Saturday, February 26, 2011
Increase Your Home’s Value- Part 5
Finish Your Basement or Attic: Utilize every inch of your home by turning your unfinished basement or attic into extra living space. These areas are untapped gems that can be used as game rooms or extra bedrooms, or, with enough space and the right design, a home all on its own complete with a living room, kitchen, bathroom and bedrooms. Basements and attics have special characteristics that need to be addressed. For example, basements are prone to water infiltration and attics often have slanted ceilings. It’s a good idea to bring in the professionals to guide you through these obstacles and make sure all major components like pluming, electric, walls and floors are done correctly.
Monday, February 21, 2011
Increase Your Home’s Value- Part 4
Let There be Light: When a room doesn’t have enough light, it can feel very drab and enclosed. Bring in some much-needed brightness by adding new light fixtures to a dreary room. Don’t be afraid to use different types of fixtures to get the best results—for example, in a kitchen you could use a hanging pendant to spotlight a specific area (like the kitchen’s island), recessed light fixtures to spread the light over the entire room and track lighting under the cabinet to make the kitchen feel open and bright. If you’re not sure which types of lighting fixtures will work best for you, consult a residential lighting designer to find out how to light your room just right.
Saturday, February 19, 2011
Increase Your Home’s Value- Part 3
Add a Home Office: People’s work and home lives are drastically merging as more and more workers telecommute from home. Because of this, turning an empty basement, attic or bedroom into a dedicated home office can give you a peaceful place to work and also be a real selling point for potential buyers.
A good home office will have enough space to comfortably work in and have easy access to the Internet, electrical outlets and cable and phone jacks. Touches like built-in bookcases and desks can add that extra something that makes your home office a productive place to work.
A good home office will have enough space to comfortably work in and have easy access to the Internet, electrical outlets and cable and phone jacks. Touches like built-in bookcases and desks can add that extra something that makes your home office a productive place to work.
Thursday, February 17, 2011
Social Security Offers Free Speakers
Social Security Offers Free Speakers
For adults-only communities and communities with a maturing membership base, Social Security is something worth learning more about. That’s why the representatives at Social Security are available to share news and information about the programs and how they work.
Social security offers free speakers on an array of topics, including:
*Retirement, and how to prepare
*Pre-retirement, and how to get an estimate of future retirement benefits
*Disability, how it can help, who is eligible, and how to apply
*Wage reporting for small businesses and employers
*Work incentives for people with disabilities who want to work
*How Social Security can provide extra help with Medicare prescription drug costs
*What Social Security means to every American
If you have a large meeting or event coming up at your community association, and you'd like to have a representative speak, you may submit your request to www.socialsecurity.gov/organizations. You'll find an easy-to-complete form that you can submit online. It will ask you about the type of talk you would like, and more information about the event. There is no fee for this service. Please note that all requests require 30 days advance notice to allow for scheduling arrangements.
For adults-only communities and communities with a maturing membership base, Social Security is something worth learning more about. That’s why the representatives at Social Security are available to share news and information about the programs and how they work.
Social security offers free speakers on an array of topics, including:
*Retirement, and how to prepare
*Pre-retirement, and how to get an estimate of future retirement benefits
*Disability, how it can help, who is eligible, and how to apply
*Wage reporting for small businesses and employers
*Work incentives for people with disabilities who want to work
*How Social Security can provide extra help with Medicare prescription drug costs
*What Social Security means to every American
If you have a large meeting or event coming up at your community association, and you'd like to have a representative speak, you may submit your request to www.socialsecurity.gov/organizations. You'll find an easy-to-complete form that you can submit online. It will ask you about the type of talk you would like, and more information about the event. There is no fee for this service. Please note that all requests require 30 days advance notice to allow for scheduling arrangements.
Tuesday, February 15, 2011
Increase Your Home’s Value- Part 2
Update Your Kitchen and Bathrooms: If your kitchen or bathrooms look like they belong in an era long since passed, it might be time to update them. That can be as simple as retiling the floor and replacing faucets and cabinet hardware or as complex as completely remodeling the rooms. When you remodel, consider avoiding too-trendy decor and instead stick with classic looks that will stand the test of time–this will keep you from redecorating again in five years and also make your home all the more appealing to potential buyers.
