Simple and affordable do-it-yourself projects can greatly increase a home's resale value, according to HomeGain's annual home improvement and staging survey.
The marketing company surveyed nearly 600 real estate professionals to discover which DIY home improvement projects give sellers the biggest return for their buck. Here are six projects under $1,000 (amounts are estimated) that made the list.
1.Cleaning and decluttering. Remove any personal items, unclutter countertops, organize closets and shelves, and make the home sparkling clean.
◦$290 Cost
◦$1,990 Return
2.Brightening. Clean all windows inside and out, replace old curtains, update lighting fixtures, and remove anything that blocks light from the windows.
◦$375 Cost
◦ $1,550 Return
3.Smart staging. Rearrange furniture, bring in new accessories and furnishings to enhance rooms, incorporate artwork, and play soft music in the background.
◦$550 Cost
◦$2,194 Return
4.Landscaping enhancements. Punch up the home’s curb appeal in the front and back yards by adding bark mulch, bushes, and flowers and ensuring current plants and grass are well-cared for and manicured.
◦$540 Cost
◦$1,932 return
5.Repairing electrical or plumbing. Fix leaks under the sinks, remove any mildew stains, and ensure all plumbing is in good working condition. Update the home’s electrical with new wiring for modern appliances, fix any lights or outlets that don’t work, and replace old plug points with new safety fixtures.
◦$535 Cost
◦$1,505 Return
6.Replacing or shampooing dirty carpets. Steam-clean carpets, replace any worn carpets, and repair any floor creaks.
◦$647 Cost
◦$1,739 Return
Wednesday, November 23, 2011
Tuesday, August 30, 2011
Do Your Part: Proper Disposal for Five Outdated Items
By Terri Bennett
(MCT)—All of us are guilty of stashing away outdated items that we just don’t know what to do with. It could be VHS tapes or expired medicines or outdated phone books. Here are five of the most common outdated items we have stockpiled away and solutions to help you get rid of them the right way.
1) VHS Tapes, Cassette Tapes, CDs, DVDs and More
When is the last time you popped in a VHS or cassette tape? GreenDisk is an online company that can help you out. They accept VHS tapes, cassette tapes, CDs and DVDs (along with a long list of other techno trash) and recycle it responsibly. Portions that can’t be recycled will be disposed of correctly. There is a small shipping fee. Other options are to check with your local library or Goodwill to see if they accept or recycle these items.
2) Old Electronics
If you’re holding on to a massive old computer monitor or a cell phone that’s years old, it’s time to get rid of it. They contain valuable metals that can be recycled and other hazardous heavy metals that should be handled responsibly. Instead, check out one of the many online trade-in websites, which pay you for the working ones. Apple and Best Buy are among many retailers that have recycling programs where you can earn gift cards by trading in old electronics.
3) Shoes
Don’t trash those outdated shoes or ones you just don’t wear anymore. Soles4Souls is a charity that wants all gently worn shoes. You can find drop off locations near you and they’ll be sent to people in need around the world. If you have old athletic shoes, one option is Nike’s Reuse-A-Shoe Program where they are ground up and turned into running tracks, basketball and tennis courts, and even playgrounds. Any brand of athletic shoe is accepted.
4) Phone Books
There’s no longer a need to have or get phone books with all of the same info available online. However, hundreds of millions of them are delivered to homes each year. You can put the entire phone book in many curbside-recycling bins. It’s also smart to stop them from being delivered to you in the first place. Call your telephone company directly or go to YellowPagesGoesGreen.org and they’ll do the work for you.
5) Old Medicine
If you have medication you are no longer taking or is past its expiration date, don’t flush it unless it specifically says so on the bottle. You can now buy a postage paid envelope to responsibly dispose of many prescriptions and over the counter drugs. The TakeAway Environmental Return System is now available online and in a number of national retailers. Or participate in the National Prescription Drug Take-Back day being held on Oct. 29.
(MCT)—All of us are guilty of stashing away outdated items that we just don’t know what to do with. It could be VHS tapes or expired medicines or outdated phone books. Here are five of the most common outdated items we have stockpiled away and solutions to help you get rid of them the right way.
1) VHS Tapes, Cassette Tapes, CDs, DVDs and More
When is the last time you popped in a VHS or cassette tape? GreenDisk is an online company that can help you out. They accept VHS tapes, cassette tapes, CDs and DVDs (along with a long list of other techno trash) and recycle it responsibly. Portions that can’t be recycled will be disposed of correctly. There is a small shipping fee. Other options are to check with your local library or Goodwill to see if they accept or recycle these items.
2) Old Electronics
If you’re holding on to a massive old computer monitor or a cell phone that’s years old, it’s time to get rid of it. They contain valuable metals that can be recycled and other hazardous heavy metals that should be handled responsibly. Instead, check out one of the many online trade-in websites, which pay you for the working ones. Apple and Best Buy are among many retailers that have recycling programs where you can earn gift cards by trading in old electronics.
3) Shoes
Don’t trash those outdated shoes or ones you just don’t wear anymore. Soles4Souls is a charity that wants all gently worn shoes. You can find drop off locations near you and they’ll be sent to people in need around the world. If you have old athletic shoes, one option is Nike’s Reuse-A-Shoe Program where they are ground up and turned into running tracks, basketball and tennis courts, and even playgrounds. Any brand of athletic shoe is accepted.
4) Phone Books
There’s no longer a need to have or get phone books with all of the same info available online. However, hundreds of millions of them are delivered to homes each year. You can put the entire phone book in many curbside-recycling bins. It’s also smart to stop them from being delivered to you in the first place. Call your telephone company directly or go to YellowPagesGoesGreen.org and they’ll do the work for you.
5) Old Medicine
If you have medication you are no longer taking or is past its expiration date, don’t flush it unless it specifically says so on the bottle. You can now buy a postage paid envelope to responsibly dispose of many prescriptions and over the counter drugs. The TakeAway Environmental Return System is now available online and in a number of national retailers. Or participate in the National Prescription Drug Take-Back day being held on Oct. 29.
Monday, August 08, 2011
On My Soapbox Today
by: Cindy Adkins, Realtor
Ok so if you follow the posts I am putting up today, you will see that I am totally on my soapbox.
This government can't tell up from down, left from right and who knows what other direction they may try to go.
I sell real estate daily and therefore follow all the trends and complete my education. I work for the public, yes "YOU". I strive to be educated so that you have the best source behind you. Well in real estate we have to move property therefore, selling for sellers and finding buyers good deals.
With the most recent decision to raise the debt ceiling, do you even have a clue what that does to real estate?? Let me tell you what it does...
The interest rates will rise in order to "recover" money to pay the national debt (so when did this become America's "fault"???)
So for you the consumer, that 4% interest rate you love and that 7% interest rate you say is just way to high. Let me give you an eye opener...
Back in the 80's when I got into real estate, that was the Savings and Loans crash, foreclosures spiked and we all thought the world would end then. Well it didn't.
As a first time homebuyer myself at that time, I was seeing 13% and 18% interest rates on loans for home purchases. Yes people were buying real estate at those rates.
I secured a loan with a 10.5% interest rate, guess what??? That was "LOW" at the time. The seller that had sold me the home had a 18% interest rate.
Wake up America, this is what is going to happen. Less home, less price, but guess what?? Same payment, due to the interest rate. I guess I should have figured it would all recycle back around in my lifetime, but we were all too blind enjoying the spending and credit charging.
Want to buy a home?? Do it now!!! I cannot stress that enough!!
Real estate is the driving force to recovery and unemployment. The less homes on the market, the better your homes value will be. So until the inventory of all homes is reduced across the country, prices will continue to fall. For those sellers who have not "woken up" from 2005 with their home values, let me shake you "W A K E U P"
Get your home out of the marketplace if you are not going to price it to "sell"!!!
Overpriced homes are stinking up our inventory. You are making buyers frustrated when they offer you comparable value to other currently closed homes and you refuse to sell.
Let's hope that today is not the day we start to see interest rates spike like a balloon a small child just released into the air. Who knows where it will stop??
Feel free to send me comments..
Thank you, Cindy Adkins
Ok so if you follow the posts I am putting up today, you will see that I am totally on my soapbox.
This government can't tell up from down, left from right and who knows what other direction they may try to go.
I sell real estate daily and therefore follow all the trends and complete my education. I work for the public, yes "YOU". I strive to be educated so that you have the best source behind you. Well in real estate we have to move property therefore, selling for sellers and finding buyers good deals.
With the most recent decision to raise the debt ceiling, do you even have a clue what that does to real estate?? Let me tell you what it does...
The interest rates will rise in order to "recover" money to pay the national debt (so when did this become America's "fault"???)
So for you the consumer, that 4% interest rate you love and that 7% interest rate you say is just way to high. Let me give you an eye opener...
Back in the 80's when I got into real estate, that was the Savings and Loans crash, foreclosures spiked and we all thought the world would end then. Well it didn't.
As a first time homebuyer myself at that time, I was seeing 13% and 18% interest rates on loans for home purchases. Yes people were buying real estate at those rates.
I secured a loan with a 10.5% interest rate, guess what??? That was "LOW" at the time. The seller that had sold me the home had a 18% interest rate.
Wake up America, this is what is going to happen. Less home, less price, but guess what?? Same payment, due to the interest rate. I guess I should have figured it would all recycle back around in my lifetime, but we were all too blind enjoying the spending and credit charging.
Want to buy a home?? Do it now!!! I cannot stress that enough!!
Real estate is the driving force to recovery and unemployment. The less homes on the market, the better your homes value will be. So until the inventory of all homes is reduced across the country, prices will continue to fall. For those sellers who have not "woken up" from 2005 with their home values, let me shake you "W A K E U P"
Get your home out of the marketplace if you are not going to price it to "sell"!!!
