I saw a Trulia article today that said the new generation of buyers, 18-34 expect to own a home in their lifetime, and hopefully within 2 years.
The majority of people surveyed expected home prices to go up in the next few years.
Right now the interest rate for 30 years is 3.25%, and at today's prices that is a great buy. So I would advise that if you have a down payment of 3.5% or more, if you have a credit rating of 620 or more, and you have had a job for 2 years, that you'd be "not so smart" to put off buying, because if the prices alone go up, that means more money in monthly payments, and should the interest rates also go up, that would mean even higher payments, which is great outlay of $$$ over the 30 years.
My advice, buy now!!
Thursday, December 27, 2012
Tuesday, December 18, 2012
Expectations of Rising Home Prices Spur Some Buyers!
Reading an article by Esther Cho from DS News.com, titled "Survey: Rising Prices Motivate Buyers Now", and found some things I'd like to share with the general public who are interested in real estate news.
"The expectation for prices to continue rising is creating URGENCY among consumers to buy NOW, according to a Redfin survey of 1,084 active homebuyers. The percentage of homebuyers who believe prices are bound to move higher in the next 12 months increased to 71% in the 4th quarter from 61% in the third quarter....The 4th quarter share is also more than double from 34% in the 1st quarter."
Rising prices was cited as the main reason they were buying by 33% of respondents, ad in the 3rd quarter that number was 29% and 195 in the 1st quarter.
But there is a low inventory of houses on the market at this time, which causes some people to hold off buying. 38% of respondents decided to wait, while 46% of those searching for a home are expanding thir search into areas not previously considered.
LOW interest rates are still being cited as the leading reason to buy this year with 57% of the people citing that as their reason; however in the 3rd quarter 64% cited that reason. I can't understand that as we are lower now than back then, as a matter of fact an economist that spoke at our MLS meeting says its hasn't been this low since Thomas Jefferson (our 3rd president) was in office.
More buyers plan to buy bigger, 49% say much bigger. Others are buying same size but nicer and others are moving to a different location.
Buyers who are also sellers doubled this quarter from 8% to 16%. So would that mean that 84% don't already own a home or plan on keeping both houses? Very interesting statistic that needs questions answered about that response.
Hope these incites helped you make a decision whether to get off the fence and buy NOW. If you are in the Amarillo area, call me and lets discuss your options, especially if you are a Veteran, as I am a Veteran's Land Board preferred realtor. Prudential Ada Realtors, 355 9601.
"The expectation for prices to continue rising is creating URGENCY among consumers to buy NOW, according to a Redfin survey of 1,084 active homebuyers. The percentage of homebuyers who believe prices are bound to move higher in the next 12 months increased to 71% in the 4th quarter from 61% in the third quarter....The 4th quarter share is also more than double from 34% in the 1st quarter."
Rising prices was cited as the main reason they were buying by 33% of respondents, ad in the 3rd quarter that number was 29% and 195 in the 1st quarter.
But there is a low inventory of houses on the market at this time, which causes some people to hold off buying. 38% of respondents decided to wait, while 46% of those searching for a home are expanding thir search into areas not previously considered.
LOW interest rates are still being cited as the leading reason to buy this year with 57% of the people citing that as their reason; however in the 3rd quarter 64% cited that reason. I can't understand that as we are lower now than back then, as a matter of fact an economist that spoke at our MLS meeting says its hasn't been this low since Thomas Jefferson (our 3rd president) was in office.
More buyers plan to buy bigger, 49% say much bigger. Others are buying same size but nicer and others are moving to a different location.
Buyers who are also sellers doubled this quarter from 8% to 16%. So would that mean that 84% don't already own a home or plan on keeping both houses? Very interesting statistic that needs questions answered about that response.
Hope these incites helped you make a decision whether to get off the fence and buy NOW. If you are in the Amarillo area, call me and lets discuss your options, especially if you are a Veteran, as I am a Veteran's Land Board preferred realtor. Prudential Ada Realtors, 355 9601.
Thursday, November 29, 2012
Stop Telemarketers on Cell Phones.
I did this and it took 30 seconds. called the red number, then I hit 1 for english, 1 for option to block, entered my phone number and that was it. Easy, Sneezie.
REMINDER..... all cell phone numbers are being released to telemarketing companies and you will start to receive sales calls.
.... YOU WILL BE CHARGED FOR THESE CALLS
To prevent this, call the following number from your cell phone: 888-382-1222.
It is the National DO NOT CALL list It will only take a minute of your time.. It blocks your number for five (5) years. You must call from the cell phone number you want to have blocked.
REMINDER..... all cell phone numbers are being released to telemarketing companies and you will start to receive sales calls.
.... YOU WILL BE CHARGED FOR THESE CALLS
To prevent this, call the following number from your cell phone: 888-382-1222.
It is the National DO NOT CALL list It will only take a minute of your time.. It blocks your number for five (5) years. You must call from the cell phone number you want to have blocked.
You cannot call from a different phone number.
HELP OTHERS BY PASSING THIS ON. It takes about 20 seconds.
Friday, November 23, 2012
Credit Scores Are Confusing
Alot of people think they know their credit scores because they get a free report. But what they don't know is that the three credit reporting companies sometimes give lenders a different number. Not only that, some lenders use different criteria, so you may think with a 750 you are qualified for the lowest interest rate, but their criteria and risk management is different than other lenders, and you may end up paying an extra point or so.
The three companies are Trans Union, Experian and Equifax. Their numbers are called FICO scores and they range from 300 to 950. All this time, I thought they were up to 850; so my score isn't as high as I thought. Yours may not be either. The higher the score, the better for a mortgage as it means your risk of default is less.
If you find out your score is lower than you thought and you get a report and there are no errors on it, then you need to start working on getting it higher. Pay all your bills on time and even pay more than the minimum. Close those accounts you don't use, as the more cards you have, the more risk there is you could default. If you have a credit card that would work at department stores, you don't need the store card. Pay down high balances, and don't apply for new cards.
If when you go to get a mortgage loan don't just take the first loan offered, shop around for the best loan. Also if there are errors on your report, get them corrected. Find out if you put more down, if the interest goes down. It might be worth coming up with more cash to save interest over 30 year time period.
The credit industry is confusing, and buyers need to be better informed and educated about how the system works. Usually an experienced realtor can help you in that department. Sometimes the realtor knows about all the lenders in your area, what their parameters are and who is easier to work with, so be sure and work with a realtor. They do more than show houses; they educate you in the complete process of homebuying from shopping, credit, insurance, appraisals, inspectors, and closing. Since the seller pays their fee, don't be afraid of getting your own realtor and letting them help you through this confusing time. It might relieve alot of your stress by having this expertise right at your fingertips (by dialing her phone number!!)
The three companies are Trans Union, Experian and Equifax. Their numbers are called FICO scores and they range from 300 to 950. All this time, I thought they were up to 850; so my score isn't as high as I thought. Yours may not be either. The higher the score, the better for a mortgage as it means your risk of default is less.
If you find out your score is lower than you thought and you get a report and there are no errors on it, then you need to start working on getting it higher. Pay all your bills on time and even pay more than the minimum. Close those accounts you don't use, as the more cards you have, the more risk there is you could default. If you have a credit card that would work at department stores, you don't need the store card. Pay down high balances, and don't apply for new cards.
If when you go to get a mortgage loan don't just take the first loan offered, shop around for the best loan. Also if there are errors on your report, get them corrected. Find out if you put more down, if the interest goes down. It might be worth coming up with more cash to save interest over 30 year time period.
