Sandrine's Blog

Real Estate Update June 2008

Sandrine Larsen (TREG Chicago) — Wed, 11 Jun 2008 13:24:32 -0500

Your REALTORS®

Sandrine Larsen

June 2008

Mipeco Realty Inc.
"Services you need for the price you deserve"

Daniel Turney

Rates Rise
In Freddie Mac's results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage (FRM) averaged 6.08% for the week ending May 29, 2008, up from the previous week when it averaged 5.88%. Last year at this time, the 30-year FRM averaged 6.16 %.
While existing house prices continue to decline, new home sales unexpectedly rose in April and the number of month's supply of new homes for sale fell from 11.1 months in March to 10.6 months in April.

Mortgage Rates
Source: Realty Times

U.S. averages as of May 29, 2008:

30 yr. fixed:   6.08%
15 yr. fixed:   5.66%
1 yr. adj:        5.22%

Moreover, the median sales price for new homes rose 1.5 percent in April from the same month in 2007, representing the first yearly increase since November 2007.

Make Some Money With Your House

   F or owners of vacation homes or properties in tourist-friendly areas, here's a money-making tip. If there's a major sporting event or arts festival in their town, make some extra money by renting your primary or vacation home to tourists and moving elsewhere for a couple of weeks.
     If you rent your home for 14 days or less in a given year, you don't have to pay any tax on the rental income, says Bob Scharin, senior tax analyst for Thomson Reuters.
     If you rent your vacation home for more than 14 days, you'll have to report the income on Schedule E. That's not as bad as it sounds, because you'll also be permitted to deduct expenses.

Assessing The Value
Of Your Property

    Have you ever wondered how often your county assesses the value of your home?
     Property assessments are typically conducted from one to three years, regardless of whether values have gone up or down. Instead, the goal is to determine fair market value and establish a basis for property tax bills.
     However, when a property is sold or refinanced then in some jurisdictions the value may be brought current to reflect the latest financing or sale changes, regardless of the most recent assessment.
     For specifics, contact your local assessment office. They typically have a brochure or web page to explain their version of the process.

8 Tips for Low Cost Staging
    In a tough sales market, staging can help move a property.
     Barb Schwarz, who claims to have invented home staging in the early 1970s, estimates that about one in four homes nationwide are now staged.
     Julie Dana and Marcia Layton Turn state in their book, The Complete Idiot's Guide to Staging Your Home to Sell, that a seller stands to gain as much as $9,000 on a $200,000 house if it's staged.
     Shelly Wagner, a Detroit-based stager, estimates that the cost per room for staging is $100 - small potatoes if it really helps a home sell. Here are some ideas from Wagner for effective, low-cost staging:
Remove scatter rugs and knickknacks from every room.
Get rid of everything on the kitchen counters, including appliances.
Remove as much as you can from closets.
Hire a cleaning service if necessary to make the house spotless. Scrub floors, walls, and windows. Pay special attention to the microwave, oven, and refrigerator.
Focus on the feature rooms, the living, dining, and master bedrooms. Additional bedrooms are best left empty or minimally furnished.
Arrange the furniture to show off each room's best features.
Set the dining-room table with napkins, plates, and flatware.
When showing the house, turn on soft instrumental music.

Equal Housing
Opportunity

Sandrine Larsen
773.983.0491
sandrinelarsen@comcast.net
http://www.northshorepreferred.com

Daniel Turney
773-988-3683
Email: danielturney@comcast.net
Website: http://www.northshorepreferred.com

Real Estate Update October 2007

Sandrine Larsen (TREG Chicago) — Mon, 01 Oct 2007 18:03:29 -0500

Your REALTORS®

Sandrine Larsen

October 2007

Success Driven By Results ,Results Driven By Commitment Commitment Driven By Integrity,
We Are Prudential Preferred Properties

Daniel Turney

Rates Tick Up
In Freddie Mac's results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage (FRM) averaged 6.42 percent for the week ending September 27, 2007, up from the previous week when it averaged 6.34 percent.
"Consistent with the direction of 10-year Treasury securities, average rates on 30-year fixed-rate mortgages drifted up in the past week to levels close to those at the beginning of the month," said Frank Nothaft, Freddie Mac vice president.

Mortgage Rates
Source: Realty Times

U.S. averages as of September 27, 2007:

30 yr. fixed:   6.42%
15 yr. fixed:   6.09%
1 yr. adj:        5.60%

Also tracking short-term Treasury notes, average rates on 1-year adjustable-rate mortgages (ARMs) dropped by 5-hundredth of a percent.

Banks Woo Borrowers
Who Have Good Credit

    Banks have plenty of money available for borrowers with great credit and a desire for a conventional fixed rate mortgage, says James Chessen, chief economist for the American Bankers Association.
     To attract these customers, lenders are offering fee waivers, competitive interest rates, and a willingness to negotiate.
     Banks like conventional borrowers because they tend to be the kind of customers that will take advantage of other products from the lender, including savings accounts, credit cards, and checking accounts.
     Deals like this make it important for borrowers with good credit to shop around and compare different incentives, experts advise.

Fix It Made Easy

    A broken appliance can be stressful, but finding the right part to fix it doesn't have to be, thanks to APWagner.com.
     Based in Depaw, N.Y., APWagner.com is a leader in the distribution of appliance parts and accessories. The 80-year-old firm services appliance dealers, service technicians and do-it-yourselfers. The site has started a live, online chat section so users can find what they are looking for on the first visit.
     The company has an inventory of more than four million pieces, and online parts professionals are available from 8 a.m. to midnight, seven days a week. The website also offers detailed descriptions and photographs of many products, image schematics, and repair tips for all types of major appliances.

Cities with Traffic That Will Drive You Crazy
    The nation's drivers wasted a total of 4.2 billion hours sitting in traffic jams in 2005, according to the Texas Traffic Institute's urban mobility report released last month. That's 38 hours per year per driver -- practically an entire work week.
     Here's a list of cities where the institute found the worst traffic jams, along with the number of hours in a year drivers spent stuck behind the wheel:
     Large Cities
San Francisco-Oakland, 60 hours Washington, DC-VA-MD, 60
Dallas-Fort Worth-Arlington, 58
Houston, Tx., 56
Detroit, Mi., 54
Miami, Fl., 50
Phoenix, Az., 48
Chicago, Il., 46
New York-Newark, NY-NJ-CT, 46 Boston, Ma., 46
Seattle, Wa., 45
Philadelphia, NJ-DE-MD, 38
     Medium Cities
San Diego, Ca., 57 hours
San Jose, Ca., 54
Orlando, Fl., 54
Denver-Aurora, Co., 50
Tampa-St. Petersburg, Fl., 45
Baltimore, Md., 44
Minneapolis, St. Paul, Mn., 43
Indianapolis, In., 43
Sacramento, Ca., 41
Las Vegas, Nv., 39
San Antonio, Tx., 39
Portland, Or., 38
Columbus, Oh., 33

Equal Housing
Opportunity

Sandrine Larsen
847.557.3420
sandrinelarsen@comcast.net
http://www.northshorepreferred.com

Daniel Turney
847.557.3449
Email: danielturney@comcast.net
Website: http://www.northshorepreferred.com