Overpriced homes are stinking up our inventory. You are making buyers frustrated when they offer you comparable value to other currently closed homes and you refuse to sell.
Let's hope that today is not the day we start to see interest rates spike like a balloon a small child just released into the air. Who knows where it will stop??
Feel free to send me comments..
Thank you, Cindy Adkins
U.S. Senate Leaders End Impasse on Three Free-Trade Deals
"Why won't the government focus on getting Americans jobs and not outsource??"
August 8, 2011
Bloomberg News
Mark Drajem
Aug. 4 (Bloomberg) -- U.S. Senate leaders ended an impasse over stalled free-trade agreements, agreeing to vote after the August recess on benefits for workers who lose their jobs because of overseas competition, then take up the trade deals.
Senate Majority Leader Harry Reid, a Nevada Democrat, and Republican leader Mitch McConnell of Kentucky pledged action yesterday to pass the agreements with Colombia, Panama and South Korea. The U.S. Trade Representative’s Office and Republican House Speaker John Boehner praised the compromise, signaling all sides concur on the process.
The Senate leaders agreed that after Congress returns to work, lawmakers will consider “a bipartisan compromise on the Trade Adjustment Assistance program, followed by passage of the three FTAs,” Reid said in a statement on his website. Boehner of Ohio also pledged to move ahead with trade and worker-aid bills. Republicans had balked at the administration’s plan to combine worker aid and the Korea trade deal into a single bill, and that plan was dropped.
Business groups, including the U.S. Chamber of Commerce, have pressed lawmakers to reach a compromise to end the stalemate on trade deal-worker aid amid concern companies will fall behind competitors as the nations strike deals with other governments.
A separate South Korean free-trade agreement with the European Union has been in place since July 1, putting U.S. producers of autos, pharmaceuticals and scientific equipment at a disadvantage in the Asian economy. A deal between Colombia and Canada is scheduled to take effect Aug. 15.
$12 Billion
The three U.S. agreements may increase exports by $12 billion a year and boost the still-struggling U.S. economy, supporters say. After Congress agreed to raise the debt ceiling this week, the White House urged action on the trade deals as a means to spur hiring in the U.S. amid 9.2 percent unemployment.
The Trade Adjustment Assistance program augments health and unemployment benefits to workers who lose their jobs because of overseas competition. As part of the stimulus legislation in 2009, it was expanded to include service workers such as call- center employees. The added benefits expired in February.
The proposal from the White House, which Reid committed to consider, would continue most of those benefits through 2013, and provide retroactive assistance to those left out so far this year. It’s forecast to cost $320 million in each of the next two years.
Separate Measures
President Barack Obama wanted to have Congress consider the worker-aid program as part of the South Korea deal, the biggest of the three accords. With the deal between Reid and McConnell, trade adjustment assistance will be considered separately and before the vote on the agreements, according to the statement.
“I have long supported passage of the long-delayed FTAs, and I know that I speak for many on my side of the aisle that we are eager to get moving and finally pass them,” McConnell said in the statement. “Although I do not personally support TAA, I know there is bipartisan support for this program.”
Supporters praised the agreement, while cautioning that the process of gaining approval could again slow the pacts, which were completed in 2006 for Colombia and 2007 for South Korea and Panama.
“We must not see any more roadblocks thrown in front of these deals during the short legislative session that remains,” U.S. Chamber President Tom Donohue said in a statement.
Hurdles Ahead
The Reid-McConnell compromise has two potential hurdles. Senator Ron Wyden, an Oregon Democrat and chairman of the trade subcommittee in the Senate, has said the worker-aid measure must pass Congress before the free-trade deals are considered; Boehner said the trade deals will move together with the assistance bill.
In the Senate, the worker-aid bill won’t be considered under rules for trade agreements that limit amendments and require a simple majority for approval. That may leave the legislation open to revision, such as adding a measure making it possible for companies to petition for duties on imports from China to compensate for its weak currency.
“Extending Trade Adjustment Assistance is an important step to respond to job loss caused by foreign competition,” Senator Sherrod Brown, an Ohio Democrat, said in a statement. “But addressing unfair trade practices like Chinese currency manipulation can prevent job loss by ensuring a level playing field for American manufacturers.”
August 8, 2011
Bloomberg News
Mark Drajem
Aug. 4 (Bloomberg) -- U.S. Senate leaders ended an impasse over stalled free-trade agreements, agreeing to vote after the August recess on benefits for workers who lose their jobs because of overseas competition, then take up the trade deals.
Senate Majority Leader Harry Reid, a Nevada Democrat, and Republican leader Mitch McConnell of Kentucky pledged action yesterday to pass the agreements with Colombia, Panama and South Korea. The U.S. Trade Representative’s Office and Republican House Speaker John Boehner praised the compromise, signaling all sides concur on the process.
The Senate leaders agreed that after Congress returns to work, lawmakers will consider “a bipartisan compromise on the Trade Adjustment Assistance program, followed by passage of the three FTAs,” Reid said in a statement on his website. Boehner of Ohio also pledged to move ahead with trade and worker-aid bills. Republicans had balked at the administration’s plan to combine worker aid and the Korea trade deal into a single bill, and that plan was dropped.
Business groups, including the U.S. Chamber of Commerce, have pressed lawmakers to reach a compromise to end the stalemate on trade deal-worker aid amid concern companies will fall behind competitors as the nations strike deals with other governments.
A separate South Korean free-trade agreement with the European Union has been in place since July 1, putting U.S. producers of autos, pharmaceuticals and scientific equipment at a disadvantage in the Asian economy. A deal between Colombia and Canada is scheduled to take effect Aug. 15.
$12 Billion
The three U.S. agreements may increase exports by $12 billion a year and boost the still-struggling U.S. economy, supporters say. After Congress agreed to raise the debt ceiling this week, the White House urged action on the trade deals as a means to spur hiring in the U.S. amid 9.2 percent unemployment.
The Trade Adjustment Assistance program augments health and unemployment benefits to workers who lose their jobs because of overseas competition. As part of the stimulus legislation in 2009, it was expanded to include service workers such as call- center employees. The added benefits expired in February.
The proposal from the White House, which Reid committed to consider, would continue most of those benefits through 2013, and provide retroactive assistance to those left out so far this year. It’s forecast to cost $320 million in each of the next two years.
Separate Measures
President Barack Obama wanted to have Congress consider the worker-aid program as part of the South Korea deal, the biggest of the three accords. With the deal between Reid and McConnell, trade adjustment assistance will be considered separately and before the vote on the agreements, according to the statement.
“I have long supported passage of the long-delayed FTAs, and I know that I speak for many on my side of the aisle that we are eager to get moving and finally pass them,” McConnell said in the statement. “Although I do not personally support TAA, I know there is bipartisan support for this program.”
Supporters praised the agreement, while cautioning that the process of gaining approval could again slow the pacts, which were completed in 2006 for Colombia and 2007 for South Korea and Panama.
“We must not see any more roadblocks thrown in front of these deals during the short legislative session that remains,” U.S. Chamber President Tom Donohue said in a statement.
Hurdles Ahead
The Reid-McConnell compromise has two potential hurdles. Senator Ron Wyden, an Oregon Democrat and chairman of the trade subcommittee in the Senate, has said the worker-aid measure must pass Congress before the free-trade deals are considered; Boehner said the trade deals will move together with the assistance bill.
In the Senate, the worker-aid bill won’t be considered under rules for trade agreements that limit amendments and require a simple majority for approval. That may leave the legislation open to revision, such as adding a measure making it possible for companies to petition for duties on imports from China to compensate for its weak currency.
“Extending Trade Adjustment Assistance is an important step to respond to job loss caused by foreign competition,” Senator Sherrod Brown, an Ohio Democrat, said in a statement. “But addressing unfair trade practices like Chinese currency manipulation can prevent job loss by ensuring a level playing field for American manufacturers.”
Downgrade 'Powerful Incentive For Lawmakers To Do The Hard Work Necessary To Get Our Fiscal House In Order'
August 8, 2011
The Daily Caller
Jamie Weinstein
U.S. Chamber of Commerce President and CEO Thomas Donohue said Sunday that Standard & Poor’s decision to downgrade America’s credit rating Friday should serve as a wake-up call for lawmakers to fix America’s pressing long-term fiscal imbalances.
“While we don’t agree with S&P’s decision to downgrade America’s credit rating, its action should be another powerful incentive for lawmakers to do the hard work necessary to get our fiscal house in order,” Donohue said in a statement. “While the Chamber supported the debt ceiling deal as an important first step, let’s not forget that the agreement only slows the increase in the rate of spending. Instead of adding $10 trillion in debt over the next decade, we will add $7 trillion to $8 trillion. That’s not good enough.” (RELATED: Axelrod: ‘This is essentially a tea party downgrade’)
Donohue also indicated that he believes reform should begin with America’s tax code and entitlement programs.
“We will never tackle debts and deficits, jumpstart this recovery, reduce uncertainty, and create millions of jobs until we overhaul our tax code and reform runaway entitlement programs that threaten to push us into insolvency,” he said. “This downgrade is additional proof that we can’t kick the can down the road any longer. The time to act is now.”
The Daily Caller
Jamie Weinstein
U.S. Chamber of Commerce President and CEO Thomas Donohue said Sunday that Standard & Poor’s decision to downgrade America’s credit rating Friday should serve as a wake-up call for lawmakers to fix America’s pressing long-term fiscal imbalances.
“While we don’t agree with S&P’s decision to downgrade America’s credit rating, its action should be another powerful incentive for lawmakers to do the hard work necessary to get our fiscal house in order,” Donohue said in a statement. “While the Chamber supported the debt ceiling deal as an important first step, let’s not forget that the agreement only slows the increase in the rate of spending. Instead of adding $10 trillion in debt over the next decade, we will add $7 trillion to $8 trillion. That’s not good enough.” (RELATED: Axelrod: ‘This is essentially a tea party downgrade’)
Donohue also indicated that he believes reform should begin with America’s tax code and entitlement programs.
