There Are No Lazy Days Of The Summer In Real Estate

The Lazy Days of the Summer may be here, but the Real Estate industry is busier than ever. Some believe that after the spring rush, the real estate industry takes summer vacation. That belief is certainly a falsehood! In fact, the Summer Months can be just as busy and lucrative for home sellers and buyers...... http://www.coldwellbankermoves.com/marketwatch.aspx

To Buy or To Rent a Home? Four Financial and Lifestyle Questions to Consider

To buy or to rent? Recent graduates, young couples, relocating professionals and others have all asked themselves this question at one point or another. While each option has its benefits, the decision to purchase an apartment, condominium or house as opposed to renting, is complex and based on a number of factors. According to a NAR, nearly eight out of 10 respondents believe buying a home today is a good financial decision. The question that remains is whether or not now is the right time to buy a home for you. For most people, deciding to buy a home is the largest financial decision of their lifetime. Before making the jump into homeownership, potential home buyers should consider the “soft” lifestyle issues as well as the “hard” financial ones. We have provided the following four financial and lifestyle questions to consider when determining if buying a home is the right decision for you: Do you have a steady income? At or near the top of every potential homebuyer’s mind is whether or not they can afford to buy a home right now. Buying a home remains a sound financial decision for those with documented income and a good credit history, and a steady income can provide a strong backbone for the initial down payment and future mortgage payments. Buy-versus-rent calculators available on websites such as coldwellbanker.com offer a good start, but there are numerous factors beyond straight economics that also need to be considered. Don’t hesitate to speak with a real estate professional even before you’re ready to buy a home. Along with a financial planner, a real estate professional can help you answer and uncover questions about the cost of homeownership. Do you plan to stay in a home for an extended period of time? With proper planning, a home purchase has historically proven to be one of the safest investments one can make. Along those lines, it’s imperative to understand that investing in a home is much different than investing in a stock portfolio. Homes typically appreciate in value over time while the owner builds his or her equity through monthly mortgage payments. If you anticipate staying in a home for only one or two years, it doesn’t necessarily mean buying is not for you, but you are less likely to see a significant financial return on your investment Do you plan to sell a house in order to buy a house? A local real estate professional can help you understand current local market conditions and will help you make smart decisions when listing a home on the market. If you do not currently own a home that needs to be sold prior to purchasing a new one, now is a particularly smart time to buy. Even with lenders becoming increasingly more thorough in their approval process, mortgage financing is still widely available for those with a steady income and solid credit. High inventories and low interest rates give first-time homebuyers a tremendous amount of opportunity and flexibility in markets across the U.S How do your other options compare? For renters, calculating month-to-month housing expenses is as easy as inquiring about the monthly rent and average utilities. The calculation gets a bit more complicated when considering the monthly cost of owning a home. A real estate professional can help you understand a range of financial considerations from annual property taxes to the tax incentives for owning a home.

IT’S EASIER THAN EVER TO SEE YOUR CREDIT SCORE FOR FREE

Free Credit Scores Abound. A handful of credit card issuers are betting that you'd like to see your credit score every month. Discover, Barclaycard US and First Bankcard's have started offering their 35 million cardholders free access to their credit scores. The score they're sharing called FICO is used by credit card issuers to decide whether to give you a charge account and what interest rate to charge you. Discover is putting your credit score on your monthly statement. Barclaycard and First Bankcard customers will have to visit their credit card company's website to see their score. You don't have to open a new credit card account to see your credit score. Credit.com, CreditSesame.com and CreditKarma.com will give you a credit score (without making you pay for credit monitoring services as some other sites do). The score you get on those sites can be different from your FICO score and from the credit scores used by mortgage companies, auto dealers and other types of lenders. All credit scores are calculated using information from your credit report, but each type of credit score is based on a proprietary formula devised by the company that sells the score. While different scores have different number ranges they all predict how likely you are to repay. So if you have good credit based on one scale, you should have good credit based on another credit score's scale, even though the two numbers might be different.

Which LED Light Bulbs Work Best?

The incandescent bulb's days are numbered; by Jan. 1, 2014, most will have been phased out. You sure won't miss their influence on your utility bill since a typical 60-watt bulb costs more than three times as much per year to run as a similar LED bulb. But you might cringe when you see how much it costs to replace an incandescent with an LED. You can save money by looking for a utility rebate coupon before you head to the store. When shopping for LED bulbs, keep in mind: Lumens indicate brightness Kelvin number tells you what color light the bulb gives off. The Best LED Bulbs for Different Fixtures Don't assume the most expensive LED bulb is the best. Consumer Reports says these less expensive, LED options shined brightly compared to the competition: For lamps and ceiling fixtures: For 60-watt replacements, Wal-Mart's Great Value Soft White LED ($10),the least expensive of the new bulbs in Consumer Reports' preliminary tests gives off a warm yellow light similar to an incandescent bulb. They also liked Cree's 9.5-Watt (60W) Warm White ($13) and the Philips 11W 60W Soft White 424382 ($14). The fully-tested, top-rated Samsung 60-Watt Warm White LED ($30) provides a bright, warm yellow light. For light that's warm but brighter, and is meant to replace 75-watt bulbs, the Eco-Smart 14-Watt (75W) Soft White 726558 ($35) is an alternate choice. For recessed and track lights: In preliminary tests, Wal-Mart's Great Value Soft White BR30 is bright and dimmable, and is the least expensive ($160. The fully-tested Feit Electric BR30 Dimmable LED ($18) replaces a 65-watt bulb and casts a warm yellow light. For outdoor lights: The Max-Lite 20Watt PAR38 100W ($40) offers bright white light in Consumer Reports' preliminary tests and can be used with some electronic timers, photocells and motion sensors. The fully-tested TCP 17W PAR38 Flood LED ($40) claims to last about 46 years when used 3 hours a day. The full report on LED light bulbs, including additional recommendations, is in Consumer Reports' January 2014 issue.