The credit industry is confusing, and buyers need to be better informed and educated about how the system works. Usually an experienced realtor can help you in that department. Sometimes the realtor knows about all the lenders in your area, what their parameters are and who is easier to work with, so be sure and work with a realtor. They do more than show houses; they educate you in the complete process of homebuying from shopping, credit, insurance, appraisals, inspectors, and closing. Since the seller pays their fee, don't be afraid of getting your own realtor and letting them help you through this confusing time. It might relieve alot of your stress by having this expertise right at your fingertips (by dialing her phone number!!)
Friday, November 9, 2012
Protecting Important Papers During Diasters
This is a great article I found online and wanted to share. It has a ton of good information.
MICHELLE
MCLOUGHLIN/ REUTERS PHOTO When natural
disasters hit, as Superstorm Sandy did here in Milford, Conn., protecting files
can be crucial.
While visiting the home of a retired military veteran, Hatano asked to see a
copy of his life insurance policy.
“He said, ‘ Hold on a minute’ andwent to his refrigerator,” recallsHatano, a Farmers Insurance agent in Folsom, Calif. From the bottom of the vegetable bin, the retiree pulled out his insurance policy, neatly wrapped in aluminum foil.
While a tin foil packet under the refrigerated carrots may not seem like the most sophisticated solution, Hatano said he couldn’t argue too much with his client’s intentions. In a fire, the packet, presumablywouldn’t burn and everyone in his family knew exactly where itwas.
From torrential floods in Louisiana to blisteringWestern wildfires, this year’sweather- related calamities are a reminder that disaster can strike anyone, anytime, anywhere.
If a natural disaster hit your household, would you be ready? Everyone has important paperwork to safeguard: insurance policies, loan papers, marriage or divorce documents, even the vaccination records for children or pets.
Not to mention personal family photos, videos and music sitting on computers.
Knowing what to grab in case of a hurried evacuation could prevent the loss of irreplaceable family mementos, aswell as documents that could be tedious and time- consuming to replace. Here are some options:
Having a grab- and- go box or binder can be a lifesaver. Think of it as a onestop spot to keep all your key documents. It can be a binder, a file box, or anything portable enough to carry on your own.
Hatano, the insurance agent, says he keeps a document- filled binder hidden at home. It contains copies of all his family’s crucial paperwork: property records, bank accounts, names of key professionals ( financial planner, attorney, banker, insurance and real estate agents). There’s also a copy of his trust.
“Trying to recreate all those copieswould be a nightmare,” saidHatano, who also considers the binder a helpful resource for his wife, in case something happened to him.
The binder does not contain originals of those documents, however. Originals should be kept in a safe deposit box, a fireproof safe, at an attorney’s office or with trusted family members, Hatano advises.
Another essential safeguard: a household inventory.
In the event of filing an insurance claim, “It’s hard to remember what you have,” said Perry Ghilarducci, a Sacramento, Calif., CPA who heads Avaunt Ltd. He recommends keeping copies of receipts, warranties, serial numbers and appraisals of your household valuables.
Quick access to key items, papers can mitigate losses
When it comes to keeping important papers in a safe spot,
insurance agent GaryHatano vividly remembers one client’s solution.
MICHELLE
MCLOUGHLIN/ REUTERS PHOTO When natural
disasters hit, as Superstorm Sandy did here in Milford, Conn., protecting files
can be crucial.
While visiting the home of a retired military veteran, Hatano asked to see a
copy of his life insurance policy. “He said, ‘ Hold on a minute’ andwent to his refrigerator,” recallsHatano, a Farmers Insurance agent in Folsom, Calif. From the bottom of the vegetable bin, the retiree pulled out his insurance policy, neatly wrapped in aluminum foil.
While a tin foil packet under the refrigerated carrots may not seem like the most sophisticated solution, Hatano said he couldn’t argue too much with his client’s intentions. In a fire, the packet, presumablywouldn’t burn and everyone in his family knew exactly where itwas.
From torrential floods in Louisiana to blisteringWestern wildfires, this year’sweather- related calamities are a reminder that disaster can strike anyone, anytime, anywhere.
If a natural disaster hit your household, would you be ready? Everyone has important paperwork to safeguard: insurance policies, loan papers, marriage or divorce documents, even the vaccination records for children or pets.
Not to mention personal family photos, videos and music sitting on computers.
Knowing what to grab in case of a hurried evacuation could prevent the loss of irreplaceable family mementos, aswell as documents that could be tedious and time- consuming to replace. Here are some options:
Having a grab- and- go box or binder can be a lifesaver. Think of it as a onestop spot to keep all your key documents. It can be a binder, a file box, or anything portable enough to carry on your own.
Hatano, the insurance agent, says he keeps a document- filled binder hidden at home. It contains copies of all his family’s crucial paperwork: property records, bank accounts, names of key professionals ( financial planner, attorney, banker, insurance and real estate agents). There’s also a copy of his trust.
“Trying to recreate all those copieswould be a nightmare,” saidHatano, who also considers the binder a helpful resource for his wife, in case something happened to him.
The binder does not contain originals of those documents, however. Originals should be kept in a safe deposit box, a fireproof safe, at an attorney’s office or with trusted family members, Hatano advises.
Another essential safeguard: a household inventory.
In the event of filing an insurance claim, “It’s hard to remember what you have,” said Perry Ghilarducci, a Sacramento, Calif., CPA who heads Avaunt Ltd. He recommends keeping copies of receipts, warranties, serial numbers and appraisals of your household valuables.
You can record a video or simply make a room- by- room list of appliances,
furniture, electronics, books, clothing. Remember to include the backyard and
garage. Websites such aswww.
sponsored by the National Association of Insurance Commissioners, have easy tips on creating a household inventory.
And don’t forget your cellphone. Especially when so much of our personal life resides in our hand- held devices, you don’t want to be stranded if your phone gets lost, drowned or burned. Keep a card, ideally laminated, in yourwallet with a list of important numbers, everything from your kids to doctors to the financial and professional contacts you might need in an emergency.
Whether it’s your home or office computer, a backup is essential. A simple hard drive that automatically backs up everything stored on your computer is the first line of defense. But if it’s damaged in a fire or flood, all your family, financial and business files and photos could be wiped out.
To better protect your hard drive, tech manufacturer ioSafe ( makes a series of hardy protective “safes” for computer hard drives that it claims arewaterproof and fireproof, whether submerged inwater for three days or burned in flames up to 1,500 degrees Fahrenheit for 30 minutes.
It’s essentially a second hard drive that plugs into aUSB port, acting as a tougher twin to your computer’s own hard drive.
“It’s for the things your insurance can’t replace: your family photo albums,” ioSafe CEO Robb Moore said. “Whatwould you grab as your house is burning? Your family photos and videos are the most compelling.”
Akin to an airline’s black box, the hard drive boxes are shown in online videos being dropped off balconies, burned in barbecues and run over by tractors. Starting around $ 249, they can be found at electronics stores or online.
Other people are storing computer data online in the so- called cloud, using backup systems that aren’t sitting on their desktops.
Ghilarducci’s firm, for instance, provides online document storage for its tax clients.
“It’s a virtual file cabinet, if you will,” the CPA said, noting that clients can log in, using a personal password, to retrieve their tax documents whenever needed. Clients are encouraged to use the access to scan and upload other financial documents: mortgage, insurance, household inventories, for instance.
For his office computer and personal laptop, Ghilarducci says he’s looking at companies such as Carbonite ( that automatically back up computer data to an online data storage center.
Safeguarding your possessions doesn’t necessarily have to be a high- tech solution. As ioSafe’s CEO put it: “Do something to protect yourself against natural disaster.”
sponsored by the National Association of Insurance Commissioners, have easy tips on creating a household inventory.