“We will never tackle debts and deficits, jumpstart this recovery, reduce uncertainty, and create millions of jobs until we overhaul our tax code and reform runaway entitlement programs that threaten to push us into insolvency,” he said. “This downgrade is additional proof that we can’t kick the can down the road any longer. The time to act is now.”
Tuesday, May 03, 2011
Agent Finds Body on Property He Was Selling
Wednesday, April 27, 2011 — Authorities say real estate agents discovered a Little Rock man’s body slumped over the steering wheel of a car parked on a property they were trying to sell in southern Pulaski County.
Pulaski County sheriff’s spokesman Lt. Carl Minden tells the Arkansas Democrat-Gazette that Barbara Crook and another real estate agent found the body Friday morning when they were checking on the home.
Authorities have ruled the death of 28-year-old Jason Jackson a homicide. Minden says the body had been in the car since late Thursday night or early Friday morning, but he would not say how Jackson died. There haven’t been any arrests.
Crook says the house has been on the market for about 18 months and that the owner now lives in California.
Pulaski County sheriff’s spokesman Lt. Carl Minden tells the Arkansas Democrat-Gazette that Barbara Crook and another real estate agent found the body Friday morning when they were checking on the home.
Authorities have ruled the death of 28-year-old Jason Jackson a homicide. Minden says the body had been in the car since late Thursday night or early Friday morning, but he would not say how Jackson died. There haven’t been any arrests.
Crook says the house has been on the market for about 18 months and that the owner now lives in California.
Wednesday, April 13, 2011
US Deficit Up Grew By 15.7% In First Half Of FY 2011
WASHINGTON (AFP) – The US budget deficit shot up 15.7 percent in the first six months of fiscal 2011, the Treasury Department said Wednesday as political knives were being sharpened for a new budget battle.
The Treasury reported a deficit of $829 billion for the October-March period, compared with $717 billion a year earlier, as revenue rose a sluggish 6.9 percent as the economic recovery slowly gained pace.
The Treasury argued that the pace of increase in the deficit was deceptive because of large one-off reductions in expenditures made during the first half of fiscal 2010, compared with previous and subsequent periods.
Those included a $115 billion reduction in funds spent on the Troubled Asset Relief Program (TARP) -- the financial institution bailout program -- in March 2010.
But 2011 so far has also seen significant increases in spending on defense, Social Security, health and debt service, while receipts have not grown as fast.
The Treasury reported a deficit of $829 billion for the October-March period, compared with $717 billion a year earlier, as revenue rose a sluggish 6.9 percent as the economic recovery slowly gained pace.
The Treasury argued that the pace of increase in the deficit was deceptive because of large one-off reductions in expenditures made during the first half of fiscal 2010, compared with previous and subsequent periods.
Those included a $115 billion reduction in funds spent on the Troubled Asset Relief Program (TARP) -- the financial institution bailout program -- in March 2010.
But 2011 so far has also seen significant increases in spending on defense, Social Security, health and debt service, while receipts have not grown as fast.
Wednesday, April 06, 2011
Why is it important to have the garage inspected?
It is becoming more common today that at least part of the garage is used for living, working or playing; and many garages are fully equipped with electrical and plumbing facilities. This means that the garage is an important part of the home inspection process.
Garage types usually fall into three categories: detached, attached and detached with breezeway. Fire is a potential in all garages due to the storing of gas fumes, oil spills, paint cans and more. If a fire occurs, it is important that it doesn’t spread to the rest of the living space. To contain the fire within the garage, surfaces between the garage and living spaces must be fireproof with fire walls and fire doors.
Garages are essentially an extension of one’s home, and many times used for storage areas, which means they are a potentially dangerous area for falls, poisonings and fires. Take the necessary steps to make your garage a safe environment for your family.
Pool chemicals can catch on fire. Follow manufacturer’s instructions when storing.
Store poisons in a place where children cannot touch or see them.
It is best not to keep gasoline at home because gasoline vapors can explode with only a tiny spark.
Make sure garage shelves are anchored to a wall and not overloaded with products.
Store shovels, rakes, bikes and other sharp and large objects on the wall and away from high traffic areas.
Keep the garage floor, stairs and entries clear of clutter.
Make sure your garage is well lit.
Clean any dust or trash in the garage to keep it from interfering with the electrical system.
When purchasing or remodeling a home with a garage, make sure the garage door has an auto-reverse feature.
Garage types usually fall into three categories: detached, attached and detached with breezeway. Fire is a potential in all garages due to the storing of gas fumes, oil spills, paint cans and more. If a fire occurs, it is important that it doesn’t spread to the rest of the living space. To contain the fire within the garage, surfaces between the garage and living spaces must be fireproof with fire walls and fire doors.
Garages are essentially an extension of one’s home, and many times used for storage areas, which means they are a potentially dangerous area for falls, poisonings and fires. Take the necessary steps to make your garage a safe environment for your family.
Pool chemicals can catch on fire. Follow manufacturer’s instructions when storing.
Store poisons in a place where children cannot touch or see them.
It is best not to keep gasoline at home because gasoline vapors can explode with only a tiny spark.
Make sure garage shelves are anchored to a wall and not overloaded with products.
Store shovels, rakes, bikes and other sharp and large objects on the wall and away from high traffic areas.
Keep the garage floor, stairs and entries clear of clutter.
Make sure your garage is well lit.
Clean any dust or trash in the garage to keep it from interfering with the electrical system.
When purchasing or remodeling a home with a garage, make sure the garage door has an auto-reverse feature.
Monday, April 04, 2011
Buyer’s Market Spurs Confidence in Young Professionals and Affluent Homeowners
RISMEDIA, April 4, 2011—As the cold temperatures become a distant memory, and the spring selling season gains momentum, consumers have come to agree on one thing—now’s a good time to get off the fence and into the real estate market. This is the overall theme in the latest American Express Spending and Saving Tracker survey, a monthly survey that tracks the spending and saving habits of consumers in order to get an indication of what’s happening in the market. “This month’s Spending and Saving Tracker provided an up-to-date look at various consumer trends and gave us the opportunity to assess how consumers are feeling about the current market in addition to gauging homeowner confidence,” says Leah Gerstner, vice president of public affairs at American Express.
“This month’s survey points to the fact that consumers overwhelmingly feel that we are in the midst of a buyer’s market,” she adds. The data also points to the fact that a seller’s market is at least a year away, which is certainly positive news. While homeowners aren’t necessarily willing to settle for less than the asking price when selling their home, two of the biggest areas of interest in the latest survey deal with homeowners including home improvement projects on their to-do list, as well as the willingness to include concessions to get their home sold.
Home Improvements
“In looking at the results of our latest Spending and Saving Tracker survey, our thinking was that if consumers overwhelmingly view today’s market as a buyer’s market—which they do—they are likely to have plans to put more money into their home,” adds Gerstner. In fact, the survey found that about 64 percent of homeowners currently have home improvement projects on their to-do list for 2011. While the plans are in place, the amount that homeowners are budgeting to spend has gone down quite a bit from last year. “Homeowners are looking for better ways to stretch their dollars, and many are looking toward energy-efficient home improvements that will pay off in the long run.” The survey shows that among homeowners who are looking to go green, the most common items homeowners would spend their money on include energy-efficient windows and doors, insulation, roofing, heating and cooling systems as well as alternative energy systems.
Concessions
Another finding that stood out in the latest survey had to do with whether or not sellers were willing to make concessions to get their homes sold, especially in today’s market. While 44 percent of sellers were willing to give away appliances during a sale—the biggest concession among young professionals and affluent homeowners—another 28 percent said they would take care of requested repairs in order to get their home sold. “While a large majority of sellers are willing to make concessions to get their home off the market, the willingness to make concessions is down among young professionals when compared with the 2010 survey,” says Gerstner. “This is an important finding as it shows that young professionals are more confident in their ability to sell their homes today.”
“Homeowner confidence in today’s market has increased compared to last year,” says Gerstner. “In fact, the survey shows that the confidence level is pretty evenly split—42 percent of homeowners are confident they will get their asking price in today’s market, while 47 percent of homeowners aren’t that confident.” Even though home values continue to be on the low side, young professionals and affluent homeowners are seemingly more confident in today’s market.
“This month’s survey points to the fact that consumers overwhelmingly feel that we are in the midst of a buyer’s market,” she adds. The data also points to the fact that a seller’s market is at least a year away, which is certainly positive news. While homeowners aren’t necessarily willing to settle for less than the asking price when selling their home, two of the biggest areas of interest in the latest survey deal with homeowners including home improvement projects on their to-do list, as well as the willingness to include concessions to get their home sold.
Home Improvements
“In looking at the results of our latest Spending and Saving Tracker survey, our thinking was that if consumers overwhelmingly view today’s market as a buyer’s market—which they do—they are likely to have plans to put more money into their home,” adds Gerstner. In fact, the survey found that about 64 percent of homeowners currently have home improvement projects on their to-do list for 2011. While the plans are in place, the amount that homeowners are budgeting to spend has gone down quite a bit from last year. “Homeowners are looking for better ways to stretch their dollars, and many are looking toward energy-efficient home improvements that will pay off in the long run.” The survey shows that among homeowners who are looking to go green, the most common items homeowners would spend their money on include energy-efficient windows and doors, insulation, roofing, heating and cooling systems as well as alternative energy systems.