PRICES HOMES UP BY DOUBLE DIGITS IN MANY METRO AREAS

The national median home price showed its strongest annual growth in nearly eight years during the third quarter of this year, according to data collected by the National Association of Realtors. A whopping 144 of the 163 metropolitan statistical areas (MSAs) tracked by NAR showed gains between the third quarter of this year and the third quarter of last year. In 54 of those MSAs, the increases were in the double digits. The national median existing single-family home price was $207,300 in the third quarter, up 12.5 percent from $184,300 in the third quarter of last year. That's the strongest year-over-year increase since the fourth quarter of 2005 when the median home price jumped 13.6 percent. Condominium and cooperative prices rose 15.1 percent to a median $205,400 in the third quarter. One reason home prices are rising is that foreclosures and short sales are falling. Short sales are homes sold for less than what the owners owed on their mortgage. Foreclosures and short-sale homes typically sell at a discount. That can lower the value of nearby homes because appraisers look at all recent sales when they determine a home's current value. In the third quarter, only 14 percent of home sales were foreclosures or short sales. That's down from 24 percent a year ago. Across the country, about 2.21 million homeowners had their properties for sale, modestly higher than the third quarter of 2012, when 2.17 million homes were on the market. That's a 5-month supply of homes for sale, down from a 5.9-month supply in the third quarter of 2012.

SOLAR ELECTRIC SYSTEMS HELP HOMES SELL FASTER

Solar photovoltaic (PV) systems typically increased market value and almost always decreased the length of time it took to sell a sample of 30 single-family homes in Denver studied by the Appraisal Institute. Homeowners in the Denver metro area over time increasingly have sought residential homes with PV systems, Appraisal Institute officials pointed out. And because the study looked only at homes in Denver, you shouldn't assume it automatically applies to homes in your area. How much any one home feature, including a PV system, adds to home value is always a moving target, said Appraisal Institute President Richard Borges. Good appraisers monitor the local market for changes in demand for PV systems, just as they do for other property features. One big factor in the value of a PV system is the local cost for electricity. Where electricity costs are high, a PV system will likely have a better return on investment than in an area where electricity is relatively cheap. The age and size of the PV system also influence its value. The Appraisal Institute study found value was most commonly related to the size of the property's PV system, followed by its age. Larger systems typically sell for more than the smaller systems. Overall, the value added per kilowatt (kW) ranged from $1,450 to $2,570.

TIPS TO KEEP YOUR HOME AND FAMILY IN TOP SHAPE FOR CHANGING SEASON

Change the batteries in the smoke and carbon monoxide detectors in your home and RVs. Upgrade to detectors with a 10-year battery life and you can scratch this item off next year's to-do list. Prepare for winter storms. Check the batteries in your emergency flashlights and lanterns, stock up on emergency supplies and update your home insurance inventory to include any new household items you've purchased this year. Go through your medicine chest and remove all the expired medications. Don't flush old medications down the toilet. Take the medicine out of the original container, mix it with coffee grounds or kitty litter, put it in a sealable bag and then throw the bag in the garbage. Restock the first aid kits in your home, cars and RVs. In warm weather climates, adjust your irrigation clock settings for the dry season. Looking to save money and conserve water? Use a rain sensor to shut down your irrigation system when your lawn doesn't need water. Your water company may offer rebates on sensors. In cold weather climates, check your supplies of ice melt, then put snow removal tools and winter emergency kits in your cars. Schedule annual tune ups for your heat pump, furnace or boiler to keep those systems working efficiently. Stock up on furnace filters so you've got them on hand for monthly changes. Clean your dryer vent to prevent fires from lint buildup. If you have a flexible foil or plastic dryer vent, replace it with a smooth metal vent. The flexible vents can collect dangerous amounts of lint at low points.

IS IT REALLY A GOOD TIME TO BUY?

The renting versus homeownership debate will continue as long as housing is a requirement. For those making the most significant financial commitment and investment of their lives, moving from renter to owner can be intimidating, but it doesn’t have to be. The current market suggests that today is a new dawn for homeownership and there are many long-term and immediate benefits to take advantage of. Home prices are rising in most markets, and in the long run, home values typically enjoy modest gains. Yearly home appreciation is a benefit that renters will never experience. Real estate tax exemptions and deductibles are helpful as is the ability to barrow against equity for home improvement and to pay for education. For many Americans however, the decision to buy a home is more of an emotional decision based on the desire to have a place that they can call their own. Many simply want to be their own landlord, and own a piece of the American dream. To them, that’s the greatest benefit of all. Right now is an optimal time to take the leap from renting to homeownership. While home affordability and mortgage rates are still historically very low, prices and mortgage rates are rising. In September, home prices doubled again. According to the National Association of Realtors®, the national median existing-home price for all housing types was up 11.7 percent in September compared to the same time last year. This is the 10th consecutive month of double-digit year-over-year increases. Check the attached market data to see if this is happening in the community of most interest to you. The good news, more home owners are now above water with their mortgages. According to CoreLogic, 2.5 million U.S. properties emerged from underwater or negative equity in the second quarter of this year. With more home sellers in the market, more inventory and selection offers more opportunity. To find out if buying a home is a viable goal for you, please contact me and I will assist you as you weigh your options. I can provide data on local home prices and sales, and help you analyze the statistics and determine how they affect you. I can also guide you as you search for a home and neighborhood that best suits your needs. Taking the leap from renting to homeownership can be a tough decision. With my guidance and expertise, I can help make the process much easier.