And don’t forget your cellphone. Especially when so much of our personal life resides in our hand- held devices, you don’t want to be stranded if your phone gets lost, drowned or burned. Keep a card, ideally laminated, in yourwallet with a list of important numbers, everything from your kids to doctors to the financial and professional contacts you might need in an emergency.
Whether it’s your home or office computer, a backup is essential. A simple hard drive that automatically backs up everything stored on your computer is the first line of defense. But if it’s damaged in a fire or flood, all your family, financial and business files and photos could be wiped out.
To better protect your hard drive, tech manufacturer ioSafe ( makes a series of hardy protective “safes” for computer hard drives that it claims arewaterproof and fireproof, whether submerged inwater for three days or burned in flames up to 1,500 degrees Fahrenheit for 30 minutes.
It’s essentially a second hard drive that plugs into aUSB port, acting as a tougher twin to your computer’s own hard drive.
“It’s for the things your insurance can’t replace: your family photo albums,” ioSafe CEO Robb Moore said. “Whatwould you grab as your house is burning? Your family photos and videos are the most compelling.”
Akin to an airline’s black box, the hard drive boxes are shown in online videos being dropped off balconies, burned in barbecues and run over by tractors. Starting around $ 249, they can be found at electronics stores or online.
Other people are storing computer data online in the so- called cloud, using backup systems that aren’t sitting on their desktops.
Ghilarducci’s firm, for instance, provides online document storage for its tax clients.
“It’s a virtual file cabinet, if you will,” the CPA said, noting that clients can log in, using a personal password, to retrieve their tax documents whenever needed. Clients are encouraged to use the access to scan and upload other financial documents: mortgage, insurance, household inventories, for instance.
For his office computer and personal laptop, Ghilarducci says he’s looking at companies such as Carbonite ( that automatically back up computer data to an online data storage center.
Safeguarding your possessions doesn’t necessarily have to be a high- tech solution. As ioSafe’s CEO put it: “Do something to protect yourself against natural disaster.”
Even if it’s as simple as a zipclose bag or a dash- out- the-
door binder.
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www.newspaperdirect.com, US/Can: 1.877.980.4040, Intern: 800.6364.6364 |
Copyright and protected by applicable law.
Thursday, November 8, 2012
Single Family Rentals--Investment Explosion
The explosion of single family rental houses bought by real estate investors and
rented to a single tenant is creating a new category of property management
companies to serve them.
Last year, 1.2 million U.S. properties were acquired for investment purposes, up from 749,000 in 2010, according to RealtyTrac. This year, the investment boom has continued, with investors accounting for about 20 percent of all home sales. With the vast majority of investors following a “buy and hold” strategy rather than flipping, millions of properties have entered the rental inventory. Two months ago, a study by CoreLogic found that single family rentals have outpaced multifamily, accounting for 54 percent of all rental units in the nation.
Last year, 1.2 million U.S. properties were acquired for investment purposes, up from 749,000 in 2010, according to RealtyTrac. This year, the investment boom has continued, with investors accounting for about 20 percent of all home sales. With the vast majority of investors following a “buy and hold” strategy rather than flipping, millions of properties have entered the rental inventory. Two months ago, a study by CoreLogic found that single family rentals have outpaced multifamily, accounting for 54 percent of all rental units in the nation.
Monday, October 29, 2012
Rising Home Prices Expected in 2013.
Recently released research data project rising residential prices in 2013. The October 2012 Economic Survey by the Wall Street Journal panel of economists forecasted home prices as increasing at an annual rate of 3.25 percent in the forthcoming year. A similar National Association of Business Economists survey projected a 2.8 percent increase in home prices by the end of 2013.
Based on information from the latest Realtors Confidence Index, REALTORS® are projecting a 3 percent increase in home prices in the forthcoming year. Both practitioners and economists are in good agreement on this one: prices are projected to increase.
Based on information from the latest Realtors Confidence Index, REALTORS® are projecting a 3 percent increase in home prices in the forthcoming year. Both practitioners and economists are in good agreement on this one: prices are projected to increase.
History of the Fixed-rate Mortgage
What a Deal!
A 30 year fixed-rate mortgage hasn't always been the standard. As part of FDR's New Deal in 1934, the Federal Housing Administration was created to help Americans purchase homes with affordable terms. |
Prior to then, many loans had an amount due at the end of the term called a balloon. Most mortgages had adjustable interest rates even though some might be fixed for a short time. While banks would loan money on a home, they retained the right to call the note due at any time which could exert considerable stress on borrowers.
FHA, during this time, introduced mortgages that offered a fixed rate of interest to the borrower for a 30 year term. This fully amortized loan provided borrowers a financial vehicle that would help them achieve the American Dream while minimizing the risk of having a loan called without the resources to pay it off. It brought long-term stability to the housing market and helped stimulate the economic recovery at a very difficult time in our nation's history.
Roughly, a third of the mortgages created in 2011 were less than 30 year terms. Many homeowners, similar to those after the Great Depression, would like to get their home paid for as soon as possible. Shorter term mortgages typically have a lower interest rate but higher payments due to fewer years to amortize the mortgage.
Friday, October 26, 2012
DISTRESSED REAL ESTATE SALES
Distressed Properties
Distressed homes, which include foreclosures and short sales, in which the lender agrees to a transaction for less than the balance of the mortgage, accounted for 24 percent of the September total, up from 22 percent in the prior month, today’s report showed.All-cash transactions accounted for 28 percent of last month’s sales, and investors, the majority of who are all-cash buyers, accounted for 18 percent.
Private-equity firms such as Colony Capital LLC and Blackstone Group LP, have converged on Phoenix, Atlanta and other distressed areas in search of low-priced properties to buy and rent out, helping to stabilize the markets. These types of investors have raised as much as $8 billion to buy as many as 80,000 single-family homes to manage as rentals, according to a Sept. 21 report by Keefe Bruyette & Woods Inc.
American households may also be drawn into the market as a falling jobless rate helps bolster confidence. Unemployment dropped to 7.8 percent in September, the lowest since PresidentBarack Obama took office in January 2009. The Bloomberg Consumer Comfort Index last week climbed to a six-month high, and a similar measure from Thomson Reuters/University of Michigan jumped this month to a five-year high.
Tuesday, October 23, 2012
Charting the difference: Rent or Buy a House.
 | Judy Dendy, TLP, Relocation, ECertified Prudential Ada Reators westwinds4jc@aol.com |
Rent or Buy? - 10/22/2012
The question plaguing every tenant who wants a home of their own is whether they should continue to rent or is it the right time to buy?
The combination of good prices and low mortgage rates make it considerably cheaper to own than rent in most markets. Assuming a person is qualified with a down payment and won't be moving for several years, there may not be a better time to buy a home.
In the example below, the total house payment is $1,281.01 compared to $1,500 to rent the same home. Before you consider any of the financial benefits attached to home ownership, it's cheaper to own than to rent.
The net cost of housing falls to $764 or just more than half the house payment when you consider the principal reduction due to normal amortization, a modest appreciation and the tax savings along with a reasonable maintenance expense that a tenant would not have to pay.
One of the biggest benefits is the growing equity. As the value goes up, the unpaid balance goes down. A favorable leverage causes their low down payment to grow to $40,609 in a short seven years based on a modest 1% appreciation.
There's an expression often heard in real estate circles: "Whether you rent or buy, you pay for the house you occupy." You're either buying it for yourself or you're helping the landlord buy it.
Check out a Rent vs. Own to see how your numbers will compare to this example or call me to do it for you
The question plaguing every tenant who wants a home of their own is whether they should continue to rent or is it the right time to buy?