Concessions
Another finding that stood out in the latest survey had to do with whether or not sellers were willing to make concessions to get their homes sold, especially in today’s market. While 44 percent of sellers were willing to give away appliances during a sale—the biggest concession among young professionals and affluent homeowners—another 28 percent said they would take care of requested repairs in order to get their home sold. “While a large majority of sellers are willing to make concessions to get their home off the market, the willingness to make concessions is down among young professionals when compared with the 2010 survey,” says Gerstner. “This is an important finding as it shows that young professionals are more confident in their ability to sell their homes today.”
“Homeowner confidence in today’s market has increased compared to last year,” says Gerstner. “In fact, the survey shows that the confidence level is pretty evenly split—42 percent of homeowners are confident they will get their asking price in today’s market, while 47 percent of homeowners aren’t that confident.” Even though home values continue to be on the low side, young professionals and affluent homeowners are seemingly more confident in today’s market.
Thursday, March 24, 2011
Japan Crisis Causes Drop in U.S. Mortgage Rates
The 9.0 earthquake and subsequent tsunami that devastated Japan last week sent a ripple through the U.S. mortgage markets causing interest rates to lower this week.
"With the crisis in Japan, investors rushed to buy the security of U.S. Treasury bonds, which lowered its yields and other interest rates as well,” says Frank Nothaft, Freddie Mac’s chief economist. “This allowed fixed mortgage rates to drift lower this week.”
The 15-year fixed-rate mortgage dropped below 4 percent this week, reaching its lowest level since December 2010. The 15-year mortgage rate averaged 3.97 percent this week, compared to last week’s 4.15 percent, according to Freddie Mac’s weekly mortgage rate survey.
The 30-year fixed-rate mortgage also dropped this week, averaging 4.76 percent compared to last week’s 4.88 percent. Last year at this time, 30-year mortgages averaged 4.96 percent.
The 5-year adjustable-rate mortgage also inched downward, averaging 3.57 percent compared to last week’s 3.73 percent.
"With the crisis in Japan, investors rushed to buy the security of U.S. Treasury bonds, which lowered its yields and other interest rates as well,” says Frank Nothaft, Freddie Mac’s chief economist. “This allowed fixed mortgage rates to drift lower this week.”
The 15-year fixed-rate mortgage dropped below 4 percent this week, reaching its lowest level since December 2010. The 15-year mortgage rate averaged 3.97 percent this week, compared to last week’s 4.15 percent, according to Freddie Mac’s weekly mortgage rate survey.
The 30-year fixed-rate mortgage also dropped this week, averaging 4.76 percent compared to last week’s 4.88 percent. Last year at this time, 30-year mortgages averaged 4.96 percent.
The 5-year adjustable-rate mortgage also inched downward, averaging 3.57 percent compared to last week’s 3.73 percent.
Wednesday, March 23, 2011
How Well Are You Insured Against Flooding?
RISMEDIA, March 23, 2011—(MCT)—The frightening images of Japan’s tsunami wiping out homes, roads and entire cities are vivid reminders that a natural disaster can strike at any time.
And whether it’s an earthquake, a wildfire or flooding, being covered against severe damage to your home or business is essential.
Across the United States, flooding is the No. 1 natural disaster, according to the Federal Emergency Management Agency.
And given the region’s swollen rivers and the promise of heavy runoff this spring from melting snow, now is a good time to assess how well you’re protected against flooding.
A basic homeowner’s or business’ insurance policy will cover damage caused by storms, such as a leaky roof, fallen tree limbs or broken pipes.
But a homeowner’s policy typically does not cover damage due to flooding, or what’s known as “rising water.”
Flooding—such as a levee break, a river overflowing its banks or water from springtime snow melt—is generally defined as a temporary inundation of normally dry land. For that type of coverage, you need a separate flood policy, which is provided by the federal government’s National Flood Insurance Program and purchased through a local insurance agent.
“The distinction is that homeowner’s insurance covers water falling from the sky; flood insurance covers water rising from the ground,” says Tully Lehman, spokesman for the nonprofit Insurance Information Network of California.
In some areas, flood insurance is required, particularly in high-risk areas. “In other areas, flood insurance is suggested but not mandatory,” says Vince Wetzel, the Sacramento-based spokesman for State Farm Insurance. “People need to evaluate the costs and (flood) risks and decide for themselves.”
Flood insurance covers most damage to your home, business and personal property caused by temporary inundation of water. It includes mudflows, but not landslides.
One limitation to flood insurance is basements. Improvements such as sheetrocked walls, finished floors and personal belongings in a basement are not covered by flood insurance; essential household equipment such as furnaces or water heaters is covered.
For residential policies, the maximum coverage is $250,000 for the structure and $100,000 in personal property. For a business or commercial property, the maximum limits are $500,000 structural and $500,000 in contents.
Flood insurance premiums vary, depending on where you live and whether your home is considered at high or low risk of flooding.
The average residential flood insurance premium is about $570 per year, according to the NFIP. But homeowners in low-risk areas can purchase coverage for as little as $129 a year; those whose homes are in heavily flood-prone areas will pay $2,700 or more in annual premiums. Commercial property rates are higher. See www.floodsmart.gov for details.
And keep in mind: If you get a policy today, it doesn’t go into effect until 30 days after it’s purchased.
Regardless of whether you purchase flood insurance, it’s a good idea to conduct a home inventory.
Here’s a test recommended by insurers: Sit and mentally visualize everything in your living room, from the TV to the bookshelves to the candle collection on your mantel. Got your list? Now walk through the room itself, seeing all the items you missed.
It’s easy to underestimate the number and value of possessions, from major appliances to decorative objects. But in the event of a disaster, you want to be able to get reimbursed for your losses.
Doing a home inventory can help with replacement costs for any type of damage, whether it’s a flood or other disaster covered by your regular homeowner’s policy.
If you don’t have an accurate inventory and your policy “only lists that 12-inch TV from your college days and doesn’t include that big flat-screen TV you bought,” you could be vastly underinsured, says Lehman.
The same goes for home-remodeling projects.
“Any time you do changes, such as kitchen and bath upgrades, you want to be sure your homeowner’s insurance policy includes that information,” says Lehman. “If you’ve gone from Formica countertops to a nice marble or granite, or from a Frigidaire to a SubZero refrigerator,” you should include those improvements, he says.
To do a home inventory, walk through your house, room by room, with a video or regular camera, photographing major objects, such as furniture, electronics, etc.
If using a video camera, talk and describe the room and its contents. If taking still photos, date and label each photograph with details. Jot down serial numbers for major appliances and electronics.
You can file everything in a binder, on a CD or on your computer, ideally with copies of sales receipts for major purchases, such as electronics, appliances, furniture, etc.
Websites, such as the California Department of Insurance (www.insurance.ca.gov) or the Insurance Information Institute (www.knowyourstuff.org), have handy inventory planners that you can print out or download. And, of course, there’s an iPhone app, too: “Home Inventory.”
Keep a copy—along with your insurance policy and insurance agent’s contact information—in a secure and waterproof place: a safe-deposit box, a home safe or in a separate location, such as with a trusted family member.
Like Hurricane Katrina, which set records in the United States six years ago for water-related insurance claims, the overwhelming losses suffered by individuals and families in Japan can serve as a wake-up call to be prepared.
“Whenever a disaster like this happens, it makes people question: If this were to happen here, what do I need to do to be covered?” says State Farm’s Wetzel. “It makes you re-evaluate.”
And whether it’s an earthquake, a wildfire or flooding, being covered against severe damage to your home or business is essential.
Across the United States, flooding is the No. 1 natural disaster, according to the Federal Emergency Management Agency.
And given the region’s swollen rivers and the promise of heavy runoff this spring from melting snow, now is a good time to assess how well you’re protected against flooding.
A basic homeowner’s or business’ insurance policy will cover damage caused by storms, such as a leaky roof, fallen tree limbs or broken pipes.
But a homeowner’s policy typically does not cover damage due to flooding, or what’s known as “rising water.”
Flooding—such as a levee break, a river overflowing its banks or water from springtime snow melt—is generally defined as a temporary inundation of normally dry land. For that type of coverage, you need a separate flood policy, which is provided by the federal government’s National Flood Insurance Program and purchased through a local insurance agent.
“The distinction is that homeowner’s insurance covers water falling from the sky; flood insurance covers water rising from the ground,” says Tully Lehman, spokesman for the nonprofit Insurance Information Network of California.
In some areas, flood insurance is required, particularly in high-risk areas. “In other areas, flood insurance is suggested but not mandatory,” says Vince Wetzel, the Sacramento-based spokesman for State Farm Insurance. “People need to evaluate the costs and (flood) risks and decide for themselves.”
Flood insurance covers most damage to your home, business and personal property caused by temporary inundation of water. It includes mudflows, but not landslides.
One limitation to flood insurance is basements. Improvements such as sheetrocked walls, finished floors and personal belongings in a basement are not covered by flood insurance; essential household equipment such as furnaces or water heaters is covered.
For residential policies, the maximum coverage is $250,000 for the structure and $100,000 in personal property. For a business or commercial property, the maximum limits are $500,000 structural and $500,000 in contents.
Flood insurance premiums vary, depending on where you live and whether your home is considered at high or low risk of flooding.
The average residential flood insurance premium is about $570 per year, according to the NFIP. But homeowners in low-risk areas can purchase coverage for as little as $129 a year; those whose homes are in heavily flood-prone areas will pay $2,700 or more in annual premiums. Commercial property rates are higher. See www.floodsmart.gov for details.
And keep in mind: If you get a policy today, it doesn’t go into effect until 30 days after it’s purchased.
Regardless of whether you purchase flood insurance, it’s a good idea to conduct a home inventory.
Here’s a test recommended by insurers: Sit and mentally visualize everything in your living room, from the TV to the bookshelves to the candle collection on your mantel. Got your list? Now walk through the room itself, seeing all the items you missed.
It’s easy to underestimate the number and value of possessions, from major appliances to decorative objects. But in the event of a disaster, you want to be able to get reimbursed for your losses.
