Happy Mothers Day to all you hard working Realtor moms and moms in general everywhere!
Sunday, May 10, 2015
Saturday, May 9, 2015
Top home remodeling jobs according to new survey
Remodeling Jobs—Baths Edge Kitchens Again for Top Spot
To lead off National Home Remodeling Month in May, we report results from NAHB’s quarterly Remodeling Market Index (RMI) survey on the most common type of jobs performed by NAHB Remodelers in 2014.
The results show that kitchen and bathroom remodeling remain the two most common types of projects, as they have been consistently since NAHB started asking the question in 2001. Through 2009 kitchens were was slightly more common than bathroom remodels, but this tendency flipped in 2010, and in 2014 bathroom remodeling finished first again, but only by the narrowest of margins. Bathroom remodeling was cited as one of the most common remodling projects In 2014 by 78 percent of NAHB Remodelers, compared to 77 percent for kitchen remodels.
Source: NAHA, National Association of Home Builders, Paul Emrath
http://eyeonhousing.org/2015/05/remodeling-jobs-baths-edge-kitchens-again-for-top-spot/
To lead off National Home Remodeling Month in May, we report results from NAHB’s quarterly Remodeling Market Index (RMI) survey on the most common type of jobs performed by NAHB Remodelers in 2014.
The results show that kitchen and bathroom remodeling remain the two most common types of projects, as they have been consistently since NAHB started asking the question in 2001. Through 2009 kitchens were was slightly more common than bathroom remodels, but this tendency flipped in 2010, and in 2014 bathroom remodeling finished first again, but only by the narrowest of margins. Bathroom remodeling was cited as one of the most common remodling projects In 2014 by 78 percent of NAHB Remodelers, compared to 77 percent for kitchen remodels.
Source: NAHA, National Association of Home Builders, Paul Emrath
http://eyeonhousing.org/2015/05/remodeling-jobs-baths-edge-kitchens-again-for-top-spot/
Friday, May 8, 2015
WTF!? - Sheriff shots Realtor
Now I've heard of everything. Geez.
LAWRENCEVILLE, Ga. — Police are investigating a shooting in this northern Atlanta suburb involving an Atlanta-area county sheriff.
Clayton County Sheriff Victor Hill accidentally shot a woman at a model home in Lawrenceville, Ga., on Sunday, said Gwinnett County Police Sgt. Brian Doan.
The woman, whose name has not been released, is in critical condition at an area hospital with a gunshot wound to the abdomen.
Authorities said that Hill has refused to cooperate with the investigation and did not give a statement or answer questions. Because he is an active sheriff, he was allowed to leave the scene, Doan said.
"When you're an active sheriff in the state of Georgia, there are certain legal requirements and steps that have to be taken," said Doan. "It's not just an average citizen where you can take out a warrant for their arrest."
Neighbors said the victim is a real estate agent and a friend of Hill's. Police said there were four people at the home at the time of the shooting — Hill, the victim and two potential homebuyers.
Investigators with the Gwinnett County Police Department are consulting with the district attorney's office about the case. No charges have been filed and the investigation is ongoing, according to a police news release.
In a statement, Gwinnett County police said the shooting was "reported as accidental" but didn't elaborate on who reported it that way.
Hill was re-elected as sheriff of Clayton County, which is south of Atlanta, in 2012 despite facing 37 charges of corruption at the time of the election. Hill was later acquitted of all charges. Since being re-elected, Hill has kept a relatively low profile, rarely granting interviews.
Hill did not respond to requests for comment.
Source: USA Today,
http://www.usatoday.com/story/news/nation/2015/05/04/ga-sheriff-accused-shooting-woman/26858159/
Huge Number Of Homes Going Into Contract With Today’s 3% Mortgage Rates
Huge Number Of Homes Going Into Contract With Today’s 3% Mortgage Rates
CURRENT MORTGAGE RATES STOKING HOME SALES
Today's low mortgage rates are helping to boost U.S. home sales.
From San Jose, California; to Detroit, Michigan; to Miami, Florida, homes for sales are going into contract at a higher-than-average rate. Buyers outnumber sellers and home values have climbed, rising more than five percent from one year ago.
According to Freddie Mac, the average 30-year mortgage rate has dropped close to 100 basis basis points (1.00%) since the start of last year, down seven-eighths to 3.68 percent, on average, nationwide.
Lenders currently quote conforming mortgage rates and APR in the 3s. And, for borrowers in search of FHA loans and VA loans, you'll find your quotes are even lower.
Purchasing power is up 11% since last year. It's an excellent time to consider buying a house.
Click to see today's rates.
