Friday, December 30, 2011
Wednesday, December 28, 2011
Builder Confidence Rises in December
Provided by Realty Times
Builder confidence rose in December according to the National Association of Home Builders. This is the third straight month of improved confidence.
The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) indicates this is the highest level the market has seen since May 2010.
"This is the first time that builder confidence has improved for three consecutive months since mid-2009, which signifies a legitimate though slowly emerging upward trend," said NAHB Chief Economist David Crowe. "While large inventories of foreclosed properties continue to plague the most distressed markets and consumer worries about job security and the challenges of selling an existing home remain significant factors, builders are reporting more inquiries and more interest among potential buyers than they have seen in previous months."
This rise was calculated by looking at builder perceptions of what single-family home sales look like now and where builders think they'll be in the next six months.
On the topic of current sales, builder confidence rose two points on the HMI scale. Expectations for sales over the next six months rose one point. The largest rise was seen in builders' reports on traffic of prospective buyers, which was up three points to the highest levels since May 2008.
Real estate is a largely local commodity. Regionally, the largest rise in builder confidence for December was seen in the South, which posted a 4-point gain. The West saw a one point gain. The Midwest was unchanged and the Northeast slid down the scale by one point.
How does a rise in builder confidence affect today's buyers and sellers? For starters, builders have indicated that buyers are placing more inquiries. Home permits have "spiked" according to CNN. Consumer confidence may be returning on the heels of a drop in the unemployment rate. This renewed confidence fosters growth in buyer and seller communities, hopefully raising the value or homes and offering new jobs.
The question is mostly, however, about how the confidence and actions of today's buyers and sellers affects today's builders. Builders have had a tough time since the housing bust several years ago. Many smaller builders found their market of eager homebuyers shrink as the recession hit and would-be buyers decided to wait out the market or fell on hard times. Other builders have had difficult times procuring credit for projects. Discount pricing on distressed properties have caused many builders to sell new homes at cost. Construction workers lost over a million jobs during the recession, a number that has yet to rebound.
Confidence is still fighting an uphill battle against tightened lending, high unemployment, and a continued debt crisis in the U.S. and in Europe.
"While builder confidence remains low, the consistent gains registered over the past several months are an indication that pockets of recovery are slowly starting to emerge in scattered housing markets," said Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev. "However, the difficulties that both builders and buyers continue to experience in accessing credit for new homes are holding back potential sales even in areas where economic conditions are improving."
Markets are improving all across the country. Many have seen consistent improvements in home sales, home prices, and employment over the last six months. If this trend continues, builder confidence should return with even more gusto.
Builder confidence rose in December according to the National Association of Home Builders. This is the third straight month of improved confidence.
The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) indicates this is the highest level the market has seen since May 2010.
"This is the first time that builder confidence has improved for three consecutive months since mid-2009, which signifies a legitimate though slowly emerging upward trend," said NAHB Chief Economist David Crowe. "While large inventories of foreclosed properties continue to plague the most distressed markets and consumer worries about job security and the challenges of selling an existing home remain significant factors, builders are reporting more inquiries and more interest among potential buyers than they have seen in previous months."
This rise was calculated by looking at builder perceptions of what single-family home sales look like now and where builders think they'll be in the next six months.
On the topic of current sales, builder confidence rose two points on the HMI scale. Expectations for sales over the next six months rose one point. The largest rise was seen in builders' reports on traffic of prospective buyers, which was up three points to the highest levels since May 2008.
Real estate is a largely local commodity. Regionally, the largest rise in builder confidence for December was seen in the South, which posted a 4-point gain. The West saw a one point gain. The Midwest was unchanged and the Northeast slid down the scale by one point.
How does a rise in builder confidence affect today's buyers and sellers? For starters, builders have indicated that buyers are placing more inquiries. Home permits have "spiked" according to CNN. Consumer confidence may be returning on the heels of a drop in the unemployment rate. This renewed confidence fosters growth in buyer and seller communities, hopefully raising the value or homes and offering new jobs.
The question is mostly, however, about how the confidence and actions of today's buyers and sellers affects today's builders. Builders have had a tough time since the housing bust several years ago. Many smaller builders found their market of eager homebuyers shrink as the recession hit and would-be buyers decided to wait out the market or fell on hard times. Other builders have had difficult times procuring credit for projects. Discount pricing on distressed properties have caused many builders to sell new homes at cost. Construction workers lost over a million jobs during the recession, a number that has yet to rebound.
Confidence is still fighting an uphill battle against tightened lending, high unemployment, and a continued debt crisis in the U.S. and in Europe.