The combination of good prices and low mortgage rates make it considerably cheaper to own than rent in most markets. Assuming a person is qualified with a down payment and won't be moving for several years, there may not be a better time to buy a home.
In the example below, the total house payment is $1,281.01 compared to $1,500 to rent the same home. Before you consider any of the financial benefits attached to home ownership, it's cheaper to own than to rent.
The net cost of housing falls to $764 or just more than half the house payment when you consider the principal reduction due to normal amortization, a modest appreciation and the tax savings along with a reasonable maintenance expense that a tenant would not have to pay.
One of the biggest benefits is the growing equity. As the value goes up, the unpaid balance goes down. A favorable leverage causes their low down payment to grow to $40,609 in a short seven years based on a modest 1% appreciation.
There's an expression often heard in real estate circles: "Whether you rent or buy, you pay for the house you occupy." You're either buying it for yourself or you're helping the landlord buy it.
Check out a Rent vs. Own to see how your numbers will compare to this example or call me to do it for you
Monday, October 22, 2012
Amazing Fireplace Screens.
10 Ways to Fix Your Fireplace Up With a Screen Star
Make a match so right, you might see sparks — these unusual fireplace screens are worth the search
| Share: |
Sometimes I take a gander around my house and I notice some humdrum element with fresh eyes. Today it was my boring fireplace screen. It's not even necessary for blocking sparks, as my fireplace is gas, but Miss Bubby (my cat) loves to crawl into the fireplace and then leave a trail of charcoal footprints all over the house.
This discovery led me over to Houzz in a "fireplace screen" search frenzy. Fireplace screens can match the style of the room or diverge and add a different style. Their colors, metallic finishes, lines and designs have a lot to offer a room. Amazed at how designers are enhancing fireplace focal points with carefully considered screens, I felt compelled to share. Here are 10 very different approaches I found.
This discovery led me over to Houzz in a "fireplace screen" search frenzy. Fireplace screens can match the style of the room or diverge and add a different style. Their colors, metallic finishes, lines and designs have a lot to offer a room. Amazed at how designers are enhancing fireplace focal points with carefully considered screens, I felt compelled to share. Here are 10 very different approaches I found.
1. Add an unexpected touch to a traditional fireplace. A sculptural screen paired with a modern painting over the mantel mixes old and new, transforming the look of this classic fireplace.
Private Comment
2. Use strong lines to draw the eye. In a room that mixes straight and curved lines, crisp diagonals draw the eye to the fireplace focal point. The screen is also a good opportunity to add metallic accents to a room.
Private Comment |
3. Match metallics. Play off the same finishes or mix and match when you choose your fireplace screen. This screen's elegant scrolls play off the coordinating vases on the mantel as well as the coffee table.
Tip: There is no hard and fast rule for how to balance metallic pieces around a room. Keep playing around with placements, taking a few steps back to see how your arrangements feel. If they feel off, keep tweaking them.
Private CommentTip: There is no hard and fast rule for how to balance metallic pieces around a room. Keep playing around with placements, taking a few steps back to see how your arrangements feel. If they feel off, keep tweaking them.
Like it? Save it to your Ideabook »
4. Add flair and whimsy. This peacock screen adds a strong art deco accent.
Private Comment
5. Enhance your room's grooviness quotient. The colors are understated throughout this room, except where they are all brought close together on the striking screen.
Private Comment
In a room full of lots of clean lines and some atomic age spirit, a funky fireplace screen serves as functional art. This one's nod to retro style fits right in with the carefully collected furnishings, which include a Frank Gehry Wiggle Chair and an atomic age EJ5 Corona Chair.
Private Comment |
This screen is an assemblage that fits right into the collected look of the room.
Private Comment |
Like it? Save it to your Ideabook »
|
6. Size it right. The three-paneled structure of this screen design is quite common, but this screen has been sized precisely to cover this fireplace. The designer calls this room "tailored sophistication," an apt title when this much attention has been paid to detail.
Private Comment |
7. Let a stunning surround be the star. If you've gone all out on a gorgeous surround, like this mosaic tile, don't bring in a screen that's a diva. Let a plain black one blend into the firebox.
Private Comment |
8. Match your home's style. Wrought iron is a staple of Spanish colonial design. This screen complements the intricate ironwork of the staircase railing.
Private Comment |
Similarly, art glass goes hand in hand with mission-style and Arts and Crafts fireplaces.
Private Comment |
9. Opt for a screen that disappears. Built-in screens all but disappear when pulled open and work well with contemporary and minimalist aesthetics.
Private Comment |
Like it? Save it to your Ideabook »
|
10. Add a natural touch. Connect to the outdoors with your screen's design; all manner of branches, bears, fish and nature-inspired motifs are available.
Private Comment |
Private Comment
|
Cheaper to Own Than Rent
Rent or Buy?
The question plaguing every tenant who wants a home of their own is whether they should continue to rent or is it the right time to buy? |
The combination of good prices and low mortgage rates make it considerably cheaper to own than rent in most markets. Assuming a person is qualified with a down payment and won't be moving for several years, there may not be a better time to buy a home.
In the example below, the total house payment is $1,281.01 compared to $1,500 to rent the same home. Before you consider any of the financial benefits attached to home ownership, it's cheaper to own than to rent.
The net cost of housing falls to $764 or just more than half the house payment when you consider the principal reduction due to normal amortization, a modest appreciation and the tax savings along with a reasonable maintenance expense that a tenant would not have to pay.
One of the biggest benefits is the growing equity. As the value goes up, the unpaid balance goes down. A favorable leverage causes their low down payment to grow to $40,609 in a short seven years based on a modest 1% appreciation.
There's an expression often heard in real estate circles: "Whether you rent or buy, you pay for the house you occupy." You're either buying it for yourself or you're helping the landlord buy it.
Check out a Rent vs. Own to see how your numbers will compare to this example or call me to do it
Friday, October 19, 2012
Halloween Home Disaster Costs.
The Real Costs of Halloween Home Disasters: Serial Killers, Phantasms, and Floods of Blood
Published: October 25, 2010
HouseLogic estimates the home repair costs in Poltergeist, Scream, The Shining, and other horror classics.
The ShiningWhen little Danny Torrance saw a river of blood surging down the hallway, there’s one thing that was probably not on his mind: What’s it going to cost to clean up this mess? He was a little more concerned with evading his possessed, axe-wielding father. But the answer depends entirely on whether the Overlook Hotel was covered for flood insurance. Let’s just hope they opted for maximum blood coverage.
Disaster: Flooding
- The average flood claim for a residence is about $33,000.
- The average annual cost of flood insurance for a residence is $540.
When considering a new home, save some money, have it inspected—and make sure it’s not on an unmarked burial ground. You’ll disrespect the dead, and as we learned in Poltergeist, phantasms can get pretty miffed. They’ll suck children into other dimensions and even push coffins through the back yard, ripping up the landscaping and inflicting serious damage.
If ghosts do turn your yard into Swiss cheese--and your house doesn’t get sucked into a void like the Freelings’--you’ll need to redo your landscaping. Consider hiring a certified landscape architect to design a plan that includes irrigation, lighting, soil conditioning, and repotting (or removing) those pesky coffins. You might also want to consider planting a few new trees which, when properly placed for shade, will save you up to $250 a year in energy costs.
Disaster: Destroyed landscaping
- A landscape consultation costs about $100 to $150.
- A detailed plan can run from $300 to $2,500.
- New sod installation is 30 to 50 cents per square foot.
- Total sod cost for the average suburban yard: $2,000.
- Three 15-foot trees cost a total of $300 to $600.