PENDING HOME SALES INDEX : A DIFFERENT INDICATOR TYPE
The Pending Home Sales Index is a monthly report, published by the National Association of REALTORS® (NAR). It measures homes under contract, and not yet closed.
The Pending Home Sales Index is a forward-looking housing market indicator. In this way, it is different from the major housing market metrics.
Most housing market metrics reveal how the housing market performed during some historical period -- whether one month or one year ago, as two examples. What makes the Pending Home Sales Index unique is that, in measuring the past, it attempts to predict how housing will perform in the future.
80% of homes under contract close within 60 days, and many of the rest close within 120 days so there is a high correlation between the monthly Pending Home Sales Index and the Existing Home Sales report, which is released two months later.
Based on recent Pending Home Sales Index data, we can expect to see strong Existing Home Sales data through May 2015, at least.
According to the National Association of REALTORS®, the March Pending Home Sales Index (PHSI) read 108.6 -- the best reading of the year and the highest since 21 months ago.
The Pending Home Sales Index is up 11 percent as compared to its year-ago level, and has remained above its benchmark value of 100 for ten straight months. This point suggests that the 2015 housing market is performing better than the housing market of 2001, the year in which the forward-looking index was launched.
2001 is generally considered to have been a good year for housing. 2015, therefore, can be considered to be even better.
Click to see today's rates.
HOME VALUES STILL RISING NATIONWIDE
With a reading of 108.6, the March Pending Home Sales Index posted above its benchmark value of 100 for the tenth consecutive month. This reading hints at strength through the rest of spring and into the summer housing market.
We should expect a strong Q2 2015 for Existing Home Sales, at minimum.
Based on the Pending Home Sales Index, Existing Home Sales projects as follows :
April 2015 : 5.44 million homes sold on seasonally-adjusted, annualized basis
May 2015 : 5.70 million homes sold on seasonally-adjusted, annualized basis
Home prices are expected to rise, too.
With mortgage rates low, demand for homes has been high and homes are selling quickly. In March, 40% of homes sold in 30 days or fewer; and, at the current pace of sales, the complete stock of homes for sale would be sold out in just 4.6 months.
Supply of less than 6.0 months suggests a "Seller's Market". It's been more than 2 years since the national home supply favored buyers over sellers.
The good news for today's home buyers is that there are a bevy of low- and no-downpayment mortgage programs to complement the 20% down programs made available via Fannie Mae and Freddie Mac.
The FHA offers a 3.5% downpayment program, for example, and the VA and the USDA both offer 100 percent financing for eligible U.S. home buyers. Plus, Fannie Mae has released a update its Conventional 97 program, which can be combined with a gift of downpayment to get to "no money down".
The program requires a downpayment of just 3% and its mortgage payments cancel as soon as the home equity reaches twenty percent.
Source: The Mortgage Report, Dan Green
http://themortgagereports.com/17518/pending-home-sales-index-mortgage-rates-contract-nar
CURRENT MORTGAGE RATES STOKING HOME SALES
Today's low mortgage rates are helping to boost U.S. home sales.
From San Jose, California; to Detroit, Michigan; to Miami, Florida, homes for sales are going into contract at a higher-than-average rate. Buyers outnumber sellers and home values have climbed, rising more than five percent from one year ago.
According to Freddie Mac, the average 30-year mortgage rate has dropped close to 100 basis basis points (1.00%) since the start of last year, down seven-eighths to 3.68 percent, on average, nationwide.
Lenders currently quote conforming mortgage rates and APR in the 3s. And, for borrowers in search of FHA loans and VA loans, you'll find your quotes are even lower.
Purchasing power is up 11% since last year. It's an excellent time to consider buying a house.
Click to see today's rates.
PENDING HOME SALES INDEX : A DIFFERENT INDICATOR TYPE
The Pending Home Sales Index is a monthly report, published by the National Association of REALTORS® (NAR). It measures homes under contract, and not yet closed.
The Pending Home Sales Index is a forward-looking housing market indicator. In this way, it is different from the major housing market metrics.
Most housing market metrics reveal how the housing market performed during some historical period -- whether one month or one year ago, as two examples. What makes the Pending Home Sales Index unique is that, in measuring the past, it attempts to predict how housing will perform in the future.
80% of homes under contract close within 60 days, and many of the rest close within 120 days so there is a high correlation between the monthly Pending Home Sales Index and the Existing Home Sales report, which is released two months later.
Based on recent Pending Home Sales Index data, we can expect to see strong Existing Home Sales data through May 2015, at least.