"While builder confidence remains low, the consistent gains registered over the past several months are an indication that pockets of recovery are slowly starting to emerge in scattered housing markets," said Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev. "However, the difficulties that both builders and buyers continue to experience in accessing credit for new homes are holding back potential sales even in areas where economic conditions are improving."
Markets are improving all across the country. Many have seen consistent improvements in home sales, home prices, and employment over the last six months. If this trend continues, builder confidence should return with even more gusto.
Friday, December 23, 2011
Merry Christmas
Home is a memory that we carry in our hearts, a comfort that we keep from year to year.
The joy of smiling faces, family, friends and fun, a gift that warms our lives with Christmas Cheer.
Wishing you a warm and cozy holiday season, surrounded by those you love.
MERRY CHRISTMAS!
-Keller Williams Rockwall
(Click on the picture to have a laugh, take a look at our KW Family Christmas video!)
The joy of smiling faces, family, friends and fun, a gift that warms our lives with Christmas Cheer.
Wishing you a warm and cozy holiday season, surrounded by those you love.
MERRY CHRISTMAS!
-Keller Williams Rockwall
(Click on the picture to have a laugh, take a look at our KW Family Christmas video!)
Wednesday, December 21, 2011
The Mistaken Commercial Move
Provided By Realty Times
Mandarin Enterprise was an import/export company located in Montecito, OR. The owner of the company, Patrick Cook, was extremely busy traveling the world,looking for opportunities to expand his business. Since Mandarin Enterprise was expanding, Patrick thought he should hire a reliable person to help him manage the business and take care of it in his absence. Hence, before making his next trip, he hired Martin Gambler as his new office manager.
Shortly after Patrick left for China, Martin decided that it was time to move since company was growing and needed more warehouse space. So he went shopping and found a 15,000 square feet space to move into. He organized the move, but left the day-to-day organization of the move to his assistant. As moving day came, the whole company cooperated and the move went very smoothly, that is until he got a call from his new landlord. "Hello Martin, I heard you have moved. I think we have a problem." He continued to tell Martin that Mandarin Enterprises had moved into suite 400 at the industrial park and that,Mandarin was supposed to move into suite 500. The leasing agent had inadvertently given the master key to Martin since they had been discussing both spaces. Martin had assumed they were moving into suite 400. As a matter of fact, Mandarin should never have had the master key. There were two drafts of the lease, one with suite 400 in the location description, the other with suite 500. Martin assumed they were moving into suite 400, the landlord assumed suite 500.
To compound the problem Mandarin Import and Export had moved in without an actual signed lease. The leasing agent and the landlord had not reviewed final versions and returned them to Mandarin Import and Export. Moreover, their existing lease for 6000 square feet had not expired yet; it had four more years to go. Martin discovered this when his old landlord called him in the morning and asked him why he had moved out.
Martin, a trained professional and a graduate of the prestigious Humberton MBA program, was truly stunned. How was he going to solve this conundrum and not get fired by his boss? In the mean time Patrick returned from his trip and was surprised to find out that his company had moved. He had to call Martin to get the new address.
At this point, Patrick was very confused. He was aware that Mandarin had outgrown its previous space, and was excited to know that the new space was much better suited for their company. He was happy that they now had a badly needed show room, larger warehouse and a bigger office for him without having the slightest idea of the "behind the scene" problems that had arose. (At this point in the tale you may be wondering is this a salvageable situation, or if this actually could have occurred.)
Once Patrick found out about the mistakes, he decided to help Martin figure out how to solve those problems.
First, they negotiated with the new landlord and got him to agree to let them stay in suite 400 and actually signed a five year lease.
Next, he went to the old landlord and got him to agree to a lease buyout and paid him a one year (of the rents) penalty and they were let out of the lease.
Finally, he sat down with Martin. He issued a written warning. He said to Martin, "Your heart is in the right place, but you really screwed up on the details". He also told him that this was not a good situation and had cost Mandarin a lot of money to solve. In the end, Mandarin was able to grow its way out of its problems. Martin had learned a great deal and was lucky to keep his job.
Such situations can be prevented by following simple steps which include careful planning; requiring owner/officer signatures on leases, lease review by corporate or real estate attorney and by clearly managing the boundaries of the key people that work for you… and before I forget, you might want to think twice before you hire an employee with the last name of Gambler.
Would you like to learn more about commercial properties. Give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Mandarin Enterprise was an import/export company located in Montecito, OR. The owner of the company, Patrick Cook, was extremely busy traveling the world,looking for opportunities to expand his business. Since Mandarin Enterprise was expanding, Patrick thought he should hire a reliable person to help him manage the business and take care of it in his absence. Hence, before making his next trip, he hired Martin Gambler as his new office manager.