Going up? When Ghostface caught this beered-up victim in the too-small cat portal of a garage door, he scored a memorable kill, but shorted out the garage door opener in the process. While this party girl never made it to a sequel, the home owners lucked out with an easy repair. So easy, they might even consider a whole new garage door. But, of course, spring for a bigger cat door.
Disaster: Broken garage door
- A replacement garage door opener costs about $300.
- Installed garage doors range from $550 to $1,650 for a single door, and $800 to $2,500 for a double door.
Bolts of lightning might have blown out the windows of this infamous Amityville residence, but whole-house surge protectors would have kept the lights on and things running smoothly—at least until Father Delaney and the Devil battle it out over who has to pay for window replacements. Spoiler alert: bet on the Devil.
Disaster: Broken windows
- Replacement windows cost $250 to $800 each.
Tom Cruise and Brad Pitt had a great time slurping the life out of the residents of New Orleans, but you wouldn’t want the same drain on your homestead. That’s why you need to be vigilant about the waste caused by vampire energy, also known as standby power consumption—unneeded electricity usage that sucks up to $100 out of your wallet annually.
Most common culprits are computers, monitors, printers, and stereo subwoofers. Try plugging devices into a power strip and get in the habit of turning them all off at once. Or try a “smart” power strip that senses when you’ve shut off your computer and cuts the juice. It works much better than garlic.
Disaster: Energy drain
- Power strips are $10 each
- “Smart” power strips cost $30
When Michael Jackson and his zombie buddies broke into an old house to terrify his girlfriend, costly damage ensues—destruction that could have been avoided if only the undead had turned the doorknob.
Unfortunately, zombies aren’t too dexterous, and the hapless home owners got stuck with the cost of a new steel exterior replacement door. If only they had installed a home security system, those zombies would be singing an entirely different tune.
Disaster: Zombie attack
- A replacement door costs about $1,200.
- A home security system installation costs $500, with a monthly fee of $35 to $75.
Thursday, October 18, 2012
Foreclosures fall to 5-year low
@CNNMoneyOctober 11, 2012: 2:21 AM ET
Foreclosure filings -- including default notices, scheduled auctions and bank repossessions -- were reported on 180,427 properties in September, a 7% decline from August and down more than 16% from a year earlier, according to a report released Thursday by RealtyTrac, an online marketer of foreclosed properties. That's the lowest number of filings since September 2007.
Blomquist had been waiting for another wave of foreclosures to hit the housing market ever since the $25 billion mortgage settlement was reached in April.
Lenders put the brakes on many foreclosures as their procedures were put under the microscope after the robo-signing scandal came to light in September 2010. The mortgage settlement had cleared the way for them to proceed again by laying out clear guidelines on how they could pursue borrowers who had missed payments and clear their backlogs of delinquent loans.
As a result, Blomquist and other industry experts expected the market to be flooded with repossessions. "That's not the way it's playing out," he said. "It has been a much more managed flow."
Related: Obama's housing scorecard
The decline in foreclosures has been especially steep lately in states like California and Texas, in which foreclosures do not go through the courts. In these "non-judicial" states, foreclosures were handled relatively quickly once the banks started to process foreclosures again. In judicial states where the courts are involved, like Florida, Illinois, New York and New Jersey, the banks have been careful to make sure all their paperwork is complete and accurate which has slowed the process significantly.
Banks too, are looking for ways to keep delinquent borrowers from falling into foreclosure, opting to either refinance their loans or agreeing to more short sales where the lender agrees to a sales price that is less than what is owed on the mortgage. Lenders prefer short sales over foreclosures because they lose less money on the transactions and they involve fewer legal costs and other expenses.
Related: Economists: Housing recovery finally here
Record low mortgage rates have also helped struggling borrowers hold onto their homes, said Mike Larson, an analyst with Weiss Research. Many borrowers have refinanced their mortgages to lower rates and sharply reduced their payments, helping them to avoid default, he said. The improving economy has also meant fewer job losses.
"That takes some pressure off," said Larson. "Fewer people are falling behind on their loans."
As a result, the number of distressed properties that threaten to come onto the market is starting to shrink and Blomquist expects fewer bank repossessions going forward. Foreclosure starts, homes in the first stage of the foreclosure process, were down 15% in September compared with 12 months earlier.
"Foreclosures are still a headache, but they're less of a headache than they were," added Larson.
Tuesday, October 16, 2012
Why Owning Rentals Makes Sense
Contributing Factors
Rental properties have four primary factors that contribute to a return on investment. Based on market conditions and investor strategies, the individual motivating factor can change for property owners. |
There was a time when the benefit of tax savings to offset income from other sources was considered important to some investors. However, in today's environment, they are more likely valued as incidental benefits.
Some investors expect appreciation to deliver the satisfactory results which can be reasonable over time if a reliable appreciation rate is used. Savvy investors today are using conservative estimates for long-term holding periods.
Leverage occurs when borrowed funds are used to control a larger asset. Positive leverage can actually increase the yield on an investment.
The fourth component that contributes to a property's yield is the cash flow. When the rents are greater than the expenses of operating the property and servicing the debt, there is a positive cash flow. A property with a good cash flow doesn't have to go up in value to justify the investment.
The combination of lower prices, incredibly low mortgage rates and rising rents are attracting investors to rental properties that include single-family homes in predominantly owner-occupied neighborhoods.
Even if you were to ignore the benefits of tax savings, potential appreciation and leverage, the attractive cash flows make rental property a very smart investment alternative. If you're curious, contact me for more information
Making Small Rooms Feel Larger
8 Ways to Make Small Rooms Feel Larger
By Melissa Dittmann Tracey, REALTOR® Magazine
When selling a home, you don’t want buyers to step foot in a room and suddenly feel cramped. They will quickly start questioning whether they’ll be able to fit their belongings in there and whether the home is too small.
What can you do to open up some of the tight spaces in your listings?
1. Remove furniture. Rooms packed overly full of furniture will not allow buyers to visualize their things in the space. Keep the furniture basics in each room, and then haul away the extras to a storage unit or somewhere else in the home that could use more furniture. Make sure the furniture is fit to the size of the room. For example, that canopy bed may be commanding too much attention in the master bedroom, making the room feel cramped and even blocking the walkway through the room.
2. Declutter. This is an obvious way to make a space feel bigger. It can have one of the biggest impacts to the perception of a room’s size. Have your sellers go through their closets and box up about a third of it. They can take the load to a storage unit or put into bins to store elsewhere in the home. When buyers open up a closet, you want them to see the spaciousness, not it filled top-to-bottom with your sellers’ belongings.
3. Find secret storage spots: Ottomans that can double-up as storage units too can help your sellers clear away clutter in a hurry. These can be useful particularly for sellers with children who need a quick place to throw toys and clothes prior to a showing.
4. Lighten the color. Dark colors on the wall can make a room feel more closed-in, whereas lighter tones on the wall can open it up. Cream colors and soft tones of greens and blues can help open up a space. Monochromatic color schemes, which is using colors all from the same color family, can go a long way in creating flow in a home and making a space appear larger too.
5. Let the light flow in. Tieback–or better yet, take down–the curtains and open up the blinds to let the natural light flow in from the windows. The more natural light that flows in, the more a space can appear larger.
6. Hang some mirrors. Mirrors can reflect light and give the illusion of depth to a room.
7. Opt for plain fabrics. Upholstery that is plain and neutral can make a space feel larger than upholstery with bold prints or stripes. To avoid the neutral blahs, however, liven up spaces by incorporating textured or small patterned items, such as with throw pillows on the sofa.