Doing a home inventory can help with replacement costs for any type of damage, whether it’s a flood or other disaster covered by your regular homeowner’s policy.
If you don’t have an accurate inventory and your policy “only lists that 12-inch TV from your college days and doesn’t include that big flat-screen TV you bought,” you could be vastly underinsured, says Lehman.
The same goes for home-remodeling projects.
“Any time you do changes, such as kitchen and bath upgrades, you want to be sure your homeowner’s insurance policy includes that information,” says Lehman. “If you’ve gone from Formica countertops to a nice marble or granite, or from a Frigidaire to a SubZero refrigerator,” you should include those improvements, he says.
To do a home inventory, walk through your house, room by room, with a video or regular camera, photographing major objects, such as furniture, electronics, etc.
If using a video camera, talk and describe the room and its contents. If taking still photos, date and label each photograph with details. Jot down serial numbers for major appliances and electronics.
You can file everything in a binder, on a CD or on your computer, ideally with copies of sales receipts for major purchases, such as electronics, appliances, furniture, etc.
Websites, such as the California Department of Insurance (www.insurance.ca.gov) or the Insurance Information Institute (www.knowyourstuff.org), have handy inventory planners that you can print out or download. And, of course, there’s an iPhone app, too: “Home Inventory.”
Keep a copy—along with your insurance policy and insurance agent’s contact information—in a secure and waterproof place: a safe-deposit box, a home safe or in a separate location, such as with a trusted family member.
Like Hurricane Katrina, which set records in the United States six years ago for water-related insurance claims, the overwhelming losses suffered by individuals and families in Japan can serve as a wake-up call to be prepared.
“Whenever a disaster like this happens, it makes people question: If this were to happen here, what do I need to do to be covered?” says State Farm’s Wetzel. “It makes you re-evaluate.”
Thursday, February 17, 2011
Schedule A Form: 6 Home Deduction Traps
Get an “A” on your Schedule A Form: Dodge these tax deduction pitfalls to save time, money, and an IRS investigation.
Trap #1: Line 6 - real estate taxes
Your monthly mortgage payment often includes money for a tax escrow, from which the lender pays your local real estate taxes.
The money you send the bank may be more than what the bank pays for your taxes, says Julian Block, a tax attorney and author of Julian Block’s Home Seller’s Guide to Tax Savings. That will lead you to putting the wrong number on Schedule A.
Example:
Your monthly payment to the lender: $2,000 for mortgage + $500 escrow for taxes
Your annual property tax bill: $5,500
Now do the math:
Your bank received $6,000 for real estate taxes, but only paid $5,500. It may keep the extra $500 to apply to the next tax bill or refund it to you at some point, but meanwhile, you’re making a mistake if you enter $6,000 on Schedule A.
Instead, take the number from Form 1098—which your bank sends you each year—that shows the actual taxes paid.
Trap #2: Line 6 - tax calculations for recent buyers and sellers
If you bought or sold a home in the middle of 2010, figuring out what to put on line 6 of your Schedule A Form is tricky.
Don’t simply enter the number from your property tax bill on line 6 as you would if you owned the house the whole year. If you bought or sold a house in midyear, you should instead use the property tax amount listed on your HUD-1 closing statement, says Phil Marti, a retired IRS official.
Here’s why: Generally, depending on the local tax cycle, either the seller gives the buyer money to pay the taxes when they come due or, if the seller has already paid taxes, the buyer reimburses the seller at closing. Those taxes are deductible that year, but won’t be reflected on your property tax bill.
Trap #3: Line 10 - properly deducting points
You can deduct points paid on a refinance, but not all at once, says David Sands, a CPA with Buchbinder Tunick & Co LLP. Rather, you deduct them over the life of your loan. So if you paid $1,000 in points for a 10-year refinance, you’re entitled to deduct only $100 per year on your Schedule A Form.
Trap #4: Line 10 - HELOC limits
If you took out a home equity line of credit (HELOC), you can generally deduct the interest on it only up to $100,000 of debt each year, says Matthew Lender, a CPA with EisnerLubin LLP.
For example, if you have a HELOC for $200,000, the bank will send you Form 1098 for interest paid on $200,000. But you can deduct only the interest paid on $100,000. If you just pull the number off Form 1098, you’ll deduct more than you’re entitled to.
Trap #5: line 13 - Private mortgage insurance
You can deduct PMI on your Schedule A Form, as long as you started paying the insurance after Dec. 31, 2006. (Also, this is also a good time to review your PMI: You might be able to cancel your PMI altogether because you’ve had a change in loan-to-value status.)
Trap #6: line 20 - casualty and theft losses
You can deduct part or all of losses caused by theft, vandalism, fire, or similar causes, as well as corrosive drywall, but the process isn’t always obvious or simple:
Only deduct losses that are greater than 10% of your adjusted gross income (line 38 of Form 1040).
Fill out Form 4684, which involves complex calculations for the cost basis and fair market value. This form gives you the number you need for line 20.
Bottom line on line 20: If you’ve got extensive losses, it’s best to consult a tax pro. “I wouldn’t do it myself, and I’ve been dealing with taxes for 40 years,” says former IRS official Marti.
Barbara Eisner Bayer has written about personal finance for the past 17 years. She works hard to translate IRSese into plain English. She has unbounded respect for CPAs.
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Trap #1: Line 6 - real estate taxes
Your monthly mortgage payment often includes money for a tax escrow, from which the lender pays your local real estate taxes.
The money you send the bank may be more than what the bank pays for your taxes, says Julian Block, a tax attorney and author of Julian Block’s Home Seller’s Guide to Tax Savings. That will lead you to putting the wrong number on Schedule A.
Example:
Your monthly payment to the lender: $2,000 for mortgage + $500 escrow for taxes
Your annual property tax bill: $5,500
Now do the math:
Your bank received $6,000 for real estate taxes, but only paid $5,500. It may keep the extra $500 to apply to the next tax bill or refund it to you at some point, but meanwhile, you’re making a mistake if you enter $6,000 on Schedule A.
Instead, take the number from Form 1098—which your bank sends you each year—that shows the actual taxes paid.
Trap #2: Line 6 - tax calculations for recent buyers and sellers
If you bought or sold a home in the middle of 2010, figuring out what to put on line 6 of your Schedule A Form is tricky.
Don’t simply enter the number from your property tax bill on line 6 as you would if you owned the house the whole year. If you bought or sold a house in midyear, you should instead use the property tax amount listed on your HUD-1 closing statement, says Phil Marti, a retired IRS official.
Here’s why: Generally, depending on the local tax cycle, either the seller gives the buyer money to pay the taxes when they come due or, if the seller has already paid taxes, the buyer reimburses the seller at closing. Those taxes are deductible that year, but won’t be reflected on your property tax bill.
Trap #3: Line 10 - properly deducting points
You can deduct points paid on a refinance, but not all at once, says David Sands, a CPA with Buchbinder Tunick & Co LLP. Rather, you deduct them over the life of your loan. So if you paid $1,000 in points for a 10-year refinance, you’re entitled to deduct only $100 per year on your Schedule A Form.
Trap #4: Line 10 - HELOC limits
If you took out a home equity line of credit (HELOC), you can generally deduct the interest on it only up to $100,000 of debt each year, says Matthew Lender, a CPA with EisnerLubin LLP.
For example, if you have a HELOC for $200,000, the bank will send you Form 1098 for interest paid on $200,000. But you can deduct only the interest paid on $100,000. If you just pull the number off Form 1098, you’ll deduct more than you’re entitled to.
Trap #5: line 13 - Private mortgage insurance
You can deduct PMI on your Schedule A Form, as long as you started paying the insurance after Dec. 31, 2006. (Also, this is also a good time to review your PMI: You might be able to cancel your PMI altogether because you’ve had a change in loan-to-value status.)
Trap #6: line 20 - casualty and theft losses
You can deduct part or all of losses caused by theft, vandalism, fire, or similar causes, as well as corrosive drywall, but the process isn’t always obvious or simple:
Only deduct losses that are greater than 10% of your adjusted gross income (line 38 of Form 1040).
Fill out Form 4684, which involves complex calculations for the cost basis and fair market value. This form gives you the number you need for line 20.
Bottom line on line 20: If you’ve got extensive losses, it’s best to consult a tax pro. “I wouldn’t do it myself, and I’ve been dealing with taxes for 40 years,” says former IRS official Marti.
Barbara Eisner Bayer has written about personal finance for the past 17 years. She works hard to translate IRSese into plain English. She has unbounded respect for CPAs.
Close
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Do Your Taxes OnlineDo your Taxes For FREE With TurboTax Online Federal Free Edition. Start Now!OnlineTaxes2010.com/File-Taxes-Free
Dos and Don'ts of Homebuyer Incentives
Homebuyer incentives can be smart marketing or a waste of money. Find out when and how to use them.
When you’re selling your home, the idea of adding a sweetener to the transaction—whether it’s a decorating allowance, a home warranty, or a big-screen TV—can be a smart use of marketing funds. To ensure it’s not a big waste, follow these dos and don’ts:
Do use homebuyer incentives to set your home apart from close competition. If all the sale properties in your neighborhood have the same patio, furnishing yours with a luxury patio set and stainless steel BBQ that stay with the buyers will make your home stand out.
Do compensate for flaws with a homebuyer incentive. If your kitchen sports outdated floral wallpaper, a $3,000 decorating allowance may help buyers cope. If your furnace is aging, a home warranty may remove the buyers’ concern that they’ll have to pay thousands of dollars to replace it right after the closing.
Don’t assume homebuyer incentives are legal. Your state may ban homebuyer incentives, or its laws may be maddeningly confusing about when the practice is legal and not. Check with your real estate agent and attorney before you offer a homebuyer incentive.