Shortly after Patrick left for China, Martin decided that it was time to move since company was growing and needed more warehouse space. So he went shopping and found a 15,000 square feet space to move into. He organized the move, but left the day-to-day organization of the move to his assistant. As moving day came, the whole company cooperated and the move went very smoothly, that is until he got a call from his new landlord. "Hello Martin, I heard you have moved. I think we have a problem." He continued to tell Martin that Mandarin Enterprises had moved into suite 400 at the industrial park and that,Mandarin was supposed to move into suite 500. The leasing agent had inadvertently given the master key to Martin since they had been discussing both spaces. Martin had assumed they were moving into suite 400. As a matter of fact, Mandarin should never have had the master key. There were two drafts of the lease, one with suite 400 in the location description, the other with suite 500. Martin assumed they were moving into suite 400, the landlord assumed suite 500.
To compound the problem Mandarin Import and Export had moved in without an actual signed lease. The leasing agent and the landlord had not reviewed final versions and returned them to Mandarin Import and Export. Moreover, their existing lease for 6000 square feet had not expired yet; it had four more years to go. Martin discovered this when his old landlord called him in the morning and asked him why he had moved out.
Martin, a trained professional and a graduate of the prestigious Humberton MBA program, was truly stunned. How was he going to solve this conundrum and not get fired by his boss? In the mean time Patrick returned from his trip and was surprised to find out that his company had moved. He had to call Martin to get the new address.
At this point, Patrick was very confused. He was aware that Mandarin had outgrown its previous space, and was excited to know that the new space was much better suited for their company. He was happy that they now had a badly needed show room, larger warehouse and a bigger office for him without having the slightest idea of the "behind the scene" problems that had arose. (At this point in the tale you may be wondering is this a salvageable situation, or if this actually could have occurred.)
Once Patrick found out about the mistakes, he decided to help Martin figure out how to solve those problems.
First, they negotiated with the new landlord and got him to agree to let them stay in suite 400 and actually signed a five year lease.
Next, he went to the old landlord and got him to agree to a lease buyout and paid him a one year (of the rents) penalty and they were let out of the lease.
Finally, he sat down with Martin. He issued a written warning. He said to Martin, "Your heart is in the right place, but you really screwed up on the details". He also told him that this was not a good situation and had cost Mandarin a lot of money to solve. In the end, Mandarin was able to grow its way out of its problems. Martin had learned a great deal and was lucky to keep his job.
Such situations can be prevented by following simple steps which include careful planning; requiring owner/officer signatures on leases, lease review by corporate or real estate attorney and by clearly managing the boundaries of the key people that work for you… and before I forget, you might want to think twice before you hire an employee with the last name of Gambler.
Would you like to learn more about commercial properties. Give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Monday, December 19, 2011
Choosing to Sell
Provided By Realty Times
Today’s market presents a difficult mix of conditions for many sellers. The housing market dipped in recent years in response to recession conditions and continues to struggle.
Accessing credit is challenging. Many of today’s lenders require hefty downpayments of at least 20 percent along with excellent credit scores for the best rates. Many homeowners with “good” credit may indeed find themselves wholly unable to procure a mortgage.
Some homeowners find themselves selling out of necessity instead of a true desire to move. They may be facing foreclosure or have had sizable decrease in their household income and now need to size down.
Making selling even more challenging is the fact that home prices have been on the decline. Many homeowners may be surprised to find their home is now worth less than they bought it for 10 years ago. Prices are now at 2003 levels in many areas of the country.
If a homeowner bought during the peak of the market, during the boom years, they may find they now own a house worth a fraction of what they paid.
How do you know if now is the time to sell?
First, be sure to solicit the advice of a local real estate agent. They have access to mountains of statistics for your area, including how long homes are taking to sell, what neighborhoods are hot, median prices, and so much more.
Find out what your home is worth in the current market. This will help you decide whether you can afford to sell or what kind of loss you mind be facing if you are needing to sell now.
Once you have armed yourself with solid stats, it’s time to evaluate your own financial standing.
Do you have the money to make a move?
Moving is expensive. You will have closing costs totally thousands of dollars. You’ll need to have money ready for the buying process, including downpayment cash, closing cash, and money for incidentals like home inspections and u-haul and storage rentals.
Think about your motivating factors. Why are you wanting to sell? Some people need to sell. They may have been relocated or need to follow job. The recent recession has left other families needing to sell to avoid foreclosure. Families also outgrow their homes and need to size up.
Consider social effects of a move, too. Will your children be changing schools? Will you be moving away from friends and family? Recent studies have shown that owning a home can bring the owner better health, better wealth, and a more stable household. Uprooting a family can affect those benefits.