According to the National Association of REALTORS®, the March Pending Home Sales Index (PHSI) read 108.6 -- the best reading of the year and the highest since 21 months ago.
The Pending Home Sales Index is up 11 percent as compared to its year-ago level, and has remained above its benchmark value of 100 for ten straight months. This point suggests that the 2015 housing market is performing better than the housing market of 2001, the year in which the forward-looking index was launched.
2001 is generally considered to have been a good year for housing. 2015, therefore, can be considered to be even better.
Click to see today's rates.
HOME VALUES STILL RISING NATIONWIDE
With a reading of 108.6, the March Pending Home Sales Index posted above its benchmark value of 100 for the tenth consecutive month. This reading hints at strength through the rest of spring and into the summer housing market.
We should expect a strong Q2 2015 for Existing Home Sales, at minimum.
Based on the Pending Home Sales Index, Existing Home Sales projects as follows :
April 2015 : 5.44 million homes sold on seasonally-adjusted, annualized basis
May 2015 : 5.70 million homes sold on seasonally-adjusted, annualized basis
Home prices are expected to rise, too.
With mortgage rates low, demand for homes has been high and homes are selling quickly. In March, 40% of homes sold in 30 days or fewer; and, at the current pace of sales, the complete stock of homes for sale would be sold out in just 4.6 months.
Supply of less than 6.0 months suggests a "Seller's Market". It's been more than 2 years since the national home supply favored buyers over sellers.
The good news for today's home buyers is that there are a bevy of low- and no-downpayment mortgage programs to complement the 20% down programs made available via Fannie Mae and Freddie Mac.
The FHA offers a 3.5% downpayment program, for example, and the VA and the USDA both offer 100 percent financing for eligible U.S. home buyers. Plus, Fannie Mae has released a update its Conventional 97 program, which can be combined with a gift of downpayment to get to "no money down".
The program requires a downpayment of just 3% and its mortgage payments cancel as soon as the home equity reaches twenty percent.
Source: The Mortgage Report, Dan Green
http://themortgagereports.com/17518/pending-home-sales-index-mortgage-rates-contract-nar
Thursday, May 7, 2015
6 Often-Overlooked Costs of Home Ownership
6 Often-Overlooked Costs of Home Ownership
Many home owners don't think beyond the mortgage when it comes to purchasing property, forgetting about all the other expenses associated with maintaining a home that can really add up.
Thirty-eight percent of home owners tend to go over their household budget for home-related expenses, according to a 2014 survey by Houzz, a remodeling and design website. That's why home owners would be wise to create an emergency fund equal to three months' worth of living expenses to prepare for the cost of home ownership, says Holly Perez, consumer financial expert for Mint, a money management tool.
Here are a few of the most overlooked costs of home ownership:
1. Homeowners insurance: The cost varies, but in general, home owners pay around $35 a month for every $100,000 of home value. Don't forget, though, that homeowners insurance typically covers structures and possessions — not the cost to fix the item that caused the damage.
2. Natural disasters: Many homeowners insurance policies cover basic natural disasters, such as hail storms and fires, but they do not usually cover floods and earthquakes. Often, separate coverage must be purchased for those types of events.
3. Insurance deductible: Home owners will likely still have to pay a deductible for any damages before insurance kicks in. The deductible is the amount of money a policyholder must pay before the insurance company will cover the remainder of the expenses. That deductible could amount to $1,000 or more of out-of-pocket expenses.
4. Preventative maintenance: Home owners should budget for maintenance of appliances and other systems in the house. Air conditioning units, refrigerators, and washing machines, for example, often can benefit from preventative maintenance. Homeowners insurance does not cover the cost of replacing broken appliances or faulty plumbing, so ongoing repairs and maintenance is important in preventing potentially higher expenses later on.
5. Homeowners association fees and property taxes: When comparing homes to purchase, buyers often look at the list price but fail to consider the property taxes and homeowners association costs — which could be a couple hundred dollars a month. Inquire about the association's dues over the past 10 years to determine how often they rise and what they cover. Also, be aware that renovations to a home, while increasing its value, can also increase the property taxes.
6. Waste collection: Home owners also should factor in the charges for garbage and recycling services. Typically, these costs average around $150 to $400, according to HomeAdvisor.
Source: RealtorMag Online, Via Mashable
http://realtormag.realtor.org/daily-news/2015/04/30/6-often-overlooked-costs-home-ownership?om_rid=AAFmZk&om_mid=_BVQnguB9BT9R7z&om_ntype=RMODaily
Many home owners don't think beyond the mortgage when it comes to purchasing property, forgetting about all the other expenses associated with maintaining a home that can really add up.