Don’t think buyers won’t see the motivation behind a homebuyer incentive. Offering a homebuyer incentive may make you seem desperate. That may lead suspicious buyers to wonder what hidden flaws exist in your home that would force you to throw a freebie at them to get it sold. It could also lead buyers to factor in your apparent anxiety and make a lowball offer.
Don’t use a homebuyer incentive to mask a too-high price. A buyer may think your expensive homebuyer incentive—like a high-end TV or a luxury car—is a gimmick to avoid lowering your sale price. Many top real estate agents will tell you to list your home at a more competitive price instead of offering a homebuyer incentive. A property that’s priced a hair below its true value will attract not only buyers but also buyers’ agents, who’ll be giddy to show their clients a home that’s a good value and will sell quickly.
If you’re convinced a homebuyer incentive will do the trick, choose one that adds value or neutralizes a flaw in your home. Addressing buyers’ concerns about your home will always be more effective than offering buyers an expensive toy.
When you’re selling your home, the idea of adding a sweetener to the transaction—whether it’s a decorating allowance, a home warranty, or a big-screen TV—can be a smart use of marketing funds. To ensure it’s not a big waste, follow these dos and don’ts:
Do use homebuyer incentives to set your home apart from close competition. If all the sale properties in your neighborhood have the same patio, furnishing yours with a luxury patio set and stainless steel BBQ that stay with the buyers will make your home stand out.
Do compensate for flaws with a homebuyer incentive. If your kitchen sports outdated floral wallpaper, a $3,000 decorating allowance may help buyers cope. If your furnace is aging, a home warranty may remove the buyers’ concern that they’ll have to pay thousands of dollars to replace it right after the closing.
Don’t assume homebuyer incentives are legal. Your state may ban homebuyer incentives, or its laws may be maddeningly confusing about when the practice is legal and not. Check with your real estate agent and attorney before you offer a homebuyer incentive.
Don’t think buyers won’t see the motivation behind a homebuyer incentive. Offering a homebuyer incentive may make you seem desperate. That may lead suspicious buyers to wonder what hidden flaws exist in your home that would force you to throw a freebie at them to get it sold. It could also lead buyers to factor in your apparent anxiety and make a lowball offer.
Don’t use a homebuyer incentive to mask a too-high price. A buyer may think your expensive homebuyer incentive—like a high-end TV or a luxury car—is a gimmick to avoid lowering your sale price. Many top real estate agents will tell you to list your home at a more competitive price instead of offering a homebuyer incentive. A property that’s priced a hair below its true value will attract not only buyers but also buyers’ agents, who’ll be giddy to show their clients a home that’s a good value and will sell quickly.
If you’re convinced a homebuyer incentive will do the trick, choose one that adds value or neutralizes a flaw in your home. Addressing buyers’ concerns about your home will always be more effective than offering buyers an expensive toy.
Tuesday, February 15, 2011
Second wave of housing bust hammers more cities
A second wave of falling home prices is battering some cities that had escaped the worst of the housing market bust.
Prices in Seattle, Charlotte, N.C., and Portland, Ore., have hit their lowest points since peaking in 2006 and 2007. Denver and Minneapolis are nearing new lows. High unemployment and rising foreclosures are taking a toll even on markets that never overheated during the boom years.
Home values are dwindling in nearly every American market. Prices fell in November in all but one of the 20 cities in the Standard & Poor's/Case-Shiller index released Tuesday. Eight of those markets hit their lowest point since the housing bubble burst.
The damage from the real estate bubble has spread well beyond Las Vegas, Phoenix and Miami, which built frantically during the mid-2000s, and is sapping prices from coast to coast. In many places, prices are expected to keep falling for at least the next six months.
In Charlotte, homes are going for 2004 prices. Last year, more than half of the homes sold in surrounding Mecklenberg County were foreclosures, says Mark Vitner, a senior economist with Wells Fargo.
"There's a huge oversupply, and a lot of people are struggling," says Vitner, who works in Charlotte. "We're expecting it to fall even further in 2011."
The banking industry, which helped Charlotte boom over the past two decades and accounts for roughly one in every 11 jobs there, was hit hard during the recession. The city lost 12 percent of its financial jobs in 2008 and 2009, according to the Labor Department.
Adding to the region's economic woes, about a third of jobs tied to the auto industry also vanished in the downturn, said Michael Walden, an economist at North Carolina State University in Raleigh. Charlotte's unemployment rate was 12.8 percent a year ago, well above the national rate. It has fallen to 10.8 percent, still more than twice what it was when the recession started.
"We're feeling it, there's no doubt about that," says Mike Shaffer, owner of Century 21 Southern Comfort Realty.
Of course, while foreclosures weaken resale values, they're great for renters who want to own a home.
Robert Hubbard closed on Monday on a three-bedroom, two-bath house in Charlotte that he bought for about $79,000.
While it takes some looking to find the right place, the market is "saturated" with foreclosures, he says.
In Seattle and Portland, the two largest cities in the Pacific Northwest, prices peaked in the summer of 2007 and have fallen back to 2005 levels.
Foreclosures were uncommon in Seattle until about a year ago. Now they're dragging prices down, says Jim Conlan, branch manager for Century 21 North Homes Realty Inc. Home prices in Seattle were down nearly 5 percent in November from a year earlier.
"They're the anchor on the market here that's keeping it from starting to appreciate," Conlan said.
As usual after the holidays, customer traffic at open houses is picking up, he says.
The region's economy grew rapidly from 2002 to 2007 as Boeing rebounded from the post-9/11 drop in aircraft production and tech companies recovered from the dot-com bust. The region expanded at a faster clip than the rest of the country, attracting more people and lifting home prices.
"We had a bubble thing going on like everyone else," says Dick Conway, an economic consultant based in the city.
The region was damaged by the recession. One in every three construction jobs vanishes. Washington Mutual, the nation's largest thrift, collapsed and took 3,500 jobs with it. Seattle unemployment jumped from 4.1 percent in December 2007, when the recession began, to 9.1 percent in November 2010.
Portland home prices have suffered from historically low timber yields and deep cuts within so-called Silicon Forest high-tech companies.
And while Seattle's two biggest employers, Boeing and Microsoft, haven't laid off many workers, they won't need as many new people as the economy improves, Conway says. During the recovery after the 2001 recession, Boeing was a major job generator, directly or indirectly creating 65,000 jobs.
But in this recovery, "it's going to be closer to zero," Conway said.
By ALEX VEIGA and CHRISTOPHER S. RUGABER AP Business Writers
Prices in Seattle, Charlotte, N.C., and Portland, Ore., have hit their lowest points since peaking in 2006 and 2007. Denver and Minneapolis are nearing new lows. High unemployment and rising foreclosures are taking a toll even on markets that never overheated during the boom years.
Home values are dwindling in nearly every American market. Prices fell in November in all but one of the 20 cities in the Standard & Poor's/Case-Shiller index released Tuesday. Eight of those markets hit their lowest point since the housing bubble burst.
The damage from the real estate bubble has spread well beyond Las Vegas, Phoenix and Miami, which built frantically during the mid-2000s, and is sapping prices from coast to coast. In many places, prices are expected to keep falling for at least the next six months.
In Charlotte, homes are going for 2004 prices. Last year, more than half of the homes sold in surrounding Mecklenberg County were foreclosures, says Mark Vitner, a senior economist with Wells Fargo.
"There's a huge oversupply, and a lot of people are struggling," says Vitner, who works in Charlotte. "We're expecting it to fall even further in 2011."
The banking industry, which helped Charlotte boom over the past two decades and accounts for roughly one in every 11 jobs there, was hit hard during the recession. The city lost 12 percent of its financial jobs in 2008 and 2009, according to the Labor Department.
Adding to the region's economic woes, about a third of jobs tied to the auto industry also vanished in the downturn, said Michael Walden, an economist at North Carolina State University in Raleigh. Charlotte's unemployment rate was 12.8 percent a year ago, well above the national rate. It has fallen to 10.8 percent, still more than twice what it was when the recession started.
"We're feeling it, there's no doubt about that," says Mike Shaffer, owner of Century 21 Southern Comfort Realty.
Of course, while foreclosures weaken resale values, they're great for renters who want to own a home.
Robert Hubbard closed on Monday on a three-bedroom, two-bath house in Charlotte that he bought for about $79,000.
While it takes some looking to find the right place, the market is "saturated" with foreclosures, he says.
In Seattle and Portland, the two largest cities in the Pacific Northwest, prices peaked in the summer of 2007 and have fallen back to 2005 levels.
Foreclosures were uncommon in Seattle until about a year ago. Now they're dragging prices down, says Jim Conlan, branch manager for Century 21 North Homes Realty Inc. Home prices in Seattle were down nearly 5 percent in November from a year earlier.
"They're the anchor on the market here that's keeping it from starting to appreciate," Conlan said.
As usual after the holidays, customer traffic at open houses is picking up, he says.
The region's economy grew rapidly from 2002 to 2007 as Boeing rebounded from the post-9/11 drop in aircraft production and tech companies recovered from the dot-com bust. The region expanded at a faster clip than the rest of the country, attracting more people and lifting home prices.
"We had a bubble thing going on like everyone else," says Dick Conway, an economic consultant based in the city.
The region was damaged by the recession. One in every three construction jobs vanishes. Washington Mutual, the nation's largest thrift, collapsed and took 3,500 jobs with it. Seattle unemployment jumped from 4.1 percent in December 2007, when the recession began, to 9.1 percent in November 2010.
Portland home prices have suffered from historically low timber yields and deep cuts within so-called Silicon Forest high-tech companies.
And while Seattle's two biggest employers, Boeing and Microsoft, haven't laid off many workers, they won't need as many new people as the economy improves, Conway says. During the recovery after the 2001 recession, Boeing was a major job generator, directly or indirectly creating 65,000 jobs.