Selling a home is a large financial and emotional decision. If the conditions are favorable in your area, then selling can be a great idea. Be sure to do your research and consider all of your options. Whether you decide now is the time to sell or not, it’ll be the right decision for you.
Are you interested in selling your home? Give us a call at 972.772.7000 or email us at frontdesk@kw.com .
Today’s market presents a difficult mix of conditions for many sellers. The housing market dipped in recent years in response to recession conditions and continues to struggle.
Accessing credit is challenging. Many of today’s lenders require hefty downpayments of at least 20 percent along with excellent credit scores for the best rates. Many homeowners with “good” credit may indeed find themselves wholly unable to procure a mortgage.
Some homeowners find themselves selling out of necessity instead of a true desire to move. They may be facing foreclosure or have had sizable decrease in their household income and now need to size down.
Making selling even more challenging is the fact that home prices have been on the decline. Many homeowners may be surprised to find their home is now worth less than they bought it for 10 years ago. Prices are now at 2003 levels in many areas of the country.
If a homeowner bought during the peak of the market, during the boom years, they may find they now own a house worth a fraction of what they paid.
How do you know if now is the time to sell?
First, be sure to solicit the advice of a local real estate agent. They have access to mountains of statistics for your area, including how long homes are taking to sell, what neighborhoods are hot, median prices, and so much more.
Find out what your home is worth in the current market. This will help you decide whether you can afford to sell or what kind of loss you mind be facing if you are needing to sell now.
Once you have armed yourself with solid stats, it’s time to evaluate your own financial standing.
Do you have the money to make a move?
Moving is expensive. You will have closing costs totally thousands of dollars. You’ll need to have money ready for the buying process, including downpayment cash, closing cash, and money for incidentals like home inspections and u-haul and storage rentals.
Think about your motivating factors. Why are you wanting to sell? Some people need to sell. They may have been relocated or need to follow job. The recent recession has left other families needing to sell to avoid foreclosure. Families also outgrow their homes and need to size up.
Consider social effects of a move, too. Will your children be changing schools? Will you be moving away from friends and family? Recent studies have shown that owning a home can bring the owner better health, better wealth, and a more stable household. Uprooting a family can affect those benefits.
Selling a home is a large financial and emotional decision. If the conditions are favorable in your area, then selling can be a great idea. Be sure to do your research and consider all of your options. Whether you decide now is the time to sell or not, it’ll be the right decision for you.
Are you interested in selling your home? Give us a call at 972.772.7000 or email us at frontdesk@kw.com .
Friday, December 16, 2011
Home Inspections
Provided By Realty Times
Buying a home is a big decision that includes more than falling in love with the style and decor of a home. A home needs to be in good working order. This is where an home inspector comes in.
A home inspector does a physical inspection of the structure and systems of your prospective home. This means while may love how beautiful the living room’s wood floors are, your inspector can tell if the floor itself will stand for another 20 years. Are there joists that are rotten and need replaced? Is there moisture damage that needs addressed?
What are the basic systems that an inspection covers? You should expect to get a report on the foundation, walls, ceilings, floors, windows, doors, heating and air systems, plumbing (interior), electrical systems and the roof. It’s important that you are present during the inspection so you can be sure that all the systems are checked and that you understand what the problems are and where they’re found.
The inspection itself will set you back several hundred dollars. The amount ranges by region and by inspector. Feel free to ask your real estate agent for suggestions on who to hire. They may have a referral list for you. You can also ask friends and family if they have used someone in the past who they would recommend. If you don’t have anyone to ask, then be sure to check out the American Society of Home Inspectors (ASHI) website, which can help you find inspectors by zip code.
If you are wanting to check for mold or other speciality issues, you’ll most likely need to hire a trained mold specialist to come and inspect the home. This would be a good idea on homes that have mold red flags, such as growth on the walls or floor.
They may be a simple fix, such as repairing a leak and replacing drywall. It could also be a more serious issue, such as black mold, which can wreak havoc on the health of anyone living in the home.
Why is a home inspection really necessary? Your home is a big investment. Most people are on a tight budget and have little room for unexpected expenses. You may have allotted your extra funds towards remodeling the outdated kitchen only to find out that you have $10,000 worth of plumbing issues to fix instead.
Knowing about an issue before closing gives you the upper-hand at the negotiating table. The home in good working order may have been worth $100,000, but with $10,000 of plumbing repairs needed, the price should now be $90,0000.
Just remember that even in new homes, there will be items your home inspector finds need attention. There is no perfect home. Take a moment to reflect on the inspection’s findings and decide if the work that needs done is something you’re willing to take on. You can also ask for the seller to repair these issues before you take possession of the home.
Buying a home can be a wonderful experience. Put a home inspection professional on your side and you’re reducing your risk of costly surprises in the future.