8. Make smart furniture choices. See-through furniture, such as glass tabletops, can open up a space. Also, armless chairs or sofas can make a space feel larger too. For desks, try stools that can be tucked underneath and show off more floor space than a bulky desk chair. Also, remove any floor lamps and instead use desk lamps or ceiling light fixtures for light.
Bottom line: The more floor space you can see in a room, the more open and bigger it will feel.
When selling a home, you don’t want buyers to step foot in a room and suddenly feel cramped. They will quickly start questioning whether they’ll be able to fit their belongings in there and whether the home is too small.
What can you do to open up some of the tight spaces in your listings?
1. Remove furniture. Rooms packed overly full of furniture will not allow buyers to visualize their things in the space. Keep the furniture basics in each room, and then haul away the extras to a storage unit or somewhere else in the home that could use more furniture. Make sure the furniture is fit to the size of the room. For example, that canopy bed may be commanding too much attention in the master bedroom, making the room feel cramped and even blocking the walkway through the room.
2. Declutter. This is an obvious way to make a space feel bigger. It can have one of the biggest impacts to the perception of a room’s size. Have your sellers go through their closets and box up about a third of it. They can take the load to a storage unit or put into bins to store elsewhere in the home. When buyers open up a closet, you want them to see the spaciousness, not it filled top-to-bottom with your sellers’ belongings.
3. Find secret storage spots: Ottomans that can double-up as storage units too can help your sellers clear away clutter in a hurry. These can be useful particularly for sellers with children who need a quick place to throw toys and clothes prior to a showing.
4. Lighten the color. Dark colors on the wall can make a room feel more closed-in, whereas lighter tones on the wall can open it up. Cream colors and soft tones of greens and blues can help open up a space. Monochromatic color schemes, which is using colors all from the same color family, can go a long way in creating flow in a home and making a space appear larger too.
5. Let the light flow in. Tieback–or better yet, take down–the curtains and open up the blinds to let the natural light flow in from the windows. The more natural light that flows in, the more a space can appear larger.
6. Hang some mirrors. Mirrors can reflect light and give the illusion of depth to a room.
7. Opt for plain fabrics. Upholstery that is plain and neutral can make a space feel larger than upholstery with bold prints or stripes. To avoid the neutral blahs, however, liven up spaces by incorporating textured or small patterned items, such as with throw pillows on the sofa.
8. Make smart furniture choices. See-through furniture, such as glass tabletops, can open up a space. Also, armless chairs or sofas can make a space feel larger too. For desks, try stools that can be tucked underneath and show off more floor space than a bulky desk chair. Also, remove any floor lamps and instead use desk lamps or ceiling light fixtures for light.
Bottom line: The more floor space you can see in a room, the more open and bigger it will feel.
Thursday, October 11, 2012
Service Providers in Amarillo, TX
Who Do You Call?
While the Internet is a great resource to locate information about food, travel and a number of other things, it isn't necessarily the best place to find a local service provider. |
Sure, you can run the search, get quick results and may even see some fairly impressive websites. The problem is that sometimes, those sites are run by companies that sell the leads to providers who may not be as experienced as you're expecting.
Instead of taking a chance on a total stranger, a personal recommendation could yield you more satisfactory results. Most real estate transactions require some work to be done to the house either in preparation prior to the sale or to meet requirements from the buyer or inspector after the sale is made.
Looking for a service provider on the Internet is easy. Contact me for a recommendation is easier still and you can trust that they'll be reputable and reasonable. I want to be your personal source of real estate information.
Wednesday, October 3, 2012
Pros and Cons of Rental Real Estate
he Pros and Cons of Rental Real Estate
September 25, 2012 RSS Feed Print
September 25, 2012 RSS Feed Print
We retirees know we don't get any interest income from our bank deposits. And who can blame us if we don't trust Wall Street enough to invest our hard-earned savings in the stock market? Therefore, owning and renting real estate may be an investment option that looks more and more appealing to people no longer working. If you play it right, you can generate a regular, unending stream of extra monthly income. And we all know one thing: Rents never go anywhere but up.
As many as 19 percent of retirees say they receive some income from rental properties or similar types of retirement income, according to a recent Gallup poll of 344 retirees. But it will take some work to put some rental income into your retirement pocket. Here are some pros and cons:
Pro: Real-estate prices have come down a lot in the past five or six years, and mortgage rates are at historic lows. If you do your homework, you should be able to find a good deal that over time will give you substantial appreciation, especially since many experts now claim the market is finally getting better. Some people say single family homes offer the best values these days. That may or may not be true, but a one-bedroom condominium is definitely easier to rent and maintain.
Con: The days of flipping real estate for a quick profit are long gone. You have to be in it for the long haul. Also, the days of no-money-down mortgages are a distant memory. Mortgages are cheap, but it's harder for investors to qualify for loans than it is for people who live in their own homes. As an investor, you will need to post a substantial down payment as well as have the extra cash for closing costs, legal fees, possible renovations, and maybe some carrying costs if you're without a tenant for a period of time.
Pro: With the current low prices, and as a long-term holder, you should be able to manage a rental unit to produce a positive cash flow right from the beginning, generating extra income every month.
Con: You will be a landlord, and will have to take on the responsibilities and the extra demands on your time. You have to find tenants, check their references, collect the rent, and fix the leaks. You can hire an agency to manage your property, but an agency will likely eat up most or all of your profit.
Pro: The government offers preferential tax breaks for owners of rental properties, such as depreciation, which allows you to use paper losses to offset any profit you make on the rental. Losses generated by depreciation can also be used to offset other taxable income you might have.
Con: If you didn't have an accountant before, you'll need one now. And while you do benefit from tax deferral on depreciation, eventually the piper has to be paid. When you sell, you must recapture the depreciation, although that may be when you're in a lower tax bracket.
Pro: Some people buy a place at the beach or on a golf course. They use it for vacation and rent it out when they're not there. It's a way to enjoy a "free" vacation, establish a retirement beachhead where you might want to live someday, and maybe even make some money while you're at it.
Con: Profits on a vacation property are not guaranteed. If the place is more than an hour or two drive from your home, you will probably need to hire a property manager. You'll also have to pay for the inevitable repairs that come with renting to vacationers. Plus, it's unlikely your unit will be rented all the time. If it is rented out of season, it will bring in less money. If your property is doing double duty, it's more likely you'll be adding to your monthly bills rather than supplementing your monthly income.
Owning rental property can be an effective method to produce extra income. But it's not a way to come up with fast cash. Do your homework, assess your own interests and capabilities, and have faith in the future prospects of the area you choose. Then set your sights on being a long-term holder who collects a regular and steady stream of payments to supplement your retirement income.
Tom Sightings is a former publishing executive who was eased into early retirement in his mid-50s. He lives in the New York area and blogs at Sightings at 60, where he covers health, finance, retirement, and other concerns of baby boomers who realize that somehow they have grown up.
As many as 19 percent of retirees say they receive some income from rental properties or similar types of retirement income, according to a recent Gallup poll of 344 retirees. But it will take some work to put some rental income into your retirement pocket. Here are some pros and cons:
Pro: Real-estate prices have come down a lot in the past five or six years, and mortgage rates are at historic lows. If you do your homework, you should be able to find a good deal that over time will give you substantial appreciation, especially since many experts now claim the market is finally getting better. Some people say single family homes offer the best values these days. That may or may not be true, but a one-bedroom condominium is definitely easier to rent and maintain.
Con: The days of flipping real estate for a quick profit are long gone. You have to be in it for the long haul. Also, the days of no-money-down mortgages are a distant memory. Mortgages are cheap, but it's harder for investors to qualify for loans than it is for people who live in their own homes. As an investor, you will need to post a substantial down payment as well as have the extra cash for closing costs, legal fees, possible renovations, and maybe some carrying costs if you're without a tenant for a period of time.