Thursday, February 10, 2011
National Association of Realtors Report: Most Metro Areas See Home Prices Stabilizing
Home sales rebounded in 49 states during the fourth quarter with 78 markets – just over half of the available metropolitan areas – experiencing price gains from a year ago, while most of the rest saw price weakness, according to the latest survey by the National Association of REALTORS®.
Total state existing-home sales, including single-family and condo, jumped 15.4 percent to a seasonally adjusted annual rate of 4.8 million in the fourth quarter from 4.16 million in the third quarter, but were 19.5 percent below a surge to an unsustainable cyclical peak of 5.97 million in the fourth quarter of 2009, which was driven by the initial deadline for the first-time buyer tax credit.
In the fourth quarter, the median existing single-family home price rose in 78 out of 152 metropolitan statistical areas (MSAs) from the fourth quarter of 2009, including 10 with double-digit increases; three were unchanged and 71 areas had price declines. In the fourth quarter of 2009 a total of 67 MSAs experienced annual price gains.
The national median existing single-family price was $170,600 in the fourth quarter, up 0.2 percent from $170,300 in the fourth quarter of 2009. The median is where half sold for more and half sold for less. Distressed homes, typically sold at discount of 10 to 15 percent, accounted for 34 percent of fourth quarter sales, little changed from 32 percent a year earlier.
Lawrence Yun, NAR chief economist, is encouraged by the trend. “Home sales clearly recovered in the latter part of 2010 and are helping to absorb the inventory, including many distressed properties. Even with foreclosures continuing to enter the inventory pipeline, they’ve been selling well and housing supplies have trended down,” he said. “A recovery to normalcy requires steady trimming of the inventories.”
Yun added, “An improving housing market and job growth will go hand in hand. The housing recovery will mean faster job growth.” He projects about 150,000 to 200,000 jobs will be added to the economy this year from an anticipated 300,000 additional home sales in 2011.
Yun further noted, “Better than expected sales and/or strengthening in home values can have an even bigger job impact as consumer spending would naturally rise from a housing wealth recovery affecting a vast number of American families.”
NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said a very favorable affordability environment is a huge factor in the recovery. “Although job growth has been relatively modest and credit is tight, you can’t underestimate the impact of historically high housing affordability conditions,” he said.
“Mortgage interest rates recently hit record lows, median family income has edged up and prices in most areas have been stable following the correction from the housing boom. For people with good credit and long term plans, it’s hard to imagine a better opportunity than what we see today,” Phipps said. “Unfortunately the flow of credit is unnecessarily tight and is constraining the pace of the housing and job growth recoveries.”
According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage was a record low 4.41 percent in the fourth quarter, down from 4.45 percent in the third quarter; it was 4.92 percent in the third quarter of 2009.
“The healthier local housing markets are also experiencing favorable local employment conditions,” Yun said. Job growth is a major factor in price appreciation in metro areas such as the Washington, D.C., region, where the median existing single-family home price of $331,100 in the fourth quarter is 8.1 percent higher than a year ago; the Boston-Cambridge-Quincy area, at $346,300, up 4.2 percent; and Austin-Round Rock, Texas, at $190,300, up 4.1 percent.
Smaller metro areas sometimes see larger swings in price measurement depending on the types of properties that are sold in a given period. In such markets, full year price data can provide additional context.
In the condo sector, metro area condominium and cooperative prices – covering changes in 57 metro areas – showed the national median existing-condo price was $164,200 in the fourth quarter, which is 6.4 percent below the fourth quarter of 2009. Twenty-two metros showed increases in the median condo price from a year ago and 35 areas had declines; only 11 metros saw annual price gains in fourth quarter of 2009.
“Consumers in the hard hit regions of Nevada, Arizona and Florida were able to scoop up condos at absolute bargain basement prices,” Yun said. Median condo/co-op prices in affected metro areas include Las Vegas-Paradise at $60,700, Phoenix-Mesa-Scottsdale with a fourth quarter median of $68,900, and Miami-Fort Lauderdale-Miami Beach at $81,900.
Regionally, the median existing single-family home price in the Northeast increased 2.3 percent to $240,400 in the fourth quarter from a year earlier. Existing-home sales in the Northeast rose 15.0 percent in the fourth quarter to a level of 797,000 but are 22.8 percent below the surge in the fourth quarter of 2009.