Buying a home is a big decision that includes more than falling in love with the style and decor of a home. A home needs to be in good working order. This is where an home inspector comes in.
A home inspector does a physical inspection of the structure and systems of your prospective home. This means while may love how beautiful the living room’s wood floors are, your inspector can tell if the floor itself will stand for another 20 years. Are there joists that are rotten and need replaced? Is there moisture damage that needs addressed?
What are the basic systems that an inspection covers? You should expect to get a report on the foundation, walls, ceilings, floors, windows, doors, heating and air systems, plumbing (interior), electrical systems and the roof. It’s important that you are present during the inspection so you can be sure that all the systems are checked and that you understand what the problems are and where they’re found.
The inspection itself will set you back several hundred dollars. The amount ranges by region and by inspector. Feel free to ask your real estate agent for suggestions on who to hire. They may have a referral list for you. You can also ask friends and family if they have used someone in the past who they would recommend. If you don’t have anyone to ask, then be sure to check out the American Society of Home Inspectors (ASHI) website, which can help you find inspectors by zip code.
If you are wanting to check for mold or other speciality issues, you’ll most likely need to hire a trained mold specialist to come and inspect the home. This would be a good idea on homes that have mold red flags, such as growth on the walls or floor.
They may be a simple fix, such as repairing a leak and replacing drywall. It could also be a more serious issue, such as black mold, which can wreak havoc on the health of anyone living in the home.
Why is a home inspection really necessary? Your home is a big investment. Most people are on a tight budget and have little room for unexpected expenses. You may have allotted your extra funds towards remodeling the outdated kitchen only to find out that you have $10,000 worth of plumbing issues to fix instead.
Knowing about an issue before closing gives you the upper-hand at the negotiating table. The home in good working order may have been worth $100,000, but with $10,000 of plumbing repairs needed, the price should now be $90,0000.
Just remember that even in new homes, there will be items your home inspector finds need attention. There is no perfect home. Take a moment to reflect on the inspection’s findings and decide if the work that needs done is something you’re willing to take on. You can also ask for the seller to repair these issues before you take possession of the home.
Buying a home can be a wonderful experience. Put a home inspection professional on your side and you’re reducing your risk of costly surprises in the future.
Wednesday, December 14, 2011
A Simple Guide to Selling Your Home On The Holidays
Provided By Shopkenthomes' Blog on Trulia.com
The holidays are fast approaching and it can be a hard time to organize your house when you are planning to sell it. However, if you wish to put your property for sale on the market at some point, you have to keep doing the items you must do, especially if you wish to hit the ‘spring’ market (which starts soon after the very first of the season). How will you do all of it?
A lot of steps you can be done to prepare your house for the market along side with the holiday parties you will attend to. Of course, you don’t need to stress on it but relish the holidays. Listed here are a couple of things you can do that may go a lengthy way towards your preparations, without the need of making you crazy during the holidays.
Before you go holiday foods and treats, don’t put back the products you utilize limited to this time around of the year when you’re completed with them. Rather, pack them for that move. Not simply will that free space inside your cabinets, it will likewise allow it to be much simpler to bring along whenever you do move.
Should you put a number of your ‘usual’ things off to make room for holiday adornments, are you able to place them away until following the move? Which will mean less clutter when the holiday adornments have left – and fewer that you should pack when it’s time.
If you’re getting visitors for that holidays, now might be time to purchase such things as new towels. Let your visitors rely on them throughout their visit, then have them up (but unused) for that house showings. Just make certain they’re in neutral colors that actually work within the bathroom (and not simply for that holiday).
And lastly, do not forget to do some master cleaning before the big presentation. Unclutter and clean up anything there is that is needed to prepared to make it look like an inviting and cozy place to live in.
Be sure to make this holiday season enjoyable and stress free as you prepare for the big Open House Day.
The holidays are fast approaching and it can be a hard time to organize your house when you are planning to sell it. However, if you wish to put your property for sale on the market at some point, you have to keep doing the items you must do, especially if you wish to hit the ‘spring’ market (which starts soon after the very first of the season). How will you do all of it?
A lot of steps you can be done to prepare your house for the market along side with the holiday parties you will attend to. Of course, you don’t need to stress on it but relish the holidays. Listed here are a couple of things you can do that may go a lengthy way towards your preparations, without the need of making you crazy during the holidays.
Before you go holiday foods and treats, don’t put back the products you utilize limited to this time around of the year when you’re completed with them. Rather, pack them for that move. Not simply will that free space inside your cabinets, it will likewise allow it to be much simpler to bring along whenever you do move.
Should you put a number of your ‘usual’ things off to make room for holiday adornments, are you able to place them away until following the move? Which will mean less clutter when the holiday adornments have left – and fewer that you should pack when it’s time.