But in this recovery, "it's going to be closer to zero," Conway said.
By ALEX VEIGA and CHRISTOPHER S. RUGABER AP Business Writers
Thursday, January 27, 2011
3 Budget-Friendly Decorating Tips With Impact
You don’t have to spend a fortune to create a well designed, inviting home. Interior designer Lili Diallo, deputy style editor at Country Living magazine, often uses what home owners already own and just tweaks it to create an inviting space.
Here are a few of her budget-friendly tips for home decorating:
1. Move one piece of furniture.
Just moving one furniture item can drastically change the energy and look of a room. Instead of a sofa against the wall, pull the sofa into the room with a console and two lamps behind it.
2. Update the windows.
Window treatments can make a big statement in a room and simply changing them out can give a room an entirely new look. Try white muslin, or loose, white sheer linen panels so the light will come through them and soften the room, she suggests.
3. Add a large rug.
You don’t need two or three small area rugs in one room. Instead, swap them out for one large rug to unify and pull the room together and even enlarge it, she says.
Here are a few of her budget-friendly tips for home decorating:
1. Move one piece of furniture.
Just moving one furniture item can drastically change the energy and look of a room. Instead of a sofa against the wall, pull the sofa into the room with a console and two lamps behind it.
2. Update the windows.
Window treatments can make a big statement in a room and simply changing them out can give a room an entirely new look. Try white muslin, or loose, white sheer linen panels so the light will come through them and soften the room, she suggests.
3. Add a large rug.
You don’t need two or three small area rugs in one room. Instead, swap them out for one large rug to unify and pull the room together and even enlarge it, she says.
Cities Where It's Cheaper to Buy Than Rent
It’s cheaper to buy a home rather than rent one in 72 percent of the 50 largest U.S. cities, according to Trulia’s rent vs. buy index, which compares the total cost of home ownership to the cost of renting.
"Since the start of the 'Great Recession,' many former home owners have flooded the rental market,” Pete Flint, CEO of Trulia, said in a news release about the index. “Following the principles of supply and demand, renting has become relatively more expensive than buying in most markets.”
The index compares the median sales price of homes with the median rent on two bedroom apartments, condos, and townhomes that were listed on Trulia as of Jan. 10, 2011.
Here are the top 10 cities where it’s best to buy than rent, according to the index:
1. Miami
2. Las Vegas
3. Arlington, Texas
4. Mesa, Ariz.
5. Phoenix, Ariz.
6. Jacksonville, Fla.
7. Sacramento, Calif.
8. San Antonio, Texas
9. Fresno, Calif.
10. El Paso, Texas
"Since the start of the 'Great Recession,' many former home owners have flooded the rental market,” Pete Flint, CEO of Trulia, said in a news release about the index. “Following the principles of supply and demand, renting has become relatively more expensive than buying in most markets.”
The index compares the median sales price of homes with the median rent on two bedroom apartments, condos, and townhomes that were listed on Trulia as of Jan. 10, 2011.
Here are the top 10 cities where it’s best to buy than rent, according to the index:
1. Miami
2. Las Vegas
3. Arlington, Texas
4. Mesa, Ariz.
5. Phoenix, Ariz.
6. Jacksonville, Fla.
7. Sacramento, Calif.
8. San Antonio, Texas
9. Fresno, Calif.
10. El Paso, Texas
Thursday, January 20, 2011
Top 5 Hidden Costs of Renting
1. Opportunity Costs. When you rent, you lose out on the chance of equity – which can mean an increase in your home’s value but, even in a down market, can also mean the chance of ever owning the place you live free and clear.
2. Income taxes. If you earn above a certain level of income, the income taxes you’re paying as a renter will be substantially higher than they would be if you owned a home and could deduct your property taxes and mortgage interest.
3. Storage. Many a renter simply has too many personal belongings to stuff into their small apartment, so it’s not uncommon for tenants to also pay for a storage space, without calculating that expense into their “housing” budget.
4. Costs of improving the property. Long-term renters may paint, replace the flooring, and do other improvements to make the place livable. But since it’s not technically “their” home, when they do move out, all the cash they invested is lost. In fact, some landlords may require them the pay or forfeit deposit money to bring the place back to its original, neutral décor.
5. Lost deposits. Anyone who has rented more than a couple of apartments is well aware of the chances of losing some or all of your security or peet deposits, no matter how well you care for your home.
2. Income taxes. If you earn above a certain level of income, the income taxes you’re paying as a renter will be substantially higher than they would be if you owned a home and could deduct your property taxes and mortgage interest.
3. Storage. Many a renter simply has too many personal belongings to stuff into their small apartment, so it’s not uncommon for tenants to also pay for a storage space, without calculating that expense into their “housing” budget.
4. Costs of improving the property. Long-term renters may paint, replace the flooring, and do other improvements to make the place livable. But since it’s not technically “their” home, when they do move out, all the cash they invested is lost. In fact, some landlords may require them the pay or forfeit deposit money to bring the place back to its original, neutral décor.
5. Lost deposits. Anyone who has rented more than a couple of apartments is well aware of the chances of losing some or all of your security or peet deposits, no matter how well you care for your home.
Tuesday, January 18, 2011
2011: What’s On the Horizon for Real Estate
To truly understand the real estate market and be able to identify trends that impact your lives as agents, I also do an enormous amount of research into things that most agents don’t even think about when they hear the words “real estate”. I research dozens of sources – and I’m not talking about CNN or the nightly news.
Because I research the market, and the economy, on a daily basis I have the ability to look at where we’ve been, and have a pretty good sense of where we’re headed. Which brings me to my 2011 predictions.
Every year I do predictions for the coming year. And in the 11 years I’ve been doing this, my success rate is 98%. You see, numbers don’t lie. Economic indicators are just that – indicators of where we’re headed.
Here are three of my predictions for 2011:
Home Prices
While most national and local economists are forecasting continued declines in the price of homes, I completely disagree. I believe 2011 is the year prices will increase. There are two reasons for this:
1) the American Recovery and Reinvestment Act (ARRA) is pumping jobs into the economy. More jobs equate to more home buyers … and more home buyers equate to more demand for housing, leading to an increase in home prices in many areas. Those areas that are highly sensitive to the job market will be affected more—positively when there are more jobs; negatively when there are fewer jobs.
2) The affordability index is at an all-time high, which also lures buyers into the marketplace. Both the ARRA and the affordability index are contributing factors in 2010 that will peak in 2011. Home prices should increase slightly in 2011. Look for national increases of 2-3%, and increases of 4-5% in the State of Washington.
Interest Rates
Mortgage rates will likely rise slightly throughout 2011, exceeding the 5% level before year-end. However, rates should remain below 5% until May. The Federal Reserve will not raise rates until the unemployment rate decreases significantly, and will keep the short-term interest rate near zero through 2011.
Consumer Confidence
Research from a variety of sources shows that consumer confidence was on the rise in the last quarter of 2010. This important index rose to 49.9% in October of 2010, and to 54.1% in November of 2010. Additional reports indicate a 5.5% increase in retail sales in the period from November 5 to December 24, as consumer spending continued to make a comeback. While there is always some increase in consumer confidence after an election, if the index continues to improve at this level it will most certainly help the economy and the real estate market in 2011.
Compliments of Denise Lones
Because I research the market, and the economy, on a daily basis I have the ability to look at where we’ve been, and have a pretty good sense of where we’re headed. Which brings me to my 2011 predictions.
Every year I do predictions for the coming year. And in the 11 years I’ve been doing this, my success rate is 98%. You see, numbers don’t lie. Economic indicators are just that – indicators of where we’re headed.
Here are three of my predictions for 2011:
Home Prices
While most national and local economists are forecasting continued declines in the price of homes, I completely disagree. I believe 2011 is the year prices will increase. There are two reasons for this:
1) the American Recovery and Reinvestment Act (ARRA) is pumping jobs into the economy. More jobs equate to more home buyers … and more home buyers equate to more demand for housing, leading to an increase in home prices in many areas. Those areas that are highly sensitive to the job market will be affected more—positively when there are more jobs; negatively when there are fewer jobs.
2) The affordability index is at an all-time high, which also lures buyers into the marketplace. Both the ARRA and the affordability index are contributing factors in 2010 that will peak in 2011. Home prices should increase slightly in 2011. Look for national increases of 2-3%, and increases of 4-5% in the State of Washington.
Interest Rates
Mortgage rates will likely rise slightly throughout 2011, exceeding the 5% level before year-end. However, rates should remain below 5% until May. The Federal Reserve will not raise rates until the unemployment rate decreases significantly, and will keep the short-term interest rate near zero through 2011.
Consumer Confidence
Research from a variety of sources shows that consumer confidence was on the rise in the last quarter of 2010. This important index rose to 49.9% in October of 2010, and to 54.1% in November of 2010. Additional reports indicate a 5.5% increase in retail sales in the period from November 5 to December 24, as consumer spending continued to make a comeback. While there is always some increase in consumer confidence after an election, if the index continues to improve at this level it will most certainly help the economy and the real estate market in 2011.
Compliments of Denise Lones
Short sales spike across South Florida in 2010
MIAMI – Jan. 17, 2011 – The number of homeowners completing short sales rose sharply across South Florida in 2010, following the release of government guidelines designed to simplify the process.
But real estate agents and housing analysts say other factors besides the new rules have largely driven these transactions over the past year.
Many potential buyers have steered away from foreclosed homes since foreclosure freezes began last fall, concerned that the deals would be delayed or canceled while lenders investigated possible wrongdoing by so-called robo-signers. As a result, banks have been more willing to approve short sales.
Even without the effect of moratoriums, lenders have warmed up to short sales, realizing they can dispose of properties more quickly and make $30,000 to $50,000 more per sale than they could by foreclosing on a home, said Peter Zalewski, principal at CondoVultures.com, a Bal Harbour-based consulting firm.