Pro: With the current low prices, and as a long-term holder, you should be able to manage a rental unit to produce a positive cash flow right from the beginning, generating extra income every month.
Con: You will be a landlord, and will have to take on the responsibilities and the extra demands on your time. You have to find tenants, check their references, collect the rent, and fix the leaks. You can hire an agency to manage your property, but an agency will likely eat up most or all of your profit.
Pro: The government offers preferential tax breaks for owners of rental properties, such as depreciation, which allows you to use paper losses to offset any profit you make on the rental. Losses generated by depreciation can also be used to offset other taxable income you might have.
Con: If you didn't have an accountant before, you'll need one now. And while you do benefit from tax deferral on depreciation, eventually the piper has to be paid. When you sell, you must recapture the depreciation, although that may be when you're in a lower tax bracket.
Pro: Some people buy a place at the beach or on a golf course. They use it for vacation and rent it out when they're not there. It's a way to enjoy a "free" vacation, establish a retirement beachhead where you might want to live someday, and maybe even make some money while you're at it.
Con: Profits on a vacation property are not guaranteed. If the place is more than an hour or two drive from your home, you will probably need to hire a property manager. You'll also have to pay for the inevitable repairs that come with renting to vacationers. Plus, it's unlikely your unit will be rented all the time. If it is rented out of season, it will bring in less money. If your property is doing double duty, it's more likely you'll be adding to your monthly bills rather than supplementing your monthly income.
Owning rental property can be an effective method to produce extra income. But it's not a way to come up with fast cash. Do your homework, assess your own interests and capabilities, and have faith in the future prospects of the area you choose. Then set your sights on being a long-term holder who collects a regular and steady stream of payments to supplement your retirement income.
Tom Sightings is a former publishing executive who was eased into early retirement in his mid-50s. He lives in the New York area and blogs at Sightings at 60, where he covers health, finance, retirement, and other concerns of baby boomers who realize that somehow they have grown up.
Tuesday, October 2, 2012
When is Too Soon to Refinance?
Refinancing Too Soon?
Some people believe they shouldn't refinance more often than once every two years. The determining factors are if you'll lower your payments and plan to stay in the home long enough to recapture the cost of refinancing. If so, you should consider refinancing. |
Interest rates have actually come down significantly in the past 12 months and even more in the past 24 months. According to the Freddie Mac Primary Mortgage Market Survey®, rates on a 30 year fixed rate mortgage are down to 3.6% in August, 2012 compared to 4.27% one year earlier.
Refinancing in the example below would save the homeowner $67.04 per month and they would recapture the cost of refinancing in 3 years and 9 months based on approximately $3,000 of closing costs.
Click Here to make your own projection on a Refinance Analysis calculator.
Monday, October 1, 2012
Texas Land Board Helps Disabled Veterans
As a realtor in Amarillo, I work alot with veterans, especially disabled veterans. Texas is one of the best states for these special people when it comes to real estate.
The Texas Land Board gives a discount to veterans below the going mortgage rate on homes and remodelling. The offer a third kind of loan, for land, at a set rate in the 7% range. If you are 40% or more disabled, you get an additional .5 discount. Last week this rate was 2.42%. Can you imagine how much this low interest rate saves you on mortgage payments over 30 years.
I am a preferred realtor with the Texas Land Board in Potter and Randall County, and I love working with this program.
There are only 3 lenders in Amarillo who do these loans, as they make less money on them. They are PrimeLending (who I usually use), Wells Fargo, and Herring Bank. I love working with Donna Presley on these loans, as she's an expert with these and can push them through in 30 days usually. They don't charge any points; although the Land Board charges 1%, and you can usually get your seller to pay your closing costs and include this in those costs.
The Texas Land Board will let you have one of each of the three loans at one time, and once you pay one of them off, like a remodelling loan, you can get that same kind of loan once again; and YOU NEVER USE UP any credits, as in VA.
The TLB also has cemeteries, nursing homes, and other benefits for veterans, and you only have to live in Texas one day to qualify. They will require some of your service documents, and you can find those on their website.
So call me, and let's get you into a new home at a low interest rate!!
Judy Dendy, Prudential Ada Realtors, 3300 Danvers, Amarillo, Texas 79106, 806-355-9601 or
806-672-3082.
The Texas Land Board gives a discount to veterans below the going mortgage rate on homes and remodelling. The offer a third kind of loan, for land, at a set rate in the 7% range. If you are 40% or more disabled, you get an additional .5 discount. Last week this rate was 2.42%. Can you imagine how much this low interest rate saves you on mortgage payments over 30 years.
I am a preferred realtor with the Texas Land Board in Potter and Randall County, and I love working with this program.
There are only 3 lenders in Amarillo who do these loans, as they make less money on them. They are PrimeLending (who I usually use), Wells Fargo, and Herring Bank. I love working with Donna Presley on these loans, as she's an expert with these and can push them through in 30 days usually. They don't charge any points; although the Land Board charges 1%, and you can usually get your seller to pay your closing costs and include this in those costs.
The Texas Land Board will let you have one of each of the three loans at one time, and once you pay one of them off, like a remodelling loan, you can get that same kind of loan once again; and YOU NEVER USE UP any credits, as in VA.
The TLB also has cemeteries, nursing homes, and other benefits for veterans, and you only have to live in Texas one day to qualify. They will require some of your service documents, and you can find those on their website.
So call me, and let's get you into a new home at a low interest rate!!
Judy Dendy, Prudential Ada Realtors, 3300 Danvers, Amarillo, Texas 79106, 806-355-9601 or
806-672-3082.
Friday, September 28, 2012
Fence Designs Reveal Your Personality
Read more: http://www.houselogic.com/photos/fences/pictures-fence-designs/#ixzz27nfPL185
Thursday, September 27, 2012
Aging Realtors and FHA Flop
There are several concerns in real estate today, none to do with the fantastic availability of money for loans at ridiculously low rates: 3.375% for 30 years and 2.75 for 15 years. This makes buying a house so much cheaper than buying a car or using your credit cards.
But one of the concerns in real estate is that the average realtor is 56 years old, where the average in other industries is 42. Why is that a concern? As older realtors retire, the brain drain is critical. The experienced older realtor knows so much about what to expect in a real estate deal, how to put it together, where to get the $$$, and so many things that help the consumer. Getting younger realtors trained in time to replace all these experienced realtors could be hard. On HGTV you see realtor shows with the younger ones, and I think from my opinion you see greed, underhanded dealing, lack of morals, and not the professionalism I see daily among the older realtors.
We need to train realtors to put the customer first, not their pocketbook or their career. Reputation, integrity, knowledge, and honesty need to be at the forefront of a career in real estate.
Another problem in real estate right now from the broker's opinion survey was that they can't recruit enough realtors, or get good ones. Again, they mention the younger generation having a problem with training and going where the $$ is.
FHA loans are a slight problem, due to the increase in the mortgage insurance costs back in April, more and more people are choosing to go conventional. That's not a real problem, now that you can get 5% down money with conventional loans, but it is a change from earlier in the year when most everyone was using FHA (at least here locally). It's just as cheap to go conventional now once you add in the upfront money insurance costs, and it's easier with less restrictions.
Now is the time to purchase a home since the rates are so low, money is available, and there's no shortage of homes on the market. It's the time to sell also if you plan to in the near future, as a shadow of repossessed homes will soon be on the market, lowering the value of your home, so now is the perfect time to buy or sell. We don't know what we'll see once this election is over, so don't waste the next two months on the sidelines. Now is the time to make your real estate transactions while all the ducks are in a good row, easy for shooting.