In the Midwest, the median existing single-family home price rose 0.5 percent to $139,200 in the fourth quarter from the same period in 2009. Existing-home sales in the Midwest jumped 18.3 percent in the fourth quarter to a pace of 1.02 million but are 25.4 percent below the cyclical peak one year ago.
In the South, the median existing single-family home price edged up 0.3 percent to $152,400 in the fourth quarter from the fourth quarter of 2009. Existing-home sales in the region rose 11.4 percent in the fourth quarter to an annual rate of 1.82 million but remain 17.8 percent below the surge in the fourth quarter of last year.
The median existing single-family home price in the West declined 2.9 percent to $214,400 in the fourth quarter from a year ago. Existing-home sales in the West jumped 19.9 percent in the fourth quarter to a level of 1.17 million but are 14.2 percent below the cyclical peak in the fourth quarter of 2009.
“A good portion of the sales activity in the West has been driven by investors taking advantage of discounted foreclosures, with high levels of all-cash transactions,” Yun explained.
Source: NAR
Total state existing-home sales, including single-family and condo, jumped 15.4 percent to a seasonally adjusted annual rate of 4.8 million in the fourth quarter from 4.16 million in the third quarter, but were 19.5 percent below a surge to an unsustainable cyclical peak of 5.97 million in the fourth quarter of 2009, which was driven by the initial deadline for the first-time buyer tax credit.
In the fourth quarter, the median existing single-family home price rose in 78 out of 152 metropolitan statistical areas (MSAs) from the fourth quarter of 2009, including 10 with double-digit increases; three were unchanged and 71 areas had price declines. In the fourth quarter of 2009 a total of 67 MSAs experienced annual price gains.
The national median existing single-family price was $170,600 in the fourth quarter, up 0.2 percent from $170,300 in the fourth quarter of 2009. The median is where half sold for more and half sold for less. Distressed homes, typically sold at discount of 10 to 15 percent, accounted for 34 percent of fourth quarter sales, little changed from 32 percent a year earlier.
Lawrence Yun, NAR chief economist, is encouraged by the trend. “Home sales clearly recovered in the latter part of 2010 and are helping to absorb the inventory, including many distressed properties. Even with foreclosures continuing to enter the inventory pipeline, they’ve been selling well and housing supplies have trended down,” he said. “A recovery to normalcy requires steady trimming of the inventories.”
Yun added, “An improving housing market and job growth will go hand in hand. The housing recovery will mean faster job growth.” He projects about 150,000 to 200,000 jobs will be added to the economy this year from an anticipated 300,000 additional home sales in 2011.
Yun further noted, “Better than expected sales and/or strengthening in home values can have an even bigger job impact as consumer spending would naturally rise from a housing wealth recovery affecting a vast number of American families.”
NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said a very favorable affordability environment is a huge factor in the recovery. “Although job growth has been relatively modest and credit is tight, you can’t underestimate the impact of historically high housing affordability conditions,” he said.
“Mortgage interest rates recently hit record lows, median family income has edged up and prices in most areas have been stable following the correction from the housing boom. For people with good credit and long term plans, it’s hard to imagine a better opportunity than what we see today,” Phipps said. “Unfortunately the flow of credit is unnecessarily tight and is constraining the pace of the housing and job growth recoveries.”
According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage was a record low 4.41 percent in the fourth quarter, down from 4.45 percent in the third quarter; it was 4.92 percent in the third quarter of 2009.
“The healthier local housing markets are also experiencing favorable local employment conditions,” Yun said. Job growth is a major factor in price appreciation in metro areas such as the Washington, D.C., region, where the median existing single-family home price of $331,100 in the fourth quarter is 8.1 percent higher than a year ago; the Boston-Cambridge-Quincy area, at $346,300, up 4.2 percent; and Austin-Round Rock, Texas, at $190,300, up 4.1 percent.
Smaller metro areas sometimes see larger swings in price measurement depending on the types of properties that are sold in a given period. In such markets, full year price data can provide additional context.
In the condo sector, metro area condominium and cooperative prices – covering changes in 57 metro areas – showed the national median existing-condo price was $164,200 in the fourth quarter, which is 6.4 percent below the fourth quarter of 2009. Twenty-two metros showed increases in the median condo price from a year ago and 35 areas had declines; only 11 metros saw annual price gains in fourth quarter of 2009.