“My experience was very positive,” said Fernando Incarnacao, 54, who recently arranged a short sale on his three-bedroom Parkland home. “I’m very happy with the outcome. Now I can kick back.”
He owed about $321,000 and hoped to avoid foreclosure, so he listed the home with real estate agents Michael Citron and Rosy Baron. They worked with lender U.S. Bank to complete a $230,000 deal that closed Jan. 5 after less than four months.
There were 16,767 short sales in Palm Beach, Broward and Miami-Dade counties last year, up 49 percent from 2009 and 437 percent from 2008, according to CondoVultures.
In a short sale, the homeowner gets approval to sell the property for less than what’s owed on the mortgage, and the lender typically forgives the difference.
The transactions are seen as a key to reducing the massive inventory of available properties, which will go a long way to solving the nation’s housing woes, now heading into a sixth year.
The most recent figures from Zillow.com show that roughly four in 10 single-family mortgages in South Florida are worth more than the homes, making short sales one of the only viable options for “underwater” homeowners who need to move.
In the past few years, though, sellers and buyers complained that lenders took several months or longer just to consider short sale offers. Frustrated buyers walked away during the delays, and properties lingered on the market, prolonging the housing slump and the recession.
To address those concerns, the U.S. Treasury last spring introduced a voluntary program called Home Affordable Foreclosure Alternative, which included a series of guidelines governing short sales.
The rules call for lenders to approve or deny offers within 10 business days. Also, sellers, loan servicers and investors who own the mortgages receive financial incentives for completing the deals.
Sellers don’t have to repay any of the remaining debt and also get $3,000 in moving expenses. Servicers get $1,500, while investors owning the first mortgage receive a maximum of $2,000 for allowing up to $6,000 of sale proceeds to be distributed to less senior mortgage holders.
The guidelines were supposed to take effect by April 2010, but some lenders didn’t start following them until the summer, Treasury spokeswoman Andrea Risotto said.
“It’s still pretty early in the program’s life,” she said.
Some real estate agents remain skeptical.
Terry Story, a real estate agent for Coldwell Banker in Broward and Palm Beach counties, said the Treasury program hasn’t meant anything to her clients.
“I haven’t heard of any success stories with it,” she said.
Douglas Rill, an agent for Century 21 America’s Choice in West Palm Beach, said lenders seem to be approving more short sales because they realize it makes good business sense. Also, he said, a new automated computer system that banks use is expediting the process.
Joe Kohn, a Fort Lauderdale lawyer, agrees that some banks are getting better at executing short sales. Still, no lender that he has worked with on a transaction has stuck to a 10-day deadline.
“There’s no 10 days,” Kohn said. “That’s not how it happens.”
Two of the nation’s largest lenders insist they follow the government guidelines.
A spokeswoman for Chase said in an e-mail the lender does respond to bona fide offers within 10 days “under normal circumstances.” Bank of America responds “well within 10 days” for short sales approved under the program, spokeswoman Jumana Bauwens wrote in an e-mail.
But not all homeowners who want to complete short sales qualify for the government program. If a property isn’t eligible, lenders aren’t subject to the 10-day deadline and don’t receive the incentives. In those cases, deals still tend to drag.
First-time buyer Martin Austin said he offered $84,900 for a two-bedroom villa last fall in Boynton Beach.
Austin said the lender, Bank of America, didn’t respond for more than 80 days. When it did, the bank said it wanted more money for the house – $104,000 – and the deal collapsed, Austin said.
Bauwens said the property wasn’t eligible for the short sale program, but she denied it took so long for the lender to respond.
“I was in shock,” said Austin, a 49-year-old waiter, standing outside another short sale nearby that he expects to close on this month. “If I would have known, I would have told my Realtor, ‘No short sales.’“
But real estate agents and housing analysts say other factors besides the new rules have largely driven these transactions over the past year.
Many potential buyers have steered away from foreclosed homes since foreclosure freezes began last fall, concerned that the deals would be delayed or canceled while lenders investigated possible wrongdoing by so-called robo-signers. As a result, banks have been more willing to approve short sales.
Even without the effect of moratoriums, lenders have warmed up to short sales, realizing they can dispose of properties more quickly and make $30,000 to $50,000 more per sale than they could by foreclosing on a home, said Peter Zalewski, principal at CondoVultures.com, a Bal Harbour-based consulting firm.
“My experience was very positive,” said Fernando Incarnacao, 54, who recently arranged a short sale on his three-bedroom Parkland home. “I’m very happy with the outcome. Now I can kick back.”
He owed about $321,000 and hoped to avoid foreclosure, so he listed the home with real estate agents Michael Citron and Rosy Baron. They worked with lender U.S. Bank to complete a $230,000 deal that closed Jan. 5 after less than four months.
There were 16,767 short sales in Palm Beach, Broward and Miami-Dade counties last year, up 49 percent from 2009 and 437 percent from 2008, according to CondoVultures.
In a short sale, the homeowner gets approval to sell the property for less than what’s owed on the mortgage, and the lender typically forgives the difference.
The transactions are seen as a key to reducing the massive inventory of available properties, which will go a long way to solving the nation’s housing woes, now heading into a sixth year.
The most recent figures from Zillow.com show that roughly four in 10 single-family mortgages in South Florida are worth more than the homes, making short sales one of the only viable options for “underwater” homeowners who need to move.
In the past few years, though, sellers and buyers complained that lenders took several months or longer just to consider short sale offers. Frustrated buyers walked away during the delays, and properties lingered on the market, prolonging the housing slump and the recession.
To address those concerns, the U.S. Treasury last spring introduced a voluntary program called Home Affordable Foreclosure Alternative, which included a series of guidelines governing short sales.
The rules call for lenders to approve or deny offers within 10 business days. Also, sellers, loan servicers and investors who own the mortgages receive financial incentives for completing the deals.
Sellers don’t have to repay any of the remaining debt and also get $3,000 in moving expenses. Servicers get $1,500, while investors owning the first mortgage receive a maximum of $2,000 for allowing up to $6,000 of sale proceeds to be distributed to less senior mortgage holders.
The guidelines were supposed to take effect by April 2010, but some lenders didn’t start following them until the summer, Treasury spokeswoman Andrea Risotto said.
“It’s still pretty early in the program’s life,” she said.
Some real estate agents remain skeptical.
Terry Story, a real estate agent for Coldwell Banker in Broward and Palm Beach counties, said the Treasury program hasn’t meant anything to her clients.
“I haven’t heard of any success stories with it,” she said.
Douglas Rill, an agent for Century 21 America’s Choice in West Palm Beach, said lenders seem to be approving more short sales because they realize it makes good business sense. Also, he said, a new automated computer system that banks use is expediting the process.
Joe Kohn, a Fort Lauderdale lawyer, agrees that some banks are getting better at executing short sales. Still, no lender that he has worked with on a transaction has stuck to a 10-day deadline.
“There’s no 10 days,” Kohn said. “That’s not how it happens.”
Two of the nation’s largest lenders insist they follow the government guidelines.
A spokeswoman for Chase said in an e-mail the lender does respond to bona fide offers within 10 days “under normal circumstances.” Bank of America responds “well within 10 days” for short sales approved under the program, spokeswoman Jumana Bauwens wrote in an e-mail.
But not all homeowners who want to complete short sales qualify for the government program. If a property isn’t eligible, lenders aren’t subject to the 10-day deadline and don’t receive the incentives. In those cases, deals still tend to drag.
First-time buyer Martin Austin said he offered $84,900 for a two-bedroom villa last fall in Boynton Beach.
Austin said the lender, Bank of America, didn’t respond for more than 80 days. When it did, the bank said it wanted more money for the house – $104,000 – and the deal collapsed, Austin said.
Bauwens said the property wasn’t eligible for the short sale program, but she denied it took so long for the lender to respond.
“I was in shock,” said Austin, a 49-year-old waiter, standing outside another short sale nearby that he expects to close on this month. “If I would have known, I would have told my Realtor, ‘No short sales.’“
Saturday, January 15, 2011
OPEN HOUSE SUNDAY OCEAN WALK CONDOS NSB
OPEN HOUSE SUNDAY, JANUARY 16TH 10AM - 2 PM
5300 S ATLANTIC AVE Unit #8-305, New Smyrna Beach, FL 32169
Well maintained 3 bedroom beach side condo with a breathtaking view of the fountain. Large master suite with sitting area and private bath. 2 bedrooms in front of condo and indoor laundry in unit. Kitchen with breakfast bar and formal dining room. Large living room. Overall this unit is very spacious and large for condos in New Smyrna Beach at 1601 sq ft. Across the street from the ocean, pedestrian walk for safety. Gated community, 2 pools, tennis courts, shuffle board, clubhouse and on site rental agent. This unit is in the rental pool. Selling fully furnished.
Cindy Adkins, Realtor, Grace Realty, Inc. 407-921-5541 call or text. www.cindyadkinsrelator.com or email cindyadkins@live.com.
5300 S ATLANTIC AVE Unit #8-305, New Smyrna Beach, FL 32169
Well maintained 3 bedroom beach side condo with a breathtaking view of the fountain. Large master suite with sitting area and private bath. 2 bedrooms in front of condo and indoor laundry in unit. Kitchen with breakfast bar and formal dining room. Large living room. Overall this unit is very spacious and large for condos in New Smyrna Beach at 1601 sq ft. Across the street from the ocean, pedestrian walk for safety. Gated community, 2 pools, tennis courts, shuffle board, clubhouse and on site rental agent. This unit is in the rental pool. Selling fully furnished.
Cindy Adkins, Realtor, Grace Realty, Inc. 407-921-5541 call or text. www.cindyadkinsrelator.com or email cindyadkins@live.com.
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