homes: Investor Report: Investment Buying Tips
- 10/26/09 02:15 AM
Foreclosures and bank REOs are pulling a new wave of novice investors into the market, some of whom "are just plain clueless, to put it bluntly," says Robert Cain, a long-time rental market and real estate management specialist based near Tucson, Arizona."They see the price and they way, wow! I can buy that house and turn it into a rental," says Cain, who lectures around the country and online about investing intelligently."But they don't understand the local market, they don't understand landlording, and don't even necessarily visit the property," Cain said in an interview last week with Realty Times.For example, a … (0 comments)
homes: Is Your Home Wired Properly?
- 10/23/09 02:19 AM
We all know that as things age, they often need replacing but sometimes homeowners neglect to take care of their home's electrical wiring and that can set them up for potential danger. Electrical consumption since the middle of the last century has increased in most homes on average about 400 percent.If you're tripping your main safety circuit box that could be a sign that you're overloading the electrical outlets and an indication that an electrical contractor should examine your wiring. Oftentimes, homes are renovated several times without any electrical wiring updated. Yet, this is a part of the house that can … (2 comments)
homes: Sell Short, Get $1,500 in Closing Costs
- 10/22/09 02:13 AM
The U.S. Treasury is poised to announce a finalized plan to expand mortgage relief efforts to include short sales. A short sale occurs when the bank allows the sale of a home for less than the existing mortgage balance. It's a strategy to avoid foreclosure, but banks have been more likely to let a home go into foreclosure, rather than short sell it, even if it means holding the property during moratoriums set by some jurisdictions. That's because short sale bids often come in well below the last appraisal, real estate agents don't want the extra work involved and buyers fear … (0 comments)
homes: Collecting HOA Delinquencies
- 10/21/09 02:23 AM
There are few things more basic to a homeowners association than the fees it takes to keep the place running. When one or more owners default in the payment of fees, the impact is felt by all. And the longer the delinquency, the deeper the cut. It is a situation that many boards dread because of having to deal with neighbors. Here are a number of ways to reduce the impact of, cure or avoid collection problems in your community: Establish a collection policy with teeth. While this sounds simple enough, many HOAs have nothing more in place than the often … (0 comments)
homes: The Horror Story: Why Isn't Your Home Infested with Termites?
- 10/20/09 03:37 AM
The sad truth is that your home might be infested with termites and it may be years before visible signs of damage alert you. Since these wood-eating social insects look like "white ants" to the untrained eye, termites have been confused with ants by those who do not understand the biology. Different species of termites have different habits, but they all relentlessly ingest more than their weight in wood—your wood—without leaving easily-detectable damage. (Here's a start on the biology: http://en.wikipedia.org/wiki/Termites) Termites can cause significant structural damage to a property. Since Canadian homes are commonly wood-frame structures with brick or siding veneer, … (1 comments)
homes: Home Foreclosures: When the Right Price is Not Correct
- 10/19/09 03:02 AM
The San Diego housing market is once again hot! Selling quickly and at above listed prices are the bank-owned foreclosure properties, both detached homes and condominiums. Alan Greenspan's term "irrational exuberance" is once again characteristic of the San Diego home buyer's behavior. Any property description using "bank-owned," "lender repossession," "foreclosure sale," etc., is drawing a crowd to see the property. If the property is in decent condition, there will be offers and multiple offers, at that.Sounds like déjà-vu? Not quite. Adding my observation to the above facts, a number of lenders have hit on a marketing ploy to create a buying … (0 comments)
homes: 30-Year Fixed Rate Still Below 5 Percent for Third Consecutive Week
- 10/16/09 02:00 AM
McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.92 percent with an average 0.7 point for the week ending October 15, 2009, up from last week when it averaged 4.87 percent. Last year at this time, the 30-year FRM averaged 6.46 percent.The 15-year FRM this week averaged 4.37 percent with an average 0.7 point, up from last week when it averaged 4.33 percent. A year ago at this time, the 15-year FRM averaged 6.14 percent.The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.38 percent … (0 comments)
homes: Home Buyer Tax Credit Ends Sooner Than You Might Think
- 10/15/09 01:59 AM
You have less time than you think to cash in on the federal home buyer tax credit. Unless legislation extends the deal, you'll have to close escrow by Nov. 30 to take advantage of the maximum $8,000 tax credit available for first time home buyers. But given the 30 to 45 days -- or longer -- it takes to close escrow -- especially on some distressed properties -- you can't wait until Nov. 30 to buy a home. "You can't be casual about this right now. You have to on it. Committed, very serious, with lots of time available," said Jean … (0 comments)
homes: Remodelers Help Homeowners Lower Heating Costs with Weatherization Programs
- 10/14/09 02:24 AM
Winter is right around the corner and in honor of Energy Awareness Month, the National Association of the Remodeling Industry (NARI) recommends making energy-efficient upgrades as a way to prepare for the season, and many remodelers are offering weatherization programs to help them reduce energy costs. Mark of Excellence Remodeling is one such remodeling company that recently introduced a weatherization program. "The programs are funded by both state and federal governments, and the purpose is to raise consumer awareness of the types of upgrades that are needed to make homes more energy efficient," said Neil Parsons, vice president of sales and … (0 comments)
homes: Real Estate Outlook: Warning of Slow Down?