If you’re getting visitors for that holidays, now might be time to purchase such things as new towels. Let your visitors rely on them throughout their visit, then have them up (but unused) for that house showings. Just make certain they’re in neutral colors that actually work within the bathroom (and not simply for that holiday).
And lastly, do not forget to do some master cleaning before the big presentation. Unclutter and clean up anything there is that is needed to prepared to make it look like an inviting and cozy place to live in.
Be sure to make this holiday season enjoyable and stress free as you prepare for the big Open House Day.
Tuesday, December 13, 2011
Coats, Coats, Coats
Dear Rockwall Community,
Keller Williams on behalf of Rockwall Cares is currently accepting coat donations. You can find the donation boxes in the foyer of our office located at:
2951 Ridge Road, Suite 101
Rockwall, TX 75032
(inside the Kroger shopping center)
For more information please contact us at 972-772-7000 or email us at frontdesk552@kw.com.
"Kindness is the language which the deaf can hear and the blind can see."
-Mark Twain
Keller Williams on behalf of Rockwall Cares is currently accepting coat donations. You can find the donation boxes in the foyer of our office located at:
2951 Ridge Road, Suite 101
Rockwall, TX 75032
(inside the Kroger shopping center)
For more information please contact us at 972-772-7000 or email us at frontdesk552@kw.com.
"Kindness is the language which the deaf can hear and the blind can see."
-Mark Twain
Monday, December 12, 2011
Decorating on a Dime
Provided By Realty Times
A tight budget doesn’t have to mean a lack of style! Your home can still be an up-to-date showpiece. You just have to know where to shop!
The first trick is to shop the sales! Retailers are fighting hard these days to gain your business. They have one-day sales, weekly clearance, and lots of coupons offered online. Be sure to do a little research before heading out to the stores. You may find that certain retailers have coupons or better deals. Why pay more for the same thing?
Decorating on a budget can mean being willing to compromise slightly on what items you buy. You may love the upholstery fabric you saw in Traditional Home magazine, but at $200 a yard it is out of reach of many homeowners.
Instead, try your local fabric hubs, such as Hobby Lobby. You may not find the exact same pattern, but chances are you’ll find a print that is similar and will give the same feel to your room.
Garage, yard, and estate sales are also prime decorator finding grounds. You never know what treasures will pop up! From antiques and handmade pieces to up-to-date styles, these sales are a smorgasbord of decor.
The main issue, however, is to be selective. It is easy to become sidetracked and buy items that don’t really work for what your overall design is. Then you end up with more junk to store at your own house.
If your purse strings are pulled even tighter, then it’s time to go to Plan B. There are a few options. Some of your other friends may be ready for a change. They may have curtains, candle holders, framed art, or throw pillows they’d love to trade for something new. Set up a swap meet for friends and share your stuff!
Another free option is reusing. What is reusing? You probably have curtains and decorative items all around your home. You might even have items you’ve put into storage. Now is a great time to pull items from the various rooms you want to decorate and see if any of the pieces you already possess could make a new statement in a new place.
Finally, don’t be afraid to do-it-yourself. Many local home home improvement stores offer classes and brochures on how to tile, texture paint, and upgrade other areas of your home. You can find tutorials in books and online for how to build simple pieces of furniture, like window seats and built-in shelving.
The same goes for homemade curtains, roman shades, throw pillows, and cushions. You can do it! Have confidence in your abilities. These do-it-yourself projects can be real money savers.
Shopping on a budget doesn’t have to be boring. You can make your home just as beautiful and cozy as the next person. Have fun with it!
A tight budget doesn’t have to mean a lack of style! Your home can still be an up-to-date showpiece. You just have to know where to shop!
The first trick is to shop the sales! Retailers are fighting hard these days to gain your business. They have one-day sales, weekly clearance, and lots of coupons offered online. Be sure to do a little research before heading out to the stores. You may find that certain retailers have coupons or better deals. Why pay more for the same thing?
Decorating on a budget can mean being willing to compromise slightly on what items you buy. You may love the upholstery fabric you saw in Traditional Home magazine, but at $200 a yard it is out of reach of many homeowners.
Instead, try your local fabric hubs, such as Hobby Lobby. You may not find the exact same pattern, but chances are you’ll find a print that is similar and will give the same feel to your room.
Garage, yard, and estate sales are also prime decorator finding grounds. You never know what treasures will pop up! From antiques and handmade pieces to up-to-date styles, these sales are a smorgasbord of decor.
The main issue, however, is to be selective. It is easy to become sidetracked and buy items that don’t really work for what your overall design is. Then you end up with more junk to store at your own house.
If your purse strings are pulled even tighter, then it’s time to go to Plan B. There are a few options. Some of your other friends may be ready for a change. They may have curtains, candle holders, framed art, or throw pillows they’d love to trade for something new. Set up a swap meet for friends and share your stuff!
Another free option is reusing. What is reusing? You probably have curtains and decorative items all around your home. You might even have items you’ve put into storage. Now is a great time to pull items from the various rooms you want to decorate and see if any of the pieces you already possess could make a new statement in a new place.
Finally, don’t be afraid to do-it-yourself. Many local home home improvement stores offer classes and brochures on how to tile, texture paint, and upgrade other areas of your home. You can find tutorials in books and online for how to build simple pieces of furniture, like window seats and built-in shelving.
The same goes for homemade curtains, roman shades, throw pillows, and cushions. You can do it! Have confidence in your abilities. These do-it-yourself projects can be real money savers.
Shopping on a budget doesn’t have to be boring. You can make your home just as beautiful and cozy as the next person. Have fun with it!
Wednesday, December 7, 2011
Pending Sales Rise
Provided By Realty Times
Pent-up demand could finally be working its way through the market. Pending home sales rose sharply in October according to the National Association of Realtors®.
The latest statistics reveal that contract signings rose 10.4 percent for the month and are now 9.4 percent above 2010 levels.
Regionally, results were mixed but overall still positive. The Midwest led the way jumping a staggering 24.1 percent in October. The Northeast also had double-digit gains at 17.7 percent. The South was up 8.6, while the West was the only region to see a decline, though it was just a marginal 0.3 percent drop.
The largest year to year rise is seen in the Midwest as well, which is currently 13.2 percent above October 2010 levels.
What has spurred this upswing? NAR's Chief Economist, Lawrence Yun, thinks it is partially due to the high levels of affordability we now see in areas all across the country. He feels the recent pending home sales report is a hopeful sign. "Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows and there is a pent-up demand from buyers who normally would have entered the market in recent years. We hope this is indicates more buyers are taking advantage of the excellent affordability conditions."
Affordability is calculated by figuring an income to cost ratio for homes. What is the median household income for your area? What is the median home price?
TIME magazine reported at the end of November that during the third quarter of this year families earning a median income of $64,200 could afford 72.9 percent of the homes sold.
The areas seeing the highest levels of affordability are Toledo, Ohio - 90.9 percent; Youngstown, Ohio/PA - 90.9 percent; Indianapolis-Carmel, Indiana - 90 percent; and Ogden-Clearfield, Utah - 89.8 percent.
Pending sales were up in the face of otherwise negative reports. Home prices have continued to decline and are now at 2003 levels. Builders still remain cautious when it comes to new projects.
It is important to keep in mind, too, that recent months have proven that pending sales don't always translate into actual sales. Many pending contracts have fallen through due to appraised values coming in much lower than loan amounts, nulling the mortgage offer. Other buyers are unaware of the stringent lending standards now in place that require high credit score for qualification.
"Although contract signings are up, not all contracts lead to closings. Many potential home buyers inadvertently hurt their credit scores and chances of getting a mortgage through easily averted actions, such as cancelling an old credit line while taking on a new one," Yun said. "Such actions could unwittingly prevent buyers from obtaining a mortgage if their credit score is close the margins of qualifying, or they might get a loan but with less favorable terms."
Pent-up demand could finally be working its way through the market. Pending home sales rose sharply in October according to the National Association of Realtors®.
The latest statistics reveal that contract signings rose 10.4 percent for the month and are now 9.4 percent above 2010 levels.
Regionally, results were mixed but overall still positive. The Midwest led the way jumping a staggering 24.1 percent in October. The Northeast also had double-digit gains at 17.7 percent. The South was up 8.6, while the West was the only region to see a decline, though it was just a marginal 0.3 percent drop.
The largest year to year rise is seen in the Midwest as well, which is currently 13.2 percent above October 2010 levels.
What has spurred this upswing? NAR's Chief Economist, Lawrence Yun, thinks it is partially due to the high levels of affordability we now see in areas all across the country. He feels the recent pending home sales report is a hopeful sign. "Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows and there is a pent-up demand from buyers who normally would have entered the market in recent years. We hope this is indicates more buyers are taking advantage of the excellent affordability conditions."
Affordability is calculated by figuring an income to cost ratio for homes. What is the median household income for your area? What is the median home price?
TIME magazine reported at the end of November that during the third quarter of this year families earning a median income of $64,200 could afford 72.9 percent of the homes sold.