Thirty-eight percent of home owners tend to go over their household budget for home-related expenses, according to a 2014 survey by Houzz, a remodeling and design website. That's why home owners would be wise to create an emergency fund equal to three months' worth of living expenses to prepare for the cost of home ownership, says Holly Perez, consumer financial expert for Mint, a money management tool.
Here are a few of the most overlooked costs of home ownership:
1. Homeowners insurance: The cost varies, but in general, home owners pay around $35 a month for every $100,000 of home value. Don't forget, though, that homeowners insurance typically covers structures and possessions — not the cost to fix the item that caused the damage.
2. Natural disasters: Many homeowners insurance policies cover basic natural disasters, such as hail storms and fires, but they do not usually cover floods and earthquakes. Often, separate coverage must be purchased for those types of events.
3. Insurance deductible: Home owners will likely still have to pay a deductible for any damages before insurance kicks in. The deductible is the amount of money a policyholder must pay before the insurance company will cover the remainder of the expenses. That deductible could amount to $1,000 or more of out-of-pocket expenses.
4. Preventative maintenance: Home owners should budget for maintenance of appliances and other systems in the house. Air conditioning units, refrigerators, and washing machines, for example, often can benefit from preventative maintenance. Homeowners insurance does not cover the cost of replacing broken appliances or faulty plumbing, so ongoing repairs and maintenance is important in preventing potentially higher expenses later on.
5. Homeowners association fees and property taxes: When comparing homes to purchase, buyers often look at the list price but fail to consider the property taxes and homeowners association costs — which could be a couple hundred dollars a month. Inquire about the association's dues over the past 10 years to determine how often they rise and what they cover. Also, be aware that renovations to a home, while increasing its value, can also increase the property taxes.
6. Waste collection: Home owners also should factor in the charges for garbage and recycling services. Typically, these costs average around $150 to $400, according to HomeAdvisor.
Source: RealtorMag Online, Via Mashable
http://realtormag.realtor.org/daily-news/2015/04/30/6-often-overlooked-costs-home-ownership?om_rid=AAFmZk&om_mid=_BVQnguB9BT9R7z&om_ntype=RMODaily
Wednesday, May 6, 2015
How Much Does It Cost To Renovate A Kitchen?
How Much Does It Cost To Renovate A Kitchen?
According to the Department of Housing and Urban Development American Housing Survey, the median age of an owner-occupied home in the United States was 35 years in 2011, and it's even older now. With few new homes being built post-recession, the chances are good that the home you buy is in need of some major renovations.
For most homebuyers, the most important room is the kitchen, the heart and soul of any home. But if your kitchen is from another generation, it might not meet your needs. It may be closed off the way kitchens were in the 1950s or have outmoded cabinets, drawers and appliances that don't function as well as today's products.
No matter what needs to be done, get ready to spend some real money. The National Kitchen & Bath Association (NKBA) suggests that you allocate your kitchen remodeling budget somewhere along these lines. One third of your budget is going to cabinets and another 25 percent to appliances and ventilation, and countertops. Approximately one fourth of your expenses will go toward designer fees, labor and installation. You can also get a lot of bang for the buck with new faucets, lighting, doors and windows.
Obviously, the quality of materials you choose will make a big difference to the amount you spend. The cost of living impacts labor, and you could find yourself paying quite a bit if you make changes to the footprint of the kitchen like relocating the sink or range and tearing out walls. Change orders for the contractor can also drive up costs.
So what will you pay to renovate your kitchen? Cost estimates are all over the place.
HomeAdvisor estimates that the average cost to remodel a kitchen is $20,000, with most homeowners spending between $10,630 and $30,000. Houzz says the average is about $25,000, but that figure includes do-it-yourself kitchens as well as those that used kitchen designers.
Kitchen designers work with interior designers for a seamless ambiance with the rest of the home. A HadleyCourt.com survey of professional kitchen designers, remodelers and HVAC experts found that a 200 square foot kitchen remodel in major metros was $120,000 to $150,000, and $80,000 in secondary real estate markets.
The best way to determine the cost of remodeling your new home's kitchen is to decide whether the changes you want to make are mostly cosmetic or structural. Then decide if you want to DIY or hire professionals. You can certainly paint, install new tile and countertops, and buy new appliances, but if you want to improve the functionality or size of the kitchen or move any plumbing or electrical, you should hire a kitchen designer for best results.
Don't avoid buying a home you love because it needs renovations. Chances are good that you're going to get the home at a discount because it needs updates. This is your opportunity to make the home your own.
Source: Blance Evans, RealtyTimes
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