- 10/13/09 02:30 AM
Though some economic analysts are warning that the housing market's rebound will slow down as the weather turns colder, this week's numbers show no hints of that. In fact, they're actually pretty warm. Start with house prices. The Clear Capital Home Data Index, which tracks price movements in thousands of neighborhoods and ZIP codes across the country, reported a 6.3 percent gain last week for the period covering August 27th through September 25th. The latest index found prices up for the first time since 2006 in two of the hardest-hit real estate markets - Riverside-San Bernadino, California, and Orlando, Florida. Though … (2 comments)
homes: Washington Report: $8,000 Home Buyer Tax Credit
- 10/12/09 01:57 AM
Quick passage by the House last week of a bill extending the $8,000 home buyer tax credit next year for military, diplomatic and intelligence personnel serving overseas increases the odds that Congress will agree to an extension, maybe even an expansion, of the entire credit program well into 2010. The White House is also signaling that it sees the overall tax credit program -- currently set to expire November 30 -- as an important element in cutting the unemployment rolls and stimulating new jobs next year. After an economic policy strategy meeting last week in the Oval Office involving President Obama, … (1 comments)
homes: Making Your Home Age Appropriate Creates Appeal
- 10/09/09 02:46 AM
All of us have something in common with our homes. Sure, style, design, and location are at the top of the list, but how about age? As we age, buyers, especially the baby boomer generation, are looking to transform their homes into a place that they can stay in for as long as possible or they're hoping to find one that's already equipped for them to age-in-place. So how old your home and you are, are reason to give some thought to if your home needs age-appropriate adaptation in order for you to be most comfortable. And, in doing so, you … (1 comments)
homes: Some IRS Balm for Short Sales of Homes
- 10/08/09 01:59 AM
Congress continues to make changes in the tax code in response to the housing crisis. A key change helps millions of homesellers who owe more on their mortgages than their dwellings are worth. These sellers have negative equity — a condition known colloquially as being upside down or underwater. Legislation that went on the books at the start of 2007 significantly benefits some upside downers and does absolutely nothing for others. This is how the break works. Suppose Sela Sellers disposes of her residence in a lender-okayed short sale that erases the unpaid part of her mortgage. Or suppose the lending … (0 comments)
homes: Building Information Modeling On the Rise in the Construction Industry
- 10/07/09 02:15 AM
Technological advances have improved our professional and personal lives in many ways. We are able to get more done, in less time, with more cost effectiveness and efficiencies. Technology is impacting the construction industry, as well, as a new report from McGraw-Hill Construction shows. In its latest SmartMarket Report, "The Business Value of BIM: Getting Building Information Modeling (BIM) to the Bottom Line," nearly half of respondents (49%) report that they are using BIM tools -- a 75 percent increase over the 28 percent BIM adoption rate measured in 2007. “Those companies that are embracing BIM most aggressively are reaping real … (1 comments)
homes: Washington Report: Preserving Homes and Communities Act
- 10/06/09 02:16 AM
Capitol Hill housing and mortgage lobbyists were buzzing last week about an aggressive new legislative proposal that could put tens of thousands of financially-stressed home owners into loan modifications, even if their lenders and loan servicers had to be dragged kicking and yelling to the negotiating table. Under the new bill, which was sponsored by four Democratic senators active in housing issues, all lenders and servicers operating in the U.S. would be prohibited from foreclosing on home owners unless they had discussed reasonable modification options with the borrowers. Lenders who didn't comply would be hit by stiff fines and other legal … (0 comments)
homes: Insulating Your Wallet With Home Insulation
- 10/02/09 02:17 AM
Heating and cooling for an average home account for 50 percent to 70 percent of a homeowner's energy usage. If your home isn't adequately insulated that can mean added costs that deplete your wallet each month.The Energy Efficient Codes Coalition (EECC) strives to achieve an initial 30 percent boost in the energy efficiency of the 2009 International Energy Conservation Code (IECC) over its 2006 counterpart. The EECC writes on its Web site, "Because homes and other buildings are the largest sectors for US energy and electricity consumption, using 40 percent of US energy and 71 percent of its electricity, respectively and, … (0 comments)
homes: Title, Escrow Services Necessary
- 10/01/09 02:18 AM
If the Obama administration's proposed Consumer Financial Protection Agency passes into law, that agency would oversee many consumer financial products, including the title insurance, which is now largely state regulated.But consumers don't have to wait for the political infighting to subside before they get good service for a decent price.Understanding the process can shave hundreds of dollars off the price and protect you from abuse.Here's a brief primer on title and escrow services.• Title companies are hired, in part, to issue title insurance protection for home buyers and lenders. Lenders require the service to protect them against loss resulting from claims … (3 comments)
homes: Payback time for homebuyer tax credit
- 09/30/09 02:02 AM
NEW YORK (Money) -- Question: I bought a home and qualified for the $8,000 first-time homebuyer tax credit. I'm still a bit confused, though, about the payback rules. Can you explain them? --Jessica G., Houston, TexasAnswer: Sure. But first I'd like to remind anyone who's considering taking advantage of the first-time homebuyer tax credit of up to $8,000 that was part of this year's stimulus package that time is running out.Specifically, unless Congress extends the deadline -- which I certainly wouldn't count on -- you must complete the purchase of the home by November 30th. That may sound like a good … (1 comments)
homes: Real Estate Outlook: Mortgage Rate Dip Impacts Housing
- 09/29/09 02:37 AM
You may have seen the headlines last week about the Federal Reserve continuing its policy of keeping interest rates low to stimulate the economy. But you might have missed a major byproduct of that move that's certain to have a direct impact on home real estate: Thirty-year fixed mortgage rates slipped below the five percent mark for the first time in nearly half a year, dipping to 4.9 percent. Fifteen year fixed rates are just 4.4 percent. Now, there's nothing more stimulating for home buyers than mortgage money at rates that are about as low as they go. And sure enough, … (0 comments)
homes: Investor Report: Multifamily Apartments
- 09/28/09 02:59 AM
What type of investment real estate has been holding up best in tough economic times? Everybody's heard of the problems in commercial and retail - but how about multifamily apartments? You just might be surprised. According to National Association of Realtors research economist George Ratiu, while almost every type of commercial or income property has had a rough going in the past two years, "the (rental) apartment sector continues to maintain a stronger performance compared with other sectors." Those include office buildings, which have seen widespread property value declines -- and retail real estate, which has been particularly hard hit as … (2 comments)
News, tips and tricks about the Chicago Area and National Real Estate Market, brought to you by The Helen Oliveri Team of Keller Williams Realty Partners.
Foreclosures and bank REOs are pulling a new wave of novice investors into the market, some of whom "are just plain clueless, to put it bluntly," says Robert Cain, a long-time rental market and real estate management specialist based near Tucson, Arizona."They see the price and they way, wow! I can buy that house and turn it into a rental," says Cain, who lectures around the country and online about investing intelligently."But they don't understand the local market, they don't understand landlording, and don't even necessarily visit the property," Cain said in an interview last week with Realty Times.For example, a … (0 comments)
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