“Consumers in the hard hit regions of Nevada, Arizona and Florida were able to scoop up condos at absolute bargain basement prices,” Yun said. Median condo/co-op prices in affected metro areas include Las Vegas-Paradise at $60,700, Phoenix-Mesa-Scottsdale with a fourth quarter median of $68,900, and Miami-Fort Lauderdale-Miami Beach at $81,900.
Regionally, the median existing single-family home price in the Northeast increased 2.3 percent to $240,400 in the fourth quarter from a year earlier. Existing-home sales in the Northeast rose 15.0 percent in the fourth quarter to a level of 797,000 but are 22.8 percent below the surge in the fourth quarter of 2009.
In the Midwest, the median existing single-family home price rose 0.5 percent to $139,200 in the fourth quarter from the same period in 2009. Existing-home sales in the Midwest jumped 18.3 percent in the fourth quarter to a pace of 1.02 million but are 25.4 percent below the cyclical peak one year ago.
In the South, the median existing single-family home price edged up 0.3 percent to $152,400 in the fourth quarter from the fourth quarter of 2009. Existing-home sales in the region rose 11.4 percent in the fourth quarter to an annual rate of 1.82 million but remain 17.8 percent below the surge in the fourth quarter of last year.
The median existing single-family home price in the West declined 2.9 percent to $214,400 in the fourth quarter from a year ago. Existing-home sales in the West jumped 19.9 percent in the fourth quarter to a level of 1.17 million but are 14.2 percent below the cyclical peak in the fourth quarter of 2009.
“A good portion of the sales activity in the West has been driven by investors taking advantage of discounted foreclosures, with high levels of all-cash transactions,” Yun explained.
Source: NAR
Monday, February 7, 2011
Increase Your Home’s Value- Part 1
A house is one of the biggest purchases a person will ever make, and most want to keep their homes looking beautiful not only for themselves, but also to entice future buyers. From time to time, it’s a good idea to invest in some home remodeling to add to its appeal. Of course, before making any major changes to your home, you’ll want to be sure you go through the proper channels—such as the association architectural committee for approval and the city for the necessary permits—to make sure that you don’t run into any legal issues.
So when it comes time to give your house a facelift, consider these touch-ups and renovations that will not only make your home look better than ever but also help increase its value:
Re-paint Your Rooms: One of the easiest (and cheapest!) ways to dramatically change the entire look of a room is to add a fresh coat of paint. Not only will it immediately make your walls look crisp and clean, but also, because wall color can greatly dictate the feel of a room, it’s a simple way to change the ambiance of your home. Since darker colors seem intense on walls and can make a room look smaller, it’s usually best to stick with lighter, warmer hues for your overall color to make your home feel open and welcoming. If you want to paint with darker colors, consider limiting them to an accent wall so that the color isn’t overwhelming and pops against the lighter colors.
If you’re doing the painting yourself, here are a few tips so your paint job looks professional:
• Apply a coat of primer first so that walls won’t soak up as much paint. Use two coats of paint to ensure a rich, even coverage.
• Use painters’ tape along the outside edge of the area you’re painting to get sharp, even lines.
So when it comes time to give your house a facelift, consider these touch-ups and renovations that will not only make your home look better than ever but also help increase its value:
Re-paint Your Rooms: One of the easiest (and cheapest!) ways to dramatically change the entire look of a room is to add a fresh coat of paint. Not only will it immediately make your walls look crisp and clean, but also, because wall color can greatly dictate the feel of a room, it’s a simple way to change the ambiance of your home. Since darker colors seem intense on walls and can make a room look smaller, it’s usually best to stick with lighter, warmer hues for your overall color to make your home feel open and welcoming. If you want to paint with darker colors, consider limiting them to an accent wall so that the color isn’t overwhelming and pops against the lighter colors.
If you’re doing the painting yourself, here are a few tips so your paint job looks professional:
• Apply a coat of primer first so that walls won’t soak up as much paint. Use two coats of paint to ensure a rich, even coverage.
• Use painters’ tape along the outside edge of the area you’re painting to get sharp, even lines.
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