks On: Home Supplies Tick Higher, Creating An Opening For Today's Home Buyers - 06/13/10 04:11 AM

Sales of existing homes rose in April, buoyed by an expiring home buyer tax credit and exceptionally low mortgage rates.
As compared to March, April's Existing Home Sales rose by 410,000 units nationwide -- the second straight month of large gains. An "existing home" is a home resold by a prior owner (i.e. not new construction).
It's a solid report for housing overall, with rising sales suggesting that the real estate market's recovery is ongoing. However, the data presented a mixed message.
According to the National Association of Realtors®, although the number of homes sold ticked higher in April, so did … (1 comments)

chip esajian: The Real Estate Geeks On: Home Opportunity Index Ranks 225 Metro Areas For Affordability - 06/08/10 04:01 AM

p>
With home prices still relatively low and mortgage rates trolling near their all-time best levels, it's no surprise that home affordability is extraordinarily high in most U.S. markets.
According to the quarterly Home Opportunity Index as published by the National Association of Home Builders, more than 72 percent of all new and existing homes sold between January-March 2010 were affordable to families earning the national median income.
It's the second highest reading in the survey's history.
Of course, on a city-by-city basis, home affordability varies.
In the first quarter of 2010, for example, 98.7% of homes sold in Bay City, … (0 comments)

chip esajian: The Real Estate Geeks On: Your Mortgage Approval Isn't Final Until It's Funded - 05/27/10 02:08 PM

A mortgage approval is never final until it's funded.
A host of things can "go wrong" while your home loan is underway. Some are in your control, many more are not. And just being aware of some potential pitfalls could help save your loan down the road, and your peace of mind today.
MSN Money ran a summary piece on the topic titled "10 Things That Can Kill A Home Loan".
It's an excellent article because, unlike most "get approved" articles that advise against things like buying a car before closing, or opening a bunch of new credit cards, the MSN … (1 comments)

chip esajian: The Real Estate Geeks On: Foreclosure Activity Slows For The First Time In Several Years - 05/22/10 04:24 AM

The national foreclosure rate is finally falling.
According to foreclosure-tracking firm RealtyTrac.com, the number of foreclosure notices dropped 2 percent between April 2009 and April 2010.
2 percent may not seem like much, but it's the first time in the history of the RealtyTrac report that the annual foreclosure rate has dropped.
To be sure, foreclosure rates remain elevated -- more than 300,000 were reported last month, but default notices appear to be approaching a plateau.
The RealtyTrac report shows some other interesting statistics, too:
6 states accounted for more than half of April's bank repossessions nationwide For the 40th month … (1 comments)

chip esajian: The Real Estate Geeks On Relocate America's Top 100 Places To Live (2010 Edition) - 05/21/10 01:24 PM

Relocate America recently released its 2010 list of Top 100 Places To Live In America. The rankings are topped by some cities you may expect, and some you may not.
According to Relocate America, the rankings highlight communities "moving in the right direction", defined as having a combination of strong leadership, job opportunities, improving real estate markets, recreational options and a good quality of life.
It's not a bad formula and topping the list of Top 100 Places To Live In America is Huntsville, Alabama. Huntsville was chosen for its low levels of unemployment, stable housing stock, and low cost of … (2 comments)

chip esajian: The Real Estate Geeks on: Shopping For Mortgage Rates Is Part Research Skills, Part Luck - 05/19/10 04:13 AM

Shopping multiple lenders for a "good mortgage rate" can sometimes save you 1/8 percent on your rate and/or a few hundred dollars in fees. However, when it comes to getting the best mortgage rate, you're going to more than good research skills.
You're going to need some luck.
Mortgage rates for people in California or anywhere else, for that matter, are unpredictable, ever-changing, and rarely change as expected.
For example, when the Federal Reserve left the mortgage market March 31, 2010, analysts said that mortgage rates would rise by a half-percent or more. It was practically stated as fact on TV. … (0 comments)

chip esajian: The Real Estate Geeks On: Your Microwave Wastes $70 Per Year And Other Vampire Energy Facts - 05/19/10 04:08 AM

Even when they're not "on", a multitude of everyday home appliances continue to draw power from the grid, raising home energy bills and increasing atmospheric emissions. These so-called "Energy Vampires" cost U.S. homeowners $4 billion, collectively, in 2005.
In 2010, that figure is likely higher.
In the video above, some of the more common Energy Vampires are highlighted. As an example of how costly standby power can be, researchers show that idle microwave ovens consume enough energy each day to pop an entire bag of microwave popcorn. Annually, the kind of energy consumption wastes close to $70 per household.
Other … (0 comments)

chip esajian: The Real Estate Geeks On: Markets Ignore The April Jobs Report And It's Good News For Mortgage Rates - 05/16/10 09:12 AM

On the first Friday of every month, the U.S. government releases its Non-Farm Payrolls report.
More commonly called "the jobs report", Non-Farm Payrolls is a major market mover. The number of working Americans is directly tied to the health of the economy which, in turn, drives the stock and bond markets.
In general, when jobs numbers improve, it's good for stocks and bad for mortgage bonds. It follows, therefore, that conforming mortgage rates in California rise because rates always move opposite of mortgage bond prices.
Conversely, when jobs numbers worsen, it tends to be bad for stocks and good for mortgage … (0 comments)

Related Links: