Heather Barber's (palmelite) Blog

Backwards Buyers

Heather Barber — Wed, 26 Sep 2012 14:48:34 -0700

At what point can you really call yourself an real estate investor? On a daily basis we receive calls from buyers that state they are real estate "investors" looking for a good deal. But are those buyers qualified to be calling themselves investors at all? Here are my key conversation points that I listen for to determine if a buyer is a true investor! 1. You have done your research! Before you even lifted up the phone to call, you have researched the neighborhood and know the value of the home you are interested in. If you know the value of the home already without me having to tell you and provide you comps. You know it’s a good deal….You may be a true investor. 2. Your cash is ready to be spent! You have liquid funds ready to dispense tomorrow if needed, no mortage contingencies….You may be a true investor. 3. You are ansy and ready to BID now! You arent scared to take a risk. Your pen is ready to sign immediately or you have already sent me an executed contract before we we even speak via email….You may be a true investor. 4. You are experienced! You have closed on homes and sold them again in a 6 month period for profit, more than once…….you may be a true investor. The bottom line is true investors are daily seeking deals, they are ahead of the game and this is why they get majority of deals before others. They have money ready and arent waiting on realtors to provide comps. They know their target area and know the values. True investors watch homes that are vacant and research them as to when they will be hitting the market. They are professionals, this is how they make their income. They understand this is a daily job just like any others. And if you aren't an investor yet and want to be, you can be….get ready to work hard, study your inventory, get your funds lined up and your hand ready to sign! Recognizing a good deal before others and acting fast is the key to success. Please visit our website www.palmelite.com

Short Sale Now or PAY

Heather Barber — Mon, 24 Sep 2012 17:44:03 -0700

This is a fun, fast paced video that talks about short sales and owing the government. Short Sale Now or PAY Please visit our website www.palmelite.com

Don’t upgrade with a Pool if you are looking for Payback!

Heather Barber — Tue, 18 Sep 2012 14:49:20 -0700

Although we all love a great cannonball, an in-ground pool may be your belly flop- worst choice when deciding where to get the biggest returns for your buck in upgrades. Typically it will cost between 25k-50k depending on the size and quality of pool materials before anyone will be able to set foot in the water. Pools are even quite expensive to maintain. Average costs are around 2k a year to maintain, keep filters and pump repairs going, as well as the cost spent in order to heat the pool. Eventually there will be cracks after a few years of installation and depending on the size and severity, these repairs can cost upward of 10k. Additionally, a pool costs about $2,000 a year to maintain, hundreds more to heat and insure and even hundreds more in filter and pump repairs within the first decade. The National Center for Real Estate Research says an in-ground pool can add about 8% to a home's resale price, but that value swings from 6% in the Midwest to 11% in the Sun Belt. Do keep in mind that 1.9% of the value if the buyer decides it's an eyesore that needs to come down. Please visit our website www.palmelite.com

Picture This

Heather Barber — Sun, 16 Sep 2012 14:17:19 -0700

We are changing from summer to fall and for many homeowners this begins to instill fear thinking that without summer they will be unable to sell their home. Many buyers like to get settled in before children begin the school year, many hate to move in the cold, BUT this does not mean that it is too late to sell or rent your home. The best thing you can do is be sure to keep up with the marketing. Being sure to keep the home plastered on the market will create the type of buzz that you are looking for. The main thing you are going to want to do when creating a buzz is take GREAT pictures. They say that homes with great pictures are viewed 60% more than homes that are advertised without any photos. I also imagine that if you choose to put up a bad photo that would also lessen the desire to get out and take a look. We are in a new era. Everyone begins their home searches online. Previously they may have used the paper, drive by, or word of mouth but nearly everyone will use the internet to search for their next new home. If you just had text with no photo no matter how great the copy may be, it won’t do any good. Having your home professionally photographed may be worth the trouble. If possible taking a video will also be a great thing to add. Many sites feature virtual tours and through the video you will be able to prompt more people to take an added interest in the home. Be sure to show what is unique but do not get emotional. Much of a home search is simply based on numbers—prices, number of bedrooms/bathrooms, square footage, days on market ETC. Once you get past these you’ve got your photos. Be sure to have good lighting, keep away the clutter, use color, depth, and attention to angles to make the best quality for a photo or video. Unless you are a professional yourself, it will be best to dish out the cash and have someone else photograph your home. This is integral to getting a potential buyer to take interest, visit the home, and make an offer. Please visit our website www.palmelite.com

What exactly is this 3.8 Percent “Sales Tax” on Your Home?

Heather Barber — Thu, 13 Sep 2012 17:25:12 -0700

Q: Does the health care law impose a 3.8 percent tax on profits from selling your home? A: No, with very few exceptions. The first $250,000 in profit from the sale of a personal residence won’t be taxed, or the first $500,000 in the case of a married couple. The tax falls on relatively few — those with high incomes from other sources. FULL ANSWER We’ve been flooded with queries about this one ever since the health care bill became law. At the last minute, Democratic lawmakers decided on a new 3.8 percent tax on the net investment income of high-income persons. But the claim that this would amount to a $15,200 tax on the sale of a typical $400,000 home is utterly false. The truth is that only a tiny percentage of home sellers will pay the tax. First of all, only those with incomes over $200,000 a year ($250,000 for married couples filing jointly) will be subject to it. And even for those who have such high incomes, the tax still won’t apply to the first $250,000 on profits from the sale of a personal residence — or to the first $500,000 in the case of a married couple selling their home. We can understand how this misconception got started. The law itself is couched in highly technical language that only a qualified tax expert can fully grasp. (This provision begins on page 33 of the reconciliation bill that was passed and signed into law.) And it does say the tax falls on "net gain … attributable to the disposition of property." That would include the sale of a home. But the bill also says the tax falls only on that portion of any gain that is "taken into account in computing taxable income" under the existing tax code. And the fact is, the first $250,000 in profit on the sale of a primary residence (or $500,000 in the case of a married couple) is excluded from taxable income already. (That exclusion doesn’t apply to vacation homes or rental properties.) The Joint Committee on Taxation, the group of nonpartisan tax experts that Congress relies on to analyze tax proposals, underscores this in a footnote on page 135 of its report on the bill. The note states: "Gross income does not include … excluded gain from the sale of a principal residence." And just to be sure, we checked with William Ahern, director of policy and communications for the nonprofit, pro-business Tax Foundation. "Some home sales would see a tax increase under this bill," Ahern told us, "but it would have to be a second home or a principal residence generating [a gain of] more than $250,000 ($500,000 for a couple)." So there you have it. The sort of people who would have to pay the tax might include, for example: § A single executive making $210,000 a year who sells his $300,000 ski condo for a $50,000 profit. His tax on the sale of that vacation home would amount to $1,900, in addition to the capital gains tax he would have paid anyway. § An "empty nester" couple with combined income of over $250,000 a year who sell their $1 million primary residence to move to smaller quarters. If they cleared $600,000 on the sale, they would be taxed on $100,000 of the profit (the amount over the half-million-dollar exclusion). Their health care tax on the sale would amount to $3,800 over and above the usual capital gains levy. However, a typical home sale would not incur any tax. In March, for example, half of all existing homes sold for $170,700 or less, according to the National Association of Realtors. Obviously, none of those sales could possibly generate a $250,000 profit, and so none would be subject to the tax. Thus, for the vast majority, the 3.8 percent tax won’t apply. The Tax Foundation, in a report released April 15, said the new tax on investment income (including real estate) "will hit approximately the top-earning two percent of families" when it takes effect in 2013. Footnote: Some of the chain e-mails that claim ordinary home sales will be taxed include a copy of an article written by Paul Guppy, a policy analyst with the conservative Washington Policy Institute (that’s Washington state, not Washington, D.C.). The article appeared March 28 as an op-ed in the Spokane, Wash., Spokesman-Review, and Guppy claimed that "[m]iddle-income people must pay the full tax even if they are ‘rich’ for only one day." That brought a quick rebuttal from Sara Orrange, the government affairs director of the local Realtors association. She wrote a letter to the newspaper calling Guppy’s article "inaccurate" and saying, "Most people who sell their homes will not be impacted by these new regulations. This is not a new tax on every seller, and that correction needs to be made." In a news article the next day, business reporter Bert Caldwell confirmed that only "a very few" home sellers would pay the 3.8 percent tax. The Internal Revenue Service says that to qualify for the $250,000/$500,000 exclusion, a seller must have owned the home and lived there as the seller’s "main home" for at least two years out of the five years prior to the sale. Info from Factcheck.org Please visit our website www.palmelite.com

Foreclosure rates across the US. Where does your state rank?

Heather Barber — Tue, 11 Sep 2012 16:31:04 -0700

Foreclosures were up 47% in March from a year ago, and up 7% from last month alone, according to Realty Trac, While foreclosure rates leveled off last year in the second and third quarters, many economists and industry insiders are predicting foreclosures to surge again in coming months. Economist David Shulman of the UCLA Anderson Forecast says he thinks foreclosures will continue to rise for the remainder of the year as more adjustable-rate mortgages reset, including more so-called "no-doc" loans, which don't require verification of borrowers' income. Rick Sharga, vice president of RealtyTrac, expects a 35% to 40% jump in foreclosure filings this year over last year. Some areas are suffering much more than others. Five states — California, Florida, Texas, Michigan and Ohio — together accounted for 50% of the nation's total foreclosures in March, according to RealtyTrac. But it was Nevada, Colorado and California that had the top three foreclosure rates for March. Among cities, California's Stockton was No. 1, with one foreclosure in every 128 households — a 137% spike from February. Las Vegas, with 4,307 filings, had the nation's second-highest metro foreclosure rate in March, with one foreclosure filing for every 139 households — more than five times the national average. Other metro areas with foreclosure rates among the nation's 10 highest included Greeley, Colo. (No. 4); Detroit (No. 8) and Denver (No. 9). *Actual increase may not be as high due to expanded data coverage. This is not original material. Content from www.msn.com Please visit our website www.palmelite.com

Sellers: Curb Appeal

Heather Barber — Sun, 09 Sep 2012 17:53:12 -0700

Even the smallest improvements on a property can have a wonderful impact on prospective buyers. These improvements can be inexpensive, affordable, but alter the property for the better. One of the most important areas such as this is THE LAWN. Through the landscaping, an owner can transform a bleak building to a desirable destination. The primary presentation of the property is one thing that should not be forgotten. There are so many other investments that are expensive and small in comparison to making sure the greenery is fantastic. The shrubs, lawn, and flowers are a spectacular way to beautify the building and even increase value and desirability. The outside of a place DOES influence the valuation of the property. Before spending extensive cash on redoing the kitchen, bathroom, or other expensive embellishments, be sure to take a first long look at the lawn. Make sure the grass is healthy. Spray for flat grass broadleaf weeds as well as add a fertilizer in order to help the “healthy” grasses grow and make the yard look more FULL. Lush Grass rather than a weedy or just plan seedy yard will be highly attractive during the first impression. Keep the lawn trimmed as well as add some potted plants, hanging flowers, or planters. For under $100 and about a month of attention and TLC your hard can be one of the main attractions Upkeep of the grounds is one of the things that condominium associations always keep up because this is one of the quickest and most affordable ways to distinguish the property from the others. This may seem obvious as a homeowner, but keep in mind the property should be comfortable, attractive, easy to access, and stick in your memory to make a lasting impression! Please visit our website www.palmelite.com

Can luxury be defined?

Heather Barber — Wed, 05 Sep 2012 14:01:42 -0700

I think Luxury is relative and not absolute. It’s all about the person’s point of view on the particular subject that really matters. Below are the dictionary definitions of luxury! 1.a material object, service, etc., conducive to sumptuous living, usually a delicacy, elegance, or refinement of living rather than a necessity: Gold cufflinks were a luxury not allowed for in his budget. 2. free or habitual indulgence in or enjoyment of comforts and pleasures in addition to those necessary for a reasonable standard of well-being: a life of luxury on the French Riviera. 3. a means of ministering to such indulgence or enjoyment: This travel plan gives you the luxury of choosing which countries you can visit. 4. a pleasure out of the ordinary allowed to oneself: the luxury of an extra piece of the cake. Maybe luxury could define when and where do you give yourself time to listen to nothing and to think about what drifts into your over-stimulated mind? Luxury is relative, not absolute, so it’s your point of view on the subject really matters. The idea is something that few people really stop and think about. Do you know what luxury really means to you? What is it you find luxurious and fabulous? Rarity, price, and one of a kind crafting are integral elements of luxury. But luxurious things, materials or the way they are made do not always create true luxury. For instance, a counter top of rare marble is not automatically a luxury. If it lies in an kitchen where it frequently becomes wet and scratched with knife marks, it is not necessarily a luxury. Life without ANY luxury is hard. Please remember that you can’t always take it with you. Here, we explore it is all about your choices and the community, this perspective you can apply to your personal life. When it comes to real estate, luxury is not just the high-end finishes and materials described but rather a decision. This is a decision to decide what is an important luxury to YOU! Please visit our website www.palmelite.com

Chinese Drywall ETC

Heather Barber — Sun, 05 Aug 2012 17:12:57 -0700

The four hurricanes that hit Florida in 2004, along with Hurricane Katrina in 2005, set off a building boom that drained domestic supplies of drywall, a board used to create the interior walls of homes. Builders turned to imported materials, much of it from China. But serious problems soon emerged. "People started noticing there was a strong smell of sulfur," said Jim Katen, a partner in Associated Master Inspectors of Portland, Ore. The drywall wasn't just stinky. The fumes, or "off-gassing," also ate into copper wires and pipes, causing air-conditioning units and wiring to fail, sometimes just a few months after the homes were built. The fix is phenomenally expensive. The Consumer Product Safety Commission and U.S. Department of Housing and Urban Development's remediation guidance (.pdf file) says homeowners need to replace: · All the problem drywall, which typically means gutting the house. · Smoke and carbon monoxide alarms. · Electrical distribution components, including receptacles, switches and circuit breakers. · Fusible-type fire sprinkler heads. The cost for such remediation can spiral to more than $100,000, inspectors and appraisers said. Insurance typically doesn't cover the cost, and lawsuits are still wending their way through the courts. The problem primarily affects homes in the Southeastern United States that were built or remodeled between 2001 and 2009. One way to check for problems is to see if copper wiring or air-conditioning evaporator coils have become blackened. "Go look at the wires and copper and see what you find," Fries said. "Black ashlike is bad, and blue, green (or) red is OK." Blackened copper "does not mean do not purchase, but be aware," and get additional testing, Fries said. Typically, if the Chinese drywall problem is known there will be a disclosure that must be signed during the purchase. Many banks are taking care of this problem if you are purchasing a bank owned home. Be sure to ask your agent about Chinese Drywall. Article information from www.msn.com Please visit our website www.palmelite.com

Some Homes are just HARD!

Heather Barber — Thu, 02 Aug 2012 16:29:06 -0700

There are homes that are hard to insure and there are homes that are hard to finance. Homes in flood plains, adjacent to wildfire zones and in the likely path of hurricanes can be difficult and expensive to insure. When fire or wind risk is high, many homeowners wind up having to buy coverage from their states' Fair Access to Insurance Requirements (FAIR) plans, which typically provide bare-bones coverage with high deductibles. Going without coverage usually isn't an option, since mortgage lenders require homeowners insurance and flood insurance in high-risk flood zones. (The exception is earthquake coverage, which typically isn't required but is a good idea if you have any equity in your home to protect.) At a minimum, potential buyers should ask to see recent insurance bills to see what they're likely to be charged. Buyers also should keep in mind that if a disaster hits, their premiums could shoot up even higher. After the devastating hurricanes of 2004 and 2005, for example, average premiums for Florida homeowners rose 41%, according to a National Association of Insurance Commissioners study. Average rates in Louisiana rose 22%. A unique home may stir your soul, but you may have a tough time persuading a lender to give you a mortgage. Even if you succeed, the next buyer may not, which could make it tough to sell the house someday. Unusual houses -- geodesic domes or homes built from straw bales or old car tires, for example -- can be hard to value, since there usually aren't other comparable properties nearby. Without "comps," it can be tough to find a lender willing to make a loan, even in boom times. When lenders are shying away from risk, as they are now, it can make financing virtually impossible. Another time it can be tough to get financing: when a condo complex is full of renters. Fannie Mae, Freddie Mac and the Federal Housing Administration have tightened their standards so much that it can be tough to get a mortgage if more than half of a complex's units are rented, rather than owner-occupied. This isn't a complete list of things that can go wrong with a home purchase. Construction defects, aging systems, broken sewer lines and a laundry list of other problems can cost you big time. That's why it's so important to have a thorough, professional home inspection before you buy, and to make your purchase contingent on that inspection. You should know what you're getting into before it's too late to back out. Article from www.msn.com Please visit our website www.palmelite.com

Don’t Buy THAT House!

Heather Barber — Tue, 31 Jul 2012 18:04:18 -0700

Sometimes the problem isn't the house; it's the neighborhood. You won't be shelling out for repairs, since the issues typically can't be fixed. The real cost is the reduction of your home's value and how difficult your home may be to sell in the future. Neighbors who are slobs or hoarders can knock up to 10% off adjacent home values. Getting them to clean up their acts can be difficult, even if your area has zoning and public-health officials who are on the ball. Some neighborhood features can be "eye of the beholder" issues that may cost you -- or not. Some people will object to being near a cemetery, for example, while others will like the peace and quiet. Some will object to the sounds of shrieking children from nearby schoolyards or playgrounds, while families with young kids may appreciate the proximity of such features. Other neighborhood problems, such as a bad school district or a lot of traffic (more on that later), are likely to cost you to some extent. Traffic noise ranges from a virtual nonissue in urban neighborhoods, where it's expected, to a potential deal killer in otherwise quiet suburban areas. During the boom, buyers overlooked flaws such as bad traffic because demand outstripped supply. Once the bubble burst and supply overwhelmed demand, buyers eschewed houses on busy streets because they had so many other options. Even if you're willing to overlook a busy street, other buyers may not be -- and that could affect your ability to sell. Article from www.msn.com Please visit our website www.palmelite.com

Check your Ground!

Heather Barber — Sun, 29 Jul 2012 15:24:53 -0700

Many say that the two most important things to look at when purchasing a home is the foundation and the soil it sits on! Be sure to look not only at the foundation itself but also check on where it sits. The old-school method of detecting foundation problems still works: Drop a marble on the floor and see how far (and how fast) it rolls. Sloping or sagging floors can indicate serious foundation problems that can cost a fortune to fix, inspectors and appraisers warn. Some cracks can be taken care of by quick fix. Minor vertical cracks may just need a sealant to prevent water from getting in. However, be careful of larger horizontal cracks that could indicate something a little more severe. Even flatlanders can have geological problems if their homes are built on improperly compacted fill soil. But if a home is built on a slope or has retaining walls, you need to be extra cautious. Cracked stucco or siding, fractures radiating from door or window frames and doors that won't shut properly can all indicate earth movement. If your home is located in an area where movement and instability are common a geotechnical engineer, who studies soil and earth movements, should know where major slide areas are, as well as where fill dirt was extensively used. Some people will go ahead with a purchase even though there's a risk of earth movement, Bell said, even though insurance doesn't typically cover such disasters. It's a potentially expensive gamble. A trade off can be made—Spectacular views may be a gamble, but if you play conservative opt for the flatlander house. Please visit our website www.palmelite.com

What to do when there isn’t a credit report!

Heather Barber — Thu, 26 Jul 2012 18:11:17 -0700

Typically when looking to screen tenants, the owner or management company goes straight to a credit report to review for qualification on the tenants. What happens when the tenant does not have a credit history? This is very common for international renters. Perhaps a person who is just coming into the country, an international student, or someone with no established credit history. If a credit score is necessary, who is chosen to cosign for these individuals or how can it be confirmed that these tenants have not just “skipped” their way out of several different leases across the land. How are the tenants held responsible not only for leaving a lease, but also for damages! Must all internationals have a cosigner? All tenants must be screen equally in order to comply with the Fair Housing Act. Whether you're from the U.S. or not, the criteria that all landlords find pertinent when making leasing decisions is not always readily available. There is an incident reporting database that is nationwide, and offers members of the Real Estate community a free service that is able to track skips, evictions (even if they have not completed filing), proxy renters (those with qualifying credit, that rent on behalf of those who do not want their name on a lease, i.e.: sex offenders, sex traffickers, drug dealers, and convicted felons), as well as other lease violations that most landlord's would want to know about. The site was created to ensure that everyone’s rights would be upheld. This database wil allow owners or managers to review and if they have seen a skip, or other lease violation in someone's past, then they may be inclined still lease to the tenant, but with terms that are more in line with their past rental history would indicate. The Rent Rite Directory's Incident Reporting Database also offers an appeals process, as well as an addendum for their residents to sign, stating that they will be entered into the system, if they violate their lease. According to the system, the qualifications of the tenant are placed on an equal playing field and it allows renting to international tenants to be a much easier process from beginning to end. Please visit our website www.palmelite.com

NBC’s Today Show Features AC scams

Heather Barber — Sun, 22 Jul 2012 20:16:44 -0700

NBC’s Today Show aired a story about the questionable ethics of air conditioning repair and service during the summer heat wave. Jeff Rosen revealed six out of six air conditioning repair companies charged customers for unnecessary work, repairs and parts. 7 Tips to Guard Against an Air Conditioning Repair Rip-Off · Educate Yourself:People are taken advantage of because they are uneducated on the subject matter of air conditioning repair and appliance repair. If a repair man informs you of a broken part, and the name of the part doesn’t sound right, it probably isn’t. Go online and research the repairs and parts. · Ask a friend:Friends are more than willing to recommend an air conditioning repair company that has provided them with a positive experience. With the use of Facebook or Twitter, that should be very easy. · Be wary of “To good to be true” ads and the quest for the cheapest price:Providing in-home service is costly. When a company lures consumers with very low service or air conditioning repair calls ($19.95, $29.95, etc.) or a very common tag line “Free Service Call with Air Conditioning Repair,” do not fall for it! These tactics are designed specifically to get a repairman into your home, so they can take advantage of you and add in hidden costs to the bill or estimate. · No Address – No Deal:They have your address. Shouldn’t you have theirs? Any business that does not list an address should cause you to ask WHY? Why do they not want you to know where they are located? A reputable service business will always list their address in publications. Research the Service Company:Don’t rely on BBB or Angie’s List; these are for-profit organizations. Try Yelp or Google Reviews for honest feedback. Also, call your local County Clerk’s office for past lawsuits, Chambers of Commerce, Economic Development organizations or Home Owners Associations. Check to make sure they are licensed and NATE Certified. · Years in business does matter:Find a company that has weathered many economical storms and maintained a good reputation. Select a company, like Home-Tech, who realizes the mutual benefits of supporting the communities it serves. Companies like ours will never be the cheapest but will charge a fair price for services. · Purchase a Service Agreement:A service agreement is a contractual obligation between the service company and the homeowner. In the State of Florida these types of agreements are regulated by the Florida Dept. of Insurance. With a full parts and labor agreement, the homeowner never has to be concerned with” Who to call”? or “What will they charge me?” Content from www.hometech.com Please visit our website www.palmelite.com

What 10 Ingredients Make Up a Good Tenant?

Heather Barber — Wed, 27 Jun 2012 14:51:11 -0700

I found this article written by By John Nuzzolese on www.thelpa.com , but I had a few things to add to it. Although useful, sometimes these are characteristics you can’t see right off the bat! I’d suggest keeping your eyes open for a few extra things as well. 1) Be careful if they are in too much of a hurry. 2) Be careful if they are living in a motel. 3) Be sure to get a previous landlord reference. This is just a phone call away. Make use of this! 4) Beware of tenants who ask to pay the security deposit in increments. This lack of fiscal responsibility should be a red flag. Anyone should be able to come up with one month of rent in advance to pay for a security deposit. If not, they do not have enough of a cushion should something come up down the road. 5) Look for someone who displays good manners when you first meet them. If they cannot behave when meeting their landlord for the first time this is trouble! Most landlords try their best to select good tenants to occupy their rental properties. Some are very successful at it while others always seem to end up with bad tenants regardless of how much they try. In order to find a good tenant, we need to first understand the qualities or ingredients that a good tenant is made up from. Once we understand what ingredients we are looking for, we can carefully screen applicants with the right ingredients in mind. The LPA has a few tools that can help you determine if your applicant has the desired qualities you are looking for in your screening process. So What Are the 5 Ingredients that Make Up a Good Tenant? Honesty / IntegrityTrust... reliability... decency are what comes into my mind as qualities of an honest person with integrity. I want a tenant who will do what he agrees to do. Someone who morally chooses to do the right thing. A person whose signature on a contract signifies a binding promise they will keep. CreditworthinessIf I am going to give legal possession of a valuable peice of real property to a tenant, I'm going to first want to know I'm dealing with someone with a good track record concerning credit. We have technology available now that can give me a credit report on the computer instantly on any rental prospect, so I definately want to assure myself that my prospect deals with financial matters in a reputable way. Ability to PayDoes the tenant have sufficient income or other resources to easily pay the rent and other living expenses every month? Is the tenant employed or just independently wealthy? Does the tenant depend on any other parties to survive? The answers to these questions will tell you how secure this tenancy will be. CleanlinessA clean tenant has higher standards than a dirty tenant. It is a fact that clean tenant will care for your rental property better than a dirty tenant. RespectThis is an important one. I have had the worst experiences with people who do not respect others. They may not even respect themselves, which usually means they won't treat your property very well since they don't respect it either. If they do not respect you as the landlord, you have a recipe for trouble. Please visit our website www.palmelite.com

Mortgage Rates for 30-Year U.S. Loans Fall to a Record-Low 3.78%

Heather Barber — Tue, 26 Jun 2012 16:54:35 -0700

U.S. mortgage rates for 30-year loans fell to a record low for a fourth straight week, reducing borrowing costs as a housing recovery takes hold. The average rate for a 30-year fixed mortgage dropped to 3.78 percent in the week ended today from 3.79 percent, Freddie Mac said in a statement. It was the lowest in the McLean, Virginia-based mortgage-finance company’s data dating to 1971. The average 15-year rate held at 3.04 percent, also a record. Mortgage Rates for 30-Year U.S. Loans Fall to a Record-Low 3.78% Buyers are returning to the real estate market as record-low mortgage rates, decreased prices and job gains combine to help lift demand. Purchases of new U.S. homes climbed 3.3 percent in April from the prior month, the Commerce Department said yesterday. Sales of previously owned houses had their first increase in three months, rising 3.4 percent from March, data from the National Association of Realtors show. “Low mortgage rates are playing an increasingly important support for the housing market,” said Keith Gumbinger, vice president of HSH.com, a mortgage-information website based in Pompton Plains, New Jersey. Low borrowing costs are encouraging homeowners to reduce their monthly payments. The Mortgage Bankers Association’s index of refinancing applications gained 5.6 percent in the week ended May 18, while the gauge of purchases declined 3 percent, the Washington-based group said yesterday. U.S. home prices jumped 2.7 percent in March from a year earlier and 1.8 percent from the previous month, the Federal Housing Finance Agency said yesterday. The gain from February was the biggest in at least two decades and exceeded the estimates of all 18 economists surveyed by Bloomberg. Information from Bloomberg.com Please visit our website www.palmelite.com

What the color of your front door says about you

Heather Barber — Mon, 25 Jun 2012 15:20:16 -0700

Changing the color of your front door is one of the quickest ways to spiff up your home's curb appeal. And, according to the Paint Quality Institute, the color you choose tells visitors a lot about you, even before they the ring the doorbell. For the best results, choose an exterior paint that excels in Consumer Reports tough tests, which simulate years of exposure to the elements. Typically, semi-gloss paint is the best choice for exterior doors and trim because it adds some shine and provides visual contrast. Our top semi-gloss paintis Sherwin-Williams Duration Gloss but it costs $65 per gallon. For less than half that you can get top-performers from Behr (sold at Home Depot) and Glidden that did almost as well. All three were excellent after three years of weathering and very good after six and nine years. It takes only a few hours to prep and paint a front door. To get the color you want you can compare swatches or take a sample of your own to the store and ask for a custom mix. But keep in mind, the color you pick puts your personality front and center, says the Paint Quality Institute. Here is what they discovered about hue when they consulted a color psychologist. Blue.The most popular color, a blue front door signals that the homeowner views the home as a place of refuge, "calm, serene, and relaxing, the perfect retreat from an often harsh and demanding world." Green.Another popular color that, psychologically speaking, "connotes health, safety, tranquility, and harmony, all highly desirable attributes for the home environment." Black.Choosing black communicates something entirely different. A black front door, "projects strength, sophistication, power, and authority, indicating to all who enter or even passersby that the home is a serious place inhabited by a person of substance."Red. Red is a powerful "punch" color. By painting the front door red, the homeowner is saying that the home "is a vibrant place, full of life, energy, and excitement." Brown.Whether painted or stained, a brown front door looks natural and organic, but it can send mixed messages, says the PQI. On one hand, "brown conveys warmth, stability, and reliability, but certain darker shades of brown signal a desire for privacy, even isolation." Ah, the doors of perception. Content from this blog was taken from Consumer Reports Please visit our website www.palmelite.com

The CMA

Heather Barber — Fri, 22 Jun 2012 14:15:29 -0700

The CMA is used daily in our real estate world. Whether working with investors and researching the would be rentals to find out what sort of income can be made or simply searching for a seller to find out what the expected price is of the home the CMA tool is invaluable. Agents use this when working with sellers to determine a listing price or with buyers to check value before offers to purchase, real estate agents do what is known as a comparative market analysis, or CMA. By going to sold property records, the real estate professional selects recently sold properties that are similar to the subject property and in the same area. By comparing these properties, and adjusting for feature differences, an estimate of value is made for the subject property. A thorough CMA would also include comparison to currently listed similar properties in the area. This would allow an assessment of the current competition and might lead to an increase or decrease in the estimate based on the sold properties. This can also be used to do tax appeals when it comes up time for your city to give you the opportunity. Getting with an agent and having them run off a CMA for you will aid to your benefit in showing the difference in the value of property today compared to the value when it was last assessed. This could result in a lower tax bill. This market analysis tool is invaluable and is one of the first tasks that should be taught to a new agent as well as one of the first things a new buyer or seller should ask to see!! Please visit our website www.palmelite.com

Stunned Home Buyers Find the Bidding Wars Are Back

Heather Barber — Sat, 09 Jun 2012 11:33:27 -0700

I read this article in the Wall Street Journal and found it fascinating. I have been seeing bidding wars alive and well in my day to day business, but this article arranged and organized it all out for me on print and I found it very helpful! A new development is catching home buyers off guard as the spring sales season gets under way: Bidding wars are back. From California to Florida, many buyers are increasingly competing for the same house. Unlike the bidding wars that typified the go-go years and largely reflected surging sales, today's are a result of supply shortages. "It's a little surprising because we thought bidding wars were done with," said Andy Aley, who is looking to buy his first home in Seattle's Beacon Hill neighborhood. The 31-year-old attorney was outbid this year when he offered up to $23,000 above the $357,000 listing price and agreed to waive inspections and other closing conditions. Competitive bidding in the current environment isn't producing huge price increases or leaving sellers with hefty profits, as occurred during the housing boom. Still, the bidding wars caused by tight inventory provide the latest evidence that housing demand is starting to pick up after a six-year-long slump. An index that measures the number of contracts signed to purchase previously owned homes rose in March to its highest level in nearly two years, up 12.8% from a year ago and 4.1% from February, the National Association of Realtors reported on Thursday. "We very much believe we've hit bottom," said Ivy Zelman, chief executive of a research firm, who was among the first to warn of a downturn seven years ago. Earlier this week, she raised her home-price forecast for the year, calling for a 1% annual gain, up from a 1% decline. The Wall Street Journal's quarterly survey found that the inventory of homes listed for sale declined sharply in all 28 markets tracked. Real-estate agents consider a market balanced when there is a six-month supply of homes for sale. At the height of the housing crisis, in 2008, there was an 11.1-months' supply. In March, there was a 6.3-months' supply. Inventory levels in many markets were at the lowest level in years. At the current pace of sales, it would take just 1.5 months to sell all the homes listed in Sacramento, Calif., and 2.4 months to sell all the homes listed in Phoenix. San Francisco and Washington, D.C., each have 3.4 months of supply, while Miami has 4.1 months of supply. Other markets have plenty of homes. Chicago, for example, has 9.4 months of supply, while New York's Long Island has 16.1 months of supply. Even in those markets, the number of houses for sale is edging down. Increased competition is frustrating buyers and their agents. "We're writing a record number of offers, but we're not seeing a record number of closings and that's because it's so competitive," said Glenn Kelman, chief executive of real-estate brokerage Redfin Corp. in Seattle with offices in 14 states. Nearly 83% of offers that Redfin agents have made on behalf of clients in the San Francisco Bay area this year and 71% in Southern California have had competing bids. Redfin represented a buyer that made the winning bid on a Gaithersburg, Md., home earlier this month after agreeing to adopt the dog of the seller, who was relocating and looking to find a new home for "Buddy," a white toy poodle. Inventories are declining for a number of reasons. Some sellers, unwilling to accept prices that are still down from their peak by one-third, are taking their homes off the market in anticipation of higher prices down the road. Meanwhile, investors have been outmaneuvering consumers for the best properties, often making cash offers that are quickly accepted by sellers. In addition, some economists say that inventory levels are being held artificially low because Fannie Mae, Freddie Mac and the nation's biggest banks have been slow to list for sale hundreds of thousands of foreclosed homes they currently own. The lenders slowed down foreclosure sales and repossessions after record-keeping abuses surfaced 18 months ago. Banks and other mortgage investors owned nearly 450,000 foreclosed properties at the end of March, and another two million mortgages were in some stage of foreclosure. Inventories could rise, putting more pressure on prices, if the banks and other lenders step up their efforts to sell their properties. Real-estate agents say they aren't concerned. "There's an enormous appetite for foreclosures. Release the inventory. It will sell," said Richard Smith, chief executive of Realogy Corp., which owns the Coldwell Banker and Century 21 real-estate brands. The declining inventory of older homes is spurring sales of new homes. New home sales are up 16% so far this year, compared with a year ago, while inventories of new homes fell in March to their lowest level since record keeping began in 1963. Meritage Homes Corp., a builder based in Scottsdale, Ariz., reported Thursday a 36% increase in orders for the quarter ending in March versus the previous-year period. Even though bidding wars are pushing prices higher, many homes are still selling for prices far lower than a few years ago. Increased demand is "entirely affordability driven, which tells me there will be strong resistance to price increases" by buyers, says Jeffrey Otteau, president of Otteau Valuation Group, an East Brunswick, N.J., appraisal firm. Rents are rising at a time when mortgage rates have fallen to very low levels. The result is that the monthly mortgage payment on a median-priced home is lower than any time since the 1990s. Freddie Mac reported on Thursday that mortgage rates fell to 3.88% for the average 30-year fixed rate mortgage, near its lowest recorded level. Rates are "so low that we can afford a house that was out of our price range before," said Aarthi Srinivasan, who is looking with her husband for a home around Palo Alto, Calif., one of the country's hottest real-estate markets. Ms. Srinivasan says she fears that prices are being bid up too quickly. She says she had her "aha moment" earlier this year while touring a 50-year-old house that needed extensive remodeling. The home, listed at $1.1 million, received nearly 10 offers and eventually went under contract for more than $1.3 million to a buyer who hadn't even viewed the property. "There are only so many buyers who are going to be in such a hurry, so we're hoping it'll top off soon," she says. On Monday, they offered to pay more than the $1.2 million list price for a four-bedroom, bank-owned foreclosure. They haven't found out if they made the top bid. On the other side of those transactions are sellers like Debbie and Bill Wetherell, who had 17 offers in four days for their four-bedroom home in Danville, Calif. "I was floored. It was so fast, it was surreal," says Ms. Wetherell. The home sold on Wednesday for $796,000, more than $50,000 above the asking price. Still, the sale is for nearly $180,000 less than what they paid for the house in 2005. Ms. Wetherell's husband has commuted to Reno, Nev., for five years and they have decided to relocate. Housing markets face other headwinds. More than 11 million homeowners owe more than their home is worth. It is a big reason that the "trade-up" market has been stalled. These homeowners can't sell their current homes, let alone come up with the down payment for their next home. Mortgage-lending standards remain tough. Real-estate agents say an unusually high share of deals are falling apart because homes won't appraise at the price that buyers have agreed to pay sellers. Still, borrowers with stable jobs are looking to make deals. Kelly Pajela-Fu and her husband offered to pay the asking price of $600,000 for a four-bedroom home in Marblehead, Mass., within a day of the property hitting the market. "We just knew this house would go quickly," says Ms. Pajela-Fu, a 31-year-old doctor who had lost out on an earlier offer. Their strategy to avoid a bidding war paid off: The sellers accepted their offer before having an open house. This article is directly from the Wall Street Journal Please visit our website www.palmelite.com

ROOF REPLACEMENT

Heather Barber — Tue, 05 Jun 2012 22:43:17 -0700

There are a few obvious reasons you might want to consider a roof replacement, but there are some other telltale signs that may be letting you know your roof needs a freshen up or a tear off. Sun patches and water puddles are the first obvious signs it’s time for a new tent topper, however, there may be a few additional signs that aren’t quite as obvious. Many times it will depend on the type of roof you have. Asphalt Shingles which seem to be the most common roofing material in the North Americas have a life cycle of about 25 years. There are many other types of roofs that may have a longer life line and can last up to 50 years. This may include slate, teja, metal, laminate, and masonry. Think about replacing your roof when: • Your neighbors around you all have newer roofs than you! Besides looking to maintain the value of your home, you may also want to realize that the homes in the neighborhood were most likely built around the same time and it may be an indicator that your roof needs a touch up. • You have a home in an area that maintains severe geographic conditions. Wind, hail, wild rains, sleet, debris can all be factors when considering roof maintenance. • Your house is an eyesore. Plain and simple, this can make the value of your house decline as well as the neighborhood. With so many homes left to die in the foreclosure market, it may be wise to make yours pop! Whether you need a patch or a complete tear off, please consider the style, the type, and the look. A roof will last for years to come and it is one expensive upgrade that you will not want to reconsider or redo! Please visit our website www.palmelite.com

HOW TO QUALIFY A TENANT FOR LEASE

Heather Barber — Mon, 04 Jun 2012 02:46:43 -0700

When you are checking out an prospective leasing tenant what are the best ways to look for a good candidate? Below are a few tips to look for when reviewing the leasing application. A candidate tenant's application must not contain any false information. The candidate tenant must meet the requirements stated on the application. The landlord can consider such things as whether the tenant has verifiable income sufficient to pay the rent on time. Look at candidate tenant's credit history to show that he pays his debts on time Also look at the debt obligation on the credit report and judge whether the candidate's debt-to-income ratio is acceptable. Look at the Candidate for a record of evictions, liens, or judgments. Here are a few tips in order to qualify a prospective leasing candidate. Please feel free to add in the comments some addition pointers! Please visit our website www.palmelite.com

Pool Startup Tips

Heather Barber — Fri, 11 May 2012 20:27:34 -0700

Every year around this time customers all over prepare to have their swimming pools opened for the season. people sometime need a ‘refresher’ on the in’s and out’s of opening and maintaining a beautiful swimming pool from year to year. Here are a few pointers to get you started on the right foot: 1. Remove all standing water and debris from your pool cover. As obvious as this might sound, we can’t count the number of times a customer has asked us to open their pool….and the cover is FILLED with standing water and leaves from the fall and winter months. Before a pool cover can be removed (or retracted, in the case of auto-covers) it is imperative that all water and debris is first removed. Our winter covers come with a permeable mesh that allows rainwater and melted snow and ice to drain through. Leaves and branched need to be cleared before removing the cover. Auto-covers do not have a permeable membrane. These covers need to be pumped clear of all water before the cover will operate. Leaves and branches must also be removed before the cover is operated. If not, this debris will collect in the cover box and can damage the cover system. 2. Bring the water level in the pool half way up the skimmer. This is not a critical step but something to keep in mind, especially if you have an auto-cover. The cover is designed to be supported by the pool water underneath it. By having the water at the appropriate level, the cover can operate smoothly and easily as the pool is being started up for the season. 3. Even under perfect conditions there will be some sort of dirt or debris in the bottom of your pool. If you have a winter cover, the snow and ice that collected over the winter has now melted into the pool, bringing with it a fair amount of dirt. If you have an auto-cover with your pool, a few leaves may have blown into the pool through a small gap between the cover and pool wall. In either case be prepared to spend a little time removing or vacuuming this debris once the water is circulating. 4. Initial chemical balancing for the season is not a particularly difficult process, especially with a fiberglass pool. When your pool is first started up for the season you will most likely need to ‘shock’ the water in order to kill off any algae that has collected over the winter. Once the first round of shock wears off, test your pool chemicals to see where everything is starting at for the year. If you have specific questions about chemicals feel free to contact us or take a sample of water to a local pool store for analysis. 5. If you have a salt water chlorine generator on your pool make sure to heat the water to 77 degrees before testing the salt level of the water. The ideal level is 3500ppm (parts per million). The sensor in your pool equipment is calibrated to read the salt level most accurately while at this water temperature. A lower temperature will produce a false low reading and a higher water temperature will produce an inaccurately high reading. For every 5 degree change from the 77 degree point, the salt level will read 200ppm different from actual levels. Info from this blog was from www.signaturepoolschicago.com Please visit our website www.palmelite.com

Single-Use vs. Rechargeable

Heather Barber — Thu, 10 May 2012 01:59:37 -0700

I found this commentary on www.earth911.com. Although I personally like the idea of the rechargeable battery, and of course they are necessary for laptops, cell phones, etc…I’ll state that I find them to be difficult to use, I lose them, and they never seem to last very long when in the form of the AA. I love the idea of saving energy and waste, however, for me personally, they are impractical! I’ve given it a chance! I’ve tried! I know it sounds terrible to say such a thing in this green day in age, but I wanted to post my opinion before I copied the blog below. I found it interesting! Single-use batteries and the kind you can reuse (rechargeable), are an everyday essential in countless applications. Remote controls, cordless phones, power tools, toys, handheld games, digital cameras, flashlights, smoke detectors (you get the idea). Unfortunately, with all this consumption comes a great deal of waste. Each year, Americans throw out almost 180,000 tons of batteries, with a majority of these being the single-use variety. On the other hand, rechargeable battery use is on the rise. In fact, the U.S. EPA estimates that more than 350 million rechargeable batteries are purchased annually in the U.S. So, with our increasing need for portable power, which kind is the best for you? Is there a “better” battery? Battery consumption continues to skyrocket, with hundreds of millions purchased every year. Photo: Flickr/awnisalan All In Favor Let’s start our debate with a few of the reasons as to why each type of battery is a good choice: · Single-Use: Single-use batteries are produced on a greater scale than rechargeables, making them initially cheaper to purchase. They are also prevalent and widely available, making them easily accessible. Recycling opportunities for them are also increasingly available. · Rechargeables: Able to be reused multiple times, rechargeables are thought to save consumers money over the life of each battery. Also, due to the Battery Act of 1996, providing easy ways for the public to recycle these batteries is mandated by law, and opportunities abound. All Opposed To be fair, we’ll briefly summarize the negatives of each type: · Single-Use: Single-use are often considered more “wasteful,” because we consume such a large quantity of them. And this may sound redundant, but you can only use them once – increasing the need to have extra batteries around at all times in case your (insert electronic gadget here) dies. · Rechargeables: Rechargeables are often cited as being too expensive and not offering enough“bang” for your buck. They also contain a great deal of heavy metals, meaning that if you don’t recycle them, contamination is much more likely. What Goes Where? The real way to solve the mystery is to ask where you’ll be using the battery, and what kind of battery works best in different gadgets. To get an expert opinion, Earth911 chatted with Call2Recycle, the only free rechargeable battery and cell phone collection program in North America. “When choosing between single-use batteries and rechargeable batteries, you should consider the value and expected life of the product the batteries will power,” said Carl Smith, president and CEO of Call2Recycle. “For example, cell phones are used frequently over an extended period of time, recharged often, and can be expensive, so they require a rechargeable battery.” So, what are you going to use? Is it a high-tech gadget that will need portable power on a regular basis? Then rechargeables are for you. “Certain products increasingly depend on rechargeable batteries due to product evolution – digital cameras drain single-use batteries very quickly and as a result, many digital cameras are now sold with rechargeable batteries included.” But what about slower drain products, such as your remote control? “Rechargeable batteries aren’t necessary for low-cost products that don’t use much power. For example, television remote controls can sometimes last for years on a single-use battery, so it doesn’t make sense to purchase more expensive rechargeable batteries for such a low maintenance device,” added Smith. It’s also always recommended to use single-use batteries in your smoke detectors, as rechargeables can drain much more quickly and require you to change them more often or increase the chances that the battery will be dead when you need it most. They All End Up Somewhere Recycling programs are available for all types of batteries. Check out our Recycling Directory to see what is available near you. Photo: Amanda Wills, Earth911.com No matter what kind of battery you use, recycling them at their end of life is key to preventing pollution and recapturing valuable metals to be reused. Because of their materials, these batteries may or may not be considered hazardous waste in different states. So, you should always check with your local government health, solid waste or recycling department before you consider their disposal. According to Call2Recycle, most batteries are named for the type of metal they contain (lead-acid, nickel-cadmium, etc.). The more harmful the metal, the more likely you’ll be able to find a recycler because of state and federal laws. Many battery retailers will also accept them for recycling. This includes both automotive and household batteries. You can also find mail-in programs that allow you to collect batteries over time and send them in all at once. You’ll want to properly prepare batteries prior to recycling, otherwise they could explode during shipping. Once batteries are collected, any acids are drained for reuse, metals are reprocessed for recycling into new products and plastic casings are melted down and recycled into new plastics. Through Call2Recycle’s program, retailers such as Alltel, AT&T, Best Buy, Black & Decker, DeWalt, The Home Depot, Interstate All Battery Centers, Lowe’s, Milwaukee Electrical Tool, Office Depot, Orchard Supply, Porter Cable Service Centers, RadioShack, Remington Product Company, Sears, Staples, Target, US Cellular and Verizon Wireless all offer some sort of battery recycling program. All of the materials collected through the Call2Recycle program are recycled and used to create other types of materials, including new batteries and scrap metal. None of the material broken down from the recycling of rechargeable batteries and cell phones makes its ways into the landfills. While nine states have passed laws banning rechargeable batteries from landfills, New York City and the state of California have passed the only laws requiring manufacturer take-back programs. This means that in four of the 10 largest cities in the U.S., you can purchase rechargeable batteries and know exactly where you can take them for recycling. Please visit our website www.palmelite.com

Emergency Checklist

Heather Barber — Tue, 08 May 2012 11:15:52 -0700

Everyone needs to have an emergency kit. Here is a great check list of ideas to add to yours. Keep a kit in the trunk of your car and also keep a kit inside your house near the door. Take the time to throw some important items together. Unless you have them at hand, they won’t do you any good!!! Here are just a few ideas! Please visit our website www.palmelite.com

Trimming Tips for Hedges

Heather Barber — Fri, 04 May 2012 01:31:27 -0700

Do you trim your own shrubs or do you have a gardener/landscaper do it? I’ve trimmed them w/ the large scissor types, with electric trimmers, but I’ve always wondered if I’m doing it right. If you wonder too, then i have some simple tips for you. If those shrubs in the front of your house seem to be getting a bit too big for you, it might be time for a trim. If when you are trimming you leave giant holes in your bushes, this is the blog for you. -Most of the time the growth happens in the spring, therefore the beginning of summer is the time to take out the trimmers. You will be able to tell new growth because it will be a bright green compared to the darker green growth of the past below. It. -Sharpen those blades if you are using hand trimmers, and look for your longest extension cord if you are using an electrical trimmer. -It is not necessary to prune all shrubs, but it can be a good way to create shape, give new flowers, and rejuvenate an old haggard looking shrub. -Be sure to do your yard work when it’s beautiful outside. This can be therapeutic and inspiring. It won’t even seem like work! Catch a tan, enjoy the sun, and make your yard look great! Please visit our website www.palmelite.com