But one of the concerns in real estate is that the average realtor is 56 years old, where the average in other industries is 42. Why is that a concern? As older realtors retire, the brain drain is critical. The experienced older realtor knows so much about what to expect in a real estate deal, how to put it together, where to get the $$$, and so many things that help the consumer. Getting younger realtors trained in time to replace all these experienced realtors could be hard. On HGTV you see realtor shows with the younger ones, and I think from my opinion you see greed, underhanded dealing, lack of morals, and not the professionalism I see daily among the older realtors.
We need to train realtors to put the customer first, not their pocketbook or their career. Reputation, integrity, knowledge, and honesty need to be at the forefront of a career in real estate.
Another problem in real estate right now from the broker's opinion survey was that they can't recruit enough realtors, or get good ones. Again, they mention the younger generation having a problem with training and going where the $$ is.
FHA loans are a slight problem, due to the increase in the mortgage insurance costs back in April, more and more people are choosing to go conventional. That's not a real problem, now that you can get 5% down money with conventional loans, but it is a change from earlier in the year when most everyone was using FHA (at least here locally). It's just as cheap to go conventional now once you add in the upfront money insurance costs, and it's easier with less restrictions.
Now is the time to purchase a home since the rates are so low, money is available, and there's no shortage of homes on the market. It's the time to sell also if you plan to in the near future, as a shadow of repossessed homes will soon be on the market, lowering the value of your home, so now is the perfect time to buy or sell. We don't know what we'll see once this election is over, so don't waste the next two months on the sidelines. Now is the time to make your real estate transactions while all the ducks are in a good row, easy for shooting.
Thursday, September 20, 2012
10 TAX TIPS for HOME SELLERS
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10 tax tips for home sellersReal Estate Tax Talk By Stephen FishmanInman News®
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The IRS has recently issued a helpful list of 10 tax tips all homeowners should keep in mind when selling a home:1. You are usually eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale. 2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases). 3. You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home. 4. If you can exclude all of the gain, you do not need to report the sale on your tax return. 5. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses. 6. You cannot deduct a loss from the sale of your main home. 7. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude. 8. If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time. 9. If you received the first-time homebuyer credit and within 36 months of the date of purchase the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year's tax return. 10. When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change. For more information about selling your home, see IRS Publication 523, Selling Your Home. Stephen Fishman is a tax expert, attorney and author who has published 18 books, including "Working for Yourself: Law & Taxes for Contractors, Freelancers and Consultants," "Deduct It," "Working as an Independent Contractor," and "Working with Independent Contractors." He welcomes your questions for this weekly column |
Monday, September 17, 2012
Home Safety & Security Tips
Home Safety & Security Tips
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Security
- Does each exterior door have a deadbolt?
- Does the lock on each window work?
- Have you added pins or clips to your windows for additional security?
- Do you have dowels or broom sticks in the track of windows and sliding glass doors?
- Do you have security company labels or signs displayed prominently?
- Do you have an alarm system? Is the system monitored?
- Do you have a dog that barks when strangers approach the home?
- Are emergency numbers posted near the telephones?
- Do you have smoke detectors near all sleeping areas?
- Do you check the batteries monthly and change them annually?
- Do you have two carbon monoxide detectors?
- Do you have an escape ladder for upper floors?
- Do you have fire extinguishers near exits and in the kitchen?
- Do you have an emergency escape plan and is the family familiar with it?
- Are any outlets or switches warm to the touch?
- Are kitchen ventilation systems working properly?
- Is the dryer ventilated to the outside and is the exhaust free of lint?
- Is the furnace cleaned and serviced yearly?
- Is the space around the hot water heater clear of combustible materials?
- Are all electrical and phone cords out of the flow of traffic?
- Are rugs and runners slip resistant?
- Is your step-stool sturdy and in good condition?
- Are stairs clear of objects that could cause a fall?
- Are all entrance ways, exits, halls and walks well lighted?
- Do bath tubs and showers have non-skid strips or suction mats in them?
- Do you keep drugs and medicines out of reach and sight of small children?
- Are interior doors designed so small children cannot lock themselves in rooms?
- Are pool and play areas fenced to keep small children in and uninvited guests out?
- Are firearms kept out of reach and sight of children?
- Is a well-stocked first aid kit available for emergencies?
- Is there one member of your family trained in first aid, CPR and the Heimlich maneuver?
Friday, September 14, 2012
Home Buying Strategy: Get a Binder!!
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August 31, 2012 -- Realty
Times Feature Article by Phoebe
Chongchua Buying a home is both exciting and sometimes stressful...whether you're a first-time homebuyer or an expert at it. The key to reducing the stress and successfully finding the home that matches your wants, needs, and budget is to have a home-buying strategy. A home-buying strategy serves to keep you focused, in line with your goals, and on financial track. It can function much like a marketing strategy does for a company. It contains the important tasks, outlines your objectives in buying a home, your must-haves in a home, your financial budget, your move-in timeframe, location, desires, and more. It may sound like a lot of work but if you take the time to put together a home-buying strategy and then share it with your real estate agent, you'll find that the clear goals you have will bring you closer to finding exactly what you're looking for and, likely, in a shorter period of time. Putting together your home-buying strategy: In previous columns, I've written about getting organized for your move by organizing a binder that holds your vital paperwork and any materials that you'll immediately need during the moving process. Organizing your home-buying strategy works in a similar way. You'll start by taking inventory of the home you currently live in. This gives you the opportunity to note both the pros and cons. Write it all down. Then write down your must-haves, would-love-to-haves, and absolutely-nots. You can write a list on notebook paper and place it in a three-ring binder and share it with your agent. In today's digital era there are many highly useful tools and apps to help you with house hunting. The creative and social website, pinterest.com is wonderful for saving website links and photos to various boards that you organize in categories. Even if you keep digital files, also keep the binder handy as your agent will give you lots of paperwork and having it all in one place will be a big relief when it comes time to find a particular document. Seek out financing. Do this before you start to physically go out and look for homes. Sure, seeing lots of different homes can be fun (for some people) but seeing homes that you don't qualify for is a lesson in frustration for all. Be realistic and be informed by getting the information you need from a mortgage broker who can get you pre-qualified. Create categories in your binder. Separate sections with tabs and label them things like: budget, favorites, neighborhood, comps. This is where you will place the notes you take during your house hunting. The "budget" section clearly has the defined price point that you are comfortable with. Surprisingly, some buyers start their shopping without giving careful consideration to this and they wind up frustrated because they're not certain how much home they can afford. The "budget" section also includes other expenses that go along with owning a home such as amount of savings for household repairs and, perhaps, new home furnishings. Bring along a small camera, video recorder or your smartphone to capture your own quick snapshots that you can print out and put in the "favorites" section of your binder. For the "neighborhood" section, be sure to take a few photos of parks or other areas in the community that make this neighborhood and location a good potential match. Again, there are apps that can also do this on your computer but I find both the use of a physical binder and digital tools to be the most effective. Sometimes you just need to see and hold the photo or papers in your hand. In the "comps" section, you'll place the comps that you receive from your agent. Sometimes buyers will toss this information away thinking they'll remember the details. However, it's best to keep any comps you receive to review it again later when you're making your ultimate choice. Yes, there is lots of paperwork but it serves a good purpose. Having all that paperwork and your digital apps at your finger tips will provide you with a solid and effective home-buying strategy that allows you to focus on finding the home you're looking for rather than searching for papers and photos you've misplaced. Also, later when you're contemplating, referencing the photos and notes that you've taken will help tip the scale and help you choose the home that's right for you |
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