The areas seeing the highest levels of affordability are Toledo, Ohio - 90.9 percent; Youngstown, Ohio/PA - 90.9 percent; Indianapolis-Carmel, Indiana - 90 percent; and Ogden-Clearfield, Utah - 89.8 percent.
Pending sales were up in the face of otherwise negative reports. Home prices have continued to decline and are now at 2003 levels. Builders still remain cautious when it comes to new projects.
It is important to keep in mind, too, that recent months have proven that pending sales don't always translate into actual sales. Many pending contracts have fallen through due to appraised values coming in much lower than loan amounts, nulling the mortgage offer. Other buyers are unaware of the stringent lending standards now in place that require high credit score for qualification.
"Although contract signings are up, not all contracts lead to closings. Many potential home buyers inadvertently hurt their credit scores and chances of getting a mortgage through easily averted actions, such as cancelling an old credit line while taking on a new one," Yun said. "Such actions could unwittingly prevent buyers from obtaining a mortgage if their credit score is close the margins of qualifying, or they might get a loan but with less favorable terms."
Friday, December 2, 2011
Increasing Seller's Property Value
Provided Yahoo!
Understand first of all that there IS a difference between price and value. Price is the amount you are asking for the property. Value is buyer perceived, and this perception of value is influenced by many factors such as location, features, condition, comparison to other purchase option, etc. By attending to details that can have a positive impact on the value, sellers can significantly increase their chance of attracting qualified buyers willing to pay the asking price.
Some tips to achieve a positive impact on value are:
1.Perceived size impacts value, even more so than actual square footage. Open floor plans make a room feel bigger than larger spaces with smaller rooms. Showing property that is furniture free, or at reduced clutter, helps to make the space feel bigger.
2.Vacancy increases sale-ability. Property is easier to show and easier to sell, and quicker to take possession of when it is vacant at the time it is offered for sale. Evidence of problems to take possession of the property -- such as encroachments, or tenants who wont allow buyer tours -- negatively impact value. Vacancy also helps the buyer walk through the property imagining ownership. Sellers should remove personal trinkets and family pictures as well as being conveniently absent during a buyer tour.
3.Cosmetics are important.
•Fresh paint will always add more value than it costs.
•Clean or new carpet/flooring adds more value than it costs.
•Landscaping adds more value than it costs. At the very minimum, make the entrance area neat.
•If you can, add some colorful flowers and new sod.
4.Take care of the obvious! The spot on the ceiling from the roof leak takes thousands of dollars from the perceived value and the offer price.
5.Condition affects value. Do a seller's home inspection to identify and fix the problem BEFORE closing. No point holding up your check a few extra days; plus a failed buyer's inspection could cost you the sale. Buyers will often bargain down your asking price to accomodate for property condition and repairs.
6.If you can, remodel/update the kitchen and master bathroom. These two areas have a big impact on home buying decisions.
7.Strategic renovations impact value and your bottom line. Don't spend more money to renovate the place than you can recapture in value on the sales price.
Understand first of all that there IS a difference between price and value. Price is the amount you are asking for the property. Value is buyer perceived, and this perception of value is influenced by many factors such as location, features, condition, comparison to other purchase option, etc. By attending to details that can have a positive impact on the value, sellers can significantly increase their chance of attracting qualified buyers willing to pay the asking price.
Some tips to achieve a positive impact on value are:
1.Perceived size impacts value, even more so than actual square footage. Open floor plans make a room feel bigger than larger spaces with smaller rooms. Showing property that is furniture free, or at reduced clutter, helps to make the space feel bigger.
2.Vacancy increases sale-ability. Property is easier to show and easier to sell, and quicker to take possession of when it is vacant at the time it is offered for sale. Evidence of problems to take possession of the property -- such as encroachments, or tenants who wont allow buyer tours -- negatively impact value. Vacancy also helps the buyer walk through the property imagining ownership. Sellers should remove personal trinkets and family pictures as well as being conveniently absent during a buyer tour.
3.Cosmetics are important.
•Fresh paint will always add more value than it costs.
•Clean or new carpet/flooring adds more value than it costs.
•Landscaping adds more value than it costs. At the very minimum, make the entrance area neat.
•If you can, add some colorful flowers and new sod.
4.Take care of the obvious! The spot on the ceiling from the roof leak takes thousands of dollars from the perceived value and the offer price.
5.Condition affects value. Do a seller's home inspection to identify and fix the problem BEFORE closing. No point holding up your check a few extra days; plus a failed buyer's inspection could cost you the sale. Buyers will often bargain down your asking price to accomodate for property condition and repairs.
6.If you can, remodel/update the kitchen and master bathroom. These two areas have a big impact on home buying decisions.
7.Strategic renovations impact value and your bottom line. Don't spend more money to renovate the place than you can recapture in value on the sales price.
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